Nancy Koval
P. 518-368-2198
F. 518-280-0278

April - Mortgage Financing Made Simple

I Am Committed To Providing The Best Products, Service & Experience

Your credit score is one of the main factors when being qualified for a mortgage. Your score is calculated based on several variables:

1) Payment history, counts for approximately 35% of your score, is the most heavily weighted factor used in calculating your credit score. Consistently paying your bills on time has a positive influence on your score, while late or missed payments will hurt you in this area. If you have delinquent payments, the older the delinquency the less the negative impact on your score will be. Collection accounts and bankruptcy filings are also taken into consideration when analyzing your payment history.

2) Total debt and total available credit, counts for about 30%. This section looks at how much debt you have compared to the total available credit on your accounts. If all of your accounts are maxed out, you will be considered a poor credit risk, because it appears that you are struggling to pay off the debt you have already incurred. If your account balances are relatively low compared to your available credit, this part of the risk analysis should help your overall credit score. The score calculation also looks at these two factors independently. Having too much available credit, whether you have used it or not, could hurt your credit score, as statistical studies have shown that people with excessive amounts of available credit are a higher credit risk.

3) Length of positive credit history, which counts for about 15%. The longer you maintain accounts in good standing, the better your score will be. This shows that you are able to make a long-term commitment to a creditor and are consistently responsible about making your payments.

4) Mix of types of credit, which counts for approximately 10%. Having several different types of credit, such as revolving credit (credit cards), or installment credit (consumer loans, and secured debt), will have a positive influence on your credit score.

5) Number of new credit applications you completed recently, which accounts for about 10% of your score. Applying for too much new credit in a short time period makes indicates that you could be credit risk.

Homestead Funding Corp. currently offers Mortgage PreFlight. Currently, if you were to buy credit scores online, you would receive what is called the vantage score, not the FICO score. The vantage score cannot be used to close your loan with any mortgage company. For more information regarding our Mortgage PreFlight program, please visit my website:  

It feels like summer already! Enjoy! 

Nancy Koval 




Want to make money as a landlord? Try Detroit
Want to make money as a landlord? Consider Detroit... seriously.

Nearly 2 million homeowners no longer 'seriously' underwater
Surging home prices have helped nearly two million homeowners get back above water on their mortgages over the past year.

Detroit to auction vacant homes. Starting bid: $1,000
In its ongoing battle to fight blight, Detroit is launching a website where it will auction off vacant homes seized in tax foreclosures.

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Finances - Tax Deduction Checklist

Tax deductions are what get you bigger refunds. If you itemize your tax return you need to have a good idea of what you can deduct. This checklist covers most of the major tax deductions.

Tax Deduction checklist
  • Form 1098 or your mortgage statement: if you purchased a home in the previous tax year and prior tax return or if you refinanced in the prior year and are deducting points on that loan over its life.
  • Investment interest expense: Brokers' statements showing any margin interest paid and loan statements for loans taken out to purchase investments.
  • Losses due to theft: include a description of property and insurance reports showing reimbursement or any cancelled checks showing value of property.
  • Charitable donations: bills, receipts or cancelled checks for cash donations, mileage records for charitable purposes, receipts from charitable agency with estimated value in the case of property donations, prior years' tax returns for any unused charitable contributions.
  • All work related expenses : Reimbursement check stubs or reports from an employer, union dues, receipts, bills or invoices for supplies, gifts to clients, any uniforms or special clothing, seminars attended, professional publications and books. Travel information including invoices or receipts for transportation, lodging, restaurants and parking. Any job search expenses and job related educational expenses.
  • Misc. deductions like Tax preparation fees, cost of income tax return preparation software and books. Safe deposit box rental fees from bank. IRA custodial fees, investment advice costs.
  • Last year's state income tax return, W-2 and any cancelled checks for state estimates you've paid.
  • Medical and dental expenses including Form SSA-1099, year-end pay stub for premiums paid through your after tax wages, mileage records for trips to the doctor, clinics, etc.
  • Real estate tax collector bills or cancelled checks and Form 1098 or closing statement if you bought, sold, or refinanced property in the tax year.
  • Any tax bills or cancelled checks for personal property like automobiles.
  • Employee SSN and wages paid during tax year to any household employees.
  • Records showing any estimated tax payments or overpayments for prior years.

  • You could save huge in tax preparation fees by being a bit organized. You can also save a lot of time by getting all your required documents in order before you go to a tax preparer or start your tax return online.

    This communication is for information only. Please consult a tax professional regarding tax deductions.

    Your Home - Make Your Old Kitchen Feel Modern

    Hundreds of homeowners throughout the world are struggling with an outdated kitchen. There are a number of ways you can modernize your kitchen without ripping it all out and starting from scratch.

    Many homeowners make the decision to gut the kitchen completely and start all over again, but this can be an exceptionally expensive exercise. There is an easier way to make changes. You can start with your flooring and move your way through the space until you have a beautifully designed modern kitchen.

    Always start with the flooring; the oldest kitchen can look fresh with new flooring. If you are sitting with a dated kitchen, you probably have drab linoleum flooring which may be tearing and peeling in parts. Go for a solid wooden floor that can create a beautiful start to your modern kitchen feel.

    Next take a look at your kitchen cabinets. Your cabinets are a predominant feature in the kitchen and by choosing new and fresh cabinets; you can instantly give your kitchen the modern facelift it deserves.

    When trying to make an old kitchen look modern, choose a flat cabinet in a color of your choice. Be sure to carefully select the handles to compliment the cabinet door, adding the finishing touch to your storage space.

    Color is essential when modernizing an older kitchen space. Older kitchens always seem to be so dark and dreary. You want to brighten up the space. A lighter and brighter kitchen will feel more spacious and be more welcoming.

    Your countertops are probably so dated, maybe even chipped and broken. You'd be amazed the difference new countertops can make to an older kitchen. You can immediately modernize an older kitchen with the right counter tops.

    When choosing your countertops keep your cabinets in mind. If you have gone with light cabinets, choose a darker counter top and vice versa. Combining light and dark will add design, texture and finish to your kitchen space.

    If you have a larger kitchen space with room for a small dining table and chairs, then choose a modern design that can add to that modern element you are looking to achieve. Fun and bright colors can immediately brighten the space; make it feel modern even if you haven't updated anything else in the kitchen.

    Change as many of your current appliances to energy efficient appliances, you will be so pleased you did. Many of the older appliances don't even have an energy rating and chances are when you turn on your oven it is draining power. Updating your appliances for new economical ones can not only make a difference to your kitchen design, but to your monthly budget as well.

    Nancy Koval
    Licensed Loan Originator
    518-280-0271 ext. 115

    Homestead Funding Corp.
    653 Plank Road, Suite #2
    Clifton Park, NY 12065

    LO NMLS ID# 49162
    Visit My Website:
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