7 Ways to cover your Closing Costs

by Tamara Celeste | Dec 12, 2018 | Home Buying Tips, All Posts, Income & Savings

7 WAYS TO COVER YOUR CLOSING COSTS

Tamara Celeste: Do you need money for closing costs to buy your first home? Watch this video to find out seven simple ways to find money to purchase that home.

Tamara Celeste: (music)

Tamara Celeste: For the best home buying tips and advice, please subscribe to my channel, and also hit that little bell, because you will be notified every Tuesday as soon as I post a new video.

Tamara Celeste: If you are trying to figure out a way to find money to buy a home, watch this video, and by the end of this video you will learn seven ways to find money to help you toward your home purchase. Many of my clients have used these tips.

Tamara Celeste: Tip number one, city and county grants. There’s a lot of money out there for first-time home buyers, so I want each of you to do a Google search for me. Google “first time home buyer program” and then enter your city or state. So, for example, I live in West Palm Beach, Florida. I would search “first time home buyer programs” or “first time home buyer grants West Palm Beach Florida.” You should have quite a bit of information come up for you. So, definitely do some research, look at the requirements for certain grants. Some of them have specific income requirements, some have credit requirements, but that’s a great place to start, to see what money is out there.

Tamara Celeste: Tip number two, a family gift. If you have a family member, brother, sister, mother, grandmother, that is willing to give you a gift, this could be a great way to help get money for your closing costs. Now, it cannot be a loan, but it has to be a gift that you are not going to pay back, and your lender has specific guidelines, and your lender will be able to walk you through those guidelines.

Tamara Celeste: Tip number three, seller concessions. Now, a seller, depending on your loan type, is allowed to give you back a portion at closing to help pay for your closing costs. This can be significant. For example, let’s say the loan allows the seller to give 3% of the loan amount, and you are getting a $100,000 loan, and your closing costs are going to be $4,000, but the seller can give $3,000. That’s a significant amount of money. Again, there are certain procedures to follow, and your local realtor and lender can walk you through those.

Tamara Celeste: Tip number four, get yourself a side hustle. Yeah, right now, there are so many opportunities to make money that you can do to boost your bank account. So definitely, definitely consider that. Look for things that interest you, like shopping or dog walking. I also have a video that’s coming out very soon, so be on the lookout for it.

Tamara Celeste: Also, right now, I want to take a minute to stop. If you like what I’ve said so far, anything resonates with you, please comment below.

Tamara Celeste: So, we’re back. Tip number five, your 401(k) or retirement. Many of you are fortunate enough to have 401(k) or retirement savings, and there is a possibility that you can use these funds for a down payment or closing costs to help you buy your first home. There are specific guidelines that you must follow, and that your employer must follow, so make a call to your employer administrator or 401(k) administrator, and see if that’s a possibility. Sometimes it’s taking out a loan against your 401(k), but if you have those funds and you need the extra money for down payment or closing costs, definitely, definitely consider this option.

Tamara Celeste: Tip number six is talking to your employer. Believe it or not, some employers, as part of their benefit package, has money for closing costs. It could be $500, $1,000, who cares? It’s money out there for you to use. It’s usually some of the larger employers, but you never know. Talk to your plan administrator, talk to your HR person, your benefits plan administrator, and see if your employer does offer any funds for down payment or closing cost assistance.

Tamara Celeste: Finally, tip number seven, crowdfunding. Many of you are aware of GoFundMe, and other crowdfunding platforms, and you get these GoFundMe campaigns from people who are trying to raise money for things as serious as medical conditions or other things. But, believe it or not, now there are some lenders that have crowdfunding platforms that you can solicit friends and family to pool together money to help you with your closing costs. Definitely, definitely do some research and Google that, and you might be pleasantly surprised.

Tamara Celeste: If you liked this video, please do me a favor and “Like” it below. Also, hit the “Subscribe” button, and please share with your fellow ladies. Write a comment, let me know what was helpful, let me know what your biggest takeaway was. I love, love, love to hear your feedback.

