Archive for March, 2012

11602 W Freedom Drive, Nampa, ID 83686 for $184,900

Cotner Building Company

 11602 W Freedom Drive, Nampa, ID 83686 for $184,900.

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9 Tips if you’ve been rejected for a Home Loan

By Brian O’Connell of MainStreet

It’s no shame to be turned down for a loan, but it just might be a shame to shrug your shoulders and give up. You can revisit a rejected loan and get the money — but you’ll need to take a few steps first.

Before we line up some tips, know that banks are turning down more loan requests these days.

According to The Wall Street Journal, the 10 largest banks in the U.S. rejected 26.8% of mortgage-loan applications in 2010 — that’s up from 23.5% in 2009.

So what steps can you take after your bank loan has been denied?

It’s really about keeping your emotions in check and getting a good game plan together. In general, the best medicine to take after a loan rejection is to get informed, know your credit situation and open up a line of dialogue with your lender.

Here are some specific tips to get that process rolling.

1. Get the lowdown

Contact your lender and ask for details on why your loan was rejected. The information it provides will give you a heads-up on what you need to do to fix the problem and get your loan approved.

2. Focus on your problem

Loan applications are turned down for myriad reasons. Credit issues, divorce, loss of a job or ill health are at the top of the list of reasons why loans are rejected. Find out what your specific problem is and focus on fixing it.

3. Check your credit status

When you’re rejected for a loan, it usually all comes back to your credit report, which is why obtaining a copy of your credit report is mandatory. When you get it, look for incorrect entries, accounts that aren’t yours or outdated information. If you find these errors, write the credit report agency and ask it to update your files.

4. Reach out to your creditors

Most creditors will remove negative credit data if you make a full or partial payment toward the debt.

5. Emphasize the good news

Check and see that the credit bureau has all the information that shows your stability and ability to make payments on time. For example, if you have long-term employment, make sure that fact is added to your credit file.

6. Emphasize your good name

In a marriage, it’s often the case that one spouse will have serious financial problems. If so, make sure you establish credit in your name alone.

7. Take advantage of a second chance

Even though you’ve had some credit woes, you may be able to resurrect your good financial name by getting a new credit card, obtaining a secured loan or working with a local store to obtain credit on a purchase.

8. Pay up

There’s no way to avoid it — if you have unpaid accounts listed against your credit history, you have to pay them back. Start paying regularly in any amount and work up from there.

9. Don’t panic

Keep cool and begin collecting the key financial data you need to change your rejected loan into an approved loan. Overcoming a bad loan situation may not be as much of an uphill climb as you think.

 

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April Home Maintenance Tips

By following these steps you’ll avoid expensive repairs later and keep your home safe & efficient.

  • Clean & Adjust Ceiling Fans – For maximum comfort, ceiling fans should blow down in the summer and up in the winter.  Cool air feels good blowing on you but hot air is more comfortable if directed up and then down the walls.  There’s a switch on the body of the fan or near the pull chain to reverse fan direction
  • Change Smoke Detector & Carbon Monoxide Detector Batteries – Even if they test OK, play it safe by changing out the batteries before they die.
  • Inspect Chimney Cap & Masonry – The “cap” is the flat part at the very top of the chimney.  Moisture and weather wear this down and can cause deterioration of the chimney itself.  Once bricks start breaking loose it gets much more expensive to fix.  The cap should be beveled so that rain flows off to the side not into the chimney. If yours is flat, build a 2’ x 4’ frame around the cap, pour cement on top and bevel so water drains off the side, not down the chimney.  (see more detail at our web site).
  • Inspect Siding, Soffit & Fascia Boards – Soffit boards are the horizontal boards under the eaves and the fascia are the vertical boards the gutters are attached to.  Cracks or separations can allow water penetration which can cause additional damage.  Replace as needed and bevel to match nicely with the surrounding wood.
  • Inspect Gutters, Clean and Re-Attach as necessary – Look for roofing nails or pieces of shingles in the gutters, which indicate the roof may need inspecting.  Check for rusting on the bottom of the gutters and to make sure the gutter extensions discharge water at least 3’ away from the house.  Also, check to make sure that you are not dumping water uphill.  Water too close to the foundation can cause flooding and deterioration. Clean gutters and downspouts. Logged gutters cause water to back flow into your house.
  • Check Roof for Missing Shingles, Proper Installation, and for gaps around pipes and corners – Shingles should extend ¾” past the roof decking and allow water to drip into the gutter.  If yours have inadequate clearance, water will run down the fascia boards and cause rotting.  To fix, either add a row of shingles around the roof or add aluminum flashing (see our web site for details).

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Just listed: 11602 W Freedom Drive, Nampa, ID 83686 for $189,900

Just listed: 11602 W Freedom Drive, Nampa, ID 83686 for $189,900.

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Is now the right time to buy? Watch the video to find out.

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