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Changing or rekeying locks might not be the first thing on your mind when moving into a new place. In reality, this should be the first thing you do before moving in. It's likely there are other copies of the previously-used key. Changing the locks will protect you if any of the copies accidentally fall into the wrong hands. Regardless if you rent, are a part of an association, or you own your home, be sure that you and your family are the only ones in possession of keys to the property. If you are renting you'll want to talk...
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When purchasing a home, there are many elements to consider during the mortgage process. Below are a few frequently asked questions first-time homebuyers are asking. 1) What homes can I afford? Can I afford a mortgage? Before starting the home buying process, examine your financial situation for possible homeownership opportunities. To determine your affordability, consider getting a mortgage pre-approval. This process will estimate your affordability for buying a home. While there are many mortgage calculators available online, using a lender provides a more detailed mortgage pre-approval for future homeownership options. In order to gain more details, lenders may require more...
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Purchasing a home is one of the most important expenses during a lifetime. For first time homebuyers, this process is exciting and stressful. While buying a home can complicated and intimidating, there is an extremely rewarding end result. There are many myths surrounding the home buying process, it is important to decipher the real truth of owning your dream home. Myth #1: You must have a "perfect" credit score to buy a home While credit score is important to buying a home, you don't need a perfect 850 credit score. Having good credit (typically over 700) still supports a favorable...
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Understanding the Seller's Market The basic theory of supply and demand impacts housing market. As people are pursuing homeownership, there are less housing options available. Our country is currently facing a short supply of houses, leaving sellers in the driver's seat. Housing prices are increasing due to low supply from sellers and high demand from buyers. The high demand for homes is increasing due to changing demographics. Millennials, ages 18-32, are now in prime home-buying years, thus contributing to incredibly high demand for homes. A TransUnion report also observes an increasing amount of renters now looking to become homeowners. Buyers need...
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How do I know if I qualify as a first time home buyer? The qualifications for first-time home buyers are broader than perceived. According to the Federal Housing Administration (FHA), there are many factors considered to qualify as a first time home buyer. The following criteria are qualifications to be considered a first time home buyer: If you never owned a home If you were married and owned a home with your spouse and are now separated or divorced If you have only owned a home not permanently attached to a foundation such as a mobile home Anyone who has...
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Hunting for a new home can be an exciting and stressful time. Before settling on a new home, consider factors such as mortgage payments, post-closing costs, school districts, and local shopping complexes in your home purchasing process. A condominium, also known as a condo, is an individually owned apartment in a building or complex of buildings. Purchasing a condo builds equity on a property and may be a less expensive investment as compared to buying a house. Here are some helpful tips to keep in mind when looking for a condo. Tips for Purchasing a Condo: Condo Type: Whether you...
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In order to get a loan for a prebuilt delivered modular home, you will need a construction loan. A construction loan is a short-term loan that usually lasts no longer than a year and is paid off as different parts of the house are completed. After the construction is complete, and an inspector makes sure the house is well built, your home will be approved as livable. After this, you can move forward on applying for a mortgage. A lot of lenders offer a package loan, called a Construction-To-Permanent Loan. With this program, you get a construction loan while the home is being...
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Are you a first-time homebuyer? Do you feel overwhelmed and intimidated by the often complicated terminology used in the mortgage industry? Do you not even know where to begin with applying for a mortgage? If this sounds like you, don't fret! There are plenty of internet resources that you can use to make your mortgage application process much smoother. Below are a few tips and tricks on the different internet tools and websites available for you to use at every stage of the application process: Online Resources for First-Time Homebuyers Searching for a Home Finding a website that can reliably...
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Every year, student loans help millions of people invest in a quality higher education. Without these loans, many would be unable to fulfill their dreams and pursue their interests. Although these loans offer great opportunities to many students, they can also block students from future opportunities, inflicting heavy debts over the long term. For example, student loan debt could prevent you from being able to afford something like a mortgage. Although student loans do not outright prevent you from receiving financing on a home, they can make it difficult for you to do so. Student Loans and Debt-to-Income Ratio When...
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One of the most difficult challenges facing a first time homebuyer is deciding how much to put down at closing. A down payment is the amount of cash that the buyer puts towards the purchase of his or her home, typically defined as a percentage of the home's value, with the rest of the cost covered by the mortgage. By convention, homebuyers are advised to aim for a 20% down payment, but recently lower down payment loans— 10%, 1%, or even 0% down — have become increasingly popular. These low down payment loans are risky for lenders, however, and will...
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