Posts with tag 'For Buyers'

For many Americans, saving 20% for a down payment on a home, much less a down payment at all, can be a struggle. Fortunately, as an active or former member of the United States military, you have certain privileges when it comes to getting a home loan. The U.S. Department of Veterans Affairs sponsors one of the most coveted mortgage products for military members in the form of the VA loan.  

Our REALTORS® have worked with countless active military members, veterans, and their families to help find solutions for them to realize the dream of homeownership.  Here's everything you need to know about VA loans.

• No Down Payment
  Probably one of the most attractive attributes of VA loans is the fact that no down payment is required. Most conventional loans require a 5% down payment with 20% needed to avoid private mortgage insurance (PMI). Most Americans have a hard enough time cobbling together 5% down, and many won't reach the 20% threshold until they've paid as much in equity. Fortunately for veterans, there is no down payment required for a VA loan, meaning you can finance 100% of the purchase price of your home.

  Click Here to Read More...

Buying a new home when you own another one with a mortgage can be a complicated situation. Most lenders won't qualify you for a new loan until you have sold your current home. Unless you're comfortable with moving into a temporary living situation, you'll need a bridge loan. Our REALTORS® are happy to explain what bridge loans are, how they work, and why they're an attractive option for homeowners who are in fixed situations.

What is a Bridge Loan?

It's all in the name. A bridge loan is a type of financing that is meant to bridge the gap between closing on a new home and selling an existing home. Also called "gap financing" or a "wrap," bridge loans enable individuals to address current needs before securing a mortgage or long-term loan. Bridge loans are usually short-term and can be arranged with little documentation. If you urgently need to buy a new home but are still saddled with your current one, you can facilitate the purchase with a bridge loan. In this case, your existing property becomes the collateral for the loan.

Click Here to Read More...

Buying a house is a major investment, and as a homebuyer, it's important to do everything you can to protect the investment you make in your property. Homeowners insurance is one of the biggest keys to protecting your investment, and most lenders require you to purchase insurance if you have a mortgage. Even without a mortgage, insurance is important for every homeowner. Our REALTORS® are here to help you protect your home, with our guide to making sense of homeowners insurance.

Home Insurance 101

• Why Mortgage Lenders Require Homeowners Insurance
  Whether you're shopping for Beavercreek homes for sale or homes in another location, your mortgage lender is likely to require you to purchase homeowners insurance. Lenders require insurance because it protects their investment in your home. If something goes wrong with the property, the lender wants to know any costs will be covered. With the right insurance policy, you'll be able to cover repairs of the most common issues that can damage your home. In addition to covering damage to the home itself, many home insurance policies provide coverage to repair or replace personal belongings in the home.

  Click Here to Read More...

Your credit score is the magic key that opens the door to the best interest rates and loan options. It's a number you'll want to raise as high as possible before you start looking at Beavercreek homes for sale. It takes time to raise your score into the right range and the following five steps you can move your score going in the right direction.

1. Dispute Errors
   Errors are exceedingly common on credit reports. Approximately 25% of credit reports in America contain errors including missed payments, incorrect addresses, open accounts that are in reality closed, and debts that are incorrectly recorded. You should always dispute errors and ensure that any incorrect information is removed from your report. The prevalence of errors on credit reports highlights the importance of keeping your financial records organized. You will need these records to dispute any errors you discover. Once your dispute is submitted, it can take around 30 days for an error to be removed from your credit report and slightly longer for it to improve your credit score.

   Click Here to Read More...

All the excitement of buying the perfect home after a long and hectic search can be one of the best feelings in the world. In the excitement of the final steps, however, things can be forgotten. We make a point of reminding those about to close on a Beavercreek home for sale to make sure and schedule a final walkthrough about a week before the closing.

This final step helps to ensure that the house you're getting is exactly as promised. This includes making sure agreed-upon items are left behind, such as appliances, and checking that all required repairs have been made. You'll also have a final chance to check for things like infestations and water damage, which may not have been apparent if the previous owners were still living in the house when you toured it. Seven things you will want to examine are:

1. Exterior. Make sure all the gutters are in good condition, and there isn't any damage from bad weather since originally inspected. Look for missing flowers, trees, and shrubs. Some people actually take these things with them.

   Click Here to Read More...