Cliff and Cindy Leinonen Team's Blog
Missing a mortgage payment is not the end of the world. Many lenders are more than ready to work out a payment plan if you’re going through a rough patch or budgetary crisis. However, you may end up doing more harm than good to your credit and home ownership if you don’t contact your mortgage lender as soon as the financial need arises.
Below are things to remember about a late mortgage payment.
1. Mortgages Come with a Grace Period
Even if you pay one day or five days after the due date, it still might not be considered late since many lenders offer a grace period of about five to fifteen days. If you want to know about your specific grace period, contact your lender for grace period information.
2. A Late Fee Will Appear
If your payment is delayed, then it will most likely incur a late-payment fee. You can expect to pay the late fee in your next mortgage payment. Work with your lender to see if you can avoid a late fee by setting up an automatic payment method or if there are other clauses in your contract to have the fee waived in extreme circumstances.
3. Damage to Credit Score
A damaged credit score is one of the adverse effects of a late mortgage payment. Your payment history is of uttermost importance as it can affect your ability to secure financing of any sort in the future. Your lender usually reports your payment history, and if you are thirty days behind, your credit score may feature “late 30” next to the loan. This mark could drastically hurt your overall FICO® score.
4. Suffer Drastic Measures
When you suffer delinquent payment beyond 90 days, your lender automatically considers you in default on your loan. If left without a written waiver or payment arrangement, they may start to take foreclosure actions against you, which could lead to more public actions and eviction from the home. There are other things that can be done to retain your home, however. Bankruptcy affords the ultimate protection until your debts can be assessed and discharged by the government but should be a last option since it can remain on your credit report for ten years.
5. The Account Goes to Collection
Your account can go into collection if you are behind your mortgage payment. In that case, you will receive a phone call or a letter from your lender about the late fee and that your account is being sent to a collection agency.
Every borrower’s situation is different, depending on credit score and payment history. If possible, avoid falling short of your mortgage payment. The earlier you make the due payment, the better it is for you, but if you’re unable to, set up an arrangement with your lender.
Still have more questions about mortgages and how to successfully nail down the right price for you? Contact me, and I’ll point you in the right direction.
20 Main Street, Spencer, MA 01562
If you recently bought a home, now may be an ideal time to look at internet services providers in your new city or town.
Ultimately, not all internet services providers are created equal, and you'll want to look closely at the options at your disposal.
To better understand how to find the right internet services provider, let's consider three best practices.
1. Evaluate the Services That You Need
Most homeowners demand fast, reliable internet services, but it is important to note that the needs of one homeowner may vary from the needs of another.
For example, a homeowner who works out of his or her residence may need the fastest internet services available. This homeowner likely will need internet services that deliver consistent latency and bandwidth to ensure he or she can stay on track with everyday work.
On the other hand, a homeowner who uses the internet to download movies, music and video games may require internet services that work great around the clock. That way, this homeowner can instantly download large files at any time.
Check out all of the internet services that a company has to offer. And when in doubt, speak with an internet services representative directly. This will enable you to learn about all of the internet services that are available and make an informed purchase decision.
2. Consider Your Budget
The costs of internet services may vary based on where you live. As such, you'll want to consider your monthly budget to guarantee that you don't stretch your finances too thin.
In many instances, internet services providers will offer discounts or rebates if you sign a multi-year agreement. This may prove to be an excellent option if you plan to live in your home for the next few years, as you'll be able to lock in your internet services pricing for a set amount of time.
Furthermore, many companies provide internet, TV and phone services. And if you bundle the aforementioned services, you may be able to receive discounted rates.
3. Examine Customer Reviews
What are current and past clients saying about an internet services provider? Evaluate customer reviews, and you can find out what it's like to work with a particular internet services provider.
You may be able to receive client reviews directly from an internet services provider. Or, if you conduct an online search, you should have no trouble evaluating feedback about a broad array of internet services providers in a particular city or town.
Lastly, if you need extra help as you evaluate internet services providers, you should consult with a real estate agent. In addition to helping you discover your dream home, a real estate agent can offer insights into internet services providers in various cities and towns. Then, you'll be able to make the best possible decision.
Take the next step to set up internet services at your new home – use the aforementioned best practices, and you can choose an internet services provider that will meet or surpass your expectations.
Believe it or not, home sellers may encounter many expenses after they list their residences. These costs include:
1. Home Cleaning and Maintenance Costs
Before you start showing your residence to prospective buyers, it often is beneficial to clean your house. As such, you may need to purchase assorted cleaning supplies. Or, you can always hire a professional home cleaning company to help you enhance your house's overall appearance.
Don't forget about home maintenance expenses too. Remember, you'll want to do everything possible to improve your house's curb appeal to ensure your residence stands out to potential buyers. And if you budget for the costs associated with fixing damaged home siding or performing lawn care tasks, you may be better equipped than ever before to find cost-effective ways to bolster your home's curb appeal.
2. Home Repair Costs
After you accept a buyer's offer to purchase your home, the buyer likely will request a property inspection. And if an inspection reveals myriad home repairs are necessary, you may be required to spend money to complete these repairs. Otherwise, you could put your home sale in jeopardy.
Oftentimes, it is helpful to conduct a property inspection before you list your residence. This will enable you to assess your home with a professional inspector and identify any problems. Then, you can perform home repairs prior to listing your residence and reduce the risk of possible home selling delays down the line.
3. Moving Costs
Once you sell your home, you will need to relocate your belongings from your current address to a new location. Thus, you should consider the costs associated with moving boxes and packing supplies and budget accordingly.
Furthermore, you may want to hire a professional moving company to help you transport your belongings from Point A to Point B. If you review the prices of local moving companies, you can find an affordable option that matches your budget.
There are many costs that you may encounter as you proceed along the home selling journey. But if you work with a real estate agent, you can receive comprehensive property selling support. And as a result, you may be able to cut down on potential costs throughout the home selling cycle.
A real estate agent is committed to doing everything possible to help a seller achieve the best-possible results. Therefore, a real estate agent will learn about your home selling goals and create a personalized property selling strategy for you.
Plus, a real estate agent is happy to respond to any home selling concerns or questions. This housing market professional will go the extra mile to guarantee you can enjoy a seamless property selling experience. With assistance from a real estate agent, you can handle any potential problems that may arise during the house selling journey.
For home sellers, it usually is a good idea to budget for potential property selling expenses. If you put together a budget, you could boost the likelihood of enjoying a fast, profitable property selling experience.