Tag Archives: Financial Services

Bought A Home? Scared of Being Unemployed?


Piggy Bank

The possibility of unemployment is a big threat or worry for lots of families these days.  Yet, we still need to move, get a bigger house, or are sick and tired of renting.

Well my company, Allen Tate, has a wonderful program,  The Job Loss Protection Program, which provides security if you find yourself in the unfortunate situation of being laid off after you’ve purchased a home.

Read more about this great program from the Allen Tate Blog, At Home In the Carolinas.  Let’s see what Regina Walker has to say.  Here’s her blog post:

Last year, I found myself in the very unfortunate position of being laid-off.
I had thought that with the downturn of the economy I could find myself
in this situation, but I really thought I would have some idea it was coming
before it happened. Well, I didn’t. I had no idea.

The first of many thoughts was, “Oh my gosh, how am I going to afford
my house?”, then I went into an immediate panic.

“What if I become unemployed after I purchase a home?” is a common concern we
hear in the Client Relations department at the Allen Tate Company. With recent
unemployment rates near 9%, what buyer wouldn’t consider this as a
possibility?

The “Job Loss Protection Program” is an option offered through Allen Tate that can
protect a buyer in the event they are laid off.

Job Loss Protection is not a new concept. It has been traditionally offered
in other industries, such as the automobile industry.

Basically, if a buyer loses his or her job in the first 2 years of
home ownership, they can qualify for payment benefits which helps out when
savings is not sufficient to cover mortgage payments.

Here are some points on the program:

  • Provides up to 6 months of mortgage payments during the first 24 months from
    date of closing if the borrower or co-borrower becomes involuntarily unemployed
  • Coverage up to $1,800 per month
  • Properties listed for sale by Allen Tate Company or purchased through an
    Allen Tate Realtor® are eligible for coverage under this program.
  • Cost of program is $595, payable at closing.
  • Buyer will receive information packet within 45 days of closing to explain
    program

In my case, I was able to find a position within 6 weeks. I would have liked
the safety net and peace of mind to know that my mortgage payments could have
been covered, but unfortunately I did not know that this type of program even
existed. If losing your job hinders your decision to purchase a home,
this is a program that can help put your mind at ease!

By Regina Walter

Very informative.  I wanted to share this blog because it is a great program that can benefit many families.  It’s a great way for a seller to get their home sold by offering this product.  Think of it being helpful just like offering a home warranty.  These days we need job security!  Amen?

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Rebuilding Your Credit for the Future…


American Express

Image via Wikipedia

Rebuilding credit to prepare you for the future is so crucial right now.  Having good credit allows you to be prepared for life’s emergencies and big purchases.  Like I mentioned in a previous blog, you need credit to be able to show your credit worthiness to lenders.  However, maintaining and managing credit is just as important.

Ok so, you got the credit and now it’s in need of major repair.    Well, it can be done!  However, the success of rebuilding and repairing credit depends on you.  You have to be willing to do the work, make the calls, and the sacrifices.  Easier said than done.  I hear ya!  Have you heard of this quote before?

“It’s not that I’m so smart, it’s just that I stay with problems longer.”  ~Albert Einstein

Well, that’s exactly how you have to change your perception of why everyone else is able to do what they do and buy what they buy.  I stated that to say it really takes hard work and self-discipline.  Never give up!  Some have to do more work than others to bring their credit back to par.

How do you repair credit, you ask?  Well it depends on each individual situation.  I’ve included an article from ehow.com  that provides tips that should help you get started:

  • 1

    Pay all of your bills on time. Late payments (payments that are 30 days late  or more) have a negative effect on your credit rating.

  • 2

    Reduce the number of credit cards you carry. Write to your creditors to  request that they close your accounts and report this status change to all three  credit-reporting agencies.

  • 3

    Avoid bankruptcies, tax liens (a lien for not paying state or federal income  taxes or property taxes) and collections. A bankruptcy stays on your credit report for  up to 10 years. Collection accounts and paid tax liens stay on for seven years,  and unpaid tax liens will haunt you forever.

  • 4

    Request in writing that your creditors reduce the credit limits on your  accounts to lower your amount of available credit. The total amount of available  credit is considered by lenders even if you owe nothing.

  • 5

    Ask a family member or friend to co-sign on a small loan or credit card to help you  re-establish credit. Make your payments on time.

  • 6

    Get a secured credit card to help reestablish your credit. You will have to  keep a designated amount of money in an account that will be sufficient to cover  your charges. Make payments on time.

  • 7

    Get a yearly copy of your credit report  to  catch any errors (see ‘eHow to Obtain a Copy of Your Credit  Report’).

