Top Mortgage Advice For 2014!
Posted by Admirals Cove Homes on Jun 3, 2014 in Home, Real Estate | 0 comments
As you may or may not know the clock is ticking for potential homebuyers who wish to obtain a low mortgage rate this year. However as long as you remain on the top of your game, act as quickly as you can, and maintain your finances correctly. You can still get your hands on a very appealing mortgage deal. In order to help you with this we have gathered the top advice for mortgage borrowers during 2014. 1.) Be Sure To Maintain Good Credit: It is imperative that you maintain good credit if you want a mortgage because it is basically impossible to obtain a mortgage without a decent credit score. This will be especially so during 2014 so if you want that low rate be sure to maintain good credit. The best rates go to borrowers with a credit score of 720 and higher. 2.) Be Sure To Document All Your Finances: It is very important that you document any and all of your financial information. There are lots of new rules this year that are going to put extra pressure on lenders to ensure you have the ability to pay back your loans. So during 2014 lenders are going to be extremely meticulous when it comes to underwriting mortgages. 3.) Be Sure To Shop Around: Be sure you shop around for your lender because as rates have climbed lenders lost a great deal of refinancing business and will fiercely compete for your mortgage during 2014. So utilize your bargaining power and shop around for the best possible rate. 4.) Be Sure To Lock In A Rate ASAP: Due to the fact that the Federal Reserve is expected to greatly reduce its economic stimulus program that is helping to keep rates low. We expect that throughout 2014 mortgage rates are very likely to continue rising. So if you plan on obtaining a mortgage this year so be sure to lock it in as soon as you possible can....
Pre-Approval Vs. Pre-Qualification!
Posted by Admirals Cove Homes on May 31, 2014 in Home, Real Estate | 5 comments
Getting a financial frame of reference for your home search is extremely important to the success of your home buying experience. However, it has come to our attention that more and more people don’t fully understand what being pre-qualified and pre-approved means and the difference between the two. These two terms have very different meanings and have different impacts when it comes time to make an offer. Pre-Approval: Getting a pre-approval from a lender means that the lender has done some extensive and significant research into your financial history and they have agreed to loan you a certain amount. This carries much more weight than pre-qualification and sellers love seeing that a potential buyer has already been approved for an amount equal to the sales price. Pre-approval conveys very clearly to sellers that all of your finances are in order and you are truly ready to buy. Pre-Qualification: In contrast to being pre-approved, being pre-qualified for a loan is seen as more of a rough draft of what a potential buyer might be able to afford. It really says nothing about what you can afford, and it basically means that you may be able to afford that amount and that you probably could obtain a loan for that amount. When a seller sees a pre-qualification letter in an offer it will hold some type of credibility just not the same as a pre-approval. While both pre-approval and pre-qualification letters are better than having nothing to show at all. Being pre-approved carries much more weight and conveys a great deal more credibility to sellers than just getting pre-qualified. So, if you are a serious buyer and want to be perceived that way be sure you get pre-approved as soon as you possibly...
Staging The Right Way!
Posted by Admirals Cove Homes on May 29, 2014 in Home, Real Estate | 0 comments
When selling your home one of the most important things that you can do to better its chances in the housing market is to stage it. Staging a home does not necessarily translate into an increase in selling price but when done right it can help highlight your home’s strengths and downplay its weaknesses increasing its appeal to potential buyers. Which can better its chance of getting sold quicker and at more of a premium selling price. 1.) Clean It Until It Sparkles: It is imperative that the first thing you do is clean, clean, and then clean your home again until it sparkles. The most effective way to freshen up a home and make it more appealing to potential buyers is by cleaning it. This means the entire house even the places that you are positive no one will look because trust me they will. 2.) Clear Out Your Clutter: Once you are done cleaning your home it is important that you clear out any clutter or personal items from your home that you may have come across. You should try and only keep around the things that are an absolute necessity to your daily life or that help add aesthetic appeal. There are a variety of storage options that you can utilize for anything you don’t want to throw away. 3.) Keep Everything Neutral: It is important that you attempt to keep everything in your home as neutral as you possibly can. The colors you choose to display in your home when staging it can make a huge difference and may greatly affect the way your potential buyers feel about your home. It is important that your home appeals to both men and women of all ages and ethnicities. 4.) Optimize Your Lighting: It is critical that you optimize the lighting in your home as much as you possibly can. One of the best ways to make your home more warm and welcoming is with great lighting...
What Do You Do After You Sell Your Home?
Posted by Admirals Cove Homes on May 22, 2014 in Home, Real Estate | 0 comments
So you have closed on your home and now all of your work is done right? Wong, there is much, much more that you can and should do. After the sale of your home has come through you should consider doing the following things. These things will help a great deal after you are done selling your home. 1.) Collect And Keep All Of Your Paperwork: It is imperative that you collect and keep any and all of the paperwork that you have related to the closing and settlement of your home. Even though it may be tempting to consider shredding all of your paperwork it will come in very handy when tax time comes. 2.) Rectify Your Change Of Address Notice: It is extremely important to you and your family that you rectify your change of address as soon as you possibly can. The U.S Postal Service suggests that you consider completing your change of address notice as early as 30 days prior to your move. 3.) Put Your Cash In A Money Market Fund: Unless you plan on buying a new home right away it is extremely important that you consider putting the revenue from the sale of your home into a money market account. This is a very safe place to put your money that will afford you with a reasonable amount of return. 4.) Stay On Top Of Tax Laws: Due to the fact that tax laws tend to change often it is very important that you keep on top of them. For example a past law may not allow you to exclude a portion of your sale from tax but a recent one will. You will want to be sure and keep up to avoid loosing any money. 5.) Choose Your Buying Agent Carefully: Just like when you put a great deal of time and some very careful thinking into choosing your seller’s agent it is as important when it comes time to choosing...
Five Moving Mistakes To Avoid!
Posted by Admirals Cove Homes on May 13, 2014 in Home, Real Estate | 0 comments
Buying a home is stressful enough there is no reason why you should pack on any unneeded stress with a difficult moving experience. Moving is often viewed as an arduous process that makes us tied, overworked, and full of stress. However, it doesn’t need to be that way and often most of the difficulty and stress involved in moving is brought on by unnecessary and avoidable mistakes. So here is a list of very common moving mistakes that you should avoid at all costs. 1.) Forgetting To Label Your Boxes: Labeling your boxes is a very simple and easy task, yet when people go to move it is often forgotten or neglected. For optimum efficiency you should not only label what is in your boxes but where they are going in your new home too. 2.) Packing Harmful Or Hazardous Items: This is a huge and very dangerous mistake, you should never ever pack away chemicals or hazardous items. These types of things should always be transported safely in a separate vehicle to ensure the safety of everyone involved in your move. 3.) Not Packing Yourself A Survival Kit: Anyone who has moved before will tell you that they would have loved a survival kit for their moving day. This can be anything from extra toilet paper and headache pills to a flashlight, scissors, and a screwdriver. 4.) Thinking You Can Do It All Yourself: One of the biggest mistakes you can make is assuming you can handle everything on your own. Do it yourself moving jobs take a great deal of advanced planning and feature more potential pitfalls and may not be as cheap and easy as you think. 5.) Not Having Sufficient Packing Materials: This is an extremely common mistake that infuses stress into your moving experience. This can be anything from not having enough boxes or tape for packing to an inadequate amount of space in your moving...