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Don’t Make These Mistakes When You Want To Get A Home Loan

March 7, 2014 by Kay Monigold

Don't Make These Mistakes When You Want To Get A Home LoanGetting a home loan can be a challenging process, and a finicky one. Qualifying can be challenging and once a buyer gets approved, it can be surprisingly easy to derail the process. Here are some mistakes to be avoided:

Not Pre-Checking Credit

Once a borrower makes his application for a mortgage, his fate is largely sealed. One way to increase the chance of qualifying for a home loan is for a borrower to check his credit before applying. That way, he can address any issues before they become problems for the lender.

Changing Jobs

Lenders judge borrowers on their ability to repay the loan. While a borrower’s credit rating is a good indicator of past performance, his current job and income provides some assurances that he can make his payments.

Changing jobs or losing a job interrupts the income, and can make a lender decide not to lend to that borrower.

Taking On New Debt

New debt can derail a mortgage in two ways. First, adding debt can lower credit scores from the inquiry that comes as well as worry lenders. Second, new debt increases monthly payments, which lower the amount that a borrower can take out on a home loan due to the limitations imposed by the lender’s debt to income ratio.

Fudging The Numbers

Some borrowers might be tempted to tweak some of the numbers on their mortgage applications to make them more attractive to the lender, but lying on a mortgage application is a very bad idea.

First, lenders investigate what gets entered and they’re likely to catch it. Second, it is also fraud and could leave the borrower subject to prosecution.

In general, people considering a home loan should remember the Hippocratic Oath that doctors take. Its message — do no harm — is a good rule of thumb for applying for a mortgage.

Applicants that keep their financial status the same throughout the process without making any changes are more likely to emerge at the end with their new home and their original loan.

Filed Under: Uncategorized Tagged With: Home Loans, Home Mortgage Tips, Qualifying For A Mortgage

How To Add Color To Your Home Decor Without Going Overboard

March 7, 2014 by Kay Monigold

How To Add Color To Your Home Décor Without Going OverboardThere is a fine line between adding color to your home décor and using too much color, so that you feel like you are living inside a rainbow.

A little bit of color will add a lot of fun and interest to your home design, but too much color can be overwhelming. How can you achieve that perfect balance?

Here Are Some Tips To Keep In Mind For Using Color In Your Home In A Subtle And Balanced Way:

  • Use Color Schemes

Before choosing the colors for your décor, do a little bit of research into color schemes and how they work, so you know how to combine colors harmoniously.

For example, you can choose a complementary color scheme with shades that are across each other on the color wheel – such as blue and orange or purple and yellow.

Or you could try an analogous color scheme, which is a scheme where the colors are next to each other on the colour wheel – such as blue, green and purple.

  • Use The 60/30/10 Rule

This is a rule that interior decorators use in order to use colors in a balanced way. Use the dominant color on 60% of the room, so that it will create a unifying look.

Then, use the secondary color on 30% of the room in order to add visual interest. Lastly, use an accent color for 10% of the room to add that little extra.

For example, you might use the dominant color for the walls and carpet, the secondary color for the upholstery and the accent color for some pillows, a wall hanging or a throw rug.

  • Try An Accent Wall

Perhaps you have found a gorgeous paint color, but it’s just a little too bright and overwhelming to use for all four walls of a room.

In this case, you can simply paint one wall with the color and the other walls with a neutral tone, so that you can enjoy the shade without it being overpowering.

You could also simply use the color in one aspect of the room, such as the baseboards or the door jams.

These are just a few of the ways that you can incorporate color into your home design, without it being overpowering. For more information, call your trusted mortgage professional.

Filed Under: Uncategorized

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Our Team

Kay MonigoldKay Monigold
Owner/Mortgage Broker/Residential Mortgage Loan Originator
NMLS#1086176

Ron MartinRon Martin
Residential Mortgage Loan Originator

NMLS#316821

Steven LoweSteven P Lowe, Sr
Residential Mortgage Loan Originator
NMLS #1085638

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