Vegetable Garden 101: Get The Kids Started On A Veggie Patch Project Today

Thinking about ways to engage your children in gardening and educational opportunities outside of the classroom?

Creating your very own veggie patch with them is a great way to help them develop interest in the wonderful hobby of gardening!

Growing a vegetable garden links together many concepts your children are learning about in school while teaching them the art of discipline, responsibility and delayed gratification. Here are some great tips on how to nurture this project with your children.

Choose Pick-And Eat-Vegetables

The joy of being able to eat the fruits of their labors straight out of the garden will be an amazing reward for children. Vegetables like snap peas and cherry tomatoes are great for this. A bonus is that pea seeds are big and easy for those tiny hands to plant if you are going to have your children involved in the garden from the very beginning.

Pick Fun Vegetables The Kids Can Use Later

Another great route when choosing what to plant is picking vegetables that children have a strong connection to. Pumpkins are a great example of this. Children will love to grow pumpkins because of the promise of carving a jack-o-lantern later in the year.

Ensure Your Garden Is Conveniently Placed

One thing you don't think about until you have kids is how to streamline your garden activities in a way that accommodates them. Convenience is critical when trying to manage children and do gardening at the same time. Go easy on yourself by placing your garden as close to a water source as possible.

Plant A Few Seeds That Will Grow Quickly

It is always nice to give children a bit of excitement right off the start. Lettuce is always good for this. It grows fairly quickly and will grab the interest of your children while they wait for the other plants to sprout.

Make Your Children Planting Assistants

Involving your kids in the planting is definitely a lot of work, but it really helps build their interest and education later on. Get them to hoe rows, dig holes, or water as you plant. This will help them connect all the processes together in their minds, and will keep the engaged later on.

Keep The Garden Front Of Mind

Make the garden an ongoing, continuous project that the children are involved in. Don't let weeks go by before you bring the kids out to it again - they might get bored or develop other interests. Always look for opportunities to involve them in the work.

Plant A Colorful Garden

One of the easiest ways to get children excited about what is growing in the garden is to make it come alive with color. There are many different ways you can bring a splash of color to the garden. Choose a variety of lettuce, radishes, or squash to bring interesting and unique shapes, sizes and color to the garden!

Building a garden is a fun way to teach your children the value of hard work and perseverance, and to help them learn science! A garden can engage children and draw you all closer together as you work toward a common goal. If you have questions as to whether a garden will increase the value of your property, call your trusted mortgage professional today for more information.

The Magic Number: Does Your Credit Score Need To Be Above 800 To Apply For A Mortgage?

Over the course of a lifetime, financial development can lead to some wonderful opportunities. A person's financial development and state of affairs is something that is particularly important when it comes to taking out a bank loan to further progress in life, and the largest loan most people will require is a mortgage for a home purchase.

Since the process of getting approved for a mortgage is heavily dependent on credit history and that three-digit credit score that reflects reliability as a borrower, you should always put forth practices to keep that number healthy and growing.

However, how much importance does a credit score hold? Does that magic, three-digit number need to be above 800 in order to get approved for a mortgage?

The FICO Score: The Magic Number That Counts

When you apply for a mortgage, you will have to provide certain information to your financial institution or mortgage broker. The mortgage specialist at your bank or mortgage broker will then pull your credit score and your credit report.

Fair, Isaac and Company is the scorekeeper of your FICO score, which ranges from 300 to 850, 850 being the highest of all scores, and 300 being the lowest.

Every person in the United States has three FICO scores from the three different credit-reporting bureaus. Up to 80 percent of financial lenders will use a borrower's FICO score in order to approve a mortgage application and determine a suitable interest rate on the loan.

The 600 Range: Fair And Good Credit Mortgage Options

If your credit score isn't perfect (ie. above the 800 mark), you need not worry too much. There are many options available for those with credit scores around 600, and, with many different financial lenders to consider, having a mortgage approved sometimes means persisting with an application to several different lenders before receiving a "yes."

