Home shopping immediately comes to mind once you’ve got a preapproval from a mortgage lender. An open house gives you an opportunity to set your feet, observe and get the feel of a property that you’re considering buying. As a first-time homebuyer, you’ll find yourself overwhelmed with information as you attend several open houses. Since you’re making one of the biggest investments in your life, it’s important that you end up with a home that suits your personal preferences and your finances.
An increasing number of homeowners in the U.S. heavily consider installing solar panels, a recent Pew Research survey revealed. However, as someone thinking of going solar this winter, you might question if solar panels can provide electricity to your home during the winter season. The simple answer is a big “yes,” solar panels can still produce energy during the winter or cold months, but there are other things that you need to know if you plan to buy a solar energy system this season.
Many millennial homeowners in the U.S. are feeling “house rich, cash poor” according to a recent study. After fulfilling their homeownership dreams, some millennials have become uncomfortable with their finances. In this situation that even wealthy millennials are affected by the continuous skyrocketing home prices, it’s important that you figure out if you’re ready to enter the housing market ahead of time so you can enjoy your investment.
When buying a home, you probably already know the importance of getting an inspection. A home inspection lets you know if the property that you’re about to buy has any major defects or potential problems that could result in costly repairs later on. It’s an important process that you should not skip when buying a home. However, you should be aware that inspectors could sometimes fail to detect major damages. As an inexperienced homebuyer, there are actions you can take to ensure that the inspector you’re hiring comes up with the right results.
Aside from your credit score and credit history, mortgage lenders will also determine your “ability to repay” through your debt-to-income ratio or DTI ratio. It’s the part of your monthly gross income that you use to repay monthly debts. As someone planning to take out a mortgage, you need to understand DTI to figure out if you need to improve it to increase your chances of getting a lender approval.
As a first-time homeowner with a mortgage, you have a monthly obligation to repay the loan you took to buy your dream home. A mortgage servicer could be the company that receives your monthly payments. During the term of your mortgage, the servicer where you send your monthly payments might change. Don’t be alarmed if this happens. Here are the things you need to expect when your current servicer transfers your mortgage to another company:
Whether you’re buying a home for the first time or you’ve already fulfilled your homeownership dream, saving money could be on top of your mind especially if your family lives on a budget. If you want to lower your monthly electricity bill, the U.S. Federal Housing Administration or FHA can help you finance energy-efficient improvements on your home through its Energy Efficient Mortgage program (EEM).
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.