All posts tagged home buying

Top Home Buying Secrets That You Should Be Aware of

Categories: Finance Online
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Hands shaking on real estate deal

Hands shaking on real estate dealBuying a home is a huge investment on your part. Thus, it is important that you get the most out of your hard-earned money. You have to make sure that the home you will pay for is the right home for you.

There are things that you need to know before availing of a home mortgage here in West Jordan. Here are a few tips on how you can avoid making buying mistakes before it is too late.

Avoid Potential Border Disputes

It is important to have a survey done on the property you are eyeing. This way, you will know the exact location of your property lines. This can spare you of possible disputes with your neighbors in the future.

Having an accurate map of your property can also help you determine the amount of property tax you have to pay.

Check Out the Neighborhood

Before deciding that you have found your ideal community, make sure to check out the area during the day and night. Try to drive by at various times of the day to get a feel of what is happening at certain times of the day. Find out if you can handle the daily commute to and from your new home.

It is also important that the community has everything your family needs. These include supermarkets, schools, and hospitals.

Inspect the Home

When buying a car, you check under the hood first, right? The same is true when purchasing a home. Get the services of a professional home inspector who will make sure to check every area of the home. The job of the inspector is to give you the information you need to come up with a buying decision.

A third-party inspection may reveal some hidden flaws in the house that the seller may not be willing to disclose. You can use these findings as a tool to bargain for a lower price. Hiring an inspector will set you back by about $200, but you stand to save a lot of money from future repairs.

When considering buying a new home, keep these tips in mind. These will help you avoid common mistakes that many home buyers commit.

Getting Your Dream Home: Things You Need to Consider

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Couple Outside Home with Sold Sign

Couple Outside Home with Sold SignAlmost everyone has a dream house that someday they hope they could either purchase or build for their family. But when people finally reached that point, many realize that there are things they need to consider seriously. One of these is finding a mortgage company in St. George that could help you build or buy your dream home.

Where to build

Two very pressing issues for most homeowners are the location and design. The location is important because no matter how nice your house is, if you are not happy with your surroundings, going home might not be as joyous as you thought it would be. Noisy neighbors, inaccessibility to modern conveniences, and even nature’s onslaught can affect your contentment on your home’s location.

How is it like

The home’s exterior and interior design are important. You should choose a design that suits your aesthetic and preferences. Even the choice of the fixtures and the furniture are important for you to feel comfortable and happy in your home. Design it the way you want it – from the materials used, the color, the number of lighting fixtures, to the stairway design.

You should consider the details, or you will end up paying more for future renovations. This is true even for those who decide to purchase a built house that may not fit your ideal.

How to pay for it

How to take out a loan is another consideration as there are many options available to you. Each choice has its pros and cons, and you should carefully deliberate since a mortgage could last for the next 5 to 30 years. The down payment, insurance coverage, and interest rate options are some of the things to consider before choosing the lender.

Making it easier in the long run

Finally, for those in the midst of their dream home loan, restructuring your loan or asking for better terms are also considerations as many institutions will not automatically adjust things for your sake. Homeowners looking to save money have to always be on the lookout for ways to reduce home mortgage payments, whether you’re in Salt Lake City or St. George.

It is always great to dream and even better to be able to achieve it. But you need full commitment to make sure that your dream becomes a reality.

Home Buying: Easy Ways to Get Money for Your Down Payment

Categories: Finance Online
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Couple Looking at Their New House

Couple Looking at Their New HousePurchasing a home is among the most significant investments in a person’s life, and lenders need to know that you could afford it before giving you a loan. Although there are home loans that require little to no down payment, you most probably need to bring 20% down payment for most home loans or find a lender who could offer a 1% down payment home loan in Salt Lake City. If this isn’t possible, below are some options you could explore.

See If Your Employer Could Help You

Employers sometimes offer help through a benefits package that includes assistance for home buying. You might be able to obtain cash for a down payment via a grant, which you’ll need to repay or an interest-free loan. Some even offer employees a matched-savings program in which you and your employer contribute money that you could use for your closing costs or down payment.

Maybe Your Family Could Help

Most lenders allow borrowers to use gift money, provided that they meet some basic requirements. One, only someone related to you could gift you money, except if you are engaged, and the money will come from your future spouse so that you could buy a family home. Two, the money can’t be a loan from your family, and you need to present documentation to support this.

Check if there are Down Payment Assistance Programs in Your Area

Nonprofit organizations and state agencies typically offer these types of programs, and these work similarly to employer programs. However, take note that you might have to satisfy a certain income requirement or could only purchase property in a particular area to be eligible for these programs.

Consider Dipping Into Your Retirement Account

You could withdraw as much as $100,000 from your IRA account to fund your down payment without being penalized for early withdrawal if you are under 59 ½ years old. But you still have to pay income tax on that money. This would also reduce your retirement savings so think twice before tapping into you IRA.

You don’t have to spend years on end just to save money for your down payment. Although the above mentioned options might not apply to every borrower, it doesn’t hurt to try either. Otherwise, keep your eye out for a no or only one percent down payment home loan, advises a lender in Salt Lake City.