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Five Financial Tips to Keep You on TrackUse these ideas to help you save and stay on the right track
RISMEDIA, May 10, 2010—With the economic hurdles over the past 18 months, it’s easy to see how some people may have lost their financial way.
Rather than making drastic changes, sometimes the best route to financial security is setting small, yet achievable goals.
Here are five ways to keep your finances on track, according to smartypig.com:
Know your credit score
Good credit is the foundation for achieving financial goals. It's crucial to stay on top of your score. Services such as Equifax can tell you where you stand. If outstanding debt has lowered your score, start paying it down, prioritizing high-interest debt.
Define specific savings goals
General savings accounts are great, but experts say that saving is easier with specific goals because you visualize the prize rather than the process.
Cut up credit cards
According to Experian, the average consumer carries 4.5 pieces of plastic—4.5 potential paths into debt. By eliminating extra cards, you limit opportunities to spend money you don't have. Start with cards that have high rates or punitive fees—then use your scissors! Canceling cards can impact your credit score; cutting them up makes them just as inaccessible.
Increase your 401k by 3%
You already know that you should contribute as much as possible to your 401k retirement savings plan—especially if your employer matches. An easy way to boost that savings is by increasing your contributions by a minimum of 3% each year. As your career progresses and your salary increases, it's unlikely you'll miss the money.
Make a date with your finances
Most of us are too busy to tackle anything but the most necessary financial assignments. Set aside time for crossing items off your financial to-do list. Do what works for you whether it’s annual, quarterly or monthly appointments, though it helps to schedule this time when banks and other institutions are open. Time spent finding high-yield savings accounts, better insurance plans, and no-fee cards results in money in your pocket.
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Need a mortgage? Consider an FHA loan
Government-insured Federal Housing Administration loans now make up about 25% of the mortgage market. Here are five things you need to know.
By Beth Braverman, Money Magazine staff reporter Last Updated: September 23, 2009: 9:17 AM ET
(Money Magazine) -- 1. Chances are good that you'll come across one. During the heyday of no-money-down lending, you were unlikely to have a buyer using a government-insured Federal Housing Administration (FHA) loan, which lets borrowers purchase a home with a down payment of as little as 3.5%. Now FHAs are the only game in town for anyone who can't put down the minimum 10% many banks require to get a conventional loan.
About a third of buyers have 10% or less saved for a down payment, according to a recent Zillow.com survey. No wonder FHA loans have skyrocketed from 3% to 25% of the market. While you may not need to take out an FHA mortgage to purchase your next home, there's a good chance you'll be selling to someone who does.
2. Borrowers can qualify with any income. Historically FHA loans have gone mostly to low-income borrowers. But, in fact, there's no cap on what someone can earn. "The overriding factor that we look at is the ability to make payments," says Lemar Wooley of the Department of Housing and Urban Development.
Borrowing limits may be higher than you think too: Though the max is $271,050 in areas where real estate is cheap, buyers can take up to $729,750 in high-priced markets like California or New York.
3. Expect a tough appraisal. The home will need a clean bill of health from a government-approved appraiser, and the seller must fix any issues before a buyer can close on the loan. A few years ago the FHA eased up on repair requirements for minor problems like missing handrails or cracked windows. But it still won't budge on leaky roofs or mold damage.
If you're selling, know that an FHA appraisal stays on record for six months, even if the deal goes kaput or the buyer switches lenders. "Get one low FHA appraisal and you're stuck with it," says Dallas realtor Bruce Lynn.
4. These loans are pricier than they seem. Nominal rates on FHA mortgages are comparable to those on conventional loans. But hefty fees on the FHA variety up the cost. There's a 1.75% upfront charge as well as a 0.5% annual insurance premium for five years and until the principal balance hits 78% of the sales price or the home's appraised value.
If you're buying, ask if the seller will pick up some of the FHA insurance costs as part of the deal, says Manchester, N.H., realtor Scott Godzyk. According to FHA rules, sellers can pay closing costs up to 6% of the home price.
5. They've gotten easier to obtain. FHAs once had a well-deserved rep for onerous paperwork and a longer, more difficult closing than conventional loans. But thanks to a new automatic underwriting system and the looser repair requirements, FHA mortgages take only a few days longer than conventional loans to close, says Bill Banfield, a vice president at Quicken Loans.
