Mortgages

Six Best Ways to Avoid Foreclosures

A foreclosure happens when a homeowner is no longer able to pay the interest based payments on their mortgage, so that the lender goes ahead to seize the property based on the contractual terms in the agreement. Across the U.S, the financial crisis means that some home owners cannot meet their mortgage payments. nike air max chaussures vente Here are some clever ways to avoid foreclosure and buy you more time to get your payments in and pay your home. Best Ways to Avoid Foreclosure 1. The first option is to contact your lender Many home owners have lost their homes to foreclosure because they were in denial. Some with this mind-set keep hoping that the problem will simply vanish. However, this is seldom the case. Nike Air Max Goedkoop It is important to contact the mortgage lender to explain your reasons for not paying up and also discuss the options. Lenders are most likely to help a borrower with innovative ways to keep their home especially in a tough market. 2. baskets ASICS Take the refinancing option Refinancing allows a person to replace their current loan with a different one. Refinancing gives the home owner an opportunity to obtain a lower mortgage interest rate, switch from an adjustable rate mortgage to a fixed rate loan or change the term of the loan. fjallraven kanken backpacks uk 3. nike tn requin pas cher Application for a Loan Modification Instead of changing the loan through refinancing, home owners can also apply to have the mortgage rate changed to a temporarily or permanently. sac lancel pas cher This option is usually open to people that can prove they are facing great financial difficulty. 4. chaussures asics pas cher Sell your home There are two options for selling including short sale and deed in lieu of Foreclosure. The short sale option follows after the mortgage lender allows the homeowner to sell their home for less than what they owe on the mortgage. This option is not favored among many home owners but does not damage the credit of the home owner. 5. Nike Air Max 2017 Heren rood Rent the Premises One ingenious way, though not always easy is to rent the building out. There are several ways to ensure that you get people to your home, with some online platforms also lending a hand. nike air max One important consideration is that the home should be attractive for occupation. 6. Declare bankruptcy This is a poor choice as it prevents you from borrowing from any financial institutions for years. Air Jordan 1 Uomo Chapter 13 bankruptcy allows home owners to keep their homes.

Tips for a First Time Home Buyer

Purchasing your own home is a big life decision, and should never be taken lightly. This is an experience that can be nail-biting and stimulating all at the same time. With that being said, you should always look into a few things before actually deciding to make the plunge. Here are some tips for first time home buyers to create a learning curve and smooth the overall process of buying your first home:
buying a house
1. Examine Your Debt (And Pay It Off!) – Ask any homeowner and most of them will tell you that they spent time saving money to make a down payment on a home rather than paying off debts, which are now causing them to struggle to make their monthly mortgage payment. You don’t want this to be you. So, instead of saving money for the down payment, pay off your debts. At the very least, pay them down significantly, so they won’t be such a burden once you do purchase that new house of yours.

2. Determine What You Can Afford – You need to have a long, hard look at your finances before making any significant purchase, such as a home. You need to also see how much you can borrow from the bank for such a purchase. In addition, you need to determine how much you realistically save for a down payment. When figuring up your down payment, make sure that you’ll have enough left over to cover any closing costs that may be necessary on your part. Keep in mind that your home insurance, mortgage payment and home taxes should not exceed 30% of your home’s gross income.

3. Examine Your Credit Report – It is important that before you purchase a house that you fully examine your credit report to find any discrepancies and have them taken care of immediately. Discrepancies can hurt your credit a little or a lot and it is a chance you aren’t willing to take when you start searching for your dream home.

4. Bad Credit? – Not everyone has perfect credit, but that doesn’t mean you can’t buy a home. There are programs set into place to help those in such a predicament in their lives. These are government insured loans that are provided by the FHA, Federal Housing Administration. With an FHA loan, you may only have to put down around 3.5 percent, which is great for lower income families; however, more and more individuals are being required to put down 10 percent, especially with a credit score lower than 580.

5. Consider Foreclosures – As a general rule, there is nothing at all wrong with a foreclosure. It is simply a home that someone was unable to continue making payments on and the bank took it as their collateral. You can usually purchase these at a discounted rate, but you must act fast! Plus, you might want to make sure your real estate broker specializes in foreclosures, as it will make the process a lot easier.

6. Tax Credit – Be sure to claim that tax credit on next year’s tax return!

Now that you know a little bit about it, start planning and searching for your new home. Don’t expect to come across your dream home on the first day of home searching. It will likely take time, but after all, time is something you have, as you don’t want to rush into anything. Happy home searching!

The Best Home Imporvements for Your Home

The idea of home improvement is one of the first things that come to many homeowners’ minds at the beginning of a new year or even during the holidays. This is because we tend to like the idea of starting over, a new beginning, or freshening things up.
home improvement
However, certain home improvements are worthwhile and some are simply a waste of your hard earned money, or even that mortgage or bank loan you take out to execute them. But what makes a worthwhile home improvement?

Well, the answer is fairly straightforward: something that increases the value of your house. Not only should you be recouping your money when you carry out a home improvement, it should be viewed as an investment, something that repays you at least three times over (and above). And of course, it should improve the overall livability of the home environment. It is only after these two aspects have been examined that you can look at aesthetics.

