The Aspect Of Wedding Finance And Avail It

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Wedding is one of the biggest days of your life. No doubt you want it to be big and grand. However, the problem of finance may slow down your dream. However, with the help of the loans you can get your bid fat dream wedding with ease. However, before plunging into taking loan you need to know that what kind of loans you can opt for. Also, you need to remember some important points to ensure that the loan process doesn’t prove to be a hassle for you in the future.

Think and act

To finance the wedding people often sell their investments. They also empty their savings to keep up the cost. However, none of it is a good idea. You do not want to put your future in jeopardy for the sake of present. You need to be calculative and practice. To start with you need to set out a proper budget plan. Pick out the things which are non-negotiable and you will have to get them. Then take into consideration the other expenses you are going to have. Also, put away some money for the sake of sudden expense. You also need to demarcate your income sources in order to ensure the amount of money you can spend. It is better to stick to your wedding budget than crossing it and landing up in future trouble. Also, try to clear the heavy expenses first.

Loan against your house

Yes, getting a loan by keeping your house as collateral is often the easiest way to get hold of the necessary wedding finance. However, there may be risk factor associated with it. You definitely do not want to lose your house in order to finance a wedding. While taking the loan check out the terms is a proper manner. There are some interest types where you have to a small amount of interest for first few months and then suddenly the whole amount increases. Before taking a loan against your house, ensure that you are not preparing a huge payment pothole for yourself.

The insurance loan

Well, if you are having a life insurance policy which is active for years and you have been paying the premiums in a diligent manner, then taking a loan against it can be your best option for access to quick money. The advantage of this installment loan lenders are that you do not have to pay the loan amount back in cash. However, this will have an impact on the death benefit policy. After the demise of the policy holder, the beneficiary will get only that amount which is left after fulfilling of the outstanding loan. Also, if there is a change in the market rate then the interest charged on the loan will also change.

Summing up

The best way to finance a wedding is by saving from an early time. This is the easiest way you can opt for. However, you can also follow the other ways to get instant cash for the wedding. Plan your finances in a proper manner to have a happy wedding.

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Real Estate Purchases and Credit Scores

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Among the most important requirements a prospective home buyer has to meet in order to qualify for a mortgage loan is a satisfactory credit profile; and when a credit report reveals a less than satisfactory profile, it usually means that the prospective home buyer must take steps to find out why. It is at this time that the credit specialists at North Shore advisory should be consulted.

Here is another informative and insightful guest post from our friends at North Shore demonstrating their depth of knowledge in the field of credit reporting. Enjoy!

Real Estate Purchases & Credit Scores: What Should Bankers, CPA’s, Realtors, and Attorneys Know?

Now that the real estate market is on the rise and interest rates are moving upward it is time to focus on buyers in regards to credit and scores. Although borrowing money has become more costly rates are still very low historically. As the economy crashed high Fico scores (above a 740) became crucial in a purchasers ability to get loan approval or the lowest rates available.

This means buyers with high scores may be able to qualify for a larger mortgage which could equal a better school district, a bigger home, or less cost for the same loan creating more savings. All of this leads to a better quality of life for the buyer.

Here is an example:

Having a 740 plus credit score when purchasing a $960,000 property with 20% down may cost the buyer $4113 a month in mortgage payment. The total price of the loan over 30 years equals $1,480,730.00. Having a score a bit lower than 740 for the same $960,000 property with the same down payment could cost the buyer $4356 a month which may seem like a small difference. Over the life of the loan the full cost is $1,568,117.00 which equals almost $90,000 more.

So what can bankers, realtors, financial planners, CPA’s and attorneys do to help clients prepare for what could be the largest investment of their lifetime?

First asking the right questions and having the right team of experts available to assess the situation is crucial. Here are some of these questions:

  1. When will you be purchasing a property?
  2. Do you know what your credit scores are?
  3. Have you spoken to a mortgage professional or realtor to find out what is needed for preparation on this purchase?
  4. Have you figured out how much of a mortgage you can afford?
  5. Do you know what the taxes are in the location you are looking to buy in?
  6. When the divorce is final will you be purchasing a property?
  7. Maybe I can help you by having you speak to some professionals that I work with who can give you guidance and insight?

This is the age of information and we cannot all be experts in every area but we can have a team available to help us provide what is best for our clients instead of sending them off into the vast wilderness of misinformation and “so called” experts.

These are professionals to be considered as a support team for any CPA, financial planner, realtor, mortgage banker, or attorney:

Mortgage professional-

If you are not a mortgage professional find one with great knowledge and experience that you are very comfortable with. This professional should be available to you and your client offering feedback when purchasing is just a thought. They can help with the preparation and education allowing the buyer to make decisions that can lead to a more graceful and less expensive purchase moving forward.

Getting approval for a loan is more complicated these days although banks want to lend money they also are very careful to price loans right based on the potential risk (credit, income, and value of property). They will request a lot of information to make sure they have the proper documentation on all the requirements for underwriting the loan. A mortgage professional will guide your client and explain what is needed early on making the end result attainable and expectations clear.

Credit Expert-

Having the right credit expert assess what needs to be done to get the buyer into the best credit position for purchasing the property. With the right credit score buyers can save hundreds and thousands of dollars over the life of the loan or make loan approval a possibility. Credit takes time to fix and time to manage properly for the best improvement to scores.

