If you plan on purchasing a home in the near future, you have probably noticed that there are plenty of options available. The market changes quickly, the perfect house may come and go before you get a chance to see it, and you might have a hard time figuring out which house is right for you. A buyer’s agent can be helpful, but do you actually need to work with one? There are several important points to keep in mind.

A Buyer’s Agent Represents Your Interests

You should consider working with the buyer’s agent because they will represent your best interests. Their main goal is to help you go through houses that could be right for your needs, pointing out potential problems while highlighting specific features.

They will help you find a house that suits your requirements and your budget, helping you fulfill as many items on your wish list as possible. They will also draft offers on your behalf, help with the negotiation process, coordinate closings, and handle paperwork. They are important because they can prevent a real estate deal from falling through.

A Buyer’s Agent Is Not Necessarily Required

You are not legally required to hire a real estate agent or buyer’s agent to help you find the right house. At the same time, it is typically better for you to hire a real estate agent to help you with the process. A knowledgeable buyer’s agent is important for giving you a competitive advantage when you are bidding on a house.

They are even more helpful if there is a lot of demand for homes and not a lot of supply on the market. A real estate agent also understands how to fill out paperwork, and they can tap into their referral network to see if there are houses you might be interested in that are not yet on the market.

Who Pays For A Buyer’s Agent

You should also consider working with a buyer’s agent because you don’t necessarily have to pay them. The vast majority of buyer’s agents are paid on commission, and the commission comes from the sale price of the house. This means the seller will pay for your agent and the buyer’s agent. 

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Buying a home is a dream that many people want to make come true. At the same time, many people dream of buying a second home. Perhaps you are looking for a rental property. Maybe you are looking for a vacation home. Regardless, you might be wondering how you can come up with the necessary cash to finance this dream. You might even be thinking about tapping into the equity in your current home to make that happen. It could be your down payment for your second house, but what do you need to know?

How To Get A Home Equity Loan

If you want to take out a home equity loan for a second house, there are a few steps to follow. First, you need to figure out how much money you need. You need to take out enough money for the down payment and closing costs. Furthermore, you can only withdraw 85 percent of the equity in your home. If you don’t have enough equity in the home, you might not be allowed to take out a home equity loan. 

Remember that you will also need to go through the traditional oan application process. Your outstanding debt will be reviewed, and your credit report will be checked. You will also need to verify your income or assets to qualify for a second mortgage. The process is similar to your first loan.

Why Take Out A Home Equity Loan?

There are a few reasons why this might be a smart move for financing a second home. You can probably get a lower interest rate, and you don’t have any restrictions on how you can use the money. With a larger lump sum, you might also be a more competitive buyer in a hot market.

Before you take out a home equity loan, you should work with a professional who can help you find the best loan option to meet your needs. That way, you can compare the benefits and drawbacks of each option before making a decision on what is best for your purchase.

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Today, there are many people who are having a difficult time purchasing a house. Even though interest rates have gone up, sales are still happening quickly. Therefore, it can be difficult for people to qualify for a mortgage, purchase a house, and get to the closing table before the property is sold. One potential way to get around the hot housing market is to consider a home renovation mortgage. How can a home renovation mortgage help you? 

A Renovation Loan Can Help People Buy A Less Desirable Home

If you want to close on a home, you might be interested in a house that is not as desirable as some of the others. That way, you don’t have to worry about a bidding war. A renovation loan can help you purchase a less desirable home. If you are interested in buying a home that requires some repairs, but you do not have a lot of cash available for repairs, a renovation mortgage is a special loan that gives you the money you need to repair the house.

How Does A Renovation Loan Work?

Typically, the amount of money you can borrow for a renovation loan will depend on the value of the home after the renovations are completed. Therefore, the appraisal process is a bit different. This is the only type of mortgage that will give a homeowner credit for the future value of the property. Therefore, you can borrow more than you would be able to with a traditional mortgage. You can use the extra cash to perform repairs, which can increase the value of the home.

How Many Renovation Loans Are There?

Just as there are different types of conventional loans, there are different types of renovation loans as well. Each has a different set of requirements, but all of them require you to use the extra money to repair the home. Furthermore, all the work you do on the house has to add to the value of the property. If you have questions about how you can use the money that comes with a renovation loan, you should reach out to a professional who can help you. 

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Are you thinking about purchasing a home in the near future? Or, are you thinking about building one? If so, you must think carefully about the foundation of the home. It is responsible for supporting the rest of the structure, so you need to find the right foundation to meet your needs. What are a few of the top options available?

Basement

One of the first options you should consider is a basement foundation. This is a popular choice because it can create additional living space in your home. It can also act as an additional entrance, which can be useful in some situations. On the other hand, a basement does not always contribute to the square footage of your house. In addition, it can be a bit more susceptible to leaks when compared to other types of foundations. You must make sure you take care of your basement to prevent mold and mildew from growing.

