Climate change refers to long-term shifts and alterations in temperature and weather patterns, primarily driven by human activities. These changes can manifest over decades to millions of years and can result from natural factors as well. However, the current trend of climate change is largely attributed to anthropogenic factors. Here’s a detailed overview:

Causes of Climate Change

1. Greenhouse Gas Emissions:

   • Carbon Dioxide (CO2): Released from burning fossil fuels (coal, oil, natural gas), deforestation, and various industrial processes.
   • Methane (CH4): Emitted during the production and transport of coal, oil, and natural gas, as well as from livestock and other agricultural practices.
   • Nitrous Oxide (N2O): Released from agricultural and industrial activities, as well as during fossil fuel combustion.
   • Fluorinated Gases: Synthetic gases used in various industrial applications.

2. Deforestation:

   • Trees absorb CO2, and when they are cut down or burned, the carbon stored in them is released into the atmosphere.

3. Industrial Activities:

   • Emissions from manufacturing and energy production contribute significantly to the accumulation of greenhouse gases in the atmosphere.

Effects of Climate Change

1. Temperature Increases:

   • The Earth’s average surface temperature has risen, leading to more frequent and intense heatwaves.

2. Melting Ice and Rising Sea Levels:

   • Polar ice caps and glaciers are melting, contributing to rising sea levels.
   • This poses a threat to coastal communities through increased flooding and erosion.

3. Extreme Weather Events:

   • Increased frequency and severity of storms, hurricanes, and typhoons.
   • More intense and prolonged droughts and floods.

4. Impact on Ecosystems and Biodiversity:

   • Species migration and changes in the distribution of wildlife.
   • Increased risk of extinction for many species unable to adapt to changing conditions.

5. Ocean Acidification:

   • Increased CO2 absorption by oceans, leading to a decrease in pH levels, which affects marine life, particularly coral reefs.

Mitigation and Adaptation

1. Mitigation:

   • Reducing Emissions: Transitioning to renewable energy sources like wind, solar, and hydroelectric power.
   • Energy Efficiency: Enhancing energy efficiency in buildings, vehicles, and industries.
   • Carbon Sequestration: Planting trees and employing technologies to capture and store CO2.

2. Adaptation:

   • Infrastructure Resilience: Building infrastructure to withstand extreme weather events.
   • Water Management: Developing strategies to cope with changes in water availability.
   • Agricultural Practices: Adapting farming techniques to new climate realities.

Global Efforts and Agreements

1. Paris Agreement:

   • An international treaty aiming to limit global warming to below 2 degrees Celsius above pre-industrial levels, with efforts to limit the increase to 1.5 degrees Celsius.

2. United Nations Framework Convention on Climate Change (UNFCCC):

   • An international environmental treaty established to address climate change and its impacts.

• This discussion was modified 9 months, 1 week ago by  Gustan Cho.

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Original Article:

https://www.mortgagesensei.co/blog/how-to-get-a-mortgage-as-a-first-time-home-buyer

—

This is a common question that I answer all the time. It’s easy to explain but may be difficult to execute. No worries! I’m going to lay it all out in the simplest and easiest way possible. At the end of this blog, you will know what financial areas you should focus your attention on as a first time home buyer

Understanding the 5 Pillars of a home loan will help you identify the financial factors that a lender evaluates to determine if you’re eligible for a home loan. In this article, we’re going to focus solely on what it takes for you to become a well-qualified borrower. If you simply focus on that and develop good financial habits, you will soon find yourself in a position to not just be able to qualify for a home loan, but to be considered a well-qualified borrower in the eyes of lenders, realtors, sellers, or anyone else involved in the home buying process. Take your time to read through this, and feel free to reach out to me here for any assistance that you may have.

What credit score do you need to buy a house for the first time?

