Tips for Finding the Right Home out of College
By Lauren Tessin
You’re finally out of college and you want a place of your own. Single women like you would find the following tips useful especially if you’re looking for the perfect home:
1. Find a home that is accessible to your work location. If you live near your place of work, you can save on transportation expenses such as fuel costs. In fact, you can just even walk to your office instead of driving your car. This will enable you to save more money. Try to consider your home’s accessibility to essential establishments such as grocery stores and shops as well as hospitals and police stations in case of emergency.
2. Find a home that is less expensive. Since you’re just starting out with your career, try to find a home that would fit your budget. The suburbs or country locations are generally less expensive compared to urban areas. However, if you don’t want to compromise travel time, you can find a location which is more accessible. There are also high traffic areas in cities which cost cheaper. Unless the noise on a busy street doesn’t bother you, you may want to take that option.
3. Privacy. If privacy is not a big issue for you, you can try out a condo unit, townhouse or apartment. These types of residential areas are cheaper compared to single detached homes. However, just be prepared for neighboring noises since you only have walls separating you from other people. However, if you want to keep your privacy, you can purchase a single story house, which is just ideal for a single woman like you.
4. Look for a house which is easy to maintain. For single women like you, it will be more advantageous if you live in a smaller house. This way, you will be able to maintain cleanliness and run things smoothly. A house which is too big for you entails a lot of effort and a lot of money to maintain. So unless you have no budget for regular maintenance and housekeeping just stick to a house which is just the right size. A house with two bedrooms is just enough.
5. Buy a house which offers maximum security. Considering that you’re alone most of the time, look for a house that is located in a secure area. Make sure that your house is equipped with a functional security system. Inspect the door locks well to make sure that you will be safe. Also make sure that the house is well lighted. A gated community is better compared to homes in an alley.
6. Check out the location’s crime rate and neighboring structures. Before deciding to buy your house, try to check whether the area is safe by checking the crime rate and neighboring structures.
Keep in mind that safety, accessibility, convenience, and cost are just some of the factors you need to consider when looking for a home. Enjoy house hunting!
FindCollegeCards.com, is a place for college students to find their first credit card, as well as find helpful college tips through a blog.
Mortgage Tips: 5 Things You Need to Know About Before Signing Mortgage
By Alban Smith
You may not be signing your life away when you sign the mortgage on your home, but you are certainly signing away a large portion of it. That is why it is so important to know exactly what you are signing, and be aware of the common pitfalls and obtusely misleading clauses and conditions of mortgage documents before you sign.
When you are signing your mortgage, there are five main things you should look out for in the process and in the documentation, including:
1 The approvals process
When you are signing your mortgage documents, find out how long the process takes from the time your application is submitted, to the time it is approved. This is important to know if you have already placed an offer on a property or block of land that you want to buy, as you can lose the property if your finance doesn’t come through in time. Therefore, make sure you are clear about how long the process is expected to take.
Also, to protect yourself if you change your mind about the loan or the property, find out about any cooling off periods in the mortgage contract. You may have a certain number of days in which you can change your mind, without incurring penalty fees.
2 Penalty fees
At the time of singing your mortgage it is important you understand all of the fees and charges which could be applied to your mortgage account. Firstly find out whether there are any penalties for early repayment of the mortgage, for example if you make additional repayments, or receive a lump sum amount and your mortgage is paid off sooner than the full term, some lenders will charge you early exit fees.
Also find out about charges for additional fees such as insurance, as there may be a tie in clause which states you must purchase the insurance from a specific company, so you can be paying more than if you had been able to shop around yourself.
You also don’t have to accept all of the fees which your lender is charging, and make sure you understand exactly what each one is for. Some lenders will hide a number of additional fees and charges in the closing cost fees, and make sure you get a copy of this statement, and match it to the amount you are then required to pay when the loan settles.
3 Interest rate
Even though you spend a lot of time shopping around and comparing rates and fees, when it comes time to sign the mortgage documents, you may forget to correlate that research with the loan you’re actually getting. Therefore, make sure you ask exactly what the interest rate will be, as many home loan interest rates are variable, and the rate may have changed from the time you researched the loan to the time you signed the documents.
