Tag: mortgage

Financial Essentials to Prioritize when You Own a Home

Owning a home is one of the biggest and most important, if not the biggest and most important, financial responsibilities people take on in their lifetimes. Knowing which financial priorities to put first can be challenging, and many first-time homeowners can feel lost in the confusing world of mortgage payments, property taxes, and equity ownership.

We’ll help you clear a few things up. This post will walk you through which financial essentials you need to prioritize when you own a home. Whether you’re considering buying a home in the future, you’re a first-time homeowner, or you just need a refresher, check out this list to help get your home finances on track. 

Mortgage Payments

You guessed it: the first thing that you should absolutely prioritize when you own a home is making payments on your mortgage. A mortgage is a loan from a bank; the bank purchases the house, then you pay them back for it with interest.

For most people, purchasing a home outright isn’t exactly an option, so a mortgage is a way to make homeownership affordable. Mortgages require that you pay back the money you borrowed in monthly installments, so if you own a house, making sure you pay those installments is essential.

If you fail to pay your mortgage on time for a number of months, you may be subject to penalties imposed by the bank from which you borrowed the money. If you get far behind enough, you may get evicted. A good idea is not to take on a mortgage that requires payments more than 30% of your monthly income. However, the lower, the better.

Emergency Fund

Life happens. You might lose your job, or be faced with a large medical bill, or face expensive car repairs. That means that establishing an emergency fund is an important part of homeownership, as your ability to keep up mortgage payments will depend on having enough cash around in case your usual revenue stream dries up.

How much should you have on hand? The exact amount will vary depending on your personal finances. However, a good rule of thumb is to have somewhere between 3 and 6 months’ worth of wages saved up and easily accessible.

That may sound like an insurmountable task, but if you’re diligent about saving, it can be done. Start by aiming for having 3 months’ worth saved up. Then, once you’re there, slowly and steadily try to keep saving until you hit 6 months. Even if it’s a slog, your future self — the one with a sudden emergency — will thank you. 

Upkeep & Expenses

The next financial essential to prioritize is the regular upkeep, maintenance, and expenses that come with owning a home. Many first-time homeowners are surprised by how many unforeseen expenses pop up when you have a house. Here are a few to keep in mind: 

  • Gardening & housekeeping
  • Plumbing repairs
  • Electrical repairs
  • HOA fees (if they apply)
  • Reroofing, when necessary

Another expense to keep in mind is the property tax rate in your area. Property tax rates vary by state and by county, so you’ll need to research your specific county’s tax rate to know how much to set aside. Even for those who have completely paid off their mortgage, property taxes remain an expense to plan ahead for. 

Of course, that’s not an exhaustive list, and something might come up that you hadn’t anticipated at all. If you plan ahead, however, and keep money stashed aside to put toward housing needs, you’ll be in a much better financial position to tackle expenses as they arise. 

Childcare

Not everyone who owns a house decides to have children, but for many, owning a home coincides with starting a family and having kids. If that’s your situation, and you’re considering having kids, it’s key that you financially plan ahead to the many expenses that come along with them.

Here is a handy list of a few of the expenses that come along with having a child, so you can more easily factor them into your budget:

  • A two-bedroom home, so your child can have their own room
  • Monthly baby care expenses like diapers, baby food, and doctor’s visits
  • Larger grocery budget to account for children’s meals
  • School supplies and expenses related to school trips and events
  • Children’s clothing and shoes
  • Medical expenses, like doctor’s visits, prescription medicine, vaccinations

If you do plan on having kids in the near future, or you already have some, It’s important to factor in all these expenses before deciding on a home to purchase. 

Your Will

Lastly, it’s critical that homeowners consider their wills. As we stated before, your home is often one of the biggest, most important purchases of your life. For many, it’s the largest asset they own. That means that, if they should have an untimely passing, knowing who the home will transfer ownership to is essential. 

It’s an unpleasant thing to have to think about, but in the long run, your next of kin will be glad for it. All too often, people pass on without having established a will, which can lead their family to fight over the property and assets that the deceased has left behind. In order to save your family that pain and frustration (in addition to the pain they would feel if you did pass away), it’s wise to establish a clear and direct will. 

If you’re not sure where to start, don’t worry; you’re not alone. There are plenty of resources available for those who want to establish their will. Online will services are one accessible option that many choose to use. You may also simply see if there are any law firms in your area that will help you put your will together.

