When you are trying to buy a house, or make any big financial purchase in your life, your credit score plays a huge factor in loan interest rates, approval for a loan, and ultimately how much money you end up being approved for. Now, there are little tips and tricks that can help you raise your credit score which we are going to share with you. Credit is not something that can be fixed overnight, but over time, credit scores can improve and that is something to look forward to.
One organic way to boost your credit score over time is to become an authorized user on someone else’s credit card. Now, there are a couple of things you need to know before you start asking people in your life to be added to their credit card! First, this is a great option to gain a larger credit balance without having to apply for a new credit card or ask for a balance increase on your current credit cards.
When you are added as an authorized user on someone else’s credit card, you gain that available credit on your credit score. For example, say your girlfriend has a Visa credit card with a credit limit of $10,000. If she added you as an additional member of the credit card or authorized user to her card, you would also end up gaining the $10,000 worth of available credit from being added to her already established credit card.
Becoming an authorized user is great for people who might not have the best credit score, and who also don’t want to apply for a new credit card or are unsure if they would be approved for a credit card and may end up getting approved for a low available balance. It’s important to note that if you are added to someone else’s credit card as an authorized user, you are not responsible for making payments on the other user’s card. However, because you are an authorized user, if the card owner misses a payment or maxed-out the card, then that will have a negative effect on your credit and credit score.
So, there are pros and cons to becoming an authorized user on someone else’s credit card. If they are a trustworthy person and handle the responsibility of credit and credit usage very well, it might be worth asking them to add you to their already good credit card. Asking just anyone to become an authorized user is not recommended. Asking your significant other(who you trust/have been with long time) or close relative is highly recommended.
Thinking about becoming an authorized user on someone else’s credit card? Here are some credit card guidelines you should follow for success:
The reason you want the longest standing credit card with on-time payment history and a zero to low balance is that because all those years that the credit card has been in use and paid off on time, all that positive data will transfer over to your credit score when you become an authorized user. Authorized users on credit cards are obviously not the primary cardholders and therefore not responsible to make payments on that credit card. Being added as an authorized user on a family member's credit card won’t drastically change your credit score, but it will help your score organically grow over-time as long as that card stays open, and payments to that card are made on time.
Credit Karma defines credit utilization as, “Your total credit balance divided by credit availability. In other words, your credit utilization rate is a percentage that represents how much you use your available credit. For optimum credit health, this percentage should remain under 30% of your total credit limits at all times.”
This is great credit advice and practice to follow for your own credit health! Anything under 30% credit utilization is considered excellent and can help positively boost your credit score. Home lenders want to see that you can use credit wisely and how well you manage your credit.
The higher your credit utilization score, the more money you owe to the credit cards. The higher your credit card utilization, the higher of a risk you appear to lenders which is not good when you are looking to buy a new home, new car, or any large purchase where you might need a bank to loan you money.
Credit Karma is 100% free to download and free to use. Credit Karma is a great visual way to track your credit and make smart financial decisions when it comes to overall credit health. Once you download Credit Karma and enter in all your personal information, you will be able to see your TransUnion score and your Equifax score. Make sure all the information listed and all the accounts are correct.
Be thorough when checking over all your accounts, and, if you see something that isn’t correct, make sure you notify them in the app.
If you want more information about the difference between TransUnion, Equifax, and more credit help, check out Credit Karma’s Youtube channel for helpful videos. Credit Karma can help you fully understand what your credit history entails and how all your credit cards, student loans, and car loan affect your credit score. As we mature, the more important your credit score plays a role in making those big financial life decisions.
If you are thinking of owning your own home in the near, or distant future, check out our blog post about Home Buying 101 for lots of great tips on how to start your mobile home buying journey. Since June is National Homeownership Month, we want to share as much information with you about the mobile home buying process as possible.
Do you have any first-time home buyer advice you wish someone would’ve told you? Leave us a comment down below! We look forward to hearing from you!
When purchasing a new home, flooring can be a huge deciding factor. Have you ever started the home buying process and noticed the first thing you want to change is the flooring? Guilty as charged! Flooring, to some people, is a pretty important feature in a new home.
A good, clean flooring option can be the deciding factor in purchasing a new home or remodeling an older home to fit your needs. Flooring ties all the furniture together and really grounds every single room. Having great looking flooring is important, but having functional flooring is essential!
Flooring needs to be durable, easy to clean, and functional. Our luxury vinyl lino flooring is highly durable and stands up to the normal house-hold wear-and-tear. Vinyl flooring, which is a synthetic cousin of linoleum, can stand up to pet stains, all types of dirt, and daily liquid spills.
