Below is an article from the Wisconsin Realtors Association on shoreland zoning.  We so many lakes and rivers in south central Wisconsin, I thought it would be important to share.  Keep in mind this is just for the minimum requirements at the state level.  If you currently live on the water you may want to stay in touch with your local county government. Each county in Wisconsin (except Milwaukee County) is required to adopt and enforce shoreland zoning regulations that meet or exceed the state standards.   Here are some of the contacts for you.
Waukesha County
15 W. Moreland Blvd, Rm. 260
Waukesha, Wisconsin 53188
Phone: (262) 896-8300
Fax: (262) 896-8298
http://www.waukeshacounty.gov/page.aspx?SetupMetaId=7820&id=12022
 

Jefferson County
Jefferson County Courthouse
320 S. Main St., Room 201
Jefferson, WI 53549 
(920) 674-7130
Fax (920) 674-7525
http://www.co.jefferson.wi.us/jc/public/jchome.php?page_id=134

 Dane County
Patrick J. Sutter, County Conservationist
1 Fen Oak Court, Room 208
Madison, Wisconsin 53718
phone (608) 224-3730
Fax (608) 224-3745
http://www.countyofdane.com/lwrd/landconservation/

In December, the Wisconsin Department of Natural Resources (DNR) adopted new changes to the state’s shoreland zoning regulations (NR 115).  Counties have until January 1, 2012, to update their local shoreland zoning ordinances to bring them into compliance with these new standards.

These new changes attempt to better protect water quality, wildlife and natural scenic beauty around our water resources by placing stricter standards on new development and construction near our waterways.   Because these new changes could impact a prospective buyer’s ability to improve or expand waterfront property, REALTORS® should familiarize themselves with the changes. 

Background

In 1966, Wisconsin adopted shoreland zoning regulations to control development along lakes and rivers in unincorporated areas and any area annexed or incorporated after 1982.   Generally, these state regulations provide minimum standards for lot sizes, how far structures are set back from the water’s edge, and limits on removing trees and plants near the shoreline.  Each county in Wisconsin (except Milwaukee County) is required to adopt and enforce shoreland zoning regulations that meet or exceed the state standards. 

While many people believe that shoreland zoning regulations apply only to property adjacent to waterways, the regulations actually apply to all land within 1,000 feet of a lake, pond or flowage, and land within 300 feet of a stream or river.   This means that all property within this shoreland zone is subject to the regulations even if the property is separated from the water by land, buildings or  roadways. 

Because the state shoreland regulations had not been updated in over 25 years, the DNR believed it was necessary to modify them due to increased development in shoreland areas and growing complaints about existing standards from both property owners and local governments.   The revision process took over 7 years, with the DNR conducting approximately 30 public hearings and receiving over 50,000 public comments. 

The final version of the regulations contains significant changes to the prior version.  Counties have until January 2012 to update their shoreland zoning ordinances to meet or exceed the new state standards.  Over the next two years, almost every county in the state will be revising their shoreland zoning ordinances.  Accordingly, REALTORS® should work closely with their local counties to make sure the new shoreland zoning ordinances balance the need to protect our natural resources and the rights of property owners. 

The Top 10 Changes to the State Shoreland Zoning Regulations

The revised shoreland zoning regulations contain many new provisions.  Again, it is important to remember that these are only minimum standards and counties have the authority to adopt more restrictive standards if they wish.  Here are the 10 new changes to shoreland zoning that will likely have the biggest impact on property owners and REALTORS®:

1. New impervious surface standards will limit the size of new homes and remodeling projects within 300 feet of the water.

For new construction and existing homes looking to expand within 300 feet of the water, no more than 15% of the lot (within 300 feet of the water) can be covered in impervious surfaces (concrete, black top, footprint of structure, etc.).  This includes roof tops, sidewalks, driveways, patios, and any other surface that will not allow water to infiltrate the ground.  The impervious surface limit is raised to 30% of the lot if the property owner meets mitigation standards established by the county.  (Note:  this provision is triggered only when an existing structure is expanded or replaced.)  Any mitigation measures must be proportional to the amount and impacts of the impervious surface being permitted.

If an existing home exceeds the 15% or 30% impervious surface standards, the home is effectively grandfathered and will not be required to be brought into compliance with the new standards.  In addition, a property owner may reconfigure existing impervious surfaces (e.g., move a sidewalk from the east side to the west side of the house) without performing mitigation.