Crawl Space

Another very common type of foundation you may encounter is a crawlspace foundation. A crawl space is not nearly as tall as the basement, so it does not provide any additional living space. On the other hand, it can be used as additional storage space, and it can provide some protection against environmental hazards. You must make sure the crawlspace is ventilated to prevent mold and mildew from growing. Furthermore, it requires routine maintenance to provide structural issues from developing with the house. Always take a look at the quality of the crawl space before you decide to make a purchase.

Slab Foundation

You should also consider a slab foundation for your house. A slab foundation is very quick to build, very difficult for infestations to access, and incredibly durable. The biggest downside is that it does not provide you with any additional storage space. In addition, it may make it hard to access the plumbing if there is a problem that has to be addressed.

Find The Right Foundation 

Ultimately, these are just a few of the many options available if you are looking for a new house. Familiarize yourself with the benefits and drawbacks of different foundation types. Then, do not hesitate to reach out to a professional who can help you find the right house to meet your needs.

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If you recently moved into a new neighborhood, you might be looking for a way to meet your neighbors. Ideally, you will become friends with your neighbors. They can take care of your pets when you are out of town and water your plants when you are gone. On the other hand, how can you meet your neighbors without the process being awkward? There are a few great ways to do so.

Spend Time Outside

If you want to get to know your neighbors, the best way to do so is to spend time outside. Work on your lawn. Water your plans. Walk the dog. The more time you spend outside, the greater your chances of running into your neighbors. This will make it easier for you to get to know them.

Go To Some Neighborhood Events

Next, you should go to a few neighborhood events if you want to meet your neighbors. There are a lot of communities that have pool parties, barbecues, and events for children. If you go to some of these events, you will have a great chance of meeting the people who live around you, and you can make some new friends.

Ask The Neighbors For Advice

Finally, you should ask the neighbors for advice. If you don’t know when you need to put the garbage cans out, you can ask your neighbors. If you are wondering how often the recycling comes, talk to the neighbors! If you don’t know what to do with old electronics you need to throw out, the neighbors can probably help you. It can take a lot of adjusting if you move into a new area, and your neighbors can help you make the process easier. Then, you can invite them over for a beer or a party to show your gratitude.

Get To Know Your New Neighbors

It can be a bit awkward if you move into a new neighborhood. Your neighbors might appear to know each other already, but how can you get to know them as well? If you follow these tips, you can get to know them quickly, make some new friends in your neighborhood, and have someone to lean on if there is an emergency at your house.

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If you are in the market for a new home, you have probably realized that there are a lot of options available. You may have a difficult time deciding what is right for you and your family, but there are several important factors you need to consider with every home search. Do not forget to reach out to a local professional who can help you assess these factors and find the right option for you and your family.

Location Should Always Come First

There is a saying that the three most important factors in real estate are location, location, and location. Therefore, think about the location of your home first. How far are you willing to drive to get to work in the morning? If you have children, what are the best school districts in the area? How important is it for you to be close to shopping and dining opportunities? Think about the traffic, crime rates, and amenities in the area.

Consider Your Budget

Of course, you need to think about your budget as well. Considering how much you are willing to put down for your house. If you are a first-time homebuyer, you might be able to qualify for a loan for as little as 3.5 percent down. Then, think about everything that will go into your monthly payment. You need to consider not only your mortgage but also the interest rate, property taxes, and home insurance premiums that go along with homeownership. You may want to have some extra money put aside for home maintenance and repair expenses as well.

Think About Size

Now, you can think about how big of a house you need. You should create a list of things that you must have and things that are nice to have. For example, you probably have a certain number of bedrooms that your new house must have. Do you want to have a guest bedroom? Do you want each of your children to have their own bedroom? 

Find The Perfect House

These are a few of the most important factors you should consider if you are looking for a home for yourself and your family. Consider reaching out to a professional who can help you during your home search. 

Filed under: Real Estate by Julie Woodward
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One of the most significant challenges that many people face when preparing to buy a first home relates to saving money for a down payment. While there are many different loan programs with varying down payment requirements, the fact is that it can still be difficult to save up a large sum of money. Some programs may require you to save as much as 10 percent or 20 percent of the sales price of the home.

You can employ a few different tips and techniques to save money for a down payment more quickly, and these are some of the options that others have successfully used to save money for their home purchase.

Make Saving Automatic

One idea that works well for many people is to make saving for your new home automatic. This may be as simple as scheduling a regular draft or transfer from your checking account when your paycheck is deposited into your savings account. Some employers may even facilitate this process by contributing some of your funds into a savings account on your behalf. With this option, the money would go directly into your savings account without you having a chance to spend it.

Take Advantage of Retirement Accounts

If your employer provides you with the option of investing in an employer-sponsored retirement account, you should take advantage of this option. Many will offer a dollar-for-dollar matching program, and this may essentially double the amount of money that is saved in the account.

More than that, the funds from many retirement accounts may be withdrawn without penalty if they are used for a first-time home purchase. There are some rules and regulations regarding this, so you should research this option more thoroughly.

