About Outagamie County, WI

Buying a home is a big investment, but owning one comes with a new set of expenses you may not have had while renting. It is important to keep in mind that your mortgage payments are just one piece, and a fraction of what the cost will be once you move into your new home.

When you purchase a home, there are several thing to take into account when putting together your budget. Here is a list things to think about when planning for your home purchase.

• Home Owners Insurance. Insurance needs to be purchased before you can get a mortgage. Insurance premiums vary greatly due to the type of home you are purchasing, the location among other items.
• Property Taxes. Your property taxes are based on the value of your home, so the more expensive your home, the more tax you will be required to pay.
• Utilities. If you were paying utilities when renting, you are familiar with this expense, but more space and rooms requires more utilities usage.
• Appliances. Most homes come with most major appliances, but you may have to purchase one or two - most commonly the washer and dryer.
• Furniture. Moving from a well furnished one-bedroom apartment to a two or three bedroom house makes one realize how much space there is to fill.
• Home repair & Maintenance. This expense comes and goes from one month to the next, but be prepared for something to pop up at anytime when owning a home.
• Yard Care. Caring for your yard requires large expenses such as a lawnmower and possibly a snow blower if your location is known for heavy snowfalls. Not to mention smaller tools like shovels, rakes, trimmers and so on to complete your yard care arsenal.
• Remodeling. From small projects, like painting, to larger items like new kitchen cabinets, hardwood floors, carpeting or a complete gutting of a bathroom, the expenses for remodeling projects vary, but often add value to your home.

I hope you have found this little tip helpful! I wish to much success in your house hunting and may you enjoy the many benefits of home-ownership.

Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Credit Restoration and Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping. http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net

Back in 2003 you saved tons of money when you refinanced your mortgage at 5.5%. Your current balance is $159,000 and you are geared up to take advantage of the historically low interest rates by refinancing again - You know you are set because you have good credit and 22% equity in your home; Right?

Please keep in mind that this also applies toward people who are looking to purchase a home and applies to Conventional Conforming home lending.

A call to your Bank and Local Mortgage Broker reveals a truth never mentioned in the media and throws you into shock when you learn that even with your good credit score and equity position, you will have to pay an EXTRA $1,193 in fees to get the best interest rate; The rate you have been sitting on the fence waiting for! Consider yourself lucky, as if your score (while still above average) were 699, the cost would DOUBLE to $2,386 . . . Not to add insult to injury, but the additional fee is over and above closing costs!

WHAT IN THE WORLD IS GOING ON! Well our friends Fannie Mae and Freddie Mac - the enormous quasi-government bodies we have all become to know, have been buying up mortgages from banks and wholesale lenders in mass quantities. I am sure that we are all aware of the HUGH risks and payouts we tax payers have absorbed over the past quarter; But perhaps you have not been brought up to speed on the direct effect consumes will have as the result. Fannie and Freddie have increased their fees DRAMATICALLY!

As the result of the increased fees placed on the Lenders by Fannie and Freddie, the lenders are charging more based upon RISK! The basis for the increased charges are credit scores, equity or loan to value, occupancy and whether or not a borrower is consolidating, purchasing or just refinancing their existing home loan. Furthermore, it is assumed that the better the borrowers credit score (above 720), and the more equity, the least likely they are to let their homes go into foreclosure. A lower score (719 and below) and less equity would suggest the latter.

Here is the bottom line; Unless your credit score is 720+ and have a least 25% equity, expect to pay more for your mortgage; Either in settlement fees, or interest rate. The lower the score, the more one will pay . . . In some cases, up to 3% more, in the event that their credit score falls below 660.

While you cannot do much to improve your equity position (without an outlay of cash), you can improve your credit scores DRASTICALLY within a few short months.

Please feel free to reference:

Is Credit Standing In Your Way Of A Home? Tips From The Experts - And Credit Repair Questions Answered - part 1 -

and

Is Credit Standing In Your Way Of A Home? Getting Negative Items Deleted From A Credit Report - Fact or Fiction? Tips From The Experts - And Credit Repair Questions Answered - part 2

Your credit score has NEVER been more important. In this day and age, it affects everything; the interest rate we pay on our credit cards, our car insurance, our homeowners insurance, and in some cases our ability to land a new job, a promotion, and when it comes to our beloved military, that long sought after ranking.

Did you know that something as small as a $12.00 medical collection that you were unaware of could cost you 75 - 100 points and THOUSANDS of Dollars. Do you know where you stand?

