Recap: Credit Score

Name: Vargas & Vargas Insurance
Address: 1133 Washington St, Dorchester, MA, 02124
Telephone: 617-298-0655

Posted on April 20, 2018May 25, 2018 by cvargas

“No man will make a great leader who wants to do it all himself or get all the credit for doing it.” – Andrew Carnegie

Every person has a few numbers that define them. One of the most important financial numbers in your life is your credit score. This number affects your life in many ways, including whether you will be eligible for car loans and mortgages, and the interest you pay on these loans.

But don’t believe everything that you hear about your credit score. There are many myths floating around, including:

Your credit score measures how rich or poor you are
It doesn’t matter how much of your available credit that you use
Only one person in a relationship has to have good credit
You have to carry a balance to have a good score

For more information about what a credit score determines, and how you can raise yours, check out our full blog post from last week. We even gave some tips on how to establish credit for the first time and a few ways that you can improve your credit score.

And remember, at Vargas and Vargas Insurance Agency we can help you with your home insurance once your great credit helps you get approved for a mortgage, or your car insurance if you’re in the market for a new vehicle. Call 617-298-0655 for a free car or home insurance quote.

Know More about Your Credit Score

Posted on April 12, 2018April 6, 2018 by cvargas

The credit score – a seemingly ‘all-knowing’ number that will determine your eligibility to get a mortgage or rent an apartment, buy a car, start a business, and more. This little number is a huge part of your life, so you need to do what you can to get it as high as possible. But, you may say, “it seems so arbitrary! What can I do to raise it?”

Never fear, dear reader! The professionals here at Vargas and Vargas Insurance Agency are here to demystify the credit score. Here are the details on many of the most-asked credit score issues:

What is a Credit Score?

When making a decision about whether you’re a good candidate for a loan, institutions want some credit history. Rather than sift through your entire history, though, they quantify your past spending. Credit bureaus take many factors and turn it into a number between (generally) 300 and 850. They pass this number on to the institution you’re looking to borrow from so that a decision can be reached.

What affects Your Credit?

The three credit bureaus (Experian, TransUnion, and Equifax) take many things into account when determining your credit score. Each is slightly different and has differing weights, but generally the things that will affect you the most are:

Whether you pay your bills on time
How much of your available credit is being used.
The types of credit you carry.
The number of active credit accounts you have open.

Establishing Credit

For young people and those that have not previously taken out a loan or owned a credit card, the question of how to establish credit can feel like a Catch-22. Most places want you to have a credit history before they will extend you any additional credit, so starting out is tricky.

Thankfully, there are a few products available to new borrowers. One is a secured credit card – you may open this line of credit by providing a deposit to back the card, and you can reclaim the deposit when the card is closed. You can also open a traditional credit card with a co-signer that has an established credit history.

Another way that many people establish their credit is with a student loan. There are many types of student loans available, so if this is the route you wish to take, do your homework to find the product that best suits your needs.

Improving Your Credit Score

If you’re looking to buy a car or apply for a mortgage, you may want to improve your credit score. There are several ways to raise your credit score. The quickest is to check all three of your credit reports to ensure that there are no mistakes.

Once you have made sure that your credit reports reflect your financial standing, you can move on to other methods of raising your score. Be warned, though, that it will take some time before you see an improvement. To see your credit score increase, you will need a history of on-time payments with a variety of lines of credit that you have carried for a long time.

Remember also that your credit score will take a small hit when you apply for a new line of credit, so if you want to apply for a mortgage in the near future, ask a financial planner whether you should wait to open a new credit account or purchase a new car.

Myths About Credit Scores

Don’t listen to everything you hear when it comes to your credit score. There are lots of myths floating around that aren’t true! Like these:

Your credit score measures how rich or poor you are – People with less income that have established credit and pay their bills on time can have a better score than higher income people with little to no credit and a history of late payments.
It doesn’t matter how much of your available credit that you use – Credit utilization is a key factor when determining your score. Often, people with better credit use far less of their available credit than people with low credit.
Only one person in a relationship has to have good credit – When you apply for a loan or mortgage with your partner, both of your scores will be analyzed.
You have to carry a balance to have a good score – In fact, you can pay off your card(s) in full each month and still have a great score. Paying in full also means that you won’t have to pay any interest!

Does that answer all of your questions about credit scores and how they affect you? If you have more, reach out to us – we can direct you to a professional with the answers.

And if your credit score recently helped you get approved for a home, car, or business loan, call us! We can get you set up with the right insurance policy to protect you. Our quotes and insurance reviews are always free, so you have nothing to lose.

