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Congratulations Graduates! Now It’s Time to Start Building Your Credit

Wednesday, May 28, 2025

by The Hat Team

It’s that time of year! Young people are graduating from high school and college and with that comes the excitement of starting their adult lives. But “adulting” can be overwhelming. One way you can help prepare the graduates in your life for the real world is by teaching them the importance of building up their credit.

A good credit history is vital to securing loans, mortgages and other financial products. In fact, having “no credit” can make things almost as challenging as having “bad credit” can. So, it’s important to start establishing credit history as soon as possible. New high school and college graduates can build credit by paying their bills on time, managing debt responsibly and utilizing credit cards or other forms of credit.

PAYING BILLS ON TIME

Making payments on time will help you increase your credit score. Bills such as rent, utilities and student loans will require monthly payments.
Most bills can be paid online and many offer autopay options. If you don’t use autopay, there are apps available on your smart phone that will assist you in creating a budget and remind you when payments are due.
If you decide to do autopay, remember that you must have the money available in your account to cover the bills. The last thing you want is to end up with an overdraft on your checking account.

MANAGE DEBT RESPONSIBLY

If you have student loans or other debts, make paying them down a priority. If you are using any credit cards, try not to carry any balances on them
If you do have a credit card, pay the balance in full every month. If that is not possible, at least try to pay more than the minimum due.

GET A CREDIT CARD

Opening a “secured” credit card can help you build credit if you use it responsibly. A secured credit card requires you to make a deposit that acts as collateral for the credit line. Making timely payments will help you build your credit score. When you apply for a card, be sure that it reports to the credit bureaus.
Take time to determine your credit utilization ratio, as it will be a key factor in your credit score. It is calculated by dividing your total credit balance by your total credit limits. The goal should be to keep your utilization ratio below 30% for healthy credit. In other words, you want the amount of credit you are using to be less than 30% of your total credit limit.

Here are a couple of other ways to build credit:

Become an authorized user on a parent’s or other family member’s credit card.
Apply for a credit-builder loan. This type of loan is specifically designed to help individuals build credit and is a good option for young adults with little to no credit history.

Make sure that you monitor your credit reports. There are three major credit bureaus: Equifax, Experian, and TransUnion. You will want to check them regularly for accuracy and ensure there aren’t any issues.

Remember that building credit takes time and consistency. The key to success is in making responsible financial choices.

Happy Graduation and Happy Adulting!!

If you are in the market to buy or sell a home (or both), let Sandra Nickel and her Hat Team of Professionals assist you with all your real estate needs! Call them today at 334-834-1500 and check out https://homesforsaleinmontgomeryalabama.com for more information!

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1765 S Perry St: Sprawling Home in the Historic Garden District!

Wednesday, May 21, 2025

by The Hat Team

1765 S Perry Street, Montgomery, AL 36104

MLS# 576527

3 Bedrooms | 4 Baths | 1 Half Bath | 4,250 Square Feet | Garden District

Sitting on over an acre in the Historic Garden District, this faded Grand Dame awaits a makeover! With over 4200 square feet, it's elegant entry and classic staircase invites you into large entertaining-sized rooms and banquet-sized kitchen. Living and dining rooms share a "wall" of windows overlooking covered rear loggia and expansive lawn. Main floor also has an attached guest apartment with kitchen, bathroom, and three additional rooms that hold endless possibilities for make-over ideas. Second floor boasts a sunny library/study, primary suite with large bath, double closets, and balcony overlooking the grounds. Two more bedroom suites, each with private bathrooms, finish out the upstairs (don't miss the third-floor walk-up attic providing endless storage and tons of potential for re-purposing.) At the rear of the house is another covered "entertaining" area with remnants of a full outdoor kitchen, the former pool house (pool was filled in years ago) and long-forgotten gardens. Bring your contractor and designer and make this old girl GRAND once more!

Marketed by Montgomery AL Realtor, Billy Young, Sandra Nickel Hat Team!

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Should You Sell Your Montgomery AL Home Now?

Wednesday, May 21, 2025

by The Hat Team

It’s a seller’s market in Montgomery right now. That means there are more buyers than homes available. So, it seems like the perfect time to list your house, right? Slow down. The market may be prime for selling, but you need to look at your personal situation. Before you put that for sale sign in your yard, it would be wise to consider all the factors that will determine if you are ready to sell.

