Published on May 11th, 2007 admin
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.
Published on May 11th, 2007 admin
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.
Published on May 11th, 2007 admin
Many details must be taken in consideration when selecting your home; price, style, size, location. It’s probably impossible to say which factor is most important. If there is a chance you’ll be moving again in a few years, be sure you buy with a selling in mind. It’s a strong possibility that the items that make your new home a comfortable fit for you will also attract buyers later on.
For the short-term homeowner who has resale in mind, there are some special considerations:
Watch for growth potential
Look for an established neighborhood that will not inconvenienced by future growth but be enhanced by it.
Published on May 11th, 2007 admin
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.