Owning a home is a huge financial responsibility. However, with the right planning and prioritizing, you’ll find that the satisfaction of owning your own home is well worth all the financial effort that goes into it. 

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5 Ways to Make Your Laundry Room Work Better for Your Family

With most home washers and dryers stuck in a basement cellar or dingy garage, it can be hard to get laundry to feel like anything other than a boring chore. It feels counterproductive to handle laundry in a space that’s not pristine, and with no structure or space to a laundry room, those clean clothes too often become piles of unfolded laundry cluttering up other rooms in the house. 

Luckily, there are a few easy ways to spruce up your laundry room to make it a better place to wash, dry, and fold clothes for your family. From creative storage to just the right lighting, here are five ways to make your laundry room work better for your family. 

Close Off Your Laundry Room

First things first: make your laundry room into a distinct section of the house or room. If your washer and dryer are currently in a corner of a larger room, basement, or garage, create a distinct divider that makes the room its own space. 

Your laundry room may be more of a laundry closet, but you can still use a trendy divider that will help keep the laundry out of sight when you have company over or just can’t think about folding socks right now. For minimum effort and cost, a curtain rod and curtains can provide that division in any design you desire. 

Closing off your laundry room will not only separate your dirty laundry from the rest of your house, but also will provide a sound barrier so you won’t complain about the noise your washer and dryer make.

Other dividers, like barn doors or bamboo panels, are other great ideas based on the layout of your laundry room and the decor style of your house. You don’t have to break the bank to update your laundry room but it might be wise to factor in these costs as part of your financial goals for the year.

Install Good Lighting

Too many laundry rooms feel dim or dingy because the basement or garage lighting is subpar. Treat your laundry room lighting like any other room in the house, and invest in making it work for the space you have. 

Strong overhead lighting might be the best choice for your laundry room, but consider softer, subtler recessed lighting or lighting dedicated to your work surfaces for the best experience. If your laundry room is large and may function as a utility room for other projects as well, be sure to take that into consideration too—you’ll want excellent lighting if you’re ever refinishing furniture or mending torn clothes. 

Good lighting in your laundry room helps brighten the space and makes it feel like a place you want to spend time, rather than a place you are obligated to visit. 

Choose the Right Sink

No laundry room is complete without a sink. Hand wash your delicates, rinse out stains, and use it as a general utility sink for messy household projects. The best laundry room sink for your family can be a great improvement and will depend on a variety of factors, including laundry room space and whether you intend to use it for more than just rinsing clothes. 

Utility sinks are popular for many laundry rooms, as they have a large volume and deep basin. This makes it easy to thoroughly rinse out any article of clothing, even bulky things like jeans and sweaters. They’re also ideal for other household needs, like watering plants or even washing pets. 

These sinks are often installed as standalone items, but you can incorporate them into the rest of your laundry room with creative coverings to make a flat surface for folding and hide storage underneath. 

If you don’t have the space or budget for a massive utility sink, a smaller sink of any sort will still make it easier to do laundry. Make sure you install it near the washer for easy transfer of wet items, and try to preserve as much counter space as possible for folding. 

Choosing a quality sink will not only allow for ease of use, but should also hold up over time. Buying a sink that can stand the test of time is hugely important when owning a home, especially as you get older and can’t do so many repairs on your own. Quality fixtures could help boost the value of your home, which is important if you choose to sell or apply for a reverse mortgage loan. 

Get Creative with Your Storage

First things first in an ideal laundry room: clear the detergent bottles and dryer sheets off the top of the dryer. This feels like an inevitable layer of clutter in your laundry room, but without it, your laundry room will immediately feel a hundred times more pleasant. 

There are dozens of ways you can set up your laundry room storage in a way that works for you. Cabinets over your workstation or shelves and drawers in between them are common and simple solutions for most houses. Simplifying your space with a minimal approach can have an impact on your mood and clean sheets never hurt a good night’s sleep.

If you have a closet-sized laundry room, a simple shelf above the washer and dryer can hold all the laundry room essentials. Or, some washer and dryer models come with an optional storage drawer underneath the machine, another great option for tiny spaces. 