Also make sure you understand the type of interest rate you are getting, whether it is a fixed or variable rate. There will be clauses in the mortgage document which will explain the circumstances of an interest rate adjustment on your mortgage, or you may have been sold on a low interest rate, but that interest rate only applies for one to two years, after which you are charged a much higher rate.
4 Sale of your loan
When you are thinking about your home and your home loan, the only sale which will come to mind is if you decide to upgrade or change locations down the track, and sell the property. However, you should also make sure you find out about whether your mortgage can be resold by your lender.
While the sale may never eventuate because market circumstances never require it, it is important to know whether your loan is eligible to be sold in a secondary market. Your choice of mortgage will have been based on the product as well as the lender, and if your loan is going to be sold to another lender after you’ve signed, then this is an important consideration. At the time of signing, you may be able to find out who your loan is likely to be sold to, if your lender does decide to sell in the future.
5 Your agreement
There is a portion of your mortgage documentation called the Acknowledgment and Agreement section. This section of the mortgage states that the information in the application is true and correct, and you are then required to sign and date the agreement.
If your income or any other information doesn’t match what is in the mortgage document, your lender could be committing mortgage fraud. However, it is you who would be responsible for providing the inaccurate information once you have signed the agreement. Plus, the lender may not even purposely provide misinformation, but an error could be the result of an admin or computer misinterpretation.
Therefore, make sure you review the details in your mortgage document closely, to make sure they really are true and correct, and reflect the information you provided to your lender.
Alban has been writing on home loans and mortgage for several years for a home loan comparison website
Home Buying Tips
Remember the adage that a man’s (or a woman’s) home is their castle? In order to find the best suited castle for you, you need to remember a few tips in purchasing a home for you. While the process may differ, be your purchase is in your own neighborhood or a home half way around the world, there are some basics that never change regardless of territory and it would serve you in good stead to keep them in mind once you decide on purchasing your home where you can put up your feet and rest your weary body at the end of the day.
Having an agent.
This may seem to be not a good piece of advice as agents would certainly add on to the purchase price of your home. This cost though would be well worth it as you save on time in looking at homes that fit your requirements. Also, having an agent would help you find those listings that have not become public, making your search much more efficient in terms of time and gas. Also, their expertise would prove invaluable as to the hidden costs and other repairs that need to be done on the home you eventually choose to become your castle.
Do your research.
Doing your research is not just going online but also doing the legwork at the home you seek on buying. Also, you need to spend time on the paperwork, which you need to prepare for by learning it before the actual sale commences. In doing this, you are able to find the best and most cost effective way of finding your home that is within your budget and your requirements.
Fixing your Loan.
Not everyone has the ready cash to make an outright purchase of a home. Thus before purchasing a home, it would be best to have a loan approved for the purpose. Also, in getting a loan, you would have a limit as to the home price you can purchase, thus giving you a ceiling and not overburden your financial plans in the long run. Having a loan also would help you in making the right purchase since you need to fit the home into your financial resources.
Negotiating the Price.
The common error that many purchasers do is comparing listed prices between homes for sale. The secret here is not on the listed price but in the ability to negotiate the purchase price. Thus it would be better to find out the comparable sale prices for homes similar to your prospective purchase. Also, you can negotiate the price with the owner based on the current condition of the house, the payment scheme and overall goodwill and rapport you can build in order to lower the overall purchase to your advantage as the buyer.
Do a complete inspection.
Don’t just look at the overall look of the house. You need to get into the nooks and crannies of the property you would eventually call your home. Once you agree on the purchase, you cannot go back to the seller to have things repaired at their cost. Thus it is best to do a complete check up of the home before your purchase and have the owner repair what you find before eventually assuming ownership of the property.
The aforementioned are some of the fail-safe tips that home purchasers should do before parting with their money on their future home. In doing these steps, the buyer can be rest assured that their future castle would be well worth the price they have paid for the future.
For more information on home purchases, do visit us at http://www.propertycommunity.com/property-in-the-uk/ditching-the-high-street-agent-saves-property-sellers-thousands-in-fees.html or join the discussions at www.propertycommunity.com.
How to Buy A House: Avoid These Common Mistakes!