These are among the two best options for saving money for a down payment for your first home purchase. There are other ideas that you can consider as well. For example, you may borrow from a whole life insurance policy, obtain a gift from a family member or even sell some of your personal belongings that you no longer need or use.

When you combine many of these ideas together, you may be surprised how quickly your down payment fund can grow. You can also speak with a  professional to learn more about the actual amount of money that you may need for the down payment and closing costs.

Filed under: Home Buyer Tips by Julie Woodward
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If you are in the market for a home, it is important for you to think about what is most critical to your housing search. Unless you have an unlimited budget, you will probably have to compromise somewhere to make a competitive offer on a house you can afford. Every buyer is different, but there are a few common themes regarding where buyers tend to compromise when looking for a house. 

The Condition Of The Home

One area where buyers tend to compromise is the condition of the house. Most buyers would prefer to purchase a new house that is move-in ready, but you may notice that it can be difficult to find a new house that is within your budget. If you are willing to purchase a house that is a bit older, you might be able to save money. Then, you can put this money towards home improvements. 

The Size Of The Home

If you want to keep your housing search under a certain budget, you may need to compromise on the size of the house. Particularly in an overheated market, you might be able to scale back the home’s square footage to make a more competitive offer on a house. This is particularly true if you are looking for a house in a specific school district.

The Style Of The Home

You might have always dreamed of living in a mid-century colonial home, but it might not always be possible to find a house of this style that checks the other boxes. If you are willing to purchase a house that doesn’t quite match your style, you might be able to find a home that has the other characteristics you need. 

Select The Right House

Everyone is different, and the right house for one person is not going to be the same as the right house for you. As you take a look at the houses available, think about what is most important to you. What do you need to have when you look for a home, and where are you willing to compromise? This can help you put yourself and your family in the best position possible to be successful during your housing search. 

Filed under: Real Estate by Julie Woodward
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If you are looking for a house for the first time, you might be wondering whether you should purchase a starter home or a forever home. A starter home is a home in which you intend to live for a few years before you sell it and upgrade to a better home. A forever home is a home that you intend to be in for ten years or more. You can see yourself moving into the house and potentially spending your entire life there. How do you decide which type of home you should purchase?

A Starter Home

If your budget is relatively tight right now, you might be thinking about purchasing a starter home. A starter home is typically smaller than a forever home, which makes it more affordable. On the other hand, if you plan on having kids in the near future, you might want to purchase a larger home instead. Furthermore, you need to think about capital gains taxes when you sell your starter home. If you take the proceeds from your starter home and use them to purchase a larger house immediately, you might be able to avoid capital gains taxes. 

A Forever Home

If you could see yourself spending the rest of your life in a certain place, you may want to consider buying a forever home. This is particularly helpful if you can secure a low-interest rate, as the interest rate might not change during the life of the mortgage. Interest rates could go up in the future, so you may want to lock in a low-interest rate for your forever home now. You will also need to think about your future cash flow to ensure you have the money to cover a larger mortgage. Do not forget to think about real estate taxes and home insurance as well.

Find The Right Home For Your Needs

These are a few key factors you should think about if you are looking for your first home. There are starter homes and forever homes available, but you need to think about which option is best for your needs. 

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There was a time when a higher percentage of people were married before they committed to buying a home together, but it’s a lot more common to co-habit and invest in a home together. If you’re considering the commitment of a mortgage without being married, here are some things to be aware of before you start searching the market.

Relationship Status Won’t Affect Your Rates

It might seem like there are greater risks involved if two individuals purchasing a property are not legally bound, but it actually makes no difference to the mortgage lender. If two people are buying a home together, the lender is going to be assessing their credibility based on their individual credit reports and financial history, not on their relationship to each other. While it may seem like co-habiting will have an impact, the proof – as far as lenders are concerned – is in the numbers.

What’s Your Credit History?

Most people are aware of their credit history, whether they’ve had financial hiccups in the past or are still paying off a significant amount of debt. However, it is more difficult for some to know the financial background of their partner, and this can be more common when it comes to co-habiting. Because the lender will be looking at both credit scores, if you or your partner have had financial issues in the past, it can have an adverse impact on your application. While you may have a nearly perfect credit history, if your partner does not this can make mortgage approval more difficult.

In The Event Of Separation

Home ownership can involve significant hurdles after a divorce, but there will still be some legal and financial issues to wade through if you’ve never been married. Since it’s likely that you won’t want to continue to co-habit, there’s the possibility that one party will have to buy the other out, which can be a sizeable financial burden. While this type of situation may never come to fruition, it’s important to be aware of what might occur so you can be prepared.

There can be a lot of complexities involved in co-habiting whether you’re married or not, but it’s important to have an awareness of your partner’s financial history and be prepared for financial hurdles. If you’re currently on the market for a new home, contact one of our mortgage professionals for more information.

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