Regardless of the storage setup you have, don’t let empty bottles of detergent and fabric softener clutter up your space. Get rid of anything no longer being used, and keep smaller items like Tide pens or sewing kits in organizational bins on your shelves. When your laundry room feels neat and tidy, it won’t feel so tedious to do laundry. 

Set Up a Folding Station

The hardest part of doing laundry is getting it from dryer to dresser, neatly folding it in between. We’ve all said we’ll fold it later, only to find a laundry basket full of clean clothes on the couch or dining room table three days later. 

The solution? A folding station right in your laundry room. All you need is a flat surface, which can be in the form of a separate table or just a section of countertop along your washer and dryer. 

Folding clothes within the laundry room keeps the chore of laundry contained to one space instead of taking over your house. You can also build your folding station to precisely the height you’d like to fold clothes, instead of uncomfortably half-sitting on your couch or bed. 

To really level-up your laundry room game, install a curtain rod to hang-dry delicate items that can’t go in the dryer. It’s simple to install and creates a designated space to dry those articles of clothing, rather than hanging them in the bathroom or somewhere else inconvenient. 

Your Laundry Room Can Be Better!

Don’t just take our word for it—start organizing your laundry room today and see how much better it feels to have a special space just for that dreaded chore. Keeping laundry in the laundry room makes it an easier chore to manage and you just might get it done faster. Create a space you like to be in and see how much better your laundry can be done. 

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Unable to Pay Rent During COVID-19

The rent is due. But so much has changed since last month due to the COVID-19 pandemic shutting down businesses everywhere. Millions have lost their jobs or taken pay cuts. Because of this there are people who rent their homes and cannot pay their landlords who in turn can’t pay their mortgage. Some local governments have moved to stop evictions and foreclosures for everyone, and there are even some freezing rent and mortgage payments entirely.

If you are a tenant who can’t pay rent because of the stay-at-home order closing your place of employment, most states urge you to act quickly to uphold your rights.

  • Let your landlord know in writing as soon as possible, no later than 7 days after the rent is due. Make sure that it states that you can’t pay the full rent due to reasons related to COVID-19.
  • Get all documentation together that proves that you are unable to pay your rent. This may include notices of a layoff or reduction in hours, your pay stubs, bank statements, and any medical bills. If you can get a signed letter from your employer that explains the situation – even better.

Then, depending on where you live in America:

  • The $2.2 trillion stimulus package includes a moratorium on all evictions from any buildings financed with a federally backed mortgage. (Fannie Mae, Freddie Mac, Department of Housing and Urban Development)
  • If you are not living in one of those federally financed buildings, there are many states that have issued broad moratoriums on evictions that apply to all rental units, with many lasing 30-90 days.
    • A moratorium means that your rent is deferred, and you will end up with back payments due when this emergency is over. There are advocacy groups calling for the cancellation of rent payments during this crisis which would include full or reduced payments and some further aid from the government.
  • In some states, evictions can’t happen because the court isn’t even in session.
  • There are 12 states that have not stopped evictions.

The Bottom Line: Laws vary by state and even making partial rent payments without coming to an agreement with your landlord won’t keep you from being evicted. Get informed of your rights and then reach out to your landlord. Google “tenants rights” in your city/state. Offer documentation as some renters who are still able to pay rent are unfortunately using this crisis to stop paying. Remember you are not alone. Millions of people around the country are in your shoes. For the most part, landlords want to keep you in your home. Whatever you end up agreeing to with them, get it in writing. Most importantly: keep yourself informed and educated.

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House Not Selling? Rent it? Lower Price?

If your home isn’t selling, you might be tempted to ask your Realtor if you should consider renting it out. There are a lot of factors to consider and often it is best to simply lower the price of your home:

  • How will you respond if your tenant says they can’t afford to pay the rent this month because of more pressing obligations?
  • Because of the economy, many homeowners can no longer make their mortgage payments. What percent of tenants do you think can no longer afford to pay their rent?
  • Have you interviewed a few experienced eviction attorneys in case a challenge does arise?
  • Have you talked to your insurance company about a possible increase in premiums as liability is greater in a non-owner occupied home?
  • Will you allow pets? Cats? Dogs? How big a dog?
  • How will you actually collect the rent? By mail? In-person?
  • Repairs are part of being a landlord. Who will take tenant calls when necessary repairs arise?
  • Do you have a list of craftspeople readily available to handle these repairs?
  • How often will you do a physical inspection of the property?
  • Will you alert your current neighbors that you are renting the house?
  • How much time do you have? When you rent out your home, you still have obligations as an owner. You need to make sure that you’re able to meet your tenants’ needs, such as repairs or emergencies while following all landlord and tenant laws. It helps to contact an experienced lawyer to learn more about these laws, too.
  • Are you financially prepared? Can you cover the cost of the mortgage if a tenant misses rent or if the house sits unoccupied for a few months? What about the cost of emergency repairs?
  • How much do you need to charge? You may want to charge enough rent to cover the cost of your mortgage, taxes, and insurance. If it’s feasible, you might want to set a rent that can partially cover repairs and earn extra income. Make sure that you’re able to ask for enough to prevent it from costing you money — and ask a real estate agent about fair market values in your area. If your rent amount is above fair market value, you may not find a tenant.
  • Can you afford the upkeep? Before putting your house up for rent, make all needed repairs. Take care of any other minor improvements that make the home presentable and allow you to get the rent amount you want.

The Bottom Line: There’s no right or wrong answer when it comes to deciding whether to rent or sell your house. Meet with your Realtor and evaluate your unique situation and make the choice that’s right for your needs and your financial future

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Title Insurance Protection

Having title insurance from Title First Agency will protect you from the possibility of a claim to ownership of your home by someone. It’s hard to believe this can happen, but it is more common than people think. It’s not usually a plot to steal your home but a confusion with the deed. The laws regarding property ownership are complex and when liens come into play, someone may believe they still own a house that was technically taken over by a bank.

Title problems appear when parties want to be repaid loans and bills outstanding by the same property. There is a lender that made the first mortgage; the lender that opened the home equity line of credit; contractors whose unpaid bills resulted in liens on the property; taxing districts; and even homeowners’ associations all lining up to be repaid from the proceeds of the house, it’s easy to see how they might not agree on who gets paid what, and when.

Without a title search, the buyer buys all those problems along with the house. The problems don’t go away just because there is a new owner. There have been examples of homeowners having to sell the house just to pay the bills.

Title searches are required by all lenders to be sure that title problems are cleared up before a home is bought. It’s not for you. It’s for them. If the lender makes a mortgage with another that already has claims against it, that lender is going to lose that money.

The Bottom Line: The title is proof that a piece of property is legally owned. It’s an extremely important document. Without a clear title, you are taking a tremendous gamble in purchasing a house or other property. The experts at Title First Agency oversee and perform thousands of closings each year. When using Title First, you can sign confidently on the dotted line knowing that all the details of your title transfer and closing are in proper order. We are here to answer any questions you may have about buying or selling a home, and our team will guide you through the entire process.

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Title Insurance on New Construction Home

Most people know how important it is to have title insurance when buying a new home. The buyer needs to have protection against defects or problems because of liens, encumbrances or defects in the title when there is a transfer of property ownership.  But, what if the home being sold is new construction since there isn’t an actual previous home that has a title? 

When a home is sold, the original seller transfers the title deed to the buyer. The hope is that the seller has had full possession of the title without any liens on the property and has the right to sell it. A title company will research public records looking for problems that might be associated with the property – filing errors, forgeries, undisclosed heirs – and once searhed will provide a poliy to protect the buyer from an issues that may be uncovered later.

All of the above makes sense if a home that is being bought has been owned by someone else. What happens when a buyer is purchasing the land to build a new house on? Why would title insurance be needed? Because the land was owned and may have been broken up from an even larger parcel that has undiscovered claims. The title to that land may come into dispute in years to come. Most land is not completely claim-free, thus there is history. Furthermore, the builder may have bills unpaid to subcontractors and suppliers resulting in a lien on the new home. 

A title policy is the best and safest way in protecting the buyer of the land that the new home is being built on.  There will be no question of ownership in the future, especially if the home in the new subdivision was not properly subdivided. 

The Bottom Line: The lender will want to be sure that there is a clear title on the property.  Someone owned the land on which the new home is being built before the buyer and the title to that land may at some point come into dispute. And, while there is no question the owners could experience disruption during a dispute, the title insurance will ease the pain by covering the bills during the process. 

