Homes, Loans & Real Estate

Getting a Mortgage: 1

Getting a mortgage is a scary product, especially right now.  Restrictions and qualifications are getting ever tighter.  The first step to getting a mortgage is actually taking it upon yourself to either make sure you will be able to qualify for one or taking the steps you need to take to get your credit rating in a good place.

Lending standards are getting really high. You have to pay attention to that, especially when you are interesting in getting a mortgage. There are a number of things you can look into and consider before going into this endeavor.

First of all, you need solid credit. Typically, lenders look for a FICO score of at least 720, the higher the better.

You will likely have to make a down payment as well. You will need this just to qualify for your loan. It is generally three and a half percent of the loan itself, at the very least.

You will also have to document your income. The amount of money you make and your assets must all be verified.

Buying A Home: The Steps You Need To Follow!

I swear, buying your first home is honestly going to be the scariest thing in the world.  There are tons of different things that you really need to think about and to be honest, you really need to decide whether buying is going to be the best option for you in the first place!  In this blog and a few others after it, we are going to explore the buying experience of your first home so you can really get a feel for it!

One of the very, very, very first things that you want to do is get your budget nailed down.  You do not want to fall in love with a home that is way out of your price range and you certainly do not want to get stuck with a mortgage that you can not pay because you can not afford it, so shop wisely and buy smart!

After your budget is sketched out …. The next step is in the next blog!  Stay tuned everyone!

Do you qualify for Pres. Obama’s Mortgage help?

President Obama has already laid out the much-awaited foreclosure prevention program called Homeowner Affordability and Stability Plan and it is looking for 9 million borrowers for help. The question is, are you one of them?

The $75 billion fund is collectively formed to give two basic solutions to the various mortgage issues in the current financial crisis. First solution is to aid more homeowners to reestablish financially by taking advantage of new low interest rates. If you are updated with your current mortgage, then you fit for qualification. Actually, even homeowners with debt that is above home value of 5% could be entitled to receive the fund. There will also be no penalties.

The second solution is to offer incentives to borrowers and lenders to rearrange their mortgage to more affordable levels. Those in default or at risk of default may be entitled to receive the program for modifications of loans, which will restructure the loan terms. Anyone with combined mortgage dept in contrast with the income or those who are poorly in debt may apply for the program.

Read the rest of this entry »

Finding the Best Contractor for your Needs

A few years back, it was very hard to have a contractor call you back because they have a long list of projects to check onto. Today, they are looking for any project that can fill in the gaps for their expenditures and other operational costs.

It may be easy to get contractors today to do the job but you have to know how to distinguish a contractor that means business:

Go for it!

Sign up for a contractor’s services when you have all the signs that it is safe to trust them with your money. Most likely he will do the job if you check the records and you will see a history of good reputation. You can check for their worthiness by asking friends or other services which may refer you to them.

Read the rest of this entry »

Best Practices to Keep Your Rental Deposit

What should you do if you moved out of your place and turned over the keys to your landlord but he did not return to you your security deposit?

A lot of people lose their money because of misunderstandings that may have been prevented. The best guarantee of course is to leave the property just the way as you have found it.

As a tenant, you have the responsibility to take care of the property. You must return it to its original state minus the normal wear and tear. That is according to the law in most states. The phrase “wear and tear” though is often misconstrued.

The phrase wear and tear must be interpreted assuming that there are occupants in the house. A single person living in the rented home is a different situation from a family of four occupying the space.

Normal wear and tear conditions may include things like fading of the paint, some nail holes, and normal matting of a carpet. If you are the tenant, you cannot go away with a broken window, stains and burns on fixtures, scratches or scrapes on the walls, flea infestation, or damages caused by your pet.

You have the responsibility to phone for help and do the necessary repairs with the permission of your landlord.

When you rent a property, always report small problems to your landlord. This will prevent it from worsening and may save you some money in the long run.

It is also best, if before occupying the space, walk through with the landlord so you can point out some damages to the property. This way you will not be held responsible for repairs that need to be done and you can spend the refunded security deposit for more important things.