Tamara Celeste: Also, if you would like to join a community of like-minded women just like you, who are all moving toward the goal of home ownership, please join my private Facebook group. In this group, I offer advice and support, and also give you guidance on navigating the sometime confusing process of purchasing a home.

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5 Tips That May Help Raise Your Credit Score

by Tamara Celeste | Jun 4, 2018 | All Posts, Credit, Home Buying Tips

5 TIPS THAT MAY RAISE YOUR CREDIT SCORE

Unless you have been living under a rock for the past several years, you know that your credit score is used for practically everything. If you want to rent a home, buy a home, buy a car, get insurance, open a credit card or obtain employment your credit will be checked. The interest rate you receive for your car loan, credit card or home loan will be determined by your credit score. Additionally, you may be denied insurance or employment due to your credit score. Your credit score is made up of 5 elements. These elements are:

Payment History
Credit Indebtedness
Length of Credit History
Pursuit of New Credit
Credit Mix

Let’s take a look at each element and what you can do that may help raise your score. Payment History – Are you paying your credit obligations on time? Your payment history represents 35% of your overall credit score, that’s a big chunk! TIP #1: Make sure you pay all of your creditors that report to the credit reporting agencies on time each month. Never be more than 30 days late, you can be 25 days late, and it won’t hurt your credit, once you are 30 days late or more your credit score may be affected. Credit Indebtedness – How much credit are you currently utilizing on your revolving accounts? Or worded another way, how much credit do you have available on your revolving accounts? Credit indebtedness accounts for 30% of your overall credit score. TIP #2 – The lower your balance the better your score. Try to keep the balance on all of your credit cards 30% or lower of the total limit. For example, if you have a credit card with a limit of $1500, keep your balance below $450 at all times in order to maintain or achieve the best credit score. This applies to all of your revolving credit card accounts. Length of Credit History – How long have you held your oldest credit card? I recently checked my credit account it says that my oldest line of credit is over 30 years old (yes, older than some of you reading this article, but I ain’t made at you!), I got it when I was a freshman in college. Length of credit history accounts for 15% of your overall credit score. TIP #3 When you pay off a card balance don’t close out the account. Keep the account, but don’t use it, or use it for small things like gas and groceries and pay it off immediately. The longer you can show you have a credit history the better your score will be over time. Pursuit of New Credit – Have you opened several new accounts recently? Have you been shopping around for credit for a new car or a mortgage? Creditors don’t like to see too much activity when it comes to new accounts because it could mean you are having financial problems and looking to use credit cards or other means to bail yourself out. Pursuit of new credit represents 10% of your overall credit score. TIP #4 – If you need to open new lines of credit space them out. Don’t just open a new line of credit because you are getting 10% off of a department store that day, it can hurt your credit score for months, the inquiries stay on your credit report for two years. If you need to shop for a car or home and need to compare interest rates, that’s ok, try to do the comparison shopping within a 30 day period. Credit Mix – Do you have a mixture of credit? Meaning, do you have student loans, a car note and a credit card? If not, it may be a good idea to add a different type of credit to improve your credit score. Credit mix accounts for the final 10% of your overall credit score. TIP #5 – Now I know this goes against what I said in section 5 above, but if you are looking to raise your credit score and you have only a car loan for instance, which is considered installment credit, getting a revolving line of credit such as a credit card could improve your score, as long as you don’t overdo it and go get several credit cards. Utilize these tips and watch your score soar!!

Why You Should Hire A Realtor

by Tamara Celeste | May 28, 2018 | All Posts, Home Buying Tips, Realtor

Why You Should Hire a Realtor

1001 Reasons Why You Should Hire A Realtor

Ok, maybe not 1001 reasons, but this is one of my favorite videos that explains why you should hire a Realtor when buying or selling a home. This video was created by the Florida Realtors Association, but it is relevant for those who reside in any other state.

Enjoy and let me know what you think.
Tamara Celeste