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Title Agency at Closing

Homeowners oftentimes have more than one mortgage on their property. Once sold, the mortgage has to be released so the buyer gets a clear title.

A mortgage is a debt secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. To sell a house with a mortgage, the loan needs to be paid off the same day of the closing.

There is a lot going on at the closing of a property. Title First Agency plays a crucial role in the process of closing and protecting the seller from any unforeseen legal issues.  Title First Agency can assist with the loan transactions and handle the money between the buyer and seller. One of our agents will receive the money from the buyer, pay off the existing mortgage, remove the lien on the title and transfer the title to the new owner. We will be able to provide the agent with the mortgage payoff amount and account number before closing.

If there is money left over once the mortgage is paid, the seller could receive it within days, if not immediately at closing – each state is different.  Title First Agency, as the closing agent, will coordinate the activity and documentation from a variety of participants, pulling each piece of the transaction together.

Title First will finalize the deposits, wire transfers, and checks. After the closing, we will record the deed and the mortgage at the courthouse and prepare the owner’s and lender’s title policies. Buying or selling a home has become a complex transaction and you need a trusted title search company to guide you through the process.

The experts at Title First oversee and perform thousands of closings each year. When using Title First, you can sign confidently on the dotted line knowing that all details of your title transfer and closing are in proper order. We are here to answer any questions you may have about buying or selling a home, and our team will guide you through the entire process.  Call us today: 614-808-2062

 

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Quick Advice For Home Buyers

Do you have plans to buy a home soon? Be sure you are armed with the best Realtor in your area. If you aren’t paying cash for your new home and will be getting a mortgage, you will want to follow some quick advice.

Don’t damage your debt to income ratio by making a major purchase before closing. If for some reason you can not wait to by a new car, you might have to wait on owning a home. The bank could easily determine that car payment would hinder your ability to pay your mortgage. Wait until after you get the house to do some spending.

Don’t change jobs.  The lenders like to see consistency versus constant job hopping. From their perspective, your employment and income are paramount to your ability to make your payments.  Generally, there are three different characteristics of your employment and income that are considered – the amount, the history and the stability. Many lenders will do a final check to verify that your employment and income hasn’t changed since your final loan approval was issued. Further, some lenders will require 30 days of paycheck stubs for new employment. If you can’t provide these stubs, it could delay your mortgage approval. Worse, it could result in your mortgage application being declined.

As a home buyer, never surrender your earnest money to a For Sale by Owner Seller. There isn’t anything stopping the sellers from spending the money before the transaction goes through. If the deal should fall through you’ll have to fight to get the deposit back. It should be put into a trust account. Find an attorney willing to hold the deposit for you until the transaction is finalized. Your contract needs to state what will happen to the deposit in the event that the transaction falls through.

Stay practical and realistic during the home buying process. Don’t let your emotions get in the way.  Occasionally, sellers are willing to fix some of the problems with the home and others may not be as willing. Don’t let that refusal close the door on your dream home. Conversely, you shouldn’t let your loyalty to the home blind you to costly repairs down the road. You certainly don’t want to be in a money pit.

Talk to your insurance company right away.  Failing to line up the insurance will lead to delays in closing.  Your lender will more than likely require that you purchase at least some homeowners insurance before settling on your mortgage. In most cases, you’ll be asked to provide proof that you’ve prepaid one year’s worth of coverage before the lender will consider closing.

If the appraisal comes in too low, don’t panic. There are several solutions to this dilemma.  Your emotions may be running high and making a good decision can be difficult. A skilled Realtor will be an invaluable asset at this point and be able to guide you through.  It’s their job to keep up with the details, daily, of your deal and if the seller won’t come down in price, as painful as it may be, you may have to prepare yourself for the worst-case scenario – walking away.

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FSBO Is Not Easy – Call A Realtor

Ready to sell your home? Of course, you want to make as much money as you can from the sale and you might be thinking your best plan to accomplish that is selling your home yourself – FSBO –  to avoid paying a real estate agent, which is understandable. But, we offer you a few reasons why hiring a good Realtor is a better idea.

Marketing a home is not easy:  Listing your home online doesn’t take much effort. Anyone can do that, which is why you must make your stand out and be noticed. A Realtor will have avenues to get the word out to other agents who are working in your price range and neighborhood, an option you won’t have to sell your home on your own. The Realtor’s very own website, Facebook & Instagram account will attract prospects that you simply won’t have the access to.