With a "fair" and "good" credit rating falling between 620 and 719, there are options available to get approved for a mortgage well under the perfect 800 mark.  An FHA loan is a type of mortgage loan that is insured by the US Federal Housing Administration, offering an option with more flexible qualification measures. For homebuyers with a credit score above 620, this is a viable and common option.

720 To Perfect: Under 800 And Still In Great Shape

The median credit score in the United States is 723, and anything above 720 is placed with the marker of "excellent credit." Therefore, just because you may range just slightly above 720, which may feel miles away from a perfect 800, you're likely in just as good of shape when it comes to getting approved for a mortgage. You can expect a mortgage approval with good interest rates if you have a credit score higher than 720.

Keeping an eye on your credit rating and understanding the measures that are used in determining your credit score will certainly help you maintain a good score. Of course, speaking with a professional and receiving expert advice is always recommended. For specified information on your particular situation, contact your mortgage professional to discuss your options for receiving a mortgage loan.

Is It Best To Put Down A Large Down Payment, Or Be Agile With Your Savings?

Putting down the largest sum of money at your disposal might seem like the best way to go when it comes to your mortgage down payment. There is a certain amount of truth to this, but the reality is bigger is not always better.

Ideally, the amount of money you settle on for your mortgage down payment will take into account your monthly budgeting requirements.

The Big Advantages Of A Large Down Payment

Fewer Mortgage Payments: The larger the down payment, the higher the likelihood that you will be able to afford a shorter mortgage. Unlike some of the other benefits of large down payments, ensuring this perk is available to you is solely dependent on whether or not your post-down payment budget will be able to support the necessary payments.

Lower Payment Totals: If you choose to stick to a longer payment plan, each month's payment will be significantly less than it would have been had you chosen to put less money down up front. Of course, if you choose a shorter mortgage you will be required to pay more.

No Need For Mortgage Insurance: When the down payment is a lower percentage of the purchase amount, lenders will often require clients to apply for mortgage insurance as way to protect themselves in the case that a client defaults on the loan. However, if the buyer is able to make a larger down payment, mortgage insurance can be completely avoided.

Lower Interest Rates: The interest rate on your mortgage is dependent on how much you need to borrow. The more you pay out of pocket, the less money you will have to borrow from a lender. This means the interest rate on the loan will be lower and you will lose less money on the loan overall.

Coping Smartly With A Small Down Payment

Making a larger down payment may not be an option for you in your current financial state. Opting to make a smaller down payment will still allow you to purchase your new home, with a few extra conditions. Higher interest rates and having to take out mortgage insurance are the two primary conditions you are likely to come across.

Once the down payment is made, your main concern becomes making the most of your monthly mortgage payments.

A great coping strategy is to get into the habit of paying off more than the amount due on as many scheduled payment days as possible. Another good strategy is to arrange for an accelerated payment schedule. These small adjustments could help you pay off your mortgage faster, and save you more money as a result.

When settling on a down payment amount, the most important issue to factor into your decision is whether or not you are capable of remaining financially secure after the payment is made.

If a larger down payment is going to dramatically impact your emergency funds, you may want to reconsider. Contact your local mortgage professional to learn more about choosing the most suitable mortgage for your budget.

How Will A Short Sale Affect Your Ability To Buy Another House In The Future?

The last few years have been financially difficult for millions of homeowners, with job losses and decline in home values devastating families all over the US. As a result, a great number of homes have gone through short sales, which has had a detrimental effect on consumers' credit ratings.

If you've considered or experienced a short sale, one of the biggest concerns you may have is how it will impact your ability to purchase another property in the future. Here are five key variables on how a short sale can impact your next home purchase.

Duration Of Delinquency Plays A Big Role

Short sale transactions take a long time to complete, depending on the state that you live in and the bank's policies. During this process, homeowners in a short sale may have trouble continuing to make monthly mortgage payments. The duration of delinquency can have a major negative impact on your credit score, even before the final short sale is reported.

Deficiency Judgments May Have Long-Lasting Effects

A short sale usually with comes a large debt that is left unpaid that banks look to settle. In the case of short sale, this debt is the difference between the amount owed and the amount for which the home is sold.

