Study: Rental Payment History Can Help Boosts Credit Scores

This is an great article out of the Realtor Online Magazine. If you have a good rental history it can help you out with your credit score... If you have any questions please feel free to contact us here at www.MilitaryRelocationConnection.com

DAILY REAL ESTATE NEWS | FRIDAY, AUGUST 08, 2014

The addition of rental payment data to credit files may help more potential renters become home owners.

Experian became the first credit reporting agency to add on-time rental payments to its database. It recently conducted an analysis to determine how the added rental information has aided consumers’ credit files.

For the previous unscoreable, adding the rental data has now allowed them to have a credit score, with the majority now falling in the least risky prime category too, Experian’s analysis shows.The study found that subprime and nonprime residents saw the greatest positive score impact by the addition of rental histories. Nineteen percent of the study participants that were considered subprime moved to at least one higher – or less risky – risk segment by the addition, opening them up to more affordable credit and additional credit opportunities, the study noted.

“Consumer financing rapidly changed during the economic upheaval, and regulatory changes forced lenders to tighten the standards for the underwriting process,” says Genevieve Juillard, president of Experian Consumer Information Services. “This excluded many Americans from the opportunity to attain credit due to a limited or no credit history. Residents who pay their rent on time month after month should be rewarded and not overlooked simply because they rent instead of own the place they call home.”

Source: Experian

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Budgeting Basics for Homeowners

I believe when you are going to own a home there are so many things you have to watch and one is you really have to budget. Although most people really have to tighten their belts so to speak, it is well worth it. So this article was sent to me by Pillar to Post Home Inspecitons, please take to read it and if you have any questions please feel free to get in touch with us at  www.MilitaryRCN.com

A new home often means making significant adjustments to how you spend your money. Expenses such as mortgage payments, property taxes, insurance, utilities, and maintenance add up quickly and can easily throw your best financial intentions out of whack. Creating and following a budget is a great way to make sure you stay on track while cutting down on financial stress at the same time.

Having a budget gives you a roadmap for your financial needs and goals. Yes, your monthly home-related expenses need to be met, but you’ll also need to consider much more: food, clothing, education, healthcare, transportation, and savings for both retirement and emergency expenses.

As a homeowner, you’ll definitely have unexpected costs that arise at inconvenient times – the water heater needs replacing, or the roof needs repair right away. Having a way to cover these expenses is critical not only to your home but to your peace of mind.

Start your budget planning by examining your income against your expenses. First, list your monthly income – your take-home pay if you get a paycheck, self-employment income, and any other outside sources of income. This amount will form the basis of your budget.

Next, make a list of your monthly fixed expenses. These include the mortgage payment, insurance, phone and internet service, trash collection, automobile payments, etc. For expenses that are typically billed less frequently, such as property taxes, insurance, and school tuition, divide the total yearly amount by 12. Fluctuating costs such as gas and electric bills can be averaged to a monthly total and added to this list as well. If you carry credit card balances, you’ll need to factor in those payments, too. Importantly, savings should be considered fixed expenses – making this commitment to your future will pay off, literally, in the years to come.

Now you can list your variable expenses. These are expenses over which you have some control: food, clothing, cable or satellite TV, gasoline, entertainment, gym memberships, and even haircuts are some typical examples. Track these expenses for a few months so that you’ll have accurate numbers to work with. It’s very important to be realistic about what you currently spend, because once you’ve come up with your overall expense budget you may need to look for reductions in these variable items.

Add your fixed and variable expenses together and compare them to your monthly income. If your income is enough to cover everything, you can still look for ways to budget in your favor. Reducing some variable expenses and shifting the difference into savings, for example, is a great way to boost your financial situation without making major changes.

And if expenses exceed income?  If an increase in income isn’t on the horizon, you’ll need to reduce your expenses so that they’re in line with what you can actually afford. First, go to your list of variable expenses and closely consider each line item. Do you really need that upper-tier cable TV package? Can you prepare more meals at home?  Go to the movies less often? Reducing expenses in these categories can really add up on a monthly basis.

If reducing your variable costs still isn’t enough, you’ll need to look at your fixed expenses. Consider trading down to a car with payments you can afford and raising the deductibles on your home and auto insurance. Check into cheaper plans for your cell phones. The differences can be significant over the course of a year.

No matter how carefully you plan your budget, it won’t work if you don’t stick to it. Use personal finance software to track your budget, and continue to make adjustments over time. By keeping to your budget, you’ll come out ahead and sleep better at night, too.

Thanks for stopping by today and please take time to take a look at our blog again tomorrow.

Add the KW App to your phone for a great home search tool!!!!

For a great app for use of  your home search go to www.LynnNicholsApp.com, you can use this app anywhere in the country, it is GPS driven. It has so many great functions, and you can share it with whoever you like. If there are any questions please contact us here at the Military Relocation Connection Network.

Introducing our newest Realtor, Jim Muscatell

The Military Relocation Connection Network is happy to announce it's newest Realtor from the state of Washington, Jim Muscatell. So here in his own words is a little about him.

I retired from the military as a Brigadier General after 35 years and we returned home to Puyallup Washington.  I started the next chapter of my life as a Real Estate Agent with Gateway.  My wife is an interior decorator and offering free staging advice for my listings through 2014.

People are my passion! As a servant leader I led thousands in the military.  Now I continue serving others by helping them accomplish their real estate dreams.  I promise the highest level of customer service while assisting you in achieving your real estate goals.  We commit to treat your dream as if it was our own.

The most important part of my job is to listen carefully to your wants and needs. I promise to always communicate and promptly return your text, calls and emails.