Saving for a Home Down Payment

Posted on February 8, 2018January 30, 2018 by cvargas

Home ownership is the American dream. Many people know that they want to own a home one day, but don’t have a concrete strategy to one day become a homeowner. If you’re one of those people with a goal of buying a home, here are a few tips that you can use to turn your lofty goal into a reality:

Determine Your Needs: Calculate your savings goal by finding out the average cost of a home similar to one you would like to buy and figuring a down payment of 15-20%.
Consider Investing: If it’s going to be a while before you need your down payment, grow the money you have saved by investing it in a diversified portfolio.
Make Budgeting Decisions: The less you spend, the more you can save. Make some sacrifices now in order to put more into your down payment fund – all those little savings will add up!
Consider Using Your IRA: For any other expense, tapping into your traditional or Roth IRA is a no-no, but you may be able to take money out of these accounts tax-free for use as a down payment.
Put “Found Money” to Work: Whenever extra money comes your way (whether it’s from a weekend job or a birthday gift) put some or all of it toward your future home.

And when it’s finally time to use your down payment and buy your home, remember that Vargas and Vargas Insurance Agency is here to help you with your homeowner’s insurance policy. Just call 617-298-0655 for a free, no-obligation quote.

Moving Tips for Your Small Business

Posted on September 28, 2017September 22, 2017 by cvargas

People move from house to house all the time, but you don’t hear about businesses moving very often. If you are thinking about finding a new home for your small business, be aware that a business move provides its own set of challenges. Here are just a few pieces of advice for your move from the Massachusetts business insurance experts:

As soon as you decide that you’re moving (and have a destination), begin calling several moving companies for quotes. Spots can fill up fast depending on the time of year that you wish to move, so book plenty far in advance.
If there is any office furniture that won’t be making the move with you, schedule a pickup in advance. Many companies like Goodwill and the Salvation Army will pick up donations for free.
Begin packing as soon as you can. Non-essentials should be packed early, and make sure that you carefully label all cords for electronics so they don’t get misplaced in the move.
Before you pack any computers or electronics, make sure to do a full and thorough backup of all your information and data. This could save you a huge headache if anything gets hurt beyond repair in the move, and is just a good practice to do every so often.

It’s also important to make sure that your business’s belongings are protected during the move, so purchase insurance! And make sure to update your Massachusetts small business insurance policy with your new address once your move is complete – just call Vargas and Vargas Insurance Agency at 617-298-0655 to update your policy.

Should You Stage Your “For Sale” Home?

Posted on September 6, 2017September 6, 2017 by cvargas

When trying to sell your Massachusetts home, you know that it is important to do everything you can to entice buyers. One of the best things you can do to increase interest in your home is to stage it. Depending on the Boston real estate agent you work with, they may recommend staging your home right away, or waiting to see the initial interest to evaluate the need for professional staging services.

It is important to note the value in staging a home that’s for sale. In the 2017 Profile of Home Staging from the National Association of Realtors, you can see facts that may convince you to stage your home from the outset of your sale, including:

49% of buyers’ agents said that a staged home had an effect on their buyer’s view.
About one third of buyers’ agents said that staging a home increased the dollar value offered on the home. 50% of sellers’ agents said this increase was up to ten percent.
In addition, nearly 40% of sellers’ agents said that staging a home ‘greatly reduces’ the amount of time that the home is on the market.

If you’re thinking of listing your home for sale, contact Vargas and Vargas Insurance Agency for a list of trusted Massachusetts real estate agents. We work with some of the best in the business, and we would be happy to help you chose the real estate agent that’s right for you. And remember to call us at 617-298-0655 for help with all of your Massachusetts insurance needs.

“Run Your Week Like You Are Dancing On The Edge Of A..

Posted on August 10, 2017 by cvargas

Everything is NOT important, right?. I’ll even go one step further, everyone is not important. At least not as it relates to you and your business, and your life as a whole.

Our son, Matthew just stopped by to spend a few minutes with Kathy and I before he leaves for his honeymoon in the morning. Before Matthew left our home, he told me a story that gave me the idea for this Message – before Matthew left his branch at #EnterpriseRentACar tonight, he had a meeting with his assistants and support staff and advised them to take some risks this week. He said that he left them with this message;

“Run your week like you are dancing on the edge of a razor blade while trying not to get cut.”

As business owners, you need to take some risks, and it’s the little things that make a big difference. That’s true in marriage, parenting, and in marketing yourself as a mortgage, real estate, legal or any professional. In truth, it’s important in every business. Too often we get caught up in the “thick” of “thin things” and we lose touch with what really drives success in our business.

