Posts with tag 'First-time buyers'
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3
Reasons You Might Consider Home Warranty
Imagine a month after you move into your new house, the refrigerator suddenly breaks down or you wake up to no heat in the middle of winter. It can be inconvenient, stressful, and expensive to repair or replace malfunction appliances and systems. Not exactly what a new homeowner wants to go through. Purchasing a home warranty can protect you against the unexpected.
Did you know February 10 is National Home Warranty Day? Our real estate agents give a breakdown of what home warranties are, what they cover, and why you should consider investing in one.
What is a Home Warranty?
A home warranty is not the same thing as a homeowner's insurance policy, but rather a contract between a home warranty company and a homeowner that pays the cost of repair and replacement of a home's major components. Separately, homeowner's insurance covers major perils such as property crimes, fires, and water damage that could affect the homeowner's personal possessions or the entire structure. If you have a home warranty, you have a service contract to help if there's a need for costly repairs or when you have to replace a covered item in your home.
13
Mortgage Application Denied? Take These Steps Next
Buying a new home is exciting! You've checked out available South Bend homes for sale, figured out your down payment, and have a mortgage pre-approval letter from a lender. You finally found the perfect home and it's time to get a mortgage. You apply, get excited, start packing and then you hear the two most dreaded words in the home buying process: "Mortgage Denied."
It happens. If you've been rejected for a loan, it can be jarring, but you can turn it around. The key is understanding the reason(s) why you were turned down, and how to fix any problems.
15
First-Time Buyers: Here Are the Tools That Will Make Your Life Easier
If you've just become a homeowner for the first time, you're probably feeling thrilled, exhilarated, and probably more than a little exhausted. If so, you're far from alone.
Our real estate agents understand the challenges of homeownership, and once you've made it through the homebuying process, it's time to start thinking about the ongoing responsibilities of owning and maintaining your home. These are the tools you'll need now that your home's maintenance is your responsibility.
- Adjustable Crescent Wrench
No need to invest in a whole set of wrenches in every size. Just get a couple of adjustable crescent wrenches, so you can match the jaws to nuts and bolts of any size. Go for a self-ratcheting wrench so you don't have to remove it from the bolt over and over again to tighten it.
8
Self-Employed? The Right Path to Mortgage Approval
Getting a mortgage isn't what it once was. After the market crash of a decade ago, getting the funding for the most expensive purchase most people will make during their lifetimes has been heavily regulated and for good reason. If you're looking for South Bend homes for sale and happen to be self-employed, your journey toward a mortgage comes with some additional challenges.
Even so, our real estate agents can help you take the right path to mortgage approval.
- Get Your Documents in Order
The first rule of getting a mortgage for anyone is to get all of your financial documents in order and be prepared to present them if asked by your lender. A non-self-employed person who earns regular wages can expect to provide a couple of months of bank statements, a handful of paystubs, and a couple of years of tax returns.
The self-employed mortgage applicant, however, may be required to provide the same documentation but more of it. If you keep proper books, then it shouldn't be any trouble providing both business and personal documents that show cash flow through the business and translated into personal income. In short, be prepared to do a little more work to prove your financial status and income.
10
Home Buyers: Don't Miss These 5 Things During a Final Walk-Through
So you've sorted through the many South Bend homes for sale, found the perfect one, and your offer was accepted. You've got your financing in order and are anxiously anticipating your closing date. Congratulations! Your final walk-through and the closing are now the only steps standing between you and homeownership.
While the final walk-through might seem like a formality, it's actually very important. This is your last opportunity to ensure that any agreed-upon repairs have been completed as expected and there are no changes to the home since the last time you saw it. These five tips from our real estate agents will make the process easier and help ensure you don't miss a thing.
- Gather Up Your Essentials
Before you head over to the walk-through, take a minute and gather up all of the items you might need. These include a copy of your contract, your inspection summary, and your smartphone.
You might need to reference your contract or inspection documents if something doesn't seem right. Your smartphone will be invaluable if you need to take photos to document an issue. Most importantly, make sure your real estate agent comes with you. They've likely done this hundreds of times and can act as a second set of eyes to ensure you don't miss anything.
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