Overcoming Credit Issues To Acheive Home Ownership
Overcoming Credit Issues To Acheive Home Ownership
Credit issues are a common reason why many would be homeowners are kept from fulfilling their dreams. Too many people, upon receiving a rejection for approval or pre-approval, resign themselves to remaining in rental property. While renting may be a short term solution to taking care of your basic need (we all need a place to lay our head at night,) home ownership is key to financial success and independance for most people. When faced with a failed attempt for financing approval, take action. In most cases, the circumstances warranting the rejection can be remedied in a relatively short time frame. Doing so will take an understanding of your specific reason for lender denial and a disciplined commitment to remove the roadblocks from your path to home ownership.
The following article is reprinted here courtesy of the Consumer Financial Protection Bureau. Access the original article and the CFPB website at https://www.consumerfinance.gov
Matthew Wielgos | Plum Tree Realty
3 common credit issues and what you can do to fix them
By Liane Fiano – APR 13, 2018
Your credit history can determine if you can get a loan, and even where you live or work. Credit scores are built from your credit history and can determine how much you pay to borrow money for a car or house. Yet, many people don’t know where to start when it comes to building, improving, or protecting their credit history. Three common credit problems are:
Lack of enough credit history
Denied credit application
Fraud and identity theft
Below are some tips on how to deal with these issues.
1. Lack of enough credit history
Many people may not know that having no credit history, or a limited credit history, can create issues similar to having negative information in your credit history. If you don’t currently have a credit history, you’re not alone. One in ten adults experience "credit invisibility (cfpb.gov/about-us/blog/who-are-credit-invisible/)," meaning they do not have any credit history with one of the three nationwide credit reporting companies. Many more don’t have enough of a credit history, sometimes referred to as having "thin" credit, to generate a credit score. People with thin or no credit history may find it difficult to apply for a loan or rent an apartment.
What you can do:
Take action to help build your credit history responsibly. There are a number of products considered helpful in establishing or rebuilding credit histories, and they provide you with the opportunity to practice making on-time payments that are reported to the credit reporting companies. These may include secured credit cards, credit builder loans, or retail store credit cards.
If a lender rejected your application based on your credit report (cfpb.gov/askcfpb/1253), they must provide specific information about why your application was rejected or tell you that you have the right to learn more about why you were denied if you ask within 60 days.
Consider signing up for identity monitoring (cfpb.gov/askcfpb/1369) or credit monitoring (cfpb.gov/askcfpb/1245) services. Some of these services are free, and others cost money. If you’re considering these services, be aware that there are other free and low-cost services to protect consumers, including a security freeze or fraud alert. If you are considering signing up for identity orcredit monitoring services, make sure you fully understand the terms and conditions related to trial periods, fees, cancellation requirements, and other conditions so that you don’t face unexpected fees, charges, or other limitations.
Building or rebuilding your credit will take time and planning. The steps above can guide you on your journey.
If you want more help, consider talking to a credit counselor (cfpb.gov/askcfpb/1451). Most reputable credit counseling organizations do provide free educational materials and workshops, though some do not. Building or improving on your credit won’t happen overnight. Anyone who claims to be able to do this for you may be scamming (cfpb.gov/askcfpb/1343) you.
A word from Chris Russell, CEO of Plum Tree Realty:
"One of my greatest passions is to use our real estate business to help alleviate suffering in this world. So we take proceeds from Plum Tree to help orphans, feed the hungry, heal the sick and hurting, and to aid the homeless ... both in the States and abroad. We are not about "getting rich." We are about making a difference. So when you do business with Plum Tree Realty, you can know that a portion of your money is going toward helping those on this planet who are in need of help. Together we can make a difference!"
To help people realize their dreams in home ownership and real estate investing through the highest levels of broker services at the most affordable prices available.
Our Core Values:
Integrity in every relationship, decision, and transaction.
Truth in word and deed.
Hard work that keeps us ahead of the competition.
Sacrifice of our own interests for the gain of our clients.
Commitment to excellence in every task we perform.
Respect for all people.
Giving to those with whom we work.
