August 2017 - Mortgage

August 2017

Ramping up — How to remain calm

when things don’t go as planned

8 Tips to generate more referrals

Ready to buy a home?

Get your credit ready first

Jennifer Beeston also featured:

Nichole Manor

contents

professionals ­Featured­Agent­Magazine

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Keeping your cool — How to remain calm when things don’t go as planned

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Ramping up — 8 Tips to generate more referrals

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Dollars & sense — Maintaining a budget on commission

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t featured cover mortgage pro

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Jennifer Beeston

q featured mortgage pro

Nichole Manor

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buyers&sellers 7

Identifying wants vs. needs — A step-by-step guide

16

New in town? Tap into your REALTOR’S® rolodex

18

Ready to buy a home?

Get your credit ready first

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Keeping your cool —

How to remain calm when things don’t go as planned

Change is inherent in the mortgage industry, which means that learning to roll with changes as a mortgage broker, originator, or branch manager is an occupational hazard that simply can’t be avoided. Although the everchanging and unpredictable nature of work as a mortgage professional is exciting, stimulating and incredibly rewarding, it can also be an incredibly stressful career.

There are dozens of variables at play in every transaction, whether you’re working with nervous first-time 4

homebuyers, or even working with seasoned homeowners on a money-saving refinance. No matter how organized, how diligent, or how long you’ve been in the mortgage industry, there are going to be days when things go a little haywire, and there’s nothing you can do to control it.

Fortunately, there are ways to control how you react to stressful situations. Indeed, there are tried-and-true tactics for keeping your cool, even when blindsided Copyright Featured Agent Magazine

steps towards resolution. If there is nothing you can do about it, let your clients, including your REALTOR® referral partners involved know about the setback as soon as possible. That way, making a phone call you don’t want to make isn’t hanging over your head for any longer than necessary. Addressing the situation as soon as possible will help you to feel less stressed.

Keep Away from the Caffeine — When stressful situations arise, steering clear of stimulants is a good idea. Caffeine can trigger additional adrenaline production which may give you a quick extra burst of energy, but will soon likely be followed by a “crash” period, where fatigue, if not outright exhaustion can set in. Reach for a glass of water, or a healthy juice in lieu of a caffeinated beverage when things feel chaotic.

Tap into the Power of Positivity — Catastrophizing when things go wrong only serves to induce additional stress. Try taking a few moments to identify the positive things happening in other transactions, in your life, or with a new promising client, to keep your chin up. Positive thinking during challenging times will do wonders in terms of keeping you focused on the next task at hand, rather than letting an obstacle or setback throw off your whole day.

by an unexpected challenge in a purchase or refi loan.

Here are five tips that will help you to stay calm, when things don’t go as planned.

Remember to Breathe — When you get word that an unforeseen delay, or other obstacle has arisen, the first thing to remember is that taking a few deep breaths will help to calm you down immediately. Try closing your eyes for a few minutes and put the problem on pause, to focus on breathing. This helps to calm your mind and can help slow down your body’s physical response to stress.

Seek a Solution — When a curveball is thrown your way, it’s helpful to look at the problem and identify whether there is anything you can do to correct it, or whether it’s out of your control. If there is a possible solution, determine your strategy, and take the next Copyright Featured Agent Magazine

Talk it Out — There is great benefit to discussing the challenge you’re facing with someone you trust.

Perhaps it is time to call a fellow originator, a professional mentor, or your branch manager. Not only will talking through the challenge likely feel like a weight off your shoulders, but there’s always the chance that whomever you call may have a solution you haven’t thought of. Either way, sharing your feelings with someone else can help take some of the sting out of a stressful experience.

As mortgage professionals, the personal satisfaction earned through helping others to own their own piece of the American Dream is often priceless. Yet, all brokers, originators and managers will have to work their way through stressful situations to get the rewards at some point in their career. It’s important to remember that staying calm when times become stressful will only help you to better serve your clients and your own well-being. Learning to accept that obstacles will come up, and employing these best practices to stay as relaxed as possible when unexpected obstacles arise, will be an invaluable tool for the rest of your career.

