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We Might Have Figured Out How Lorelai Gilmore Bought Her House

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Lorelai Gilmore was pretty proud of the fact that she managed to make a life for herself and her daughter, Rory Gilmore, without the help of her wealthy parents. One of her points of pride was buying her home. While the Gilmore Girls plot relies on Lorelai dismissing any help from her family, it would seem as though Lorelai would have needed some financial help from the Gilmore clan. In fact, Lorelai’s ability to buy her house without the use of family money seems highly unlikely.

How much would Lorelai Gilmore have paid for her house?

Today, the town that inspired Stars Hollow is home to some truly spacious and beautiful houses. The price of those homes aren’t cheap, either. Lorelai’s fictional home, however, was pretty modest. It consisted of just two bedrooms and one bathroom when the show began. According to property records, a similarly-sized home would have sold for $200,000 to $250,000 in the 1990s.

RELATED: ‘Gilmore Girls’: What Would Lorelai Gilmore’s House Be Worth Today?

While it is considered a good financial move to have a 20% down payment on a house, most first-time buyers don’t have nearly that much money. According to The Mortgage Reports, the average buyer puts down 7% as a down payment. Assuming Lorelai’s home was worth $200,000, she would have needed to have access to between $14,000 and $40,000 for her down payment. Whether or not Lorelai would have been considered a good candidate for a mortgage is an entirely different conversation.

Lorelai had bad credit and a spending habit that suggests she would be a bad candidate for a mortgage

Assuming Lorelai did scrimp and save enough money to put down on her home, would she have actually been approved for a mortgage? Based on her spending habits and lack of liquid funds, it doesn’t seem likely.

Alexis Bledel as Rory Gilmore, Lauren Graham as Lorelai Gilmore in 'Gilmore Girls'
Alexis Bledel and Lauren Graham appear in ‘Gilmore Girls’ | Mitchell Haddad/CBS Photo Archive via Getty Images

Lorelai and Rory ate out for almost every meal. Even the occasional breakfast at home was followed up by a trip to Luke’s Diner for a coffee. Their diner habit alone would have cost hundreds of dollars each month. Her bills, her relatively low income, and her lack of a solid credit history would have made her a risky candidate. In fact, given her situation, most mortgage companies likely would have passed on her, even if she had a 20% down payment.

So, how did Lorelai afford her house?

Lorelai insisted that she scrimped and saved to purchase her home, but just six years after buying the house, her credit was so poor that she needed Emily Gilmore’s help to procure a loan. In order to buy the property, she likely would have needed to buy it outright. Certainly, someone like Lorelai couldn’t have amassed a $200,000 fortune in just ten years.

RELATED: ‘Gilmore Girls’: Technically, Lorelei Gilmore Should Be Broke

It seems likely that Lorelai had access to a trust fund, just like Rory. The timing makes a lot of sense, too. Lorelai noted that she purchased her house when Rory was 11. Since Lorelai gave birth to Rory when she was 16, that means Lorelai was 27 when she closed on the property. Rory’s trust fund stipulated that she could not access the funds until she turned 25. If Lorelai had a similar fund with the same stipulation, she would have come into the money not long before closing on her home.    



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Warner Robins GA Credit Repair Finance Score Improvement Service Launched

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New credit repair services have been launched by the expert team at Fresh Start Consumer Services. They work with clients in Warner Robins, GA and the surrounding areas.

New credit repair services have been launched by the expert team at Fresh Start Consumer Services. They work with clients in Warner Robins, GA and the surrounding areas.

Fresh Start Consumer Services has launched a new credit repair service for clients looking to improve their financial future. Interested parties can sign up for credit consultations, in-depth credit analysis, credit recommendations and more.

Full details can be found at: https://freshstartconsumerservices.com/index.html

The newly launched services are designed to ensure clients can repair bad financial credit history, track their improvement campaign in measurable ways, and secure a better future for themselves and their family.

Clients can work with Fresh Start Consumer Services to clean up their past. This is achieved by working with the major credit bureaus and creditors to challenge the negative report items that affect the credit score.

Based in Warner Robins, GA, the expert team at Fresh Start Consumer Services is passionate about helping citizens to improve their credit score to give them more buying power. As a result of this, clients are able to secure more options in life.

The team understands that sometimes bad things happen to good people, and their services are designed to ensure that clients can get the most out of life. They also realize that a bad credit score can harm clients’ quality of life – and can be a difficult situation to get out of.

Fresh Start Consumer Services offer courses in credit repair and restoration, budget management, credit education and purchase assistance. Clients get easy access to their account 24/7 for live status updates on improvements, allowing them to fine-tune the management of their credit score.

Service options include personalized dispute options to fit each clients’ exact credit repair needs, an experienced case analyst and case advisor working personally with them throughout the process, custom dispute letters, and more.

