There are many questions and uncertainties about the lending situation in America right now. Understanding your credit score is more important now than ever. This months Item of Value I mailed out addressed this but I wanted to take it a little deeper.
How to Understand & Improve your Credit Score
Know the Rules: Too many credit applications can lower your score. Multiple inquires signal that you are having trouble successfully securing a loan and may be a credit risk or undesirable borrower. However, multiple inquires to the same type of lender, such as a mortgage company, are counted as a single inquiry if submitted over a short period of time.
Reduce Your Debt: Creditors look for an optimal total debt load of around 36% of your household income. You don’t want your mortgage, car loan and revolving credit card payments to total more than 36% of your monthly income.
Pay on Time: The easiest way to raise your credit score is to make all your payments on time every month. Over the span of several months, you will likely see your credit score improve. Any payments you can make automatic will prevent you from ever missing.
Timing is Everything: Wait 12 months following a credit problem before applying for a mortgage or auto loan. You will be penalized less for problems that are more than a year old.
Get Your Finances in Order: Avoid credit card purchases prior to applying for a major loan and stay away from independent finance companies with high interest rates, which reflect poor credit management. Transferring debt from one card to another is another way to lower your credit score. Paying off your credit card each month is ideal.
Plan Ahead: Don’t open new credit card accounts right before applying for a home or auto loan. Having too much available credit can lower your score. Also the longer you have been at your current job the better this reflects on our qualifications. If you plan on applying for a loan and will be switching jobs soon, apply before you start your new job.
The Five Parts of Your Credit Score
Your payment history (approx. 35%)
How much you owe (approx. 30%)
Length of credit history (approx. 15%)
New credit (approx. 10%)
Other factors (approx. 10%)
For more information, as always, just give me a call!
Renée
Friday, May 1, 2009
Friday, April 24, 2009
Spring Fun Day and 5K
Well it’s that time of year again. I am preparing for my 3rd Annual Family Fun Day and 5K. Last year was a blast with the addition of the jumping castle and games for the kids. We also raised money for New Beginnings for Women and Children. This year you can expect the same great food, games, jumping castle and some new surprises too! We will once again be raffling off prizes donated by wonderful local businesses and donating all of the money earned to New Beginnings for Women and Children. Don’t forget the morning starts with an optional 5K run/walk. If you are not into the 5K join us after for food and festivities.
Event location:
Bandi Fenton Memorial Park (River & Dodge)
Date:
Saturday May 23rd
If you would like a training schedule to get ready for the 5K please call or email me I would be happy to provide you with one.
See you soon!
Renée
Event location:
Bandi Fenton Memorial Park (River & Dodge)
Date:
Saturday May 23rd
If you would like a training schedule to get ready for the 5K please call or email me I would be happy to provide you with one.
See you soon!
Renée
Thursday, March 19, 2009
The Tucson Trade Show
Saturday April 11th, 2009 from 1-4pm at the Windmill Inn and Suites
I want to personally invite you to attend the first ever Tucson Trade Show!
Admission is free and you will meet the best businesses Tucson has to offer.
Enjoy and afternoon of fun and education that won’t break the bank.
There will be light refreshments provided and live give-a-ways.
Come and enjoy trade show exclusive discounts, interactive demonstrations every 15 minutes and a chance to meet one on one with local businesses that are important to you and they way you live.
Feel free to bring a friend, or several.
Saturday April 11th
1:00-4:00pm
Windmill Inn and Suites St. Phillips Plaza the SE corner of River and Campbell
I look forward to seeing you there!
Renée
I want to personally invite you to attend the first ever Tucson Trade Show!
Admission is free and you will meet the best businesses Tucson has to offer.
Enjoy and afternoon of fun and education that won’t break the bank.
There will be light refreshments provided and live give-a-ways.
Come and enjoy trade show exclusive discounts, interactive demonstrations every 15 minutes and a chance to meet one on one with local businesses that are important to you and they way you live.
Feel free to bring a friend, or several.