Here are signs that you are ready to sell your house:

YOU HAVE POSITIVE EQUITY

It’s vital that you are financially prepared to sell your house. If you have built up equity, that means your home is worth more than you owe on it. Ideally you want to have enough equity to pay off your current mortgage and to make a down payment on a new home. It’s even better if you have enough to cover closing costs and moving expenses. If you don’t have positive equity, it may not be the best time to sell.

YOU HAVE CASH IN THE BANK AND ZERO DEBT

It’s important to have all your financial ducks in a row before selling your house. Remember, you’re not just selling a house, you are likely buying one as well. Take time to analyze your finances and budget. If you have paid off your non-mortgage debt and have funds saved, you are ready to enter the home selling/buying process again.

A HOME THAT BETTER SUITS YOUR NEEDS IS WITHIN REACH

Perhaps you are downsizing, but you want a nicer home, or you are looking to move up into a larger home for your growing family. Either way, there is no point in selling your current home if you can’t afford a new one that better suits your needs. Remember that, ideally, your mortgage payment should be no more than 28% of your income.

YOU ARE AWARE OF THE EXTRA COSTS OF MOVING

It’s exciting to get approved for a mortgage. Chances are you will get approved for more than you thought you would. But there is a lot to think about before deciding to sell. Remember that you will need to probably do some work on your house to get it ready to put on the market. You will also have to pay the moving expenses. Make sure consideration of these costs go into your decision-making process.

YOU ARE EMOTIONALLY READY TO SELL

Hopefully you are selling for the right reasons. You have to be ready to put the work into your home that it will take to sell it. You must be committed to keeping it “show ready” for as long as it takes. You must be prepared for what might be a tough negotiation. And finally, you need to be ready to let go of the home where you have created memories with your family.

YOU HAVE AN EXPERIENCED PROFESSIONAL REALTOR

Real estate transactions should be handled by experts. The professionals at Hat Team Realtors understand the market and can provide you with a clear picture of what goes into selling a house. Their advice will assist you in making this very important decision.

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Home Ownership for Single Parents

Thursday, May 15, 2025

by The Hat Team

One thing I think most people can agree on is that the life of a single parent is filled with challenges. One of the biggest challenges is having to manage finances on a single income. Many single parents may feel that being a homeowner is out of reach for them. But with rents going sky high, filling the pockets of a landlord when they could be investing in their own future just doesn’t make sense.

If you are a single parent and you think you can’t purchase a home, think again! There are specialized loan options and assistance programs available to help single Moms and Dads become homeowners. For example, you will find flexible mortgage qualification criteria, reduced down payment requirements and assistance with up front costs.

Here are some loan types, grants, and strategies that can make your dream of home ownership a reality:

HomeReady

The HomeReady loan, backed by Fannie Mae, is designed for low to middle income buyers, so it is a great option for single parents. You be able to make a down payment as low as 3% and it offers reduced private mortgage insurance costs, thus lowering you monthly mortgage payments. Another positive feature is that additional household income will be considered with this loan, such as contribution from roommates or renters, which will make it easier for single parents to qualify.

Home Possible

Freddie Mac has something called the Home Possible program. This is another wonderful option for single parents trying to save on the upfront costs of purchasing a home. With a down payment requirement of only 3%, the Home Possible program allows people with limited savings the ability to buy a home. In addition, this program allows non-occupant co-borrowers, such as a parent or other relative, to contribute on the mortgage application. This additional support may be exactly what a single parent needs to achieve home ownership!

FHA Loans

A popular choice for single parents with lower credit scores and/or minimal savings, FHA loans are government backed loans that require a down payment as low as 3.5% and are available to buyers with credit scores as low as 580. With lenient debt-to-income ratio requirements, it is an ideal option for single-income families. FHA loans also offer the security of predictable terms, something that single parents on a budget can really appreciate.

VA Loans

If you are an eligible veteran, active-duty service member or surviving spouse, VA loans can be very advantageous. No down payment is required with a VA loan, and therefore private mortgage insurance isn’t necessary. This will give you significant monthly savings on your mortgage. In addition, it provides other benefits like limits on closing costs and competitive interest rates. A VA loan is an awesome choice for single parents who have served in the military.

