About AnnemarieAnnemarie Torcivia has been actively involved in real estate and has been a REALTOR® for nearly 30 years. She is the 2008 Chairwoman of the MA Association of REALTORS® Charitable Foundation. An active volunteer in her local community, Annemarie is the president and founder of the non-profit REALTORS® Against Poverty, a 15 year-old organization dedicated to assisting families and households in need in several communities. She also is a past vice-president and president-elect of the Medford Chapter of the Kiwanis organization.
Notably, Annemarie was honored for her involvement with REALTORS® Against Poverty in 2002 by the National Association of REALTORS®, as she was presented with the prestigious Good Neighbor Award by REALTOR® Magazine. She also is a past recipient of GBAR's Realtor of the Year Award, and was presented with the Dorothy M. Shea Award by the Eastern Middlesex Association of REALTORS® for her loyalty and dedication to the real estate profession in 2006.
A REALTOR® with RE/MAX Trinity in Malden, Annemarie has been honored several times as a member of the RE/MAX Executive and President's Clubs. She is in addition, a continuous contributor to the Children's Miracle Network.
She has resided in Medford for many years.
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Steps To Getting Your Finances In Order
- Develop A Family Budget.
Instead of budgeting what you'd like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc. as well as predictable costs such as rent.
- Reduce Your Debt
Generally speaking, lenders look for a total debt load of no more than 36 precent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt ---- car loans, student loans, revolving balances on credit cards----down to between 8 percent and 10 percent of your total income.
- Get A Handle On Expenses
You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You'll probably see some great ways to save.
- Increase Your Income
It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want.
- Save For A Downpayment
Although it is possible to get a mortgage with only 5 percent down----or even less in some cases---you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent downpayment.
- Create A House Fund
Don't just plan on saving whatever's left toward a downpayment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.
- Keep Your Job
While you don't need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.
- Establish A Good Credit History
Get a credit card and make payments by the due date. Do the same for all your other bills. Pay off the entire balance promptly.
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
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