Taylor-Brown Real Estate Talks

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When choosing a mortgage company look at the fees you are being charged because that may affect your affordability of the loan at the beginning of the process.   Notice that the fees are different if you live in certain cities.   Below is the fee structure for Fifth Third Bank

Tax Service Fee is $72.00.  This fee is for the mortgage company to pay your taxes from your escrow account.  The taxes that is paid in your mortgage for the mortgage company to pay on your behalf sits in an interest bearing account until such time as when it is necessary to pay on your behalf.  However, the bank is charging for this when in fact they are getting paid on the money already.

Originally posted 2009-01-03 12:24:29. Republished by Blog Post Promoter

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Did you know that the recently approved of the  American Reinvestment and Recovery Act included billion of dollars for education and job training?  In addition, over a third of the jobs available require more than a high school diploma, but only a half of Americans have the required education.

Online Colleges unique portfolio of colleges and universities will afford you the opportunity to obtain the education required to meet the needs of the every changing demographics of today’s job market.

You can no longer expect the job to train you. You must get the training or have the training before the company will consider your application.  In other words, not having the appropriate education is an automatic rejection.  The latter no longer has to be the case with billion of dollars available from the government; however, it is important to choose a career that employers will be looking for for years to come.  In order to achieve that look at trends, but more importantly review the Occupational Outlook Handbook.  In this book, you will learn about trends, jobs that will be available in the future, etc.

Once you have chosen the career that will catapult you in the future then you will need to get the appropriate training and education, Online Colleges, offer that.

If you already have a bachelors degree or even a masters degree, there are certifications that you can get that will give the competitive edge.  For example, US Career Institute offers accounting service and criminal justice to name a few.

Other certification and/or degrees that will be in high demand is that of:

• project management
• contract management
• business analysis
• security management
• human resource management
• organizational leadership
• negotiation management
• business administration
• internet marketing
• sales management
• supply chain management
• nursing
• accounting

The courses are offered online for your convenience.  Therefore, you can choose your study time whenever it is convenient for you.   In addition, attending online classes is a time saver and is typically lower than the brick and mortar college setting.    You can easily balance work and school, so that you can meet the needs of your family and improve your skills at the same time.

Consider online education because you can get a more specialized degree to meet the ever changing needs of today’s employer; therefore, improving your bottom line and that of the company that employs you.  You can also improve your abilities to negotiate real estate transactions,  educate children, and health the sick.    Let Online College lead the way to your success.

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Credit is essential to acquiring a home, car, etc. especially if you do not have cash to purchase the item you desire or need.  It is equally as important to understand how credit can influence your ability to purchase.    Let’s examine.

The bank institutions Advantage Mortgage Lending use FICO score to determine the risk factor that will be assigned to your loan.  FICO is an acronym that stands for Fair Isaac Corporation.  Your FICO is determined by a mathematical model to determine the credit risk associated with your payment history, your level of debt, type of credit used, length of credit history, and any new credit that you may have.

According to Advantage Mortgage Lending your FICO credit scores are determine by the following levels:

• 760 to 850 (Excellent)
• 700 to 759 (Very Good)
• 660 to 699 (Good)
• 620 to 659 (Good)
• 580 to 619 (Average)
• 500 to 579 (Below Average)
• Below 500 (Poor/High Risk)

Understanding your credit is crucial in regaining your credit worthiness if your credit is below average.  There are several factors that influence your credit in a negative way that you can control.

One factor that influences your credit in a negative way is too many inquiries on your credit.  Avoid opening several credit cards all at once.  In other words, a lot of inquiries influence your credit in a negative way.

Another factor that influences your credit in a negative way is maxing out your credit cards.  It is recommended to have all card balances under 35% of the total credit limit available.  For example, if you have a credit limit of $2,000 per card, the balance carried on each card must be less than $700.00. 

Still yet another factor that influences your credit in a negative way is having collections on your credit. 

All of the above does not exclude you from getting a home or refinancing a home, but it does put your loan at a higher risk; and therefore, you will pay a higher application fee and interest rate.   It is recommended that before you accept a higher interest rate to do some investigation to ensure that the loan will help you reach your goal of obtaining “financial freedom” and is affordable for you.

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