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featuredagent Nichole Manor magazine

“Referrals are the best compliment we can get,” says Nichole Manor, Branch Manager and Mortgage Consultant at Element Funding in West Palm Beach. Suffice it to say, with a business that is more than 80% referral based, Nichole and her team are clearly doing something unique.

Yet Nichole says there is no carefully guarded secret to the success of her team. “Customer service is our top priority. We make sure that our clients are informed every step of the way, but we also make sure they understand what is happening.

So many times, people come to us, not knowing how the mortgage process works. We don’t just tell them how it works, we show them how it works, so when they walk away with the keys to their new home, there is no confusion.”

Nichole’s passion for helping clients with real estate financing is rooted in her love of people. “I love that I get to meet new people all the time. I get to help keep them excited about buying their home. If their family is growing, I get to interact in their lives, and I get see their lives change. I become personal friends with my clients, and that’s really rewarding,” she adds.

Her insistence on making sure her clients understand the entire process in a way, mimics her own learning curve in mortgage origination. A graduate of State University of New York at Plattsburgh, Nichole dove headfirst into her mortgage career just about 15 years ago, almost by chance.

“I was working in college admissions, and there was no room for growth,” she says. When the opportunity to become an assistant to Element Funding’s CEO arose, Nichole’s interest was piqued.

“I have the same boss today, as when I first began. He was an originator, and I was brought on as an assistant. I initially worked behind the scenes on pre-approvals, and preparing files for processing. The more I learned about the process, the more interested I became,” she recalls. Soon enough, she was sent to one of the nation’s most revered origination training

courses, and for 90 days was immersed in learning the ins and outs, before earning her stripes as a Junior Originator.

“Customer service is our top priority.

We make sure that our clients are informed every step of the way…”

“I worked my way up,” Nichole says simply. “I was lucky to begin by working for great people, and I still work for them. Now I have a great team with me in the West Palm Beach office,” she says.

Indeed, these days as the head of the West Palm Beach team of Element Funding, Nichole continues to love what she does and has found great joy in mentoring, training, and guiding others, passing on all that she’s learned to the next generation of mortgage professionals. In addition, she continues to seek out her own opportunities to learn through ongoing “Lunch and Learn” events with REALTORS,® whereby a shared commitment to education is the focus of the events.

Though her primary focus is on working with buyers looking for purchase loans, or homeowners needing to refinance in the greater West Palm Beach area, Nichole does lend throughout the state, thanks in large part to referrals from past clients, and REALTORS® who have come to rely upon her experience, expertise and devotion to customer service.

These referrals, which continue to flow in will undoubtedly keep her team growing and flourishing well into the future.

Moreover, her status as a correspondent lender allows her to offer not only universal products such as FHA, Conventional, Jumbo, and VA loans, but she also has the ability to seek out niche products, including those custom tailored for doctors, first-time homebuyers, and 203k loans.

As for when she’s not busy helping others to achieve the dream of homeownership? Nichole is spending time with her husband and twin sons, or participating in various fundraisers or charities, including the Walk for Autism and 5K runs benefitting foundations such as Live Like Jake.

Though she doesn’t have a lot of spare time, she says that her favorite leisure activity is spending time at the beach with her family. “It’s our quiet place, amidst our crazy schedules.”

Nichole Manor

Element Funding | West Palm Beach, FL Branch Manager | NMLS #339002 561.253.0571 | nmanor@elementfunding.com | www.elementfunding.com/nmanor 6

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Identifying wants vs. needs— A step-by-step guide

When you’re ready to look for your next home, it is smart to provide your REALTOR® with a comprehensive overview of what you want, along with what you need. The things you want in a home will be the easier list to make. You may want granite countertops, a fireplace, or you may want to live at the end of a cul-de-sac. You may want a finished basement, or a huge yard. It’s good to know what you want.

