Posts with tag 'Home-buying tips'

A new home is filled with potential. There's potential for a bright and financially rewarding future, but there's also potential to find yourself stuck in a money pit. When you are househunting in Beavercreek, there are five red flags that our REALTORS® tell prospective homebuyers to keep their eyes open for when looking for a home.

1. A Glut of "For Sale" Signs in the Neighborhood
   If you see numerous homes for sale in the same neighborhood, it's often a sign that there are problems brewing. A new landfill could be under construction. Or, there could be any number of reasons that everyone is eager to move out of the neighborhood. A few homes for sale is a sign of a healthy community; too many homes is a sign that a community is dying, and it's best to stay away.

   Click Here to Read More...

If you're getting ready to become a homeowner, you've probably already discovered that there are a lot of important steps along the way. Getting pre-approval for a home loan is one of the most important steps, and if you're thinking about buying a home in 2020, our REALTORS® are here to help. 

One of the most common questions we get asked is, "When should I get pre-approved?" There are a few factors to consider when answering that question, but one thing is for sure: Before you start looking at Beavercreek homes for sale, it's important to have a pre-approval letter in hand. 

What is Pre-Approval?

Pre-approval is an important step before buying a home because it essentially proves that you have the financial means to do so. When you obtain pre-approval it says to homebuyers that you're ready and able to buy. It also lets you know just how much home you can afford, which makes it easier to find the right house for you.

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...