Dec
05
How does foreclosure work? Foreclosure occurs when a borrower fails to meet loan obligations. Foreclosure rights and procedures are different in each state. However, these differences are minor variations. The foreclosure process is: Default by borrower Foreclosure begins when a borrower defaults on their loan. This can be through failing...
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Dec
04
Purchase-Money Mortgage A purchase-money mortgage is a loan that the seller of the property issues to the buyer. It is often referred to as seller financing, seller carry-back or owner financing. In this agreement, the seller takes the role of the bank, offering to finance all or a portion of...
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Dec
04
Christmas Light Energy Usage You may notice your electricity bill gets a little higher as the holiday season comes around. This is most often attributed to the additional energy usage from Christmas lights. However, just how much extra money are you spending? How much electricity do the lights use? What...
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Dec
04
Replace your roof One of the most important parts of your home to be structurally sound is the roof. If you are unsure whether your roof needs repair, look for any of these six signs to see if it’s time to replace your roof. Start on the inside Before even...
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Dec
01
Mortgage Lenders A confusing part throughout the mortgage process is confronting the many different types of lenders that deal with home loans and refinances. Here are the main types of mortgage lenders to help you get started. Wholesale Lenders Wholesale lenders are banks or other institutions who do not deal...
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Dec
01
December Home Maintenance The winter season is in full force with the beginning of December. Here are some home maintenance things to complete in December to protect your home and get it ready for the winter months. Get ready for guests With the holiday season coming, there is sure to...
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Dec
01
Alt-A Mortgage An alt-A mortgage lands somewhere in between a prime and subprime mortgage. Borrowers who have higher credit scores and have lower interest rates get prime mortgages. Subprime mortgages are offered to borrowers with lower credit scores and have higher interest rates. Alt-A mortgages fall in between in prime...
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Nov
30
The Acceleration Clause An acceleration clause allows a lender to demand that a borrower pay back the entire loan at once, should certain conditions be met. This is typically included in the mortgage notes. This includes any interest that has accumulated since the clause was invoked. However, the borrower will...
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Nov
30
How to remove your carpet Tired of your old carpet? Here are the simple steps to remove your carpet and get ready for new flooring. Decide what you will be doing after the remodel What do you want to do after you remove the carpet? Many older houses have hardwood...
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Nov
30
Graduated Payment Mortgage A graduated payment mortgage (GPM) is meant for people who aren’t able to afford large monthly payments right away, but will be able to in the future. The mortgage loan starts out with low initial payments. Gradually, they increase by a percentage each year until it levels...
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Nov
29
What a home inspector can't check Before you purchase a home, a home inspection is a necessary step to make sure your home is in tip-top shape. However, not everything that should be checked can be done by a home inspector. Here are the top things that you’ll need to...
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Nov
29
What to ask a potential roommate If you’re thinking of getting a roommate, there are some things you should consider before having them sign onto the lease. Before someone moves in, sit down with them and ask some questions about their lifestyle to see if it meshes well with yours....
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Nov
29
Mortgage Reinstatement Mortgage reinstatement is the restoral of a mortgage to its original condition after a borrower defaults. This means that if you are X amount of months delinquent on your mortgage payments, you can catch them up (and pay late fees) in order to avoid foreclosure. What is included...
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Nov
28
Open Floor Plans Open floor plans are among some of the most sought after during the home buying process. They are characterized by one or more large, open rooms that function as multiple in one living space. The most common of which is a great room, which combines the kitchen,...
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Nov
28
There are different designs for everything in your house, including your ceilings. If you are looking for a certain style house, these may help you find your perfect match. Here are five different types of ceilings. Conventional ceiling The conventional ceiling is a standard in most homes. Essentially, it is...
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Nov
28
Hazard Insurance Are hazard insurance and homeowner’s insurance the same thing? Well…not exactly. Hazard insurance protects the homeowner against any structural damage that is caused by natural disasters. However, homeowner’s insurance is a financial protection against theft and other damages to your home and belongings. What does hazard insurance cover?...
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Nov
27
Winterize your home As the months get colder, there are a few things that need to be done in the home to winterize it. Here are a few things you should do to winterize your home. Seal gaps and cracks Seal any gaps or cracks in your foundation and walls...
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Nov
27
Your Home's History Have you ever wondered about the history behind your house? Here are three of the many ways to research the history of your home. Examine the home’s construction There are many ways to examine your home’s construction. Firstly, you can look at the materials used to construct...
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Nov
27
Seller's Market A seller’s market happens when the demand for homes overcomes the supply. Typically, a market becomes a seller’s market when there are three sales for every five listings. The opposite of this is a buyer’s market, which typically has fewer than seven sales for every twenty listings. What...
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Nov
23
Cleaning up after Thanksgiving Thanksgiving is full of family, friends, and food. However, with all the fun comes a mess. Here’s how to take some steps before the meal starts and after to prevent some of your Thanksgiving mess. Empty fridge Before beginning Thanksgiving preparations, clean out your fridge. Get...
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Nov
22
Non-Load Bearing Walls There are two types of interior walls, load bearing and non-load bearing. A load bearing wall supports the weight of any above elements, such as the roof, attic, a second floor, joists, and other such objects. A non-load bearing wall only supports itself and only exist to...
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Nov
22
How to Carve a Turkey One of the most daunting tasks on Thanksgiving Day is carving the turkey. Turkey is the star of the menu, so you don’t want to mess anything up. Here’s how to get the perfectly carved Thanksgiving Day turkey. Remove the strings To start off, place...
