Local 413 hosted one of the most fact-based intelligent Financial Literacy seminars that I’ve attended in the Chester community.
The presenters took a firm, assertive, fun, and tactful approach to their presentation, making it easy to understand and resonate with the entire audience.
Credit Guru and Financial Coach Rhonesha Howerton, CEO of Credit Medics, passion is helping and educating others to gain financial stability. Her goal is for current and prospective clients to transform financially and teach them to make financial investments in the future to enhance their lives.
Howerton explained that homebuying starts with your credit score, with a credit score of 650 or better required for pre-approval of a mortgage. Her suggestion was to resolve any issues with student loans, bankruptcy, debt settlements identity theft, and remove any inaccuracies.
Carrie L. Harris, a Mortgage Loan Originator for MLB Residential Lending, LLC has 15 years of experience in the Financial Services Industry. What sets me apart is what drives me the most: I have a lot of HEART! Harris says that she’s very innovative when it comes to creating a loan that works.
Fox & Roach Realtors Associate Broker Maria Ramos Horton brings 15 years of real estate experience as an investor, landlord, AirBNB guru, and award-winning realtor. “It’s never about finding a house. It’s always about finding the home you love and getting your offer accepted,” says Ramos Horton.
Realtor Latoya Fowler at Keller Williams Elite Real Estate has put together “The Latoya Fowler Team,” strong in professionalism, problem-solving techniques, negotiation skills, and astute investment strategies.
Marginalized communities need access to information and resources which increase their chances for homeownership, building credit, starting businesses, and accumulating generational wealth; all of which increase the success of building communities with strong schools, a steadfast tax base,
The topics discussed included various types of credit cards and credit rates, the funds necessary when buying a home, types of mortgages and how to apply for them, and home appraisals and inspections…all information that often is not thoroughly explained in underserved communities, where there’s always a constant struggle between paying rent and utilities or buying food and medicine.
Many in attendance weren’t aware of the ratio of credit line limit to credit usage (amount owed). According to the presenters, at any given time, you should only be using 30% of credit availability. For example, if the credit limit on your card is $500, your outstanding balance shouldn’t be more the $150.
The road to homeownership can be full of pitfalls. It helps remember these things:
PRE-APPROVAL vs. PRE-QUALIFICATION – Pre-qualification is usually less reliable than pre-approval. Pre-approvals usually involve your lender checking credit scores and reviewing bank statements and other documents. Pre-qualification relies heavily on self-reported information.
FHA LOANS – Are essential for first-time homebuyers.
LENDERS AND REALTORS – Are key to the process
UP FRONT FEES – You’ll need between $2,500 and $3,000 for inspection, appraisals, earnest deposits, and insurance.