By Andrew Black
Finding and buying a new home can be an overwhelming experience. It can be both exciting and stressful at the same time as there are just too many ‘hot’ properties up for sale in the market. Homebuyers, especially the first timers, usually find it confusing and challenging to come up with the best home purchase. With so many homes up for sale, it can be hard to find and buy the best.
Logically, any homebuyer needs to conduct actual and ample research before finally getting into any purchase deal. Experts advise buyers to learn from the mistakes committed by others instead of learning from their own home purchasing blunders. First-time buyers would find it particularly beneficial to do so. There are several usual mistakes committed by homebuyers. It would be ideal if you would strive not to commit the same errors to make sure your purchase is the right one.
Buying Based on First Impressions
Many homebuyers usually commit the mistake of buying a property based on first impressions. In general, buyers are tempted to choose and buy homes that look fabulous. Homes that initially look messy and not properly painted are usually disliked although most of them are of best conditions and are exhibiting ideal interior and structural designs. Likewise, homes that are not well designed and are close to condemnation are preferred because buyers like the new wall paint and other aesthetic features.
The best way to overcome this mistake is to conduct a proper and thorough home inspection before you buy. Many first-time homebuyers fail to do this. It is advisable to hire an inspection professional or employ the services of a home inspection company. Ask for guidance before making the purchase. A good home inspection report should provide you with a comprehensive list of pros and cons of buying the property. Take note of potential setbacks identified that would possibly make you lose your money in futility.
Some buyers also fail to first check out the neighborhood before entering purchase deals. Some homes may appeal to the first impression of prospective buyers although they are located in an area where there is no reliable and sound infrastructure and where amenities are poor. Instead of being influenced by initial impressions, look at a different perspective. Would the home be too far from major establishments and institutions like schools, groceries, churches, or parks? Would it take too long to travel from the house to your work?
Lack of Enough Knowledge About Negotiations
A number of homebuyers believe that the best way to enter a fair price negotiation is to offer low. In reality, such a strategy would just hamper flexibility, possibly polarising the purchase discussions. If you are not very adept and knowledgeable about buying properties, be honest to yourself and employ the expertise and services of experienced realtors. Such professionals have mastered the art and science of winning negotiations.
Another common mistake when buying a home is making an offer based on an asking price instead of a market value. In general, home sellers usually conduct a comparative market analysis before imposing and assigning price tags to any property for sale. It would be best if you would get hold of a similar analysis. You have to first understand the logical prices in the area before making an offer. This could be your best defense against possibly buying a home above normal or market prices. Of course, no seller would dispose a property at below market valuation.
Before making an offer, you as a homebuyer should also know and understand your basic rights as well as obligations in making an offer. Many buyers commit the mistake of overlooking this aspect. Your understanding of the purchase offer and the proposed contract would certainly spare you from getting into friction with other parties involved. Thoroughly check all contract clauses and assumptions as such factors could potentially lead to improperly increased costs. Beware of clauses that could lead to a void contract. In this regard, hiring a professional realtor could still be advantageous. A lawyer’s advice should also be sought.
Andrew is a contributing author in various real estate blogs. Andrew has been working in the finance industry for several years as a refinance specialist and has advised many home buyers on the best solution for their home loans
Save For Home: 6 Tips to Help Get Your Home Down Payment
By Elizabeth Cutten
Saving up for a down payment to purchase a home may seem like a task that takes forever, but if you know how to save additional cash, you can actually save it rather fast. Before you start the process of saving for a home, you will want to keep in mind that you will want to purchase a home within your budget. Experts will tell you that your home mortgage payment should be no more than 25-35% of your monthly take home pay, and your down payment should always be more than 20%. If you have your eyes set on a home that is in the $200,000 payment range that would be a $40,000 down payment. How can you save for this, you might be wondering? Let’s take a look at what you can do.
Tip #1
Can you work extra hours at work? What kind of job do you have? Can you head into the office and ask your boss for more hours? Some employees have the luxury of doing this. Even if you make an additional $200/week by doing this, it can add up fairly fast if both you, and your significant other are doing the same thing.
Tip #2
Start selling your junk: Look around your house and see what you can do to get rid of some items in your home. There’s a good chance that you have $1,000 or so worth of junk just laying around. Start up a garage sale, sell on Craig’s list or even sell on eBay. You’ll be surprised what you can get for some items.