We have seen these changes coming for months now. As the result, we have associated ourselves with a law firm who are EXPERTS in credit repair. They are Honest, Integral, and Fair - More importantly, the fees will require a second job!

Get into the NO-FEE ZONE and look into credit restoration. It will save you literally thousands of dollars and bring your piece of mind.

Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Credit Restoration and Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping.

http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net

How much money are you leaving on the table?????Part 2 "Getting Negative Items Deleted From A Credit Report - Fact or Fiction? Tips From The Experts - And Credit Repair Questions Answered" explains specifically WHY negative items are successfully DELETED from a credit file enabling the credit score to jump by leaps and bounds.

The Fifth Amendment of the U.S. Constitution reads, in part, "No person shall be ... deprived of life, liberty, or property without due process of law ..." We often hear that the United States Constitution guarantees that an accused is "..innocent until proved guilty.."

It is evident that the credit industry is drumming to their own beat!

Fact or Fiction????? - If a negative item is successfully deleted from my credit report, it will just come right back on my report.

The credit bureaus have cleverly spread this myth through the news media and government agencies. In truth, the credit bureaus will often temporarily delete a negative listing if they have not heard from the credit grantor for 30 days since an item has been disputed. Should the credit grantor submit verification a week or two later, it will be re-inserted. (This is called a soft delete.) Most of the time the creditor simply fails to respond and the negative item is permanently deleted. If the creditor verifies the item the account may still be deleted later in the process as the challenging process is intensified.

There are items such as bankruptcies, foreclosures, and tax liens that are impossible to remove from the credit report. Not True -

According to the Experts. there is no type of negative listing that has not been removed from a credit report thousands of times.

Before I continue; It is very important to point out that the purpose of this information is not intended to defend those who habitually do not pay their bills. My intent is to educate and provide solutions to a growing problem that is keeping many good people from getting ahead in life.

Please review other articles in this series:

Will Paying Off Old Debt Increase My Credit Score? part 1

What if it wasn't your fault? What if you had to make the simple choice between eating and making a car payment? What if a job lay-off, medical emergency, or some other personal crises prevented you from making a timely payment? Should you be forced to pay for this for the next 7 to 10 years serving a credit prison sentence? I don't think so! Yes, there needs to be accountability,but not a decade or life sentence!

Think about it; How is a system like this allowed to operate in our democracy? The credit bureaus have placed themselves in the position of both judge and jury in relation to the consumers credit file. Do not forget one very important difference... A judge will give you a chance to defend yourself before ruling. We are supposed to have the opportunity in America to face our accusers before judgment is passed. This is entirely untrue when it comes to your credit records.

The truth is creditors and credit bureaus have been swapping information about behind the backs of comsumers and may I add, without permission, for a long, long time. In effect, it is hearsay and can cause severe economic hardship. Just look around. I see it every day.

The current system does not give one the opportunity to defend themselves before inscribing the credit file with negative and damaging information (even if it is not verified). Their perspective is that you must prove to them that the negative information on your credit report is incorrect, invalid, erroneous, or otherwise non-verifiable before they will remove it. In other words, in the eyes of the credit bureaus... you are guilty until proven innocent.

We are brought up to believe that one is innocent until proven guilty. Why we are not extended the same courtesy by the credit bureaus? Why do they not give us a chance to defend before placing negative information on a credit report? The simple fact is, consumer rights cost them money.

The sole focus of credit bureau companies is profit.

Your credit file is their product. Did you know that contrary to popular belief, the credit bureaus have no government affiliation, with the exception of spending millions on lobbying efforts. These private corporations sell your personal financial information to anyone that will pay for it...and the recipient generally accepts the information as gospel, and then reciprocate by giving back to the bureaus any information that they may have on you. . . and the cycle continues.

I hope this information has been useful and please look for the next article in this series titled :

"Is Disputing a credit report is easy --- And, Can any consumer can do it themselves? part 3

Please review other articles in this series:

Will Paying Off Old Debt Increase My Credit Score? part 1

Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Credit Restoration and Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping. http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net

Credit has become a huge issue over the past year. Week in and week out, I meet with customers who have a compromised credit file and as the result . . . a lower credit score. Guidelines continue to change requiring a higher score in order to get a preferred interest rate. People with 700 credit scores are being looked as a RISK - WHAT! With the opportunities for first-time home-buyers, the historically low interest rates, and abundant inventory of homes on the market, I wanted to begin a series on the importance of credit and provide valuable information on the mis-conceptions about credit and what can be done to restore a credit file.

