How Many Credit Checks Before Closing on a Home? By Joe Szabo, Scottsdale Real Estate Team
Initial credit check for preapproval
In the first phase of acquiring a loan, pre-qualification, you’ll self-report financial information. Lenders want to know details such as your credit score, social security number, marital status, history of your residence, employment and income, account balances, debt payments and balances, confirmation of any foreclosures or bankruptcies in the last seven years and sourcing of a down payment. This is only a portion of the total information needed for your mortgage application. Once you’re ready to get preapproved for a loan, lenders will verify your financial information. During this phase, lenders require documentation to confirm the information in your application and pull your credit history for the first time. You may be required to submit a letter of explanation for each credit inquiry in recent years, such as opening a new credit card, and for any derogatory information in your history, like a missed payment. Once you find a home within budget and make an offer, additional or updated documentation may be required. Underwriters then analyze the risk of offering you a loan based on the information in your application, credit history and the property’s value.Second credit check at closing
It can take time for your offer to be accepted, and for your loan to pass underwriting. During this period from the initial credit check to closing, new credit incidents may occur on your history. Many lenders pull borrowers’ credit a second time just prior to closing to verify your credit score remains the same, and therefore the risk to the lender hasn’t changed. If you were late on a payment and were sent to collections, it can affect your loan. Or, if you acquired any new loans or lines of credit and used those credit lines, your debt-to-income ratio would change, which can also affect your loan eligibility. If the second credit check results match the first, closing should occur on schedule. If the new report is lower or concerning to the lender, you could lose the loan. Alternatively, the lender may send your application back through underwriting for a second review. It’s important for buyers to be aware that most lenders run a final credit check before closing, so the home-buying window is a time to prudently mind your credit. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, [email protected] or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.7 Perfect Kitchen Upgrades for a New Look Without Remodeling By Joe Szabo, Scottsdale Real Estate Team
Cabinets
More and more homeowners are turning to kitchen refacing as an easy way to update their cabinets. Refacing involves replacing the doors, drawers and hardware and covering the entire exterior of the cabinets in a brand-new veneer. If you’re happy with the layout and function of your kitchen, but aren’t necessary keen on the aesthetic feel, consider cabinet refacing. “It’s for people who have kitchens from the ’70s and ’80s that have solid wood cabinets,” says interior designer Anna León, who has a background in kitchen refacing with Home Depot. “They can take off the original doors and put on modern doors.” The cost, which starts at around $6,000, depends on the size of the kitchen and the materials used. With an array of options available — such as woodgrains, painted wood and pressure-fused laminate doors like Thermofoil — you can transform a kitchen’s facade easily. Contemporary Thermofoil doors also come in a variety of fun looks, including glossy, matte and woodgrain. As opposed to a full-on kitchen gut and renovation taking several months to complete, cabinet resurfacing typically takes three to five days. Painting cabinets is a more affordable route to take than refacing, costing around $3,000 to $5,000 for a professional to do the job, according to León. Or, you can always DIY, which is the most affordable option, but is laborious and takes a great deal of time. “Painting cabinets is great, but it’s all about the prep work,” says Richmond, VA-based interior decorator Lesley Glotzl. “You have to prep and paint them perfectly or they’re going to chip or peel. You can’t cut any corners.”Backsplash
Creating a new backsplash is an easy way to freshen up your kitchen. Be sure to choose a timeless material that will complement your cabinetry, and avoid mixing styles and periods. For instance, if you have ’70s-era cabinetry, you won’t want to pair that with something trendy like subway tile. If you’re a confident DIYer, tile your backsplash. Or for $20, you can paint it in a bold high-gloss paint that you can easily wipe down after cooking. In Glotzl’s home, she installed a beadboard backsplash and painted it in a high-gloss blue. Shiplap is an affordable and durable option as well, and it’s not difficult to DIY. Glotzl also recommends using vinyl wallpapers from companies like Osborne & Little as backsplash, as they come in an array of fun textures, colors and patterns.Countertops
For countertops, head to your local stone yard and choose a granite at the lower end of the price range. Formica — a more affordable option than natural stone — has a lot of cool countertop options in patterns like Greek key or textures like barn wood or grasscloth. If you’re short on counter space and aren’t looking to add more cabinetry, consider buying a premade island or bar-height table that you can float in the center of your kitchen. Or, if you have a more contemporary kitchen, consider purchasing a stainless-steel food prep table from a restaurant supply company. Just make sure you have at least 36 inches between the cabinets and island on all sides for easy traffic flow, advises Glotzl.Shelving
If your cabinets don’t have lip molding on the interior, remove cabinet doors to create open shelving and show off your beautiful serving dishes. Or, if you have an empty wall, create your own shelving system with floating shelves from a retailer such as Pottery Barn or IKEA. Just be sure you install brackets underneath the shelves if you plan on loading them up with dishes and cooking wares. Glotzl recommends Van Dyke’s Restorers for shelving support.Lighting
