What Do First-time Homebuyers Need to Know About A Rate Lock?

When you shop for a mortgage, lenders will review all the information that you submit before giving you a Loan Estimate. Getting a “rate lock” or also called a “lock-in” is one of the decisions you’ll make as you compare Loan Estimates from different lenders. As a first-time homebuyer, it is important that you understand what rate lock means and how it works because it could affect the interest rate you’ll get once you decide which lender you will close a loan with.

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You Need a Flood Insurance Policy Even if You’re in a Low-Risk Flood Zone

Flood insurance is one of the several insurance policies that you need to have when buying a home. Flood insurance is common for homes in high-risk flood zone areas. As a first-time homebuyer, you might find it silly to get a flood insurance if the property that you’re about to buy is in a low-risk flood zone. The Federal Emergency Management Agency or FEMA has a good explanation of why every homeowner should have a flood insurance policy.

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Why Gen Zs Should Care About Credit Scores?

Many members of Generation Z are entering adulthood within the next few years and they’ll likely make big purchases along the way. The youngest credit-eligible generation should know that potential lenders or creditors will check their credit score to possibly determine if they’ll become responsible debtors. The average credit score has increased again, and Gen Z members need to become aware of their credit scores if they plan to make a big purchase by taking on a mortgage.

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Manage Your Monthly Mortgage Statements the Smart Way

Congratulations! You were able to close on your dream home. After fruitful years of hard work, you’re finally a homeowner. As a new homeowner, you need to keep in mind that paying your monthly mortgage is one of your top priorities until you completely repay the loan. You need to familiarize yourself with mortgage statements as it will become part of your life for years, depending on the type of mortgage you took. Mortgage statements contain important information that you need to leverage to avoid potential problems. Below are some tips to manage your mortgage statements the smart way:

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7 Ways to Prevent Carbon Monoxide Poisoning This Winter

Carbon monoxide (CO) poisoning is still a common problem in the U.S. as households start to use heating equipment to warm up during the colder months. Although installing functional CO detectors at home might significantly reduce poisoning risks, there are also other ways you can do to keep your family safe from this silent killer.

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Homebuying Tips for Persons with Disabilities

The U.S. Department of Housing and Urban Development (HUD) announced last October a $112 million funding to expand the supply of permanent affordable housing for low-income persons with disabilities (PWDs). PWDs need to have a safe home that suits their needs. As a PWD, you may find it a challenge to buy your first home. Homebuying is often an overwhelming process for first-timers, but here are some helpful tips to guide you through a smooth homebuying journey if you’re ready to enter the real estate market.

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7 Professionals You’ll Likely Encounter as a First-time Homebuyer

Buying your first home could be both exciting and stressful at the same time. Like everyone else, you want to make sure that you’re getting the best deal out of your hard-earned funds that you saved for several years. As you ask relatives and scour the internet for information, you’ll probably get the idea that applying for a mortgage could be a challenge. Before you begin your homebuying journey, it’s important that you know the important people involved and understand their roles as you search for your dream home.

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Helpful Tips on Setting Up an Affordable Workstation at Home

Setting up a workstation at home could be on the top of your remodeling dreams if you’re one of the many people who prefer to telecommute to have a work-life balance. There’s a growing trend of people looking for a job that allows them to work at home. If your employer allows you to telecommute, now is the perfect time to set up your workstation. It’s possible for you to have a workstation at home even when you’re on a budget and you don’t have enough space.

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4 Mortgage Relief Scams Every VA Loan Beneficiaries Should Avoid

A recent Government Accountability Office (GAO) report called the attention of the Department of Veterans Affairs (VA) to improve their ways of protecting veterans against fraudsters who might take advantage of their situation. Veterans are highly vulnerable to scams especially if they are falling behind on their mortgage and are already threatened to lose their homes.

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Homeowners are Generally Happy with Renovation Projects

Home renovation projects make homeowners happy and feel a sense of accomplishment, according to a recent survey of the National Association of Realtors (NAR). The survey used a scoring system called “Joy Score” with 10 being the highest to determine what renovation project makes a homeowner happy in general.

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