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Home shoppers who haven’t checked their credit report months before applying for a home loan may be in for a shock when they visit a loan officer. A host of problems could pop up: Their credit score could be a little too low to qualify for the best rate on a mortgage, they’re using a high percentage of their credit, or a credit card payment they sent on time is shown by the creditor as arriving late.

A rapid rescore can help if you’re in the middle of the process of buying a house. And it can help with a quick mortgage approval, having a days-long turnaround instead of a month if the issues can be resolved quickly.

How Rapid Rescoring Works
A rapid rescore is a process done by a lender or mortgage broker to quickly fix credit report errors that can hurt a credit score. It’s a process that can only be done by a lender or a company that specializes in rapid rescoring and has access to credit reporting company data that is pulled from credit bureaus.

Rapid rescoring takes 3-5 business days, while consumers who try to improve their credit score by contacting a credit company can spend 30-45 days fixing their credit score. Sometimes it takes that long because a credit service legally has 30 days to respond to a request, which is what they normally take with requests from individuals.

A rapid rescore can raise a credit score by 100 points or more within a few days, but that’s only if the negative information can be cleared from your credit profile quickly.

For example, paying a credit card down so that a credit utilization ratio”your outstanding balances compared to your credit limits”is less than 30 percent, can boost a credit score by 10 points or more. That could be enough to increase a 715 credit score to 725, where a 720 score is the cutoff to get a lower interest rate on a loan.

Fixing credit report inaccuracies is another reason to use a rapid rescore. Having proof that a payment was made on time, for example, when a bank says it wasn’t could be an error worth fixing.

Costs of Rapid Rescoring
The Fair Credit Reporting Act doesn’t allow borrowers to be charged for disputing inaccurate information on their credit report. Rapid rescoring fees are paid by the lender and can cost $20 to $40 per credit account that’s being checked by each credit bureau.

Updating the three major credit bureaus for three or four credit accounts can get expensive. Some lenders may average all three credit scores, while others may just use one credit bureau’s score.

Or, if you want to do it yourself, you can obtain a free copy of your credit report once per year from each of the three major credit bureaus: Equifax, Transunion and Experian. If done a month or more before applying for a home loan, it will give you enough time to review the reports and fix any errors.

Published with permission from RISMedia.

Installing a home security system is an important step to protecting your home and family. But with technology on the rise, there is an overwhelming number of systems and services to choose from. Here are some things to consider when choosing the right security system for your home:

Systems & Services
For many years, home security was either a guard dog, locked windows and doors, or both. Today, something as simple as your doorbell can be a camera that you can view from anywhere in the world. Companies like ADP and Vivint offer a range of professional packages, including indoor, outdoor and doorbell security, as well as smoke detectors and smart home capabilities. Systems like Ring and Nest can be purchased online and shipped directly to your door. These systems also offer indoor, outdoor and doorbell security, smart home technology, and can be easily installed or moved to a new home by you, with no appointments necessary.

Installation
Youll want to decide whether you want a professionally installed system or would rather take a DIY approach. A professional security company will most likely require a consultation, as well as a separate scheduled appointment with the homeowner present at the time of installation. If you choose to purchase and install on your own, you have the luxury of setting up your system on your own time, no appointment necessary.

Costs
According to HomeAdvisor, the 2019 average installation cost for home security systems is $694, but can range anywhere from $69 to $2,000. Aside from installation costs, youll need to consider the cost of equipment, such as sensors, cameras and optional smart home features. For those on a budget, purchasing and installing on your own will save you a lot of money, as systems start as low as $99 and have no installation fee. Other costs include activation as well as monthly fees, which start at $3.00/month and top out at $50.00/month.

Published with permission from RISMedia.

When it comes to decorating a babys room, grey is the new yellow, especially when the sex of your baby will be a surprise. And furniture that evolves from crib to pre-teen hangout is more popular than ever.

Here are ten more tips on nursery dcor to help you put a room together that is practical, safe and will look terrific as your baby grows:

Add a dimmer to the lighting. Its a simple project that will let you adjust the mood of the room as needed.

Babyproof the room. Cover the wall outlets, keep the crib away from window treatments and cords, and place any breakable or valuable items on higher shelves.

Select a cool crib. There are many new convertible designs to choose from, including round or oval ones, so shop early to make the best decision for you.

Leave lots of floor space. With so much adorable kid stuff on the market, its easy to go a bit overboard. But toddlers need floor space to play in.

