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Home Buyers
What’s a mortgage? A mortgage is simply a loan create to assist you finance your new home. It indicates that a specific amount of money will be loaned at a specific interest rate for a specific term (a specified period of time after which such term is said to be ended). In addition, you agree to make timely payments throughout the duration.
Conventional Mortgage
A conventional mortgage is a fixed or adjustable-rate, fully amortized loan secured by a mortgage or deed of trust that is not insured or guaranteed by an agency of the federal government (such as FHA or VA). Most types of conventional loans are paid off over 15, 25, or 30 years.
Posted: May 11th, 2007 at 12:11 pm
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Home Buyers
Sellers sometimes get tempted to test a higher price at first to see if they’ll be lucky enough to find a buyer willing to pay. Unfortunately, experience shows this pricing strategy rarely pays off. Instead, asking the right price from the start avoids the many dangers of overpricing.
The right sales price is based on factors like the size of the house, its amenities and features, demand for homes in your area, recent home sales, and prices of similar homes currently on the market.
Posted: May 11th, 2007 at 12:08 pm
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Home Buyers
Fire and Hazard Insurance
At the time of settlement, many lenders will require you to provide a one-year paid receipt for a fire and hazard insurance policy, often referred to as homeowner’s insurance. These policies are available from several principal insurance companies through your agent or the insurance company of your choice.
Home Warranty
Sooner or later, problems with your home will occur. According to recent statistics, one out of 200 new homes will experience a structural malfunction that will cost an average of $30,000. A home warranty from one of our providers will give your home the protection it needs. Depending on the plan you select, coverage will include mechanical breakdowns in major systems such as electrical, plumbing, heating, and air conditioning, as well as major household appliances such as the refrigerator, oven, washer, and dryer.
Posted: May 11th, 2007 at 12:03 pm
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Home Buyers
Your search for a new house begins with planning at home. In today’s market, an affordable home is not so much decided by its sale price as it is by the financing which interprets that price into a monthly payment.
How much you can afford to buy depends on two factors: 1. How much you’re able invest in the down payment; and 2. How much you can afford for the monthly housing payment. These payments will include principal and interest on the mortgage loan, and property taxes and insurance (PITI)
Posted: May 11th, 2007 at 10:36 am
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