Depending on your selected home loan program, you could qualify for a home loan with as low as a 500 FICO credit score. However, let’s not worry about “how low of a credit score can I have and still qualify for a home loan?” and focus instead on “what do I need to financially focus on daily?” With that being said, I recommend focusing on the FICO factors that impact your credit the most. Using myFICO Education as a guide:

Payment History (35%): This is simple to understand—don’t miss any minimum monthly payments for ANY of your credit accounts. A lot of people, when they read this, will say, “No duh, Sensei!”. Well, if it’s that obvious, why are so many people missing the mark here? There are many reasons, but I’ll list two:

1. Over-extending your credit/spending capacity, and
2. Limited amount of emergency/reserve funds.

Did you know that you only need a TOTAL of 3-4 credit accounts aged for 2+ years and properly managed to get a 700+ FICO score! Keeping your total credit accounts under 5 will help you in managing your credit accounts to ensure nothing falls through the cracks. Here’s my recommended financial habits to help you in raising your credit score:

1. Frugal spending habits: “How much you keep is slightly more important than how much you bring in”. One of my favorite books is “The Richest Man in Babylon”. The concept is pretty simple: “Priority saving and investing over any other spending choices”.
2. Fanatical saving: One of the main reasons people credit suffers is through some kind of financial hardship whether that’s unexpected medical expenses, job loss, or something that tends to be outside of your control. Having enough savings to weather the storm for months or even years, will give you a large enough financial safety net to make it through recessions, rapid inflation, unexpected expenses, etc.

Amounts Owed/Credit Utilization (30%): Our areas of focus are:

1. Revolving: “how much of your credit limit is drawn and owed.”
2. Installments: “how much of the credit debt is still owed compared to your starting amount.”

Developing frugal spending habits will greatly help you in keeping your credit utilization low. I understand that emergencies come up and you have to use your credit cards, but the truth of the matter is that FICO doesn’t care about your emergencies, or why your credit cards are maxed out. They only care that your credit card is maxed out. If you cannot quickly pay down your credit card balance under 10%-30% of the credit limit within 30 days of charging it, then you probably should not charge the product/service to your credit card.

Negative Status: Collections, charge-offs, repossessions, bankruptcies, foreclosures, Late payments within 2-years, etc. You can do everything right, and getting one of these can set you back overnight. All of these derogatory events result from some negative financial event that occurred, whether unintentional or intentional, the results will be the same. For those who have been victims of identity theft, you know from experience that creditors don’t care that your identity was stolen and a criminal damaged your credit. All they’re going to tell you is “take responsibility in fixing your credit.” Working towards preventing these negative financial events from reporting on your credit or removing them from your credit is your third focus. If you need help, reach out to Kredit Kleanse for expert credit repair assistance, or schedule time to start your home loan qualification process by clicking here.

How much income do I need to buy a home?

After the 2008 housing crash, our government implemented S.A.F.E. requirements for lenders to do their due diligence to ensure that the borrower is protected from predatory lending. One of the main focuses was on DTI (Debt-to-Income ratio). For the sake of this blog, I’m only going to focus on two aspects of DTI that are more relevant to this article:

Total Income: In this case, the borrower simply doesn’t make enough to afford the home regardless of how little debt they may have. For instance, the borrower earns $100,000 per year for income and wants to purchase a $1,000,000 home. Those numbers, in most cases, won’t work. Here’s my personal calculation: whatever your “total annual income” multiplied by 3x-4x should put you in the range of a home you can afford AND still enjoy life/save/invest/etc. This is not stating what you will qualify for, but simply a measuring equation to see if you are in the ballpark. Please note that (1) your area could be more or less expensive, (2) current interest rates, and (3) the lender you choose WILL affect your final qualification. The best course of action here is to either:

1. Increase your qualifying income: This is VERY tough conversation to have, and honestly the part of the job that never sits quite right with me. But truth is truth regardless of how I feel about it. Ways to increase your income are:
   1. Ask for a raise
   2. Go for that promotion
   3. Create passive income
   4. Start a business/side hustle (you’ll need a 2-year history of having that business)
   5. Get a 2nd job (you’ll need a 2-year history of working both jobs)
   6. Add a co-borrower/signer
   7. Obtain a higher paying job
2. Reduce your housing price if possible: I’ve helped people that simply weren’t able to increase their income, maybe because they are retired on fixed income, can’t change jobs due to their needed benefits or family, etc. To those people I would suggest reducing they’re home buying price by adjusting their home search parameters. The more flexible you are on the type, location, etc. of your new home, the more options you will start to have. Maybe a smaller starter-type home is what you need.

Usable Income: In this case, the borrower makes enough “gross income”; however, the challenge is the borrower has too many debt obligations that are eating away at the potential income we could use for a housing payment for the home they want. This is normally when the lender will tell you “your DTI is too high to qualify”. The best course of action here is to reduce/eliminate your monthly credit debt obligation. You can use a method called “debt-snowball”. The debt snowball method is a debt payoff strategy that involves paying off debts from smallest to largest balance. Once a debt is paid off, the money that was previously allocated to that debt is then used to pay off the next smallest debt. This strategy can help build momentum and keep you motivated as you pay off your debts. As each debt is paid off, payments increase in size, similar to a snowball rolling down a hill. We are also able to help our clients quickly identify exactly which credit accounts to pay off to move the DTI ratio meter the most. Schedule time to start your home loan qualification process by clicking here.

How much cash should you have before buying a house?

Lastly, we have to address the “Where’s the money coming from?” aspect. This is the red pill of our housing market/economy. Meaning that it’s ALWAYS better to bring money to the table over not bring anything. You have to be able to invest in the purchase of your home. The ideal scenario is a borrower that can fully fund all expenses needed to purchase a home without needing any assistance. Now don’t get me wrong, we will help anyone get into a home. However, if we look at the true data, people that need financial assistance to buy a home tend to have a more difficult time becoming homeowners: (1) loan programs are too restrictive, (2) sellers don’t want to sell to someone using a loan assistance program, (3) they’re not able to qualify for as much house as a traditional loan program, etc. These are the four areas you should consider:

Down Payment: This normally ranges from a minimum of 3%-5% for primary residence loan programs. If you don’t have the funds, there may be a home down payment assistance program available for you.

Closing Costs: Title costs, government recording fees, appraisal fee, credit report fee, setting up your prepaid/escrow account for property taxes and homeowners insurance, etc. This normally ranges from 3%-6% of the purchase price, depending on the area.

Moving Expenses: Will you need to rent a moving truck, hire movers, take time off from work, pay for deposits for utility hookups, build new furniture, throw a housewarming party, etc.? Many lenders will tap you out at closing, and you may be blinded by the excitement of buying your first home and you simply forget about these costs that are unrelated to buying a home. This is an unknown number because everyone is different. All I’m doing here is making sure you’re aware of this and plan for it the best way you can.

Once you add up everything the starting line is anywhere between 6-11% of the purchase price. If you don’t have it or simply don’t want to spend that amount, then you’ll need to work with the right people that have a strong understanding of creativity financing. schedule time to start your home loan qualification process by clicking here.

Give it to me straight and don’t sugarcoat it Sensei!

Over the course of my career, I’ve had the pleasure of working with some of the grittiest people I’ve ever had the pleasure meeting. Some of those people “had no hope” of buying a home as a first time home buyer. What allowed them to become homeowners was knowing how the game works. It’s like golf—if you don’t know how to (1) pick the right club, (2) examine the landscape, and (3) swing with the right technique using the right amount of force and accuracy, you’ll easily get tired of “trying” to play golf. There are a lot of people today who are trying to buy a home, instead of actually being able to buy a home.

