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How Do I Make A Home Ready To Sell?
As we show you in this video, start several months before the property is made available. Look through the eyes of a buyer
- What needs to be cleaned?
- Repainted?
- Repaired?
- Or tossed?
Ask yourself – or a friend If you were buying this house what would you want to see?
The goal is to show a home that looks good makes the most of its assets like space and location and attracts as many buyers and as much demand as possible.
Allow yourself enough lead time – not just a day or two – to make the most of the sale. And get help from a real estate agent – early.
What Is A Loan Estimate And How Does It Help Me?
A loan estimate lists your loan terms projected payments, costs at closing measures for comparison, including
Annual Percentage Rate and Total Interest Percentage and other considerations that lender may apply to this loan application.
Each lender must supply a loan estimate within three business days of your application so that you can make accurate comparisons when shopping for a loan.
What Is A Credit Bureau Score And How Do Lenders Use Them?
As we show you in this video, a credit bureau score, or “credit score” is a number based upon your credit history that represents the possibility that you will be unable to repay a loan.
Lenders use it to determine your ability to qualify for a mortgage loan.
The better the score, the better your chances are of getting a favorable loan.
Know your score and ensure that lenders have current information about it.
What Are The Advantages Of 15- And 30-Year Fixed-Rate Mortgages?
For both, as we show you in this video, compared with other options, with fixed rates, housing costs won’t be affected by interest rate changes and inflation.
With A 30-Year Term: In the first 23 years of the loan more interest is paid off than principal meaning larger tax deductions. As inflation and costs of living increase mortgage payments become a smaller part of overall expenses.
With A 15-year Term: Loan is usually made at a lower interest rate. Equity is built faster because early payments pay more principal. And the loan is paid off earlier.
Compare payments, principal and interest totals to make a decision.
What Steps Need To Be Taken To Secure A Loan?
You’ll see some pictures in this video to help you remember later, but the first step in securing a loan is to complete a loan application.
To do so, you’ll need the following information.
- Pay stubs for the past 2-3 months.
- W-2 forms for the past 2 years.
- Information on long-term debts.
- Recent bank statements tax returns for the past 2 years.
- Proof of any other income.
- Address and description of the property you wish to buy.
- A sales contract on the home you want to buy.
During the application process, the lender will order a report on your credit history and a professional appraisal of the property you want to purchase. The application process typically takes between 1-6 weeks.
Is An Older Home A Better Value Than A New One?
Well, as this story shows, there isn’t a definitive answer to this question. You should look at each home for its individual characteristics.
Generally, older homes may be in more established neighborhoods offer more ambiance and have lower property tax rates. People who buy older homes, however shouldn’t mind maintaining their home and making some repairs.
Newer homes tend to use more modern architecture and systems are usually easier to maintain and may be more energy-efficient. People who buy new homes often don’t want to worry initially about upkeep and repairs.