One of the biggest reasons that rolled vinyl flooring is such a great option for mobile homes and for modular homes is the fact that vinyl flooring is 100% water-resistant. Being that the flooring is water-resistant means that surface water and spills won’t have an effect on the flooring. Vinyl flooring is great for high-traffic rooms such as kitchens, bathrooms, and living room areas that are shared by many family members.
Rolled vinyl flooring is also great for pet lovers and owners because, as we all know, sometimes pets have accidents and having vinyl flooring is a great option for easy cleanup and future maintenance of your floors.
Home benefits of Vinyl Flooring:
Vinyl flooring has become very popular these days and many businesses use vinyl flooring because it’s so durable and easy to maintain over the long lifespan of the flooring. Many new apartments and site-built homes use vinyl flooring because of the benefits and the desired, clean look of vinyl flooring. Because of its durability, vinyl flooring can be installed on almost any subflooring which is great for manufacturers and homeowners who want to give their current home a floor-lift.
We build our homes with tongue and groove O.S.B floor decking that is further secured together with a high-performance nail-gun. Then, our rolled lino is rolled on top of the tongue and groove O.S.B floor decking to create a seamless flooring finish to each and every home, unless otherwise specified! We still offer other flooring options such as wood grain plank tile and 21oz luxury carpet since we know not every customer wants vinyl flooring in every single room.
Our woodgrain plank tile comes twice as thick as sheet-vinyl flooring and comes in 12” wide by 36” wide planks. Woodgrain plank tile is also long-lasting and nearly indestructible. However, our woodgrain plank tile at this time does not come standard on all our homes like the rolled vinyl flooring. It’s an upgraded option for those customers who prefer that woodgrain tile look in their home.
Our luxury rolled vinyl lino now comes standard on our 12’, 16’, 24’, and 32’ home models. We believe that our rolled vinyl flooring is some of the best vinyl flooring options in the industry. This is why we make our vinyl flooring come as a standard feature in each and every home we build. Because of its durability and functionality in the home, we see it as the best, most affordable flooring option for our customers!
To see what other features come standard in a Legacy home, click here to view our standard feature construction.
Do you have vinyl flooring in your home? Would you upgrade your home with vinyl flooring in the future? We know we sure would! As always, we look forward to hearing from you in the comment section below!
This Mother’s Day might look a little bit different from past Mother’s day due to the pandemic that has swept across the nation and the world. Not everyone is going to be fortunate enough to spend Mother’s day with their mothers, let alone stay within 6 feet of them(hi, social distancing)! But there are some great gifts and ways you can make the mother figure in your life feel special on their very special day.
Here is our list of top gifting ideas for Mother’s Day for those special moms in your life. What is a show-stopping Mother’s day gift you gave or received? We always look forward to hearing from you, so leave your top Mother’s day gifts in the comments section below.
Here are some great online retailers to hopefully get you inspired for Mom’s special day(or future birthdays!)…
Another great idea for Mother’s Day weekend that doesn’t take too much planning is cooking a meal for Mom. Whether she loves breakfast-in-bed, late-night snack foods, or a comforting meal that brings her family home, cooking for your Mom is something you can’t just order online for her. She will appreciate not only the thought but also the effort as well.
Also, don’t feel pressured to make her favorite food! If your Mom is the chef of the house, getting her favorite take out food for dinner would mean she can focus on spending time with everyone, and less timing cooking in the kitchen for her special day.
Moms love receiving pictures of their children and grandchildren, so making a photo collage or giving her updated photo prints will surely bring a smile to Mom’s face. Especially if she hasn’t been able to visit or see the kiddos lately due to the pandemic. Vistaprint and Shutterfly have great gifts that allow you to use your cute photos and print them on custom throw pillows, sleeping blankets, and mugs.
Whether you are close in proximity to your mom or keeping social distance for everyone’s health and safety, you can always make her day special with a text message, meaningful post on Facebook, or simple phone call. Just hearing the words, “Happy Mother’s Day” is special so don’t overthink it.
No matter how you decide to spoil your Mother this Mother’s Day, remember that material gifts fade in time, but memories last forever. Document her special day and let Mom know how much you love and appreciate her. She won’t forget what you did for her when she looks back on this Mother’s Day together.
When you’re ready to take your Mother’s Day gifting to the next level, check out these fabulously functioning tiny homes for Mom, or Dad’s, next “she-shed”, hunting cabin, or lake house!
When choosing the right home, there are many factors that are equally important in the decision-making process. And the whole thing can seem overwhelming at first! As you start thinking about the many factors before buying a mobile home, you may forget about the things you should avoid doing before buying a mobile home. We came up with a shortlist of some top things you might want to avoid doing before buying a mobile home.
As always, please leave your feedback in the comments below! What lessons did you learn before buying a house? What did you learn to avoid doing before buying your next home? We look forward to hearing from you.
