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Why Was Your Mortgage Denied?

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…Even after you got pre-approval? Getting pre-approved should be the first thing you do when looking for a house. Once you get your ducks in a row and get that letter from your lender, you’re basically golden. However, there can be some instances of being rejected for the mortgage…even after you’ve been pre-approved. How can that happen? Read this article by Kyle Hiscock at the Rochester Real Estate blog for more:

-Change of employment- even if you are making the same income.

-Negative item suddenly on credit report- continue being diligent about paying bills on time.

-Additional debts are incurred- don’t go buy a car while shopping for a home.

-Loan Requirements or Lender Guidelines Change

-Issues with appraisal

Photo Credit: The Italian Voice 

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Freezing Food To Save Big

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Freezers are a modern miracle. They let our food keep from spoiling for weeks, sometimes even months. Your freezer can also be a wonderful money saving tool. Most of us know to freeze meat, and some veggies- but that’s about as much as we use it. However, there are all kinds of foods you can freeze that will save you in the long run- both money and time. Check out this list by Ruthie at Found and Featured for ideas:

-Cheese- this stuff can go bad fast in the fridge- freezing it will help it keep for months. Stop wasting money!

-Fruit- frozen grapes and berries are delicious!

-Cooked rice- this is a HUGE time saver

-Cooked pasta

-Corn

-Tomatoes (cooked)

-Soups, chili, broth, and stock

Photo Credit: Lablascovegmenu 

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Using A Binder To Organize Your Finances

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I love making lists. I make so many lists it’s not even funny- I literally have an entire binder full of lists. Some of them are fun (bucket list, places to go, books to read, movies to see, goals for the end of the year, etc.), and some of them are helpful in daily life. I have a whole tab for daily to-do lists, and one for finances. In the finances tab, I keep my: budgets, shopping lists, monthly goals, savings goals, and debt pay off plan. Since I put it together, I’ve been a lot better about meeting financial goals and staying organized. This article by Laura at I Heart Planners has even more things for you to keep in your financial binder:

-Bill trackers and due date trackers

-Annual income summary (month by month) -if you like less detailed budgets. Also great for tax info.

-Monthly budgets

-Debt trackers

-Savings trackers

Photo Credit: Horia Varlan 

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Path To Approval

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Getting approved for a mortgage is one of the scariest, but most important parts, of the home buying process. So, how do you become approved? Basically, you have to prove to your lender that you are a financially reliable person. You need to provide them with documentation that shows that you can hold a job, are being paid regularly, have enough income to make payments, and that you have a good track record of paying your bills and other debts on time. Still don’t know where to start? Check out this post by Robyn Porter at the Robyn Porter blog for a helpful infographic:

-Improve your credit score before you apply

-Decide on a budget

-Get pre-approval

-Organize all papers and documents- an underwriter will go through your pay stubs, tax records, and bank statements.

-Decide on a loan type- Fixed? Adjustable? 15 or 30 year? All have pros and cons.

-Shop for a home and make an offer! Then, close the sale!

Photo Credit: Got Credit 

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Mortgage Mistakes That Can Cost You

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When applying for a mortgage, it’s important that you be on your best behavior financially. You (and potentially your partner) are going to scrutinized under your lender’s magnifying glass, and anything out of the ordinary could cost you. You may be charged a higher interest rate, or be declined completely. So, what do you nee to look out for? Read this post by Miranda Marquit at Bible Money Matters for the worst mistakes that first time home buyers can make when applying for a mortgage:

-Neglecting your credit- the first thing you should do before house hunting is check your credit score.

-Failure to season your assets- they will look carefully at all of your income and assets. They want to know where your money is coming from, and that you will be able to make regular payments.

-Forgetting to consider the entire cost of the home- don’t forget to include homeowners insurance and property taxes.

-Quitting your job or applying for more credit.

Photo Credit: Morgan 

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Side Job Ideas

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Right now, I’m working three jobs. Two for my main income, and a side job on the weekend for a little extra spending money. I work at a movie theater and make a couple hundred extra bucks a week (the fact that I get to watch all the movies for free has absolutely nothing to do with it 🙂 ). I use that money to pay off my student loans faster, bulk up my savings for a down payment on a home, and to occasionally splurge on a shopping spree or a mini vacation. Yes, I have to give up my weekends, but to me the extra financial freedom is worth it. Plus, it’s a pretty easy gig. If you are looking for a side job to help pay off debt, check out this post by Adeline at Frugal Fanatic for ideas: 

–Start a blog {no experience needed}

–Mystery shopping

-Dog walker, pet sitter, house sitter, baby sitter

–Make homemade items to sell on Etsy
-Seasonal retail jobs (Theaters are always looking for people during summer and winter, especially if you don’t mind working holidays. Clothing and department stores are usually desperate for workers for Black Friday and December).

-Cab driver, or drive for Lyft or Uber.

Photo Credit: Michelle Tribe 

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Make Your Phone Work For You

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Smart phones can be extremely expensive- heck, the new iPhone 6s is going for around $600 in my area. That seems absurd, but having a smart phone can actually make you money in the long run, and it can end up paying for itself- plus some! Check out this post by Enza Ketcham at EnzaBargains for ways to save money using your phone:

– The first one is Ibotta! I can usually score about $10 a month in gift cards using this app. 

-With Swagbucks you can easily score about 1500 points a month which is about $25 in Amazon gift cards! 

–ShopKick! This app earns me about $5-$10 a month in gift cards when I am using it on a regular basis! 

Photo Credit: Jason Howie 

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Tips For Paying Off Debt…Even If You Live Paycheck To Paycheck

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When you have a limited or unpredictable income, paying off debt is probably the last thing on your mind. You are probably making minimum payments and struggling to do even that on time (I know, I’ve been there.) But, there are some really great strategies out there for erasing debt out there, even if you have a low income. Check out this post by Shannon at Growing Slower for getting out of debt when living paycheck to paycheck:

-Learn to budget: Once we learned about and implemented a Zero Sum Budget, including about 3 dozen sinking funds, everything changed.

-Save money where you can: To get out of debt fast, get ready to buy nothing. I mean nothin’.

-If saving isn’t enough: sell things, or start a side job for extra cash.

Photo Credit: Christian Schnettelker 

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