Add bright colors and patterns.While the walls may be neutral or pastel in color, you can stimulate a babys vision by using black and white stripes or colorful contrasting colors as accents. Research has proven that color contrasts register powerfully on a babys retina and send strong visual signals that foster brain growth and visual development.

Remember the ceiling. Baby will spend a lot of time looking at the ceiling, so think about adding color, patterns or decals.

Add some motion. Babies love to be rocked to sleep. Why not do it in a hanging chair or a cool, contemporary rocker?

Choose furniture that grows. Todays modular crib styles convert into childrens beds and changing tables are often a regular dresser decked out with a detachable dressing tabletop.

Add fun elements. Put a tent or a rocking horse into the room that the baby can use as he or she grows into a toddler.

Display your babys name. Find creative ways to spell out your babys name in the room, like framed letters on the wall above the crib or initials in big block letters on room accessories.

Published with permission from RISMedia.

If youre shopping for a new home and have young children, you must focus on safety and convenience. Some features that you might not initially consider important can be crucial for families with kids.

Layout
A house with an open floorplan may seem appealing, but your kids could run around and scatter toys everywhere. Clearly divided rooms make it easier to keep kids in one area where they can be supervised. A large living room or playroom can keep toys in one place. Make sure the kitchen and dining area are large enough for your entire family, plus guests if you like to entertain.

Bedrooms
Sharing a bedroom can teach kids to cooperate, share, communicate and respect each other, but it can also lead to fights. Think about how your kids get along with each other and how much of an age difference there is, and ask yourself whether they would be better off together or in separate rooms. If you plan to expand your family in the future, buy a house with extra bedrooms or rooms that could be converted into bedrooms in the future. Make sure closets are large enough for your childrens current belongings, plus ones theyll accumulate as they get older.

Stairs
Kids will climb, or attempt to climb, stairs if they can get at them. Baby gates can block access for kids, but they can also make it difficult for adults to move between floors while carrying laundry or performing other household tasks. Take this into account when looking for a home.

Flooring Materials
A toddler whos learning to walk or an older child who likes to run throughout the house will fall sometimes, which means wood or tile flooring could be dangerous. Carpet can be much safer. If you buy a house with carpeted floors, look for colors that wont be too hard to clean.

Yard
Playing in a yard can help young kids physical and mental development. In addition, the more your kids play outside, the less of a mess theyll create in the house. If youre looking for a house in a suburban or rural area, look for one with a fenced-in yard.

Bathrooms
Conflicts over time and space in the bathroom often lead to unnecessary family tension. Choose a house with enough bathrooms, especially if you plan to have more children in the future. Also, bathing young kids is easier in a bathtub than in a shower.

Laundry
Parents of young children need to do a lot of laundry. Make sure your house has a washer and dryer, or room to add them.

Look at the Right Houses
Finding a house thatll work both now and in the future can be challenging if you have young kids. Discuss these issues with your real estate agent so you can focus on listings that are appropriate for your family.

Published with permission from RISMedia.

For the self-employed, applying for a mortgage can seem like an even more daunting task, especially if you can’t predict your monthly income. But although there may be a few additional hurdles to clear, the self-employed can certainly qualify for a mortgage, and the best way to do this is to be ultra-prepared. Although requirement vary depending on your lender and your loan, below is a list of documents you should be able to provide.

Tax returns for the past 2 years.

This is simple: in order to predict if you can make your payments, lenders will want to check out your income history. And without the convenience of a monthly or weekly pay stub like most W-2 employees have, lenders will turn to your tax returns to calculate an estimated average monthly income.

Profit and Loss Statement

If you own your own business, you will likely need to provide your lender with a profit and loss (P&L) statement. This shows the lender how much money your business makes and how much it spends.

A Good DTI Ratio

Your debt to income (DTI) ratio is a figure that lenders rely on when evaluating whether or not you can afford a mortgage. For w-2 employee mortgage applicants, 43% is generally the max DTI you can have and still qualify for a mortgage. For self employed borrowers, the DTI maximums will most likely need to be lower, as you’re a higher risk applicant.

A Good Credit Score

Ah, the credit score, perhaps the most important indicator of whether or not you’re applicable for a mortgage. Do you make regular, on-time payments? Do you refrain from taking out more debt than you can afford? Do you use credit consistently but not carelessly? These are all things that lenders want to know and your credit score is the easiest way to answer those questions. Obviously, the better your credit score, the more likely you are to qualify for a mortgage. Youll also be more likely to qualify for a competitive interest rate if you have a high credit score. Check your credit score for free before you begin the mortgage application process. You can do so once a year through the three TransUnion, Equifax or Experian.

Published with permission from RISMedia.