LuxeBudgetnistas

Livin' luxe on a budget

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Steps for Getting Pre-Approved for a Mortgage

Unless you’re one of the few that has the cash to pay for a home outright – 21 percent of all home sales in 2017 were cash sales – you’ll probably be needing a mortgage loan to make the purchase.

Getting pre-approved for that mortgage will help you to learn just how much you can afford, provide peace of mind and give you a competitive advantage in a seller’s market as it makes your offer more credible. Whether you’re applying for a mortgage in Charlotte or LA, you’ll have to follow much of the same steps. Here’s how to go through the process step by step.

Check Your Credit

Before you even apply, you’ll want to check your credit if you haven’t already. To get approved for an FHA loan, a score that’s a minimum of 620 is generally required. Of course, the higher the better – the higher your score, the lower your interest rate will be. Those with a score of 740 and above can get the lowest interest rates. If your score falls between 620 and 740, you’ll have to pay a higher rate, which means higher mortgage payments – if you can hold off a bit and work on improving that score, you’ll be much better off. Lower scores may not be approved at all or may require a significant down payment.

Reduce Your Debt and Avoid New Debt

No matter what your credit score is like, the less debt you have when you apply the better. While you don’t need to have zero balances on all your credit cards, lenders will look at your debt-to-income ratio when considering approval. If you have a high debt ratio due to credit card debt you may not get approved, or you may be approved for a lower amount. Ideally, your debt payments shouldn’t exceed 36 percent of your gross monthly income. Paying down your debt as much as you can increase the odds of approval and a better interest rate.

Gather the Necessary Documents

Once you’re ready to apply, you’ll need to gather all the documents that lenders require. You’ll have to prove you have enough income to make mortgage payments by bringing documents like pay stubs and W-2 forms as well as copies of your two most recent federal and state tax returns. Those who are self-employed need proof of income like Form 1099s along with tax returns. To prove any assets, lenders typically require 60 days of statements for every bank account with assets used to qualify for the loan, including any IRAs, CDs and other investment accounts.

The lender will also need your social security number and a copy of your driver’s license.

Find a Mortgage Lender

Finally, you’ll need to find a mortgage lender. That involves more than just getting the best interest rate possible.  You’ll want a company staffed by knowledgeable professionals who will guide you through the entire process. Shop around – home loans are available from several types of lenders, including commercial banks, credit unions, and mortgage companies. Ask for information about the same loan amount, term and type of loan so that you’re comparing apples to apples. You’ll want to know the interest rate, points, fees, requirements for a down payment, whether PMI is required and how much the cost will be if so.

What to Evaluate Before Buying a House

    Photo credit: unsplash.com

Buying a house can be a lengthy process involving a lot of time and effort. Before you make the leap, it’s important that you do your research to ensure you’re making an informed decision. Know what to evaluate ahead of time so you can be prepared for all the ins and outs of home buying.

 

Buying a House: What to Expect

 

Before you get wrapped up in the emotions that come with purchasing a new home, there are things you need to evaluate beforehand to ensure that you don’t end up buying a money pit. Certain factors affect what your offer will be, whether you will need additional money to make repairs or whether you’ll want to buy the property in the first place. Look for the following issues before you start browsing Portland real estate.

 

Word of advice: do not purchase any property without having a building inspector come out to have a look. They will be able to determine whether or not the house has structural or other issues.

 

 

  • Structural problems

 

 

The first thing you’ll want to check for as a prospective buyer is structural problems. Minor issues are not necessarily a deal breaker. Here are a few things to be on the lookout for:

 

-What is the condition of the interior walls?

-What are the floors and underflooring made of, and what is their condition?

-What is the state of the roof? What is the condition of the gutters, downspouts, flashing, and facia?

-Do the doors and windows seal out the weather?

-Can you easily open the windows? If the window has screens combined with storms, can you move the storms and screens easily? If the window is the old-fashioned kind with the pulley, counter-weight and sash cord, are the parts in working order? Do you need to prop the windows open?

 

 

  • Water

 

 

This is separate from plumbing, which also needs to be evaluated. Be on the lookout for signs of water problems in the basement and around the foundation. Wet spots on ceilings are an obvious sign of a leaking roof. Look also for draining problems like a soggy yard.

 

 

  • Environmental hazards

 

 

These are things you want to pay especially close attention to, as they can be more serious and be very costly to repair.

 

  • In older homes, look for asbestos coating on pipes for the heating system, the furnace, and water heater.
  • Make a note to get the basement tested for the presence of radon.
  • Make a similar note for carbon monoxide gas.
  • Be on the lookout for signs of vermin and insects, such as mice, termites, cockroaches, and bats.
  • A city inspector or other inspector should determine if the house has lead-based paint. Watch for flaking, chipping and peeling paint and paint dust and point it out to your inspector.

 

 

  • Plumbing

 

 

This is your opportunity to check for plumbing problems. Check water pressure, the age of the water heater, how quickly water drains, and whether or not the house has a water softener, to name a few.

