How Can You Maximize Your Credit Score?

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We’re back with another edition of Rock Talk, my interview series highlighting local business owners in our Denver area. Today we’re joined by Jennifer Thompson from JenniferLoan.com to discuss everything you need to know about your credit score.

How is your interest rate is affected by your credit? It depends on the type of loan you’re doing. For government loans like FHA and VA, you have to have the minimum FICO score of 620 to get the best rate available. If you do a conventional loan, your rate is going to be tiered based on the FICO score and the loan-to-value. The rates go up as your score goes down. It’s in your best interest, then, to have the best credit score possible.

What can you do to help maximize your FICO score? There are five components to consider and focus on improving when thinking about purchasing a home:

1. Payment history. Do you pay your credit on time? Whether or not you pay your credit on time, the length of your positive credit history, and the severity and quantity of any delinquencies you might have all factor into this. Simply paying your bills on time will take care of this component. Also, avoid co-signing on loans, because then their late payments become your late payments.
2. Amount owed. Ideally, you want to keep your balance within 30% of your credit limit. For example, if you have a $10,000 line of credit, you wouldn’t want more than $3,000 charged on that line of credit. It’s also important to make sure you’re not maxing out your credit cards and extending yourself beyond your means.
3. Length of credit history. This can count for about 15% of that FICO score. The longer the history, the better. There is a tendency for people to believe the common myth that says they should close accounts that they no longer use. This isn’t true. If you have a good credit history on a card for several years, just try to use it once a quarter to keep it active. Canceling it can erase that good history and negatively impact your credit score.
4. New credit. This accounts for about 10% of your credit score. Research shows that opening several new credit accounts in a short period of time doesn’t necessarily help you establish the kind of credit history you need to elevate your score. This especially concerns those who want a new house but also want to splurge on retail from department stores (Home Depot, Lowe’s, etc.) that will have you using their own separate cards.
5. Type of credit. You want a healthy mix of credit. The ideal mix, according to the credit bureaus, is having two installment loans and three revolving accounts (credit cards) with balances.

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You have to have the minimum FICO score of 620 to get the best rate available.

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Always remember to monitor your credit. You can get a free copy of your credit report once a year at www.annualcreditreport.com. If you’re looking for an amazing mortgage broker to help you purchase a new home, please give Jennifer a call. Her information is listed in the video above.

What’s the Secret to Purchasing Affordable Appliances in Denver?

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Whether you’re a flipper, an investor, a builder, or a property manager, buying appliances can be a real drag. Today, Scott Mace is here to discuss the Bulk Appliance Purchase program, a great option if you are in a situation where you need to buy a handful of appliances at once.

The Bulk Appliance program allows housing manufacturers or builders to purchase bulk appliances at wholesale prices. It allows any combination of appliances, including refrigerators, microwaves, stoves, dishwashers, as well as washers and dryers.

This program is great for people who own rentals and property managers who have to replace appliances in properties every so often. If you’re going to be in the industry for some time, this could save you a lot of cash down the road. All you have to do is apply for a bulk account by reaching out to Scott. He will get you a quote and help you set up packages of exactly what you need. The process is pretty quick, as Scott can manage the packaging, the delivery, and the install because he is a certified project manager.

Instead of just having the stuff delivered to the garage, Scott and his team can install the appliances for you. There are many teams that don’t include these other services, but Scott’s certification as a project manager allows him to help with the entire process. This takes unnecessary stress off of the builder’s, the property manager’s, or the landlord’s shoulders, and allows them to focus on other aspects of their jobs. 

If you would like to reach out to Scott to get more details about the Bulk Appliance program, you can reach him as Scott@MaceCompanies.com or (303) 663-5977. Of course, if you need help on the real estate side of things, feel free to reach out to us at any time. We would love to hear from you! 

Don’t Miss this Episode of Rock Talk with Classic Concrete Raising

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Today, I have Jennifer Strauch with Classic Concrete Raising to discuss mudjacking. I’m sure you’re wondering what it is and why you might need it. I used this company seven years ago when I had a problem with my house.

Jennifer has been doing mudjacking in Colorado for 32 years and this is an alternative to breaking out and replacing sinking concrete. Mudjacking really can only help where concrete has sunken in. Mudjacking is not a structural issue for the property.

