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To send to consumers

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Top Three Financing Tips for Home Buyers

in the New Year With the new year upon us (along with the lure of spring house-hunting season) your to-do list may include the purchase of a new home.

If so, there are a few important things you should bear in mind as you start your search.

Consider these tips from financing professionals:

Know your credit profile. Nothing is more important than your credit profile in qualifying to purchase a home. A good profile puts you ahead of the game. Talk to your mortgage professional to see what you need to do, if anything, to put you into the ideal home financing position. This may include paying down—or paying off—debt. This may take time, so the earlier you can get input from your mortgage pro, the better.

Know what you can realistically afford. Before starting the home-buying process, establish what you can afford now, and most important, what you may be able to afford should family, interest rates, or employment status change. Having a clear picture of what you are able to pay for housing, month-in and month-out and under various scenarios, is essential so you can confidently proceed with the home-search process.

Be patient. Chances are the purchase of a home is the most important decision you will ever make, especially if you’re a first-time buyer. There are many steps on the path to home ownership, and obtaining financing is just one part of all of this, albeit one of the most important. Take everything one step at a time, be patient, and all will fall into place.

Turning Back Time: The New/Old Future of Play

It’s a fact: more kids are now opting for screens over playgrounds. According to KaBOOM!, a nonprofit organization that helps distressed communities build playgrounds, eight- to ten-year-olds spend an average of five-and-a-half hours a day in front of screens. It seems North American children are just not getting the kind of active play their grandparents enjoyed.

To combat this problem, child-focused organizations across North America are funding projects designed to encourage “real” play.

KaBOOM!, for example, is funding fifty projects designed to make urban outdoor spaces more interesting places to play. Take the Cooperative Community of New West Jackson in Jackson, Mississippi. As noted in a recent article by CityLab, the community has been funded by KaBOOM! to turn urban sidewalks into “walk-and-play mazes.”

In Toronto, Canada, the nonprofit Lawson Foundation recently announced $2.7 million in grants to fourteen projects across Canada as part of an “outdoor play strategy.” In doing so, the organization (which is committed to the well-being of children) endorsed opinions by a growing number of North American experts that children are losing out by playing in “too safe” environments. According to a recent article in The Globe and Mail, many of the Lawson Foundation’s funded projects will focus on “reintroducing risky play.”

“Risk isn’t a bad thing,” says Dr. Mark Tremblay, director of the Healthy Active Living and Obesity Research Group at the Children’s Hospital of Eastern Ontario, Canada. “In fact, from a child-development perspective, it is absolutely essential for them to reach their potential.”

Considering a New Mortgage? Get These Essential Tips

Page 1

Mortgages are getting ever more complex, and if you don’t have the right advice, you could end up making an expensive mistake.

To save yourself potentially thousands of dollars, get my free guide, “How to Choose a Mortgage Loan That’s Right for You.”

Just call me at 203-555-8987 and I’ll send it right out to you.

Page 2

they’ve gone as far as they should or could go—their upper limit—and as a result, they give themselves a subconscious reason to build defeat into their next efforts.

Says Hendricks, “…the more successful you get, the more urgent it becomes to identify and overcome your upper limit problem.” He insists that each of us must combat our upper-limit problem to achieve our full potential.

How? Face those fears. As Moore herself found, “Knowledge of these fundamental fears allows us to help release their power over us.” She adds, “Transcending your upper limits is possible. You can choose an upward spiral. Your very own big leap awaits.”

So choose the upward spiral … and don’t rock the boat!

Why, when everything is going so well, do we rock the boat?

In a recent article on greatist.com, writer and life coach Susie Moore reports, “Self-sabotage is most common when life is at its best.”

It sounds odd, but some people simply can’t abide success. When they achieve it, they don’t believe they deserve it, and they subconsciously frighten themselves into failure. Others feel guilty for leaving less successful friends behind—or they believe success is a burden and sabotage themselves so it doesn’t happen again.

In her article, Moore highlights the work of author Gay Hendricks, who writes, “Conquer your fears and take life to the next level” in his book The Big Leap. Hendricks calls it “the upper limit problem,” and asserts that everyone suffers at least a little from the conviction

Are You Managing Your Finances Wisely? Are you paying too much for your mortgage? Is your money being invested wisely?

If you are curious about how you could save money every month, why not see if I can help you?

Just give my office a call for a no-fuss, professional consultation.

I will not try to push you into making any quick decisions, and I will not waste your time.

I will just give you the honest facts about your financial situation.

And maybe I will save you a few dollars along the way!

