Is 2023 finally the year you push your credit score to Very Good? With the New Year finally here, it’s the perfect time to set goals and improve your credit score. With a few simple changes to your spending habits and payments, you can be well on your way to a better credit score in a couple of months! Here are some resolutions to help raise your credit score.  Pay Bills on TimeYou probably already know late payments can hurt your credit score. And while carrying a credit card balance comes with its own financial risks, it’s important to know that most credit card accounts will only report a late payment to a credit bureau if you fail to make the minimum payment more than 30 days from the due date. So, if you’re able to pay your bills in full every month, keep doing so. But if you’re in a jam and can’t pay the full amount by the due date, just make sure to pay as much as you can and, at the least, the minimum. Keep Your Credit Utilization LowWhen your credit utilization is low, lenders will see you as less of a risk and your credit score will remain a lot higher. Credit Utilization is the amount of credit line you have versus the amount used. The lower the number, the better! To raise your credit score, keep credit utilization below 30%, but it’s a good idea to aim for 10% or less whenever possible. It’s okay to put most purchases on a primary card to maximize rewards, but make sure you aren’t damaging your credit score in the process by approaching your limits. Choose the Right Card For YouThere are a lot of credit card options out there and choosing the right card for you is just as important as paying off your card on time! Maybe you are paying a yearly fee that you don’t need to or perhaps you’d rather have a card that pays for travel as opposed to a percentage of cashback. Before you open a new card, make sure you look into all the benefits it has to offer. You can even use multiple cards. For example, one card might give better cashback on gas and one card might offer better travel points.  It’s okay to use both as long as you are diligent about paying them off! Use Your Credit Card for PointsOne of the biggest benefits of a credit card is the cashback and points that you receive.  Aim to use your credit card as a debit card and only put on it what you can afford. If you only use your credit card on what you can afford and then pay it off in full each month this will not only help you earn the maximum amount of points, but also help raise your credit score and help lenders see you as low risk! Stick to a BudgetIf you are working to raise your credit score this year, have your New Years’ resolution be to actually stick to a budget! A reasonable budget is key to prevent overspending that can harm your credit score. A good starting point is to lay out a long-term budget that covers all monthly expenses along with a few contingencies for unplanned bills. It’s always important to have money in savings for emergencies like car breakdowns, house repairs, and medical expenses. Also, avoid opening new credit accounts just to get rewards.  If you have a larger credit limit, you’re likely to overspend and carry a balance – wiping out your rewards with interest charges. Watch Your Credit ScoreWhen you are trying to raise your credit score, it’s also important to monitor where your credit is currently sitting. There are a lot of great apps like Mint and Experian that not only show you your current Credit and FICO score but also have great built-in budget tools to keep you on track. Whether you are trying to raise your credit score, or gain the maximum amount of credit card benefits, focusing on budgeting and paying off your cards will help! This year, make it a resolution to say goodbye to credit card debt and hello to a better credit score!  

Today’s home searches do not begin by simply driving by a “for sale” sign and stopping in to view a home. In many cases, buyers begin searching for their next properties from the comforts of their current homes. In fact, online home searches have become such a reality for today’s home buyers that listing photos have become an integral part of curb appeal. If you’re planning to start your new home search online, how can you be sure you’re finding a home that will match your needs? Here are five tips to help you get your online home search started: 1. Know your needs and wants list.One major difference between searching for homes online and scouring local neighborhoods for available homes is the sheer number of homes available. If you don’t have a clear idea of the features you want to find in a home, you might spend a lot of time sorting through available inventory online to find even a couple homes that meet your desired criteria. Spend some time before you begin your search and determine the home features that are most important to you. Focus your online efforts on finding homes that meet all or most of those criteria. 2. Use available tools to narrow your home search.Once you have a good grasp of the home features you’re looking for, allow online search capabilities to assist you! Use search filters to eliminate homes that are not in your price range, or those that do not have the features you’re looking for. Want a single-family ranch with at least three bedrooms, a finished basement, and a little yard space? Use search filters to find homes that might meet all or most of those wants. 3. Be sure to do neighborhood research.You can learn a lot about a home through an online search. Once you find a home or homes that might be right for you, be sure to take time to learn about their neighborhoods too. Check out what kinds of restaurants, entertainment options, and amenities are nearby. Learn about the schools, commutes and crime rates too. Even if a home seems to have everything you’re looking for, it’s location might not be right for you and your family. Research any neighborhoods you might not be familiar with when you’re searching online. 4. Don’t believe everything you see.A picture is worth 1,000 words, right? When it comes to an online home search, buyers might need to make sure those 1,000 words are accurate. Professional listing photos can paint an incredible picture of a home. And kudos to all sellers who represent their homes with awesome listing photos. But, buyers beware, seeing really is believing when it comes to a home. Let online photos draw you into a home, but take the next step and schedule a showing before becoming too captivated. Make sure the real thing lives up to the online representation during your home search. 5. Hire a professional to guide your search.An online search is a great place to start looking for a new home. Once you find a home or a few homes that you’re interested in, allow a professional real estate agent to schedule showings for you. Once you share the homes you’re interested in with your agent, he or she might be able to point you to other homes that meet your desired criteria too. Of course, your agent will also represent your needs when it comes to negotiating a price, working with inspectors and other service professionals, and helping you get all the way to closing.

