Tuesday, October 27, 2015

“Scary Question #5 What is the most important thing I need to know about home ownership?”

It's October and I'm answering the scariest questions my clients ask me.....

There are so many things to know about home ownership, the list is long and honestly quite exhaustive.  My answer might surprise you but the number one thing that hands down I advise my clients is most important is .....Home ownership is best when it is a team effort with lots of good communication.   Approaching home ownership with a team attitude can help avoid some contention and frustration down the road, because let’s face it, we all know what the number one source of contention and argument in relationship is……right?  Hands down the answer is…. Finances….. and home ownership equals the biggest financial decision you will probably ever make in your life.  
By working as a team, you are able to explore questions you may not have even thought of asking. Then, once you know the questions, it’s easy to find the answers. Your team will probably consist of you and the person you have the most significant relationship with.  This is probably your spouse, partner or maybe a close family member.  This person should be someone that knows you fairly well, you are able to communicate openly and honestly with and cares about making great team decisions with you.  Planning to buy a home or planning to move onto a larger home is best when planned together as a team.   There are always unexpected turns in life and you want to make sure that the decisions you make for home ownership are a well thought out team decision.   When having these discussions here are a few conversations you might want to think about and discuss.
1- How much house can we afford comfortably and still be able to afford all our other expenses?
2- What strategies will we put into place to save money for regular maintenance on the house?
3- What are our long term plans for our house?  How long do we plan on staying in our home?   What mortgage strategies do we have? …. For example…. Do we plan on using our first house as an investment property and renting it out after we have lived here for several years?  Do we plan on selling and upgrading after several years?  Will we use our home as a tool to finance future college expenses? 
4- What plans do we have in repaying our mortgage.  For example…  Do we know how much additional principal we would need to pay each month to cut our mortgage from 30 years to 15 years?
5- Do we have a plan in place as to how the mortgage would be paid if financial troubles unexpectedly came our way.  (Heaven forbid this ever happen, but it’s nice to have the conversation just so you know you have a plan.)  Would we sell?  Down size?  Take in a renter?  Use savings??  And for how long would we use savings?
Start with some of these discussions and more will arise naturally.  This is a great way to start putting plans in place and hopefully avoid the contention that can arise from financial disagreements.  Make sure you are on the same page going into this decision, it’s one of the biggest financial decisions you will make and it is best to have a team attitude.  A good Real Estate Agent and a trusted Mortgage Professional are great additions to your team in helping guide these financial discussions.  Make sure your team is really listening to what you are saying and doing what is in your best interest AND likewise make sure YOU are listening to what your team has to say.   When you are ready to have these discussions, I would love to be a part of your team and help guide you and the rest of your team think about all the different aspects of home ownership.  Call or email me and we can start the conversation.  If “finances” is one of the biggest sources of contention in a relationship, a team attitude with great communication is one of the best ways to avoid that kind of contention in your relationship.   –You can contact me directly,  email sherijoi1972 at gmail dot com and text phone 503-380-1156.    Cheers to the end of scary questions and stories!!!
(The above blog ties in nicely to Scary Question #2 from a couple weeks ago “Will I be able to afford my own home.”  A great read if you missed it.)


Tuesday, October 20, 2015

Scary Question #4 “What if my credit score isn’t good enough for a mortgage?”

It’s October and I’m talking about the scary stories and scary questions we ask ourselves……

Scary Question #4  “What if my credit score isn’t good enough for a mortgage?”

This is one of the biggest questions that everyone is afraid to ask.  I know this because I don’t get this question BUT the people who refer their friends over to me get this question.  Thankfully…. They know that Sheri is somewhat the expert when it comes to damaged credit so I'm able to answer this question even if I'm not the one that gets the question to begin with and I'm thrilled to be able to help! 