Saturday April 11th
1:00-4:00pm
Windmill Inn and Suites St. Phillips Plaza the SE corner of River and Campbell
I look forward to seeing you there!
Renée
Friday, March 6, 2009
$8,000 Refundable Tax Credit for Homebuyers
There is a new refundable federal tax credit allowed for the purchase of a principal residence. The tax credit is the lesser of $8,000 or 10% of the homes purchase price. This credit provides a dollar-for-dollar reduction in federal income tax or alternative minimum tax and is also refundable. This means that if the credit is more than your tax liability, the excess is refunded to you. The credit is authorized by the Housing Assistance Tax Act of 2008 and further amended by the 2009 Recovery Act. It applies to houses purchase after April 8, 2008 and before December 1, 2009.
To qualify for the full $8,000 credit:
+ You (and your spouse if married) must have not owned a principal residence during the 3 years period before the purchase of the home,
+ The purchase price of your home must be $80,000 or more, and
+Your adjusted gross income must be $75,000 or less ($150,000 for joint filers).
A partial credit is available for taxpayers with income greater than $75,000 and less than $95,000 ($150,000 and $170,000 for joint filers).
If the homebuyer purchases the residence in 2009, the homebuyer can elect to treat the purchase as made on December 31, 2008. By making this election, the tax payer will be able to claim the credit on their 2008 tax return.
For purchases made before January 1, 2009, the credit must be repaid over 15 years with no interest charge beginning in the year 2010. (See previous blog). If the home is sold before the 15-year period ends or it ceases to be your principle residence, the remaining credit must be recaptured in the year of sale.
For purchases made after December 31st, 2008, the credit is not subject to the payback provisions, unless you sell the home or it ceases to be your principal residence during the 36 months beginning with the date of purchase.
Consult with your tax advisor on how this credit may apply in your tax situation.
2009 in the time to buy!
Renée
To qualify for the full $8,000 credit:
+ You (and your spouse if married) must have not owned a principal residence during the 3 years period before the purchase of the home,
+ The purchase price of your home must be $80,000 or more, and
+Your adjusted gross income must be $75,000 or less ($150,000 for joint filers).
A partial credit is available for taxpayers with income greater than $75,000 and less than $95,000 ($150,000 and $170,000 for joint filers).
If the homebuyer purchases the residence in 2009, the homebuyer can elect to treat the purchase as made on December 31, 2008. By making this election, the tax payer will be able to claim the credit on their 2008 tax return.
For purchases made before January 1, 2009, the credit must be repaid over 15 years with no interest charge beginning in the year 2010. (See previous blog). If the home is sold before the 15-year period ends or it ceases to be your principle residence, the remaining credit must be recaptured in the year of sale.
For purchases made after December 31st, 2008, the credit is not subject to the payback provisions, unless you sell the home or it ceases to be your principal residence during the 36 months beginning with the date of purchase.
Consult with your tax advisor on how this credit may apply in your tax situation.
2009 in the time to buy!
Renée
Sunday, February 8, 2009
Tax Credit for Homebuyers
I have had several people ask me about the new “tax credit” for home buyers so I went to the experts at BeachFleischman and ask Jennifer Nordstrom for the details.
“There is a new refundable federal tax credit allowed for the purchase of a principal residence. The credit is the lesser of $7,500 or 10% of the home’s purchase price. This credit provides a dollar-for-dollar reduction in federal income tax or alternative minimum tax. The credit is authorized by the Housing Assistance Tax Act of 2008, and applies to houses purchased before July 1, 2009.
To qualify for the full $7,500 credit:
- You must have not owned a principle residence in the last 3 years
- The purchase price of your home must be $75,000 or more
- Your adjusted gross income must be $75,000 or less ($150,000 for joint filers)
A partial credit is available for taxpayers with income greater than $75,000 and less than $95,000 ($150,000 and $170,000 for joint filers).
If the homebuyer purchases the residence between January 1 and June 30, 2009, the homebuyer can elect to treat the purchase as made on December 31, 2008. By making this election, the taxpayer will be able to claim the credit on their 2008 tax return.