Deciding whether to jump into the housing market or rent instead is rarely an easy decision – especially if you’re a first-time homebuyer. But in today’s whirlwind market, you may find it particularly challenging to pinpoint the best time to start exploring homeownership.    A real estate boom during the pandemic pushed home prices to an all-time high.1 Add higher mortgage rates to the mix, and some would-be buyers are wondering if they should wait to see if prices or rates come down.   But is renting a better alternative? Rents have also soared along with inflation – and are likely to continue climbing due to a persistent housing shortage.2 And while homebuyers can lock in a set mortgage payment, renters are at the mercy of these rising costs for the foreseeable future.   So, what's the better choice for you? There’s a lot to consider when it comes to buying versus renting. Luckily, you don’t have to do it alone. Reach out to schedule a free consultation and we'll help walk you through your options. You may also find it helpful to ask yourself the following questions:     How long do I plan to stay in the home?   You'll get the most financial benefit from a home purchase if you own the property for at least five years.3 If you plan to sell in a shorter period of time, a home purchase may not be the best choice for you.   There are costs associated with buying and selling a home, and it may take time for the property’s value to rise enough to offset those expenditures.   Even though housing markets can shift from one year to the next, you’ll typically find that a home’s value will ride out a market’s ups and downs and appreciate with time.4 The longer you own a property, the more you are likely to benefit from its appreciation.   Once you’ve found a community that you’d like to stay in for several years, then buying over renting can really pay off. You’ll not only benefit from appreciation, but you’ll also build equity as you pay down your mortgage – and you’ll have more security and stability overall.   Also important: If you plan to stay in the home for the life of the mortgage, there will come a time when you no longer have to make those payments. As a result, your housing costs will drop dramatically, while your equity (and net worth) continue to grow.     Is it a better value to buy or rent in my area?   If you know you plan to stay put for at least five years, you should consider whether buying or renting is the better bargain in your area.   One helpful tool for evaluating your options is a neighborhood’s price-to-rent ratio: just divide the median home price by the median yearly rent price. The higher the price-to-rent ratio is, the more expensive it is to buy compared to rent.5 Keep in mind, though, that this equation provides only a snapshot of where the market stands today. As such, it may not accurately account for the full impact of rising home values and rent increases over the long term.   According to the National Association of Realtors, a typical U.S. homeowner who purchased a single-family existing home 10 years ago would have gained roughly $225,000 in equity — all while maintaining a steady mortgage payment.6   In contrast, someone who chose to rent for the past 10 years would have not only missed out on those equity gains, but they would have also seen U.S. rental prices increase by around 66%.7   So even if renting seems like a better bargain today, buying could be the better long-term financial play.   Ready to compare your options? Then reach out to schedule a free consultation. As local market experts, we can help you interpret the numbers to determine if buying or renting is the better value in your particular neighborhood.     Can I afford to be a homeowner?   If you determine that buying a home is the better value, you’ll want to evaluate your financial readiness.   Start by examining how much you have in savings. After committing a down payment and closing costs, will you still have enough money left over for ancillary expenses and emergencies? If not, that’s a sign you may be better off waiting until you’ve built a larger rainy-day fund.   Then consider how your monthly budget will be impacted. Remember, your monthly mortgage payment won’t be your only expense going forward. You may also need to factor in property taxes, insurance, association fees, maintenance, and repairs.   