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What's considered a starter home? A starter home is a small home or condo that you can afford now, with or without making improvements. When you purchase a smaller home, a mortgage is generally much more manageable and affordable, which prevents the need to make several adjustments to your current lifestyle. There are many benefits to purchasing a starter home before getting a forever home. If you are in a volatile industry, it may be better to purchase a starter home rather than a permanent one. This may be especially relevant if you work on a contract. In addition, if you want to...
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Here are a few quick tips for refinancing your mortgage. Tip 1: Ensure that your credit is up to par! You should always review your credit report before applying for a mortgage. Make sure you check for any errors that may be present and address them before you apply for a loan. Tip 2: Compare Conventional, FHA, and VA loans. FHA loans can be refinanced up to 96.5% of your home appraisal value, conventional loans up to 95% of home appraisal value, and VA Loans up to 100% of home appraisal value. Make sure to get a quote from at...
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Fire safety is one of the most important things to implement in your home. There are many ways to prepare your home for fires and fire safety. General Safety Tips: Make sure you have the right number of fire alarms installed in your home. There should be one on every level of the home, outside each room, and inside each bedroom. All the fire alarms must be wired together to ensure that if one of the alarms goes off, they all go off. Fire alarms should be tested once a month and the batteries should be replaced at least once a...
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Adjustable Rate Mortgage (ARM): a type of mortgage loan whose interest rate is tied to an economic index, which fluctuates with the market. Typical ARM period are one, three, five, and seven years. Amended Value: the actual sale price after the seller successfully markets and sells their home through the broker of their choice. The sale is turned over to a third-part relocation company for closing, and the guaranteed offer is amended or changed Annual Percentage Rate (APR): The total costs (interest rate, closing costs, fees, etc.) that are part of a borrower’s loan, expressed as a percentage rate of...
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Factors that Affect Your Credit Score A credit score is a number that represents the creditworthiness of a person and the likelihood of that person paying back their debts. It is predictive of risk, has made credit more widely available to consumers, and has lowered the cost for lenders, financial institutions, and similar providers. A credit score is primarily based on a statistical analysis of a person’s credit report information, typically from three major credit bureaus. 1. Payment History Once credit has been established, your credit score is based on five key factors. Firstly, payment history makes up 35% of your...
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There’s an app for everything in this day and age, and real estate is no exception. From searching for the best home to interior decor, you can do it all from the comfort of your phone or tablet. Here are some of the best apps that you can use to ease the process of home-buying. Trulia & Zillow Cost: Free Platform: iOS and Android These apps allow you to search the local multiple listing services (MLS) to find different properties for sale. You can also search by city/state or zip code, filter by price, number of beds/baths, property type, square feet,...
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Home buyers looking to purchase new construction using FHA financing will have more hoops to jump through than those purchasing through conventional (Fannie Mae/Freddie Mac) financing. If you want to use FHA financing to purchase new construction, you need to be aware of a number of issues that can trip you up. First, you must have a certificate of occupancy (C.O.) certifying that the property is complete and move-in ready. If you do not have this, then you typically cannot use FHA. You’ll need a renovation loan, but an FHA 203K will not work in this case. You’ll need to...
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Before moving, you should have a strong understanding of what the new location has to offer. Can you afford it? This may seem like a fairly obvious question. Budgeting is one of the most important things to fully map out when planning a move. Last minute expenses always pop up. Whatever you’re budgeting for your move, double it. If you can still afford it, you’re in good shape. Don’t rely on a lucky break to cover anything that might come up unexpectedly. What are the neighborhood demographics? Research what areas you’d consider moving to. If you know anyone who lives...
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A few recent college grads looking to purchase a home reached out to us with some questions. Here’s what our CEO, Justin DeJoseph, had to say. “My husband and I both recently graduated from college but we’re concerned it’s too soon to look into a buying a home. Can recent grads get approved?” Yes college grads are 100% eligible for home loans, the things that play a large part in the approval process is the type of job and the income. As long as you receive a base salary we can qualify you off that income with as little as...
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