Example – On a typical 10,000-square-foot lot (65’x154’), no more than 30% of the lot can be covered with impervious surfaces (with mitigation).  This means that only 3,000 square feet of impervious surface is allowed.   If you assume that the average driveway is 200 square feet (25’x8’), this means that you have 2,800 square feet to build a house, garage, driveway, patio and other impervious surfaces.  (Note: a driveway, patio and sidewalk can be pervious if designed using the appropriate materials.  However, these materials can be expensive.)

2.  Unlimited maintenance and repair of ALL nonconforming structures is allowed.

The new regulations eliminate the 50% rule, which limited repairs and expansions of nonconforming structures to 50% of the assessed value of the property during the life of the property.  (A nonconforming structure is a structure that is not in compliance with one or more current zoning regulations (e.g., the seventy-five-foot building set back from the water)).  This is a very important change for property owners who were often prevented from performing routine maintenance or minor expansions under the old regulations.  Under the new regulations, nonconforming structures are allowed to be maintained and repaired without any limits on the amount or value of maintenance and repair work. 

3.  Homes located between 35 feet and 75 feet from the water can be expanded.

The new regulations also allow nonconforming structures located between 35 feet and 75 feet of the ordinary high water mark (OHWM) to be expanded if they meet certain requirements.  If the property owner wants to expand the structure behind a 75-foot setback, the property owner may do so as long as he/she satisfies the impervious surface limit requirements.  In addition, these homes may be expanded vertically (not horizontally) if the following requirements are met:  (a) the vertical expansion is no higher than 35 feet; (b) the expansion is no closer to the water; (c) the expansion does not exceed the 30% impervious surface limit; and (d) the property owner agrees to perform mitigation, as determined by the county.  Also, these homes may be expanded horizontally if: (a) there is not a “compliant building location” (at least 30 feet deep and meets setback requirements) on the property; (b) the expansion is no closer to the water; (c) mitigation requirements are met; and (d) the expansion does not exceed 30% impervious surface limit.

4. Homes located closer than 35 feet from the water cannot be expanded. 

The new rule prohibits any expansion (vertical or horizontal) if the home or structure is located within 35 feet of the water.  By prohibiting any expansion of these structures, the rule effectively requires the house to be torn down and rebuilt behind the setback if the property owner wants to increase the size of the home. 

5. New mitigation requirements are triggered when setback and impervious surface standards are not met. 

Property owners must perform mitigation if they want to exceed the 15 percent impervious surface standard or expand nonconforming structures closer than 75 feet from the water.  (See above.)  All mitigation must be proportional to the anticipated impacts of the project.  Mitigation standards will be established by the counties, but must meet goals established by the DNR including controlling rainfall runoff to the maximum extent practicable.  Mitigation activities may include restoring a natural vegetative buffer along the shoreline, removing an accessory structure near the water, etc.

6.  Mitigation plans must be recorded with the local register of deeds and disclosed. 

Property owners who agree to perform mitigation must record the mitigation plan with the local register of deeds.  This means that the mitigation requirements will run with the land and will be applicable to future property owners as well.  Because the mitigation requirements could impact a prospective buyer’s decision to purchase the property, a seller who has agreed to mitigation should disclose this information to prospective buyers.  To assist in this disclosure effort, the real estate condition report will be amended to include this information. 

7.  New vegetation and removal requirements will create smaller views to water for some larger lots. 

Within 35 feet of the water, vegetation can be selectively removed or pruned only within a designated “view and access corridor.”  Property owners may have a “view and access corridor” equal to 30 feet for every 100 feet of frontage, with a maximum of  200 feet.  The limits on tree removal are very similar to current law, but will be more restrictive for large lots with more than 660 feet of frontage.  (Note: this provision is triggered when nonconforming structures are expanded or when conforming structures are expanded/replaced and the impervious surface standards are exceeded).  Vegetation cannot be removed outside the view access corridor, except in cases where exotic or invasive species need to be removed.  Also, the law does not place any restrictions on vegetation removal further than 35 feet from the water.

8.  Most existing substandard lots are grandfathered. 

The new law grandfathers most existing substandard lots as long as the lots (a) met the lot-size requirements at the time the lots were recorded, and (b) have not been replatted, merged or combined in any way with adjacent lots.  (Note: the lots must still meet all other applicable requirements in the county’s ordinance (e.g., impervious surface standards)).   This is a very important provision because some counties have treated small waterfront lots as unbuildable if the lots do not meet the current lot-size requirements in the existing ordinance. 