Now, let’s get into the top things to avoid before buying a mobile home.
We understand life happens and sometimes you forget to pay the bills on time. We are human too. If this can be avoided, you want to set yourself up for success and make sure you are paying all your bills on time and that you don’t miss any loan payments. Missing loan payments does not reflect highly on your credit score, and it’s not setting yourself up for success when it comes to a future home loan.
The bank is going to see that you missed a loan payment which will have a negative impact on your credit score, as well as your overall credit history. Banking institutions are worse than your ex-boyfriend and will hold onto that missed loan payment(s) for over 7-years before it "falls off" your credit score. Seven years? Um, nobody has time for that! Set yourself up for success and set your loan payments to auto-pay so you don’t ever have to worry about missing a payment, again.
Now, we understand that not everyone trusts the banking system and some people don't like the idea of having payments set to auto-pay. If you don’t like having payments automatically deducted from your bank account, be smart and set a reminder on your phone a week or so before the bill is due. With a week reminder, that should allow the payment to process before the bill is due, or considered late. However, check with your banking institution to see how long it takes for money to be deposited to be sure a week is enough time. You may need more time for the money to process your loan payment.
Avoid changing jobs is a big one because some times things happen where you need to take a new job position with a pay raise, to be able to afford a new home. You don’t want to turn down an opportunity that might not come around again, right? This is where having a financial gameplan is important because let’s face it, life can be very unpredictable.
You want to avoid changing jobs right before buying a new home because financial institutions who will be providing you with a home loan are going to look at how long you’ve lived in-state, what your job history looks like from the last two years, and of course what your financial status is in terms of income and credit. As you know, they are going to look into your credit and your credit history when you are applying for any type of loan. They want to see how you have managed borrowed money over the years as well as your debt-to-income ratio. Institutions will also look at your current income as well as your employment history.
If you know that you are going to need a new home within the next 3 months because let’s say your lease is up on your apartment, you might want to hold off on changing jobs. It takes, on average, 30-45 days for your credit report to update. So if you needed to move in the next 3 months, that wouldn't give you more than a couple of months to raise your credit score and have it reflect on your credit report for when the financial institution pulls your credit history.
You want your credit score to be the best it can be so you snag the best loan! If you have more time to work on your credit, let's say 6 months before you apply for a home loan, the better the loan will be because your credit score will be better, and your credit history will show improvement over time. If you are planning to move in a year or more than you should consider changing jobs if it means a raise and future growth within the company towards your career. Financial institutions are going to look into your financial past, and so if your past credit history looks good, then changing a job within a year is not as much of a factor.
If you can continue working at your current employer until you lock-down a new home, then you can really put your focus on getting a new job without worrying about all the stresses(but also many joys) that come with looking for a home.
Most people have the same bank account for the majority of their adult life. If you’ve been a member of your bank for as long as you can remember and you trust them with your money, then why would you go anywhere else? Having a bank account at a financial institution for an extended period is great for when you are applying for a home loan.
Because you’ve been a member at that banking institution for X number of years, they will be more likely to work with you on home loan options and getting you a better rate when you apply for a home loan. If you join a new bank a month before you plan on purchasing a new mobile home, then that bank might not be able to work with you to give you the best home loan since you have not been a member of the institution for very long. You haven’t had time to build up that banking relationship and financial trust with that new financial institution.
Having a good, long-standing relationship with your bank can be a bonus when applying for a home loan so don’t start banking at a new institution if you are looking to move in the near future.
Now, I am certainly not the one to talk about emotions because empathy runs deep through my veins. However, it’s important to note that when you are planning to buy a mobile home, or a tiny house, or an Ultimate home, try to keep your emotions in check the best you can. The home buying process can be a rollercoaster at times.
It’s totally OK to get excited about a new home and the success of finding something perfect for you and your family! Sharing that success with family and friends is one of the best parts of owning your own home. But just know that buying a new home is a whole lotta process and there are going to be exciting parts of the home buying journey and the not-so-exciting parts of the home buying journey as well.
You may get frustrated trying to find land for your new home or trying to find a mobile home park to live in or trying to find a mobile home to fit all your needs. But that’s why working with people who are connected in the industry and who’ve been selling mobile homes for years is the key to success. You need to find a mobile home dealer that you can trust and who will listen to your housing needs, and find you that perfect new home to fit your budget.
We hope that your journey to find a new mobile home can start with us here at Legacy Housing! We sell our furniture-friendly, mobile homes and tiny houses to over 100+ dealers in America. Many of these mobile home dealerships are local, family-owned businesses providing an affordable housing option right in your very home-town.
To find a Legacy Housing dealer near you, click here!
Happy Mobile Home Shopping!