Just give my office a call at 203-555-8987 to arrange an appointment.

Alternatively, stop by at the office. The address is on the back page of this newsletter.

Quick Quiz Each month I’ll give you a new question. Just email me at sheila@sheilayaccino.com or call 203-555-8987 for the answer.

What pop group stars singer Fergie, and is named after a vegetable?

Thanks for All Your Referrals! I succeed when people like you refer me to your friends, neighbors and loved ones. It’s the best kind of feedback I can receive. So thanks for continuing to pass this newsletter on to people you care about.

Worth Reading How Can I Overcome My Fear of Failure? By Evan Asano Lifehacker.com If you started 2017 with a long list of resolutions, you may be terrified of failing at them. Relax. Some of the most successful people have fears. But true failure happens when we don’t improve. Asano offers practical advice to overcome fear of failure. Understand why your fears scare you. Set small goals. Most important, seek to challenge yourself in all areas of your life. More: http://tinyurl.com/Fears-Jan-1

I’m a Doctor. If I Drop Food on the Kitchen Floor, I Still Eat It. By Aaron E. Carroll The New York Times Cleaning the floor with a sponge is a waste; the sponge is likely dirtier than the floor. Pediatrics professor Aaron E. Carroll explains why he’s stopped obeying the five-second rule (don’t eat it if it’s been on the floor for longer than five seconds.) There are spots around your home that are far dirtier, he says. Things get dirty, he writes, because people forget about them. Read this. Clean that sponge. But know that most of us are pretty much immune to germs by now. More: http://tinyurl.com/Dirt-Jan-2

The Top Idea in Your Mind Paul Graham paulgraham.com Spend more time in the shower to determine what matters to you. That’s often where people think about their top-of-mind topics. Graham, a programmer, writer, and investor, notes that what we think about most is often not what should be occupying our thoughts. Graham advises people to avoid thinking about money and disputes, which are the worst distractors—in or out of the shower. More: http://tinyurl.com/Distractors-Jan-3

Life Is Good: So Why Are We Rocking the Boat?

This is an important question for all home buyers, but especially those who are buying for the first time.

Everyone’s situation is different, so answer this question with the following information:

How long do you plan on owning the property? If you plan on staying for three to seven years, you have alternatives to the traditional thirty-year mortgage. These include adjustable-rate mortgages (ARMs) and some type of balloon loan, both of which normally have lower rates than the fixed-rate thirty-year products. But note that they also may have downsides, so do your research.

Page 3

Also consider whether your plans are likely to change. If you’re unsure, you may be better off with a thirty-year fixed product.

Otherwise, when you have to refinance three to seven years later, you may find that interest rates are significantly higher than they are today.

How much are you able to put down on a property? The more of a down payment you are able to put down, the better the position you’ll be in. If you can make a down payment of 20% on a conventional (Fannie Mae) loan, you can avoid mortgage insurance, eliminating a factor that will add to your overall cost of owning the mortgage. If

you choose an FHA loan, the size of your down payment is less important, as you’ll most likely have two types of mortgage insurance in any case.

Do you want a fifteen- or thirty-year loan? A fifteen-year loan, while it often offers a lower rate than its thirty-year counterpart, comes with a significantly higher monthly payment. However, if you can afford it, you could save thousands (if not tens of thousands) in interest over the life of the loan. Another option is the twenty-year mortgage, which will also accelerate the paying down of the mortgage. Your mortgage professional can help you decide which term is best for you.

Which Type of Mortgage Is Best for Me?

Worth Quoting This month, some famous quotes on the topic of personal growth:

There is nothing like returning to a place that remains unchanged to find the ways in which you yourself have altered.

Nelson Mandela

We should not judge people by their peak of excellence, but by the distance they have traveled from the point where they started.

Henry Ward Beecher

A winner knows how much he still has to learn, even when he is considered an expert by others; a loser wants to be considered an expert by others before he has learned enough to know how little he knows.

Sydney J. Harris

We could never learn to be brave and patient if there were only joy in the world.

Helen Keller

Lighten up on yourself. No one is perfect. Gently accept your humanness.

Deborah Day

We Are What We Eat—and What We Read Thanks to the adage, we know we are what we eat. But are we also what we read?

Maybe so. In a time when we often get our news in short sound bites and headlines via Facebook and Twitter, many are worried we’re filling our minds with junk that dumbs us down and weakens our ability to think and speak critically.