Lighting can dramatically change the look and feel of any room. Tear out harsh fluorescent lighting and replace it with can lights. Make food prep easier by having an electrician install under-cabinet halogen fixtures or ambient Light Tape. Over the kitchen sink is the perfect place for a statement piece like a sculptural pendant light.Pulls and knobs
If you’re going the cabinet-refacing route, you’ll have plenty of new pulls and knobs to ponder. You can find them at online retailers or local shops. If you’re painting your cabinets — or even if you’re not — new pulls and knobs can go a long way toward creating a new look in your kitchen. This simple solution is one that works particularly well for renters.Appliances and plumbing
Dated appliances paired with updated cabinetry will make your kitchen feel incomplete. New stainless-steel appliances are the finishing touch. For less than $500, you can get a new stainless-steel electric range; for less than $700, a brand-new top-freezer refrigerator. “Compared to everything else you have to do, it ends up feeling like pocket change,” says León. You can easily update your faucet for under $100 (although, of course, you could spend a lot more). And a new farmhouse sink could be yours for less than $400. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, [email protected] or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.5 New Year’s Resolutions That Can Help You Buy a Home in 2018 By Joe Szabo, Scottsdale Real Estate Team
1. Avoid job hopping
Employment history and income are two of the biggest factors lenders look at when evaluating a mortgage application. A new job may be a good career move, but if you plan to buy a home in 2018, know that it can be a red flag to some underwriters — especially if you’re moving to a different industry. A steady job history and few or no gaps in employment over the past two years are ideal, as it helps lenders more easily forecast your future income. If you do get a new job while home shopping, let your lender know as soon as possible. It doesn’t mean you won’t qualify for a mortgage — just be prepared to show extra documentation. If you’re moving from a commissioned or hourly job to one that’s salaried with equal or more compensation, it may help your application, as lenders often prefer borrowers to have steady, predictable paychecks.2. Limit monthly subscription services
Monthly subscription services are certainly convenient, but they can add up. Even if you pay off your credit card every month, you could be dinged for high credit utilization if your credit report is pulled midcycle. If you’re thinking of buying a home this year, consider keeping your monthly subscription services to a minimum.3. Build a solid credit history
One of the first things a lender will look at is your credit history. Lenders like borrowers who have a history of paying off debts, like credit cards, on time because it signals that you’re less of a risk and a responsible borrower. If you don’t have credit, securing a home loan may be significantly more challenging and time-consuming, but not impossible. Records of paying rent and utilities on time, as well as student loan debt or cell phone bills, can help show a potential lender that you have a history of managing monthly payments.4. Check your credit
Your credit score can have a significant impact on your ability to buy a home. A low credit score can negatively affect how much money a lender is willing to loan you, as well as your interest rate. Just a few percentage point differences in an interest rate can cost you thousands over the life of a loan. Monitor your credit closely, especially for fraudulent activity, to prevent any surprises that could delay the loan application process. If you’re unsure of your credit score, many financial websites offer credit score monitoring, or you can get a full credit report once a year.5. Avoid large purchases
Avoid taking on large amounts of debt — whether it’s buying a car or planning a large vacation — before buying a house, even if you’re already preapproved. Your debt-to-income ratio, or how much money you make compared to how much debt you have, can significantly affect how much money a lender is willing to give you. Keeping debts to a minimum can help make the home-buying process go a lot more smoothly. Just like proofreading your resume before you apply for a job, cleaning up your financial resume can help improve your chances of buying a home. Take advantage of online tools and resources, like our affordability calculator, which can help you determine how much home you can afford. Our mortgage calculator can also provide custom down payment estimates based on home price and interest rates. And as you search for your future home, check out our extensive lender and agent reviews, which can help you find the best real estate partners for your needs. Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent. The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, [email protected] or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.10 Ways to Conquer Clutter and Simplify Your Life By Joe Szabo, Scottsdale Real Estate Team
1. “I can’t find it!”
Cutting clutter is an obvious starting point for resolving this issue. Having too much stuff can make it hard to locate items you need. Favorite shirts get lost in a crowded closet, the perfect spatula hides in the overstuffed kitchen drawer, and necessary tools float to the bottom of an unsorted toolbox. But getting organized may be easier than you think. Let’s take those tools as an example. The garage can be one of the messiest places in the house, but this simple and easy starting point will help you get it under control.- Hang a pegboard, and install some hooks.
- Using a marker, draw an outline around each tool to indicate its location.
2. “I left home without it (again).”
