Brady Holland Mortgage Planner
85026 PERMIT 1441
Real estate financing can be a daunting task. And that is especially true in today’s world where lenders are more cautious about lending due to economic uncertainty. I understand that choosing a mortgage is one the biggest decisions that you will make. You want the best interest rate and you want the pre-approval, application, and close of escrow process to be hassle-free. I understand. I listen to your needs. And I respond quickly and deliver. Let me put my nearly two decades of residential lending experience to work for you! • The needs of every client are different. I specialize in tailoring a loan and financing strategy that will best fit the individual needs of each client. • Have you ever closed on a mortgage and later had remorse that you may have picked the wrong loan program or paid too much in fees? I offer a benefit analysis on every loan to ensure that the loan program and the associated costs are the best fit and in the best interest of the client. • I use the latest lending technology to deliver a loan credit decision in hours, not days. • Closing thousands of loans over the course of my career assures you that as an industry veteran I have the knowledge and expertise to handle every situation. • My impeccable reputation is my best asset. I always strive to exceed your expectations and earn your business for life!
Call me today!
MORTGAGE RATES as of 9/16/10
Loan Rates for $150K-$417K: • 30-Year Fixed: 4.375%/4.556% APR • 15-Year Fixed: 3.875%/4.189% APR • 5/1 ARM: 3.375%/3.588% APR
Loan Rates for $418K-$1.5M: • 30-Year Fixed: 5.125%/5.250% APR • 5/1 ARM: 3.750%/4.026% APR • 7/1 ARM: 4.000%/4.235% APR *Note: All rate quotes offered at 1% origination fee for primary home purchase or no cash-out refinance financing with 720+ FICO score. Loans under $417K are quoted based on 20% equity while loans over $417K require 20%-30% equity. Other financing options are available upon request.
Brady Holland
Mortgage Planner NMLS ID 180079
Mobile: 480.272.3282 bradyh@ihlending.com www.imortgage.com/Brady.Holland
AZBK 0903725
Arizona Homeowner November | 2010
Love Your Ride?
There’s an Auto Club Just for You!
pamper your houseguests Creating a Stand-Out Guest Room
MARKET WATCH UPDATE
In real estate news, record low mortgage rates have surprisingly not improved home buying demand in the last couple of months. But when you really think about it maybe it is not that surprising. You may recall that there was a government tax credit for homebuyers that expired at the end of June. It was such an attractive incentive that it created a huge bubble of housing demand. Similar to what happened to the auto industry after the expiration of the “Cash for Clunkers” program, there is a predictable hang-over effect where a lot of would-be buyers already rushed in earlier this year to buy and get the tax credit. The homebuyer tax credit program actually created bidding wars as buyers tried to secure home sales contracts before the tax credit expiration. And as a result, home prices were getting bid up during that period. But now we are having slack housing demand so new buyers entering the market are in a position to get homes at discounted prices. And with interest rates at a record low, now is the time to buy! In the lending world we have actually seen some recent easing of down payment requirements. And that is a good sign. For clients with high credit scores, the 10% down conventional loan program has been revised to 5% minimum down payment. And we still also have 3.5% down payment FHA loans in addition to 0% down VA and USDA loans.
Produced by Desert Lifestyle Publishing • 480.460.0996 • www.DesertLifestyle.net
infused with earthy flavors Ocean Prime’s Goat Cheese Raviolis
Event Calendar November 2010
A McNight to Remember Arizona Biltmore, November 6th 602.798.5097 | RMHCPhoenix.com An evening of distinction and philanthropy will be on hand as you join Ronald McDonald House Charities of Phoenix in celebrating 25 years of helping nearly 30,000 families in need. Fine dining, lively entertainment and wonderful live and silent auctions are all in store at this elegant event. Stag’s Leap Wine Cellars Dinner BLT Steak, November 11th 480.905.7979 | BLTScottsdale.com Foodies and gourmands know not to miss one of the last Wine Dinner Series events of the year featuring Stag’s Leap Wine Cellars. You’ll meet with and hear winemaker Nicki Pruss as she speaks of her proprietary blends and recommended pairings. The fabulous five-course menu prepared by Chef de Cuisine Marc Hennessy is accompanied with inspired pairings as well. Walk for Lupus Now Kiwanas Park, November 14th 602.870.7622 | Lupus.org Help the Lupus Foundation of America raise funds for research in finding a cure and provide support for those affected by this disease. Choose between the 2-mile run or the 2-mile Family Fun Walk where even the little ones and dogs can join in the fun. All entries will include an event t-shirt and even the dogs are outfitted with a festive bandana! Cirque du Soleil: Alegria US Airways, November 17th – 21st 602.379.2000 | CirqueDuSoleil.com Meaning “jubilation” in Spanish, Alegria tells a tale of power and evolution throughout time. Kings, fools, beggars and old aristocrats are presented through these impressive performers. Stunning sets are a Cirque mainstay as are the skillful artists performing hand balancing, synchronized trapeze and fire-knife dancing – just to name a few mouth-dropping acts. ArtFest of Scottsdale Scottsdale Civic Center Plaza, November 21st – 22nd 480.968.5353 | 888ArtFest.com Check out Downtown Scottsdale as it is transformed during this popular holiday tradition. ArtFest features 200 artists from across the country showcasing their unique arts and crafts perfect for a one-of-a-kind gift. Live music and tempting food wares keep your toes tapping and tummies full while you browse.