9.  A nonconforming structure may be completely replaced or relocated under some circumstances. 

A nonconforming structure may be replaced (torn down and rebuilt), if (a) no other compliant building location is available on the property to build a house of comparable size; (b) the structure is at least 35 feet from the water; (c) the replacement structure is no closer to the water; (d) mitigation requirements are met; and (e) all other requirements in the ordinance are met.

10.  Setbacks may be reduced under certain circumstances.  

The 75-foot setback may be reduced (i.e., buildings can be built closer than 75 feet to the water) if “an existing development pattern exists.”  The new law defines “existing development pattern” as the location of  “existing principle structures within 250 feet of the proposed structure in both directions.”  This is an important provision to protect the views for properties located on developed lakes and rivers, where neighboring houses are already built closer to the water. 

For more information on the new shoreland zoning regulations, please visit the DNR’s website at http://dnr.wi.gov/org/water/wm/dsfm/shore/news.htm  or contact Tom Larson at (608) 240-8254.

Tom Larson is Director of Regulatory and Legislative Affairs for the WRA.

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If you or someone you know is serving oversees they are still eligiable for the taxt credit. This is a great way to reward our troops for serving our country. See below for more information.

The following information is reproduced from the IRS website:
Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of he uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

More information about military personnel and the homebuyer tax credit is available at http://www.irs.gov/newsroom/article/0,,id=215594,00.html.

Your Local Home Team, LLC-First Weber Realtors
www.YourLocalHomeTeam.com Search for homes in the area!
Sold@YourLocalHomeTeam.com
262-719-7393 Office/Cell
262-364-3404 Direct Fax

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Good Afternoon-
Well after much lead up that funds where running out- they have officially run out!
This doesn’t mean the program is discontinued- far from it. However as a lender we are in limbo right now. The bill is currently before the Senate for a vote- provided on when Harry Reid puts it up for vote is the main question.
This could be 2 days or 2 weeks- don’t know. By the end of this week we expect to able to continue the program subject to approriation of funds. We thought this was going to be the case on Monday- but hey where dealing with the Government here!

So what does this mean- if you have buyers that are closing in the next two weeks- they need a different program ASAP.
If you have a client closing mid June or later- I expect the program to be back up and running – no worries.

I have gotten a few calls wondering why Rural housing takes so long -it doesn’t when somebody knows what they are doing. I have secured funding for 3 clients prior to the end of the funding-
Don’t miss a commitment or closing date – I will be honored to keep you and your client (and seller) from going crazy!

I will keep you posted….

Steve

Steve C. Baumann Cell: 608-575-8384 Office: 866-834-1333×26 Email Fairway View my Video message

Brad Koenig, ABR, CRS, GRI, E-PRO and Kati Hatfield Client Care Manager
Your Local Home Team, LLC-First Weber Realtors
www.YourLocalHomeTeam.com Search for homes in the area!
Sold
262-719-7393 Office/Cell
262-364-3404 Direct Fax
Proudly Serving Southcentral Wisconsin with Referrals from our Clients
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www.FaceBook.com/bradleykoenig or facebook.com/yourlocalhometeam
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Check out our Blog! http://mywisconsinrealestateblog.com/

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1.) Mortgage Banking/Finance – General Finance
QUESTION:
At what point is a short sale considered accepted with regards to the homebuyer tax credit?

ANSWER:
Recent communication from legal counsel from the National Association of REALTORS® states that the NAR tax lobbying staff in Washington, D.C. has confirmed that the IRS has not issued any guidance regarding the question of what constitutes a sufficiently binding contract for purposes of the credit. Although NAR intend to urge the IRS to offer some input of the matter, they do not anticipate that they will do so.
READ MORE ABOUT IT:
More information may be found on the IRS Instructions for Form 5405, @ www.irs.gov/pub/irs-pdf/i5405.pdf: For additional information, see the Wisconsin Homebuyer site @ www.wisconsinhomebuyer.org/, NAR’s The Basics: Extended Home Buyer Tax Credit 2009/2010 @ www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit and the Internal Revenue Service @ www.irs.gov/newsroom/article/0,,id=204671,00.html.

These resources offer examples of fact situations, filing options and other details.

