Martocchia Realtors®'s Blog
Applying for a mortgage is one of the biggest decision that an individual can make in his or her lifetime. As such, it is important for a first-time homebuyer to dedicate the necessary time and resources to employ the best mortgage lender – without exception.
So what does it take to hire the ideal mortgage lender? Here are three tips to help a first-time homebuyer quickly and effortlessly choose the right mortgage lender.
1. Consider a Variety of Lenders
There is no shortage of top-notch lenders in cities and towns across the United States. Thus, a first-time homebuyer can meet with a variety of credit unions and banks to explore all of the mortgage options at his or her disposal.
Spend some time learning about lenders in your area. Look at each lender's experience and reputation, and you may be better equipped than other homebuyers to select the ideal lender based on your individual needs.
Furthermore, conduct face-to-face meetings with lenders. These meetings will allow you to learn about a wide range of mortgage options and will make it easy for you to make an informed decision.
2. Ask Plenty of Questions
When it comes to getting a mortgage for the first time, there is no need to leave anything to chance. Instead, ask plenty of questions as you consult with assorted lenders, and you can gain the insights you need to pick a lender that matches or exceeds your expectations.
Remember, there is no such thing as a "bad" question, particularly when it comes to mortgages. If you meet with various lenders, you can get all of your mortgage concerns and queries addressed without delay.
A first-time homebuyer who asks lots of questions may be able to avoid potential financial pitfalls down the line too. In fact, this homebuyer should have no trouble selecting a great lender who can fulfill his or her mortgage needs for years to come.
3. Consult with a Real Estate Agent
Let's face it – selecting a lender may prove to be exceedingly difficult. Fortunately, a real estate agent is happy to provide honest, unbiased advice to help you find the right lender in no time at all.
A real estate agent understands the challenges of obtaining a terrific mortgage, and as a result, will do everything possible to help a homebuyer discover a lender that can provide outstanding support day after day. Plus, a real estate agent can even help a homebuyer alleviate stress as he or she searches for the right lender.
Let's not forget about the support that a real estate agent can provide throughout the entire homebuying journey, either. Typically, a real estate agent can keep a homebuyer informed about new residences as they become available, set up home showings, negotiate with a home seller on buyer's behalf and much more.
Get the right mortgage any time you choose – use the aforementioned tips, and a first-time homebuyer can streamline the process of selecting the ideal lender.
Purchasing a deluxe home at an affordable price may seem impossible, particularly for property buyers who are searching for a residence in a seller's market.
Lucky for you, we're here to help take the guesswork out of buying a terrific residence at a budget-friendly price, regardless of the current housing market conditions.
Now, let's take a look at three factors that homebuyers need to consider before they enter a seller's market.
1. Your Timeline
What is your homebuying timeline? Ultimately, you'll want to consider how quickly you need to relocate to a new residence. This will enable you to map out a homebuying journey that boosts your chances of getting the best results possible.
For example, if you have several months to plan ahead, you may be able to wait out a seller's market. You can pursue a wide range of residences over an extended period of time. And if you find a residence that you like, you can submit an offer on it.
On the other hand, if you need to move right away, you'll likely need to speed up the homebuying journey. In this scenario, you'll want to make the most of the time and resources at your disposal. If you can optimize the time and resources that are available, you may be better equipped than other homebuyers to discover a great home in a seller's market.
2. Your Budget
How much can you afford to spend on a home? A seller's market favors property sellers, so you'll want to do everything possible to budget appropriately and avoid the temptation to overspend to acquire a residence.
Getting pre-approved for a mortgage usually is an excellent idea. If you meet with banks and credit unions, you can learn about your mortgage options and choose a mortgage that matches your finances perfectly.
With a mortgage in hand, you can enter the housing market with realistic property buying expectations. You also may be able to narrow your home search, and as such, speed up the process of purchasing your ideal house.
3. Your Homebuying Expertise
What do you know about the housing market? In most cases, homebuyers lack real estate expertise. However, working with a real estate agent ensures you can receive comprehensive support as you navigate a seller's market.