A recent study, published by the International Journal of Business Administration, reports that what college students read—and how frequently they read it—affects the level of their own writing. Those who read literary fiction, nonfiction, and academic publications wrote at a higher level of sophistication than their peers who read genre fiction, like mystery novels. And by gorging on websites such as BuzzFeed and Reddit, we may be reducing our writing to the literary equivalent of fast food.

Instead, be conscious of the content you ingest; limit the consumption of Facebook and Tumblr and dedicate time each week to reading real literature.

Also, read carefully. The brain tends to want to skim. Focus on the meaning of what you’re reading. Let’s face it: none of us wants to be fast food—or write like it.

Seems the secret to happiness can be categorized as follows: A-E-I-O-U.

According to an article in Quartz.com, two authors and teachers in a Stanford University design class have discovered a happiness hack.

They suggest you identify previous experiences that made you happy and examine them with the A-E-I-O-U method. Then write them down. For example:

Hack for a Happy Life

Activities: What were you doing? Environment: Where were you and how did you feel? Interactions: Why were you interacting? Objects: What tech device, if any, was involved? Users: Who else was present? By creating a journal of happy experiences, you’ll see patterns and can then structure your happy life.

Page 4

News You Can Use

Sheila Yaccino

Moroccan Fish Bake

Serves 4

1 tablespoon coarse salt 4 garlic cloves, crushed 1 tablespoon paprika 2 teaspoons cumin 1 lemon, juiced ½ cup olive oil 2 lbs. 4 oz. boneless, skinless haddock fillets cut into large chunks 1 onion, coarsely chopped ½ cup fresh parsley 2 garlic cloves 1 14-oz. can chopped tomatoes 4 carrots halved and sliced ¼ teaspoon cayenne (optional) ½ teaspoon cumin Pinch of sugar Salt and pepper

Combine first six ingredients in a shallow baking dish that will hold all the fish in one layer. Add fish and toss to coat. Cover. Refrigerate for at least 30 min. Preheat oven to 350 degrees. Pulse onion, parsley, and garlic in a food processor until minced. Cook over medium heat until soft. Add cumin, cayenne, carrots, tomatoes, 1¼ cups water, and sugar. Season. Simmer 10 min., partially covered. Remove fish from marinade. Combine marinade and tomato sauce. Top with fish. Cover with foil. Bake until fish is cooked through (10-15 min).

This newsletter and any information contained herein are intended for general informational purposes only and should not be construed as legal, financial or medical advice. The publisher takes great efforts to ensure the accuracy of information contained in this newsletter. However, we will not be responsible at any time for any errors or omissions or any damages, howsoever caused, that result from its use. Seek competent professional advice and/or legal counsel with respect to any matter discussed or published in this newsletter. News You Can Use is brought to you free by: Sheila Yaccino 2056 Highland Street, #102 Elliottville CT 33456 203-555-8987 sheila@sheilayaccino.com www.sheilayaccino.com

Sudoku instructions: Complete the 9 × 9 grid so that each row, each column and each of the nine 3 × 3 boxes contains the digits 1 through 9. Contact me for the solution!

support@readytogonewsletters.com 877-976-6368 www.readymortgagenewsletters.com

Next page

To send to consumers

2-page print template

(envelope edition)

Top Three Financing Tips for Home Buyers

in the New Year With the new year upon us (along with the lure of spring house-hunting season) your to-do list may include the purchase of a new home.

If so, there are a few important things you should bear in mind as you start your search.

Consider these tips from financing professionals:

Know your credit profile. Nothing is more important than your credit profile in qualifying to purchase a home. A good profile puts you ahead of the game. Talk to your mortgage professional to see what you need to do, if anything, to put you into the ideal home financing position. This may include paying down—or paying off—debt. This may take time, so the earlier you can get input from your mortgage pro, the better.

Know what you can realistically afford. Before starting the home-buying process, establish what you can afford now, and most important, what you may be able to afford should family, interest rates, or employment status change. Having a clear picture of what you are able to pay for housing, month-in and month-out and under various scenarios, is essential so you can confidently proceed with the home-search process.

Be patient. Chances are the purchase of a home is the most important decision you will ever make, especially if you’re a first-time buyer. There are many steps on the path to home ownership, and obtaining financing is just one part of all of this, albeit one of the most important. Take everything one step at a time, be patient, and all will fall into place.

Turning Back Time: The New/Old Future of Play

It’s a fact: more kids are now opting for screens over playgrounds. According to KaBOOM!, a nonprofit organization that helps distressed communities build playgrounds, eight- to ten-year-olds spend an average of five-and-a-half hours a day in front of screens. It seems North American children are just not getting the kind of active play their grandparents enjoyed.