Still, you could find that the monthly cost of homeownership is comparable to renting, especially if you make a sizable down payment. Landlords often pass the extra costs of homeowning onto tenants, so it’s not always the cheaper option.   Plus, even though you’ll be in charge of financing your home’s upkeep if you buy, you’ll also be the one who stands to benefit from the fruits of your investment. Every major upgrade, for example, not only makes your home a nicer place to live; it also helps boost your home's market value.   If you want to buy a home but aren’t sure you can afford it, give us a call to discuss your goals and budget. We can give you a realistic assessment of your options and help you determine if your homeownership dreams are within reach.     Can I qualify for a mortgage?   If you’re prepared to handle the costs of homeownership, you’ll next want to look into how likely you are to get approved for a mortgage.   Every lender will have its own criteria. But, in general, you can expect a creditor to scrutinize your job stability, credit history, and savings to make sure you can handle a monthly mortgage payment.   For example, lenders like to see evidence that your income is stable and predictable. So if you’re self-employed, you may need to provide additional documentation proving that your earnings are dependable. A lender will also compare your monthly debt payments to your income to make sure you aren’t at risk of becoming financially overextended.   In addition, a lender will check your credit report to verify that you have a history of on-time payments and can be trusted to pay your bills. Generally, the higher your credit score, the better your odds of securing a competitive rate.   Whatever your circumstances, it’s always a good idea to get preapproved for a mortgage before you start house hunting. Let us know if you’re interested, and we’ll give you a referral to a loan officer or mortgage broker who can help.   Want to learn more about applying for a mortgage? Reach out to request a copy of our report: “8 Strategies to Secure a Lower Mortgage Rate”     How would owning a home change my life?   Before you begin the preapproval process, however, it’s important to consider how homeownership would affect your life, aside from the long-term financial gains.   In general, you should be prepared to invest more time and energy in owning a home than you do renting one. There can be a fair amount of upkeep involved, especially if you buy a fixer-upper or overcommit yourself to a lot of DIY projects. If you’ve only lived in an apartment, for example, you could be surprised by the amount of time you spend maintaining a lawn.   On the other hand, you might relish the chance to tinker in your very own garden, make HGTV-inspired improvements, or play with your dog in a big backyard. Or, if you’re more social, you might enjoy hosting family gatherings or attending block parties with other committed homeowners.   The great thing about owning a home is that you can generally do what you want with it – even if that means painting your walls fiesta red one month and eggplant purple the next.   The choice – like the home – is all yours.       HAVE MORE QUESTIONS? WE’VE GOT ANSWERS   The decision to buy or rent a home is among the most consequential you will make in your lifetime. We can make the process easier by helping you compare your options using real-time local market data. So don't hesitate to reach out for a personalized consultation, regardless of where you are in your deliberations. We'd be happy to answer your questions and identify actionable steps you can take now to reach your long-term goals.   The above references an opinion and is for informational purposes only.  It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.     Sources: CNN - https://www.cnn.com/2022/08/11/homes/home-prices-second-quarter/index.html NPR - https://www.npr.org/2022/07/14/1109345201/theres-a-massive-housing-shortage-across-the-u-s-heres-how-bad-it-is-where-you-l Bankrate - https://www.bankrate.com/mortgages/5-year-real-estate-rule/ Federal Reserve Bank of St. Louis -https://fred.stlouisfed.org/series/MSPUS National Association of REALTORS - https://www.nar.realtor/blogs/economists-outlook/price-to-rent-ratios-by-state-from-2014-2019 National Association of REALTORS -https://www.nar.realtor/blogs/economists-outlook/single-family-homeowners-typically-accumulated-225K-in-housing-wealth-over-10-years Statista - https://www.statista.com/statistics/200223/median-apartment-rent-in-the-us-since-1980/