While the majority of the nation is approaching a dismal winter, Phoenicians are enjoying some of the most spectacular weather in the world right now! If your household is like many others this time of year, you will be entertaining out-of-town visitors in the weeks and months to come. While there is an old joke about not making your guests too comfortable lest they stay longer than you’d like, by all means you’ll want to make your home as warm and inviting as you can for those that have come to visit! Most houseguests want to feel that they are not imposing too much on their hosts. Ease their anxieties by outfitting their quarters with as many conveniences and niceties as necessary so that they have everything they could need at their fingertips. Not having to constantly ask their host for things makes for a better visit for your guests as well as for you. Start with a private area or room where guests can retreat to. A comfortable bed with a medium-firm mattress is a must. In addition to the bed linens that dress the bed, supply your guests with other options in pillows, duvets or blankets. That way they can choose from among soft or firm and lightweight or heavyweight bedding to suit their preferences. Nightstands should be outfitted with a good reading lamp and an alarm clock. Empty the dresser and closet so there is plenty of room for their things. Don’t forget to equip the closet with storage organizers, hangers, etc. A luggage rack or bench and an iron and ironing board will aid your guests in their unpacking. One of the signs of a great host is your anticipation of their every need. In case they forgot to bring some items from home, have basic toiletries at the ready. A basket of mini sundries placed thoughtfully on the bathroom counter just might be a lifesaver! Include a hairdryer, cotton balls and swabs and a box of tissue as well. When most of us travel, we make our best efforts to condense our packing. Often bulky robes and slippers, while a must at home, don’t make the cut! So be sure to provide both to your guests – they are sure to be grateful. A nice touch would be to have both robes and matching slippers embroidered with a clever design such as “Hotel Smith.” It’s sure to be a conversation piece as guests can anticipate your comfy robes on each visit! If your space permits, a comfortable seating area will really allow your guests to relax and “cocoon” in their room. Supply the area with a warm throw, a reading lamp and some books and magazines. You can customize the book selection for them based on their preferred reading habits. Books on area sightseeing, history and urban legends can give your guests a dose of our community’s flavor. Local and regional magazines are also a great way to catch them up to speed on our desert lifestyle. If there is a television in the guest suite, your guests would really appreciate a channel guide along with a notation of available movie channels and options. You might also supply the room with a basket of DVDs or instructions on accessing pay-per-view movies. You should also provide guests with a way to enjoy music. An iPod dock will impress the grandchildren. A customized CD with a music mix personally chosen for them and burned onto a take-home disk will impress everyone! Many of our Arizona visitors aren’t aware of the need to stay hydrated, no matter what time of year. Bottles of water aren’t just a detail, but a necessity! Include too, some other refreshments for them to snack on. Some guests would feel uncomfortable foraging around your kitchen when hungry, so supply them with fruit, granola bars, maybe even a bit of chocolate! Another thoughtful gesture would be to offer a basket of some of our locally made products, such as Goldwater’s salsas, Cerreta’s candy, Queen Creek Olive Mill olives, or Kokopelli wine. Lastly, it is such a warm touch to include fresh flowers and the ambience of glowing candles. Present both to your guests and they will no doubt feel so welcome and honored to be a guest in your home!