If a buyer cannot be approved for a mortgage due to poor scores it is a waste of time to even begin searching for a property. Credit and the scoring systems are very confusing which could mean what one might think is a minor misstep can turn into a major cost for the buyer or a rejection for a loan.

Real Estate professional-

Having the right real estate professional who can help the buyer define the area, price point, type of property, time involved in finding it, and provide expert negotiation skills plays a huge part in the success of the transaction.

Here is an example of how this can work.

John and Linda are in the midst of a divorce. Larry is John’s divorce attorney. John is giving the house to Linda and at the moment he is renting. Once the divorce is final he will be looking to purchase an apartment in NYC. Larry knows John will have credit issues since some of the bills were not paid on time due to the divorce process.

He also knows that John has been so absorbed emotionally by the divorce that he has done little homework on what is needed for loan approval. As the divorce is winding down to its end Larry starts asking John some questions. He puts John in touch with a mortgage banker, realtor, and us for credit repair.

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The banker finds that John not only needs to get approval for a purchase but he also needs to be taken off the existing mortgage that his ex-wife is responsible for once the divorce is finalized. The banker gets involved right away to help the refinance along since John will not be approved for the size loan he wants if he is still on the mortgage associated with his ex wife’s property.

Since credit is a big factor in the loan approval and cost of financing, we get started right away in working on the credit scores. In John’s case we will need 30-60 days to improve his credit. Now that John knows what he needs to do he also contacts the realtor and discusses what type of property will work for him and when he should start looking based on the timing of the refinance of his existing mortgage and the credit restoration process.

John is grateful to his attorney for guiding him at a time that he could not guide himself and leading him to other professionals that can help him realistically reach his goals.

Reaching out and learning about other professionals’ that play a large part in your clients financial life will lead to great support, knowledge , and value for your customer base. Being proactive in helping is what separates an average professional from a great one! Of course giving more will ultimately lead to happier clients, more referrals, and a more successful business!

Call us with any questions or feedback on credit challenged clients or credit in general!

Making sure credit is analyzed with future financial goals in mind is a MUST before taking an action that can foil those plans and limit a consumers options for a better quality financial life.

Great credit brings great opportunity!!” Copyright 2013 •

North Shore Advisory, Inc. offers credit repair, restoration, monitoring, and education services. We’ve been providing credit education and credit improvement for almost 25 years. For bankers and realtors we can review your clients credit reports and scores to see if we can improve them.

We can help you with your business credit needs as well as any personal credit scores.
Contact Us:

Discrepancy in FICO Scores From Banks and MYFICO Site

Today’s post is brought to you by the credit specialists and consultants at North Shore Advisory, Inc.

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Discrepancy in Fico Score Pulled by Banks vs. the MYFICO Site Scores

Fico scores are the scores that most bankers use when assessing the risk of a potential loan applicant. When a banker pulls credit scores they usually get a merged credit report showing all three credit bureaus (Experian, Trans Union, and Equifax), as well as three Fico scores, each one representing the risk of the consumer related to information on each bureau. Most bankers use the middle score number as the basis for calculating the price of the loan.

What is unknown in most cases is Fico scores come in many variations. There are actually 53 different Fico scores. Since the myFICO site has recently settled a 4 year rift with Experian allowing consumers to buy all three Fico scores, we are getting many complaints that the scores pulled by bankers are sometimes different.

Because there are many versions of Fico scores a lender may have an older or newer version of the Fico score which could cause a difference in the score pulled at the consumer site. The newer version of the Fico score is the 08 version as opposed to the 04 and 98 versions.

Besides the different models, there are also varied brand names of the model used by each of the credit reporting agencies. For example, the 08 version is called Fico Risk Score Classic 08 for Trans Union, Beacon 09 for Equifax, and Experian calls it Experian/Fico Risk Model v08.

These brand names are listed on the merged report pulled by the banker. There are many reasons why banks might use different models or generations of the Fico score. Some don’t want to spend money on implementing the new version and others may still be evaluating whether they will approve it.

In addition to the different versions of scores causing variations, discrepancies in scores can occur if information changes on credit in between the first pull by the consumer at the Fico site and when the banker pulls credit. For example, if a credit card balance was updated on credit hours after an individual pulled reports and scores from the Fico site, there could be quite a difference when the bankers merged report is generated later on with the update.

When the banker gets the tri-merged credit report and score from the pulling service the scores could vary 10-100 points depending on what balance to limit ratio the individual had prior to the update. The same goes for closing an account or new accounts being updated to credit. Changes of information on credit can cause drastic or small score differences. Although the Fico site is not guaranteed to be the same, it is a good indication of where the scores are.

Northshore Agency encourages you to…

Call us with any questions or feedback on credit challenged clients or credit in general! And they want you to know that…

Making sure credit is analyzed with future financial goals in mind is a MUST before taking an action that can foil those plans and limit a consumer’s options for a better quality financial life.

“Great credit brings great opportunity!!” Copyright 2013

North Shore Advisory, Inc. offers credit repair, restoration, monitoring, and education services. We’ve been providing credit education and credit improvement for almost 25 years. For bankers and realtors we can review your clients credit reports and scores to see if we can improve them.

We can help you with your business credit needs as well as any personal credit scores.

Contact Us: