Tag Archives: Blog

#TaraMTG Tuesdays: 10 Credit Score Myths DEBUNKED!

DHREA 10/07/2018

(Every Tuesday we feature a blog from one of our fantastic affiliates, Tara Mortgage Services!)

Your credit score is one of your most powerful tools for planning your financial future –mostly because it determines the terms of loans like mortgages. Unfortunately, there’s a lot of misunderstandings about FICO scores, and it can lead you to miss out on the benefits of your credit.

Myth #1 Checking Your Credit Lowers Your Score

There’s a difference between you checking your credit and a creditor checking your credit. When you apply for credit, the creditor conducts “a hard inquiry” to review your rating. Only hard inquiries affect your score. Inquiries stay on your report for 24 months, but only the ones from the past 12 months affect your score.

The good news is that one or two inquiries a year are nothing to worry about. But have been applying for credit or loans more than three times a year, it may start lowering your score.

Myth #2 Your Debt-to-Income Ratio Affects Your Score

Debt-to-income ratio is the amount of monthly debt obligations, like car payments, compared to your monthly gross income. Credit bureaus don’t have access to your income so there’s no way for them to factor it into your score. DTI ratios are most often used to determine how much home you can afford. Considering this, it’s a good idea to lower your debt to get a larger loan. However, when it comes to your credit score, your debt-to-income doesn’t affect it.

Myth #3 The Higher the Debt, The Lower the Score

Not all debt is the same! Debt from a mortgage, even a $300,000 mortgage loan, is considered “good debt” because a home is a financial investment. $15,000 credit card debt, on the other hand, is bad debt.

Keep your credit balances low, preferably below 15% of the credit limits, and you’ll be on your way to maintaining your FICO high.

Myth #4 Paying Off Collections Raises Your Score

This one is surprising. Once a collection agency is involved, your score is going to take major hit. Even after you pay off or settle the debt, the delinquency will still show on your report. The only way to remove it is by disputing it with all three major credit bureaus. It’s not easy but worth the effort!

Myth #5 Your Credit Becomes Joint with Your Spouse

When You Get Married Getting married doesn’t automatically include your spouse on your credit nor does it add you on theirs. If you want to be added to their account and possibly reap the benefits of their credit score, your spouse needs to call creditors to have them add you. 

Myth #6 A Better Job Means You’ll Have a Better Score

Despite credit bureaus having your employers information, they don’t have access to your salary or yearly income. So a better paying job won’t affect your credit score. On the other hand, higher income could mean you can now pay down debt –and that definitely increases your credit score! 

Myth #7 If You Don’t Use a Credit Card, You Should Close It

The longer your credit’s open, the better it is for your score, so you never want to close credit cards. However, creditors may end up closing it if there’s no activity so try to use it (and pay it off) every month to keep it open.

Myth #8 Opening a Credit Card will Hurt Your Score

This myth is a little tricky. While opening a new credit account will make your score drop initially, it’s only temporary. After a few cycles of payments, your new credit will start to rise again and even improve from where it was in the first place.

Myth #9 One Late Payment Won’t Lower Your Score Much

Payment history is the most significant factors in your FICO score. Even just one payment that’s late by 30 days lowers your score by 50 points or more. Don’t let this happen to you! Set up a reminder or automatic payment schedule and avoid making this costly mistake.

Surprised by some of these credit myths? We bet you’ll also be surprised by how much you qualify for and the great terms Tara Mortgage Services offer (even with less than perfect credit). Contact Tara Mortgage Services today!

 

Connect with over 460 Real Estate Investors! Join Alex Deacon’s MeetUp group today!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
463 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

 

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

 

Read More

DHRE Health Corner: Mindfulness Always Matters

DHREA 09/07/2018

age of distractions

 

The legendary American poet known to the world as “Snoop Doggy Dogg” once prophetically said, “I got my mind on my money, and my money on my mind.”

Wise, wise words indeed. But, while your mind is on your money, what are you doing for/with your mindfulness? There is a huge difference, and both should be equally healthy and focused.

So…what is “mindfulness”?

Mindfulness is basically the practice of being consciously aware in the present moment, without judging your experience. It’s about being ‘mindful’ of every detail in the here and now. This helps us reconnect with the simplicity of life, by living in the moment. By achieving this state of awareness, we can enjoy a sense of peace within.

But…why is this important?

Mindfulness gives us a glimpse into the moments that really matter. And, rather than trying to fight or change the way we feel, we can find more peace with non-judgemental acceptance. It’s human nature to try and change things. Quite often, we’re a slave to the emotions, distractions, and the internal dialogue within us. Thus, we’re not really free.

We’ve partnered with John Parrot over at RelaxLikeABoss.com to bring you a fantastic blog John has written. It’s well researched, written, and filled with great information. Being mindful can enhance every aspect of your life, and John delivers great practices and exercises to help strengthen this trait.

His blog, along with a myriad of other great topics, can be found…HERE!

 

 

Alex Deacon’s Real Estate Networking Workshop group is growing and growing! Join today and network with over 450 real estate professionals!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
463 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

 

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

 

 

Read More

Inexpensive Kitchen Renovations With Huge Impact!

DHREA 06/07/2018

Fridge

Upgrades to a kitchen can make any house or property feel more cozy or posh (yes, I went there), while greatly improving the value. The biggest misconception is these improvements come with a hefty price tag. With a little hard work and elbow grease, a kitchen can be renovated beautifully without breaking the bank. Check out some popular ideas below!

Paint The Fridge
Oftentimes, the most obvious of solutions go right over our heads. Repainting the refrigerator can modernize any kitchen, pull color-schemes together, and really make your kitchen pop. In fact, most appliances can be repainted. Just make sure to ensure you’re using the correct paint, as you’ll be looking for specialized appliance paint! There’s also a fun factor involved. If you have kids, imagine turning your refrigerator into a giant chalkboard! Find out how HERE!

Refinish Kitchen Cabinets
This means either sanding them down and re-staining them, or just painting them in a semigloss or glossy latex paint. For a bold change, ditch the white and try a pale blue, coral red, or even glossy black for a modern look. All you need is sandpaper, paint, and equal parts elbow grease and patience!

Buy Under Cabinet Lighting
As you can see, lighting can really make or break a kitchen. Consider lighting you can attach under the cabinets. Department stores are now selling inexpensive under cabinet lighting that utilizes wall outlets, and in most places, you can find energy efficient LEDs. Again, a very affordable way to modernize your kitchen.

Add A Kitchen Lamp
For a cost far less than permanent track lighting, add a flea market find. A pop-bright colored table lamp, a hanging kitchen chandelier, etc. You’d be amazed how this simple addition can change the whole look and vibe of the entire room while giving another personal touch to your kitchen.

Replace The Countertop/Sink
Not all countertops are made or cost the same, but there are affordable options if you are willing to put in a little work. It should be noted that replacing a countertop isn’t likely to add value to your house other than pleasing aesthetics, but we all enjoy customization, don’t we? These days, you can find a quality stainless steel or acrylic sink for around $100!

Remember…home renovations are not for everybody! Please use caution and avoid projects you are uncomfortable with!

 

JOIN ALEX DEACON’S REAL ESTATE NETWORKING GROUP ON MEETUP.COM!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
463 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

 

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

 

Read More

#TBT: The Glory Days of The Green Weenie!

DHREA 05/07/2018

GreenWeenie

 

One thing about Pittsburgh will forever be true…we love superstitions. Especially when it comes to our sports teams. The Pirates have never strayed from embracing superstitions, and might lay claim to some of the most fun and interactive superstitions in Pittsburgh sports history. “We Are Family”, anyone? Most recently, fans have grabbed onto the “Power of the Zoltan” and used wrestler Daniel Bryan’s “Yes” chants to whip the crowd into a frenzy. The Buccos and their fans have always latched onto unique ideas, but let’s take a look at one of the most bizarre superstitious talisman the city has ever seen. Today, let’s celebrate the 50th anniversary of The Green Weenie.

Back in 1966, legendary Pirates broadcaster Bob Prince and trainer Danny Whelan indirectly co-created the gimmick after Prince observed Whelan doing something very peculiar…yelling at Houston Astros pitcher Dave Giusti while pointing and waiving a green, rubber hot dog at the right handed pitcher. During the next broadcast, Prince asked Whelan what he was doing, and the gimmick was born. Within weeks, Tri-State Plastics started manufacturing the idea, and “Green Weenies” were seen all over Forbes Field.

If you’ve never seen an original Green Weenie, imagine a hot dog shaped maraca you would waive at an opposing team to place a “hex” on them. Conversely, if you waived said hot dog shaped maraca towards a Pirates player, he would be graced with great success. You can’t make these things up.

Sounds totally insane, right? Here’s some “food” for thought. Even though the Pirates failed to win the pennant in 1966, Roberto Clemente won the National League MVP Award, Matty Alou won the National League batting title, Bill Mazeroski led the league in double plays, and Willie Stargell had his personal best year in batting. Well, hot dog! Maybe there was something to it after all!

In later years, attempts were made to bring back the Pirates’ bizarre good luck charm. However, the gimmick never showed lasting power, which might be for the better. We’re the greatest city in the United States. We’re Pittsburgh, Pennsylvania! Give us Pittsburghers a Pierogi Race over a Green Weenie any day! 😉

 

Don’t miss out on the latest updates from Alex Deacon’s Real Estate Networking Workshops!!!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
461 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

 

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

 

Read More

#TaraMTG Tuesdays: 7 Reasons To Refinance!

DHREA 03/07/2018

(Every Tuesday we feature a blog from one of our fantastic affiliates, Tara Mortgage Services!)

 

Do any of these 7 financial situations sound like you? If they do, then you might be ready to refinance your mortgage!

Top Reasons to Refinance Your Mortgage

1. Your Interest Rate is Higher than Current Mortgage Rates

Interest rates change, and in recent years, have adjusted in your favor! If your mortgage closed more than 5 years ago, the chances are that your rate is higher than current mortgage rates. Refinancing to lower the mortgage interest rate is the top reason that clients contact our office.

2. Looking To Lower Monthly Payment

When you refinance into a new loan, not can you get a lower interest rate but it also adjusts your monthly payments. For example, if your original loan was for 300k with a 30-year term and you’ve paid off 60k since then, your new mortgage will be for only 240k. What’s more, the clock for paying off the loan in 30 years restarts!

3. You Want to Make Home Improvements

A cash-out refi, home equity loan, or HELOC gives you access to the equity of your home. Each of these refinances options are different and one might be better suited for you than the other. Call our office for help deciding which refi is right for you.

4. You’re Nearing Retirement

If you’re approaching retirement age, a refi can lower your monthly payment into one you can afford more comfortably. If you’ve already paid off your loan, consider a reverse mortgage to help supplement your retirement income.

5. You Want a Fixed Rate

An adjustable rate mortgage starts low but eventually changes after a certain number of years, and usually, the rate goes up. Getting into a fixed-rate avoids these drastic changes and locks in a low rate for the life of your loan.

6. You Want to Pay Off Your 30-year Mortgage Sooner

Refinancing your 30-year fixed rate mortgage into a 10-year or 15-year mortgage will help you pay off your home sooner. Interest rates on 15-year loans can be as much as a full percentage point lower than a 30-year loan. This means that more of your payment goes toward the principle plus you also save money on interest!

7. Your Credit Score Has improved Since You Last Closed

Remember that your interest rate is largely dependent on your credit score. If it’s gone up since your closed your loan, that means that you likely qualify for a lower rate today! How low? Apply to find out! Use our free online application and we’ll let you know what rate you qualify for now.

There are many more reasons why people come to see us about refinancing their current loan. Want to find out if refinancing can help you out in your financial situation? Contact Tara Mortgage Services today for a no-obligation refinance consult!

 

Alex Deacon’s Real Estate Investing MeetUp Group is rapidly growing towards 500 members! Join today!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
461 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

 

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

 

Read More
Call Now Button