Must Read Tips on Buying A Home
The home buying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home!
But before going into the buying process you should first ask yourself if your are already ready for home buying.
Do you prefer or even enjoy moving into different places. Do you prefer using your savings for things like vacations, appliances, retirement or having your own business? Do you like to enjoy not having so much trouble with regular maintenance and repairs?
If your answers to these queries are yes, then you may not be ready to delve into the home buying experience. You may have a lot of good reasons for buying a home but you should also have to consider your reasons for not wanting to.
Remember than buying home is not just the biggest financial decision you will ever make but also the strongest emotional choice in your life, so be prepared to make wise decisions when you are in this process.
Buying home always seems to be a great idea, but it is important that ownership of a certain property comes with a great deal of responsibilities too.
Of course, being a homeowner is something to be proud of but it also means having to invest money, time and energy and take on added responsibilities. So, before you decide to buy a home, make sure you're ready.
The first things that comes into our mind when we think about home owning, is the wonderful things that is connected to it. It is true that there are a lot of good reasons for buying a home. So here are some of the good advantages of home buying.
Financial security is a very great deal of advantage when it comes to owning your own home. If the housing prices would go up, your home can provide you with some financial security due to capital appreciation.
Flexibility is another thing, when owning your house you will be able to decide all the aspects that comes with it. You can decorate or renovate your home to meet your own family's personal tastes and needs.
And of course stability, having your own home will make you feel at ease and less burden than renting one.
Although it is really nice to think about the positive aspects of owning a home, it is also a crucial part to consider the downsides as well. Here are some of the disadvantages on home buying.
Financial Stress is a very common problem in home buying. Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances.
Maintenance and Higher Costs are also a big problem. Keeping your home in good shape requires time and money.
You may pay more each month for housing than you did as a renter. There are also extra costs for maintenance and property taxes.
So, you've decided that homeownership is right for you. Now you need to determine if you are financially ready to buy a house.
To avoid any future surprises, you can do some financial exercises to see where you stand. They include: calculating your net worth, your current monthly expenses and your current monthly debt payments.
Knowing your net worth is important because you will need this information when you discuss a mortgage with your lender.
Your net worth is the amount left over once you've subtracted your total liabilities from your total assets. It will also give you a snapshot of your current financial situation and show you how much you can afford to put as a down payment.
Just remember all this notes and surely you will be able to arrive at some very good decisions in home buying. Do not rush into home buying, take some time to think and view the property first before closing a deal.
Closing day is the when you finally have bought your home; you now take legal possession and finally get to call your new home your own. You are sure to feel great relief and satisfaction but remember that the home buying process isn't over just yet. There are quite a few things that need to be done on closing day.
Make sure that your lender will provide the mortgage money to your lawyer. You must provide the balance of the purchase price to your lawyer along with the closing costs. Your lawyer pays the vendor, registers the home in your name, and provides you with a deed and the keys to your new home.
Check out my other guide on Buying A Home After Bankruptcy
Please leave a comment at Must Read Tips on Buying A Home if you found this helpful.
Monday, May 30, 2011
Tips on Selling Your Bonita Spring Homes
Tips on Selling Your Bonita Spring Homes
These are tips that won't cost a lot but can make a big difference on the appearance of your home. It is amazing how just a little attention to the details will add that special appeal that the buyer is looking for!
When selling your Bonita Spring Homes, the first thing to do is have your home inspected by a professional home inspector.
This way it allows you to see your home through the eyes of a critical third-party. It helps you to price your home realistically. It permits you to make repairs ahead of time so that defects won't become negotiating stumbling blocks later.
You have the time to get reasonably priced contractors or make the repairs yourself, if you are qualified. It may alert you of items of immediate personal concern, such as radon gas or active termite infestation.
Always make sure that when you are selling your Bonita Spring Home that you clean up the outside more than the inside.
Curb appeal is the first impression of your house. Keeping the grass cut and the area tidy will help make a great first impression. Paint or wash the exterior of the house including window casings, shutters, and doors. Wash the windows inside and out. Check the gutters and chimney.
Also make sure to touch up the interior of your Bonita Spring Homes before selling, Put a fresh coat of paint in the most used areas of the home. This will clean as well as brighten up the rooms. Wash all floors and bathroom tiles.
Get rid of clutter. Clean out your closets, garage, basement and attic. Use self storage if necessary. Replacing air filters will help keep the dust down.
Remember that do not spend money to improve Bonita Spring homes to sell unless the house is in such poor condition that it cannot be sold without improvements.
