How to Downsize Your Home When Buying a Smaller Home

Buying a smaller home
Downsizing and purchasing a smaller home can help save you money in the long run. Some people downsize because the kids have all moved out and they no longer need a huge home. Other people are relocating for a new job into a bigger city, and housing prices force them into a smaller house. No matter your reasons for needing to downsize, here are some tips from our mortgage company to make the transition easier:
  1. Get rid of anything you have not used in the past year or two. If things have been sitting and collecting dust, they are just taking up space.
  2. Go through everything as you prepare for your move. If you have boxes that are packed in closets you haven’t opened in years, you probably can live without these things.
  3. Get rid of anything you are hanging on to for goals you will never meet—for instance, the weight bench and weights you bought to get six-pack abs, but which now sit buried under piles of clothes.
  4. Sell anything you don’t want. Convert your unwanted items into cash with a garage/yard sale and donate anything that is left over.
  5. Verify that what you want to keep will fit into the smaller home. Measure your furniture and other items and compare these to the dimensions of the new home.
For assistance in finding the best home financing loans to buy your smaller home, please feel free to contact Elite Financial at (800) 908-LEND or (805) 494-9930 today!
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How to Protect Your Credit So You Can Get a Good Fixed Rate Mortgage

Protect your credit
Your credit history and credit score are two important factors that determine what type of interest rate you are offered on home loans. Protecting your credit requires becoming proactive and taking steps to prevent ruining your credit or becoming the victim of identity theft.
  1. Review your credit reports annually. Get in the habit of requesting your free annual credit reports each year to ensure there is nothing that should not be on there.
  2. Monitor your credit score and changes to credit reports monthly. Most financial institutions and credit card companies now offer free monthly credit scores that also include a summary of information on your credit report.
  3. Never discard documents with personal information in the trash. Any financial statements, bank statements, or other documents that contain personal and sensitive information need to be shredded before you dispose of them.
  4. Keep revolving credit card balances at 30% or lower. If you exceed this amount, it will lower your credit score.
  5. Dispute any irregularities as soon as possible. If you notice unusual charges on statements or new credit accounts or even collection accounts on your credit report, these need to be disputed
By being vigilant, you can identify potential problems sooner and protect your good credit. If you are getting ready to purchase or refinance a home, please feel free to contact Elite Financial at (800) 908-LEND or (805) 494-9930 to find out current interest rates on our different loan programs.
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Top Tips for People Who Own Rental Properties

Own rental properties

Owning rental properties you purchased with different types of home loans can be a great investment strategy. However, where many people go wrong is not taking the time to consider exactly what is needed to be a great landlord to keep tenants renewing their leases year after year.

  1. Maintain the properties in decent condition. Treat the rental home like your own and make sure the yard gets mowed, siding gets power washed, and other maintenance gets done on a regular basis.
  2. Communicate with your tenants. Let your tenants know when you or a contractor needs access to the inside of the home for maintenance, like to change furnace filters. Even though you own the property, you cannot just let yourself in whenever you want.
  3. Screen new tenants and do reference checks. Anytime you are looking for a new tenant, it is acceptable to check their credit, ask for rental references, and even run a background check.
  4. Put everything down in writing, even for friends and family. Oral agreements are never a good idea and could create more headaches for you should something go wrong. It is better to have written lease agreements to protect both you and your tenants.
  5. Brush up on lease/rental laws in your state. You should have a general understanding of the laws in your area, as they describe rights that cover both you and your tenants.

If you are considering refinancing rental properties or are looking to purchase more, remember to call Elite Financial at (800) 908-LEND or (805) 494-9930 today for assistance in finding the best mortgage programs!

 

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