Your Home
In 1909, Henry Ford introduced the Model T, and so began America’s love affair with the automobile. By the 1970s, driving your first car was a right of passage into adulthood and the American car was a symbol of freedom and patriotism. For those who still relish automotive freedom – from classic cars to luxury vehicles – the call of the open road beckons. So where do you find camaraderie with other like-minded enthusiasts? Auto clubs! Membership in a specialty auto club opens the door to a whole new world of automotive culture, where you can gather with others who love their rides as much as you do to trade stories, share good times and possibly swap a wrench or two. Here is a short selection of automotive clubs available in Arizona: Arizona Hummer Owners Group AZHOG.org The Arizona Hummer Owners Group is a loose-knit group of Hummer owners that band together to provide a family-oriented, conservation-focused group that promotes the Hummer lifestyle. The group organizes about four group outings – or runs – a year.
Arizona DeLorean Club AZ-D.org The philosophy of the Arizona DeLorean Club is that the DeLorean should be driven and enjoyed. Consisting of owners and devotees that live in and around the state of Arizona, the club plans events that make the public aware of this iconic automobile such as participating in the Phoenix Comicon and supporting other state’s events, this year in Kentucky. Arizona Mustang Car Club ArizonaMustangCarClub.com Join other Ford Mustang lovers and provide mutual assistance and fellowship to each other. Founded in 1998, the club celebrated 12 years of existence in the Valley of the Sun this year. Members showcase their hotrods at the Pavilion Classic Car Show every Saturday. The Desert Stars DesertStars.org The Desert Stars is the Phoenix chapter of the Mercedes Benz Club of America (MBCA). Chartered in 1962, the chapter’s membership is predominantly from Central and Northern Arizona. Members have
planned a new way to get together and try out some of the Valley’s fabulous restaurants during Star Night. Upcoming locations include Seville Golf and Country Club and T. Cook’s at the Royal Palms. Model A Restorers Club of Arizona ModelARestorersClubOfArizona.com Established in 1957, the club promotes restoration and preservation of the Model A Ford, which was recognized by a leading automobile journal as one of the world’s top 10 automobiles of all time. Members gather regularly with fun activities including museum tours, breakfast meetings and road trips around Arizona, such as to the Jerome Art Walk. Jaguar Club of Central Arizona JCCA.us/index.html Jaguar Clubs of Central Arizona, affiliated with Jaguar Clubs of North America (JCNA), gathers Jaguar owners and admirers to promote safe and skillful driving, as well as the preservation of Jaguar automobiles.
Arizona Cobras Car Club AZCobras.com The Arizona Cobras Car Club is dedicated to Cobra owners and enthusiasts who live in Arizona. The website includes recommended auto shops specific to Cobra needs, classified ads and upcoming events. Ferrari Club of America Desert Region FerrariAZ.com/home.html Ferrari approves only one official club in each country and the Ferrari Club of America is the selected club for the United States. The local club, known as the Desert Region, encompasses Arizona and Southern Nevada, and is more than 12 years old. The chapter, which is one of the most active in the country, hosts a number of monthly events from rallies and charity events to monthly socials.
DON’T SEE YOUR FAVORITE RIDE INCLUDED ABOVE? There are thousands of auto clubs around the world, and many more right here in Arizona. To find one that suits you, visit these websites: • CruisinArizona.com provides a list of car clubs based in Arizona, many of which have links to their websites. • CarClubs.com provides a list of automobile makes and models, helping you narrow your search for clubs that way. You also have the option of searching by club, country, city or state. • OldRide.com features anything a car lover would need, from listings of cars and parts, automobile events and a directory of car clubs in the Valley.
SONOMA GOAT CHEESE RAVIOLIS Ingredients: 6 each ravioli sauce (see recipe below) 5 drops truffle oil 1/4 oz. goat cheese 1/4 tsp. chives, minced
Local Flavor!
A Midsummer’s Night Dream Symphony Hall, November 5th – 7th 602.381.0184 | BalletAZ.org Marvel as these graceful dancers bring Ib Anderson’s version of Shakespeare’s fun-loving comedy to life. This hilarious tale will have you laughing as the dancers interpret quarreling fairies and mistaken identities with many love-story twists. Accompanied by The Phoenix Symphony, the performance promises to be a cultural delight.
For Sauce: 1 Tbs. olive oil 2 Tbs. shitake mushrooms, julienned 1 Tbs. sun-dried tomato 1/4 tsp. garlic, minced kosher salt to taste ground white pepper to taste 1 oz. white wine 2 oz. chicken stock 1 oz. butter 1 tsp. basil chiffonade
Procedure For Sauce: Saute shitakes in olive oil. Add sun-dried tomatoes, garlic, basil and salt and pepper. Deglaze with white wine. Add chicken stock and reduce. Add butter while stirring until mixture is emulsified.
