7 Tips for Getting a Home Loan

Need a loan to buy a house? There are many options out there to help you obtain a mortgage, and finding the best loan and lender for your particular situation can be confusing and difficult. To help you navigate the process, the American Bankers Association (ABA) offers the following tips:

Know your own financial situation. Before you begin the home loan application process, determine what you can realistically afford. Take into consideration your credit score, how much debt you currently carry and what type of down payment you’re prepared to make.

Have your documents ready. Although each lender may require different documentation, you may be required to furnish the following information depending on your employment and financial situation:

• Pay stubs;
• Tax returns;
• Financial statements (one that is less than 60 days old);
• Copies of additional monthly payments such as car loans, credit cards and student loans; and
• Any other information (such as proof of additional income) that you think will help a lender evaluate your credit request positively.

Review the basics. Knowing the fundamentals of the home loan process is an excellent way to prepare to choose the right mortgage. Make sure you are familiar with interest rates, loan terms and additional fees associated with buying a home.

Compare quotes. Beyond the interest rates, there are closing fees and points and commissions. You’ll want to compare these for all the lenders on your list. There are several calculators available online that may help you determine which loan provides the best value, including ones offered by ABA.

Choose a trusted lender. Get references from family and friends, and do your research. Check with your local Better Business Bureau, and find out if it has received any complaints about any of the lenders you’re considering.

Read between the lines. Slick TV ads, telemarketers or door-to-door salespeople will often offer fast, easy loans for houses, cars and home repair, but not disclose all of the details. Read the fine print. If it sounds too good to be true, it probably is.

Ask questions. When in doubt, ask for clarification from your lender. Discuss how long the loan process will take, how you will communicate–by phone or email–and who will service your loan.

Should You Buy a “Haunted” House?

Spooky houses look like they haven’t seen a living occupant, gardener or handyman in years. Many so-called haunted houses are so dilapidated they look occupied by ghosts, or they’ve been on the market so long, buyers suspect there’s a skeleton hidden in the closet. But that house for sale that gives you the creeps may actually turn out to be a good investment. 

So what makes a house seem haunted? It could be the tumbleweed landscaping,

paintless trim, broken steps or crooked roof—, material problems that can easily be repaired or replaced. But a house can also carry a stigma (which has nothing to do with the home’s structure) that evokes fear or repulsion, including a history of death within the home from murder, suicide or suspicious circumstances. The house could previously be occupied by an unsavory hoarder, drug dealer or occultist.  Or, there could be a real ghost. MMMMWWWWAAAA!

Would you be able to look past a home’s creepy appearance or scary reputation? According to Realtor.com, nearly half of homebuyers wouldn’t touch a haunted house, but one in three buyers would purchase one if they could get a lower price.  

That spells opportunity, especially if the home is in a nice neighborhood. If your low offer is accepted, get an inspection and renovation estimate from a local contractor. If the total costs are lower than or equal to the other home values in the area, you could end up with the friendliest bargain on the block.

Five Improvements that Scream Cheap

If you’re a seller refreshing your home for resale or an investor selling a remodeled home, you should know that some updates won’t impress today’s homebuyers. Inexpensive updates in lieu of the more durable and sustainable materials that buyers prefer may scare buyers into wondering where else you cut costs.  

Single coat paint – Single coats can leave a ghost of the previous color that peeks through, nor do they deliver the rich color and texture of carefully applied second coats.

Peel and stick tiles– Nothing says cheap like peel and stick tile for floors or backsplashes. Yes, you can remove them, but the real thing wears and looks better.

Faux Granite – What makes granite beautiful and the focal point of a kitchen or bath is the natural veins and spots of color. While some laminates and quartz closely copy granite, you’re better off choosing a solid color countertop replacement and putting the wow factor somewhere else, like a decorative tile backsplash.

Acrylic one-piece shower/tub— It may look clean and new, but you don’t want your bathroom to look like it belongs in a motel. Spend the money for a new tub, fresh grouted tile and a contemporary glass door.

Painted cabinets – Paint eventually chips and doesn’t really update worn, outdated cabinets. It doesn’t make up for the lack of easy sliding drawers, pull-out shelving and hidden hinges that are standard features of modern cabinets. New factory-painted doors could be an inexpensive update that will look and wear better.

Our Company is a Proud Supporter of Sunshine Kids™

$4,672.50 Donated

Year to Date for 2019!

LEARN MORE