August 2015 Petit Home Team Newsletter
1. Stretch Your Back-to-School Budget
2. Mortgage Pre-qualification vs Pre-approval
3. Just listed and sold properties
4. Carolina Panthers Fan Fest
1.Stretch Your Back-to-School Budget
Start by taking an inventory with your child of clothing and backpacks they currently have. Which clothes and backpacks can be used to start the coming school year? Make a list of items you have and items that are needed before school starts. Can some of the items be purchased at a later date?
Know your school’s dress code policies and restrictions before you start shopping. Find out what students are permitted to wear to school and about other rules regarding dress and backpacks.
Recycle clothing and backpacks whenever possible! For example, denim pants that have a hole in the knee can be cut and hemmed into shorts. Can used textbooks be purchased for college students rather than new ones? Use your network of family and friends to see if they have articles of clothing and books that can be passed-down to younger children.
Set a budget for each child’s back-to-school needs. Consider shopping without your child. If children shop with you, make sure they are aware that their clothing choices must remain within the family’s budget.
Save gas by doing some comparison-shopping online. Look online for sales, coupons, and offers for free shipping. Online shopping can save gas dollars too!
Check for sales at discount department stores and office supply stores before you start out on your shopping trip. Make a plan of how you can shop for what you need in one day if possible. This will save you from using gas by running to the store multiple times for one or two items.
Consider locating second-hand shops, consignment shops, local church clothing exchanges, and hospital thrift shops. Look for quality clothing at a reasonable price. Thrifty is the new chic this year!
Plan to purchase basic items needed to start the school year. Since the weather is still warm at the start of school, delay purchases for winter clothing until it is on sale. Make the clearance racks your first stop when you enter a store. You may be surprised at the values you find there.
Resist impulse buying! Stick to your list of needs to avoid over spending.
Don’t buy everything today your children need for the entire school year. Create a spending plan that coincides with your budget so you can pace out the expenses.
Pay for items with cash if possible. Use a credit card if you can pay the amount charged in full, or set aside more than the minimum payment each month until the debt is paid. Get ready for next year’s back-to-school expenses by starting a holiday savings club. Holiday savings club payments usually come in early October, which is just in time for cooler weather clothing needs.
Prepare family lunches at home to save extra dollars. Make lunch menu planning and food preparation a family event. Purchasing food at a local supermarket and preparing it at home saves money over spending extra dollars on ready-made, convenience and restaurant foods. Save money by sending food to school in reusable plastic containers and insulated food storage bags that can be used throughout the year. At the end of the day, throw away food leftovers that have not been refrigerated after lunch. Follow important food safety guidelines by keeping cold food cold and keeping hot food hot when preparing food to be eaten away from home.
2.Mortgage Pre-qualification vs Pre-approval
What Is a Pre-Qualification?
If you choose to finance the home purchase with a mortgage, you’ll need to get pre-qualified first. A “pre-qualification” isn’t as robust as a pre-approval, but it’s a good first step to ensure you can purchase the home you desire (or any one at all).
A pre-qualification is a pretty straightforward, simple check to see what you can afford based on your income/debt levels (debt-to-income ratio), assets, down payment, employment history, perceived credit score, and so on.You can get pre-qualified very quickly and easily with a bank or mortgage broker, but it won’t carry much weight in the eyes of the agent or the seller.
After all, with a pre-qualification you’re simply supplying estimates and your credit report probably hasn’t yet been run (though it should be pulled early on in the process). That said, a pre-qualification, or pre-qual, is just a determination of what you’d likely qualify for if you made an offer and applied for a home loan.
It’s not necessarily a waste of time, but it’s not going to get you very far. You can liken it to running a few numbers to see where you stand, but it cannot be used in place of a pre-approval.
What Is a Pre-Approval?
A pre-approval, on the other hand, actually has legs. It’s a written, conditional commitment from a bank or mortgage lender that says you are pre-approved for the mortgage financing in question.
It comes only after filling out a loan application, supplying verified income, asset, and employment documentation (assuming these items are necessary), running credit, and underwriting the loan file.
Acquiring a pre-approval shows the interested parties (sellers, agents) that you’re a committed buyer, boosting your chances of sealing the deal at the price you want. It will also show you how much house you can afford, not just an estimate.
Pre-Approval Requirements:
- Credit report
- Bank statements
- Pay stubs
- Tax returns
Once you provide all the required documentation and get the pre-approval letter from a bank or lender, it is typically valid for 60-90 days. Just note that things can change during that time, such as your credit score, so it’s not 100% guaranteed.
As you can see, being pre-approved and pre-qualified are not the same thing, so make sure you know the difference before shopping for a home.
3. Just Listed and Sold Properties
4212 Amwell Drive, Huntersville NC 28078
$175,000
Welcome home to this classic Saussy Burbank home in Gilead Village! Home features include open layout first floor. Kitchen with counter-top breakfast, dining area and living room with fireplace. Two bedrooms and laundry on first floor. Second floor master suite with huge closet and master bath. Fantastic location in Huntersville, close to all amenities. Low HOA fees which include pool, playground and hiking trails. Call today!
2560 Tranquil Oak Place, Charlotte 28206
SOLD
Congratulations to new owners Maggie and Michael!
132 Mangum Circle, Mooresville NC 28117
SOLD
Congratulations to new owner Linda!
308 E. Ryder Ave, Landis NC 28088
SOLD
Congratulations to new owner Sara!
10113 Allison Taylor Court, Cornelius NC 28031
Congratulations and welcome to North Carolina Joe and Laura!
4. Carolina Panthers Fan Fest
Celebrating the upcoming NFL season at Carolina Panthers FanFest 2015 on Friday, August 7th, 2015, at Bank of America Stadium, 800 South Mint Street. The event is free and runs from 7:30 p.m. to 9:30 p.m. Fans will receive a 2015 team roster photo card with a 2015 schedule. The stadium gates open at 6:30 p.m. with performances by the TopCats, Sir Purr, PurrCussion and Black & Blue Crew. Practice begins at 7:30 p.m. and will include individual drills as well as seven-on-seven, special teams and team periods. The event will be capped around 9:30 p.m. with a fireworks and laser show.