Have you ever walked out of the house and forgotten the birthday card for your friend? Left the set of directions to your niece’s wedding on the printer? Or failed to retrieve the receipt for returning the vacuum you purchased last month? If only we could remind ourselves about these things before walking out the door. Whether the front door or mudroom is your jumping-off point each morning, you can set it up for total success. Create an organizing system with pockets that hang on the knob or over the door to hold items you’ll need before you leave for work, school or events. A simple door organizer usually costs under $15 either in stores or online.3. “Did you wash my soccer uniform?”
The laundry room is often the nemesis of an organized house. Here’s a laundry system that will restore household harmony and save you time: Get each family member their own laundry basket, and label it. Rather than placing the clean laundry on the stairs or couch and watching everyone walk by without picking up their clothes, ask them to pick up their personalized basket in the laundry room. There will be no lost items or mix-ups — and no more blaming you.4. “Do I have to do everything?”
The kitchen is the pulse point of most homes. It’s a high traffic area that everyone uses all through the day. We open our mail here, study for school here, use the computer here, pile our stuff here — plus, it’s where the food is! Dedicate one part of the counter to be set up for daily routines, like a lunch-making station. Stock it with paper towels, wraps, baggies and a cutting board. You could also make a coffee and tea station, equipped with supplies like filters, strainers and sugar. If you create an organized space for your family to make their own lunches or coffee drinks, your life is easier. That’s called delegation.5. “Where’d I put the phone number for the doctor’s office?”
Another tip for the kitchen is one that can save a life: a household manual, in either a physical or digital form. You can create this in just a few minutes, and it costs you nothing. To get started, grab a binder and three-hole punch, and put all your vital information in the binder. This includes emergency contact info, the name of your family doctors and vet, school rosters, alarm codes, medications and dosages for the kids, caregiver names, the location of your wills — anything you’d need someone to know in an emergency. When you have a minute, make it digital. But start with step one: Simply gather important information in one place, and keep it contained.6. “I can’t corral these crazy cords!”
Phones, chargers, remotes and mismatched cords are always scattered throughout the house. The shortcut for pulling everything together? A central charging station. A charging station hides cords, keeps all electronic items together and can even blend in with your furniture.7. “There are toys all over the place!”
Many parents’ biggest home organization issue is the kids not picking up their toys. The solution here might be as simple as teaching your children organization skills early on and making it easy for them to put things in their place. Here’s one idea that will allow you to shift from frustration to elation:- Use bins to hold the toys. Each bin should hold toys of the same type.
- Find a picture of the toys being stored in each particular bin. For example, if you have dolls and stuffed animals in one bin, attach a picture of dolls and stuffed animals to the front of it.
8. “Can everybody please clean up after yourself?”
Wouldn’t it be wonderful if everyone could clean up their own mess in at least one communal room? Does your bathroom come to mind? Make this a reality by creating a system that works fairly universally. Get each person in the house a toiletry caddy. Just like at summer camp or in a college dorm, put names on the caddies, and store them on shelves in the bathroom or, if space is really at a premium, ask folks to carry their caddies back and forth from their bedrooms. The bathroom stays organized, and there’s an automatic tidying-up system built in after every visit.9. “I have no place to really relax.”
Clearing clutter can create a peaceful home — away from overstimulation and the demands of our external world. Take that idea to one room in particular: our bedrooms, which are meant to serve as a sanctuary for rest and romance. The piles of laundry, books and magazines living next to the bed nix any possibility of a calm and relaxing experience. Let’s get the laundry and closet into a workable system and put a cap on the number of books and magazines in your personal space. You can start to create a peaceful space by:- Getting rid of clothing you don’t need anymore. Box it and store it, sell it or give it away.
- Going through all the books on your bedside table (or floor), and selecting just one to read. Store the others in an alternate location. Keep just this month’s magazines on your table, and either relocate, recycle or donate the rest.
10. “I don’t have time to get organized.”
One of the top reasons for not getting organized is lack of time. It seems we devote all the energy we have to work, family, school, volunteering and other commitments. While many of us dream about alphabetized folders and color-coded sheets and towels, the fact remains that there is often little time in the day to organize or even clean. The best way to manage this issue is to reduce — and then repeat after me.- Reduce. Eliminating clutter is the No. 1 thing we can do to create more time for ourselves. When there’s less clutter, we spend less time cleaning it, less time putting it back where it belongs and less space storing it. Take just 10 minutes today, and eliminate 10 items you no longer really need.
- Repeat after me. Here’s a mantra for you: Avoid perfection at all costs. Don’t get too hung up on the details. Your home doesn’t need to be perfectly organized every day. Sometimes “good enough” is all you need.
Organize your Home office for a Productive 2018 by Joe Szabo, Scottsdale Real Estate Team
- Purge Paper. It’s easy to let papers pile up in your home office. Get control of the clutter before it takes over your space. Go through every piece of paper in your office by using the System of Three: shred/toss it, file it or take action from it. File your important paperwork in a color-coded filing system.
