May 26, 2016 | Home Buyer Tips
When you’ve found the perfect home and you’re preparing for all of the final details to be sorted, there are a few important things that should not be forgotten about. As a home inspection is among the last steps in the transfer of the home, here’s why it’s very important to find the right person for the job.
Assessing All The Elements
Purchasing a home is among the most important and expensive decisions you will ever make, and for this reason it’s necessary to hire a professional that has experience with how a home should function. Because there are so many things that make a house run smoothly, the right inspector will be able to assess any major issues for you so that you’re not forced to pay a high price for fix-ups when the deal is already set in stone.
What The Inspector Will Look For
There are a number of things a home inspector will look at that encompass all of the main functioning systems of a house, and this should determine if your home will be a good investment for you. There will be items that need regular or routine maintenance that will be identified, but the most important issues like a cracking home foundation or mold can be a major expense. From start to finish, a home inspector will be able to give you a written report of any minor and major issues that will help you determine the value of your investment.
How To Find The Ideal Inspector
One of the most important factors when it comes to the right inspector is experience, and no piece of paper can make up for this. While your inspector should certainly have professional certification from organizations like the National Association of Home Inspectors (NAHI) or the International Conference of Building Officials (ICBO), they should have a number of years under their belt and have seen enough to know what to look for.
There are a lot of things to think about when buying a home, but finding the right inspector can go a long way in positively impacting your purchase. If you’re currently on the market for a home and are considering your options, contact your trusted real estate professional for more information.
May 17, 2016 | Home Buyer Tips
The rush of excitement that comes with finding the home you’ve been looking for is ideal, but just because it seems like the perfect place, it doesn’t mean there aren’t other factors to consider. Instead of getting hit with buyer’s remorse, here are some tips so that your home purchase doesn’t become something you’ll regret.
Forget About The Competition
If you’re contemplating a house and happen to be dragged into a bidding war, it’s important to take a step back and determine if it’s really the right home for you. It can be easy to get carried away and up your offer, but make sure you determine what the home is really worth to you.
Take A Second Look
If you’ve been to a lot of home viewings and have finally found a place you feel good about, it can be easy to overlook the minor details. Instead of trusting your memory, make sure you visit the home a couple of times before putting in an offer so you’ll be aware of any major flaws you might have missed the first time around.
Visit The Neighborhood
The instant appeal of a home that seems perfect for your family can be unexpected, but it’s worth considering the neighborhood you’re going to be living in to ensure it’s livable. A home is one thing, but local amenities and an area your family feels comfortable will come to be equally important.
Avoid A Fixer-Upper
The kind of home you can fix up might make for a fun project for the DIY person, but biting off more than you can chew in an effort to save can be a mistake. A few small renovations may not be a big issue, but a home that needs a lot of changes will likely end up being more of a burden once the deal is sealed.
Stick To Your Purchase Price
Many people get so overwhelmed when they find a unique place to settle that their price point flies out the window. However, instead of making allowances for a purchase price you can’t really swing, keep what’s affordable in mind and be sure you don’t veer too far above it.
It can be exciting to find the kind of home you’re looking for in a center you love, but it’s important to pay a price that’s affordable and get the home you really want. If you’re currently looking for real estate options in your area, contact your local real estate professional for more information.
Apr 6, 2016 | Home Buyer Tips
If you’re planning to get a mortgage, it’s critical that you know your rights under the law. The Truth in Lending Act (TILA) is a piece of federal legislation that governs how mortgage lenders can and cannot operate their businesses.
So how does the Truth in Lending Act protect you, and what are your rights under this legislation? Here’s what you need to know.
Your Lender Must Give You A Timely Loan Estimate
A Loan Estimate (previously known as a Good Faith Estimate) is a document your lender provides you that details information about what kind of a mortgage you’ve applied for. Your Loan Estimate includes terms such as your estimated monthly payment, your estimated interest rate, and whether or not your mortgage balance is able to rise even if you make payments.
Under the Truth in Lending Act, your lender is obligated to give you a good-faith Loan Estimate within three days of when you apply for your mortgage. If your lender fails to provide your Loan Estimate within three days or fails to fix reported errors within 60 days, you can sue for damages and report the lender to the federal government.
Your Lender Must Notify You Of Rate Changes
The Truth in Lending Act states that your mortgage lender is required to give you an annual percentage rate estimate within 1/8 of one percent of government guidelines. Your lender must use the government-approved mathematical formula to provide your rate estimate.
If your estimated rate may be subject to change, your lender is obligated to disclose the first possible change you’ll see to your interest rate, and the maximum degree to which it may change. Your lender is also required to disclose the maximum possible changes for subsequent rate adjustments.
There Are Strict Rules About How And When Lenders Can Charge Late Fees
If your lender typically administers fees for late payments, TILA will specify that your lender must notify you – in advance – the date on which a late fee will be imposed and how much the late fee will be. TILA states that no late fee can exceed 4 percent of the amount past due, and a payment is only considered late if it is 15 or more days past due (or 30 or more days past due if you prepaid your interest). Your lender also cannot charge you a late fee on top of a late fee.
TILA is a powerful consumer protection law that gives would-be homeowners a great deal of power. By knowing your rights under TILA, you’ll be able to confidently negotiate with lenders and avoid any unnecessary problems. Contact your real estate professional to learn more.
