Your phone rings in the middle of a typical routine day. You click to answer, and the voice on the other line delivers a message that spins your life into a completely different reality. So, what do YOU do when you are smacked from your blindside? Try these four steps if the unexpected circumstance negatively affects your income or your expenses.
1st- Don't panic.
Take deep breaths, pray and put together a plan. A clear mind and a hopeful heart will help you create a sound strategy. Where do you need to be? What products and services does your family absolutely NEED?
2nd- Restructure your budget to have money left over each month to put into savings and for emergencies.
If you need to lower overall payments with creditors, call them to see if you can get the interest rate or minimum payments reduced.
Can you pick up an extra-paying job? Can you rent out part of your home to increase income?
Sell stuff like at a garage sale. Can you switch out one expense for one that gives you the same benefit but at a lesser cost? Can you split the cost of some products or services with someone else who can use it?
3rd- Work on your credit
The higher your credit score, the lower the interest rate you enjoy when you borrow money. An excellent credit score is 780-850. A good score is 700-779. An average score is 660- 679. Scores in the 600's will not get you the best pricing when you borrow money.
Check www.annualcreditreport.com to make sure there are no errors on your credit report. When you find errors, work with your creditors and the three credit bureaus to complete corrections.
Settle and satisfy any past due or delinquent accounts. Consider waiting until you have spoken with a mortgage officer and gotten preapproved for your financing before paying off delinquent accounts since paying off a derogatory bill can cause your credit score to go down before the score goes back up.
Never let your balances owed on each credit card show over 30% balance/credit line.
Stay away from 12-months-same-as-cash.
4th- Use resources
Use available resources provided by the government, your community, a non-profit agency, or friends and family. Free legal services. S.C.O.R.E. Senior Corps of Retired Executives gives free help to small business owners.
NMLS# 757308 (currently working with Sierra Pacific Mortgage, Inc Cordova, TN NMLS # 1788 An Equal Housing Lender)
“Whatever YOUR personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on hitting your goals .”
As a mortgage loan officer, my job is to help you get to the benefits you want from your financing terms. What is most important to you? I can help you find the financing terms that will help you get to what you want. What is your comfort level on a house payment? How much are you comfortable paying down,? What type of financing do you need to get the house you want to buy or refinance?
Different clients have different priorities in life—some are buying their first home with very little down payment funds. Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income.”
Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country. She offers conventional, FHA, VA or other loan programs for refinancing and purchases.
Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home purchase financing.
Jo Garner has been in the real estate/financing business for over 25 years. She got her start in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge.
On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate. In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 25 years. Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients.
In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.com
Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.JoGarner.com.
Pick up her book “Choosing the Best Mortgage-The Quickest Way to the Life You Want on Amazon.com and BarnesandNoble.com .
www.JoGarner.com
Email Jo Garner about this article
