Does Moving Up Make Sense?
Answer these questions to help you decide whether moving up makes sense. 1. How much equity do you have in your home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of paying a mortgage, but if you’ve owned […]
Choices That Will Affect Your Loan
Mortgage term. Mortgages are generally available at 15-, 20-, or 30-year terms. The longer the term, the lower the monthly payment if the same amount is borrowed. However, you pay more interest overall if you borrow for a longer term. Fixed or adjustable interest rates. A fixed-rate allows you to lock in a low rate […]
6 Creative Ways to Afford a Home
If your income and savings are making homebuying a challenge, consider these options. 1. Investigate local, state, and national downpayment assistance programs. These programs give loans or grants to cover all or part of your required downpayment. National programs include the Nehemiah program (http://www.getdownpayment.com) and the American Dream Downpayment Fund from the U.S. Department of […]
What Your Home Inspection Should Cover
Siding: Look for dents or buckling Foundations: Look for cracks or water seepage Exterior Brick: Look for cracked bricks or mortar pulling away from bricks Insulation: Look for condition, adequate rating for climate Doors and Windows: Look for loose or tight fits, the condition of locks, condition of weatherstripping Roof: Look for age, conditions of […]
How High Tech Is Your Home?
If the latest technology or entertainment options are important in your new home, add the following questions to your buyer’s checklist. 1. Are there enough jacks in every room for cable TV and high-speed Internet hookups? 2. Are there enough telephone extensions or jacks? 3. Is the home prewired for a home theater or multi-room […]
10 Tips for First-Time Homebuyers
1. Be picky, but don’t be unrealistic. There is no perfect home. 2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you. 3. Get your finances in order. Review your credit report and be sure you have enough money to cover […]
12 Tips for Hiring a Remodeling Contractor
1. Get at least three written estimates. 2. Get references and call to check on the work. If possible, go by and visit earlier jobs. 3. Check with the local Chamber of Commerce or Better Business Bureau for complaints. 4. Be sure that the contract states exactly what is to be done and how change […]
10 Things to Take the Trauma Out of Homebuying
1. Find a real estate professional who’s simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It’s critical that the practitioner you choose is both skilled and a good fit with your personality. 2. Remember, there’s no “right” time to buy, any more than there’s a right time to sell. […]
Tips for Packing Like a Pro
1. Develop a master “to do” list so you won’t forget something critical. 2. Sort and get rid of things you no longer want or need. Have a garage sale, donate to a charity, or recycle. 3. Don’t throw out everything. If your inclination is to just toss it, ask yourself how frequently you use […]
Hidden Home Defects to Watch For
No home is flawless, but certain physical problems can be expensive. Watch for: 1. Water leaks. Look for stains on ceilings and near the baseboards, especially in basements or attics. 2. Shifting foundations. Look for large cracks along the home’s foundation. 3. Drainage. Look for standing water, either around the foundation of the home of […]