 

 

  • Electrical systems

 

 

One of the most important things to monitor is your home’s electrical system. Are the electrical sockets grounded plugs? What kind of wiring does the house have, and what is the age? Does the box use circuit breakers or fuses? These are all questions you should ask a seller or real estate agent ahead of time.

   

 

  • Appliances

 

 

The final item you’ll want to ask about is the appliances. Are they included with the house? How old are they? Do they work? Sure, you may get a house that comes with appliances, but if they’re old and in disrepair, is that really a benefit?

 

After you’ve worked with a home inspector and completed a thorough evaluation of the property, you can start weighing your options. The home buying process can be scary–don’t go into the woods alone. Keep these questions in mind as you navigate homeownership and avoid buying problems.

 

   

 

Bite Of Oregon

Let’s talk food!  Not just any particular food, but a food event called the Bite of Oregon.  The bite of Oregon is an event that is in support for Special Olympics Oregon.  It’s an opportunity to check out local foods and drinks that you might not have necessarily tried.

Event Details:

This year they held the event at a different location and on a new date.  In previous times, the Bite was housed on the waterfront during August.  They switched the venue to the Rose quarter and during Labor Day Weekend.  The coolest part was that it was extended by an extra day.  The admission into the event is very affordable and depending on which one you purchase, it’s a reasonable price:

 

One Day Pass – $5 admission ticket good for one day at The Bite of Oregon

 

Weekend Pass – $10 ticket provides admission all weekend: September 1 – 4

 

Beer Enthusiast Package – Sold out! 1 Adult Entry, 1 Beer Commemorative Beer Glass, 2 Beer Tickets, 4 $5 Vouchers to Restaurants/Food Carts

 

Date Night Package – Sold out! 2 Adult Entries, 2 Commemorative Wine Glasses, 4 Wine Tickets (House Wine), 2 $5 Vouchers to Restaurants/Food Carts

This time around was pretty different from the previous years, but was to be expected with the venue change.  The event was shaped more like a circle than having everything spread out along the waterfront.  I also found it to not be as crowded as previous and having choices for parking was amazing.  Because you are at the Rose Quarter/ Moda Center, you have relatively close parking.

Let’s Talk Food

The Bite of Oregon showcases cuisines and drinks from Oregon’s seven regions: Portlandia, Eastern Oregon, Hood River, Willamette Valley, Mt. Hood/Gorge, and Central Oregon.  Although, when making our rounds through all the food venues, we found that a majority were from Portland.

City Slickers- PDX

First on our list was City Slickers.  A food cart based out of Sellwood in Piknik Park food cart pod.

Address: 1122 SE Tacoma St, Portland, OR 97202

City Slickers is the epitome of All American Food.  They bring hometown favorites from all over the US to the Pacific Northwest, of course throwing in her own twist.  Our favorites were the Milwaukee Butter Burger and the Chicago Dog, both pictured above.

Second on the list is Smoke & Brine.  Smoke & Brine is a seasonal NW BBQ catering food cart that covers everything from festivals, street fairs, markets, special events, and private parties.  Unfortunately, Smoke & Brine doesn’t carry the meals pictured above, because it is seasonal.  One is a chicken sandwich and the other a pulled pork.  I also had a crab stuffed pepper of some sort- these were one of best things I have ever tasted.

Last, but definitely not the least were some furikaki chips from Pidgin Hole.  Pidgin Hole is an island style Asian infusion food cart.  You get a mixture of something from almost every Asian country, like the Philippines, Vietnam, and Japan-while keeping some of the Hawaiian favorites.

I love attending events like the Bite of Oregon.  You are helping support a great cause while trying out some amazing foods.  If you attended this year’s event, how did you like the new set up?

 

 

 

Shopko- New Brands, New Look Recap

Last week I introduced you to Shopko’s most recent change- they have introduced some great new brands and have given some oldie, but goodies, a whole new look.  Shopko also has some pretty amazing deals you can take advantage of.  Read on to find out what they are.

Enter To Win

Shopko is currently running a contest to showcase the changes we have been talking about.  It’s super simple to enter, just click here for your chance to win a $500 shopping spree with Shopko.  Don’t wait too long though, the contest ends October 14th.  That’s one week!  Get it!

Savings

Let’s talk savings, because who doesn’t like to save a coin here and there?  If you join the email list, you will get a $10 off $30 coupon for just signing up.  That’s on top of the already affordable pricing Shopko offers.  Get signed up here.

My Picks

In my first post, I introduced you to some of the newest brands that can be found at Shopko.  It ranged from home decor, beauty, and clothing for myself and for one of my daughters.  I am currently redecorating my bedroom/beaut space/office.  I am trying to show you that you can redecorate on a budget and how to make your space functional for small spaces.