However, the more important traits to consider are those you really need. Needs are essentially dealbreakers and include things like number of bedrooms or bathrooms, or a certain school district. A garage or storage space may also be a need. And of course, your budget is a need that is paramount to all else. That is, Copyright Featured Agent Magazine

$X is the highest amount you can pay monthly, so you need to purchase a home within that limit. In sum, your needs list is basically the bare minimum that a home must have in order to even be considered.

Of course, no one wants to buy the bare minimum, so here is a look at ways to identify your wants from your needs to come up with a perfect wish list for your buyer’s agent.

Start with a Dream Home List — It doesn’t hurt to list all the things you’d ideally have in a home, and then begin whittling down from there. Consider that you really want hardwood floors. Are you willing to even consider a home with an alternate hard surface 7

such as laminate, Pergo, or tile? Perhaps your list can be modified to hard surfaces, rather than being focused exclusively on hardwood.

Decide if You’re Willing to Compromise — Consider that you really want your children to attend specific schools. And you also don’t want to commute more than 10 miles. Are you willing to be a bit flexible with the commute, in order to get the location you desire? Identifying give-and-take scenarios will be helpful for your REALTOR® in finding the right home for you.

Determine if Certain Characteristics Can Wait — If you have “upgraded appliances” on your needs list, but you find a home that meets all the rest of your requirements, determine whether you’re willing to postpone the purchase of those items to get most of the things you really want in a home now. The same may be said for dated carpet. If you really want hard surfaces, are you willing to live with what is in a home now, and replace it later?

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There are many printable house hunting forms available online which can help you to begin identifying your unique wants and needs. If you’ve retained a buyer’s agent first, it’s likely that they will be able to provide you with a similar checklist.

It is in your best practice to spend as much time as necessary on this list, to ensure that you really do wind up with the best home to meet your needs, rather than having to adapt to the traits of the home after you’ve moved in. You’ll also ensure that you won’t waste valuable time viewing homes that simply won’t work for you. It may be helpful for you to consider what you love about your home now, and the things that are inconvenient so you can continue to be as specific as possible.

When in doubt, about whether a trait you want in a home is a need, or just something you really want, reach out to your agent. Real estate agents are in the business of helping people, and there’s no doubt they’ll be glad to offer advice, suggestions, or a perspective you haven’t considered.

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Ramping up—

8 Tips to generate more referrals It is often said that a referral is the highest compliment a professional can receive. Therefore, it’s no surprise that many mortgage professionals make it a priority to build a business that is overwhelmingly referral based. Countless originators and brokers have achieved this elite status through hard work, integrity, and an unwavering commitment to providing premium service.

If you’re already doing all of this, and you’re still eager to continue growing, it’s time to start focusing, and committing to generating more referrals. Here are 8 easy tips to generate additional referrals.

Start Sharing — Share your knowledge, share your expertise, and share your time with others through speaking at networking or industry events, or even co-hosting Copyright Featured Agent Magazine

first-time home buying seminars with a REALTOR® partner. Speaking in front of audiences — whoever they may be — offers you a perfect platform to position yourself as a true expert. After all, home buyers and homeowners aren’t the only source of referrals. Your fellow real estate professionals often prove to be an excellent source of referrals as well.

Keep Requests Casual — Asking for referrals doesn’t have to happen immediately after a transaction is complete. Try calling past clients when interest rates drop, or when home value reports indicate they have likely accrued significant equity. Keep this as a casual call, as there’s no need for formality when you’re merely calling to update, educate, and catch up.

Give More Than You Receive — Statistics

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don’t lie. Those who give more referrals, tend to receive more referrals. When you find a vendor you like, refer them. When you work with mortgage professionals or CPAs who provide terrific service, refer them.