For example: the house needs a new roof to keep out the rain; or a modern bath with a shower.
Improvements might make sense if you can do the work yourself. If you can add kitchen cabinets for $500 rather than $1,000, you can still expect the $990 increase in the value of the home.
On the other hand, shoddy work on those kitchen cabinets can reduce the value of your home.
You may have questions regarding different thing about selling your Bonita Spring Home so here are some questions that we found on the Internet and have researched some facts to answer them out.
The most questions asked by sellers is How do I prepare my house to sell?
First and foremost, put it in the best condition possible, especially if you are in a market with few buyers and lots of homes for sale.
That means taking care of any major repairs that could deter a buyer, such as replacing any broken windows or replacing a leaky roof, if you can afford it.
Next, work on your home's curb appeal. Make sure your landscape is pristine. Mow the grass, clean up any debris and weed the garden beds. Plant a few annual flowers near the entrance or in pots to be placed by the door. Other quick fixes that don't cost a lot of money but can help you get top dollar for your home.
Eliminate the source of any bad smells, such as the kitty box. Use air freshener or bake a batch of cookies before your open house to ensure that the house smells inviting.
Invest in a couple of vases of fresh flowers to place around the house and next to any information about the house you have prepared for buyers.
Also make sure that when you are selling you Bonita Spring Homes that you offer and adjustable sales plan. Come up with a sales strategy but make sure that it is flexible and can come into terms with almost all kinds of buyers.
Try to determine what will your initial asking will be and how long will you be insisting on it before making a reduction.
You should also plan out before selling your Bonita Spring Homes on how much of a cut will you are able to accept.
Just follow these rules and surely you will be able to succeed in selling your Bonita Spring Homes.
Check out my other guide on Buying A Home After Bankruptcy
Please leave a comment at Tips on Selling Your Bonita Spring Homes if you found this helpful.
These are tips that won't cost a lot but can make a big difference on the appearance of your home. It is amazing how just a little attention to the details will add that special appeal that the buyer is looking for!
When selling your Bonita Spring Homes, the first thing to do is have your home inspected by a professional home inspector.
This way it allows you to see your home through the eyes of a critical third-party. It helps you to price your home realistically. It permits you to make repairs ahead of time so that defects won't become negotiating stumbling blocks later.
You have the time to get reasonably priced contractors or make the repairs yourself, if you are qualified. It may alert you of items of immediate personal concern, such as radon gas or active termite infestation.
Always make sure that when you are selling your Bonita Spring Home that you clean up the outside more than the inside.
Curb appeal is the first impression of your house. Keeping the grass cut and the area tidy will help make a great first impression. Paint or wash the exterior of the house including window casings, shutters, and doors. Wash the windows inside and out. Check the gutters and chimney.
Also make sure to touch up the interior of your Bonita Spring Homes before selling, Put a fresh coat of paint in the most used areas of the home. This will clean as well as brighten up the rooms. Wash all floors and bathroom tiles.
Get rid of clutter. Clean out your closets, garage, basement and attic. Use self storage if necessary. Replacing air filters will help keep the dust down.
Remember that do not spend money to improve Bonita Spring homes to sell unless the house is in such poor condition that it cannot be sold without improvements.
For example: the house needs a new roof to keep out the rain; or a modern bath with a shower.
Improvements might make sense if you can do the work yourself. If you can add kitchen cabinets for $500 rather than $1,000, you can still expect the $990 increase in the value of the home.
On the other hand, shoddy work on those kitchen cabinets can reduce the value of your home.
You may have questions regarding different thing about selling your Bonita Spring Home so here are some questions that we found on the Internet and have researched some facts to answer them out.
The most questions asked by sellers is How do I prepare my house to sell?
First and foremost, put it in the best condition possible, especially if you are in a market with few buyers and lots of homes for sale.
That means taking care of any major repairs that could deter a buyer, such as replacing any broken windows or replacing a leaky roof, if you can afford it.
Next, work on your home's curb appeal. Make sure your landscape is pristine. Mow the grass, clean up any debris and weed the garden beds. Plant a few annual flowers near the entrance or in pots to be placed by the door. Other quick fixes that don't cost a lot of money but can help you get top dollar for your home.
Eliminate the source of any bad smells, such as the kitty box. Use air freshener or bake a batch of cookies before your open house to ensure that the house smells inviting.
Invest in a couple of vases of fresh flowers to place around the house and next to any information about the house you have prepared for buyers.
