When selling a home, it’s important that you have stunning pictures of your property that you can upload on listing sites. You often don’t have to worry about real estate photography if you’re working with an agent or a broker. However, in a “For Sale By Owner” (FSBO) transaction where you chose to sell your property by yourself, you have two options to get decent photos of your property: You either hire a professional photographer or use your resources and take photos by yourself.
As part of the youngest credit-eligible generation, you may find yourself overwhelmed with information if you plan to take out a mortgage. You probably have been scouring the internet for a while, have consulted your friends or family members about homeownership, but you end up even more confused. If you’re one of the Gen Z members who are motivated to fulfill their homeownership dreams, here are some of the hard facts about homeownership that you should know:
Mortgage application is one of several reasons why people use credit. Most people heavily rely on credit to get favorable mortgage interest rates in order to realize their American dream of homeownership. However, there could be situations that you might believe or experience that some lenders or creditors are making it hard for you to get the credit you deserve. Experiencing credit discrimination is frustrating, and everyone can be a victim, but there are actions you can take to fight back against such illegal practices.
Like everyone else, the federal Fair Housing Act protects you from any form of discrimination related to housing. The law provides equal opportunity for everyone to buy or rent a home, take out a mortgage, find housing assistance, or be part of any housing-related activities.
When buying a home, people will try to do everything to lower down their overall cost of owning their dream home. Homebuyers will shop for a mortgage, closing company, and inspection companies to possibly get the best offers. As a homebuyer, you may find it tempting to skip home inspections as most lenders often don’t require it. Because it’s buried under the ground, you may not care to find out the sewer’s condition especially if you’re delighted with the home’s aesthetics. However, if you are considering buying a relatively old home, getting a sewer inspection could save you from spending thousands of dollars in home repairs.
Losing one’s home through a foreclosure is a frustrating experience for any homeowner. Financially troubled homeowners, especially veterans, are often vulnerable to mortgage fraud schemes that could further increase the risk of losing their homes. It’s important for veterans to know that there are several options available for them if they’re threatened with foreclosure.
Family members, especially children, are at high risk of suffering from serious respiratory problems when they are exposed to molds. These unsightly fungi notoriously grow in many parts of the home such as the kitchen, bathroom, basement, and even in bedrooms where moist and dampness are likely to build up. The only way to prevent mold exposure is to kill and remove the culprit. As a household, there are safe cleaning solutions you can use to eradicate molds.
The U.S. Department of Housing and Urban Development (HUD) has a unique housing program for homebuyers engaged in certain jobs that can contribute to strengthening communities in the country. The HUD’s Good Neighbor Next Door or GNND is a sales program of the HUD that offers a 50% discount to eligible homebuyers planning to buy a HUD-owned single-family home.
If you will take out a mortgage as a first-time homebuyer, lenders want to make sure that you’re able to dutifully repay the whole amount of the loan you’ll take, plus interest, until the end of the term. Because lenders take a considerable risk when lending money, they find it ideal to require borrowers to make an upfront down payment of 20 percent. If you think a 20 percent down payment is overwhelming, lenders may allow you to put a low down payment, but they will require you to pay a Private Mortgage Insurance or PMI. This could be a viable option if you want to fulfill your homeownership dreams.
One of the worst things that inexperienced homebuyers can do is to send their down payment to crooks, instead of sending it to their title company. Once the down payment has been transferred, it’s already too late for unsuspecting homebuyers to realize that they’ve become scam victims. As a first-time homebuyer, it’s critical that you ensure your down payment goes directly to your title company.