Real Estate

What not to do when getting a mortgage

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Applying for a mortgage can be such a stressful time!

To help ease some of your stress I’ve put together a list of what not to do while waiting for loan approval.

  1. Don’t apply for a new credit card. Taking out a new credit card can negatively affect your credit rating and keep you from being able to buy your new home.
  2. Don’t buy a new car, unless you would rather have a new car instead of your new home wait until after closing to purchase that car.
  3. Don’t furnish your home before closing day! The excitement of buying an empty new home can tempt you to purchase new furniture.  It’s best to wait until after closing
  4. Don’t cosign a loan with a friend or family member. Taking responsibility for their debt will affect your credit score.
  5. Avoid changing jobs. Taking a new job with a higher pay may make it easier to pay the mortgage, but it is best to wait until after you’ve purchased the home to change jobs.
  6. Don’t close any open credit accounts. It seems like a smart idea to close credit cards with a zero balance or transfer money to a credit card with zero interest but it can negatively affect your credit rating.
  7. Don’t move money or accept monetary gifts without having a paper trail. Your lender will need documentation for any unexpected money going into your account.
  8. Don’t get behind in your payments. Make sure you continue to pay your rent, credit cards and car payments on time
  9. Don’t spend your savings. You are going to need cash for your down payment, closing costs and expenses after you move.

When in doubt check with your Realtor or Lender.

And if you’d like to see a video with some of these tips click here

Kelly Harden, Realtor®

Mihara & Associates, Inc.

813-244-9688

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Design, Real Estate

6 Tips for a Successful Remodel

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If you are renovating the home you just purchased or if you are considering updating your existing home, following these tips can help make sure you are pleased with the results of your renovation.

  1. Set the budget.  Be realistic about the cost of the improvements you want to make and be sure to allow a cushion to cover unforeseen expenses that always come up
  2. Don’t over improve the property.  If your renovations turn your home into the nicest home in the neighborhood with a state-of-the-art kitchen and bath you most likely will not get back the cost of the remodel when you sell the home.  Keep this in mind if you want to sell in the next few years.
  3. Be prepared for inconveniences, dust, noise and delays.  Construction projects can be loud and messy.  You won’t be able to use the area that is being remodeled for a period of time.  Which means if you are updating the kitchen be prepared to eat take out for a while.
  4. Do your research ahead of time.  Hire a quality contractor with lots of recommendations.  Check their references.  Insist on a detailed contract and timeline.
  5. Secure valuables before the job starts.  If you don’t want it broke, lost or covered in dust pack it away before construction begins.
  6. Inspect the work carefully before making the final payment.

Following these 6 tips should help ensure a successful renovation!

And if you want to see my video about these tips click here

Kelly Harden, Realtor®

Mihara & Associates, Inc.

813-244-9688