One of the biggest misconceptions, in my opinion, is that people are trying to get a lender to qualify or approve them for a home loan, instead of just being a well-qualified buyer for a home loan before they even reach out to the lender to “verify their financial status”. Credit, repayment ability, funds needed for closing—these are your core pillars that truly make up the borrower aspect of a home loan.

I’ve been in this business since 2011, and I can tell you without a doubt that traditional loans walk, look, and act similar. Yeah, there are guideline differences, but the truth of the matter is that even with these differences, the essence of the home loan is still the same. Working with someone that has these core home loan assessment experience will put you on the right track FAST. Schedule time to start your home loan qualification process by clicking here.

What would you do Sensei?

The 5 Pillars of a home loan are made up of: Credit, Repayment Ability, Funds Needed for Closing, Subject Property, and Loan Program. For this subject of “How to get a mortgage as a first-time buyer,” you have to find out what you qualify for. My recommended sequence of focus is: (1) Credit, (2) Repayment Ability, (3) Funds Needed for Closing, (4) Loan Program, and (5) Subject Property.

Here’s the honest truth:

1. Before you go under contract to purchase a home (i.e., subject property), you should know what you qualify for (i.e., loan terms/program),
2. Before you know what you qualify for (i.e., loan terms/program), you will have to go through the lender’s evaluation process (pre-qualification/pre-approval),
3. When you go through the lender’s evaluation process (pre-qualification/pre-approval), we will be verifying and evaluating your credit, repayment ability, and available funds for closing.

When you want to buy a home your credit, repayment ability, and available funds are the areas that YOU control. A lender does not control these aspects of your financial life. Your financial habits do. These three (credit, repayment ability, and funds needed for closing) are the pillars that you build up to be in a position to purchase a home. The last two (loan program and subject property) are the aspects of the home loan process that are more of an effect of the first three pillars.

We live in an instant gratification society and want everything now, fast, and easy. The truth of the matter is, that’s not how buying a home works. Now let’s be clear, your home-buying process can and should be simple and easy. If it’s not, you’re probably working with the wrong loan officer/lender. But you should not expect it to be “instant.” It takes time to buy a home, even more so to buy a home “right.”

When you first enter the housing market to purchase a home, you may have some challenges ahead. However, if you stay focused and dedicated, you will find the right home for you and your family. By following these steps and being prepared, you can increase your chances of securing a home loan and becoming a homeowner. It’s important to be patient and diligent throughout the process, as it can take time and effort to achieve your goal of homeownership. We are here to help you every step of the way. Schedule time to start your home loan qualification process by clicking here.

Happy house hunting! – Mortgage Sensei “Financing Futures, Building Dreams”

Author Bio:

Nelson C. Thompson, Jr., President of The Mortgage Sensei Company. With years of experience in the mortgage industry, Nelson specializes in helping first time home buyers navigate the complexities of obtaining a mortgage. His mission is “Financing Futures and Building Dreams”

References

• List any sources or references used in the blog post.:
• Mortgage Sensei – 5 Pillars of a home loan – https://www.mortgagesensei.co/blog/5-pillars-of-a-home-loan
• myFICO.com – Education – https://www.myfico.com/credit-education/whats-in-your-credit-score
• FICO – https://www.fico.com/
• Kredit Kleanse – https://kreditkleanse.com/
• NMLS Resoruce Center – https://mortgage.nationwidelicensingsystem.org/safe/SitePages/default.aspx
• CFPB – https://www.consumerfinance.gov/ask-cfpb/what-is-a-debt-to-income-ratio-en-1791/
• Mortgage Sensei – Home Page – https://www.mortgagesensei.co/
• Special Thanks to Gustan Cho Associates’s GCA FORUMS: https://gcaforums.com/wp-login.php?redirect_to=https%3A%2F%2Fgcaforums.com
• Special Thanks to NEXA Mortgage: https://nexamortgage.com/
• Special Thanks to Candice Thompson: https://candinichelle.co/
• Special Thanks to Whitni Bell: https://whitnibell.exprealty.com/

• This discussion was modified 9 months, 1 week ago by  Sapna Sharma.
• This discussion was modified 6 months, 2 weeks ago by  Sapna Sharma.
• This discussion was modified 6 months ago by  Sapna Sharma.
• This discussion was modified 5 months, 2 weeks ago by  Sapna Sharma.
• This discussion was modified 2 days, 4 hours ago by  Sapna Sharma.

mortgagesensei.co

How to Get a Mortgage as a First Time Home Buyer

As a First Time Home Buyer learn what financial factors you should focus on BEFORE you reach out to a lender or start shopping for your next home.