Also make sure that when you are selling you Bonita Spring Homes that you offer and adjustable sales plan. Come up with a sales strategy but make sure that it is flexible and can come into terms with almost all kinds of buyers.
Try to determine what will your initial asking will be and how long will you be insisting on it before making a reduction.
You should also plan out before selling your Bonita Spring Homes on how much of a cut will you are able to accept.
Just follow these rules and surely you will be able to succeed in selling your Bonita Spring Homes.
Check out my other guide on Buying A Home After Bankruptcy
Please leave a comment at Tips on Selling Your Bonita Spring Homes if you found this helpful.
Tuesday, May 24, 2011
Bankruptcy Buying Home – How to rebuild you credit
Bankruptcy Buying Home – How to rebuild you credit
The good news of having a bankruptcy record on your credit report does not mean you can't buy a home. Believe me or not but people who have gone through bankruptcy have been able to encouraged themselves to build credit by taking on debt again
But the bad news is that the debt will be closely scrutinized and may come in smaller amounts and high interest rates. This usually happens because when you experience bankruptcy you are now tagged as high-risk borrowers.
But these negative thoughts rather facts should not dishearten those with deprived credit account from investigating their home loan options. The conscientious use of credit is the only way up from a bankruptcy filing.
Bankruptcy can provide liberation to people in terrible financial straits by releasing them from the obligation to repay their debts.
It's a drastic move for anyone because a bankruptcy will stay on a person's credit rating for up to 10 years, effectively acting like a warning flag to anyone considering lending that person money or a line of credit.
In order to mitigate the risk of providing that person a loan, the lender will charge higher interest rates than they normally would. For instance, an auto loan that might ordinarily carry six percent interest could come with an interest rate of eight percent or higher.
But, as time passes and small loans and credit card balances are paid off on time, the bankruptcy filing becomes less and less significant to a lender.
Establishing good credit after bankruptcy is essential. The following will help recent bankruptcy filers regain their financial strength:
Pay bills on time. This is the single best thing bankruptcy filers can do to build up their credit rating.
Acquire and use a secured or unsecured credit card. Just don't charge any more than you can afford to pay off each month.
Read your credit report. Errors are possible, and keeping tabs on your progress will help you stay focused on the goal of rebuilding after bankruptcy.
Mortgage companies would want someone with a reassurance that is on safe and responsible track. Many lenders prefer to see three things when considering loaning money to someone following a bankruptcy.
First thing is a long stretch preferably two years or more of on-time bill payments. This may be hard due to the case of reliable income. Likewise, with a steady work history and a down payment, even a small one, it would not be impossible for someone just coming out of bankruptcy to secure 100-percent coverage on a home loan.
A down payment is the second thing and a steady income coming in on third. Well this isn’t much as hard as the first one since. Some lenders will be willing to provide a loan sooner than two years if there is evidence of responsible bill payment on a car or secured credit card plus reliable income.
Just keep in mind that after experiencing bankruptcy buying home is no longer impossible
There are many reasons a person chooses to file bankruptcy. The loss of a job, unexpected medical bills, and overwhelming credit card debt are just a few of the factors that can lead to filing bankruptcy.
The mortgage lending industry has created special loan packages and terms for those who have filed bankruptcy in the past.
Lenders have little to lose in approving a home loan after bankruptcy. With your home serving as collateral for the loan, the lender can feel confident in approving you for a home loan, often soon after your bankruptcy has been discharged.
In summary, cash will solve this problem, for sure. However long it takes to gather that cash is how long it will take to get the house.
Start thinking about how you can make money in your spare time, selling on line at eBay, doing freelance work, or starting your own business.
You can increase your chances by coming into the deal with a lender with as much cash as possible. The more money you can use as a down payment, the less risk for the bank. There is a level where they'll lend you the money because the loan is secured by the house and the house is worth more than the mortgage.
Check out my other guide on Buying A Home After Bankruptcy
Please leave a comment at Bankruptcy Buying Home – How to rebuild you credit if you found this helpful.
The good news of having a bankruptcy record on your credit report does not mean you can't buy a home. Believe me or not but people who have gone through bankruptcy have been able to encouraged themselves to build credit by taking on debt again
But the bad news is that the debt will be closely scrutinized and may come in smaller amounts and high interest rates. This usually happens because when you experience bankruptcy you are now tagged as high-risk borrowers.
But these negative thoughts rather facts should not dishearten those with deprived credit account from investigating their home loan options. The conscientious use of credit is the only way up from a bankruptcy filing.