To combat this problem, child-focused organizations across North America are funding projects designed to encourage “real” play. KaBOOM!, for example, is funding fifty projects designed to make urban outdoor spaces more interesting places to play. Take the Cooperative Community of New West Jackson in Jackson, Mississippi. As noted in a recent article by CityLab, the community has been funded by KaBOOM! to turn urban sidewalks into “walk-and-play mazes.”

In Toronto, Canada, the nonprofit Lawson Foundation recently announced $2.7 million in grants to fourteen projects across Canada as part of an “outdoor play strategy.” In doing so, the organization (which is committed to the well-being of children) endorsed opinions by a growing number of North American experts that children are losing out by playing in “too safe” environments. According to a recent article in The Globe and Mail, many of the Lawson Foundation’s funded projects will focus on “reintroducing risky play.”

“Risk isn’t a bad thing,” says Dr. Mark Tremblay, director of the Healthy Active Living and Obesity Research Group at the Children’s Hospital of Eastern Ontario, Canada. “In fact, from a child-development perspective, it is absolutely essential for them to reach their potential.” It may even draw kids away from their screens.

Considering a New Mortgage? Get These Essential Tips

Page 1

Mortgages are getting ever more complex, and if you don’t have the right advice, you could end up making an expensive mistake.

To save yourself potentially thousands of dollars, get my free guide, “How to Choose a Mortgage Loan That’s Right for You.”

Just call me at 203-555-8987 and I’ll send it right out to you.

Which Type of Mortgage Is Best for Me?

Page 2

News You Can Use

Sheila Yaccino

Worth Quoting This month, some famous quotes on the topic of personal growth:

There is nothing like returning to a place that remains unchanged to find the ways in which you yourself have altered.

Nelson Mandela

We should not judge people by their peak of excellence, but by the distance they have traveled from the point where they started.

Henry Ward Beecher

A winner knows how much he still has to learn, even when he is considered an expert by others; a loser wants to be considered an expert by others before he has learned enough to know how little he knows.

Sydney J. Harris

We could never learn to be brave and patient if there were only joy in the world.

Helen Keller

Lighten up on yourself. No one is perfect. Gently accept your humanness.

Deborah Day This newsletter and any information contained herein are intended for general informational purposes only

and should not be construed as legal, financial or medical advice. The publisher takes great efforts to ensure the accuracy of information contained in this newsletter. However, we will not be responsible at any time for any errors or omissions or any damages, howsoever caused, that result from its use. Seek competent professional advice and/or legal counsel with respect to any matter discussed or published in this newsletter.

News You Can Use is brought to you free by: Sheila Yaccino 2056 Highland Street, #102 Elliottville CT 33456 203-555-8987 sheila@sheilayaccino.com www.sheilayaccino.com

better the position you’ll be in. If you can make a down payment of 20% on a conventional (Fannie Mae) loan, you can avoid mortgage insurance, eliminating a factor that will add to your overall cost of owning the mortgage.

If you choose an FHA loan, the size of your down payment is less important, as you’ll most likely have two types of mortgage insurance in any case.

Do you want a fifteen- or thirty-year loan? A fifteen-year loan, while it often offers a lower rate than its thirty-year counterpart, comes with a significantly higher monthly payment. However, if you can afford it, you could save thousands (if not tens of thousands) in interest over the life of the loan. Another option is the twenty-year mortgage, which will also accelerate the paying down of the mortgage.

Your mortgage professional can help you decide which term is best for you.

This is an important question for all home buyers, but especially those who are buying for the first time.

Everyone’s situation is different, so answer this question with the following information:

How long do you plan on owning the property? If you plan on staying for three to seven years, you have alternatives to the traditional thirty-year mortgage. These include adjustable-rate mortgages (ARMs) and some type of balloon loan, both of which normally have lower rates than the fixed-rate thirty-year products. But note that they also may have downsides, so do your research.

Also consider whether your plans are likely to change. If you’re unsure, you may be better off with a thirty-year fixed product. Otherwise, when you have to refinance three to seven years later, you may find that interest rates are significantly higher than they are today.

How much are you able to put down on a property? The more of a down payment you are able to put down, the

support@readytogonewsletters.com 877-976-6368 www.readymortgagenewsletters.com

Next page

To send to Realtors

4-page print template

(envelope edition)

FINANCE

How to Impress Your Clients and Win

Their Referrals We all have experiences that we remember fondly, and often we remember more about how we felt than the details of the event.

