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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 the cost to purchase the home. The buyer pays back the seller in monthly installments, as they would a traditional lender. However, they typically have a higher interest rate than they would have if they went to a bank. What is the advantage of a purchase-money mortgage? For the buyer,...
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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 looking on the outside, the first place you should check is in the attic. Climb under the eaves and look for beams of light coming through the top of the house. You should also look for any stains or streaks, which can be a result of a leaky roof. Look...
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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 directly with consumers. Instead, they will offer their loans through third-party companies. This includes companies such as mortgage brokers, credit unions, or other banks. A wholesale lender is the one making the loan, and their name will appear on loan documents. The third-party acts as an agent. Retail Lenders Retail...
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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, dining area, and living room in one space. Open floor plans work well with both small and large spaces. However, they are not the best for everything or everyone. Here are the pros and cons of an open floor plan. Pros: More social time An open floor plan allows you...
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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? Hazard insurance covers the damages caused by natural disasters. It typically only covers the actual structure of your home, not any of the personal items inside. That would fall on the homeowner’s insurance. Some of the most common dangers that cause damage that are covered by hazard insurance are: Hurricanes...
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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 before the winter months get rolling. This prevents cold air and critters from entering your home. If you have larger gaps, use an expanding foam filler. Around your windows and doors, use a white, paintable caulk. Upgrade doors and windows To prevent drafts, buy storm doors and windows. Additionally, double...
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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 separate rooms. However, if you are thinking of removing your non-load bearing walls, consider the following. There might be another reason for the wall Older houses were built with walls being used to segment the home into smaller rooms. The rooms may have been made for sound blocking, energy preservation,...
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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 is. That is, if most homes have taken more than six months to sell, then it is a buyer’s market. What causes a buyer’s market? There are several reasons the housing market may switch to a buyer’s market. Firstly, when there is the construction of new homes, without ensuring that...
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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 pre-approval letter valid for a certain period of time to lock you into a rate. Pre-approval letters are especially important in competitive markets, as it shows the seller you are serious and ready to buy. How long is a pre-approval letter good for? Pre-approval letters are typically valid for anywhere...
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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 equal to one month’s rent, although it can be higher. In addition to how much your security deposit is, your lease agreement should also tell you when you will get the money back when you move out and any circumstances in which you would not get your money back. Insurance...
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