Real estate terminology can be confusing for both new and experienced homeowners alike. Especially when it comes to the various types of loans. If the different types of loans have your head spinning, don’t worry. I hear you!
Here’s what you need to know:
Mortgage prequalification is an estimate a lender will give as to what you will qualify for when a more in-depth analysis is made. It doesn’t guarantee anything and is to be thought of as a rough ballpark estimate.
Mortgage pre-approval is when a more in-depth review is made. The lender will take your income, debt and other factors into consideration to give you a more conclusive number. This number is the max they will lend out to you. It does not mean you have to take out the full amount.
Adjustable rate mortgage or ARM is a mortgage in which the interest rate changes over time. These changes are dependent on an index based on the credit markets. The change in interest rate should reflect a fairness of risk to both the lender and borrower. These changes are regulated by the government and there is a limit to the charges. The initial lower rate the first few years is a draw for many borrowers.
A fixed-rate mortgage or FRM is, as you might have guessed, one where the interest rate does not change throughout the lifespan of the loan. These loans are seen as risky in that the interest rate doesn’t reflect the flux of credit market values. What this means is that sometimes the risk for the lender increases if the market value of the home increases. And the risk increases for the buyer when the market value of the home decreases.
Conventional loans have fixed terms and rates and are not “government-backed”. This simply means they are not guaranteed by the government or insured by a government agency. Examples of these agencies are the Federal Housing Administration (FHA), the Farmers Home Administration(FmHA), and the U.S. Department of Veteran Affairs (VA).
Private mortgage insurance or PMI is a type of insurance for a conventional loan. This loan protects the lender if, for whatever reason, you were to stop making payments. It’s usually a monthly premium tacked onto your mortgage payment. It can also be an upfront cost you only need to pay once. This is a decision that is up to and may be mandatory, by your lender.
Federal housing administration loan or FHA loan can only be obtained from qualifying lenders. These loans are insured by the FHA. This mortgage is designed to assist home buyers who have a low to moderate income and can’t afford to put down a large down payment. The down payment can be as low as 3.5% of the home’s value for borrowers who qualify.
Glen Echo waterfront has beautiful sunsets! It has a detached, oversized two car garage with a bathroom. Master bedroom has fireplace. Open living room, sunporch and kitchen. No heat besides parlor heater & fireplace. No well, water comes from pump in the lake, so cash buyers only, please. Verify property access using the driveway. This property does not have an interior bathroom. There is an outhouse near house and a bath connected to town sewer in the garage. This is the last home at the end of the driveway. Realtors, pls make sure you can accompany buyers down steep stairs into the house. Accompanied showings w buyer agent at all times pls.
This is a Contemporary/Ranch style home and features 3 total rooms, 1 half bath, 1 bedroom, 0.21 Acres, and is currently available for $160,000.
For complete details click here.
One owner home has been professionally maintained it’s entire life and it shows! Acreage flows beyond the wide open, level yard and across the brook into the woods! The inlaw apt has not been used yet! This wide-open suite above the garage has skylights and sliders to private deck for extra sunshine, fresh air and a beautiful view of property! New appliances here! Approved four bedroom septic system. Master bedroom suite has 12′ tray ceilings and luxurious bath with jet tub along the back of the home. Fall asleep to the babbling brook. Barn is size of a detached 3 car garage! True home office with custom built-in cherry desks and filing cabinets off the foyer. So many surprises include the high end kitchen appliances, sunroom addition, walk out/easy to finish basement and private pool area. Professionally landscaped grounds. Leave enough time to explore out to the bridge past the barn. Quick occupancy. Note, cameras record video and audio in the house.
This is a Colonial/Contemporary style home and features 11 total rooms, 4 full baths, 4 bedrooms, 7.82 Acres, and is currently available for $439,900.
For complete details click here.
