WHAT IS A GOOD ZONE, THEN? Check schools. Even if you don't have a children, you should know that homes zoned for good schools have higher average price and they are also easier to resell. Drive through the area where you want to buy a house. Do it on weekends when there is no school. Look for bikes on the driveway or balls on the front lawn. That will give you answer to a question if there is a lot of kids in the area. After you determine that, check schools as it is explained above.
YOU FOUND YOUR DREAM HOUSE, LET'S START WITH THE INSPECTION-First, check roof, windows and furnace. These three things are most expensive items to replace or fix. Check them thoroughly. Usually, unwritten rule is - if the realtor doesn't give age of the roof
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There are plenty of types of mortgages: open and closed, with variable or fixed rate. There are also a lot of other things to be discussed with your lender, such as
- annual payment increases
- what are prepayment penalties
- is there any lump-sum or double-up payments
- interest rate differentials
- penalties to discharge and portability
- last but not the least: hidden fees.
Make sure to write down this check list and be ready to discuss it with your lender. Here is a simple mortgage math: lenders require applicants to meet certain Total Debt Service and Gross Debt Service (TDS and GDS) ratios. These ratios may vary from lender to lender but usually GDS should be 28% - 32% and TDS ratio should be less than 40%. TDS formula:(interest + principle + loan Payments + taxes ). GDS formula: (principle + taxes +interest).
CLOSING DAYS IN MONTH TO AVOID - this is a very helpful tip. In all that excitement about moving, people tend to forget these kind of things.
You want to avoid Fridays and last 3-4 days at the end of the month. Moving companies are usually a lot busy on Fridays. Days at the end of the month are typically the busiest time for real estate
The average number of days for a property to sell has decreased to 18 days from 23 days over the past year.
Making yourself aware of the neighborhood and its growth, studying when the market peeks or if it is still growing, and studying the areas general financial foundation of the city, are all important things you need to be aware of when buying a house. According to Mankiw, "In any market, buyers look at the price when determining how much to demand, and sellers look at the price when deciding how much to supply. As a result of the decisions that buyers and sellers make, market prices reflect both the value of a good to society and the cost to society of making the good." This is one of the principles of economics that can quickly affect the profit of this investment.
It is very important that you inspect your home before you begin selling it. Make sure that
Looking for the right new home to buy can be both fun and stressful. It's disheartening to find a home in a good location that you love only to find out something is wrong with it. However, it's best to find out about problems before you buy. Homeowners aren't always forthcoming with problems you should know about, however, they may be required to disclose certain things. Here are some red flags to look for when shopping for real estate that may help you avoid a home with hidden problems.
Realtors say it is all about location when selling or purchasing a home or business. Selecting the right state that is welcoming new business is paramount to the profitability of any organization. Several studies have revealed certain regional
For first-time homebuyers, hiring an experienced home inspector is a wise decision that will enable you to know the condition of the property you are about to purchase. The inspector will check the condition of the roofs, walls, floor, and furniture.
The time of the year, price of the move differ from one another. If you are moving in a high season then you pay more.
Summer is a great time during the year to buy a house. First time home buyers can enjoy many great offers on buying a house with many options to chose from. Steve Jobs once said “If you have not found it yet, keep looking. Do not settle. As with all matters of the heart, you will know it when it comes”. The most important thing to considered when buying a house is its location. Depending on its location, houses can vary from prices, home security and privacy. The city of Kingwood can be considered a good place to buy a home for those willing to pay high prices for it, but the city of Huffman is a better place to buy a house rather than Kingwood for several reasons.
New loan offerings make it easier to buy a home, but harder to pick which mortgage is right for you. The standard 30-year fixed rate mortgage allows predictable payments. If you’re planning on moving quickly, consider an adjustable rate mortgage, which has low
Home potential buyers have a number of different jumbo loan programs to choose from. Like traditional mortgage loans, jumbos allow borrowers to secure a true quantity of different fixed-rate or adjustable-rate home loans. (To find out more on the dissimilarities between fixed-rate and adjustable-rate mortgages.
Many consumers who are looking to purchase a home again with the recovery of the housing market may not have the ideal financial background to get started. In order to discover whether or not they qualify, these potential borrowers should first consult with a mortgage professional, such as a
Mortgage lending is a major sector with the United States financial market today. “The modern mortgage has only been around since the 1930s, but the idea of a mortgage has been around for a lot longer.” (History of Mortgages, 2016) The literal meaning of the word ‘mortgage’ has Latin roots: ‘mort’ or death and ‘gage’ or pledge. Translated it supports “the idea that the pledge died once the loan was repaid, and also the idea that the property was ‘dead’ (or forfeit) if the loan wasn’t repaid.” (History of Mortgages, 2016) A mortgage is an agreement for the terms of your home loan, technically not the home loan itself. Real estate transactions require written documentation and this is the purpose of a mortgage.
This will also be found in the loan payment table; I may also obtain this from my mortgage lender.
Millions of people consider buying a new home every day, and many follow through and actually make a purchase. During this process, a mortgage lender must be selected. What many people fail to recognize when speaking to mortgage lenders is they are actually speaking to a person, obtaining their thoughts and feelings on various products and services. They look at the big name behind the person and consider what is being said as fact. Doing so can be a big mistake.
Maintaining your home from the day you purchase it, just like any homeowner, is important to keeping it in beautiful condition. On top of your routine maintenance on your HVAC system, flooring and exterior, we have compiled some practical tips for getting your home ready for trade-in.