The credit must be REPAID over 15 years with no interest charge beginning in the year 2010. However, if the home is sold before the 15-year period ends, the remaining credit must be recaptured in the year of the sale.”
For more information please consult with your tax advisor or call Jennifer Nordstrom at BeachFleischman (520) 618-1239.
Your Real Estate Expert,
Renée
“There is a new refundable federal tax credit allowed for the purchase of a principal residence. The credit is the lesser of $7,500 or 10% of the home’s purchase price. This credit provides a dollar-for-dollar reduction in federal income tax or alternative minimum tax. The credit is authorized by the Housing Assistance Tax Act of 2008, and applies to houses purchased before July 1, 2009.
To qualify for the full $7,500 credit:
- You must have not owned a principle residence in the last 3 years
- The purchase price of your home must be $75,000 or more
- Your adjusted gross income must be $75,000 or less ($150,000 for joint filers)
A partial credit is available for taxpayers with income greater than $75,000 and less than $95,000 ($150,000 and $170,000 for joint filers).
If the homebuyer purchases the residence between January 1 and June 30, 2009, the homebuyer can elect to treat the purchase as made on December 31, 2008. By making this election, the taxpayer will be able to claim the credit on their 2008 tax return.
The credit must be REPAID over 15 years with no interest charge beginning in the year 2010. However, if the home is sold before the 15-year period ends, the remaining credit must be recaptured in the year of the sale.”
For more information please consult with your tax advisor or call Jennifer Nordstrom at BeachFleischman (520) 618-1239.
Your Real Estate Expert,
Renée
Friday, January 16, 2009
Featured Business to Know
Whether it is personal or business technology is such a big part of our daily lives we hardly even realize how deep it runs until we have a problem. Last week my computer “crashed” and I was completely LOST! My whole life is on my computer as I am sure many of you can relate. However, when this tragic event occurred I knew just who to call to get my computer going again. Tom Stutsman, owner of Quik Techs Computer Services, came over right away and diagnosed the problem in less than 5 minutes. He even had the part I needed (a new RAM card) in his car! He had my computer restored to better than before and my life running smoothly once again. I cannot speak highly enough of Tom, his company and the level of service and expertise they provide. If you have any computer questions or issues he is the only name you need to know. You can reach them at (520) 971-2269 or you can always look on my Business Directory for more great local business.
Renée
Renée
Wednesday, December 31, 2008
Welcome 2009!
I hope everyone had a wonderful holiday season filled with joy and good health.
As 2008 comes to an end I am reflecting on the years events. It has been a year full of ups and downs for many. I want to express my sincere gratitude to everyone who allowed me the pleasure of working with them this year and to all those who sent me the referrals of these wonderful people. Your continued loyalty and support mean the world to me.
As we embark on 2009 I see a year of positive growth, change and movement in the real estate market here in Tucson. Prices and interest rates are at an all time low (no kidding!) now and that will not last forever. As your trusted advisor, I'm committed to doing whatever I can to help you understand what the current economic situation means for you and your family going forward in 2009. I look forward to helping you or your friends and family with all your real estate needs. Give me a call if you want to discuss strategies for strengthening your financial future in the weeks and months to come. I look forward to hearing from you. Let’s make 2009 great.
Happy New Year!
Renée
As 2008 comes to an end I am reflecting on the years events. It has been a year full of ups and downs for many. I want to express my sincere gratitude to everyone who allowed me the pleasure of working with them this year and to all those who sent me the referrals of these wonderful people. Your continued loyalty and support mean the world to me.
As we embark on 2009 I see a year of positive growth, change and movement in the real estate market here in Tucson. Prices and interest rates are at an all time low (no kidding!) now and that will not last forever. As your trusted advisor, I'm committed to doing whatever I can to help you understand what the current economic situation means for you and your family going forward in 2009. I look forward to helping you or your friends and family with all your real estate needs. Give me a call if you want to discuss strategies for strengthening your financial future in the weeks and months to come. I look forward to hearing from you. Let’s make 2009 great.
Happy New Year!
Renée
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