Any car people know what types of classic or exotic cars are great investments?

The Biden Administration and supporters of Joe Biden such as the mainstream media are trying to brain wash Americans that the economy is in great 👍 shape and Joe Biden is the president who fixed inflation and the economy. The Biden Administration and Biden supporters and the mainstream media announced vvictory soft landing on inflation and Joe Biden Administration avoided a major Great Recession. This is total bullshit lies after lies. Joe Biden is clueless and his administration is full of idiots that don’t know what they are doing. Don’t fall in to buy now pay later technique that Democrats are pushing. We are in great period of uncertainty. Inflation is soaring out of control. Real unemployment numbers are through the roof. Data released by the Biden Administration are total lies. There are no jobs created. Job numbers reported are part time jobs or temporary jobs. Treasury Secretary Janet Yellen, Fed Chairman Jerome Powell, and Joe biden are all incompetent cheating lying worthless political hacks. Read this video clip

https://youtu.be/eEB_YdElBS4?si=82f5kB0hEs4rH66C

Biden Administration authorized use of deadly force in the use of the Mar a Lago Raid. Shoot to kill on former President Donald Trump, his family, and his staff during the Mar a Lago Raid by FBI agents.

https://www.youtube.com/live/nPmcGBynUJo?si=TUhJNbnMDSD–

Biden Administration cronies are big fat liars. JOE BIDEN and his idiot gang of liars are in a state of denial on the economy. Look at this video Neil Caputo drilling one of BIDEN’S big fat lie on how Biden took over an economy with a 9% inflation and inflation is now under control. Total Bull Shit. Biden Administration screwed up the economy and America.

https://youtu.be/JKMLfPbAn30?si=e7qzTWpNDOPL-S1B

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Silver broke $24 per ounce. Buy silver. Still a very low price per ounce.

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Former President of NEXA Mortgage Mat Grella tells his side of the reason why he and his partner CEO Mike Kortas dissolved their partnership being partners of the largest mortgage brokerage in the United States. Tens of thousands of mortgage professionals were in pins and needles daily for breaking news about the real reason why the two mortgage legends terminated their once rock solid bond in running the mortgage brokerage giant.

https://www.nationalmortgagenews.com/list/nexa-mortgage-ceo-talks-breakup-with-co-owner

nationalmortgagenews.com

NEXA Mortgage CEO talks breakup with co-owner, plans for the future

In the midst of a separation between Mike Kortas and Mat Grella, the company's CEO sets course to double headcount.

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French Bulldogs are one of the most popular dogs in the world. Average French Bulldogs normally cost $2,500. It is not uncommon for French Bulldog pups to cost $10,000 per pup. There are French Bulldogs that go as high as $100,000. In the attached video this breeder makes $5 million per year. Many states like Illinois have banned puppy mills and pet shops in selling dogs.

https://youtu.be/VS3M2WK-348?si=IXn0UtOoWgTnwYqM

Many German Shepherd owners want to train their German Shepherd puppy trained to walk off leash. However it is natural for your German Shepherd Puppy to be by you off leash but if your German Shepherd puppy sees a car or squirrel and takes off it can be trouble. Here’s a German Shepherd training video

https://youtu.be/fBm46CHnbPc?si=X60yFH8lOHavyxAA

• This discussion was modified 1 year ago by  Samuel.