On my website you can search MLS listings, get the latest Real Estate news and even explore bank owned properties in Puyallup, Spanaway, Graham, Lakewood and Bonney Lake/Lake Tapps.

Sincerely,

 Jim Muscatell Real Estate Broker                              

Phone: 253-254-8547

Email: Jim.Muscatell@gatewayre.com

Website: JimMuscatell.com

Facebook: www.facebook.com/jimmuscatellreator

         

New Listing in Clayton, New York

This new listing is presented by our Realtor in New York, Melanie Curley. Melanie sevices the Fort Drum military base. She has been with the Military Relocation Connection Network since the beginning when we first started in 2009. Please take a look at her new listing in Clayton New York. Just click on the picture and it will give you a virtual tour.

Here at the Military Relocation Connection we can help you from your current station to your next station. Please contact with any Relocation questions you may have.

Aloha from Hawaii, where this beautiful home is for sale

Good Afternoon Everyone. Our Realtor located in Hawaii, Wanda Ortiz Thayne has a great new listing that I would like to share with you. You can click on the picture and take a tour. If have a PCS move to Hawaii please call Wanda, she will take care of you. If you have any other Real Estate needs anywhere in the country please contact us here at the Military Relocation Connection Network and let us help you.

5 Tips for Creating a Fun-Filled PCS Trip

Found this great article on Military by Owner website. Knowing that it is PCS season thought this may have some fun ideas. As always if there is anything the Military Relocation Connection Network can do please contact us, we can help you to and from your next station.

Whether you are planning your PCS route or taking a Griswold type family vacation, it can be a great opportunity to see some amazing sights across this great country. Better yet, there are a number of opportunities for military service members and their families to minimize the financial toll of the trip.

National Parks

There are more than 2,000 federal recreation sites across the United States and the National Park Service is offering a free Annual Pass to all military members and dependents in the Army, Navy, Air Force, Marines and Coast Guard, as well as Reserve and National Guard members with valid military ID.

Annual Pass for U.S. Military holders will receive the following benefits:

“Free admission at sites that charge entrance or standard amenity fees for one full year from the month obtained (through last day of that month).

• Allows pass owner and accompanying passengers in a single, private, non-commercial vehicle to enter federally operated recreation sites across the country.
• Covers the pass owner and three (3) accompanying adults age 16 and older at sites where per person entrance fees are charged. No entry fee charged for children 15 and under.

The pass does not cover or provide a discount on expanded amenity fees such as camping, boat launch or interpretive fees.”

(National Park Service Website http://www.nps.gov)

Passes can be obtained at Federal sites that charge an entrance fee, a list of which can be found here.

If you are PCSing with more than one vehicle, keep in mind that the pass is only valid for one vehicle and its passengers. However, if another military member or dependent is operating the other vehicle, you may want to inquire about obtaining a second Annual Pass.

With the number of incredible national parks, this Annual Pass is a great way to make the most of your summer travels.

U.S. Army Corps of Engineers (USACE) Military Fee Waiver

The U.S. Army Corps of Engineers is now accepting the National Park Annual Pass for U.S. Military at the more than 2,500 USACE managed recreation areas, which include boat launches and swimming areas across the United States.

They also waive the camping fees for active duty military members and their dependents that are currently deployed or have just returned from deployment. To qualify for the camping waiver, the member or dependent must present a copy of leave orders as well as military ID or Annual Pass.

If you are truly adventuresome during your PCS move, you could camp for a night, which would certainly cut down on any lodging expenses. Otherwise, this is just a great opportunity for summer family fun!

View a list of the USACE sites across the country.

Blue Star Museums

Stopping at a children’s museum during a PCS move can be a great way to let the kids run off some energy. Of course, visiting a museum is also a great way to beat the summer heat.

Blue Star Museums is offering free admission for military families at more than 2,000 art centers, museums and exhibits through Labor Day, so be sure to take advantage of this incredible opportunity.

Find a Blue Star Museum near you or along your route

Diners, Drive-Ins and Dives

Any fan of the Food Network will be familiar with Guy Fieri’s show Diners, Drive-Ins and Dives, where he showcases the hole-in-the-wall restaurants that only the locals would know and love. Everyone loves to eat and what better way to try out some local flavor than to map out stops at some of the DDD’s that Guy has visited?

If you are traveling with kids, this is another way to involve them in the planning process by having them choose different places to stop. This may also eliminate any complaints about where you are stopping for lunch.

Oddly enough it seems, I am not the only fan of DDD, as there is an individual who has mapped out each stop that Guy has made and has created a Google map that provides the name, address, phone number, web address and quotes from what Guy had to say about the restaurant. This is a great way to plot out the stops along your route.

Cool Stops & Side Trips

There is no shortage of fun, odd, beautiful and amazing things to see across this great land and there is no better time than during a PCS trip to take advantage of the opportunity to stop and see the sights.

If you have planned out your route and have set stops for each evening, visit the Chamber of Commerce website for the area to see what type of events or entertainment may be taking place while you are there. Catch a minor league baseball game, visit an art festival, play at a park or catch a concert while you are in town. After driving all day, it may just be the thing you need to gather your energy to drive on. Stopping on side trips to see the Meteor Crater, the World’s Largest Ball of Twine or The Amazing Maize Maze may be the thing that makes this the most memorable trip of your life!

To help you get started with your travel plans, we have included some fun sights and side trips along the most frequently traveled PCS routes. If you have some fun ideas of places to stop or things to see, please share them with us.

Travels along I-40	Travels along I-10	Travels along I-80