July 13th, 2015 at 10:00 am
You’ve found the home of your dreams. You have a preapproval letter from a lender. You’ve put in an offer that’s been accepted. So–pardon the expression–you’re practically home-free, right?
Not exactly. There’s still that one-word process you need to get through: escrow.
It’s easy to define escrow. But reaching close of escrow and having the keys to the front door in your hand depend on many factors.
What is an escrow?
We’ll let Tegan Powell explain. She is Escrow Officer-Branch Manager at Pickford Escrow Company, a HomeServices of America Company, in Mission Viejo.
(more…)
May 28th, 2015 at 10:00 am
Congratulations! You’ve made it through numerous open houses, both your own and others, and have managed to sell your old house and find your new perfect home. But now a task that may seem terrifyingly daunting lies ahead: moving.
Packing up and moving all your stuff doesn’t have to be stressful or scary. Just follow these simple rules and you’ll be boxed up in no time:
1. Use it or lose it
As you pack your items, yo’re sure to come across many belongings that bring back fond memories–but how old are those memories? Although it can be hard to let go of that favorite jean jacket you wore every day for a year 10 years ago, it’s probably best to move on…literally. The less you have to pack, the more time and money you’ll save.
Tip: If it hasn’t been touched or thought about in more than a year, add it to the donate or trash piles.
2. Label everything
(more…)
May 7th, 2015 at 1:00 pm
Finding the right home also means finding the right neighborhood. You might find the perfect house, but the surrounding area can quickly change the way you feel about it. There are many factors to think about, from school districts to public transportation to the proximity of your neighbors and grocery stores. Different homeowners have different needs when it comes to location, so here are a few things to focus on that will get you headed in the right direction for finding your ideal neighborhood.
April 16th, 2015 at 5:00 pm
One of the first steps a prospective homeowner must take before buying a home is to come up with the money for a down payment. To buy a home today, the purchaser needs at least 3.5 percent of the purchase price for a down payment. Depending on the price of your ideal home, this could range anywhere from a few thousand dollars to several hundred thousand. The more money you’re able to put toward a down payment, the lower your mortgage payment will be. It’s in the homebuyer’s best interest to have a substantial down payment saved when starting the buying process.
Coming up with a down payment can seem like an impossible task to many, but it might be easier than you think. With a little creativity and planning, you could have a down payment saved for your dream home before you know it. Below, we’ve outlined a few creative ways for you to come up with your down payment. Don’t delay, start saving today!
(more…)
March 26th, 2015 at 3:00 pm
One of the most important decisions you’ll make during the home-buying process is choosing how you will finance your new home. Several options are available, and factors such as down payment percentage and your credit score are important considerations.
One popular mortgage option is the Federal Housing Administration (FHA) home loan. This type of loan is most frequently obtained by first-time homebuyers or individuals with less than excellent credit. Find out if an FHA loan is right for you by reading the following summary.
What is an FHA loan?
FHA is a government agency operating as part of the Department of Housing and Urban Development. It aims to promote access to homeownership and maintain stability in the housing market. The FHA was initially created by congress in 1934 and is currently the largest mortgage insurer in the world. The FHA program was established as a New Deal program during the Great Depression. Although often referred to as an FHA loan, the FHA doesn’t actually borrow the money to lend to home buyers. Instead, the FHA insures mortgages that meet a set of standards. By insuring the mortgage, buyers are able to obtain better terms and conditions than they would had they taken out a private mortgage. For a loan to be FHA-backed, it needs to come from a private lender authorized to deal in FHA mortgages.
(more…)