Suggested Improvements

Protective/Preservation:

This involves improvements that help protect the quality of the house. These include painting, plumbing and drainage systems, shutters and roof work.

Utilities Based Improvements:

Not only does maintaining your utilities keep up the value of the house, it is a great safety measure and also means with your utilities operating smoothly, you have more efficient billing. Look at your heating systems, electrical systems, especially wiring, water systems and of course again, plumbing.

Energy Saving Improvements:

This is an often ignored aspect of houses. They are huge consumers of energy, whether for heating, lighting, cooling or things of that nature. This would be a time to create more skylights, get in French windows, work on the heat conduction system in preparation for harsh winters; all these and others would make the house more energy efficient and save you a ton of money on bills.

Space Creation:

Sometimes a homeowner can find themselves in a house whose space distribution does not exactly agree with their plans or find they need space particularly for storage. One of the most practical steps to remedy this is to build an attic. An attic is convenient and helps free-up space within the livable part of the house, and is thus, a great home improvement idea.

Specialty Rooms:

No one feels like they own a house until they have their own area, especially in a family environment. Apart from this aesthetically pleasing aspect, this trait has its useful side. In an age when a lot of work is brought home from the office or a lot of people live and work in the same home, changing and redesigning some parts of your house into a study, office, studio or recreational area is an ideal, practical and even sometimes income generating way of improving the overall value of your home.

These changes, though not all-encompassing, will keep in line with the principles suggested above and help ensure that your home improvement is worthwhile.

Home Is Where The Heart Is

Are you searching for an apartment or place to live?  Do not let your pocketbook be the only thing that holds you back.  There are a few very important aspects that you need to remember when picking out a house or apartment that can end up saving you and your pocket book a little bit of stress.

1. Home Improvements

Does the house or apartment need some tender loving care? Or more like some major repairs?  Either way, hope is not lost.  Take a look at what you will have to spare after you buy the home or apartment. Will there be enough there to make the changes you want? Changes that will really make you happy with this place and make it a home? If yes, sign on the dotted line!  If no, do not stop the search quite yet.

2. Location, location, location

If you are a college student, think about public transportation, work, and class. How far away are you?  There is no such thing as too close but there is such thing as too far.  You do not want to overdo it on gas money, nor use all that time commuting to and from your desired location.  Think about it.

3. Go Green!

Take a look at the environmentally friendly aspects that the apartment already has or can easily be adapted to.  Not only is it good for the environment, but often times going green can also save you some green.  Solar panels? Expensive, but they eventually pay for themselves.

 

Just a couple things to think about ya’ll.  Do you have any tips that need to be shared? Let’s hear them! Comment below!

The Smart Way to Get A Mortgage

The current economy and dire predictions of the real estate market to come may frighten prospective buyers from taking that big step into home ownership. But with careful preparation and research, there’s no reason to be afraid when setting out to obtain a home loan.

house mortgage

As with any large purchase, research is the first step to finding and applying for a mortgage. Examine your personal finances and assets, figure out what kind of monthly payment you can afford, not to mention whether you have enough on hand to cover fees, underwriting and closing costs. The majority of lenders require a significant down payment – between five and twenty percent – and you should know ahead of time how to secure that lump sum. Beyond your current financial situation, make sure to contact one or more credit report services to review your credit score and history, making sure to correct any errors right away. Once you’re satisfied that you have the assets and income necessary to maintain your mortgage payments, it’s time to research potential lenders.

Whether it’s through a credit union, broker or direct lender; rates, fees and closing costs determine which loan is best for you. Look into the approval percentages of the lenders you’re interested in, as well as their interest rates. If you go with an adjustable rate rather than fixed, ask how your monthly payments will vary with market fluctuations. Another often overlooked expense is Private Mortgage Insurance. If you apply for a loan that is more than 80% the cost of the property, most lenders will require a monthly insurance payment to protect them in the event you default on the loan. There are limitless online resources for loan shoppers, and www.fdic.gov even offers a shoppers worksheet to help you compare and contrast the details of up to four different loans. Remember, these institutions are fighting for your business. Don’t hesitate to let them know that you’re shopping around for the best rates.

When you’re ready to apply for the loan, ask for a “lock-in” that puts the rate, fees, points and closing costs in writing, protecting you from rate changes throughout the approval process. For the application you’ll need to provide proof of residency, check stubs, bank statements, tax returns and any income from investments you may have. Once you’ve provided the lender with the application they’ll review your credit history, evaluate your ability to pay and perhaps appraise the property. Given the research and due diligence necessary, it can take up to three or four weeks to receive a final decision. Remember, the Equal Credit Opportunity Act protects borrowers from discrimination by lenders due to sex, race, age, religion, national origin, marital status, or income from public assistance. If you suspect your failure to be approved is due to discrimination don’t hesitate to confront the creditor and your state’s Attorney General. However, with hard work and preparation, chances are good that you’re on the road to owning your own property.