Keys to successful homeownership - Ahwatukee Foothills News: Real Estate

Keys to successful homeownership

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Posted: Friday, May 30, 2014 1:00 pm | Updated: 1:47 pm, Tue Oct 14, 2014.

Once you’ve made the decision to buy a home, it’s time to review your credit standing. If you don’t, you can be sure your lender will when you apply for a mortgage.

It’s a good idea to know what you’re working with before you fill out your mortgage application. That way you have some time to establish, improve or repair your credit standing. Exactly where you stand will help determine whether you are approved for a mortgage and, if so, the interest rate you will be charged.

Good credit

In today’s world, it’s just about impossible to live without credit. It’s a powerful tool, but as with all tools, credit can be extremely dangerous in the hands of those who do not understand its power and how to use it.

Credit permits you to obtain something now for little or no money out of your pocket and pay for it over a specific period of time.

Today, almost everyone uses credit in one form or another. Mortgages, credit cards, personal loans and car loans are all types of credit.

There are two types of credit. Open-end credit is extended on an ongoing basis, but usually with a limit on how much you may borrow. It is often referred to as revolving credit. As you repay the balance due, a specified credit limit is then available to you to use in the future. Credit cards, such as VISA and MasterCard, are the most common form of open-end credit.

Closed-end credit is extended on a one-time, limited basis, such as a car loan or a mortgage. Although you may still have a positive relationship with the lender after paying off the obligation, you still must requalify each and every time you want another loan.

• Aaron Ely is a senior mortgage banker from Ahwatukee. Reach him at (480) 636-6207 or aaroncely@hotmail.com.

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School Highlight: Magical Journey Learning Center

Allison Hurtado

Magical Journey Learning Center

1442 E. Chandler Blvd.

Magical Journey Learning Center hasn’t been around for very long, but the small school is growing so much they expect to double enrollment next year.

Currently Magical Journey Learning Center has 28 students in the pre-kindergarten and kindergarten classes. Over the summer they’ll move to a new location so that when the school opens in the fall they can have up to 75 children in a class for three year olds, a pre-kindergarten, kindergarten and first grade.

Julie Fischer and Michelle Willis say this has always been a dream, they’ve had a lot of interest and the timing was right since a building just opened up right across from their current location.

The school prides itself on a small student-to-teacher ratio.

“We know that is the key to learning at all ages, but most importantly when younger,” Fischer said. “That low ratio allows us to individualize what they need and at the same time it gives them the support they need.”

The school is currently enrolling for next fall. When the school opens in the fall it will be located at 1241 E. Chandler Blvd., Suite 115.

For more information about Magical Journey Learning Center, visit www.magicaljourneylc.com.

• Compiled by Allison Hurtado.

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