- Color-Code Your Filing System. A well-organized filing system is a good indication of a functional office space. To organize, separate the filing system into five color-coded categories:
- Green – Financial
- Red – Medical
- Orange – Personal
- Yellow – Insurance
- Blue – House
- Create a Mail Station. In order to maintain control of the paper coming into the home office, create a mail station. Make a folder for incoming and outgoing mail, mail to file, bills and a folder for every family member.
- Create a Printing Station. Designate a space in your office to house the printer and printer supplies. If you have a wireless printer, it doesn’t need to go on your desk. By placing it in a cabinet or other area in your office, you will gain much more space on your desk for other items.
- Store in Containers. Store all your office supplies in containers, drawers, baskets and bins. Putting all these supplies out of sight will give your office a decluttered look.
- Use a Label Maker. Invest in a good label maker and label your files, drawers and boxes for an easy way to organize your office. Whenever someone needs something, you will know exactly where it is.
- Categorize. Organize your office into categories, placing like items together. By doing this, your office will become more functional. For example, look in your mail drawer next time you need stamps.
- Stickies (sticky notes, tabs, stickers, etc.)
- Tools (straight cutter, staple, staple remover, hole puncher)
- Budget (checkbook, calculator, bill calendar)
- Writing Tools (markers, pens, pencils)
- Mail (envelopes, stamps, address labels)
- Labeling (labeler and label tape)
- Organize Your Books. You can organize books by genre, color or size depending on your preference. Organizing by color will add a stunning design element while giving your space a clutter-free, organized look.
- Create Life Binders. Organize your most important papers in binders for easy grab-and-go in case of an emergency. For example, if there was a medical emergency, you could grab your medical binder and have all the information you need immediately.
- Utilize Wall Space. This is often the one step people miss when organizing their office. Use your wall space to hang filing systems, calendars, whiteboards, shelving and more. There is so much more space available when you go vertical.
Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent.
The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, [email protected] or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.
Choosing the Best Garage Floor Mat by Joe Szabo, Scottsdale Real Estate Team
Like garage floor tiles, mats can be installed over concrete floors that are stained or cracked with no prep work necessary.
What to Look for in a Garage Floor Mat
While a garage floor mat may look like a simple rug or gym mat, its material is actually much tougher than that of decorative or recreational mats. Some key features to look for when shopping for a garage floor mat include:- Resistance to chemical and petroleum spills
- Slip-resistance to improve safety
- Cushioning to reduce fatigue on your feet and legs
- Textured or grooved construction to channel liquids and dirt
- Easy-to-clean materials
- Ability to withstand vehicle traffic
- Sufficient weight to resist sliding around
- Smoothness and strength to allow gliding around on a creeper
The Benefits of Rollout Garage Floor Mats
One advantage that mats offer over garage floor tile is that mats can be rolled up and moved easily. For example, you may want to move a mat so you can use a creeper on bare concrete, or if you have a particularly messy job in the garage and will clean the entire floor afterward.Mats themselves are also easy to clean without creating a mess in the garage. Just roll them up, move them out onto the driveway or lawn, unroll them, and give them a good washing with a garden hose. Let them dry on both sides before rolling them up and laying them back down on the garage floor.
Installing Garage Floor Mats
You can find mats in sizes to fit most garages or order them custom-sized to fit your space. Most mats can also be combined to cover a large area. They can be cut to size with an ordinary utility knife and can be seamed together with special adhesive or heavy-duty flooring tape. Keep in mind that many types of garage floor mat will expand and contract with temperature variations. For this reason, it’s best not to tape the perimeter of a mat installation to the floor so the edges have room to move. Also, it’s a good idea to leave a 1/4-inch gap between the flooring and all walls to accommodate expansion of the mat during warm weather.Garage Floor Mat Costs
Standard-thickness garage mats can be found starting at about $1.25 per square foot, while heavy-duty mats typically cost between $2.50 and $4 per square foot. This puts the cost of garage mats roughly in the middle between epoxy floor coatings (at the lower end) and garage floor tiles (at the higher end).Both mats and tiles can be easily replaced as needed and can be taken with you if you ever move.Please note that this Scottsdale Real Estate Blog is for informational purposes and not intended to take the place of a licensed Scottsdale Real Estate Agent.
The Szabo Group offers first class real estate services to clients in the Scottsdale Greater Phoenix Metropolitan Area in the buying and selling of Luxury homes in Arizona. Award winning Realtors and Re/MAX top producers and best real estate agent for Luxury Homes in Scottsdale, The Szabo group delivers experience, knowledge, dedication and proven results. Contact Joe Szabo at 480.688.2020, [email protected] or visit www.scottsdalerealestateteam.com to find out more about Scottsdale Homes for Sale and Estates for Sale in Scottsdale and to search the Scottsdale MLS for Scottsdale Home Listings.