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Penny's Newsletter

The Fourth of July!!!

Hello,

 

Did you Know?
 

 

There’s No Place Like Seat 16E

Sincerly, 

Penny

 

There has been much debate in the media lately about why the Internet hasn’t made buying homes more like buying an airline ticket. This is really a ridiculous notion, when you examine it, because homes are nothing like airline tickets. Here are 10 ways they differ:

 

The Internet has created more informed consumers, but it still can’t cure an illness, protect you in a lawsuit, or help ensure that the biggest investment you’ll ever make is a good one.

 

10. You don’t have to live in an airplane seat for an average of 6 years.
9. Nor will you be paying for it for 30.
8. All the seats are the same (except perhaps for the dreaded middle).
7. There are no schools for your children on that flight from New York to LA.
6. You don’t have to worry about whether your furniture will fit in that aisle seat.
5. The only inspection involved when you fly takes place at airport security.
4. If your seatmates are encroaching on your space, you only have to put up with them for a few hours.
3. You don’t have to get a lender’s approval – complete with three years of W-2s, a list of assets, and a credit history report – to take that trip to Maui (although with today’s gas prices?).
2. Once you buy your ticket, it’s unlikely the airline will decide the deal’s off.
1. Most people don’t get emotionally attached to their seat.

 

10 Surprising Facts About the Fourth of July

Everyone loves Independence Day, the quintessential American holiday, full of parades, picnics, and ... surprising facts? You bet! Be the life of the party--share a few of these tasty nuggets of knowledge with your fellow picnickers this year.

1. Independence Day commemorates the formal adoption of the Declaration of Independence on July 4, 1776. However, it was not declared a legal holiday until 1941.

2. Fireworks were made in China as early as the 11th century. The Chinese used their pyrotechnic mixtures for war rockets and explosives.

3. Uncle Sam was first popularized during the War of 1812, when the term appeared on supply containers. Believe it or not, the U. S. Congress didn't adopt him as a national symbol until 1961.

4. There are many precise rules for taking care of the American flag. And speaking of flag traditions, we're sorry to report that contrary to legend, historical research has failed to confirm that Betsy Ross sewed the first flag.

5. Not all members of the Continental Congress supported a formal Declaration of Independence, but those who did were passionate about it. One representative rode 80 miles by horseback to reach Philadelphia and break a tie in support of independence.

6. The first two versions of the Liberty Bell were defective and had to be melted down and recast. The third version rang every Fourth of July from 1778 to 1835, when, according to tradition, it cracked as it was being tolled for the death of Chief Justice John Marshall.

7. The American national anthem, the "Star-Spangled Banner," is set to the tune of an English drinking song ("To Anacreon in Heaven").

8. The iron framework of the Statue of Liberty was devised by French engineer Alexandre-Gustave Eiffel*, who also built the Eiffel Tower in Paris.

9. The patriotic poem "America the Beautiful" was published on July 4, 1895 by Wellesley College professor Katharine Lee Bates*.

10. Father of the country and architect of independence George Washington held his first public office at the tender age of 17. He continued in public service until his death in 1799.

HAPPY 4TH OF JULY!

Talk to Penny!

Flawed Credit History? Homeownership Is Still Possible

Besides lack of a down payment, bad credit is one of the biggest obstacles to homeownership.  However, just because you have blemishes on your credit doesn't mean that it has to be a dream deferred. It just means that you need to go into the homebuying process knowledgeable about the challenges you may face.

 

One of the first things you should do is set a timetable for when you would like to buy a home. Depending on how damaged your credit is, you may want to put off buying a home for another year. Use that time to repair your credit by paying off creditors and create a history of paying your bills on time and consistently. Next, find out what your credit reports say about you. I suggest ordering a credit report from all three of the main credit reporting agencies: Equifax (800-685-1111), Experian (888-397-3742), and TransUnion (800-888-4213), because not all creditors report information to the same agencies. Once you have the report in hand, study it to make sure that the information is accurate. If there are discrepancies, make sure you follow the steps provided by the credit-reporting agency to dispute the information and get it changed. In addition, you may want to add a consumer statement on your credit report to explain any late or non-payment to creditors.

 

When you are ready to apply for a loan, realize that your previous credit history may limit your eligibility for prime loans and low interest rates. When lenders are deciding on whether to issue a potential borrower a loan, they use various criteria in addition to payment history to evaluate the borrower such as employment, income, assets and liabilities. Based on this evaluation, borrowers are offered loans rated on a scale from A to D. The more damaged your credit history, the higher of a risk you are to lenders.  Because of your blemished credit history, you will more than likely have to get a “sub-prime” loan. These types of loans come with higher interest rates and more points. Don’t assume that just because a lender offers sub-prime loans, that you will automatically be embraced. Be prepared to explain to the lender why you had credit problems and what you have done to prevent the situation from occurring in the future.

 

A lender I reccomend who works well with us is Jim Kelly with Olymic Northwest Mortgage.  Jim does a lot of loans for our buyers and has shown he will always go the extra mile.  Jim can be reached at (360) 337-0131 or jkelley@olynorthwest.com

 

 

Thanks for reading my newsletter, and please feel free to forward this email in it's entirety to anyone you feel would benefit from it.

 

 

Penny

 

Phone: (360) 697-9966 Toll free: (888) 777-1413