This question seems to come with a little bit (or A LOT!) of shame and guilt attached to it and I’m guessing that’s why I don’t get this question very much.  We’re all afraid to say…. “Hey!  I screwed up once or twice and my credit might reflect that.”  First of all, your credit does NOT reflect the person you are so let’s just stop attaching our self worth to our credit score.  Phew…. That’s the biggest, hardest hurdle to overcome.  Next, let’s just look at what’s going on and THEN we can fix it…. Yep!!!  I said we can fix it!!!  But we have to KNOW what’s up before we can head on down the fix it up road.  
Now, I’m going to get very vulnerable here and give you a peek into my past that I was so ashamed of until I realized that the shame and guilt were actually keeping me from what I really wanted.  The shame and guilt kept me small and I was so afraid to ask for help.  I never wanted anyone to think less of me because of my (scary music inserted here) DAMAGED CREDIT.  For over 20 years I had perfect credit.  I had never missed a payment on my car, on my credit cards or my mortgages….. my rental or my primary residence….. and then it happened.  I separated from my was-band (that’s a nice way to say he “was” my husband) and I didn’t have the money for the mortgage.  I remember watching the day approach on the calendar with horror and anxiety.  It was 2009, the mortgage industry had crashed and I had been laid off midway through 2008.  I was desperately trying to find work that could pay my bills and feed my kiddos.  I was also going through the greatest emotional battle, divorce, that I had ever faced in my life.  As I watched the first of the month approach on my calendar, I was mentally, emotionally and physically sick, knowing I would not be able to make my mortgage payments.  The day came and I huddled by myself, too ashamed to tell anyone what was going on.  As the month progressed I knew that by the 30 day past due mark, my perfect credit was about to have a big, huge, fat, RED, bad mark on it….. or at least that was the scary story I was telling myself and I truly made myself sick for quite a while over this.  I was so ashamed.  Fast forward to 2015, I eventually had to file Bankruptcy because of the outstanding balance on the mortgage from the short sale as well as several other creditors that were not paid off by the agreements made in the divorce decree.  So what did I learn from all of this.  Life happens…. Sometimes we get knocked down….but it's the fact that we CHOOSE to get back up when it does knock us down.  I chose to get back up!
So when an unfortunate circumstance happens in our life and our credit takes a hit because of it, it could be a little blip on the credit radar or it could be a BIG blip on the credit radar but regardless of what it is, it can be fixed.  I have been able to climb out of that self created hole of shame and with small, easy steps I have been able to build my credit back to a respectable level.  In this journey back to emotional, mental, physical and CREDIT health I have learned so much and feel so blessed to be able to compassionately have a conversation with anyone that may be traveling the credit-shame highway.  Knowing how to rebuild your credit is an amazing tool to have in your personal tool belt, not only for yourself but also to be able to teach your children as they head off to college.  Let’s face it, we learn more about igneous rocks and stratospheric clouds in school then we do about how we can take charge of our credit score.  If.... uh-hum.... when you are ready to add this tool to your tool belt, I would be honored by your trust and would love to share the mysteries behind your credit score.  Call or text me, let’s start you on your road to credit health!  - Sheri Joi   text/cell number 503-380-1156  email sherijoi1972 at gmail dot com   

Tuesday, October 13, 2015

Scary Question #3 Who Can I Trust?