Bankruptcy can provide liberation to people in terrible financial straits by releasing them from the obligation to repay their debts.
It's a drastic move for anyone because a bankruptcy will stay on a person's credit rating for up to 10 years, effectively acting like a warning flag to anyone considering lending that person money or a line of credit.
In order to mitigate the risk of providing that person a loan, the lender will charge higher interest rates than they normally would. For instance, an auto loan that might ordinarily carry six percent interest could come with an interest rate of eight percent or higher.
But, as time passes and small loans and credit card balances are paid off on time, the bankruptcy filing becomes less and less significant to a lender.
Establishing good credit after bankruptcy is essential. The following will help recent bankruptcy filers regain their financial strength:
Pay bills on time. This is the single best thing bankruptcy filers can do to build up their credit rating.
Acquire and use a secured or unsecured credit card. Just don't charge any more than you can afford to pay off each month.
Read your credit report. Errors are possible, and keeping tabs on your progress will help you stay focused on the goal of rebuilding after bankruptcy.
Mortgage companies would want someone with a reassurance that is on safe and responsible track. Many lenders prefer to see three things when considering loaning money to someone following a bankruptcy.
First thing is a long stretch preferably two years or more of on-time bill payments. This may be hard due to the case of reliable income. Likewise, with a steady work history and a down payment, even a small one, it would not be impossible for someone just coming out of bankruptcy to secure 100-percent coverage on a home loan.
A down payment is the second thing and a steady income coming in on third. Well this isn’t much as hard as the first one since. Some lenders will be willing to provide a loan sooner than two years if there is evidence of responsible bill payment on a car or secured credit card plus reliable income.
Just keep in mind that after experiencing bankruptcy buying home is no longer impossible
There are many reasons a person chooses to file bankruptcy. The loss of a job, unexpected medical bills, and overwhelming credit card debt are just a few of the factors that can lead to filing bankruptcy.
The mortgage lending industry has created special loan packages and terms for those who have filed bankruptcy in the past.
Lenders have little to lose in approving a home loan after bankruptcy. With your home serving as collateral for the loan, the lender can feel confident in approving you for a home loan, often soon after your bankruptcy has been discharged.
In summary, cash will solve this problem, for sure. However long it takes to gather that cash is how long it will take to get the house.
Start thinking about how you can make money in your spare time, selling on line at eBay, doing freelance work, or starting your own business.
You can increase your chances by coming into the deal with a lender with as much cash as possible. The more money you can use as a down payment, the less risk for the bank. There is a level where they'll lend you the money because the loan is secured by the house and the house is worth more than the mortgage.
Check out my other guide on Buying A Home After Bankruptcy
Please leave a comment at Bankruptcy Buying Home – How to rebuild you credit if you found this helpful.
Monday, May 23, 2011
Buying A Home After Bankruptcy
Buying A Home After Bankruptcy
Experienced bankruptcy lately? You may wonder if you will still will be able to get a home loan. You may also be wondering if buying home after bankruptcy is a good idea for you.
While bankruptcy can make your mortgage loan approval difficult, it is still possible to get approved. In fact there have been more and more, bad credit loans coming out all the time.
They are called the Subprime lenders; they are focusing more on helping individuals with poor credit in buying home after bankruptcy.
This is happening mostly because bankruptcies are still on the rise and there is an increasing number of people with bad credit who are looking for home financing.
Just to give you a bit of an overview here are some very good reasons to consider after bankruptcy buying home:
Increase your credit rating. When you make your payments on a regular basis, you will be able to develop your credit rating. Once your pre-payment penalty is done, you should be able to refinance your credit loan for a much lesser interest rate.
After your bankruptcy has been for ended 2-3 years, you ought to have a much easier time qualifying for a lesser interest rate mortgage loan.
You will be able to own an asset. If you are just renting a home then you are absolutely throwing your monthly payments away. Why not just buy a home, over time, its value will increase and you are working you way towards owing an asset.
Once you have bought your house, as soon as 6 months or so later, you might be able to take out an equity loan on your home and consolidate any other debt that you might have since your bankruptcy or debt that could not be included in your bankruptcy.
Taxes and student loans will not be discharged in a bankruptcy. You may also want to use the extra cash to invest in a business venture or for needed home improvement.
It is very tempting to buy an new home, new car, do some renovations, etc., after bankruptcy discharge you have no debt left. You will probably feel like you can afford a larger house payment due to the financial experience that you have.
But it is not that easy so here are some factors to consider before committing yourself to a new house payment.