Areas of Expertise:
Residential Real Estate Sales and Purchase
Commercial Real Estate Sales, Purchase and Leasing
Real Estate Investing (buying, selling, holding, rehabbing)
Property Management and Leasing
Putting it Together
Plum Tree Realty is a premier real estate marketing company focused on helping buyers and sellers get the highest level of real estate services. We help home owners, for instance, who have homes for sale in Mason, Ohio to price their homes in a competitive way since the market is growing in such a fast rate in that area. When a buyer is looking for West Chester, Ohio real estate for sale, we can guide them to the very best deals that are available, and we can give them expert advice as they make such a huge purchase. We cover all of the major real estate markets of the Greater Cincinnati including the following hot markets:
Cincinnati, OH Real Estate (homes for sale)
West Chester, OH Real Estate (homes for sale)
Madeira, OH Real Estate (homes for sale)
Monroe, OH Real Estate (homes for sale)
Indian Hill, OH Real Estate (homes for sale)
Hyde Park, OH Real Estate (homes for sale)
Blue Ash, OH Real Estate (homes for sale)
Lebanon, OH Real Estate (homes for sale)
Loveland, OH Real Estate (homes for sale)
Fairfield, OH Real Estate (homes for sale)
Hamilton, OH Real Estate (homes for sale)
Liberty Township, OH Real Estate (homes for sale)
Kenwood, OH Real Estate (homes for sale)
Mount Adams, OH Real Estate (homes for sale)
While some people search for homes according to the suburb names, others are very interested in the top school districts in the area such as homes for sale in Mason School District, homes for sale in the Lakota School District, homes for sale in the Wyoming school district, homes for sale in the Sycamore school district, homes for sale in the Monroe School District, and more. Our agents are highly-skilled in placing families in the best school districts in Cincinnati according to the desires of each family involved.
Of course, we also have great skill in helping buyers and investors find foreclosures, short sales, bank owned homes, and other great investment properties in the Greater Cincinnati Metro Area as well. Many of our agents are investors themselves, so they are great at helping other investors be the first one to the "golden egg."
We also have agents who specialize in helping families who are relocating to Cincinnati, Mason, West Chester, Blue Ash, Madeira, and any of the other regions in Southwest Ohio. It's great to have "feet on the ground" when you are looking to make such a move.
Plum Tree Realty has also become quite a favorite company for those who like to try to sell their home as a For Sale By Owner in Cincinnati as well. The reason for this is that we offer a $500 flat-fee listing to home owners who would like to sell as a FSBO, but they would also like to have a presence on the Cincinnati MLS search for homes for sale. Most FSBOs miss that exposure, but for just $500, we can help them get listed on the Cincinnati MLS and find buyers at the speed of ... the internet!
While most brokerages feel they have the best agents in Cincinnati, we truly believe that we are at the top. Many larger companies like Sibcy Cline, Remax (RE/MAX), Coldwell Banker West Shell, Comey & Shepherd, and others are at a size that makes it difficult for them to react to the markets and changing times at a great speed. Since Plum Tree is smaller, we are able to respond to market conditions rapidly and efficiently which gives us a disting market advantage. Remember: "It's not the big who eat the small; it's the FAST who eat the SLOW!"
Home buyers searching for ways to reduce their expected mortgage payme
"We have purchased 2 homes with Plum Tree Realty. We initially found Chris Russell prior to having even visited Cincinnati. He sent us many MLS's and we found our home while on our pre-move vacation in Japan. I probably looked at 15 or 20 houses with Chris on a few occasions. He coordinated the viewings well. He knew about the neighborhoods and which ones were being updated and selling for more. He gave me space to form my own opinion about the house, but if I specifically asked, he would lend his expertise. As first-time home buyers, we were very uneasy about the process. We would ask a ton of questions just to truly understand. Chris was very patient with that. He helped us through the negotiation process and helped explain the titling process when it overlapped with the deal. We closed in record time! We found the house and negotiated the deal within a week of moving to the area and were moving in 5 weeks later. When we went to buy our first rental property, I reached out to Chris and he referred me to one of his realtors who took great care of us. I don't doubt that the rest of the Plum Tree team has just as much integrity and professionalism as Chris and Mike."