Refer bakers, gardeners, lawyers, and doctors. Givers tend to get more in return.

Become Your Clients’ Cheerleader — When your clients succeed in a business or personal venture, congratulate them. A phone call, a text message, and even a social media shout-out when your client has been successful, go a long way in showing that you’re rooting for them. This helps reinforce the relationship, and can help keep you top-of-mind.

Create Quality Content That Others Can Share — Get clever with content on your blog or social media platforms. Provide useful information, funny stories, or educational material. All three types of content are likely to be shared, which will get your name in front of even more potential clients.

Thank Your Referral Sources Publicly — When someone refers a client to you, consider thanking them on Facebook or other social media platforms.

This gives them recognition, and demonstrates you truly do appreciate them and the client they sent your way. Flowers, or a similar mailed gift also can’t hurt.

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Tout Your Testimonials — Telling your clients that you’re excellent at your job, is one thing. Having them hear from others how great your service was, is better. Use raving testimonials on your website, in your email marketing campaigns, on social media, and if appropriate in your direct mail marketing.

Offer Free Services to Clients, and Friends of Your Clients — Consider calling a client, and offering to give them a free estimate on money-saving refinances available, out of the blue. Let them know that you’re happy to provide any of their friends or family members the same. After all, people would enjoy knowing if they can save money each month, and providing this information is a great way to educate your clients and ask if there is anyone else who may benefit from the same.

When it comes to increasing your referral business, there are opportunities to do so every day. In addition to these tips, try leaving extra business cards with your barista or favorite server at your local lunch spot or ask your dry cleaner if you can put cards at their location.

Be armed with an awesome elevator pitch when you attend events, entertainment venues, or even when you head to the dog park. Each new person you encounter has the potential to not only become a client, but to be an excellent resource for referrals for years to come.

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Jennifer Beeston

Jennifer Beeston

When she was just 26 years old, Jennifer Beeston and her husband bought their first home together.

But when the first bill arrived in the mail, she wasn’t anticipating the astronomical difference in payment she’d have to deliver to afford their new property.

At the time, she hadn’t known the right questions to ask, nor how the lending process truly worked. When Jennifer decided to become a mortgage professional herself, she knew she would do things differently and vowed to be proactive in arming clients with the information necessary to make wise financing decisions on the path to homeownership.

Jennifer got her first taste of the industry in 2007 under Washington Mutual’s mentorship program, but due to the economic downturn, her experience with the banking giant was cut short. However, her natural talent made an impression on her boss at the time, who brought her along to his next venture. It was there that Jennifer dedicated herself to learning 12

the ropes and deciphering the intricacies of the lending process and its varied products, all to meaningfully serve clients with transparency, efficacy, and an authentic investment in their long-term financial well-being. In fact, Jennifer’s hard work and delivery has earned her recognition on the national stage, ranking in the top 1% of mortgage originators countrywide per Mortgage Executive magazine.

Today, Jennifer serves as the Branch Manager and VP of Mortgage Lending under the banner of Guaranteed Rate. She leads a capable team of five based out of their Sonoma County office and can offer lending options across all 50 states, though the bulk of their business is situated in Northern California and recently, the state of Washington. There, Jennifer’s sister and professional right hand, Sarah, serves as a presence in Seattle and acts as the team’s legal savvy, parlaying her prior experience in law to great effect as a reliable guidelines expert. Jennifer’s team is

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further rounded out by Lauren, Krissy, Kristina, and Leanne, all of whom uphold a stellar standard of client-centric care in their respective, integral roles.

“We run on then Golden Rule,” Jennifer says. “I treat my clients how I wish I had been treated all those years ago. We make sure our clients understand their options and exactly what they are getting into. I always say that my team is like a group of Mama bears — we will protect you and take care of you as if you were our own. Everyone on my team has a big heart and an amazing work ethic.”