The Pre-payment penalty. This penalty is usually about 6 months worth of house payments. And usually lasts from 2-3years. Once you sign those mortgage papers you absolutely have to make those payments. If you don't have the amount of the pre-payment penalty in savings, you are locked into making the payments or losing the house.
The Two Year Mark. Keep in mind that after 2-3 years from the date of the bankruptcy discharge, mortgage loans will be much easier to get. With a small down payment, you might even be able to get a mortgage loan without a pre-payment penalty.
So, if you are within 6 months or so from the 2 year mark. It would be smart to wait it out and have more mortgage loan options.
Borrowing Too Much. This is the most common mistake that we usually get into. If you do decide to buy a house, buy one that you know you will be able to afford. Don't max yourself out on credit, living right up to the edge of your income.
If your income suddenly drops, you'll want to make sure that you can still afford your house payment. Be conservative with how much home you need to buy.
Most of us always think that bankruptcy is the end of our credit life. But don not despair because I know some people that have been in to bankruptcy but has been able to get up again and rebuild there credit quickly most of them has even been able to buy a new house.
Bankruptcy will show up on your credit report for 10 years. That means that every mortgage lender will certainly see that fact when evaluating your mortgage application.
Although it may be difficult to find a bank to give you a mortgage it's certainly not impossible. Banks want to make money and you may find one that's willing to take the risk.
Please leave a comment at Buying A Home After Bankruptcy if you found this helpful.
Experienced bankruptcy lately? You may wonder if you will still will be able to get a home loan. You may also be wondering if buying home after bankruptcy is a good idea for you.
While bankruptcy can make your mortgage loan approval difficult, it is still possible to get approved. In fact there have been more and more, bad credit loans coming out all the time.
They are called the Subprime lenders; they are focusing more on helping individuals with poor credit in buying home after bankruptcy.
This is happening mostly because bankruptcies are still on the rise and there is an increasing number of people with bad credit who are looking for home financing.
Just to give you a bit of an overview here are some very good reasons to consider after bankruptcy buying home:
Increase your credit rating. When you make your payments on a regular basis, you will be able to develop your credit rating. Once your pre-payment penalty is done, you should be able to refinance your credit loan for a much lesser interest rate.
After your bankruptcy has been for ended 2-3 years, you ought to have a much easier time qualifying for a lesser interest rate mortgage loan.
You will be able to own an asset. If you are just renting a home then you are absolutely throwing your monthly payments away. Why not just buy a home, over time, its value will increase and you are working you way towards owing an asset.
Once you have bought your house, as soon as 6 months or so later, you might be able to take out an equity loan on your home and consolidate any other debt that you might have since your bankruptcy or debt that could not be included in your bankruptcy.
Taxes and student loans will not be discharged in a bankruptcy. You may also want to use the extra cash to invest in a business venture or for needed home improvement.
It is very tempting to buy an new home, new car, do some renovations, etc., after bankruptcy discharge you have no debt left. You will probably feel like you can afford a larger house payment due to the financial experience that you have.
But it is not that easy so here are some factors to consider before committing yourself to a new house payment.
The Pre-payment penalty. This penalty is usually about 6 months worth of house payments. And usually lasts from 2-3years. Once you sign those mortgage papers you absolutely have to make those payments. If you don't have the amount of the pre-payment penalty in savings, you are locked into making the payments or losing the house.
The Two Year Mark. Keep in mind that after 2-3 years from the date of the bankruptcy discharge, mortgage loans will be much easier to get. With a small down payment, you might even be able to get a mortgage loan without a pre-payment penalty.
So, if you are within 6 months or so from the 2 year mark. It would be smart to wait it out and have more mortgage loan options.
Borrowing Too Much. This is the most common mistake that we usually get into. If you do decide to buy a house, buy one that you know you will be able to afford. Don't max yourself out on credit, living right up to the edge of your income.
If your income suddenly drops, you'll want to make sure that you can still afford your house payment. Be conservative with how much home you need to buy.
Most of us always think that bankruptcy is the end of our credit life. But don not despair because I know some people that have been in to bankruptcy but has been able to get up again and rebuild there credit quickly most of them has even been able to buy a new house.
Bankruptcy will show up on your credit report for 10 years. That means that every mortgage lender will certainly see that fact when evaluating your mortgage application.
Although it may be difficult to find a bank to give you a mortgage it's certainly not impossible. Banks want to make money and you may find one that's willing to take the risk.
Please leave a comment at Buying A Home After Bankruptcy if you found this helpful.
Subscribe to:
Posts (Atom)