Read more:  http://www.ehow.com/how_4757_repair-credit-history.html#ixzz1MBwCxonU


Financial Spring Cleaning … Anyone?


Spring cleaning is a high priority on our to-do list, right?  Well have you thought about financial spring cleaning?  One of Allen Tate’s blog posts from the Company’s blog, At Home in the Carolina’s – A Blog About Real Estatediscusses this topic with great detail.  It was too good to not share!  Here it is below by Regina Walter:

When we hear the words “spring cleaning”, most of us think about the
junk drawer or the hall closet that desperately needs some TLC.
When we
hear the words “spring cleaning” we think of dust, clutter and mess.
What many of us tend to forget when we hear the words “spring cleaning”
is financial spring cleaning which is something that we need to do at least
yearly.

So, what does financial spring cleaning mean exactly?

It means destroying old documents you no longer need, filing bills
and bank statements away and throwing away the junk mail you did not sort out
initially.

It also means organizing your tax information  and charitable giving receipts for your accountant for next year’s Tax Season.

It means pulling your credit report and going through it
carefully.

In addition, it means making sure you renewed your Home
Warranty.
Here are some interesting facts about why a home warranty is
a smart decision:

  • The average life expectancy of nine critical appliances/home systems is 13
    years.
  • The likelihood of failure of one of these systems in a given year is 68%.
  • Total 4-5 year cost for warranties on systems and appliances is
    approximately $4K.
  • Approximately 50% of those employed live paycheck to paycheck.

It also means making sure you have adequate insurance coverage.
Here are some good reasons to contact your Allen Tate Insurance Agent
about a quote:

  • Your marital status has changed.
  • Your teenager began driving.
  • You purchased a new car.
  • You changed jobs.
  • You have had extensive improvements or additions to your home.
  • You have moved.
  • You moved into a new rental home or apartment.

Making sure your finances are in order, going into the summer, will help make
that vacation (or staycation) much more relaxing!

By Regina Walter

Wasn’t that invaluable information?  I thought it was!  Here’s a link to their blog:  http://athome.allentate.com/

Thanks for letting me share my thoughts.  Your comments, likes, shares, and subscriptions are welcome.  Thanks!


Got Credit? Why Shoud I Have It?


Credit cards

Image via Wikipedia

Why?

There’s a great need to build credit in this country, especially if you’re considering buying a home or making other large purchases.  If you don’t have credit or if you need to rebuild it with credit repair, I hope this post will be a great reference point.  To prove credit worthiness, consumers and young people should build their credit over time to qualify for larger loans in the future and to also show that they are responsible debt payers.  In other words, if you don’t have credit, lenders won’t know if you’re a good customer.  When you prove your credit worthiness, the result is high credit scores.

 Who?

Who needs to have credit?   Everyone of legal age, especially young adults who are beginning to have more financial responsibilities and  U.S. immigrants who have no credit history at all need to establish credit.  When the time arises, such as a major need or emergency, solid credit will help you be able to qualify for what you need.  You certainly need to have solid credit to buy a home.  It’s the American Dream and the single most biggest purchase you will make, so build it!

How?

It is actually pretty easy to build credit.  Try one of the following ideas:

  • Ask your bank or credit union about a secured credit card.  You can make a deposit to your account and have a credit limit in the amount of your deposit.  The bank takes little risk and you build credit slowly (avoid Secured Credit Card Problems).
  • Use a co-signer on your first few credit accounts.  Lenders will consider the co-signer’s existing credit.  The co-signer essentially ‘vouches’ for you while you build credit.  Note that this is a big responsibility – you can cause major headaches for the co-signer if you don’t pay as agreed (see How Co-Signing Works for details).
  • Use retailer programs for modestly large purchases like furniture.  For example, you may buy a television on the “$40/Month Payment Plan”.  Gas station cards may work as well.  These programs can be easier to qualify for and they certainly help you build credit.  Be sure that the retailer will report your loan to the major credit reporting companies.
  • Get a credit card with any reputable institution that will give you one.  Again, you have to make sure they’ll report your timely payments to the credit reporting companies.  Of course, you have to always pay at least the minimum before the due date.

Please, please be careful after you start to build your credit.  It can lead to trouble!  Make wise decisions when it comes to purchases and “enticing” credit card deals.  Credit card companies, banks, and retail institutions may inundate you with offers so please use good judgement.  Also, monitor your credit reports for correct information and to remove any errors.  However, in case you do get into trouble, there are ways to improve it and get your life back on track.  In my opinion, these days, credit is like a life-line so in a future post, I will discuss repairing credit and other related information.  Thanks for reading my thoughts.


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