One fond memory you’ll want your clients to have is that of purchasing or selling their home with you. Popular wisdom has it that most people only move once every seven years, so it’s important they be impressed with your singular service when they do.

Why? Because in the years after you help them buy or sell, you’ll be marketing to them, and asking them to refer business to you.

As they engage with your postcard or e-mail, they’ll flash back to that one-of-a-kind memory and decide whether both the memory—and you—are worth remembering.

Your goal is to ensure that you’re the only person your clients think of when they next decide to buy or sell. And just as important, you want your name to come to mind when a friend asks them for an agent recommendation for relatives looking to buy a property.

Make them feel treasured. During the transaction, treat them as though they’re the proverbial “only client you have,” and lead them through the transaction with a smile.

Help them weather the bumps, and tell them everything is going to be all right when the deal looks as though it’s falling apart. Then, to the best of your ability, make it be “all right.”

Even if the deal does fall through, they’ll remember your hard work on their behalf. The memory will be positive—and so will their recommendation.

ENTREPRENEURS

Owning a Small Business Is Challenging … but Worth It

Despite the heavy personal and financial costs of owning a small business, 70% of entrepreneurs believe it’s still the best job ever. Maybe the most difficult … but the best.

It’s certainly an important one. According to the U.S. Small Business Administration, there are more than 28 million small business firms in America, and these account for 54% of all U.S. sales. So it’s significant that a 2016 survey of small business owners, conducted by Endurance International Group (EIG), revealed that 70% of those surveyed believe owning a small business is the best job they’ve ever had.

In citing the top benefits of being a business owner, a resounding majority noted independence, plus the opportunity to pursue their passions, control their own destinies, and achieve their dreams. Other benefits were freedom and flexibility.

However, survey respondents were candid about the costs associated with small business ownership. Many remarked on the time and effort required to launch and sustain a business venture, and acknowledged the toll business ownership has taken on their personal lives.

Financial worries also weigh heavily on small business owners and entrepreneurs. More than a third of those surveyed admitted they were wholly financially invested in their business, and many ranked financial obligations and challenges as the most difficult part of business ownership.

Interestingly, a lack of understanding of technology did not seem to be a concern of most small business owners; only 5% felt that not understanding ever-changing technology posed a challenge to their businesses. The conclusion: while challenging, owning one’s business is totally worth it.

Page 1

How to Win Big in Today's Economy The altered economic landscape presents innovative and nimble businesses with opportunities to thrive.

Find out how by requesting my free report “How to Win Big in Today’s Economy” by emailing me at sheila@sheilayaccino.com or calling 203-555-8987.

A lot can happen in three years. Now products such as Slack and Yammer are providing popular business collaboration options via social networks. So it only makes sense for the social network phenomenon Facebook to provide its interpretation. And Facebook’s Workplace, says Jack Madden of brianmadden.com, just may be a “game changer.”

Why? Says Madden: “Everybody already knows how to use it. …” And, most important, “Workplace isn’t just for corporate employees in the office, rather it’s for all sorts of extended enterprise users, like field workers, contractors, technicians, and other employees that may not have a desktop or even a corporate email address.”

Will Workplace replace e-mail, messaging, and other collaboration options? Time will tell. But it’s a serious challenger. As Madden says, don’t discount it.

Page 2

Long ago, people went to a place called “work.” But then technology came along and changed the workplace forever. Individuals could work in different locations and communicate as if they were in the same room.

What’s more, this technology saved money, streamlined service, and advanced communications. It was called desktop virtualization. Which, as Technopedia notes, “… provides a way for users to maintain their individual desktops on a single, central server … through a LAN, WAN or over the Internet.”

Then, according to a 2014 article in ZDNet, desktop visualization went cold, frozen out by mobile devices: “What appears to be happening instead is individuals have chosen a different approach. They’ve asked their companies to encapsulate workloads and offer them as IOS or Android apps or make those applications accessible through internal Web sites.”