As we all know, being a loan officer, real estate agent, attorney, solopreneur, or business owner is not easy, BUT having the knowledge and tools to succeed makes running a smooth sailing ship an attainable goal. How many days have you been at the office until 8 pm? How many weekends have you worked when you shouldn’t have? Do you feel like you’ve been running around all day but have not actually done anything you set out to do in the morning? As business owners, these are questions we have all answered “yes” to at some point. But why? Because we don’t have the right mindset to create the job we want vs. the job we have.

In every profession, there are cardinal sins that take you off track and derail your success. Over the next few emails, I will be sharing the marketing sins many of us commit and will help you implement some tips to turn your downfalls into productivity! My challenge to you is to take one or two sins that you’re committing and focus on improving them. When you’ve got them nailed, move on to another sin and overcome it. Business success usually results from the commitment to making small incremental improvements over a long time.

Sin #1: Working “IN” Your Business Instead of “ON” Your Business!
I was working with a friend that I mentor who was in a sales slump. He was putting in a lot of time at work, but was not seeing any results from his efforts. I decided to perform a very simple diagnostic: I asked him to email me a detailed list of all his activities for the next three days and then give me a callback. He did his homework and I received the email listing all his activities and how much time he spent on them. With an immediate glance, I could tell exactly what his problem was — he didn’t realize what business he was in. After reviewing his activities, it was clear that he had become a “Fireman” and was too busy “putting out fires,” because that’s where he spent most of his time. Rather than working “on” his business, he was working “in” his business. The key here is to concentrate on the “non-urgent — but important” tasks and NOT on the “urgent — but not important” tasks.

This mortgage professional (and, maybe you) should be spending more time working “on” your business doing things like proactive sales and marketing activities, which have a higher long-term payoff.

How can less be more when it comes to working? Well, that statement is true, and I would love to show you how to accomplish twice the work in half the time, and reduce your stress in the process. The secret is Pareto’s Law, or the 80/20 Principle – a core foundation of success in business, and in life for that matter.

Now go out and enjoy the rest of your week!

Carlos

Tips for Buying Your First Condo

Posted on July 10, 2017 by cvargas

Condominiums are one of the best-kept secrets of the real estate world. When looking for a new home, some people still only consider buying a house or renting an apartment, without realizing that purchasing a condo may be the perfect balance between the two – allowing you to have the ‘best of both worlds.’ If you’re in the market for a condo in Boston, check out these buying tips:

Hire a professional Real Estate Agent to help you with your search. If you need a referral, please let us know so that we can connect you to a top-notch agent in the area.
When you’re looking for a unit, make sure that you consider resale value. More bedrooms and bathrooms, scenic views, and better school districts are just a few of the features that will make your condo more appealing the next time you look to move.
Consider the amenities offered at each condominium you tour. Does the complex have a gym? Laundry facilities? Rentable event space? These are all important things to think about when making your decision.
Before you make a final decision, make sure that you are clear on the extra fees associated with the unit you choose. Condos often have monthly maintenance fees, and some will charge property taxes separately.

Once you’ve found your perfect Boston condominium, make sure that you call Vargas and Vargas Insurance Agency at 617-298-0655 to get a quote on Condo Insurance. This policy is tailored specifically for the needs of a condo owner, and will cover your personal belongings, your unit, and anything else not covered in your association’s master policy. For more information, or if you have any questions, simply call our office and speak to an agent!

Preparing to Sell Your Home

Posted on June 28, 2017June 26, 2017 by cvargas

If you’re thinking of leaving the Boston area, or if you’re just upgrading to a new home, you need to get your home ready for market. With the help of a top notch real estate professional, you can have your home ready to show off to potential buyers in no time. To start preparing a little early, use the following Realtor-approved tips:

Curb appeal is crucial – make sure that your lawn is manicured, and touch up paint if necessary. Outdoor furniture and windows should be clean, and shrubbery and flowers should be pruned.
You want to make sure that your home feels spacious, so put away clutter. If you’re planning on moving, you can start packing away anything that you won’t need in the near future so that your home feels roomier.
Are there any repairs that will need to be done before your home sells? Get a start on those now – some sellers won’t like the idea of buying a home that needs repairs. For an idea of what needs to be done, ask for the help of a licensed home inspector.
When buyers tour your home, they will need to be able to envision living there. Help this process by depersonalizing the space – remove family photos, toys, and pet items from view.

And remember, when you do sell your home, talk to your Vargas and Vargas Insurance agent about how to cancel or transfer your existing Massachusetts home insurance policy. We are happy to answer any and all of your questions, and we will work hard to make the home insurance process as easy as possible for you and your family.

No one saves us but ourselves.