Be sure to talk with your local CPA for any tax advice. If you have a question you can contact my CPA

Patti Maynard and Kelli Belt
Maynard Belt Certified Tax Accountants
CPA/Tax Services
patricia@maynardbelt.com
262-783-0204

Brad Koenig
Your Local Home Team-First Weber
www.YourLocalHomeTeam.com

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It will come as a huge shock to you if you aren’t informed as to what Obama is up to, and it has already passed one hurdle. It will take very little now to put it into actual law!! YOU’D BETTER WAKE UP AMERICA !!!!

So you think you live in a free country.

Boy have you got a surprise coming.

A License Required for your HOUSE?

If you own your home you really need to check this out. At the end of this email is the Google link to verify. If the country thinks the housing market is depressed now, wait until everyone sees this. No one will be buying homes in the future.

We encourage you to read the provisions of the Cap and Trade Bill that has passed the House of Representatives and are being considered by the Senate. We are ready to join the next march on Washington ! This Congress and their “experts” are truly out to destroy the middle class of the U.S.A.

A License will be required for your house…no longer just for cars and mobile homes….Thinking about selling your house? Take a look at H.R. 2454 (Cap and Trade bill). This is unbelievable! Home owners take note and tell your friends and relatives who are home owners!

Beginning one year after enactment of the Cap and Trade Act, you won’t be able to sell your home unless you retrofit it to comply with the energy and water efficiency standards of this “Cap & Trade” bill, passed by the House of Representatives. If it is also passed by the Senate, it will be the largest tax increase any of us has ever experienced.

The Congressional Budget Office (supposedly non-partisan) estimates that in just a few years the average cost to every family of four will be $6,800 per year. No one is excluded. However, once the lower classes feel the pinch in their wallets, you can be sure that these voters will get a tax refund (even if they pay no taxes at all) to offset this new cost. Thus, you Mr. And Mrs. Middle Class have to pay even more since additional tax dollars will be needed to bail out everyone else..

But wait. This awful bill (that no one in Congress has actually read) has many more surprises in it. Probably the worst one is this: A year from now you won’t be able to sell your house without some bureaucrat’s OK. Yes, you read that right.

The caveat (there always is a caveat) is that if you have enough money to make required major upgrades to your home, then you can sell it. But, if not, then forget it. Even pre-fabricated homes (“mobile homes”) are included. In effect, this bill prevents you from selling your home without the permission of the EPA administrator.

To get this permission, you will have to have the energy efficiency of your home measured. Then the government will tell you what your new energy efficiency requirement is and you will be required to make modifications to your home under the retrofit provisions of this Act, to comply with the new energy and water efficiency requirements.

Then you will have to get your home measured again and get a license (called a “label” in the Act) that must be posted on your property to show what your efficiency rating is; sort of like the Energy Star efficiency rating label on your refrigerator or air conditioner. If you don’t get a high enough rating, you can’t sell.

And, the EPA administrator is authorized to raise the standards every year, even above the automatic energy efficiency increases built into the Act. The EPA administrator, appointed by the President, will run the Cap & Trade program (AKA the “American Clean Energy and Security Act of 2009″) and is authorized to make any future changes to the regulations and standards he/she alone determines to be in the government’s best interest. Requirements are set low initially so the bill will pass Congress. Then the Administrator can set new standards every year.

The Act itself contains annual required increases in energy efficiency for private and commercial residences and buildings. However, the EPA administrator can set higher standards at any time. Sect. 202 – Building Retrofit Program mandates a national retrofit program to increase the energy efficiency of all existing homes across America.

Beginning one year after enactment of the Act, you won’t be able to sell your home unless you retrofit it to comply with its energy and water efficiency standards. You had better sell soon, because the standards will be raised each year and will be really hard (expensive) to meet in a few years. Oh, goody!

The Act allows the government to give you a grant of several thousand dollars to comply with the retrofit program requirements IF you meet certain energy efficiency levels. But, wait, the State can set additional requirements on who qualifies to receive the grants. You should expect requirements such as “can’t have an income of more than $50K per year”, “home selling price can’t be more than $125K”, or anything else to target the upper middle class (that includes YOU?) and prevent you from qualifying for the grants.

Most of us won’t get a dime and will have to pay the entire cost of the retrofit out of our own pockets. More transfer of wealth, more “change you can believe in.” Sect. 204 – Building Energy Performance Labeling Program establishes a labeling program that for each individual residence will identify the achieved energy efficiency performance for “at least 90 percent of the residential market within 5 years after the date of the enactment of this Act.”

