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Category Archives: Home Mortgages

How A Great Backyard Improves The Value of your Home?

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There are a lot of landscaping ideas out there from adding trees to improving the wall design on your backyard. You can practically name dozens of ideas that would improve the appeal of your home which doubles as a hobby and an investment at the same time.

It’s not easy to own a decent home nowadays because the market has gone up and the large metropolitan population has occupied most of the good space. This is why if you already own a house treat it like a king could live in it.

Enjoy the space at the curb you own. Give it a little customization work so that it will have that personal touch showing visitors the identity of the home and the people that live in it. However, be careful when working on your backyard because too much individualized customization may ruin it.

This is especially important for homeowners looking to sell their house. Landscaping, if poorly executed, will make or break a deal for a potential buyer and your mortgage broker will have a hard time getting you a good deal on your appraisal. Even homeowner clubs come up with rules for too much landscaping because they’re trying to prevent owners who overdo it.

Market analysts have placed backyard landscaping design as having a significant impact on the value of a house when it goes up in the market. The added value goes even higher if the homeowner manages to make their already good landscaping work become a backyard that looks like a top level professional landscaping team had done it.

The prospect of increasing home value can be really enticing. However, you mustn’t do this to eventually ruin the house once you’re done. This is a bad idea waiting to happen and when it goes badly you won’t be able to ask for a refund. Remember to enjoy the whole process while keeping in mind that this is also an investment for the future.

10 Important Questions To Ask While Applying For Home Mortgages

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house-961401_1920Are you thinking about buying a home and considering home mortgage as the primary option? Then this article is meant for you to gain all the necessary information regarding what questions should be asked while going for the option of the home mortgage.

You should make sure that all your doubts are cleared and for that reason, this format of the questionnaire has been designed. The main aim is to provide the readers ultimate convenience to prevent any future scenario of misunderstanding or confusion.

The 10 Questions You Should Ask At the Time of Mortgage Application

Find Out The Interest Rate. The Question For This Is- What Is The Current Interest Rate On The Specific Home Mortgage?

You have to ask for the mortgage estimate to the lender, and it is very significant in the case of breaking down the rate of interest and even sometimes other fees. Ask about the APR or Annual Percentage Rate that affects the fees, diverse points, interest rate related to what you are going to pay for the mortgage.

How Many Origination Points Are There Available And What About The Discount?

Keep one this in mind, discount points play the vital role in reducing the rate of interest. Those points are tax-deductible as well as those are considered as prepaid interests. The fees charged by the lenders for covering the costs of loan originating are known as origination points.

What About The Closing Costs?

The borrowers have to pay different fees in exchange of the lender’s services. In this case, you should ask the lender to give written estimates of all the costs which you can ask within three days of collecting loan application.

When And How Can You Lock The Rate Of Interest And What Is It Going To Cost?

Interest rates get fluctuate all the time. However, especially in the time between you have applied for a home mortgage and the closing, if it fluctuates then you might get a huge loss. So, to prevent higher interest rate, ask about locking the rate and points for a particular period.

What About The Prepayment Penalty Related To The Loan, Is There Anything That Kind Associated With It?

In case you prepay on the home mortgage, some of the lenders charge penalty. So, find out all the specifics associated with a penalty.

What Is The Minimum Required Down Payment Attached With The Loan?

In most of the cases of home mortgage, bigger down payment points towards low-interest rate as well as very better loan terms. In the case of less than 20% down payment, you have to think about home mortgage insurance for which you have to increase the monthly payment.

What About The Qualifying Guidelines?

You should ask regarding the requirements about the income, liabilities, employment, credit history as well as assets.

What Documents You Have To Provide For The Mortgage?

Sometimes, lenders need income proof, proof of assets, bank statements, proof of tax returns, pay stubs, W-2 statements, etc.

How Much Time Will It Take To Process The Mortgage Application?

Ask this question to the lenders and make sure to enquire about the speed up the process and it depends on the busy hours of the lender. You have to be patient for this.

What Are The Chances Of Delay In Case Of Home Approval Mortgage?

Sometimes, job change, salary increment or decline, new debt, change regarding credit history, any change in marital status delays the loan approval. Better to ask all about the delay regarding approval of home mortgage.