I am your Wisconsin home loan specialist for life, NMLS #278204 and I work for Inlanta Mortgage, Brookfield WI. I offer all types of lending products from conventional, FHA, 203k, VA, USDA and more. I also offer first time home buyer seminars and well as credit guidance for those that may have had some credit troubles in the past. Buying or refinancing, I want to be your, as well as your friends and families, home loan specialist for life. Contact me for all of your home loan needs.
This blog post was inspired by a mistake made while cooking dinner. Over cooking food is wasteful on more than one level. This short video explains how simply setting a timer will save you money. (Click play or read the text from the video below). Enjoy and if you or anyone you know needs help saving money on their mortgage or needs help getting qualified for a home purchase loan please call me.
This installment of the Money Saving Minute brought to you by
This is a cooking timer this is not
Money Saving Minute number zero one zero - set your timer. Like most people, my time is limited so I have a tendency to try and tackle several tasks at once. In my haste to get both dinner cooked and laundry done I neglected to set my cooking timer. While I was gnawing threw my shoe leather chicken it occurred to me that overcooking is wasteful on more than one level. First, overcooking leads to food waste. If its dry or burnt chances are the leftovers are going in the garbage . . . If not the entire dish. Second, overcooked food requires something to help make it palatable so most of us reach for Catsup, butter or some kind of sauce. These condiments add unwanted calories and expense to a meal. Finally, although it may only be pennies, over cooking food requires more energy than food cooked to the correct doneness. So, by simply setting a timer when cooking we waste less food, don’t use as much high calorie condiments, save on energy and have a meal worth eating. This has been money saving minute number zero one zero. It’s your cash and watching The Money Saving Minute each week will help you keep more of it. Click to the right to subscribe so you don’t miss any money saving tips and click the facebook button below to share this with your friends.
Each person potentially has three credit scores.
Each score is based
on five factors and each of
these factors is weighed differently.
Click
play to learn more or read the text from this video below.
As a mortgage banker I deal with
credit on a daily basis. If you have questions about any of the information
presented in this video I am available by phone or email.
Money Saving Minute number 010
- How are credit scores calculated?
When credit is run, the three most
common questions are: What are my scores, are those scores good or bad and how
is that number calculated?
Credit Scores are calculated from
several different pieces of credit information. This data is grouped into five
categories. Each category is weighed differently and is expressed in the form of
a percentage. Your score considers both positive and negative information in
your credit report. Late payments will lower your FICO Score, however
establishing or re-establishing a good track record of making payments on time
will raise your score. These percentages are based on the importance of the
five categories for the general population. Every individual's situation is
weighed slightly differently. In other words, this is the guideline, not the
rule.
35% PAYMENT HISTORY 30% AMOUNTS
OWED 15% LENGTH OF CREDIT HISTORY 10% TYPES OF CREDIT USED 10% NEW
CREDIT
Payment
history (35%) This is the most important factors in your credit
scoring. A few late payments can have a large impact on your score if you have
limited credit. The more trade lines that you have in good standings will
determine on how quickly you will earn those points back. Please note, however,
having no late payments in your credit report doesn't mean you’ll have perfect
credit. Your payment history is just one of the five factors in calculating
your credit Scores.
Amounts owed
(30%) Owing money on credit accounts doesn't necessarily mean you're a
high-risk borrower. However, when a high percentage of a person's available
credit is been used, this raises the risk level for a lender and therefore
lowers the credit score. Note that even if you pay off your credit cards in
full each month, your credit report may show a balance on those cards. The total
balance on your last statement is generally the amount that will show in your
credit report. In addition to the overall amount you owe, your FICO Score
considers the amount you own on specific types of accounts, such as credit cards
and installment loans. Carrying a very small balance without missing a payment
shows that you managed credit responsibly and having a low credit utilization
ratio is a plus for your credit scores. But you need to have to have credit in
order to have a score. The misnomer that by paying cash for everything means
that you have great credit is false. Cash is king but it doesn’t buy you 700
scores. Also, closing unused credit accounts that have zero balances and are
in good standing will not raise your scores. As a matter of fact, they may
actually lower you scores because you are reducing your utilization ratio. If
an unused account is costing you money in annual fees, however, than closing the
account should be something to consider but only if you have other accounts
reporting favorably for you.
Length of
credit history (15%) In general, a longer credit history will increase
your credit scores. However, even people who haven't been using credit long may
have good credit scores, depending on how the rest of the credit report
looks. Your FICO Score takes into account how long your credit accounts have
been established, including the age of your oldest account, the age of your
newest account and an average age of all your accounts. Scoring also considers
how long specific credit accounts have been established and how long it has
been since you used certain accounts. This plus utilization ratio are why short
term loans do not help to reestablish credit bad credit. A high interest twelve
month loan from a store might get you a new TV but it's not going to get you
into a higher credit rating. Reestablishing credit takes time and the proper
tools.
Types of
credit in use (10%) Scoring will consider your mix of credit cards,
retail accounts, installment loans, finance company accounts, utilities and
mortgage loans. The credit mix usually won’t be a key factor in determining
your FICO Score but it will be more important if your credit report does not
have a lot of other information on which to base a score.
New credit
(10%) Opening several credit accounts in a short period of time
represents a greater risk - especially for people who don't have a long credit
history. Also, reaching the maximum level on a new account as soon as you open
the account can have a negative impact. If you are taking out a line of credit
for a specific purchase, such as a new washer and dryer, request a limit that is
higher than your purchase. Even if you are planning on paying off the purchase
within a short period of time the account will always show that the limit and
the historic high balance are the same.
Importance of
categories varies per person The importance of any one factor in your
credit score calculation depends on the overall information in your credit
report. For some people, one factor may have a larger impact than it would for
someone with a much different credit history. In addition, as the information in
your credit report changes, so does the importance of your other factors in
determining your scores. Use these ratios as a guide to build a healthy credit
profile as well as a planning tool when making credit related
decisions.
This has been money saving minute
number zero zero nine. It’s your cash and watching the The Money Saving Minute
each week will help you keep more of it. Click to the right to subscribe so you
don’t miss any money saving tips and click the facebook button below to share
this with your friends.
Even energy efficient bulbs still require energy to work and leaving lights on in unoccupied rooms has a direct link to your energy bill. Click play to learn more or read the text from the video below. If you find this information useful please feel free to share this with your facebook and G+ friends. And if you know anyone that needs help with their current mortgage or help getting qualified to purchase a home please call me.
Money Saving Minute #008: Turn Off The Lights (text from video)
This weeks tip is one that we all know because we have been told from the day we could reach the light switch to turn off the lights when we leave a room. So why don’t we? Old habits? Myths about using more energy to turn the light back on? Or is it that we don’t see the relationship between flipping a switch and our checkbook? The amount of money can you save by turning off lights is determined on how many lights you have running, at what power rating and for what amount of time. For instance if you have one light bulb with a 30 watt rating running for 100 hours that will be 30kW-hours. If your electricity is being supplied at $0.18/ kW-hour then 30 kW-hours is equal to $5.40. With numerous lights, turning them off can offer a real saving over a long period of time, not to mention an important environmental benefit. But doesn’t it take more energy to turn a light on and warm up the bulb than it does to just leave it on? Well, according to Mythbusters (video). This has been money saving minute number 007 - It’s your cash and watching the The Money Saving Minute each week will help you keep more of it. Click to the right to subscribe so you don’t miss any money saving tips and click the facebook button below to share this with your friends.