Featuring Ocean Prime 480.347.1313 | Ocean-Prime.com
To Serve: Heat ravioli in hot water until tender. Arrange ravioli around bottom of a large pasta bowl with tips up. Top ravioli with sauce and garnish with truffle oil, goat cheese and chives. Yields: one serving
Event Calendar November 2010
A McNight to Remember Arizona Biltmore, November 6th 602.798.5097 | RMHCPhoenix.com An evening of distinction and philanthropy will be on hand as you join Ronald McDonald House Charities of Phoenix in celebrating 25 years of helping nearly 30,000 families in need. Fine dining, lively entertainment and wonderful live and silent auctions are all in store at this elegant event. Stag’s Leap Wine Cellars Dinner BLT Steak, November 11th 480.905.7979 | BLTScottsdale.com Foodies and gourmands know not to miss one of the last Wine Dinner Series events of the year featuring Stag’s Leap Wine Cellars. You’ll meet with and hear winemaker Nicki Pruss as she speaks of her proprietary blends and recommended pairings. The fabulous five-course menu prepared by Chef de Cuisine Marc Hennessy is accompanied with inspired pairings as well. Walk for Lupus Now Kiwanas Park, November 14th 602.870.7622 | Lupus.org Help the Lupus Foundation of America raise funds for research in finding a cure and provide support for those affected by this disease. Choose between the 2-mile run or the 2-mile Family Fun Walk where even the little ones and dogs can join in the fun. All entries will include an event t-shirt and even the dogs are outfitted with a festive bandana! Cirque du Soleil: Alegria US Airways, November 17th – 21st 602.379.2000 | CirqueDuSoleil.com Meaning “jubilation” in Spanish, Alegria tells a tale of power and evolution throughout time. Kings, fools, beggars and old aristocrats are presented through these impressive performers. Stunning sets are a Cirque mainstay as are the skillful artists performing hand balancing, synchronized trapeze and fire-knife dancing – just to name a few mouth-dropping acts. ArtFest of Scottsdale Scottsdale Civic Center Plaza, November 21st – 22nd 480.968.5353 | 888ArtFest.com Check out Downtown Scottsdale as it is transformed during this popular holiday tradition. ArtFest features 200 artists from across the country showcasing their unique arts and crafts perfect for a one-of-a-kind gift. Live music and tempting food wares keep your toes tapping and tummies full while you browse.
While the majority of the nation is approaching a dismal winter, Phoenicians are enjoying some of the most spectacular weather in the world right now! If your household is like many others this time of year, you will be entertaining out-of-town visitors in the weeks and months to come. While there is an old joke about not making your guests too comfortable lest they stay longer than you’d like, by all means you’ll want to make your home as warm and inviting as you can for those that have come to visit! Most houseguests want to feel that they are not imposing too much on their hosts. Ease their anxieties by outfitting their quarters with as many conveniences and niceties as necessary so that they have everything they could need at their fingertips. Not having to constantly ask their host for things makes for a better visit for your guests as well as for you. Start with a private area or room where guests can retreat to. A comfortable bed with a medium-firm mattress is a must. In addition to the bed linens that dress the bed, supply your guests with other options in pillows, duvets or blankets. That way they can choose from among soft or firm and lightweight or heavyweight bedding to suit their preferences. Nightstands should be outfitted with a good reading lamp and an alarm clock. Empty the dresser and closet so there is plenty of room for their things. Don’t forget to equip the closet with storage organizers, hangers, etc. A luggage rack or bench and an iron and ironing board will aid your guests in their unpacking. One of the signs of a great host is your anticipation of their every need. In case they forgot to bring some items from home, have basic toiletries at the ready. A basket of mini sundries placed thoughtfully on the bathroom counter just might be a lifesaver! Include a hairdryer, cotton balls and swabs and a box of tissue as well. When most of us travel, we make our best efforts to condense our packing. Often bulky robes and slippers, while a must at home, don’t make the cut! So be sure to provide both to your guests – they are sure to be grateful. A nice touch would be to have both robes and matching slippers embroidered with a clever design such as “Hotel Smith.” It’s sure to be a conversation piece as guests can anticipate your comfy robes on each visit! If your space permits, a comfortable seating area will really allow your guests to relax and “cocoon” in their room. Supply the area with a warm throw, a reading lamp and some books and magazines. You can customize the book selection for them based on their preferred reading habits. Books on area sightseeing, history and urban legends can give your guests a dose of our community’s flavor. Local and regional magazines are also a great way to catch them up to speed on our desert lifestyle. If there is a television in the guest suite, your guests would really appreciate a channel guide along with a notation of available movie channels and options. You might also supply the room with a basket of DVDs or instructions on accessing pay-per-view movies. You should also provide guests with a way to enjoy music. An iPod dock will impress the grandchildren. A customized CD with a music mix personally chosen for them and burned onto a take-home disk will impress everyone! Many of our Arizona visitors aren’t aware of the need to stay hydrated, no matter what time of year. Bottles of water aren’t just a detail, but a necessity! Include too, some other refreshments for them to snack on. Some guests would feel uncomfortable foraging around your kitchen when hungry, so supply them with fruit, granola bars, maybe even a bit of chocolate! Another thoughtful gesture would be to offer a basket of some of our locally made products, such as Goldwater’s salsas, Cerreta’s candy, Queen Creek Olive Mill olives, or Kokopelli wine. Lastly, it is such a warm touch to include fresh flowers and the ambience of glowing candles. Present both to your guests and they will no doubt feel so welcome and honored to be a guest in your home!