This means that within 5 years 90% of all residential homes in the U.S. must be measured and labeled. The EPA administrator will get $50M each year to enforce the labeling program. The Secretary of the Department of Energy will get an additional $20M each year to help the EPA. Some of this money will, of course, be spent on coming up with tougher standards each year…

Oh, the label will be like a license for your car. You will be required to post the label in a conspicuous location in your home and will not be allowed to sell your home without having this label. And, just like your car license, you will probably be required to get a new label every so often – maybe every year.

But, the government estimates the cost of measuring the energy efficiency of your home should only cost about $200 each time. Remember what they said about the auto smog inspections when they first started: that in California ? It would only cost $15. That was when the program started. Now the cost is about $50 for the inspection and certificate.

Expect the same from the home labeling program. Sect. 304 – Greater Energy Efficiency in Building Codes establishes new energy efficiency guidelines for the National Building Code and mandates at 304(d) that one year after enactment of this Act, all state and local jurisdictions must adopt the National Building Code energy efficiency provisions or must obtain a certification from the federal government that their state and/or local codes have been brought into full compliance with the National Building Code energy efficiency standards.

CHECK OUT a few of the sites;

Cap and Trade: A License Required for your Home http://www.nachi. org/forum/ f14/cap-and- trade-license- required- your-home- 44750/

HR2454 American Clean Energy & Security Act: http://www.govtrack .us/congress/ bill.xpd? bill=h111- 2454

Cap & Trade A license required for your home: http://www.prisonplanet.com/cap-and-trade-a-license-required-for-your-home.html

Cap and trade is a license to cheat and steal:
http://www.sfexamin er.com/opinion/ columns/oped_ contributors/ Cap-and-trade- is-a-license- to-cheat- and-steal- 45371937. html
Cap and Trade: A License Required for your Home: http://www.freerepublic.com/focus/news/2393940/posts

Thinking about selling you House? Look at HR 2454:

http://www.federalobserver.com/2009/10/01/thinking-about-selling-your-house-a-look-at-h-r-2454-cap-and-trade-bill/

www.google.com/ search?hl= en&source=hp&ie=ISO-8859- 1&q=A+License+ required+ for+your+ home-+Cap+ and+Trade&btnG=Google+ Search

I would be curious to hear your thoughts?

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Wisconsin has changed their residential offers to include gap endorsement.
In the past most experienced agents would automatically include gap coverage on an offer.

What is GAP?

Gap Endorsement: Gives coverage against intervening adverse matters affecting title which are recorded or filed between the date of commitment and the recording of the documents.

Take a look at the timeframe below.

Gap coverage will cover you as a buyer from the time Title insurance is issued to the time your new deed is recorded. Based on the time frame above. Seller and the title company give to the buyer free and clear title Jan 1st, they update it again Feb 1st. Buyer closes on the home March 1st only to find out there was a judgement recorded against the property 2 weeks prior to closing. This happens in larger counties where it may take time to record to judgement. Milwaukee county can take 30-60 days.
This is a great way to protect yourself as a buyer. Average cost is $75-150 and most of the time covered by the seller per the contract. Keep in mind the title company has to approve the gap coverage. They may turn it down based on the number of liens are recorded against the seller. If the title company turns down Gap coverage, I would be concerned about moving forward on that property without further research. Talk to the title company and ask them for other options.

For a complete list of homes for sale in Wisconsin go to http://www.yourlocalhometeam.com/home_search
Curious what your neighbors home sold for? What are the value of homes in your neighborhood? Go to www.yourlocalhomevalue.com
Your Local Home Team, LLC-First Weber Realtors
www.YourLocalHomeTeam.com Search for homes in the area!
Sold@YourLocalHomeTeam.com
262-719-7393 Office/Cell
Proudly Serving Southcentral Wisconsin with Referrals from our Clients
Follow us on Twitter: http://twitter.com/bradkoenig

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Currently in a training seminar for the new hud closing statements and good faith estimates.
It will be a little more work for lenders but overall it will be good for the consumers.

The largest changes will explain the terms of the loan on the closing statement. Lenders will also need to explain all the fees and how they are paid.

For more info talk with your lender or go to www.hud.gov

For a complete list of homes for sale in Wisconsin go to http://www.yourlocalhometeam.com/home_search
Curious what your neighbors home sold for? What are the value of homes in your neighborhood? Go to www.yourlocalhomevalue.com
Your Local Home Team, LLC-First Weber Realtors
www.YourLocalHomeTeam.com Search for homes in the area!
Sold@YourLocalHomeTeam.com
262-719-7393 Office/Cell
Proudly Serving Southcentral Wisconsin with Referrals from our Clients
Follow us on Twitter: http://twitter.com/bradkoenig

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Today I had someone email me this question.

