How To Use Foster Care Income To Get A Mortgage...

Good Morning!

If you receive money from the State or a County sponsored organization for providing foster care for children you can use this money as income to get a mortgage.

Foster care income is considered acceptable stable income as long as the borrower has a 2 year history of providing foster care services.

To prove this income we would need…

• Letters from the organizations providing the income.

• Copies of the borrower’s signed federal income tax returns that were filed with the IRS, or

• Copies of the borrower’s deposit slips or bank statements that confirm the regular deposit of the payments.

That’s it for today!

Have a good day today! …and thanks for reading.

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Credit Tips For You...

Good Morning!

A good credit strategy is important. Knowing simple things to implement to improve your credit scores is half the battle.

Here are a few easy ways to improve your credit scores…

1) Did you know a single credit card late payment can ding your score by as much as 60 points?

a) Helpful strategy – set your payments up on autopay.

2) The quickest way to increase your credit scores are to decrease your credit utilization ratio. This is the amount charged on your accounts versus their total limit.

a) Best ratio is 10%. Certainly don’t go over 50%. (If limit is $1,000 try not to carry more than $100)

b) Another strategy is to ask for a higher limit to get your ratio more in line.

3) You can gain credit score points by paying off the credit card whose balance is closest to its limit. However, don’t cancel the account after you’ve paid it down.

That’s it for today!

Have a good day! …and thanks for reading.

Get Pre Approved For A Loan Here
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How To Save A lot Of Money On Your Mortgage...

Good Morning!

For those of you that could afford a higher monthly mortgage payment I recommend you consider reducing the term on your loan.

For instance, going from a 30 year loan to a 10 year loan will save you a BUNCH of money.

…money you could have accumulating in a retirement account, or sending your children to a good school, etc.

Take a look at the chart below. You can see the interest savings is significant.

The payment on a 10 year loan is roughly twice as high as a 30 year payment. …but if you can at all afford the payment it’s a very smart thing to do.

…just think of having your house completely paid off in 10 years!

Loan Amount	$100,000	$200,000	$300,000	$400,000
Interest Rate	3%	3%	3%	3%
Term	10 Years	10 Years	10 Years	10 Years
Principle & Interest Payment	$965	$1,931	$2,896	$3,862
Interest Paid Over Life Of Loan	$15,872	$31,745	$47,618	$63,491
Interest Savings On 10 Year Over A 30 Year Loan At 4.5%.	$55,996	$111,994	$167,989	$223,987
(Assume 80% loan to value ratio)

If you would like to see what your payment would be on a 10 year loan – give us a call or shoot us an email. We'll be happy to help you out with it.

That’s it for today!

Have a good day today!  …and thanks for reading.

Get Pre Approved For A Loan Here
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