If your floors have sunk but your walls have not, then that is a sign that your problem is not a structural issue. Mudjacking is a unique process that raises concrete that has sunk from its once perfect levels back to its original state using high-grade, non-shrinking concrete mixtures. During this process, professionals will attempt to raise the slabs of concrete close to their original grade and alignment. 

The concept of mudjacking is very simple, but should still only be attempted by professionals. The process requires specialized equipment and takes a trained eye to get the job done just right.

This is a great alternative to foam jacking, and mudjacking is more environmentally friendly. Concrete slabs that have been created through foam jacking must be disposed of properly because of the chemicals involved.

If you have any further questions about mudjacking, or if you want to contact Jennifer, please don’t hesitate to contact me!

Need Help Fighting Your Property Taxes in Denver?

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Today I’m joined by Steve from the E Company and he will be explaining how you can protest your property taxes. Steve has been helping people fight their property taxes for more than 27 years and he specializes in commercial but he has a lot of experience with residential as well.

Every other year, on the odd year, counties in Colorado will value your home and the values come out in May. From that date you have 30 days to protest the value if you believe that it is too high or low. Home values have been increasing significantly in Denver lately, but Steve thinks that property tax values are starting to catch up.

You might be overvalued and you may not be, but if you want to appeal, you need to do so by June 1st. What you will need to do is conduct some research to find similar properties to your own. You’ll need to compare these values and then justify why your home is over- or under-valued. The county will respond to you within 30 days, and if you are denied, you then have 15 days to re-appeal. You’ll have to re-submit all of your information. If your re-appeal fails, you can actually take your complaint to a third party, but you need to have a good case if you’re wanting to do this. 

If you have the time to contest your taxes, I would recommend doing so. You will probably need some help from myself and from Steve. Please don’t hesitate to reach out to us!

Keep in mind that if you live outside of Colorado, not all of these instructions will apply to you. Laws differ from state to state, so contact your local Realtor for assistance and guidance when protesting your property taxes.

5 Tips to Earn Top Dollar in Denver

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Today, local stager Angela Rehm joins us to talk about the top five tips to prepare your home for the market. With our advice, you can effectively sell your home for top dollar in the least amount of time.

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Staging your home is also a marketing strategy.

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After Angela took a course and earned accreditation, Staging Homes has been in business for seven years. She’d been staging homes for twenty years. Her business is based in Castle Rock and serves surrounding areas as well. Here’s her advice:

• Neutralize the colors. When selling a home, neutrals will always be preferred. Bright colors can be distracting for buyers, and a buyer might not like them as much.
• Remove all clutter. Get rid of the life stuff, including all the homework your kids have and magnets on the refrigerator.
• Make your home easy to navigate. It should be nearly effortless to walk through your home without bumping into furniture. The “squeeze factor” refers to leaving at least three feet between furniture paths.
• Bring in some style. For instance, if your bed doesn’t have a headboard, consider adding new blankets, throws, decorative pillows, or artwork. Many of these items can be repurposed from other rooms in your home. When you work with me, I have four blankets you can choose from to use inside your staged home!
• Keep it clean. Cleanliness is a big deal. Cleaning your windows makes a huge difference, because they will look brand new. Additionally, Bonda sells a Hardwood High Gloss Floor Polish that does wonders! It will make your hardwood floors shine.

Staging your home is also a marketing strategy. Remember these quick tips when preparing your home for sale! If you’re thinking about buying or selling a home in the surrounding Denver area, give me a call or email today. I’d be happy to serve your needs and connect you with Angela’s business!

Is Zillow the Best Tool for Your Denver Home Search?

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People often ask me if Zillow is a valid website to start a home search on. While I think it's a great place to get started and to see what kind of homes are out there, I don't think you should put much faith in the information displayed on the website. It's notoriously inaccurate.

Zillow gets all of their price data from old public records and tax evaluations. Any additional information, such as if a home has been remodeled, is left out and not factored into the Zestimate. Zillow doesn't make money by selling accurate information to consumers, they charge Realtors to be featured on their site. Their main goal is to help Realtors sell homes.

Occasionally a client will find a home on Zillow and fall in love with it, but they're heartbroken to find out that the listing sold months ago but was still featured on Zillow. This is why you should always work with a Realtor when you're searching for a home.

Your local Realtor can find you homes that aren't even for sale yet. You won't waste any time searching for outdated listings online!