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John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

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Study: Credit Card Spend Rises Before Mortgage Closing

August 4, 2016 1:45 am


Altering credit habits in the time leading up to the closing of a mortgage can affect the outcome of the loan. Despite this, many mortgage borrowers—movers and refinancers—charge more to their credit cards before a loan closes, found a study by TransUnion, one of the three credit reporting bureaus.

“A long-held assumption among lenders is that new mortgage applicants spend less on their credit cards prior to their mortgage closing event—either to ensure their credit picture does not change or simply because they anticipate spending more once they move into their new home,” said Charlie Wise, co-author of the study and vice president of TransUnion’s Innovative Solutions Group, in a statement. “Our research indicates that millions of consumers actually increase their card spending in the months before the new mortgage origination. Whether it’s to purchase furnishings or make updates to their existing property, many consumers who move increase their spending before moving into their new residence.”

Results of the study show borrowers charge two to three times more to their credit cards in the months prior to the mortgage closing.

“Card spending increases are even greater for mortgage borrowers who refinance,” Wise continued. “These consumers may be anticipating lower mortgage payments, and take advantage of the greater available cash flow by increasing card spending in the months before their refinancing.”

The study analyzed the behaviors of more than 16 million prime or better-risk borrowers over two years.

Source: TransUnion
 

Published with permission from RISMedia.


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Summer Boredom Setting In? 5 Ideas for Stay-at-Home Kids

August 4, 2016 1:45 am


Nothing strikes dread into a mother’s heart like kids home for the summer wailing, “We have nothing to do!”

Busy moms can keep little ones occupied with some shrewd pre-planning. WorkAtHomeMoms.com, an online resource for mothers on a schedule, suggests stockpiling a grab bag full of books, coloring books, puzzles and other inexpensive toys to draw from when boredom sets in.

The website also offers five ideas for keeping stay-at-home kids in the 6-12 age range involved:

Create a Comic – Provide materials for a comic book: paper, markers, colored pencils and a stapler. Ask each child to dream up an original comic book character—a bratty kid, a superhero, or a favorite animal—and star him or her in a homemade comic book.

Have Some Retro Fun – Teach your children a few of the old-fashioned games you played when you were a kid: jacks, hopscotch, marbles, jump rope or lawn croquet. You can even plan an Olympics-type competition, moving from one to the next.

Let ‘Em Make Lunch – Divide lunchtime chores according to age. Children can make simple sandwiches and no-bake cookies and pack them into a picnic basket, along with plates, napkins and plastic forks. At lunchtime, the whole family can picnic in the backyard or at a local park.

Plan a Game Day Marathon – Start with age-appropriate puzzles, followed by a series of card games like Crazy Eights, Go Fish, and Old Maid. Finish with a favorite board game or two. Keep track of the time, and the child or team who finishes first gets to choose what’s for dinner.

Put on a Show – Discuss ideas in advance—perhaps a fairy tale—then let the children do it all: write the script, put together the costumes and stage set, and rehearse and act out the parts. Parents become the audience (friends and neighbors optional!), with dessert for all after the show.

For more ideas for summer and beyond, visit WorkAtHomeMoms.com.
 

Published with permission from RISMedia.


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