With 95% of their business generated by REALTOR® referral partners and past clients, the team’s ability to deliver capably and consistently is woven into the fabric of their practice. “We take care of people and we know our guidelines inside and out,” Jennifer says.

“Above all, we don’t compromise on our values. We talk to all of our clients about their needs and goals and we have products to fit every lifestyle.” Considering Copyright Featured Agent Magazine

integrity and transparency are the foremost drivers of Jennifer’s professional ethos, it is little wonder that repeat and referral clientele keeps business booming, with her team closing an average of 130 -170 loans per year, oftentimes with less than a 25-day turnaround.

Likewise, Jennifer and her team take a 21st century approach to educating their REALTOR® referral partners and buyers. They have recently ventured into YouTube educational videos and social media posts tackling major industry topics to bring financial education to a digital audience. Considering the most cherished aspect of her work, Jennifer cites the personal connections and impact made on those navigating the often-treacherous waters of homeownership. “I love the excitement. My favorite part of what I do is helping people. Every time someone buys a house, it’s an emotional experience, but if you help that experience be a positive one, it is incredibly rewarding.”

To give back, Jennifer and her husband give regularly

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“Every time someone buys a house, it’s an emotional experience, but if you help that experience be a positive one, it is incredibly rewarding.”

q

Jennifer and her son, Jack, are die-hard Disney fans and enjoy a mother and son trip to Disneyland or Disneyworld every year.

to charitable efforts, recently sponsoring a kindergarten class through the Thorn Tree Project, as well as donating to help build nutrition centers for the Nepal Youth Foundation. Jennifer also gives a portion of her income from every loan to the Guaranteed Rate Foundation. “The Guaranteed Rate Foundation is really doing a great job helping people around the country. I am so proud to work for a company that does not just care about money but also cares about making a positive impact and doing the right thing — and that is a good thing,” Jennifer says. In her free hours, Jennifer splits time between her home in California and in Manhattan, a lifestyle afforded to her by Guaranteed Rate’s top-tier digital infrastructure.

When at home in Sonoma County, Jennifer enjoys

gardening and spending time with her husband and son. When in Manhattan, she relishes New York’s dynamic food and wine scene.

As for the future, Jennifer has plans to continue her business’s robust year-over-year growth, building on their established base of referral partners and further refining the client experience her team offers.

Ten years after her career began, the same unflagging ambition and compassion for her clients drives Jennifer’s business onward. Equipped with an expert’s insight and a superlative squad of mortgage professionals at her side, the years to come will assuredly yield sustained promise and triumphs for Jennifer Beeston and her team.

Jennifer Beeston

Guaranteed Rate | Sonoma County, CA NMLS #247743 707.478.0637 | beeston@rate.com | www.rate.com/JenniferBeeston 14

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Dollars & sense —

Maintaining a budget on commission

Most mortgage professional agree, one of their favorite aspects of their career is not having a ceiling on their income potential. However, because mortgage lending is not a traditional job with a predictable paycheck every two weeks, it is important to plan accordingly.

Here are several tips to to help mortgage professionals avoid being cash-strapped during slow periods.

Determine your baseline — Total up all your monthly bills and living expenses so you know exactly how much money will be going out every month.

This way you’ll know the minimum you need to make or save to carry over from the previous month to cover the basics.

Start saving for emergencies — Having a cash cushion to fall back on will give you peace of mind.

Start depositing a portion of every commission into an accessible (but not too accessible) savings account reserved exclusively for true emergencies, such as major medical bills, home repairs, or a long lull between commissions. Having emergency funds in place will help you avoid turning to credit cards if you face a tough month.

Plan ahead for expenses — Be sure your monthly budget allows for all types of expenses: fixed, variable and periodic. Fixed expenses are the ones you can count on month after month, such as rent and your car payments. Variable expenses may also occur monthly, but they will be different each time; think utilities and groceries. Periodic expenses are the Copyright Featured Agent Magazine

ones that only happen once or a few times a year, such as car registration, property taxes or purchasing birthday and holiday gifts. Place these on the calendar and start saving for them in advance so you’re not caught off guard when they inevitably come up.