Your Home
In 1909, Henry Ford introduced the Model T, and so began America’s love affair with the automobile. By the 1970s, driving your first car was a right of passage into adulthood and the American car was a symbol of freedom and patriotism. For those who still relish automotive freedom – from classic cars to luxury vehicles – the call of the open road beckons. So where do you find camaraderie with other like-minded enthusiasts? Auto clubs! Membership in a specialty auto club opens the door to a whole new world of automotive culture, where you can gather with others who love their rides as much as you do to trade stories, share good times and possibly swap a wrench or two. Here is a short selection of automotive clubs available in Arizona: Arizona Hummer Owners Group AZHOG.org The Arizona Hummer Owners Group is a loose-knit group of Hummer owners that band together to provide a family-oriented, conservation-focused group that promotes the Hummer lifestyle. The group organizes about four group outings – or runs – a year.
Arizona DeLorean Club AZ-D.org The philosophy of the Arizona DeLorean Club is that the DeLorean should be driven and enjoyed. Consisting of owners and devotees that live in and around the state of Arizona, the club plans events that make the public aware of this iconic automobile such as participating in the Phoenix Comicon and supporting other state’s events, this year in Kentucky. Arizona Mustang Car Club ArizonaMustangCarClub.com Join other Ford Mustang lovers and provide mutual assistance and fellowship to each other. Founded in 1998, the club celebrated 12 years of existence in the Valley of the Sun this year. Members showcase their hotrods at the Pavilion Classic Car Show every Saturday. The Desert Stars DesertStars.org The Desert Stars is the Phoenix chapter of the Mercedes Benz Club of America (MBCA). Chartered in 1962, the chapter’s membership is predominantly from Central and Northern Arizona. Members have
planned a new way to get together and try out some of the Valley’s fabulous restaurants during Star Night. Upcoming locations include Seville Golf and Country Club and T. Cook’s at the Royal Palms. Model A Restorers Club of Arizona ModelARestorersClubOfArizona.com Established in 1957, the club promotes restoration and preservation of the Model A Ford, which was recognized by a leading automobile journal as one of the world’s top 10 automobiles of all time. Members gather regularly with fun activities including museum tours, breakfast meetings and road trips around Arizona, such as to the Jerome Art Walk. Jaguar Club of Central Arizona JCCA.us/index.html Jaguar Clubs of Central Arizona, affiliated with Jaguar Clubs of North America (JCNA), gathers Jaguar owners and admirers to promote safe and skillful driving, as well as the preservation of Jaguar automobiles.
Arizona Cobras Car Club AZCobras.com The Arizona Cobras Car Club is dedicated to Cobra owners and enthusiasts who live in Arizona. The website includes recommended auto shops specific to Cobra needs, classified ads and upcoming events. Ferrari Club of America Desert Region FerrariAZ.com/home.html Ferrari approves only one official club in each country and the Ferrari Club of America is the selected club for the United States. The local club, known as the Desert Region, encompasses Arizona and Southern Nevada, and is more than 12 years old. The chapter, which is one of the most active in the country, hosts a number of monthly events from rallies and charity events to monthly socials.
DON’T SEE YOUR FAVORITE RIDE INCLUDED ABOVE? There are thousands of auto clubs around the world, and many more right here in Arizona. To find one that suits you, visit these websites: • CruisinArizona.com provides a list of car clubs based in Arizona, many of which have links to their websites. • CarClubs.com provides a list of automobile makes and models, helping you narrow your search for clubs that way. You also have the option of searching by club, country, city or state. • OldRide.com features anything a car lover would need, from listings of cars and parts, automobile events and a directory of car clubs in the Valley.