Tip #3
Cut down the bills: Do you have a cable package that has more than 250 channels? Do you have the latest smart phone? Try to lower these monthly “premium” bills. I was able to do this when saving for a home and it saved me around $250/month in savings alone. All I did was get rid of Netflix, drop my cell phone to a cheap plan and I signed up for a basic cable package.
Tip #4
Look at your cars: I hope that you’re not driving around a $40,000 car with a $600 payment. Car insurance can be expensive and so can the car payment itself. Try and highly consider purchasing a car that is only around $5,000 or so. Yes, the cars are still going to work and trust me, the payments are going to be a lot lower.
Tip #5
Snag a side job: What kind of side jobs are in your area? If you can’t find one, then maybe you will want to start up one yourself. What you can do is mow lawns, deliver papers, help out the elderly and so much more. Hey, you don’t even know if this can turn into a lucrative, full time job for the future.
Tip #6
Invest: Try hard to not spend your money. You don’t want to go out to the bars, or out to eat every other night. Instead, throw your money into a stock, or even a small CD. Every interest point is going to help you for the future.
As long as you have a goal and you stick with it, anything is going to be possible. Strive hard to get that down payment because not only are you going to avoid things such as PMI, you will also have a lower mortgage payment as well!
This was a guest post provided by Elizabeth Cutten. You can find more of her work over at FindSecuredCards.com, a blog dedicated to helping people get out of debt, as well as avoid it in the future.
Tips on Getting the Best Mortgages
By Nicole Rodgers
Shopping around for a mortgage is not as difficult as it may seem. Although there is a lot of paperwork involved, comparing offers and searching for a good deal is worth your effort. Before going for a mortgage loan you should understand how things work and then try to get lower interest rates. Here are some tips on getting the best mortgage:
Improve Your Credit Rating
Before you start shopping for a home loan or mortgage, check your credit record. Paying down your financial obligations and getting rid of debt is a good start. Individuals with a poor credit record have a difficult time finding competitive deals. It is highly recommended that you improve your credit score before applying for a mortgage. Credit scores over 620 are usually approved.
Shop Around and Compare Costs
Although you might be tempted to go to a local bank because you have a checking account there, it is advisable that you first research your options to make an informed decision. Contact a broker, use the Internet to get loan quotes and search for information in your local newspaper. Each bank, loan association or mortgage company has its own interest rates, so be sure to evaluate a number of offers from different providers.
Make a Large Initial Deposit
The size of your deposit is very important when it comes to getting a mortgage. The best rates out there are available only to those with a large deposit. The larger the deposit you have, the more money you will save. The good news is that there are a couple of things you can do in order to build up your deposit. Getting an unsecured loan is a viable option. You may also ask your family or friends for help, reduce daily expenses or use your other savings.
Decide on the Right Mortgage
If you decide to apply for a mortgage, be sure to do proper research. Potential homeowners can choose from various types of loans. Some of them prefer a 30-year mortgage, while others opt for fifteen-year fixed rate loans. Evaluate your budget and decide how much you can afford paying every month. Remember to ask each lender and broker about the loan’s annual percentage rate (APR). The APR includes broker fees and points, as well as the interest rate that applies to the loan.
Act Fast
Once you find an offer that suits your needs, act quickly to secure the mortgage. Although you need to do research and evaluate your options, it is important that you act quickly to avoid disappointment and get the best deal out there. You may hire a broker and ask for expert help. A good broker can move quickly to secure funds for you.
Applying for a mortgage loan requires your full attention. Be sure to get all the information you need from several lenders or brokers. Ask about the lender’s requirements for a down payment and try to find out what each fee includes. Make lenders compete with one another for you. Examine your credit report and make sure you don’t borrow more money than you need. Don’t hesitate to contact a broker; he can help find a loan that best suits your needs. Get loan quotes from multiple sources and check the reputation of the brokers and lenders you interested in working with.
Nicole Rodgers has been in the mortgage industry for 4 years; she currently contributes to blogs dealing with ways for people to refinance a home loan and how online trading can help families earn extra income.
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