October is the month I will address your scary questions and the scary stories we tell ourselves.....
For as long as I can remember I have been a cheerleader in one way or another.  I like to think of myself as a cheerleader for the soul as of late, and that continues to evolve, so what does that mean?  
Being a cheerleader for the soul is scrumptious!  It’s an honored position that allows me to get a glimpse into another person’s soul and see the amazing passions and purpose in this person.  Sounds fantastic right?  It is!!!  One problem….. we all wear masks and put walls around those passions and purposes to keep them safely hidden from critics that smash them into pieces.  This is absolutely understandable and I’m actually a huge proponent of keeping your deepest dreams very sacred until you can share them and build on them with someone safe, someone you can trust. 
So how do you earn someone’s trust so you can be a cheerleader for their sacred dreams and passions?  This is a great question. I take earning trust very serious!  I know I’m a little wild, crazy and possibly flippant in a lot of things in life but earning trust and keeping trust is something that I take very seriously!    This is one of the reasons I decided to jump back into the mortgage industry after a 5 year sabbatical.  Buying and selling a house is one of the largest financial decisions that many people will ever make and this kind of a decision needs careful guidance from a trusted advisor.  I have worked in this industry for over 17 years and have seen all the changes and challenges the mortgage world has gone through.  Being an underwriter and account executive for a Mortgage Bank for most of those 17 years has given me the unique perspective of knowing how to structure a loan for what is in the best interest of both the person getting the mortgage as well as the bank.  When I sit down with someone to go over their goals for home ownership, we discuss much more than the numbers involved to get qualified.  I want to make sure that the loan program that I will be putting together for you is the best fit for you and your family, whether your family is growing in size or maybe even downsizing and heading into retirement.   I want to earn your trust by really knowing who you are and how I can best take care of you in the biggest financial transaction you will probably ever have.  I want to be very clear what your goals are so that I can do my part in assisting your success in these goals. 
This is why I work primarily by referrals from people who already know and trust me.  By doing this I can dedicate my time to giving you the best service possible. 
I recognize that I must earn your trust so that I can earn future referrals from you, so my goal is always to exceed your expectations.  It is my goal that you become such a raving fan of how well the process worked for you that by the time we are finishing up your mortgage that those close to you will be wondering how they can have the same experience. 
My journey has brought me back around to this wonderful opportunity in the mortgage world to help you and those you might know, make the most of home ownership.   I appreciate your referrals and assure you that I will do everything to earn and keep the trust of those you send over to me.  So you never have to ask the scary question, “Who can I trust?”   I look forward to this opportunity to sit down and listen to you share the hope and dreams of you heart in regards to a mortgage.  I really want to gain the trust of the people in your life and your referral will begin this relationship.  Please share my name and number with anyone looking to buy, sell or refinance their home.  – Sheri Joi text/voice 503.380.1156 or you can email me at sherijoi1972 at gmail dot com

Scary Question #2 Will I Really Be Able to Afford a House?

Can I afford my own homeOctober is the month I will address your scary questions and the scary stories we tell ourselves.....
The second scariest question that I've heard since being back in the mortgage industry is one that is uttered under hopeful breaths, this question is hopeful but at the same time, defeating and full of the fear of "what if's".   The question is just barely whispered... "Will I really be able to afford my own home?"
Owning a home is a big responsibility and over the past few years we have heard all to much about the tragedies of foreclosures and short sales so it is no wonder the second question I hear is “Will I really be able to afford my own home?”
This is a great question but it doesn’t need to be scary.  When you speak to your mortgage professional they will ask you questions about your household income and your monthly expenses.  A good professional will be able to explain to you what your debt to income ratio is and help you find a mortgage payment that is comfortable for you.  On top of the mortgage payment you will want to think about some of the monthly upkeep that you will be spending money on such as yard maintenance, furnace/air conditioning maintenance and all those little things that need to be maintain and/or replaced.  It’s always a good practice to add some additional money into your monthly mortgage budget to go into a “home maintenance” fund.  This is a great way to save for that rainy day when the roof may need to be replaced (and it will.... when you least expect it.)
Are you ready to start thinking about owning your own home?  Call or text me and let’s talk about all those things you will want to think about in beginning the road to home ownership.  Knowing what to be aware of is the first step in taking the fear out of this fantastic decision.  Let's chat about it!  –Sheri Joi
(email sherijoi1972 at gmail dot com)

Scary Question #1 How Will I Ever Come Up With a Down Payment?

October is the month I will address your scary questions and the scary stories we tell ourselves.....
"How will I ever come up with a down payment?" This is the most frequently asked question I've heard since jumping back into the mortgage industry.  This is one of those scary stories that roll around in our mind about home ownership.  This one little thought can sabotage our dreams to home ownership if we don't ask the right person the right question.
The smartest thing we can do is ask the scary question to a trusted professional that has the answers for us.  A down payment is definitely something you can do something about and I have some great answers for that question.
There are many different plans you can use to save for a down payment and there are many programs that have down payment assistance available for you.  Speak to a mortgage professional for more details about the current payment assistance programs available.
Now you don’t have to worry about asking that scary question about down payment any more.  If you’d like to see if you are eligible for these great programs, set up a phone call to talk about what your plans for home ownership will be in the future.   Getting rid of the scary question and the scary stories is about taking the risk to find the answers.   Call or text me to set up our first strategy call.    *Text/voice number 503.380.1156* or email me at sherijoi1972 at gmail dot com