You have spent the last 10 years saving up for the deposit on your dream house. After finally finding what you believe to be the perfect property in a prime location you are now bogged down with the task of finding a mortgage lender in your area. Without the excess funds needed for the cost of the house, finding a mortgage lender is imperative to extend you the credit required to purchase your new home.
Before seeking out financing elsewhere, it is always good to first contact your financial institution and weigh their mortgage options. This should be your initial search for a lender. If your financial institution is not able to provide you with an ideal finance option for your mortgage needs then you may continue to look further. It is good to shop around to compare the rates and fees each bank charges.
There are large...
Buying a home takes a lot of work. There's the budgeting, the finding a realtor, the searching and the getting of the loan. Not to mention figuring out if the home needs renovations, or how much it's going to cost to actually move in. Sometimes it seems as though the to-do list involved just never ends and the last thing you want is for something unexpected to pop up once you're in your new home.
Ask before you buy. Don't let surprises ruin the joy of owning a home, whether it's your first, second, third or even tenth. Here are five usually forgotten things to ask when you're looking at potential homes.
- What are the taxes involved? If you've done your budgeting, than you know how much you can spend on a house payment every month. Don't, however, forget about the taxes on the land. Be sure to ask, as every house...
The day of closing has arrived. You have found your dream home, inspections are complete, and you have a mortgage loan approval. After signing a large stack of paperwork and ensuring the transfer of all funds, the keys will be yours. There is only one thing left before the final meeting — a final walk-through.
What is a final walk-through? It is an inspection to make sure the house's condition has not negatively changed since making your offer. The best time is within 24 hours of the sale finalization, and the same day if possible. It really should take no more than 30 minutes.
However, you don't want to rush the final walk-through. A missed problem can create issues after the sale. You will be happy you took it seriously. Here are some things to check:
- Repairs: Don't wait for a final walk-through....
Are you in the market to buy a home? If so, then certainly this is one of the biggest investments you'll ever make, so of course you want to make the right decision. As you tour potential homes, there are some specific questions you should ask the seller (or the seller's agent, as the case may be) before making an offer.
What Are Your Average Utility Bills?
Utility costs can vary greatly depending on the location of the home, the types of utilities used (electric vs. gas, for example), and the insulation quality of the home. Many sellers will be happy to provide average dollar amounts on various utilities (such as gas, electric, water, etc.) throughout the year, so don't hesitate to ask. You can also contact the utility companies to see what the current home owner is paying. They can also get you on a level...
Interest rates remain at historic lows and its the greatest time in history to buy a house. With that being said most people are going to use a lender to purchase a home so It’s natural to wonder, “What are the best mortgage options?”
Overall, a 30-year mortgage is generally better if you want lower monthly payments, but a 15-year mortgage is better if you want to pay off the mortgage sooner. Whether you choose a 15-year fixed rate or a 30-year term, there are a few options to help reduce payments or payoff the loan sooner but check with your lender to see what the best option is for you.
There are a few steps to secure a mortgage loan check out this article by the Daily Herald.
Best of both worlds?
Want lower required payments...
When you are preparing to buy a home you can easily become overwhelmed with all of the terminology. If you haven't bought a home before you are probably not familiar with the process. Let's examine what closing costs are so you know what to expect.
When you select a house you want to purchase, put in an offer, and have your offer accepted you are well on your way to owning your own home. At this point in the process the lender and borrower attorneys or title company will start preparing for the mortgage closing! Quite a bit of background work needs to be completed to protect the lender and borrower including:
- Flood determination to see if there is a risk of flood at the house.
- Preparing title insurance to be sure the history of homeownership doesn't have any discrepancies that might cause a future legal issue.
- Appraising the value of the house...
The truth about buying a new home is it begins with a lot of excitement, which then quickly changes to stress and anxiety because of paperwork, inspections, and check writing. A little effort and preparation can make the process a whole lot easier. Follow these steps to make things run smoother.
Get your financial house in order – Your credit score not only affects getting approved for a mortgage loan, but determines your interest rate. It is a good idea to know your credit score, and clean up anything which is negatively affecting it.
Save for your down-payment and closing costs. – You will need access to enough cash to make a down-payment and pay your closing costs. It is extremely rare these days to come to settlement not needing funds.
Deciding to buy a home is a huge decision. Not only will you need to determine whether you are ready for the commitment of owning your own home, but you will also need to understand how the home buying process works. Here are a few things to get you started.
The first thing you will want to do when buying a home is to talk to your bank. Here, you will have the opportunity to become pre-approved for a mortgage. At this point, you will be able to determine the price of the home you will be qualified to purchase. However, you should also take into consideration your budget to determine your price-range.
Finding a Home
At this point, you will want to speak with a realtor about looking at homes in your price-range. Once you settle on a home you wish to buy, your realtor will help you put in an offer to the seller of the home. At this point, the seller can either accept your offer, decline it altogether or even counter-offer. It will then be up to you to decide how to proceed....