Worth Reading Make Sure Your Employees Have Good Things to Say about You behind Your Back By Nathan T. Washburn and Benjamin Galvin Harvard Business Review Leaders try to foster employee engagement through memos, e-mails, speeches, and meetings. But there’s a better way to create a positive leader-driven culture. Reach beyond your inner circle and cultivate admirers, who will spontaneously share their positive opinions of you with their peers. But be admirable. And most important, be authentic. More: http://tinyurl.com/January-2017-reads1

Limit How Much Information You Have to Process to Avoid “Mental Fog” By Eric Ravenscraft Lifehacker.com Information overload comes at a cognitive cost. When we force ourselves to process too much information, we often slip into a “mental fog.” Although we may think we’re multitasking, we’re really just switching from one to-do item to the other, making poor decisions and mistakes, and responding emotionally, rather than rationally, along the way. More: http://tinyurl.com/January-2017-reads2

The Top Idea in Your Mind By Paul Graham Paulgraham.com An oldie, but a goodie, this post will have you solving problems in the shower. Left alone, our thoughts tend to drift inevitably toward the top idea/problem in our minds. According to Graham, this is why the solution to a vexing problem often comes when you are in the shower. Be sure your top-of-mind issue is important. Or keep refocusing until it is. More: http://tinyurl.com/January-2017-reads3

HOT BIZ TRENDS

The Changing Face of Biz Collaboration Solutions

Culture is simply a shared way of doing something with a passion.

Brian Chesky

We have a culture where we are incredibly self-critical; we don’t get comfortable with our success.

Mark Parker

Being a great place to work is the difference between a good company and a great company.

Brian Kristofek

Customers will never love a company until the employees love it first. Simon Sinek

Hire great people and give them the freedom to be awesome.

Andrew Mason

True leadership stems from individuality that is honestly and sometimes imperfectly expressed. … Leaders should strive for authenticity over perfection.

Sheryl Sandberg

Corporate culture is the only sustainable competitive advantage that is completely within the control of the entrepreneur.

David Cummings

WISDOM

Quotes on … Culture

The new year is upon us, and with it comes a whole new crop of first-time home buyers.

Some will be ready and able to buy, while others will have significant credit challenges, namely personal bankruptcies in their recent past.

Technically, a first-time home buyer is defined as anyone who hasn’t owned a home in the past three years.

However, we’re concentrating on those with different types of bankruptcies, and are excluding those individuals who have owned a home within three years, but no longer do because of a foreclosure, a deed-in-lieu-of-foreclosure, or a short sale.

There are different types of bankruptcies, and each has its own impact on the home financing process. This impact is based on when the bankruptcy occurred, and which type of financing program your buyers are now looking for: conventional (Fannie Mae) or FHA.

As regards bankruptcies, FHA is the more forgiving of the two, but its costs make these loans more expensive to own.

Page 3

Different types of bankruptcies

In a Chapter 7 bankruptcy, those debts named in the filing are discharged, or written off, meaning that for whatever reason, there will be no attempt made to pay back any of the debt. The waiting period on this is four years after the discharge—not the filing—date.

In a Chapter 13 bankruptcy, some type of repayment plan is established and monitored to ensure that the terms are met over the course of the plan.

Fannie Mae has a two-year waiting period from the discharge date in the event of extenuating circumstances that are unlikely to recur.

Fannie Mae’s selling guide, used by lenders, includes more information on extenuating circumstances, but briefly, these circumstances include divorce, medical issues, and/or unexpected job status changes that the borrower had no control over and/or was able to come back from before the bankruptcy occurred.

The final decision on whether the event or events that caused the bankruptcy were inevitable, or are likely to recur, will be made by the underwriter.

In the FHA world, the waiting period is one year from the discharge date for a Chapter 7 bankruptcy and two years after a Chapter 13. FHA also has a list of extenuating circumstances.

Good payment habits

Regardless of the type of bankruptcy or program, demonstrating good payment habits postdischarge is always the best move: lenders want to see positive patterns in payment history, especially after a recent credit event such as a bankruptcy.

Also note that both Fannie Mae and FHA have guidelines in place for people with multiple bankruptcies over time, and the more recent a previous bankruptcy, the more of an impact it will have on the ability of a borrower to obtain financing.

Your lender partner can provide you with more details on what lenders are looking for when they work with a client who has a recent bankruptcy. A new year may also be a good time to get the word out to your client base, many of whom may know people with credit challenges who are looking to buy down the road.

FINANCE

Bankruptcy and the Home Financing Process

Quick Quiz Each month I’ll give you a new question.

Just email me at sheila@sheilayaccino.com or call 203-555-8987 for the answer.

This month’s question:

What pop group stars singer Fergie, and is named after a vegetable?

How well do you know your employees? Not just their names or favorite lunch spots—their potential.

Even the best bosses don’t always get it. Use these links to gain insight into your number one asset: your employees.

How open is communication at your company? You may be surprised at the things your employees aren’t telling you. Discover them here: http://tinyurl.com/Do-you-know1.