Avoid relying on credit — When you’re waiting for that big commission to come in, it’s tempting to charge up your credit cards with the intention of paying them off once you get the funds. But a lot can happen between now and then. If you end up with credit card bills you can’t pay off right away, you will be accruing interest charges and always chasing that next big payday to try to catch up. Keep credit card use to a minimum and if you do use them, have a plan in place to pay them off quickly.

Keep expenses and spending in check — When commissions are rolling in regularly, it’s tempting to overspend. But remember, the market depends on a number of factors, many of which are outside your control. If you spend every last penny of each commission, you’re setting yourself up for financial hardship down the road. Go ahead and treat yourself now and then, but be sure you’re saving with an eye on the future.

Budgeting for an unpredictable income can sometimes be challenging, but it’s worth it when you consider the many incredible benefits of a career in lending. With some planning and care, you will be able to enjoy the good times and sail through the challenging ones.

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New in town?

Tap into your REALTOR’S® rolodex There are few professionals who will know more about their community than real estate agents. Even if your agent doesn’t happen to live in the exact location where you’ve purchased a home, there is a good chance that you have an incredible resource at your fingertips, who will be more than happy to help you get acquainted with your new neighborhood.

REALTORS® are almost unanimously active in their communities, often involved in multiple community organizations. In addition, because their profession puts them in contact with countless people every year, real estate agents always know a lot of people in different industries. Moreover, because part of their job 16

is to be able to introduce and educate others on the various benefits afforded by each community, they tend to have their finger on the pulse of the regions where they live, work and play.

As a newcomer to town, the vast knowledge that your agent possesses is an invaluable resource, right at your disposal. Here’s a look at some of the many resources most real estate agents can provide, when you’re moving to a new community.

Movers — Experienced real estate agents will be able to recommend you to a trustworthy, professional moving company to make your move as seamless as possible.

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REALTORS® are often worth their weight in gold, not only when it comes to helping you secure a buyer, or helping you to get into a new home, but in helping you feel at home in your new community as well.

Pet Sitters/Boarding Facilities — Trying to move while your pets are running around, or stressed out, can make moving day a lot more cumbersome. Instead of trying to keep an eye on Fido or Fluffy while moving, ask your agent for a referral to a safe place to keep your pets until you’re able to pick them up.

Cable/Satellite/Internet Providers — Your REALTOR® or the seller’s agent will be able to provide you with the options for internet service and/or cable options available in your new community so you can schedule installation ahead of time, and have all systems up and running when you need them.

Daycare Centers — If you’re moving with young children, you can certainly spend time online researching reputable daycare or childcare centers in your community. Or, you could save time and just ask your REALTOR® for a recommendation.

Carpenters/Handymen — Because real estate agents work with these professionals frequently, they will be able to refer you to a skilled professional to help you with repairs, or construction projects.

Painters, Carpet & Flooring Professionals You may wish to have your new home upgraded a bit before you move in, or after you’ve moved and if so, your REALTOR® definitely has the name and number of painting and flooring professionals who can help.

Electricians — If there are new lighting fixtures you’d like installed, or if you have specific electrical needs your new home isn’t properly wired for, contact your agent or the seller’s agent. They will be able to refer you to a trusted, experienced electrician in your area to make any necessary changes.

HVAC Professionals — When you need your hot Copyright Featured Agent Magazine

water heater replaced, or your furnace serviced, a single phone call to a real estate agent can likely save you a lot of time researching HVAC professionals online.

Landscapers/Seasonal Professionals — If you’re looking for help with mowing your lawn, designing gardens, raking leaves, or even snow removal in the winter, ask your REALTOR® for a referral — they will have one.