Mar 22, 2016 | Home Buyer Tips
What Will It Cost?
If you’re going into a home expecting a few renovations costs, a minor detail here or there may not add up to much. However, if you’re not interested in spending the big bucks on making changes, you’ll want to estimate an approximate amount of how much the renovations you don’t want to live without will amount to. By including all the necessary labor and materials, you’ll be able to determine if the price-point of your offer will be worth it. Keep in mind that if there are any serious issues with the house, it may not be worth your while to consider the purchase at all.
Will Renovations Increase The Value?
In the event that you’re buying a home for its investment value, it’s going to be particularly important to consider if the renovations required will actually increase its market value. While adding another bedroom or upgrading a bathroom may not add significantly to a home’s overall price, certain more inexpensive improvements like painting, refinishing and new siding can actually add a lot to the look (and worth) of your home.
How Much Are You Willing To Take On?
It’s easy to think that you’re prepared to do the dirty work when faced with a fixer-upper, but getting down to brass tacks may not be so simple when the time comes. Before taking on a home that needs a lot of renovation, consider how much you’re willing to do so that you can determine if fixing it up will even be an economic boon after all the labor that may go into it. If you’re not a DIY kind of person, you may want to avoid a house that has a long list of repairs.
A fixer-upper can be tempting for those who want to invest or save on a home purchase, but you’ll want to carefully consider if it will be a good choice when it comes to selling time. If you’re currently perusing the market for a home, you may want to contact one of our real estate professionals for more information.
Mar 18, 2016 | Home Buyer Tips
If you’re worried about your bad credit, you’ll want to do everything in your power to improve your rating as quickly as possible – especially if you have a major purchase coming up. Improving your credit rating can give you access to better interest rates on mortgages or even help you to get that job you’re after.
IMPORTANT! If you are currently involved in a home loan transaction, speak with your trusted real estate advisor before taking any action regarding your credit!
So how can you boost your FICO score quickly and easily? Here’s what you need to know.
Get Your Credit Report And Dispute Any Errors
Credit reporting agencies don’t always keep 100% perfect records, and there’s a good chance that your credit report contains at least one error. One recent FTC study found that 25% of consumers have an error on their credit report, and that in 5% of cases, the errors were actually severe enough to impact the loan terms that borrowers were able to negotiate.
You can get your annual credit report from all three credit reporting agencies for free. Carefully read over it. If you see any errors – if your name is misspelled, if they have the wrong address on file, or if there are late or unpaid charges that you didn’t make – you can dispute the items in question.
Still Overdue? Negotiate Payment Terms With Your Creditors
If you’re overdue on a payment, it will weigh heavily on your credit score. As your payment history makes up a full 35% of your FICO score, this is one area where you’ll want to invest a great deal of time and effort.
Contact any creditors you owe money to and ask if you can negotiate your bill. The ideal outcome for you is to have the creditor report your debt as paid in full, so see if you can secure that promise in writing in exchange for an accelerated payment schedule.
Try Maintaining A Lower Utilization Ratio
Your utilization ratio refers to the amount of credit you use at any given time. If this number goes beyond 30 percent, you’ll start to see your credit score drop. Ideally, you should aim for a utilization ratio below 10 percent – this will prove to your lender that you can responsibly pay for the credit you use.
Have Recurring Bills? Automate Your Payments
Automating your monthly payments can be a great way to boost your credit score. Whether it’s your mortgage, your credit card, or your student loan, a pre-authorized monthly payment will ensure that everything gets paid on time and give you a great credit history.
Your FICO score is a number that will determine your eligibility for mortgages and other loans. These are general tips to help with your credit score and improve the overall reporting of your credit.
Mar 16, 2016 | Home Buyer Tips
When you’re just moving into a neighborhood, it can be hard to know exactly what you’re getting into. Certainly, you can see the sights for yourself and read about your new community online, but there are still things that may not be readily available. If you’re looking for the cold, hard facts on the safety of your neighborhood, look no further than the following websites for the things you’ll want to know.
Situation Alerts on SpotCrime
By simply typing your street address in at SpotCrime, you will get an instant report of all the criminal goings-on in your community from arson to assault. While SpotCrime is free and enables you to register so you can be alerted to situations in your community, you also have the ability to anonymously offer up information that will help others.
Crime Rates On Neighborhood Scout
A website that will give you information regarding the crime rate in a certain community, Neighborhood Scout offers much of its information free of charge to users to scope out future communities for their own interest. In addition to the per capita crime rate, you can also get a host of information about other communities around the country with similar crime profiles to your own.
Registered Offenders on Family Watchdog
The tranquility of a neighborhood is something that can be easily taken for granted, but Family Watchdog enables you to be aware of what might be going on under the surface. Committed to determining the location of registered sex offenders, this website will easily inform you if there are any offenders in or near your community so you can evaluate the safety of you and your family accordingly.
Situation Updates on CrimeReports
Along with SpotCrime, CrimeReports is another website that enables you to type in your address to instantly pull up a host of information regarding recent crime that’s occurred in your next neighborhood. Much like SpotCrime, it provides you with an easy to read map of crimes that have occurred and you have the option of signing up for alerts that will inform you of recent situations in your community.
There may be a lot of information about your neighborhood online, but the websites listed above can help you with the details on things that may not be commonly reported. If you’re in the market for a home and are wondering about ideal communities, contact your trusted real estate professional for more information.