Serta 3-1

I am starting off with something that isn’t so much a decorative piece but has been very important to me for a good nights sleep.  A pillow.  Yes, you read that right, a pillow.  Not just any pillow the Serta 3-1 Perfect Sleeper.  I love that it contours to my head for a good nights sleep.

You can also check out some of the other Serta items that Shopko has to offer.

 

 

 

 

Country Line Writing Desk

How about this Country line writing desk?!?  It’s the perfect color to be feminine and masculine.  I love that I use it as an office space or transform it into an area where I can sit and do my everyday makeup.  It isn’t too big or too small, just the perfect size for a small space.

 

A&I Velvet Plush Throw

Fall and Winter are upon us and with that said, we could all use a pretty Velvet plush throw from one of Shopko’s new brands, A & I.  It’s perfect to cozy up to on a chilly night, the backdrop for a pretty Instagram photo, or as a decorative piece to drape over an accent chair or end of the bed.

These are just some of my favorite pieces from Shopko, with much more to choose from.  To see some of my other picks, check out my board below.  You will find some coordinating furniture pieces or bedding.

 

 

I’d love to hear about some of your favorite pieces from Shopko.com! Leave them in the comments section and I will check them out.

Shopko: New Brands, New Look

Hi, loves!  Let’s talk Shopko stores and why not?   Shopko is a store that likes to provide quality name brand items at affordable pricing.  This is a store that fits in with our saying- living luxe on a budget.   Shopko has recently undergone a big change.  They’ve introduced new brands into their stores and have provided a new look to already established brands.

In With The New

Shopko has introduced some great in-store exclusive like A&I.  A&I ranges in everything from clothing, accessories, bedding, luggage, and furniture.  They have also introduced like well-known brands like Nugg Beauty, It’s a 10, and P.S. by Aeropostale.  Also, tons of great established brands like Keurig, American Home by Yankee Candle, and Jessica Simpson.

My Picks

A&I Women’s Long Sleeve Lace Up Cuff

On trend, affordable, and available in standard sizing and plus.

 

 

 

 

 

 

 

PS from Aeropostale Girls Crinkle Gauze shirt

I am a mother of two who love all things fashion.  So trendy and affordable are a must.  At $14.99, this top is the perfect addition to your little fall wardrobe, but also works as a transition piece for all seasons.

 

 

 

 

 

 

 

Nugg Deep Hydration Lip Mask

Nugg is known for their face masks, but they also have some lip masks.  The hydrating lip mask is perfect for fall/winter.

 

 

 

 

 

 

 

Keurig My K-Cup Reusable Filter

I own a Keurig, but find that buying k-cups can be a bit expensive.  My fiance and I decided to give this reusable filter.  The price for the filter is definitely worth all the savings in the end.

 

 

 

 

 

 

 

Parsons Eco Leather Chair

Want to redecorate but don’t have a lot of money.  Shopko!  With so many furniture brand options, you can’t go wrong.  I picked this chair up as the new addition to my beauty room.  Isn’t it a beauty?

 

 

 

 

 

 

 

If I haven’t sold you yet, then sign up for their newsletters.  Just for signing up you will get $10 off $30.

Shopping Spree Contest

Shopko is running a shopping spree contest for an opportunity to win a $500.

When you get a chance check out what Shopko has to offer. If you are local to the Pacific Northwest, they do have retail locations. Order online with in-store pick up to save on shipping cost! Like the items I picked? Check my board below to shop my picks!

Canvas Factory Review & Giveaway

Hi, loves!  We have partnered with Canvas Factory to bring you affordable home decor- wall art to be exact.

I have always wanted to purchase canvas art, but I could never find quality at an affordable price.  We are budgetnistas after all.  Last Christmas, I came across canvas factory and received my first canvas wall art.  I picked out a 16×20 canvas picture to start my gallery wall project.  The quality of the canvas was amazing and I received it within a week.  Take into account that this was during the holidays.  Obviously, since the product is amazing, I  jumped at the chance to work with Canvas factory and give you the opportunity to win one of their amazing canvas prints.

 Canvas Factory:

Canvas Factory offers different types of customizable wall art that are affordable.  They offer fast service within 5-10 business days. They use high-quality materials, but also back their products with a 100% satisfaction guaranteed- this is something you usually do not get with customizable items.  The reason they are able to offer these products at an affordable price is that you are buying direct, leaving out the middle man.  You also get a flat rate shipping cost of $9.95 or free if you spend over $100.  There are so many great positives to this brand. I really enjoy creating my gallery

I really enjoy creating my gallery.  My newest piece is a picture of both my daughters.  I definitely wanted a canvas size of this picture because of the obvious, my daughters, but also because they were taken by my best friend Yanna of Sweet & Simple Life Photography.  She is one of the people who know me best and has watched my kids grow through the years.  If you are in the Portland area, check her out!  Her prices are affordable and her work is amazing!

Pictured above is the original photo.

Now onto the good stuff!  Follow the rules in the widget below to be entered into the giveaway for a free canvas picture!

a Rafflecopter giveaway

 

Good luck!