Location is one of the most important considerations that buyers think about before they buy a home. While the position of the home in relation to work, dining, entertainment, shopping, and other amenities is key, transportation is another aspect of the equation. The ways that homeowners get to and from their homes affects their driving time and the quality of the trip. By evaluating these conditions before making an offer, buyers can be more certain that the home's location will meet their needs in relation to their lives outside it.
Transit and Commute Times
Buyers contemplating a move that is a significant distance from their current housing should consider how this will affect their time spent driving. The average commute time to and from
If you're a Colorado Springs homeowner involved in the armed forces, whether you're active duty, separated or retired, you may have a lot of experience with moving around the country. You likely even have experience buying and selling homes. If this is the case, you know that buying and selling homes can be difficult and expensive.
That's why armed forces officers have access to the Military on the Move program. This unique and well-designed program gives military people access to rebates that can help defray the costs of moving while also making the process easier to manage.
For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.
Many home buyers make a few mistakes while looking for the right mortgage for their needs. From finding the best lender to selecting their ideal terms, every step has its challenges. Although it's impossible to avoid every mistake, home buyers can navigate the process much easier by knowing what lies ahead. The following information can help buyers prepare ahead of time.
For informational purposes only. Always consult with a licensed mortgage or home loan professional before proceeding with any real estate transaction.
1. Not Understanding All the Home's Costs
When it comes to buying a home, everyone talks about down payment requirements, but do not mention all the other costs required. While the money a buyer puts down is a large amount,
Many terms used by lenders and agents can get confusing. Some people may think that the terms mortgage preapproval and mortgage prequalification are simply different ways of saying the same thing. While this is not true, both terms may be considered milestones on the process to getting approved for a mortgage loan.
For informational purposes only. Always consult with a licensed mortgage or home loan professional before proceeding with any real estate transaction.
What Is Mortgage Prequalification?
A lender needs to consider different factors when an applicant wants to be approved for a mortgage loan. After a series of questions, a lender then may inform an applicant they are prequalified. However, much still needs to be done by the applicant
Mortgage lenders have numerous considerations when considering an applicant for a mortgage loan product. One major reason for this is that most lenders prefer to mitigate their risk when offering a loan. Home buyers who have the cash to pay for their home outright do not need to be concerned with the debt-to-income ratio, as it generally applies to individuals who require a mortgage loan to purchase a house.
What does a person's amount of income in relation to their current debt have to do with getting approved for a mortgage loan? Can a significant amount of debt make it harder to qualify for a loan? The following information details the impact of debt-to-income ratio on the mortgage approval process.
Environmentally friendly homes are on the minds of many homebuyers everywhere. Not only do these properties cut down significantly in terms of energy bills, but they give people an easy way to become part of the solution. But as win-win as it may sound, it's not always easy to decide which upgrades make the most sense for each home. Here are five sustainable building suggestions that tend to pay off.
Recyclable Materials
Tree debris, old jeans, even raw sewage: there's more than one way to build or renovate a home. Bark can be used for siding, denim can be used for insulation, and sewage can be made into sturdy bricks.
All the experimentation has led to plenty of innovation. Now homeowners enjoy green homes that are every bit as functional as
For those who qualify, the VA loan may seem like the best choice for a prospective home buyer. However, there are reasons to consider other types of loans, depending on the finances and long-term goals of the borrower. The following information details the pros and cons of each loan type to help buyers make an informed decision.
For informational purposes only. Always consult with a licensed mortgage or home loan professional before proceeding with any real estate transaction.
Mortgages Basics
The biggest difference between a conventional loan and a VA loan is that a conventional lender will have to assume more risks in case the buyer defaults or otherwise can't pay back their loan. The terms for the VA loan tend to be more forgiving than a
Buying a home is already complicated - but it gets a little more complicated when home buyers try to understand the loan process, especially when they're getting a VA loan. VA loans have entitlements amounts, both basic and bonus, that can be difficult for most people to understand.
For home buyers who have VA entitlements and who are going to buy a home, there are a few things to know. Working with a good lender and an experienced real estate professional can make the buying process easier, as both types of professionals can explain the buying process step by step. If you're a home buyer who will be getting a VA loan, below are some things you need to know.
For informational purposes only. Always consult with a licensed mortgage or home loan
For most homeowners, PMI is an expense that cannot be avoided. However, for military service members, PMI may not apply. If you're a military service member who would like to purchase a home, it helps to be aware of PMI and why it may not apply to you.
For informational purposes only. Always consult with a licensed mortgage or home loan professional before proceeding with any real estate transaction.
What Is PMI?
PMI stands for private mortgage insurance. PMI is a type of insurance that protects the lender from a home buyer's default. In other words, if a home buyer stops paying their mortgage payments, PMI pays their lender for the balance on the mortgage. PMI is typically a requirement on a home loan if the home buyer puts down less than
Home warranties can be useful for new homeowners. Usually, home warranties are included in the purchase of the house, a perk provided to the home buyer by the seller. Home warranties make life in the home a little easier for the new homeowner after the close of escrow. Because the home warranty is usually included in the deal and is purchased by the home seller for the buyer, many buyers never wonder whether they would like to purchase a home warranty for themselves.
However, home warranties are not a guarantee, and not all sellers buy this policy for buyers. Home buyers who are trying to decide if they would like to purchase a home warranty should take many factors into consideration. Military families in particular may feel uncertainty about their