USDA Loans

USDA loans cater to buyers that want to live in rural or suburban areas. They offer 100% financing with no down payment required. It’s ideal for single parents seeking affordable housing outside of urban areas. They often feature lower mortgage interest rates and reduced mortgage insurance premiums. All-in-all it is a budget-friendly option for families!

Conventional Loans

Another viable option for single parents who have high credit scores is a conventional loan. This loan requires as little as 3% down and offers competitive interest rates. They are different from government-backed loans in that they offer more flexibility in terms of property type and loan limits. A conventional loan can be a great choice for single moms and dads.

There are also grants available for first-time home buyers who are single parents. They provide funds that do not need to be repaid which help to pay for costs like down payments and closing costs. There are state and local programs that offer grants specifically for first-time buyers based on income, location and family size. This can be a life-changing resource for single moms and dads, allowing them to purchase their first home.

The idea of purchasing a home as a single parent can seem overwhelming. But with careful planning and preparation, it can be done. Don’t rush things. Take the time to assess your financial situation, including your income, debt, and credit score. Research loan options and assistance programs and find the one that best suits your needs. The first step is to get pre-approved with a trusted lender, which will not only allow you to figure out your budget for a home but will also demonstrate to sellers that you are a serious buyer.

Most importantly, work with an experienced, Professional Realtor like Sandra Nickel who understands the unique challenges of buying a home as a single parent. With the right Realtor and resources, you will find the perfect home to meet your budget and your family’s needs.

If you are in the market to buy or sell a home (or both), let Sandra Nickel and her Hat Team of Professionals assist you with all your real estate needs! Call them today at 334-834-1500 and check out https://www.homesforsaleinmontgomeryalabama.com for more information!

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Celebrating Mom in Montgomery 2025!

Wednesday, May 7, 2025

by The Hat Team

Mother’s Day is around the corner and Montgomery is a magical place to celebrate Mom(s) in your life! Here are some Mother’s Day Events happening in and around Montgomery this weekend:

MOTHER’S DAY AT THE ZOO

9:30 AM TO 3:30 PM

2301 Coliseum Parkway, Montgomery, AL

Treat the wonderful mothers in your life to a day of adventure and exploration. Celebrate Mother's Day at the Montgomery Zoo and Mann Wildlife Museum; a fun outing for the whole family and Moms will have free admission on Mother’s Day! Stroll through lush exhibits filled with wildlife from all over the world and engage with educational displays at the museum that inspire curiosity and appreciation for nature.

FREE MOTHER’S DAY CONCERT

4:00 PM

3124 Cloverdale Rd, Montgomery, AL

Celebrate Mother’s Day with a relaxing afternoon at Cloverdale Park as Blues Old Stand takes the stage for a free acoustic show. What a perfect way to slow down and enjoy the day with mom! Bring a comfy blanket, find a shady spot under a tree, and listen to the soulful sounds of Montgomery’s own Blues Old Stand. Make memories to last a lifetime in this relaxing atmosphere filled with music, sunshine and love.

MOM’S & MIMOSAS - PRESENTED BY SIP-N-CYCLE PEDAL CRUISE

11:00 AM TO 8:45 PM

355 Commerce St, Montgomery, AL

Celebrate Mom out on the water with the special Mom’s and Mimosa event on the Sip-n-Cycle Pedal Cruise! Treat your Mom to a delightful experience cruising along the picturesque Alabama River. Book a spot on one of the cruises at 1pm, 3pm, 5pm or 7pm. Enjoy tasty mimosas (or your Mom’s preferred beverage) while pedaling along the tranquil waters enjoying breathtaking views. Call 334-399-2387 to book your reservation!

MOTHER’S DAY ON SAFARI

9:00 AM TO 5:00 PM

ALABAMA SAFARI PARK
1664 Venable Way, Hope Hull, AL

Take Mom out on a fun safari for Mother’s Day! You won’t be able to stop smiling and laughing while feeding the animals, and Moms receive a FREE bucket of animal food!

Animals you will see include lemurs, llamas, giraffes and zebras. You can do a drive-thru or a walk-thru. Call 334-288-2105 and plan your visit!

Wishing all the mothers a fun-filled and very HAPPY MOTHER’S DAY!

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Displaying blog entries 1-5 of 5