Tina McManus' Blog
Filling out a mortgage application may prove to be a long, exhausting process. Fortunately, we're here to help you streamline the mortgage application process so you can move one step closer to acquiring your dream house.
Now, let's take a look at three tips to help you approach the mortgage application process with confidence.
1. Be Thorough
A mortgage application likely requests a lot of information about you, your finances and your employment history. However, it is important to answer each mortgage application question to the best of your ability. Because if you fail to do so, you risk delays in getting approved for a mortgage. Or, perhaps even worse, a lender may decline your mortgage application.
In addition, be honest in all of your mortgage application responses. This will ensure that if your mortgage application is approved, you will receive a mortgage that corresponds to your finances.
2. Ask Questions
There is no need to leave anything to chance as you complete a mortgage application. Thus, if you're uncertain about how to respond to various mortgage application questions, reach out to a lender for assistance.
Remember, there is no such thing as a "bad" question, especially when it comes to filling out a mortgage application. Lenders employ friendly, knowledgeable mortgage specialists who are happy to assist you in any way possible. Work with these mortgage specialists, and you can get the help you need to finalize your mortgage application.
3. Get Multiple Quotes
It may seem like a good idea to complete a single mortgage application to request home financing from a single lender. Yet doing so may be problematic, particularly for those who prioritize affordability.
Ultimately, meeting with multiple lenders and getting several mortgage quotes is ideal. If you shop around for a mortgage, you may be eligible for a low interest rate that helps you save money when you complete a home purchase.
Once you finish a mortgage application, it may be only a matter of time before you find out if you have received approval. Then, if you receive a "Yes" from a lender, you can accelerate the homebuying journey.
Of course, for those who plan to buy a home soon, it may be beneficial to employ a real estate agent. This housing market professional can put you in touch with the top lenders in your area, as well as help you complete a home search in no time at all.
A real estate agent typically learns about a homebuyer's goals and crafts a strategy to help this buyer accomplish his or her aspirations. Furthermore, a real estate agent provides recommendations and tips to help a homebuyer make informed decisions throughout the property buying journey. And if a homebuyer ever has concerns or questions, a real estate agent is available to respond to them.
Ready to complete a mortgage application? Use the aforementioned tips, and you can finalize a mortgage application, obtain home financing and make your homeownership dream come true.
16 Dane St, Beverly, MA 01915
If you've spent much time online seeking ways to sell your home, you've probably run across "professional home staging" options. While many of these are a great choice, they can be cost-prohibitive if your agent doesn't include those services with your sale. You aren't left in the lurch though, you can do a variety of things with your existing furnishings to clean up your home and make it more appealing to buyers. The hardest part of this process is to take yourself out of the house. It no longer matters what you love or what each room means to you, its now about creating a blank but appealing canvas that your potential buyers can see ways to make their own.
Properly staged homes, and that usually means neutrally staged, often sell up to 50% faster and for up to 10% or more over the asking price. Want in on this extra profit?
It’s easy as 123…
1. Clean and Neutral Colors: give your rooms a fresh coat of paint in neutral tones. Creams, warm grays and sand tones can brighten up your rooms without going all the way to white which creates an inviting look. It's not just the paint though, apply the same rules to your furniture and window coverings. Try to get as much natural sunlight into each room as possible and use bright and light tones to reflect that light around the room. Don't forget the bathrooms here, going for brighter neutral patterns on shower curtains, rugs and towels as well.
2. No More Hoarding (at least not in public): Yes, those pictures of your wedding or your kids are incredibly important to you, but this is about your buyers. Too much clutter or too many personal items in a design can make it difficult for potential buyers to decorate in their mind. You want your buyer to see themselves in the space, not you. That means removing family photos, trophies, kids' art and basically anything that speaks to your family life in the home. If you’re living in the home and showing at the same time, try going through your belongings and packing up things you don’t need into a storage unit. Keeping your closets only comfortably full and storage spaces empty of holiday decorations makes them more appealing to buyers.
