Scott's Dollars and Sense

Top Eight Things NOT to Do

During Your Loan Process

1)   Quit your job. Lenders will verify your employment a couple of days prior to funding your loan.

2)   Buy a new car or make any other large purchases. The new payment may make it difficult for you to qualify for your mortgage.

3)   Stop making payments on your mortgage, credit cards, etc. Falling behind on your current debt can cause your application to be denied.

4)   Put your home on the market. Lenders will not lend on a home that is listed for sale.

5)   Begin improvements on your home. A home that is currently under construction may be difficult to appraise at its true value.

6)   Draw off your home equity line. Your loan approval is based on balances at the time of application. Drawing money on your credit line can affect your approval.

7)   File for bankruptcy. Most programs require that you be outside of bankruptcy for at least two years before you can qualify for a loan.

8)   Take advice from your mechanic on mortgage programs and rates. Would you take advice from your loan officer on what is wrong with your car? When you need expert advice on mortgage rates and programs, ask your mortgage specialist.

A Birth Certificate shows that we were born

A Death Certificate shows that we died
Pictures show that we lived!

Have a seat . . . Relax . . . And read this slowly .

I Believe...
That just because two people argue,
It doesn't mean they don't love each other.
And just because they don't argue,
It doesn't mean they do love each other.

I Believe...
That we don't have to change friends if
We understand that friends change.

I Believe...
That no matter how good a friend is, they're going to hurt
You every once in a while and you must forgive them for that.

I Believe...
That true friendship continues to grow, even over
The longest distance. Same goes for true love.

I Believe...
That you can do something in an instant
That will give you heartache for life.

I Believe...
That it's taking me a long time
To become the person I want to be.

I Believe...
That you should always leave loved ones with
Loving words. It may be the last time you see them.

I Believe...
That you can keep going long after you think you can't.

I Believe...
That we are responsible for what
We do, no matter how we feel.

I Believe.
That either you control your attitude or it controls you

I Believe...
That heroes are the people who do what has to be done
When it needs to be done, regardless of the consequences.

I Believe...
That money is a lousy way of keeping score.

I Believe...
That my best friend and I, can do anything, or nothing and have the best time.

I Believe...
That sometimes the people you expect to kick you
When you're down, will be the ones to help you get back up.

I Believe...
That sometimes when I'm angry I have the right to be angry,
But that doesn't give me the right to be cruel.

I Believe...
That maturity has more to do with what types of experiences you've had
And what you've learned from them and less to do
With how many birthdays you've celebrated.

I Believe...
That it isn't always enough, to be forgiven by others. Sometimes, you have to learn to forgive yourself.

I Believe...
That no matter how bad your heart is broken the world doesn't stop for your grief.

I Believe...
That our background and circumstances may have influenced who we are,
But, we are responsible for who we become.

I Believe...
That you shouldn't be so eager to find
Out a secret. It could change your life Forever.

I Believe.
Two people can look at the exact same
Thing and see something totally different.

I Believe...
That your life can be changed in a matter of
Hours by people who don't even know you.

I Believe...
That even when you think you have no more to give, when
A friend cries out to you - you will find the strength to help.

I Believe.
That credentials on the wall do not make you a decent human being.

I Believe...
That the people you care about most in life are taken from you too soon.

'The happiest of people don't necessarily have the best of everything;
They just make the most of everything.'

Have a nice day by giving a word of comfort or encouragement to someone that looks like they have it all together because in reality they are just maintaining.

What you make happen for another will happen for you.

We are not all that we should be today, but tomorrow we get a fresh start.

There is Good and Evil in all of us, the one that you feed the most is the Winner.

This month I wanted this month to inform all of you how to wisely  handle earnings from your part-time job. Are you saying "Save It ?" That's right. Take 60 % of what you make from your part time job and open a bank account to start saving for your future. I know what you're saying, "That doesn't leave me anything to go buy clothes or go to mall with my friends," but $40 a week is $160 a month to go have fun with friends . The funny thing is you saved $240 a month which equates to $2880 a year. That may not sound like a lot of money now but if you can do that from 16 until you graduate high school that would be $ 8640 you would have saved. Now if you can do that and not touch it until after 4 years of college it would mean you would have  saved $20,160. That is enough to put down as a down payment on a house. What you don t know is I kept your base pay the same for 7 years and I didn't include any interest that the bank gives you for letting them use your money. I  promise you, your parents are not lying to you when they say they don't want you to make the same mistakes they did, or start when you're young to build a nest egg.

In closing, the figures I used for this article, only had you making $100 a week in pay. Imagine if you made $200 a week, the figures would double. At the end of one year the $2880 would actually be $5760. WOW !!! From a part time job. The amazing and overwhelming shock is that in 7 years your savings would double from $20,160 to $40,320! NOW NOT ONLY DO YOU HAVE ENOUGH TO PUT A DOWN PAYMENT ON A HOUSE, YOU ALSO HAVE ENOUGH TO PAY CASH FOR  A BRAND NEW CAR.

Until next month, take care,  God Bless and live smart.

Unlike your current rental payment, much of your mortgage payment may be tax deductible. As a matter of fact, Congress has removed most other tax deductions from the Federal Tax Codes: passive investment losses have been severely restricted, capital gains are assessed at 100% of the gain, state sales tax deductions have also been stricken, and even medical deductions have to be catastrophic to make an impact. Thus, the mortgage interest deduction stands pretty much by itself as the only major tax deduction still available to the middle class.

Although the elimination of other deductions has increased the importance of the mortgage interest and property tax deduction, Congress has lessened the impact of the mortgage interest deduction to some extent. In the past, other interest and local tax deductions helped a taxpayer go over the standard         deduction before the mortgage interest deduction was added. Therefore, the taxpayer was receiving 100% of the impact of deducting mortgage interest.

Please call me at (203) 270-6252 as questions arise.