A real estate agent is a friendly, knowledgeable housing market professional, one who will go above and beyond the call of duty to assist you during the homebuying journey.
Typically, a real estate agent will set up home showings, keep you informed about new properties as they become available and negotiate with home sellers on your behalf. He or she will even provide honest, unbiased recommendations, guaranteeing you can get the expert insights you need to make informed homebuying decisions.
When it comes to exploring houses in a seller's market, why should you be forced to leave anything to chance? Consider the aforementioned factors closely, and you can improve your chances of acquiring a stellar home without having to break your budget.
You think a lot about ways to keep your family and property safe, but there are so many little things that need to be secured. If your home has sliding glass doors, you may not know how to secure them properly. Read on for steps on how to get your sliding glass doors completely secure.
Know The Risks
While sliding glass doors and windows provide your home with a lot of light, without the right coverage, thieves can see right into your home and view all of your belongings. Visibility is one of the most apparent security risks with sliding glass doors.
The other fundamental risk is that these doors can slide off the track. If you’re unaware of it, it can be an easy way for criminals to get right into your home. Keep in mind that the locks on your sliding glass door may not be as secure as a traditional deadbolt lock that you have on your door.
A dowel rod is one of the easiest ways to secure your sliding glass door. This rod fits in the track of the sliding door to prevent the door from sliding at all. To make this fix efficient, you’ll need to measure the track and get a dowel that’s the perfect size to fit in the track. You also should ensure that the rod is thick enough.
Sensor alarms also exist that help you to identify when the door is open. An alar like this deters thieves and even alerts you as to when the door is being opened. This feature can be helpful if you have young children as well.
Another security option for your sliding glass door is to install more heavy duty locks. Typical locks on sliding glass doors have latches that are shaped like a hook connecting to the door frame. These latches can be easily forced open. There are double bolted locks that allow for a more secure door. These locks can be a great addition to security along with the dowel rod since the locks are harder to break.
Check Your Door
Although it sounds painfully obvious, checking that your sliding glass door is locked every night before you head to bed will be an extra layer of security for your home. Make sure that the dowel rod is in place and any alarms that you have are set. Diligence is one of the best forms of security that you can have. It’s also vital that your door is functioning properly. Any problems that exist with the door should be addressed promptly.
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The vast majority of homebuyers need a mortgage in order to purchase a house, and mortgages come with significant costs because they’re such sizeable loans. While there’s no way to avoid all of the costs associated with a mortgage, there are ways to save on your home mortgage. Here are three things you can do to reduce what you pay over the course of the loan.
1. Make a Sizeable Downpayment to Avoid PMI
Private mortgage insurance (PMI) is an insurance policy that generally protects lenders in the event of a default. If there’s PMI on your mortgage and you fail to pay the loan back, the insurance will reimburse the bank for their outstanding liability.
When this insurance is required, the homeowner pays the insurance’s premiums even though the insurance protects the bank (and not the homeowner). This is because the insurance protection is for a risk that’s directly related to the homeowner.
Whatever premiums you pay for PMI is money that you’ll never see again. The premiums aren’t applied to your mortgage balance (even though they’re sent in with your mortgage payment), and you personally will never collect on the protection.
Thus, you should avoid PMI if at all possible. The best way to avoid the insurance and corresponding premiums is to make a sizeable downpayment at closing. In most cases, banks require homebuyers who put less than 20 percent down to purchase PMI. If you put at least 20 percent down, you probably won’t need to pay for the insurance.
2. Purchase Points at Closing
Points are an option that you can purchase at closing. In exchange for buying a point, a bank will deduct the interest rate on your mortgage slightly. Usually, one point costs $1,000 for every $100,000 borrowed and lowers the interest rate by 1 percent.
Purchasing points at closing will cost you more up front, but they’ll drastically reduce how much interest you pay over the course of your mortgage. During a 15- or 30-year span, even a small reduction in interest yields a sizeable savings.
3. Pay Off Your Mortgage Early
Of course, paying off your mortgage early is a guaranteed way to save. You’ll no longer pay interest once your mortgage is paid off, and you’ll also have a big improvement in your month-to-month cash flow.