FHA loans still require written documentation of income, including pay stubs and tax returns. But stricter underwriting across the board means that you will probably need such paperwork no matter what type of loan you get. 
First Published: September 23, 2009: 5:15 AM ET
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SHOULD I BURY A STATUE OF ST. JOSEPH TO HELP SELL MY HOME? Burying statues or medals of St. Joseph in your yard is a tradition that dates back hundreds of years. Most recently, home sellers have been burying the patron saint of family and household needs in their yards to help their homes sell faster. Some sellers swear that a little divine intervention helped them get a sale.
What Is a "Short Sale"?
The phrase "short sale" refers to a homeowner's sale of their home for a net sales price (after commissions, closing costs, etc.) that is less than what the homeowner owes their mortgage lender(s). A short sale is an alternative to foreclosure. A short sale prevents you from having to go through the foreclosure and eviction. Because a short sale results in the lender taking less than they are owed, a short sale must be done with the full participation and agreement of the homeowner's mortgage company. They often move very slow. It could take weeks if not month's to complete, there is no average as every case is different. It is not uncommon for it to take 3-4 months.
Do not wait until a foreclosure date is announced, by then it may be too late. Contact us as soon as you can so we may assist you in this process. We are experienced in completing them and getting them to work, although we are at the whim and control of the bank, in the majority of cases we can help make this process easier and less stressful for you.
WHAT IS CURB APPEAL AND HOW DO I KNOW IF I HAVE IT?
Curb Appeal is how people view your house from the outside. People make assumptions about the interior of a house based on the exterior. To be more appealing keep the lawn trimmed water and green. Power wash the house, Lay a fresh cover of mulch in the flower beds, Paint the front door, Replace the address numbers and even more take a look around, if there is anything out of place, you should fix it or remove it. Remove those unused toys, rusting tools, dead plants, peeling paint, broken door handle, ripped screen door and so on. Your first impression will leave a lasting impression on anyone coming to your house.
I NEED A QUICK SALE. HOW ABOUT AUCTIONING MY HOUSE OFF?
Home auctions for non foreclosed homes were all but nonexistent a few years ago, but they are more widely available now. Although an auction is way to sell a house quickly, there is no guarantee you as the seller will be pleased with the price. Buyers at an auction are looking to steal your property.
| WHAT DO YOU THINK ABOUT BUYING AT FORECLOSURE AUCTION VERSUS BUYING BANK OWNE DPROPERTY AFTER THE AUCTION?
There are advantages and disadvantages to both, i will give you my opinion. At Auction the property will be sold for outstanding mortgage balance owed to foreclosing mortgage holder, therefore this can be a low price for the property. Cash deposits usually $5000 reduce competition. However there are several disadvantages such as Auction purchase price must be paid in cash either the same day as the auction or within 30 days. No mortgage is usually allowed. No inspections are allowed; it is an as-is sale. Buyer may take property and owe other liens, back taxes and mortgages. Buyer must research state of title prior to auction. Bank cannot provide disclosures as to property history/condition issues. Property condition might be suspect due to damage done by upset homeowners. If bank believes auction will not recover the price needed to pay off the mortgage the bank may buy the property at auction.
Buying Bank-Owned Property REO (Real Estate Owned by Lender) has it's own advantages such as the bank is motivated to get property sold and will negotiate price, down payment, closing costs and closing date. Deed will be clear; buyer will not take on any liens, mortgage or back taxes of prior owners. Inspections and mortgage financing are allowed within normal time frames. House will be vacant. Some disadvantages are your knowledge and willingness to know what you are getting into. Although you can have a home inspection, usually within 7 days of an accepted offer, you can not use teh home inspection report to renegotiate with the bank, you can not ask them to fix anything or money back AFTER you have agreed to a sales price. You Must do that negotiating BEFORE you put in your offer. You should already be pre approved and ready to close within 30-45 days of acceptance. There are so many more items, if you have specific questions please feel free to email us. When using an agent to assist you in buying a Bank Owned property, they should be experinced in bank owned properties in the procedures to get your offer accepted. That is where we come in. We have been working with bank owned properties since 1987. That's 22 years of experience to pass on to you.
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Please remember that answers to these questions are our opinion, do not use information without thoroughly investigating it for yourself. We do not practice law, none of our opinions are meant to be an answer regarding laws or ordinances. Please contact your city, town, state or an attorney for that.
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