If you are looking for a home, your agent may tell you that a home is being sold as-is. This means that there may be major defects with the home that the seller is not willing to repair before offloading the property. As a result, their problems may become your problems if you purchase that property. How can you protect yourself during the sale? Look At All Disclosures Even though disclosure laws can vary significantly from state to state, the homeowner may be required to disclose certain problems to you. Real estate agents should always point out disclosures from sellers, so take a look at … [Read more...]
A Review Of Government Vs Conventional Mortgages
There are two broad categories of mortgages. The first is government mortgages, which include USDA, FHA, and VA loans. These loans are backed and insured by the United States government. The other category is conventional mortgages. These are mortgages that are insured by private lenders, such as banks and credit unions. What are the differences between these two loan options? Government Mortgages The qualifications for government mortgages are usually more lenient than conventional loans. For example, FHA mortgages are usually backed by the Federal Housing Administration. FHA loans could be a … [Read more...]
Top 8 Things New Homeowners Need
Moving into your first home is an exciting experience, but it can also be overwhelming. To manage the move properly, you need a wide variety of tools you may never have considered before. You may not realize you should have purchased a certain item until you need it. To prepare for the move into your new home, make sure you have all of the items listed below. Storage For Documents As a homeowner, you will need to keep and organize a variety of documents, including receipts, warranties and even your mortgage papers. Consider buying a fireproof box or cabinet to store these items. … [Read more...]
How to Become a Homeowner: First Time Home Buyer Guide
Becoming a homeowner for the first time is exciting. However, for many potential buyers, the process can also be confusing. Below is an overview of the steps you need to complete in order to buy your first home. Work Out The Finances The first step in buying a home is deciding on a price range. This price range will be determined by your income, as well as your own comfort level with home prices and monthly payments. Consider all of these factors to determine the maximum amount you are willing to spend on your new home. In most cases, you will be required to pay the downpayment and … [Read more...]
How Much Income Should People Spend On A Mortgage?
When people are looking for a home, this is an exciting process. There is always something fun about looking at potential homes and envisioning a future there. This is a big decision. At the same time, it is just as important for people to think about how much of their money they should be spending on their mortgage. There are a few rules of thumb that people should keep in mind. The 28 Percent Rule One of the most common rules that financial advisors and lenders are going to talk about is going to be the 28 percent rule. This rule states that people should not be spending any more than … [Read more...]
