Mar 6, 2015 | Home Mortgage Tips
If your personal budget is similar to many other people’s budgets, your home mortgage payment is by far the largest expense that you pay for each month. In fact, this payment may easily account for 20 or 25 percent or more of your take-home income.
Understandably, you may be focused on trying to pay this expense off early. By focusing on this payment, you can build equity and may be able to achieve financial security more quickly. You simply have to find a way to put aside a bit of extra cash regularly so that you can make extra payments, and there are few easy ways that you can consider.
Use Your Tax Refund
First, if you are one of the many taxpayers who receives a refund each year, consider setting aside some or all of this refund to reduce your outstanding mortgage balance.
Some taxpayers may have such a sizable refund that it can account for two or more mortgage payments each year. However, even a few hundred dollars extra put toward your principal balance will save you a considerable amount of money in interest charges over time and will have a wonderful effect on your balance.
Earmark Your Annual Bonus
If you are lucky enough to receive an annual bonus each year, you may consider using this to pay down your principal balance. While you may usually spend this money on extra holiday gifts or just add it to your spending cash, you can benefit more substantially when you contribute it to your effort to pay down your mortgage.
Use An Automated Draft To Create a Fund
Another great idea that will work well for all individuals is to create an automated draft from your checking account each month. You may set aside the funds in a special account, and you can make an extra mortgage payment from this account periodically. Another idea is to set up auto payments for your mortgage that are higher than the amount due. For example, you may establish auto payments that are $50 or $100 more than your scheduled payments.
Paying off your mortgage earlier can be a life changing event for you. Simply imagine how different your life would be if you were not responsible for this payment each month. The fact is that this could be your reality sooner than you think if you follow these tips. For the best results, apply two or even all three tips to your efforts.
Mar 5, 2015 | Home Buyer Tips
It can take a time and effort to find the perfect home to purchase. After you have found that home, you need to convince the seller that your offer is the one they want to choose. There may be multiple offers made at the same time, and you may be in a situation where you are competing for the home.
Even if your offer is the only one the seller receives, there is no requirement that they must accept the offer you make. Crafting an effective offer that will catch the seller’s attention is important, and you may be able to accomplish this by following a few tips.
Offer Close To The Asking Price
One of the first things most sellers will look at when they receive an offer is the price you are offering to pay. You may feel as though the seller is asking too much for the home, and your agent may advise you to offer a lower price. On the other hand, there may be multiple offers, and you may feel as though you need to offer a price higher than what is being requested. With your real estate agent’s advice in mind, consider that a seller will be more inclined to accept an offer if it is close to what they are asking. If your offer is too low, they may decline it without looking at the other merits to your offer.
Request A Quick Closing
When you prepare your offer, one of the factors that you will have control over is the requested closing date. Sellers generally want to close quickly, but this is not always the case. Each market is unique, but a general rule of thumb is to offer a closing date that is 21 to 28 days away, contingent on mortgage approval. You may work with your real estate agent and mortgage company to determine when a reasonable closing date is. However, offering a quick closing generally shows that you are a motivated buyer.
Choose A Shorter Option Period
A sales contract has an option period, which allows the buyer to back out of the deal for any reason. This may be a time when you get your third party reports, such as the property inspection, completed. A shorter option period may be preferred by sellers. This is because the buyer is generally locked into the contract contingent on mortgage approval after the option period has expired.
Offer A Higher Non-Refundable Good Faith Amount
When you make an offer, you will also give the seller a good faith or earnest money deposit. The amount of the deposit will be disclosed in the contract, and you will typically hand it off after the offer has been accepted. This is the amount of money that you stand to lose if you do not follow through on the terms of the contract. A higher good faith or earnest money amount shows that you are serious about buying the home.
There are many factors that a seller is thinking about when reviewing an offer. While the entire offer will be reviewed fully, the fact is that these factors are generally given significant weight in most seller decisions. You can work with your real estate agent to structure the best offer possible.
Mar 4, 2015 | Uncategorized
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Mar 4, 2015 | Around The Home
Securing your home is a top priority, and you will need to make periodic updates and upgrades to your efforts from time to time. Today’s criminals are highly intelligent, and they often use superior techniques to break into homes criminals from past years and decades did not use.
As homeowners’ efforts to secure their homes become more sophisticated, the fact is that criminals are also becoming more sophisticated. There are several new products on the market that you may consider installing and implementing in your home to improve security going forward.
Wireless Video Cameras
Many of the more advanced home security systems today have some type of video surveillance system in place. Generally, this is a closed circuit system that records activities or that is motion activated so that the area is only recorded when movement is detected.
More advanced options, however, are wireless by design, and you may be able to both listen to and watch your home from your smartphone or wireless device. Keep in mind that not all activities will take place in the small perimeter that is monitored by your camera, so the ability to listen to the home in real-time is a benefit.
Keyless Entry Locks With Alarm Sounds
Many homeowners have already invested in keyless entry locks. These are often viewed as a convenience feature for homeowners because they do not have to worry about misplacing their keys or giving a key to their maid service or others who need to enter the home. The key code can easily be changed as needed to add security to the home. However, a new spin on the keyless entry lock is an audible alarm sound. With this product, the lock will emit a loud alarm signal that can alert you and others passing nearby that someone is trying to break into your home.
Smart Door Locks
You can also choose to invest in smart door locks. These are locks that you can monitor and even control through an app on your smartphone or mobile device. You do not have to give out a code to the maid service because you can simply unlock the door for the cleaners when they arrive at your home. You may have forgotten to lock your door that morning before you left for work, and you can use the app to lock the door remotely. You can also receive a notification each time the door is opened or unlocked.
Each of these innovative features can enhance the security of your home in different ways. When you want to gain better control over your home security, you may consider investing in some of these state-of-the-art products for your home in the near future.
Mar 3, 2015 | Home Seller Tips
There are several factors that will help you determine the value of your home when you want to sell it. Location, condition, layout, upgrades, and events relating to your home are all important when selling your home.
It’s All About Location
Anyone in real estate will tell you location, location, location is the first thing to consider when buying real estate. If your home is on a busy street, it’s going to be harder to sell unless someone is looking for that exact location.
If a buyer is looking to have a business inside the home, then having more exposure could be important. However, for a family, the most sought after location is in a cul-de-sac or dead-end street where traffic is kept to a minimum.
Your Home’s Condition Is Important
The home you are selling must be in excellent condition to ensure you get top dollar. Buyers are primarily looking for a home that is in move-in condition. If it needs painting, new flooring, a new roof, or new plumbing, it isn’t as desirable as a home that doesn’t need any work. Newer homes typically are in better condition than older homes, unless they have been well-maintained.
Your Home’s Layout
Is your floorplan functional? Most buyers prefer homes with open floorplans and ample kitchens, living areas, and bathrooms. Closets are also important as everyone needs storage space. The number of bedrooms a home has can also be important. Two bedrooms aren’t as popular or functional as three or four bedrooms. It’s also nice to have a flex room that can be a study, exercise room, or a formal dining room if need be. If a smaller home is well-designed, it can be easier to resale than a larger home.
Upgrades And Renovations
If you have an older home, but have upgraded the kitchen and bathrooms, then your home will be easier to sell. Updated appliances can also be a big plus when selling a home.
Natural Disasters And Other Events
If your home has been flooded, been through a fire, or damaged from wind or a storm, then that may cause the value to be less. If a buyer happens to talk to a neighbor who tells them a negative story, that may spook a buyer and cause them to look elsewhere.
Before putting your home on the market, you should call your real estate agent to help you with pricing. They can also suggest making repairs or changes to your home to help it sell.