SONOMA GOAT CHEESE RAVIOLIS Ingredients: 6 each ravioli sauce (see recipe below) 5 drops truffle oil 1/4 oz. goat cheese 1/4 tsp. chives, minced
Local Flavor!
A Midsummer’s Night Dream Symphony Hall, November 5th – 7th 602.381.0184 | BalletAZ.org Marvel as these graceful dancers bring Ib Anderson’s version of Shakespeare’s fun-loving comedy to life. This hilarious tale will have you laughing as the dancers interpret quarreling fairies and mistaken identities with many love-story twists. Accompanied by The Phoenix Symphony, the performance promises to be a cultural delight.
For Sauce: 1 Tbs. olive oil 2 Tbs. shitake mushrooms, julienned 1 Tbs. sun-dried tomato 1/4 tsp. garlic, minced kosher salt to taste ground white pepper to taste 1 oz. white wine 2 oz. chicken stock 1 oz. butter 1 tsp. basil chiffonade
Procedure For Sauce: Saute shitakes in olive oil. Add sun-dried tomatoes, garlic, basil and salt and pepper. Deglaze with white wine. Add chicken stock and reduce. Add butter while stirring until mixture is emulsified.
Featuring Ocean Prime 480.347.1313 | Ocean-Prime.com
To Serve: Heat ravioli in hot water until tender. Arrange ravioli around bottom of a large pasta bowl with tips up. Top ravioli with sauce and garnish with truffle oil, goat cheese and chives. Yields: one serving
THE 5 C’s OF CREDIT Lenders are in business to make (not lose) money. Consequently when a bank lends money it wants to ensure that it will get paid back. To maximize the possibility of being paid back, the bank wants to make sure that there is sufficent assurance that a person can and will pay back a loan. The lender must consider the 5 “C’s” of Credit each time it makes a loan.
Gena Schaublin Senior Mortgage Professional NMLS#181884 Direct: 602.317.7610 Fax: 602.445.9967 Gena@Homeownersfg.com www.GenaSchaublin.com
BK#0906222
CHARACTER is the general impression you make on the potential lender. The lender will form a subjective opinion as to whether or not you are sufficiently trustworthy to repay the loan. Your educational background and experience in business will be reveiwed. The length of time at your current employment and your current residence will be considered. The longer you have been at both, the higher you will score on the character scale. COLLATERAL is additional security you can provide the lender. In real estate transactions this generally means the property. If for some reason, you cannot repay the mortgage, the bank wants to know that the real estate the mortgage was taken out for, is good and marketable real estate. A real state appraisal will determine the value for the property in today’s market. The appraisal will also indicate to the lender the type of property being financed and any deficiencies that may affect the ability to re-sell, in case of default. Generally, a property located in a North York subdivision is considered a better risk than a farm in rural Ontario. Simply, there are more buyers for the home in the city than for a rural farm and therefore is easier to re-sell. CAPITAL is the money you personally have invested in the purchase, otherwise know as your down payment. The more of your own money you invest as a down payment, the more likely that you will do all you can to maintain your payment obligations. This fact was evident during the recession of small down payments. Capital is also reflected by your ability and willingness to save money and accumulate assets. The higher your net worth, the more you have as a cushion for repayment in the event you run into a financial set-back.
GET PRE-QUALIFIED TODAY
GO SHOPPING WITH YOUR REALTOR TOMORROW! Visit….. www.GenaSchaublin.com
CREDIT is the evaluation of your habits in performing credit obligations. The information about your credit history is stored at the “credit bureau” and indicates how well you paid your bills over the last 6 years. All major credit cards, auto loans, leases, etc. are reported to the credit bureau. A lender will evaluate your ability to maintain your obligations and try and deteremine how well you live within your means. Some individuals make the mistake of not paying the minimum monthly obligations on loans and credit cards with the expectation of making a larger payment the following month. These missed payments appear on their credit report branding them as chronic “late-payers” for the next 6 years. CAPACITY to repay the loan is probably the most critical of the five factors. The lender will want to know exactly how you intend to repay the loan. The lender will consdier your income as it relates to the loan that you are applying for. Does the monthly carrying costs of the loan represent less than or equal to 32% of your total monthly income? If it is, the probability of you successfully repaying the loan is fairly high. Prospective lenders will also want to know about any other souces of income you may have to repay the loan, if your steady income stream is interrupted.