Babysitters — Believe it or not, real estate agents may even be able to point you in the direction of a trusted, reliable babysitter, for times when you need to leave your children at home.

Restaurants — If you’re looking for a nice evening out, or an amazing weekend brunch, your REALTOR® likely has suggestions in spades. To boot, they may know of specials, coupons, or weekly events at various restaurants in town.

Fitness Facilities or Classes — From yoga, to local gyms, to great walking, running, or hiking trails, your real estate agent will know where residents go to exercise.

Community Events — From getting in touch with your local chamber, rotary, or neighborhood association, to discovering a weekly farmer’s market, or story time at the library, your REALTOR® is a valuable community resource for you to utilize.

Real estate agents are in the business of helping others. Their success is also contingent upon knowing the ins-and-outs of the communities where they work.

As the result, REALTORS® are often worth their weight in gold, not only when it comes to helping you secure a buyer, or helping you to get into a new home, but in helping you feel at home in your new community as well.

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Ready to buy a home?

Get your credit ready first If you are thinking of purchasing a home in the coming year, there are several things you should do before you ever step foot into a potential house. One of them is to review and improve your credit to help ensure you receive the most favorable home loan terms. Of course, everyone has their own unique set of circumstances when it comes to finances, but there are some basic guidelines all borrowers can benefit from. Here they are:

Start with Your Score — The first thing you want to do is get a copy of your credit report, which includes your FICO credit score. You can get your report for free at annualcreditreport.com. Review it thoroughly for any errors or inaccuracies. If you find any, get to work having them corrected; you want lenders making decisions based on your information, not someone else’s. Traditional lenders typically require a credit score of 620 or higher to consider applicants for a loan; FHA loans require a minimum score of 580. However, your score will also affect the interest rate on your

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mortgage — the higher the score, the lower the rate.

So it’s worth it to work on improving your score before you apply.

Pay On Time, Every Time — This is the single most important thing you can do to ensure a good credit score. Having a strong record of on-time payments is essential when applying for a home loan. Even one recent late payment can greatly influence the decision.

If you’ve had any issues paying on time in the past, make it impossible to pay late by setting up all your bills up for automatic payments.

Hold Steady with Credit Cards — When you apply for a mortgage, lenders will be looking for consistency and responsibility. So now isn’t the time to open a lot of new credit cards. But it’s also not the time to close the ones you have. It’s a great idea to pay down high balances, but even if you pay off one or more cards, don’t close the accounts. Doing so can have a negative effect on your credit utilization ratio

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(amount of total debt divided by total available credit), which has the potential to lower your credit score — exactly what you don’t want.

Beware of Quick Fix Credit Repair — If you’re credit score is lower than you’d like, you might be tempted to go for one of the quick fix credit repair solutions. Don’t do it. There is no way to immediately “fix” bad credit. What these companies do is initiate disputes on all negative entries on your credit report.

While the creditors look into it, those line items will disappear from the report, which gives the temporary appearance of a cleaner credit record. But, once the creditor determines the entry is valid, it will show back up on your report. You are better off taking the money you’d spend on credit repair and using it to pay down high balances.

Have a Talk with Your Boss — While this won’t directly influence your credit, it can help as you prepare a plan to buy your home. Talk with your manager about what you can expect in the coming year. Are you on track for any bonuses? Will the company be giving salary increases? If so, are you in good standing to get a raise? Having an idea of what is to come financially can help you make better decisions Copyright Featured Agent Magazine

Quick Tips • Review your credit report and address any errors • Shoot for a score of at least 620 — higher if possible • Stop using credit cards for everyday purchases • Pay down high credit card balances • Don’t open or close any new credit card accounts and formulate a solid plan to help you reach your goal of home ownership.

Getting a handle on your credit situation is an important step when considering buying a home. Even if you’ve made financial mistakes in the past, you can still work toward improving your score. It takes time, patience and discipline, but it will be well worth it.

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