Understanding credit key to successful homeownership - Ahwatukee Foothills News: Real Estate

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Understanding credit key to successful homeownership

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Posted: Saturday, June 28, 2014 7:45 am

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.

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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Keystone Montessori

[David Jolkovski/AFN]
Teacher Pily Pantoja helps Sarah Wang, 4, with the addition snake game at Keystone Montessori on Thursday, Sept. 4, 2014.

Keystone Montessori has come a long way since its founding in 1995. Back then it was operated out of the founder’s home before eventually moving on to rent rooms from Horizon Presbyterian Church. It was only in 2000 that they had gained a strong enough enrollment to move into the facility where they currently reside on Liberty Lane, just off Desert Foothills Parkway and across from the Ahwatukee Foothills Family YMCA.

The school services students as young as 18 years old, as part of their toddler program, and as old as ninth-graders. The current enrollment is around 320 students, who all have access to Spanish, music and arts programs in addition to the full Montessori curriculum.

“We provide an authentic Montessori education which focuses on the independence and whole development of the child, including academic as well as social and emotional growth,” said head of school Cindy Maschoff. “We want our students to become independent citizens of the world.”

The school will be taking the time to present the concept of Montessori education to the public Jan. 29 and 30. At the presentations the school will provide a clear understanding of what Montessori education looks like at each level of education. Those wanting to attend should plan on going to both meetings, with the Jan. 29 meeting going from 6-7 p.m. and the Jan. 30 meeting from 9 a.m. to 1 p.m. The meetings require attendees to RSVP, which can be done by emailing laura@keystonemontessori.com.

For more information, visit keystonemontessori.com.

• Compiled by James Gingerich.

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