You want to give these seven things a miss—they make your employees mad:

LINKS YOU CAN USE NOW

Know Your Employees http://tinyurl.com/Do-you-know2.

Are your motivational techniques relevant for today’s worker? Find out here: http://tinyurl.com/Do-you-know3.

Companies are getting creative with ways of rewarding their employees. Get ideas here: http://tinyurl.com/Do-you-know4.

Discerning employers are always looking for talent. Check out these high-potential employee traits you may not recognize: http://tinyurl.com/Do-you-know5.

This newsletter and any information contained herein are intended for general informational purposes only and should not be construed as legal, financial or medical advice. The publisher takes great efforts to ensure the accuracy of information contained in this newsletter. However, we will not be responsible at any time for any errors or omissions or any damages, howsoever caused, that result from its use. Seek competent professional advice and/or legal counsel with respect to any matter discussed or published in this newsletter.

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News You Can Use

Brought to you by: Yaccino Realty

Inside This Month • Owning a Small

Business Is Challenging … but Worth It

• How to Impress Your Clients and Win Their Referrals

• The Changing Face of Biz Collaboration Solutions

• Bankruptcy and the Home Financing Process

About News You Can Use

All rights reserved. The publisher and Ready to Go Newsletters make every effort to ensure the accuracy of information contained in this newsletter. However, we will not be responsible for errors or omissions or any damages, howsoever caused, that result from its use. If you would like to publish your own newsletter, please contact Ready to Go Newsletters at www.ReadyToGoNewsletters.com.

News You Can Use is brought to you free by: Sheila Yaccino 2056 Highland Street, #102 Elliottville, CT 33456 203-555-8987 sheila@sheilayaccino.com www.sheilayaccino.com

MANAGING

Are Bosses and Employees at Odds over Corporate Culture?

Most business leaders believe they head organizations that value and encourage innovation, resourcefulness, initiative, and teamwork. However, their employees see it differently, believing that conformity, predictability, and deference to authority are traits that are rewarded.

Why the disconnect? Are senior execs that out of touch with their rank-and-file workers?

A recent study by Joseph Grenny and David Maxfield, of the corporate trainer VitalSmarts, found there is often a significant chasm between how managers and workers perceive their company’s culture.

Grenny and Maxfield’s survey of more than twelve hundred employees, managers, and executives revealed that employees tend to view their company culture far more negatively than do their bosses—the higher up in the organization, the more positive the view of the corporate culture.

Not surprisingly, this gap in perception has an impact on performance, execution, talent retention, and general morale. According to the VitalSmarts researchers, when employees have a negative view of their company’s culture, they are less likely to be engaged, motivated, and committed to the organization. And that affects everything: When employees believed the culture promoted values such as predictability, “(t) hey were 26% less likely to rate their organization as successful at innovating and executing.”

The way to deal with company culture issues is with honest, open dialogue, Grenny and Maxfield advise. They urge leaders to adopt internal communication strategies and hold frank discussions about company culture. Among the tactics they recommend:

• Clearly articulate the desired company culture and be open about the business case underpinning it.

• Focus on vital behaviors that will make a measurable difference in performance.

• Engage with employees at all levels and listen actively to their feedback. • Take action to address concerns and respond to issues quickly.

support@readytogonewsletters.com 877-976-6368 www.readymortgagenewsletters.com

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FINANCE

How to Impress Your Clients and

Win Their Referrals We all have experiences that we remember fondly, and often we remember more about how we felt than the details of the event.

One fond memory you’ll want your clients to have is that of purchasing or selling their home with you. Popular wisdom has it that most people only move once every seven years, so it’s important they be impressed with your singular service when they do.

Why? Because in the years after you help them buy or sell, you’ll be marketing to them, and asking them to refer business to you.

As they engage with your postcard or e-mail, they’ll flash back to that one-of-a-kind memory and decide whether both the memory—and you—are worth remembering.

Your goal is to ensure that you’re the only person your clients think of when they next decide to buy or sell. And just as important, you want your name to come to mind when a friend asks them for an agent recommendation for relatives looking to buy a property.

Make them feel treasured. During the transaction, treat them as though they’re the proverbial “only client you have,” and lead them through the transaction with a smile.

Help them weather the bumps, and tell them everything is going to be all right when the deal looks as though it’s falling apart. Then, to the best of your ability, make it be “all right.”

Even if the deal does fall through, they’ll remember your hard work on their behalf. The memory will be positive—and so will their recommendation.

