Helena Talbot's blog - Improving Your Purchase Power And Credit

You examine your budget and determine that you cannot afford the home of your dreams because your credit and financial situation isn’t stellar. What’s your next step? Should you keep looking for a lender willing to work with your credit or should you begin to improve your financial picture?

The majority of people want it now. Why do so many individuals seek a mortgage program that will work with their credit situation instead of simply improving the overall picture? While it may be tempting to find a mortgage program that will work with your current financial situation you should stop and think if this is a temporary problem you’re having or if you cannot control you’re spending. If you’re having issues now it’s not likely to change when you become a homeowner.

With a few changes and little extra effort you could be in a completely different state of affairs within a year.

First, you need to analyze your spending habits. Where does your money go on a monthly basis? Consider the following;

1.Stop using credit cards. Credit cards always create financial hardship for most consumers. Often you will overspend with credit cards believing that you will pay for the difference next month. However, that rarely occurs. Additionally, credit card interest is high – too high – and can keep you in debt longer than you think. The best thing you can do is freeze your cards, pay off the debt and keep one for emergency. Go on a cash-only budget. Not only will this force you to live within your means, but you will appreciate your spending more when you are paying with cash.

2.How much car do you really need? Most of us possess a nice car but how often do you need to buy a new vehicle? Without even thinking about it as soon as it’s paid off, many of us run out and upgrade to a newer model. Who needs a new car payment – this will keep you in debt. If you want to save a ton of money monthly, keep up on your vehicle maintenance and keep your old car.

3.How much food do you eat – where and when? Buying out is a trap! How many of us pick up a quick breakfast on the way to work? And if you’re buying lunch every day, brown bag it. The more packaging and preparation that’s involved in making a meal, the more expensive it will be. Prepare a quick estimate of how much you spend each day on food and I’ll bet you can save a significant amount each month.

Your overall goal should be to save money, reduce debt and improve your credit. If you do all three things you will dramatically turn your financial situation around within the first 6 months. Not only will this be reflected within your credit score but your financial picture would be healthier and you’ll have more money for a down payment.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia. 

I have over 25 years experience in the real estate industry.  As a Broker/Owner with Exit Realty Talbot and Company, I bring special tools and solutions that enable me to exceed the expectations of my clientele.  If you are considering listing your property in Loudoun County or the nearby areas, ask me about our latest internet marketing systems.  I would appreciate the opportunity to earn your business.  I am experienced in listing and selling short sales.  For information on the short sale process, please visit  www.LoudounShortSaleSolutions.com.

My past awards and designations include – 2003 President of the Dulles Association of Realtors, 2003 Dulles Area Assoc Realtor of the Year, Salesperson of the year 2000 Dulles Area Assoc of Realtors,  Top Producer awards from both the Dulles Area Association and the Northern Virginia Association of Realtors.  I am a member of the Top 5 in Real Estate Network.

I have lived in Loudoun County since 1979.  I am married with two grown children and two grandchildren.  My son in law is my business partner in real estate.  I love to jog in the mornings and spend time relaxing on my Trawler during the summer months.

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Fairfax, Clarke, Fauquier, Prince William  Counties.  Our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Purcellville, Hamilton, Round Hill and Bluemont.                        Cell 703.727.9885    Office 703.574.3800   www.facebook.com/LoudounCountyConnect  www.twitter.com/ExitAshburn  www.Linkedin.com/in/HelenaTalbot