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What's an open house? Open houses are a way to bring in potential buyers to your home. There can be several open houses on any given day, so you want to make sure your home stands out among the others. Make sure it's clean, and the outside is polished. Here are some of the pros and cons to having an open house. PROS Attract First Time Buyers Open houses tend to attract those who are just starting out in the home buying process. Open houses open your home to more buyers in the market. Additional Exposure The chance of selling a...
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What is homeowner's insurance? Homeowner’s insurance is an important part of the home buying process, and it offers a range of coverages to help protect your home. A typical policy covers damages to your belongings and other structures physically located on your property. The typical homeowner's insurance policy includes: Dwelling Protection: This form of coverage covers your home and attached structures, such as a deck or garage. Personal Property Protection: This coverage can help you pay to replace belongings that are stolen or damaged by a covered loss. Other Structures Protection: This can help you to repair or replace structures...
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What does a buyer’s agent do? An agent usually works with a buyer for a few weeks to several months, or longer. Agents: Introduce buyers to lenders and obtain pre-approval letters Email listings that fit the buyer's requirements Call listing agents to determine availability Make appointments with seller before they show homes Drive the buyer from one neighborhood to the next Finding a buyer’s agent A common way to find an agent is through referrals by family, friends, or co-workers. However, if you are going somewhere new or no one can offer a referral, you can find agents through: Internet searches:...
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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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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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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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