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Nov
21
Buyer's Market A buyer’s market happens when the housing market favors the home buyers. This occurs when home prices are low and there are more homes available on the market. Most real estate agents and analysts use a six-month scale as their base level for determining where the housing market...
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Nov
21
Removing Popcorn Ceilings Textured, or popcorn, ceilings went out of style years ago. However, many older (and some new) homes still feature them. Here’s how to remove the outdated style and modernize your home. Before starting, make sure to take necessary safety precautions. If your home was built before 1980,...
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Nov
21
Pre-approval Letter Expiration A pre-approval letter is a conditional agreement that states how much of a home you are able to afford. It states that you qualify for a given loan amount at a given interest rate. Since mortgage rates change daily (or sometimes even hourly!), lenders often make the...
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Nov
21
Bouncing a Check Financial mistakes happen. One of the most frustrating is a bounced check. A check bounces when there is not enough money in your checking account to cover the payment. Why does a check bounce? There are several reasons that a check can bounce. An automatic payment may...
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Nov
20
What to Know About Your Lease Agreement The most important thing you must do before signing on to rent an apartment is read the lease agreement. These are a few of the most important things you should know about before renting an apartment. Security deposit Typically, a security deposit is...
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Nov
17
Splitting Bills With a Roommate Moving into your first apartment can be very daunting. To help alleviate some of the stress that may come with your first move, many people decide to move in with a roommate. One of the biggest advantages to having a roommate is splitting the bill...
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Nov
17
Tips for your Airbnb Airbnb has become a popular way for people to get extra money outside of their everyday jobs. If you are planning on listing your home or apartment on Airbnb or are planning on getting an investment property to turn into an Airbnb, here are some things...
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Nov
17
Vacant Homes When searching for homes, you may come across a few that have laid vacant for the past few years. Before falling in love with these properties, there are a few things that you should check to ensure that the home is in tip-top condition. Here are the top...
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Nov
16
Bidding Wars A bidding war occurs when two or more buyers are interested in a home and continue to make higher offers they are willing to pay for the property. This is usually fast-paced, meaning buyers will have to make less thought out decisions. While bidding wars may be the...
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Nov
16
Deep Clean Your Bathroom Every room gets dirty, especially the bathroom. Most of us hate to clean the bathroom, and unfortunately, it needs to be done. Here’s how to deep-clean your bathroom to get it all sparkly clean. Clear off surfaces First things first, clear everything off your counters and...
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Nov
16
What to Replace in Your Home Every Ten Years Every home needs improvements during its lifetime. However, some home updates don’t need to be done every year, or even every couple of years. These are a few of the things that should be updated in your home every ten years....
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Nov
15
Moving from the City to the Suburbs Many people decide at some point in their lives to move from the city into the suburbs. No matter the deciding factor for the move, there are a few things to consider before you pack your bags. How well does the suburbs fit...
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Nov
15
Loft Apartments When searching for a new place to live in, you’re probably going to come across many different types of spaces. One of the places you might find is a loft apartment. The definition of loft can vary depending on the region you are looking; however, it is most...
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Nov
15
Selling a Home with More Than One Mortgage Selling a home with two mortgages is very similar to selling a house with one. However, to make your sure you make your home sale a regular sale, as opposed to a short sale, your home must be worth more than the...
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Nov
14
Balloon Mortgages A balloon mortgage is a type of mortgage in which you make normal monthly payments for a set period, usually five to seven year, and then have to make a large payment to pay off the remaining balance. The large payment is the “balloon” part of your loan....
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Nov
14
How to Remove Wallpaper Taking off wallpaper can be a pain. Here’s how to make the process seem like a breeze. Protect the floor and furniture Take everything off the walls, including outlet covers, switch plates, and vents. Additionally, turn off the electricity to the room. Use halogen work lamps...
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Nov
14
What Happens When You Close a Credit Card? There are a few different reasons that you might close a credit card. There are two situations in which it is best to close your credit card. These are: If you are having difficulty controlling your spending, it might be a good...
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Nov
13
Where to buy artwork One of the easiest ways to spruce up a room is with artwork. They can add a flair to any room in your house. Here are eight different websites to find the perfect artwork for your home. Society6 Society6 is a website offers artists a platform...
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Nov
13
Zoning Zoning is the regulation of the use of real estate property, restricting property to residential, industrial, and commercial uses. The basic purpose of zoning is to divide the municipality into the residential, commercial, and industrial districts, or zones. These zones have additional detailed restrictions. These restrictions include: Types of...
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Nov
10
Thanksgiving Dinner Thanksgiving has no set menu. However, there are a few items that continuously end up on our menus. If you’re struggling to figure out what to put on your menu, here’s some items to round out your Thanksgiving menu (and leave your kitchen smelling delicious!). The main event Classic...
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Nov
10
Underwater Mortgage Unfortunately, you never know what the housing market is going to do. Whatever the housing market is doing can affect you and your mortgage. One of the things that can happen to you is an underwater mortgage. An underwater mortgage occurs when the balance of your mortgage is...
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Nov
09
Preparing for Thanksgiving Whether it’s your first-time hosting or your fiftieth, Thanksgiving is always a stressful holiday. Here is an essential timeline to de-stress and enjoy the day. Two to Three Weeks Before Make a plan Start planning your dinner. Think about where you want guests to sit and where...
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Nov
09
Refinancing with a VA Loan The Veteran’s Administration loans, or, VA loans, are a home-mortgage option available to veterans, current or former members of the national guard, an active reserve member, or a surviving spouse in the United States. Those who have a VA loan can also refinance with it. With...
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