I bought a house with my wife who is now deceased. I remarried. I believe the house is mine alone since I have not put my new wife on the deed. I want to will the house to my kids. What do you recommend?

If I set up a will (or a trust) can I change those documents at any time prior to my death. I want the kids to inherit the property (at say $500K) at the value of the property at the time of my death. I guess they should have it appraised at that time and they pay capital gains later (when they sell) should the property be value at over $500K at the time of sale.

I emailed my attorney. She gave the following answer.  Her contact information is below if you have any questions.

Hello Larry,

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Do’s and Don’ts During the Loan Process (Your Credit Score Part 6)

Do’s and Don’ts During the Loan Process

When you fill out a credit appli- cation, we run a credit report for the underwriter. Each lender and each loan program has different guidelines they must follow. You should not do anything that will have an adverse affect on your credit score while your loan is in process. We know it’s tempting…If you’re moving into a new home, you might be thinking about purchasing new appliances or furniture, but this is really not the right time to go shopping with your credit cards. You’ll want to remain in a stable position until the loan closes and give us the opportunity to help you lock in the best interest rate we can possibly get for you.

Here is a handy list of do’s and don’ts that you should adhere to after your loan application has been submitted to the lender.*

DON’T APPLY FOR NEW CREDIT OF ANY KIND - If you receive invitations to apply for new lines of credit, don’t respond. If you do, that company will pull your credit report and this will have an adverse effect on your credit score. Likewise, don’t establish new lines of credit for furniture, appliances, computers, etc.

DON’T PAY OFF COLLECTIONS OR CHARGE-OFFS - Once your loan application has been submitted, don’t pay off collections unless the lender specifically asks you to in order to secure the loan. Generally, paying off old collections causes a drop in the credit score. The lender is only looking at the last two years of activity.

DON’T CLOSE CREDIT CARD ACCOUNTS - If you close a credit card account, it can affect your ratio of debt to available credit which has a 30% impact on your credit score. If you really want to close an account, do it after you close your mortgage loan.

DON’T MAX OUT OR OVER CHARGE EXISTING CREDIT CARDS - Running up your credit cards is the fastest way to bring your score down, and it could drop up to 100 points overnight. Once you are engaged in the loan process, try to keep your credit cards below 30% of the available credit limit.

DON’T CONSOLIDATE DEBT TO ONE OR TWO CARDS - Once again, we don’t want you to change your ratio of debt to available credit. Likewise, you want to keep beneficial credit history on the books.

DON’T RAISE RED FLAGS TO THE UNDERWRITER - Don’t co-sign on another person’s loan, or change your name and address. The less activity that occurs while your loan is in process, the better it is for you.

DO JOIN A CREDIT WATCH PROGRAM - Your bank, credit union or credit card company may be able to provide you with a free credit watch program that can alert you to any changes in your credit report. This can be a safeguard to help you intervene before the underwriter sees a problem.

DO STAY CURRENT ON EXISTING ACCOUNTS - Late payments on your existing mortgage, car payment, or anything else that can be reported to a CRA can cost you dearly. One 30-day late payment can cost anywhere from 30 to 75 points on your credit score.

DO CONTINUE TO USE YOUR CREDIT AS YOU NORMALLY WOULD - Red flags are easily raised within the scoring system. If it appears you are diverting from your normal spending patterns, it could cause your score to go down. For example, if you’ve had a monthly service for Internet access billed to the same credit card for the past three years, there’s really no reason to drop it now. Again, make your changes after the loan funds.

DO CALL YOUR LOAN CONSULTANT - If you receive notification from a collection agency or creditor that could potentially have an adverse affect on your credit score, call us so we can try to direct you to the right resources and prevent any derogatory reporting to credit bureaus.

* SOURCE: Based on The Top 10 Credit Do’s and Don’ts During the Loan Process, provided by Credit Resource Corp. http://www.creditresourcecorp.com

For more information on your credit call or email

Jason Schiller
Waukesha State Bank
262-244-0303 (Business)
414-659-6347 (Mobile)
jschiller@waukeshabank.com

Brad Koenig
Your Local Home Team-First Weber
http://www.yourlocalhometeam.com/
262-719-7393

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