For clients, there are a number of reasons to work with a credit repair specialist. Clients are able to secure significant savings on interest rates, attain better terms on loan products, and get access to the best credit card deals. They also gain access to more housing options.

The team states: “Fresh Start Consumer Services offers a unique combination of services that gives our clients the quality of life they deserve. We specialize in helping our clients achieve qualifying credit and the financial health they desire.”

Full details can be found on the URL above.

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Is it Possible to Trade In a Car Early?

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Yes, early trade-ins are possible when you finance a vehicle. In fact, there’s no set time frame on trading in a car. Most dealers won’t take a trade-in that’s too fresh, though, and it’s best to wait until there’s equity in your vehicle before you try to trade it in.

What’s a Trade-In?

When you trade in a car, you’re essentially selling it to a dealership and financing something else from their lot, without the hassle of selling and buying with separate transactions. There are no hard-and-fast rules about how and where you have to trade in your vehicle.

However, it’s beneficial to shop around and see which dealers can give you the best price, but you shouldn’t just head to a car lot and ask what they’re willing to offer you. When the time comes, there are several steps you may want to take to get ready for the trade-in process, especially if you’re looking to trade in early before you’ve had the chance to close the equity gap.

Trading In Early and Equity

Are Early Trade-Ins Possible When You Finance a Car?When you’re trading in a vehicle soon after you’ve financed it, you’re more likely to be in a negative equity position – owing more on your auto loan than the car is worth.

This is especially true if you financed a new vehicle, or a certified pre-owned car. Newer vehicles depreciate faster than used ones, which have typically already seen their biggest drop in value.

Depreciation is the loss of value over time and it can’t be stopped. It can be slowed, though. The best way to do this is by using a large down payment when you finance. This reduces the amount you have to borrow, and leaves you owing a price closer to what the car might cost after you drive it off the lot. New vehicles typically lose around 10% of their value as soon as they touch the road.

If you don’t have the equity to recoup your investment in a car, you have to make up that difference out of your own pocket. It’s much easier to trade in a vehicle that can pay for itself, but this isn’t always possible when you’re trying to do so early.

Preparing Your Early Trade-In

When you know that you’re starting with a deficit on your trade-in, it’s a good idea to be prepared to get the most you can. Clean the car thoroughly, both inside and out, and make sure to fix any minor damage that may have occurred in the short time since you took out your loan.

Getting the vehicle detailed and fixing major mechanical issues isn’t likely to result in a worthwhile increase to the cash in your pocket, so don’t go overboard. Remember, you want to make as much money on this trade as you can, and it’s probably cheaper for the dealership to fix any large issues.

Before you set foot in a dealer to get your trade-in appraised, it’s a good idea to know approximately how much your car is worth. You can find this out by going to online valuation sites such as Kelley Blue Book or NADAguides. Be sure to be honest when you’re inputting information, since it’s the only way to get an accurate estimate of possible value.

Shopping for Trade-In Values

Once you have the estimates (which you should print or save to your phone), it’s time to take your trade-in to get looked at. Taking it to a few different dealerships is a good way to find the best deal you can.

We recommend taking your early trade-in to at least three different dealers, making sure at least one of them is a franchised dealership that sells your vehicle’s brand. A franchised dealer that sells your car’s brand may be more likely to offer a higher price.

Depending on your credit situation, it’s likely a good idea to ensure you’re trying to trade in your vehicle to a dealership that can work with your situation, especially if you have poor credit. And that’s where Auto Credit Express can come in handy.

We have a nationwide network of special finance dealers that are signed up with subprime lenders who can help people in many different types of credit situations, including bad credit, no credit, and even bankruptcy.

The process is easy to get started – just fill out our free auto loan request form. We’ll match you to a local dealership that can get you started on the financing you need after your early trade-in.

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Jackson receives financial reporting award

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JACKSON, Mich. (WILX) – The City of Jackson is getting international recognition for its transparency in financial reporting.

The Government Finance Officers Association of the United States and Canada (GFOA) awarded the Certificate of Achievement for Excellence in Financial Reporting to Jackson for its Comprehensive Annual Financial Report (CAFR) for the fiscal year ending June 30, 2019.

The CAFR was judged by an impartial panel to meet the high standards of the program. Standards include demonstrating a constructive “spirit of full disclosure” to clearly communicate the financial story of the City and encourage users and groups to read the CAFR. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting.

“This is great for the City as a whole because it improves our bond rating,” said City Manager Jonathan Greene. “We believe this award will help our residents understand the work we do to make the City’s finances transparent and easy to understand.”

Bond Ratings are letter grades assigned to bonds that indicates good or bad credit for an entity like the City of Jackson. By having a strong bond rating cities are granted opportunities to pay back interest at lower rates.

The CAFR can be viewed HERE.

Copyright 2020 WILX. All rights reserved.

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