Your Credit Score

27 Aug

8.27.14 Credit ScoreRecently there has been a lot of press about the new FICO 09 credit scoring model. The most significant changes are the impact of medical collections on an individual’s credit score and the removal of penalties resulting from debts assigned to collection agencies that are now paid in full. Consumers with limited credit profiles are most likely to be impacted by the changes.

While these changes are a step in the right direction, mortgage customers hoping to use this new model to improve their qualifications for a loan will have to wait. The agencies who use the FICO scores – FNMA and Freddie Mac – have no plans to approve and accept these changes at this time.

The new FICO model will likely be adopted in other areas of lending, including consumer loans, credit cards and auto loans – but not mortgage.

But here’s the good news. As a potential homebuyer, you have the ability to improve your credit score under the current models. The best first step is to have an Allen Tate Mortgage Consultant meet with you and review your credit so you have a good idea where you stand and what you qualify for. Financing options exist even at credit scores in the 620-640 range.

Bringing current any late payments and paying down your revolving debt to less than 50 percent of your total credit available will also improve your credit score under the current FICO model used today. While this may take a bit of time and discipline, an increase in your credit score can mean finally qualifying for a mortgage loan or getting the very best interest rate.

Don’t wait for the new FICO 09 credit scoring model to be accepted. Act now to improve your score, secure a loan and enjoy your new home.

For more information about improving your credit score, talk to your Allen Tate Mortgage Consultant.

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By: Lisa Green (Vice President of Loan Origination)

Allen Tate Mortgage NMLS# 79543

Loans available in NC/SC

All loans subject to credit and collateral approval.

Hello, Belmont!

25 Aug

8.25.14 Belmont - New office photoNestled between Gastonia and Charlotte and bordered by Lake Wylie and the Catawba River, the charming community of Belmont, North Carolina has a rich history – and a bright future. Once a bustling textile town, Belmont is now a success story of thriving growth and redevelopment.

And Belmont’s newest resident is Allen Tate Realtors®.

Last week, Allen Tate opened the doors on its 40th office at 203 Glenway Street. Just a block off of Main Street, the Tate office personifies both Belmont’s past and promise. The office is located in a quaint brick home – as you might expect in a small, Southern town, complete with a warm and welcoming sunroom that serves as conference space, overlooking meticulously landscaped grounds.

But inside, you’ll find a flex-space design to accommodate up to 12 agents and staff, including those who prefer to work “on the go” and stop in the office to utilize one of the “landing pads.”

While Allen Tate has always served the Belmont community from its Gastonia office, the new location will offer easy access for both Realtors and customers. It’s just across from the post office, with easy street parking in front and a lot across the street.

“Belmont is a unique community, rich in Southern charm and traditions. From high school football to events like Friday Night Live, the Criterium Bike Race and the annual Garibaldi Festival, there’s always something to do in Belmont,” said Angela Dole, Allen Tate regional vice president and branch leader of the Allen Tate Gastonia and Belmont offices.

Belmont has become increasingly popular with residents and tourists alike, with attractive destinations including Daniel Stowe Botanical Garden, Belmont Abbey College, the Downtown Belmont Historic District, Stowe Park and the nearby U.S. National Whitewater Center.

Homebuyers like the diverse variety of properties available in Belmont. From stately historic homes to lakefront living to new construction communities, Belmont is a great place to call home – and Allen Tate is happy to be here.

Looking for a home convenient to Gastonia or Charlotte? Give us a call or stop by our office and introduce yourself!

Pat Riley
President and Chief Operating Officer, Allen Tate Company

Luxury Lakeside Living

22 Aug

8.22.14 LPI logo for blogHere in the Carolinas we have several lakes with exceptional views. As an affiliate of Luxury Portfolio International, Allen Tate Realtors offers a seller’s property exposure to luxury buyers on a global basis.

The award-winning website, luxuryportfolio.com has luxury listings from 47 states and 30 countries and visitors from over 200 countries monthly. Here are some beautiful homes with lakefront views from around the world, courtesy of Luxury Portfolio International.

A Look at Lakeside Luxury

If your idea of paradise includes the beach, boating or bonfires, chances are you’d enjoy a house by the lake. With pristine views, total tranquility and the promise of plenty of outdoor fun, who wouldn’t? We found three exceptional properties that demonstrate lakeside living at its finest. (Continue reading …)

Dreams really can come true

20 Aug

8.20.14 Dream jobThere is an old saying to be careful what you wish for. You might very well get it.

As a recruiter, I often find myself across the table from many trained and respected professionals who became terribly unhappy with their chosen career path. They may have dreamed of their brilliant performance as a defense attorney or perhaps, envisioned themselves as the brain behind the latest trendy ad campaign. But, at some point, those dreams fell short – along with the passion they once had.

Many of their frustrations didn’t stop with unrealized career-path dreams. Many longed for more time with friends and family; many desired fair and unlimited compensation. And more than a few expressed frustration over the lack of ability to actually, truly make a difference – free from the intrusion of the ever-changing corporate structure.

I must admit – it is sad to see these hard-working, dedicated, educated people simply going through the motions, only to find themselves at the end of day with more regret than reward.

Phil Blair, staffing professional and author of the job search book Job-Won, says “Finding a dream job is about finding your passion.”

For many, a real estate career is that dream job – a job that harnesses and nurtures that passion – and allows it to grow.

If:

  • You desire to have a business that can last a lifetime;
  • The thought of helping others fuels your fire;
  • Creating, managing and developing your business your way is what you have been searching for

Then it’s time to create Me, Inc. and find your passion in a real estate career.

Your life, your way. It’s that simple.

Ready to get started? Contact me at Barbara.orourke@allentate.com.

By Barbara O’Rourke, Director of Career Development

Help – I’m a landlord!

18 Aug

8.18.14 LandlordIn working with our Allen Tate Realtor® partners, I am often made aware of situations where a buyer finds their dream home, and rather than sell their current home, elects to rent their home to a tenant. For many people, becoming a landlord is a great alternative to finding a buyer and in many cases, a smart investment and source of income.

But when the occupancy of a home changes, so do the insurance needs. When your home is your primary residence – the place where you lay your head at night – a homeowners insurance policy is written to cover the dwelling, property, and liability.

But once you move out, and a tenant moves in, the type of policy and coverage you need on that home changes drastically. The property is now considered a rental property and must be covered on what is known in the insurance business as a “dwelling fire” form, often referred to as a landlord policy.

This type of insurance policy still covers the dwelling, but personal property coverage is much more limited. This is because most of the personal property within the dwelling will now belong to and become the responsibility of the tenant. The tenant now needs their own renter’s insurance policy to cover their personal property.

To be clear: If something happens to the structure while it’s being rented, your policy will cover it. But if the home catches fire, the tenant’s possessions are only covered if they have a renter’s insurance policy.

Anytime there’s a change with your home – or your life – it’s a good rule of thumb to contact your Allen Tate Insurance agent. We’ll make sure you have the coverage you need, at the most competitive price.

Robin Price
Vice President of Sales, Allen Tate Insurance
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