It is likely that either you or someone you know has found a mistake on their credit report and more than likely assumed that it was an isolated incident and really cannot be that big of a deal! You may be surpised to learn that up to 79% of all credit reports have an errors.

Let's look at some statistics -

• Twenty-nine percent (29%) of credit reports contain serious errors, false delinquencies, or accounts that did not belong to the consumer.
• Forty-one percent (41%) of credit reports contain demographic information that was misspelled, outdated or incorrect.
• Twenty percent (20%) of credit reports were missing major credit, loan, mortgage or other information to demonstrate the credit worthiness of the consumer.
• Twenty-six percent (26%) of credit reports contain accounts that were closed by the consumer but incorrectly listed as open (or) "closed by credit grantor".
• Altogether, over seventy percent and as many as 79% of credit reports contain errors or mistakes.

Many wonder if it's unethical to attempt to remove valid bad credit issues from a credit report. I say, "Yes, it is," and here's why.

The credit reporting and ranking system has been and continues to be unfair to American consumers. We are forced to participate in something we did not volunteer for and are punished for mistakes whether they are ours or not. We cannot opt out of this system and no consideration is made for circumstances that are beyond our control. However, "credit repair" is a term that has gained a negative reputation, and has been connected with credit fraud and credit schemes. As a result, I'm often put in the position of having to defend my efforts to help others repair their credit.

Over the course of the next few weeks, I will reviel Tips, Mis-Conceptions and Information on Credit and How To Restore Your Credit File.

Here is Credit Repair Myth #1:

When I pay off a past-due account, such as a charge off or a collection account, it will show "paid" and no longer be negative.

It is difficult to fully restore your credit without paying your outstanding debts. However, paying off a debt can actually hurt your credit. Negative items on your credit report are allowed to stay on your credit report for a maximum of seven (7) years, except for bankruptcy that can stay for up to ten (10) years. This 7 or 10 year clock begins ticking at the date of last activity. When paying an outstanding debt, you will change the account status to paid collection, paid charge-off, satisfied judgment, or paid ‘was xxx days late". This is still considered very negative and appears as though you had to be strong-armed by the credit bureau to pay the account. It is almost always prudent to have a professional help so as to not further damage your credit by trying to do the right thing.

Stay Tuned for Part 2 - Getting Negative Items Deleted From A Credit Report - Fact or Fiction?

Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Credit Restoration and Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping. http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net

Now that the cat is out of the bag, more questions are popping up since my post titled 21 Top Questions Answered on the First Time Home Buyers $8,000 Tax Credit.

Over the past several days, the question that keeps popping up is "What TYPE of property is covered under the New First Time Home Buyer Tax Credit?" It appears that the confusion lies in the wording "Main Home" or "Single Family Home". So off I went and here is what I found:

The important point is that the home must be a person's main home." Detailed information on the definition of "a main home" can be found within the contents of the IRS Form 5405 which reads:

Main home. Your main home is the one you live in most of the time. It can be a house, houseboat, house trailer, cooperative apartment, condominium, or other type of residence.

Instructions within the form specifically say that the credit is available for any first time home buyer purchasing their "main home".Furthermore, there really is no specific clause that spells out the answer. Many tax laws are open to interpretation and from what tax professionals have indicated, a small multi-family residence would qualify. The professionals continue to say this would include single family detached homes, attached homes like townhouses and condominiums, manufactured homes and houseboats.

I understand that if the new home buyer has a plan to live in a portion of the home and rent a portion out, this would reduce the tax credit basis in the portion of the home that the new buyer is occupying as their "Main Home".

Here is an example:Duplex Purchase - Price = $250,000 and buyer lives in half. $125,000 would count toward the tax credit. The credit is 10% of the 1/2 that they are living in as their "Main Home". So 10% of $125,000 would be $12,500. The Tax Credit is capped at $8,000, so the new buyer would be eligible for the maximum $8,000 credit.

Now if the same buyer decided to buy a four-plex at a price of $350,000 and live in one unit, their "Main Home" would equate to 1/4 of the purchase price, or $87,500. Now take 10% of the $87,500 which is $8,750, therefore they would be eligible for the maximum $8,000 credit provided the income limitation did not apply.

In order for the buyer to reap the maximum benefit of the tax credit, they would need to find a duplex with a price of $160,000 or more to qualify for the maximum credit.

From what I understand, there are many great multi-family opportunities through out Wisconsin. Once again, I hope this information have been helpful. If I run across more stuff that will help answer questions, I will most certainly share it.....

As always, please, please be sure to consult with your personal tax professional as each and every transaction is unique to your particular situation.

Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping. http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net