Lynn's Real Estate News and Tips: 6 Tips to Reduce Your Debt

Lynn's Real Estate News and Tips: 6 Tips to Reduce Your Debt: So many of us have debt, I found this great article that will help you to shrink debt. If you ever need to get in touch with us please conta...

6 Tips to Reduce Your Debt

So many of us have debt, I found this great article that will help you to shrink debt. If you ever need to get in touch with us please contact us at www.LynnNicholsRealEstate.com.

Start your financial spring cleaning with these debt-busting strategies.

MARCH 2013 | BY MAGGIE SIEGER

1. Assess your debt.

Zero debt is what you’re aiming for, right?  Not necessarily. There’s good debt, and there’s bad debt. The good kind is debt that will produce a return in the future—or, at the very least, it’s deductible. Credit card debt is always bad debt. Pay it off first.

2. Set a monthly financial target. 

Do the math, and determine how much money you need each month to return to stable financial ground. Getting there may require cutting expenses or it may require finding another source of revenue, such as a second job. Don’t damage personal relationships by counting on family or friends for credit. And don’t dip into retirement savings—or stop funding your retirement—unless it’s unavoidable. Compounding is your biggest ally.

3. Identify smart savings. 

If you do have to make cuts, try to find savings that won’t hurt your household or your business. For example, it might be OK to go without letterhead for a month or cancel your cable TV, but don’t fall behind on the office or car lease since late payments have a way of multiplying the problem. As you learn to live with less, gradually increase the amount going into savings or toward paying off debt.

4. Look ahead. 

Always be aware of new revenue opportunities and expenses that may lie down the road. On the revenue side, don’t get so wrapped up in the day-to-day work that you forget to prospect for tomorrow’s deals. That includes maintaining networks and your connections to allied professionals. They can be an invaluable source of trends or links to new clients. On the expense side, keep an eye on what you may need to replace or renew over the next five years. Will you need a new car three years from now? How much should you save annually to make sure there’s a substantial down payment or, even better, enough for a cash purchase when the time comes?

5. Prepare for the worst. 

Ask yourself: If the next three sales fall through, how will I pay my mortgage? Putting together a simple “what-if” plan to deal with worst-case scenarios can be comforting because you know there’s already a solution in place.

6. Develop a savings habit. 

Like any good habit, saving money can be difficult. People tend to drift away from things that are hard or that they don’t like or aren’t good at. But keep plugging away anyway. The literal payoff will be seeing your debt decrease and your savings increase.

Sources: Small Business Administration; Kevin F. Schulz & Associates, Financial Insight Group, Bellevue, Wash.

Thanks for stopping by today.

Looking for a great home App????

Looking for a great home app???? Well look no further than www.LynnNicholsapp.com. With this app you can do a home search anywhere in the US with this GPS app. You can view the houses that you are near or rentals and the best thing is you can view all the details. Best of all this app is FREE!!! Have fun with it.

Please take a listen this Sunday Morning

Hi Everyone:

Just wanted to send out an invite to everyone. This Sunday morning I will be on 105.7 Fan Radio station along with Freedmont Mortgage. I'm the guess speaker and we are talking about, well if you said Real Estate you guessed right. So if you want to take a listen anytime from 9AM-11AM, please tune in and any questions you may have please feel free to call me there and you will be on the air, 410 583-1057.

If you are too shy to call the station but have some Real Estate needs please visit my website and you can contact me from there at www.MarylandHomesbyLynnn.com

Study: Rental Payment History Can Help Boosts Credit Scores

Came across this great article about renting. Seems a good rental history can help boost your credit score. If you have any questions or need any help please contact us at www.MarylandHomesbyLynn.com

DAILY REAL ESTATE NEWS | FRIDAY, AUGUST 08, 2014

The addition of rental payment data to credit files may help more potential renters become home owners.

Experian became the first credit reporting agency to add on-time rental payments to its database. It recently conducted an analysis to determine how the added rental information has aided consumers’ credit files. The study found that subprime and nonprime residents saw the greatest positive score impact by the addition of rental histories. Nineteen percent of the study participants that were considered subprime moved to at least one higher – or less risky – risk segment by the addition, opening them up to more affordable credit and additional credit opportunities, the study noted.

For the previous unscoreable, adding the rental data has now allowed them to have a credit score, with the majority now falling in the least risky prime category too, Experian’s analysis shows.

“Consumer financing rapidly changed during the economic upheaval, and regulatory changes forced lenders to tighten the standards for the underwriting process,” says Genevieve Juillard, president of Experian Consumer Information Services. “This excluded many Americans from the opportunity to attain credit due to a limited or no credit history. Residents who pay their rent on time month after month should be rewarded and not overlooked simply because they rent instead of own the place they call home.”

Source: Experian

NOT YOUR GRANDMOTHER'S DINING ROOM TABLE

Don’t know what to do with that old piece of furniture someone left you here are some great articles to help you out.  If you would like to talk with us and get more ideas contact us at  www.MarylandHomesbyLynn.com

Written by Jaymi Naciri on Monday, 26 May 2014 10:16 am

That heirloom piece your grandmother or your great aunt or your godparents left to holds special memories. But let's face it: it's ugly.

It is. It's Ugly.

It's not your style, it doesn't match your stuff, and you can't possibly figure out how to incorporate it into your home without it looking like exactly what it is: the thing someone important gave to you that has no business in your home in its current state. Before you stuff that old dining room table or sideboard or settee up in the attic, check out these tips for making it new again.