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ENTREPRENEURS

Owning a Small Business Is Challenging … but Worth It

Despite the heavy personal and financial costs of owning a small business, 70% of entrepreneurs believe it’s still the best job ever. Maybe the most difficult … but the best.

It’s certainly an important one. According to the U.S. Small Business Administration, there are more than 28 million small business firms in America, and these account for 54% of all U.S. sales. So it’s significant that a 2016 survey of small business owners, conducted by Endurance International Group (EIG), revealed that 70% of those surveyed believe owning a small business is the best job they’ve ever had.

In citing the top benefits of being a business owner, a resounding majority noted independence, plus the opportunity to pursue their passions, control their own destinies, and achieve their dreams. Other benefits were freedom and flexibility.

However, survey respondents were candid about the costs associated with small business ownership. Many remarked on the time and effort required to launch and sustain a business venture, and acknowledged the toll business ownership has taken on their personal lives.

Financial worries also weigh heavily on small business owners and entrepreneurs. More than a third of those surveyed admitted they were wholly financially invested in their business, and many ranked financial obligations and challenges as the most difficult part of business ownership.

Interestingly, a lack of understanding of technology did not seem to be a concern of most small business owners; only 5% felt that not understanding ever-changing technology posed a challenge to their businesses. The conclusion: while challenging, owning one’s business is totally worth it.

How to Win Big in Today's Economy

The altered economic landscape presents innovative and nimble businesses with opportunities to thrive.

Find out how by requesting my free report “How to Win Big in Today’s Economy” by emailing me at sheila@sheilayaccino.com or calling 203-555-8987.

FINANCE

Bankruptcy and the Home Financing Process

Page 2

This newsletter and any information contained herein are intended for general informational purposes only and should not be construed as legal, financial or medical advice. The publisher takes great efforts to ensure the accuracy of information contained in this newsletter. However, we will not be responsible at any time for any errors or omissions or any damages, howsoever caused, that result from its use. Seek competent professional advice and/or legal counsel with respect to any matter discussed or published in this newsletter.

News You Can Use is brought to you free by:

Sheila Yaccino

2056 Highland Street, #102 Elliottville, CT 33456 203-555-8987sheila@sheilayaccino.com www.sheilayaccino.com

The new year is upon us, and with it comes a whole new crop of first-time home buyers.

Some will be ready and able to buy, while others will have significant credit challenges, namely personal bankruptcies in their recent past.

Technically, a first-time home buyer is defined as anyone who hasn’t owned a home in the past three years.

However, we’re concentrating on those with different types of bankruptcies, and are excluding those individuals who have owned a home within three years, but no longer do because of a foreclosure, a deed-in-lieu-of-foreclosure, or a short sale.

There are different types of bankruptcies, and each has its own impact on the home financing process. This impact is based on when the bankruptcy occurred, and which type of financing program your buyers are now looking for: conventional (Fannie Mae) or FHA.

As regards bankruptcies, FHA is the more forgiving of the two, but its costs make these loans more expensive to own.

Different types of bankruptcies

In a Chapter 7 bankruptcy, those debts named in the filing are discharged, or written off, meaning that for whatever

reason, there will be no attempt made to pay back any of the debt. The waiting period on this is four years after the discharge—not the filing—date.

In a Chapter 13 bankruptcy, some type of repayment plan is established and monitored to ensure that the terms are met over the course of the plan.

Fannie Mae has a two-year waiting period from the discharge date in the event of extenuating circumstances that are unlikely to recur.

Fannie Mae’s selling guide, used by lenders, includes more information on extenuating circumstances, but briefly, these circumstances include divorce, medical issues, and/or unexpected job status changes that the borrower had no control over and/or was able to come back from before the bankruptcy occurred.

The final decision on whether the event or events that caused the bankruptcy were inevitable, or are likely to recur, will be made by the underwriter.

In the FHA world, the waiting period is one year from the discharge date for a Chapter 7 bankruptcy and two years after a Chapter 13. FHA also has a list of extenuating circumstances.

Good payment habits

Regardless of the type of bankruptcy or program, demonstrating good payment

habits postdischarge is always the best move: lenders want to see positive patterns in payment history, especially after a recent credit event such as a bankruptcy.

Also note that both Fannie Mae and FHA have guidelines in place for people with multiple bankruptcies over time, and the more recent a previous bankruptcy, the more of an impact it will have on the ability of a borrower to obtain financing.

Your lender partner can provide you with more details on what lenders are looking for when they work with a client who has a recent bankruptcy.

A new year may also be a good time to get the word out to your client base, many of whom may know people with credit challenges who are looking to buy down the road.

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