7 Important Tasks to Begin Before Closing Day

7-important-tasks-to-begin-before-closing-dayBuying a home can be an arduous process. Follow this list of items to take care of before closing to make your move much more manageable.

1. Book movers

Whether you want to hire a professional moving company, or just rent a truck and do the work yourself, make sure you book them as soon as you know your closing date. You don’t want to be stuck trying to find a friend with a pick-up truck at the last minute to help you out.

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Advantages of Buying a Home in Fall

advantages-of-buying-a-home-in-fallFall is a beautiful time of year with crisp, cool air and leaves changing colors all around. And it might just be the perfect time of year to purchase your new home. Here’s a few reasons why buying a home this season could prove to be rewarding.

Less Competition

Most buyers rushed to get into their homes before the first day of school, which puts you at an advantage because less buyers are looking to purchase a home in the fall.

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Have You Checked Your Credit Report Lately?

have-you-checked-your-credit-report-latelyWe all know how important our credit score is to our financial life. It can affect your interest rate on loans, credit cards and mortgages. Your landlord even uses credit information to screen potential renters. Yet only one in five consumers checks their credit report annually. Are you included in that 20 percent?

Of those who do annually check their reports, many are often surprised by the score they see. Maybe an old bill that you forgot to pay has gone into collection and is now showing up on your report. This can quickly become a big problem and lower your otherwise clean credit score by as much as 100 points.

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4 Things New Homebuyers Should Consider

4-things-new-homebuyers-should-considerPurchasing a new home is exciting, and it’s easy to get caught up in overspending. Keep in mind, there are lots of extra costs when owning a home, such as property taxes, urgent repairs and energy bills. If you’re out of savings due to unnecessary spending, you may put yourself in a sticky situation when unexpected costs pop up. Here are four major cash outlays buyers should try to avoid.

1. Too Much House

This requires some thought, how much house do you really need? Just because you’re pre-approved for a hefty purchase price doesn’t mean you should go as big as you can. Consider eliminating an extra bedroom or the formal dining room.

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Is There a Benefit to Having a Second Mortgage?

is-there-a-benefit-to-having-a-second-mortgageWhen purchasing a home, it’s expected that you’ll put at least 20% down. However, all buyers are different and not all have the finances to go that route. There are a number of options out there and applying for a second mortgage may be something to consider.

If you have a 5%-15% down payment, you may be able to finance your home with a first and second mortgage loan. Your first loan would be more traditional with an 80% loan-to-value ratio (LTV) and the second loan would be a revolving line of credit in the form of a home equity loan, also known as HELOC. The first mortgage essentially covers most of the costs while the second will cover whatever is left. There is always the option of paying 10% down with one mortgage and paying the required Premium Mortgage Insurance (PMI).

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