Stain it.

An older piece of furniture that has a dated oak or pickled finish can be brought up into this century with a new stain. A mahogany stain can bring out contemporary lines and a black stain can make a dated piece feel modern again. You can also make your own DIY stain if you're looking for ways to keep the toxicity down.

Paint it.

Whether you go for something super bold, aged, fancy, or neutral, panting a piece of furniture can breathe new life into it and help it to fit in to a more modern space.

See more ideas here.

Embellish it.

Two words: gold leaf. Yes, you could get a similar look with gold spray paint and stencils, but it wouldn't be nearly as rich.

If you're planning to use gold leaf, or any leaf for that matter, remember that it is fragile, and a little goes a long way. Check out this video for more info.

Upholster it

No one said you have to live with that tired, dusty old pattern on the dining room chairs you inherited. Give them an easy update by reupholstering them in a fresh fabric.

This is an easy DIY project depending the construction of the chair. This video will help.

Decoupage it

For a fun look - and a fun family project - try this ancient art whose origin is "thought to be East Siberian tomb art" from the 12th century, according to Wikipedia. A project that includes gluing and layering strips of paper, fabric, or other textiles, and varnish to a table or other object is something the kids can get in on too as long as you take precautions. Another benefit is that the finished product will be unique to you. You can get some more decoupage ideas on HGTV.

Change the height

That old sofa table your grandmother decorated with her collection of old crystal candy dishes would be ideal as a desk, if only it wasn't so tall.

Have the legs cut down, and now you have a beautiful piece that is also functional.

Repurpose it.

You love that old fancy sideboard your husband's great-grandmother left to your family. But you're all set in that area. So, turn it into something totally new.

A sturdy dresser, cabinet, or sideboard can be turned into a one-of-a-kind bathroom vanity with a little ingenuity and a good power saw. You get to keep the memories, and you get a fab bathroom too.

 

VA Home Loans-Do you qualify???

With VA rates so low and no money down this is a must read. Many Veterans do not realize that they qualify for VA benifits as well as active duty Military. Please take a look and if we can help you in way contact us at www.MarylandHomesbyLynn.com

Eligibility

You must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Service members and Veterans, spouses, and other eligible beneficiaries.

VA home loans can be used to:

• Buy a home, a condominium unit in a VA-approved project
• Build a home
• Simultaneously purchase and improve a home
• Improve a home by installing energy-related features or making energy efficient improvements
• Buy a manufactured home and/or lot.

Eligibility Requirements for VA Home Loans

Service member’s and Veterans

To obtain a COE, you must have been discharged under conditions other than dishonorable and meet the service requirements below:

Status	Qualifying Wartime & Peacetime Periods	Qualifying Active Duty Dates	Minimum Active Duty Service Requirement
Veteran	WWII	9/16/1940 - 7/25/1947	90 total days
	Post-WWII	7/26/1947 - 6/26/1950	181 continuous days
	Korean War	6/27/1950 - 1/31/1955	90 total days
	Post-Korean War	2/1/1955 - 8/4/1964	181 continuous days
	Vietnam War	8/5/1964 - 5/7/1975 *For Veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961	90 total days
	Post-Vietnam War	5/8/1975 - 9/7/1980 *The ending date for officers is 10/16/1981	181 continuous days
	24-month rule	9/8/1980 - 8/1/1990 *The beginning date for officers is 10/17/1981	24 continuous months, OR The full period (at least 181 days) for which you were called or ordered to active duty
	Gulf War	8/2/1990 - Present	24 continuous months, OR The full period (at least 90 days) for which you were called or ordered to active duty
Currently On Active Duty	Any	Any	90 continuous days
National Guard & Reserve Member	Gulf War	8/2/1990 - Present	90 days of active service
	Six years of service in the Selected Reserve or National Guard, AND Were discharged honorably, OR Were placed on the retired list, OR Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable, OR Continue to serve in the Selected Reserve

*If you do not meet the minimum service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions, or (5) a service-connected disability.

Spouses

The spouse of a Veteran can also apply for home loan eligibility under one of the following conditions:

• Unremarried spouse of a Veteran who died while in service or from a service connected disability, or
• Spouse of a Servicemember missing in action or a prisoner of war
• Surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003
  (Note: a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must have applied no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 6, 2003 that are received after December 15, 2004.)
• Surviving Spouses of certain totally disabled veterans whose disability may not have been the cause of death

Other Eligible Beneficiaries

You may also apply for eligibility if you fall into one of the following categories:

• Certain U.S. citizens who served in the armed forces of a government allied with the United States in World War II
• Individuals with service as members in certain organizations, such as Public Health Service officers, cadets at the United States Military, Air Force, or Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with World War II service, and others

Restoration of Entitlement

Veterans can have previously-used entitlement "restored" to purchase another home with a VA loan if:

• The property purchased with the prior VA loan has been sold and the loan paid in full, or
• A qualified Veteran-transferee (buyer) agrees to assume the VA loan and substitute his or her entitlement for the same amount of entitlement originally used by the Veteran seller. The entitlement may also be restored one time only if the Veteran has repaid the prior VA loan in full, but has not disposed of the property purchased with the prior VA loan. Remaining entitlement and restoration of entitlement can be requested through the VA Eligibility Center by completing VA Form 26-1880.

Thanks for stopping by today and you can search all Maryland Homes at www.MarylandHomesLocator.com