Qualifying a buyer is not easy:  There is a big difference between pre-approved for a mortgage and pre-qualified. A skilled Realtor will be able to find out whether the person that wants to see your house is qualified or just curious. Having to prepare your home to show takes a lot of work and you surely don’t want to put your life on hold while you ready your house for show – just for a curious neighbor. Realtors are trained to ask qualifying questions to determine the seriousness, qualification, and motivation of a person calling to see your home.

Staying unemotional about your home is not easy:  Selling your home and preparing to move is never easy and always an emotional process. A good Realtor will be there to buffer any situations that might occur because you might be letting your emotions take over. Most buyers know that an FSBO home has been priced by the seller and is quite often overpriced because they can’t detach themselves emotionally from their home. Savvy shoppers realize that after a while, sellers who can’t sell their home will finally hire a Realtor and the home will be on the market at the right price.  If they have the time to wait? They do. If not? They move on to another home.

Being home during the showing is not easy: Or smart. Nothing makes the buyers more uncomfortable than having the seller present when looking at a home. With FSBO you will have to be there touring your home with the potential buyer. More times than not, the showing will be rushed and some of your best selling points will be overlooked.

Negotiating is not easy: Especially if it’s your own home that you love and have emotional ties to. Negotiating is a complex matter and all transactions are unique.   Skilled Realtors know the laws, the contracts, the comparable sales, the closed sales that the banks usually look at when they decide to lend the money for the purchase, and the appraisal. There are plenty of points to negotiate on before the actual sale takes place. Repairs to the house, lawn upkeep, and even additions can be negotiated in the contract that may ultimately affect the price but can be negotiated almost entirely outside of the price discussion.  For every negotiating point, there’s a tactic to handle it best.

The bottom line:  Working without an agent requires a huge investment of time, knowledge, and effort. Besides separating your emotions from the home you love and possibly raised your family in, you should know how to stage it to sell, market it, negotiate and be able to accept a negative response from potential buyers. You can try to do it alone to save money, but hiring an agent has many advantages.  Interview and find the best Realtor in the area. Expect that they will be able to get the most exposure for your home, help you negotiate a better deal, and dedicate more time to your sale.  The right Realtor will bring expertise to the transaction, financially and legally.with many financial and legal

 

 

 

 

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Real Estate Myths: Debunked

Are you ready to start looking for your first home?  Buying a home can seem intimidating, but it doesn’t have to be. Your home will likely be the biggest investment you’ll make in your life, which can also make it your biggest risk.  Don’t fall for the following myths:

Myth: If you pre-qualify for a loan, you will be approved for a mortgage

Loan approval involves an underwriter analyzing hundreds of pages of documentation, as well as considering other factors like the home appraisal report. A pre-qualification letter, however, is based on a quick, preliminary analysis of your credit report. Getting the letter is a recommended early step to show you’re a serious buyer, but it doesn’t mean a loan approval is guaranteed.

Myth: You need 20% for a down payment

There’s an array of loan options that don’t require 20 percent down — in fact, this amount is rare in today’s home buying market. According to the National Association of Realtors, 60 percent of millennials are putting just 6 percent down on average.

Saving for a big down payment can be advantageous, but you don’t want to deplete your savings or risk coming up short on your mortgage payment. Instead, you should save as much as possible for unexpected expenses.

Myth: You don’t need a real estate agent

Realtors are so important to the home buying process. Real estate agents get a commission, but the home buyer does not pay their fee. It is paid by the seller and is built into the selling price. Every seller expects to pay a buyers agent commission. If you show up without one thinking you can get a 3% discount on the price you will quickly regret it. Realtors help you get the lowest purchase price with their expertise and using comparables. Real estate contracts are long and often hard to understand for the average person. There are many items such as home appraisals, inspections, opt-out clauses, etc. that you need to know about in depth in order to protect yourself.

Myth: You need a perfect credit score

Your credit score doesn’t have to be flawless for you to be able to find a mortgage that fits your budget. It surprises many when they talk to a lender and realize that they can still qualify, even with a lower credit score. To offset potential negative factors on your credit history, you may need to have a larger down payment or meet other qualifications, but you don’t need to have a “perfect credit score” to qualify.

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