Posts tagged The Today Show
Yes, You Can Still Get A Mortgage If You’re Pregnant
Jul 22nd
The New York Times ran an important story this week concerning pregnancy and mortgage approvals. Titled “Need a Mortgage? Don’t Get Pregnant“, the article discussed the difficulties that expecting and recently-expanded families are having with their mortgage financing.
NBC’s The Today Show picked up the story as well, as shown in the 3-minute clip above.
The crux of the issue is that maternity/paternity leave often leads to a change in household income and mortgage lenders will no longer assume one or both parents will go back to work full-time. The loss of income can raise a household’s debt-to-income ratio to unlendable levels.
Now, your loan officer cannot ask you about a pregnancy; such questions would be in violation of Equal Credit Opportunity Act. But he can ask if whether you expect your future employment and income situation to change. This would be a perfect time to broach the topic. And you should. If you’re found to have withheld employment and income information from your lender at a later date, it could result in an immediate loan denial plus a loss of earnest monies paid.
Across both pieces, though, the prevailing message is this: Families concurrently planning to (1) have a baby and (2) buy a home should be up-front and forthcoming with their loan officers. Financing is often still available for families expecting an addition — there’s just some extra paperwork though which to work.
Be prepared for that paperwork and you’re more likely to get your loan.
Household Finances : Which Bills Should I Pay First?
Jul 8th
Morning television can be “light”, but as far as personal finance interviews go, this Suze Orman segment from The Today Show is loaded with practical financial planning advice.
Titled “What Should You Do First?”, Ms. Orman addressed the real-life, money management conundrums households face, such as:
- Should I pay off credit card bills, or create an emergency cash fund?
- Should I pay off student loan debt, or pay off credit card bills?
- Should I save for a child’s college tuition, or save for my retirement?
In 5 minutes, the segment covers a half-dozen scenarios like the ones above, explaining what to do, and why to do it.
Ms. Orman’s style may not interest you and financial advice is rarely universal, but the piece is worth watching.
Watch the clip on the NBC website.
Shopping And Paying Bills Online? Here’s Methods To Protect Your Online Financial Identity
Jun 15th
In May 2010, Retail Sales at non-store retailers — a category that includes Amazon and eBay — topped $29 billion, up 16 percent from May 2009. Clearly, Americans are doing an increasing amount of shopping online. And we’re paying our bills online, too.
But how well are we protecting our identities?
In this 5-minute piece from NBC’s The Today Show, you’ll learn the basics of online fraud and methods to minimize the likelihood of identity theft. Furthermore, the tips go beyond the basic “choose a challenging password”. For example, you’ll hear about:
- Why you shouldn’t pay bills from a coffee shop
- Who might be hiding behind an unprotected public wifi network
- The dangers of storing credit card numbers with an online retailer
And, although, at one point, the interviewee goes over the top with respect to spyware and anti-phishing prevention, the point being made is a good one — you can’t be too careful with your online financials and common sense goes a long way.
Should You Refinance Your Mortgage?
May 27th
Because of strife in Greece, Spain and North Korea, conforming mortgage rates are back to all-time lows. They’re at levels not seen in 50 years. For homeowners that missed the Refi Boom of November 2009, it’s a second chance.
In this well-presented, 3-minute video from NBC’s The Today Show, you’ll get tips getting low rates and choosing the best time to lock in.
Some of the topics covered include:
- Why were the experts wrong about rates moving higher this summer?
- How much money can you save with a 1 point drop in your interest rate?
- Should you buy a bigger home now that rates have fallen?
The advice in the piece is matter-of-fact and centered. There is no cheerleading and the message is honest. Mortgage rates are low and they likely won’t stay that way. If you’ve been thinking about a refinance, talk to your loan officer as soon as possible.
Don’t Leave Tax Credits On The Table (And How To Get Them Back If You Already Filed)
Apr 8th
Taxes are due April 15 and if you’re among the millions of Americans who wait until the last week to file, here’s a video interview that could help you reduce your federal tax liability.
Originally broadcast by NBC’s The Today Show, the 4-minute piece reviews various tax credits and deductions, plus some recent tax law changes. A few of the topics covered include:
- Tax filers receiving larger “personal exemptions” in 2009 versus 2008
- Unemployment income recipients being required pay taxes beyond the first $2,400 received
- The “first time” home buyer credit being extended to non-first time home buyers for up to $6,500
The interview also talks about how taking a parent, child or other family member into your home may change your tax filing status and reduce your tax liability.
Even if you’ve filed your taxes already, watch the video above. You may find that you missed a potential deduction. If that’s the case, consider filing an amended return with the IRS to recapture the credits you left on the table. Most times, the benefits of re-filing will outweigh the costs of doing it.
Be sure to talk with your tax professional for personal tax advice. Remember, the first time home buyer tax credit expires on April 30th so you need to be under contract by April 30th and close by June 30th!
7 Ways To Protect Your Credit Score For Better Mortgage Rates
Feb 5th
As mortgage lenders tighten approval standards in North Carolina and nationwide, the importance of a good credit score is rising. Credit scores not only make the difference between a mortgage approval and mortgage turn-down, but they also play a large role in determining your actual mortgage note rate.
In the 3-minute piece, the NBC Today Show talks about 7 ways that homebuyers ruin their credit — often by accident. Some of the highlighted mistakes include:
- Closing open credit cards
- Making appliance buys on credit prior to closing
- Asking creditors to lower credit balances prior to closing
In general, a 740 FICO will insulate a borrower from the higher costs and/or rates associated with low credit scores. Below 740, though, every 20 points adds to the damage. Watch the video and apply what you can to your own situation. The more you know, the more you can save.