When you're on the hook to come up with this difference, a deficiency judgment is filed through the courts and is attached to your credit rating as a negative debt outstanding. This can have a lasting effect on your credit rating, and can hinder your chances of buying a home in the future.

Lower Credit Scores Often Mean Higher Interest Rates

The poorer your credit rating, the more likely you are to be charged a higher interest rate when borrowing money. With the large cost of a home purchase, a high interest rate over a long amortization period can prove to be extremely costly, which many home owners may find difficult, if not impossible, to pay for.

Larger Down Payments May Be Necessary

Many banks and credit unions have specific guidelines that require you to put more money down on a future home purchase if you've experienced a housing-related credit issue in the past. Certain banks may request as much 20 percent for a down payment. Many homeowners may not be able to come up with such funds, or may need a lot of time to build up such capital before being able to buy a house.

A Long Waiting Period Might Apply

Since the housing crisis in the US, many major mortgage insurers and investors, like Freddie Mac, FHA, and Fannie Mae, have implemented new rules on how long you have to wait after a short sale before you can purchase again. Depending on the type of loan, this can be anywhere between two to four years on a short sale.

It's critical to stay informed and understand how these rules can impact your ability to buy a home in the future after a short sale. Speaking with a seasoned mortgage specialist can help you stay in the know, and help you assess your finances and credit health before you plunge into the real estate market in the future.

What's Ahead For Mortgage Rates This Week - May 5, 2014

Last week's economic news included several reports related to housing and mortgages. The NAR started the week on a positive note with its Pending Home Sales Index released Monday. Pending home sales in March were higher with an unexpected increase of 3.40 percent over February for an index reading of 97.40.

This is encouraging news for home sales that were severely affected by a hard winter in many areas, and suggests that as warmer weather approaches, home sales will pick up. Analysts do not expect the rapid rate of price appreciation seen in 2013. The Fed's tapering of its "quantitative easing" program has caused mortgage rates to rise, and last year's rapid run-up of home prices has made affordability an issue in many areas.

The S&P Case-Shiller Home Price Index for February performed slightly better than expected with a seasonally-adjusted month-to-month reading of 0.80 percent. The expected reading was 0.70 percent.

The year-over-year reading fell short of January's reading of 13.20 percent and the expected reading of 13.00 percent at 12.90 percent. Analysts noted the continuing trend of slowing momentum in home price growth, but seem confident that home prices will continue to increase over the spring months.

Fed Continues Tapering Of QE, Mortgage Rates Mixed

Wednesday brought the FOMC's customary statement after its two-day meeting concluded. There were no surprises as the statement verified another monthly tapering of $10 billion from the Fed's quantitative easing (QE) program of asset purchases.

The tapering was evenly divided with $5 billion less in MBS purchased and $5 billion less in treasury securities purchased. The ongoing tapering was seen as contributing to rising mortgage rates, but the Fed asserted that its asset purchases remain sufficient to dampen rapid increases in long-term interest rates, which include mortgage rates.

The Fed repeated its usual reminder that its decisions are not on a pre-set course and that the committee members would closely monitor economic and financial developments as guidance for future decisions.

Freddie Mac reported mixed results for mortgage rates on Thursday. Average rates rose by four basis points to 4.29 percent for a 30-year fixed rate mortgage with discount points of 0.70 percent.

The average rate for a 15-year fixed rate mortgage dropped by one basis point to 3.38 percent; discount points steady at 0.60 percent. The average rate for a 5/1 adjustable rate mortgage rose by two basis points to 3.05 percent; discount points dropped from 0.50 to 0.40 percent.

Weekly jobless claims made an unexpected jump to 344,000 as compared to the prior week's revised figure of 329,000 jobless claims and an expected reading of 320,000 new jobless claims.

Analysts note that week-to-week figures continued to show volatility, but said that on balance, the rolling average for jobless claims appeared consistent with moderate growth in labor markets.

This Week

This week's scheduled economic news shows no events related to housing and mortgages. Highlights include Fed Chair Janet Yellen's appearance before the Joint Economic Committee in Washington, D.C. and the usual releases of mortgage rates and new jobless claims on Thursday.