It can be frustrating to see a dream home come to the market and not be able to jump on the opportunity. With some preparation, it is possible to be quickly approved. However, most mortgage lenders do want potential homebuyers to make a 20 percent down payment on a home. This offers them a modicum of security that borrowers are invested in paying off a home loan.
PMI allows lenders to approve borrowers who need to make smaller down payments. When it comes to conventional home mortgages, eventually borrowers can eliminate private mortgage insurance payments. This process can be sped up.
Learn more about PMI when it comes to conventional loans and how to eliminate PMI payments quickly today.
The paperwork for a home sale isn't just for the benefit of the buyer. It serves as the official documentation for title companies, financial institutions, and local registries. In other words, the more information a seller can provide, the smoother the process will be. Learn more about what sellers need to close the deal and why skipping a step can have disastrous consequences when selling a home.
Home sale paperwork is as much about the history of the home as it is about the final negotiations of the sale. Sellers will need to have the original sales contract for the home, and it must include the original price paid for the property. Paperwork should include homeowners' insurance information and mortgage and financing
If someone has recently purchased a new home, there’s a good chance they’ve received mail saying they should also purchase a home warranty to help protect it. This can seem like a good investment—after all, people buy warranties for things like cellphones and computers all the time, so why not homes? Here are some reasons all homeowners should take into consideration when thinking about a home warranty.
Home Warranties Don’t Cover the Expensive Fixes
Many people want to get home warranties to help pay for expensive fixes. A new roof, for example, can cost anywhere from $275-750 per square foot, including the cost of installation. However, most home warranties refuse to cover fixes like new roofs, windows, and chimneys because they’re too
Downsizing and moving to a smaller, less-expensive property may offer several financial advantages that make the decision quite appealing. These financial tips show sellers the benefits of downsizing, with advice to make it more effective.
1. Balance Buying and Selling Costs
One of the most important financial tricks for downsizing is to avoid spending too much profit between the sale of the old property and the purchase of a new home. Selling and buying have specific costs involved that will typically take up a few percentage points of potential profits from the home sale. For example, sellers should pay for:
Professional photography of the home
Marketing for the home sale
Any improvements necessary to ensure a good sale price