3. Simple Spaces for Anyone: Remember that storage unit? Use it again for extra furniture. Keep only the items that work best in the space. Remove over-sized or extra-personal items to help your buyers see the house and what they can do with it. Stick with furniture that goes with the home itself, rather than the pieces you have for sentimental value. Also, remember to remove all or the majority of items that make a space age-specific where possible. Unless you're explicitly showing off a nursery, make the rest of the home design work regardless of children or buyers' ages.
Your real estate professional can give you specific advice based on your particular possessions and home layout.
When pests come into your home, there’s no creepier feeling that you may have as a homeowner. You may turn to your house insurance for assistance if the problem gets really bad. Let’s say that termites have taken over your home and gotten into your walls or foundation. Maybe mice have gotten into the walls of your home, or a squirrel has caused some major issues in the attic. Whatever the problem is, you want to remedy it quickly. It might be an expensive fix no matter what, but it has to be remedied for you to continue to live comfortably in your home.
The Truth About Homeowners Insurance
Unfortunately, homeowners insurance doesn't cover pest infestations. It doesn’t matter if the termites have literally eaten you out of house and home, the insurance companies consider pests to be an avoidable problem. Even though you may wonder how bugs can be considered “avoidable,” it’s simple. The insurance company believes that regular maintenance and checking of your property can help to prevent bug infestations. This is why it’s so important to take care of your property and not neglect it.
There are a few exceptions to the rule. If your ceiling caves in and it was caused by some of the pest damage, your insurance may cover the cost of the repairs to the ceiling. They may not cover the materials that are needed to repair the ceiling itself. Insurance claims can be tricky, so you’ll need to ask a lot of questions if these problems do occur for you.
What Homeowners Insurance Covers
There’s nothing more frustrating than paying an insurance premium to find out that it doesn’t actually cover anything that you need at a certain point and time. As a general rule, homeowners insurance policies cover things that are considered accidental. This would include natural disasters like hurricanes, hailstorms, or high winds. If a tree falls on your home due to a windstorm, there was really no way of preventing that from happening. Your insurance would cover this. Damage that happens over an extended period, like that of a pest infestation or an aging home generally is not covered by house insurance.
Some insurance companies do offer separate policies to cover damage from certain types of pests like termites. There are several varieties of insects that cause damage to wood structures, so these policies may be more general stating that they provide “wood destroying insect” coverage. If you live in an area that’s prone to termites, there’s a few options available to you including something called “termite bonds.”
Your best course of action as a homeowner is prevention. Keep up with regular maintenance around your home and inspect your home regularly for any problems that you may find.
You may have heard about home warranties, but are unsure of what they are. A home warranty is an excellent addition to your home insurance and has a particular function. When you buy a home, the last thing you want to worry about is things breaking or malfunctioning in the house after you buy it. Buyers fear the expenses they may incur if items in the home start to break down shortly after the property becomes theirs. As a first-time homebuyer, a home warranty can be incredibly helpful since you may need a crash course on home maintenance.
Depending on what’s the norm for homebuyers locally, either the buyer or the seller will pay for the home warranty. Some sellers pay for warranties up front as an extra assurance to the buyer of the property they’re about to purchase. Sellers also use this as an excellent tactic to “wash their hands” of the property. The buyer won’t need to contact the seller if something goes wrong with the property. A home warranty is a fairly inexpensive way to show buyers that appliances and the home itself have been well taken care of. Occasionally, real estate agents will give buyers a home warranty as a gift for their business. Usually, this is done for higher-end homes.
Home warranties aren’t very expensive. They usually range in price around a few hundred dollars in cost. The cost is based on a yearly rate and can be renewed each year at a slightly higher premium.
How Do The Warranties Work?
The warranty provider works with specific companies for different purposes. When the homeowner calls the warranty provider to let them know there’s a problem, the service provider will call the homeowner to make arrangements to fix the problem. If an appliance cannot be repaired, the warranty company may replace the item. There are usually small service fees associated with these repairs and replacements.
Is Anything Not Covered?
A home warranty will not cover numerous items around the house. These items include:
Outdoor fixtures and plumbing
Indoor plumbing fixtures
Some appliances may not be covered
Home warranty plans can vary based on your location and the type of policy. Make sure you review what’s covered before you finalize any home warranty. It’s an individual choice that homeowners make to have a peace of mind when moving into a new place.