Posted on June 1, 2017June 1, 2017 by cvargas

“No one saves us but ourselves.
No one can and no one may.
We ourselves must walk the path.”
-Buddha

Yesterday was an exciting day in our family. Our youngest son, Matthew married his best friend. We are all so very proud. Matthew and new bride, Cristiana have known each other since preschool. They attended school field trips together. They were friends long before they started dating, they hung around together with the same group of friends, and experienced all of the stuff that teenagers do when they are together in a group.

But in High school, they started dating, and slowly some of the teenagers in their group faded away, and their relationship developed. They went off to college and figured out how to get along on their own, get up for class, and stay away from trouble. Cristiana graduated with a teaching degree and is gainfully employed in her field.

Matthew, in his sophomore year of college, decided that he wanted to commute to school. Kathy and I thanked him for the consideration, but we had planned to pay for his 4 years of post education, tuition, boarding expenses, and all. He said it was not about the money, the college scene was not what he wanted – there were too many parties, and too many raucous events (he inherited this part of his being from his mother). All in all, there were too many distractions. He wanted to start working in sales and needed to be closer to home. He had a plan.

He graduated the top of his class with a marketing and communication degree, and is now one of the managers at Enterprise Rent-A-Car at Logan Airport, overseeing 200 employees and 11K automobiles.

(I suggest Enterprise to every parent that I speak to that has a son or daughter that is looking to start in the working world. They hire the largest number of college graduates in the nation each year and have the best sales training program anywhere. They teach their employees all of the skills needed for a successful career in nearly any field of business.)

Matthew decided to take advanced classes, take extra classes, and commute – he had a plan and was going to work for it.

Why? I believe it’s because he was … DRIVEN. He had a goal, had a plan, and was taking action to reach that goal. I am SUPER proud of him and his new wife, Cristiana!

But, you think, I hear you ask, “Carlos, what does that have to do with real estate, mortgages, law, and business?”

Everything!

“There are plenty of difficult obstacles in your path.
Don’t allow yourself to become one of them.”
-Ralph Marston

My son was on one road, and chose to change road he was on half way through his college career. He chose to follow a different path, he tried to make the right choices.

I hope that you are on the right road, and that you are having your best year EVER! But, if you are like some business people, you may be stumbling, wandering from day to day, you may think that you need some help following a different path, to achieve better results, or you need a different course of action. Maybe you need to put a new system in place to achieve better results.

It’s not too late to start! You still have time to change your plan to get better results. It’s not enough to have a desire to win – you need a plan. Stop chasing the newest shiny gimmick that comes your way (for now) and focus on what brings success, connecting with the people who know, like (even LOVE) and trust us.

I hope you choose to use my son’s story to inspire you and to maybe make changes in the path that you are on to be more successful!

If you need some to listen to your plan, or someone to give you some advice, I have shared my success plan with hundreds of professionals and would love to also do so with you, leave a reply below and we can schedule a time to meet.

And, know that you are loved!

Carlos

Insuring a Vacant or Unoccupied Home

Posted on May 19, 2017 by cvargas

In today’s world, more and more properties are vacant or unoccupied. This happened for many different reasons, including dividing time between a primary residence and vacation home, leaving a property while it is being renovated or is on the market to be sold, a rental property being between tenants, and more.

Vacant and unoccupied properties present a risk to insurance providers – whether the unit in question is a home, apartment, or condominium. Vacant and unoccupied properties can attract vandals and thieves, and accidents are more likely to occur and have serious repercussions. Just consider this scenario – you leave your home unoccupied while you are on an extended vacation and a pipe bursts. The damage is likely to be substantial because there is no one in residence to notice and remedy the issue. This makes it easy to see why insurance companies have limits and provisions for these situations.

Oftentimes, a short trip away from your home is not enough for it to be considered vacant. Most insurance providers will require a place of residence to be unoccupied for 30 consecutive days before they begin to drop coverage.

Many insurance policies contain a vacancy provision. Two similar terms—vacant and unoccupied—have specific meanings in the language of insurance and are specifically defined in some policies. A vacant building contains little or no furniture or other personal property.

If you are planning on leaving your home, apartment, or condo vacant or unoccupied in the future, call your local insurance agent to ask about how to make sure that you stay covered by your Massachusetts insurance policy. Depending on your insurance provider, you may only need to pay a small fee to ensure that your current protection continues. In other cases, you may be required to purchase a special policy tailored specifically to a vacant or unoccupied property. For more information, call Vargas and Vargas Insurance Agency at 617-298-0655 today.

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Recap: Credit Score

“No man will make a great leader who wants to do it all himself or get all the credit for doing it.” – Andrew Carnegie