One owner custom home has been professionally maintained and upgraded over the years! This move in condition property will fit many household requirements! Open floorplan, multiple baths, private and useable land with detached 2 story barn with 100 amp elec. Come and see this two-story, cathedral master suite with upper level den, private bath and sliders overlooking backyard! Expand the lower level-it is ready for heat and bathroom expansion! Your wrap around porch or enclosed sunroom is a great place to enjoy your property in any weather. Located between Shepherd Hill and all Charlton schools, Nearby Treehouse brewery and Buffumville State park will give outdoor entertainment options for years! One hour to Logan, Springfield, T.F.Green and Bradley airports! Surrounded by trees on quiet road for country living, yet close to everything over back roads. Owners just went through the property with a fine tooth comb to make the inspection and owning it easy!
This is a Colonial/Contemporary style home and features 10 total rooms, 1 full bath, 1 half bath, 3 bedrooms, 1.39 Acres, and is currently available for $425,000.
For complete details click here.
Moving is stressful at the best of times. But when you’re moving across the country rather than across town, it adds to the number of preparations you’ll need to make.
In this article, we’ll give you some tips on how to best prepare for your long-distance move, whether it’s across the state, across the country, or to another country altogether.
Packing and moving
One of the biggest concerns you’ll have during a long distance move is the condition of your belongings.
If you’re using a moving company, you’ll want to make sure you trust them to handle your belongings with care. To ensure that they’re responsible movers, read over their reviews online. It’s also a good idea to review their contracts and to make sure you have enough insurance to cover any costly damages or losses. Speaking of moving companies, be sure to shop around to find out which one offers the best prices and delivery windows.
When it comes to packing your items, air on the side of caution and start boxing items well in advance of your move. Not only is it a good idea to label your boxes by room, but you should put your name and contact information on your boxes if they’re being shipped by a large moving company.
Remember that not everything needs to be in boxes. Soft items like clothing and towels can easily be packed in trash bags, suitcases, and duffel bags. You’ll be able to squeeze in more items and they’ll take up less space in the moving truck.
When filling the moving truck, be sure your fragile items aren’t the top box on a stack of boxes. Similarly, you don’t want fragile belongings underneath too many heavy boxes. Your movers likely have their own way of securing boxes, so be sure to indicate to them which boxes are the most fragile with labels.
Downsize your belongings
The month leading up to your move is a good time to sell or donate items you no longer use. It could save you space on the moving truck, and you could earn a few extra dollars before your big move.
Larger items should be your top priority. Bicycles, lawnmowers, and other big items that you’ve been thinking of replacing can be sold now and you can buy new ones at your future home. However, don’t discount the weight and size of things like DVD and book collections. Many people lug around bookcases from house to house and hardly ever touch the books on them. Furthermore, technology like Kindle and Netflix are making owning physical copies of your media less of a necessity.
Before you start packing the rest of your items into moving boxes, make sure you set aside a “survival kit” filled with your daily use items. Things like cell phone chargers, glasses and contacts, and sanitary items should be in your vehicle or carry on, not in the moving truck.
Moving is expensive, but there are a number of ways you can squeeze some savings out of the experience. First, take advantage of free boxes from local stores and restaurants. Then, ask for friends and family to help you pack rather than hiring professionals, offer them lunch in exchange for their help.
When it comes to getting to your new home, don’t rule out flying as being the most expensive option. Hotels, gas, and eating out add up quickly if you’re making a road trip out of your move.
Finally, see if your move is tax-deductible. If you’re relocating for work, there’s a chance some of your moving expenses will be. If so, be sure to keep all of your receipts along the way.
Easy living near Webster Lake Beach! Two bedroom home has recent upgrades like roof, electrical service and kitchen to let you relax and enjoy home ownership! You’ll love the easy to care for level lawn and detached garage. For those Type A people who need to have quick access to everything, this will be a time saver location! It’s right near the RT 395 off and on-ramps, shopping and all services. Detached garage is an easy pull in-out set up. Possible in home business location because of high visibility here! Quick occupancy is available. Easy to own and take care of! Take a look!
This is a Ranch/Bungalow style home and features 4 total rooms, 1 full bath, 2 bedrooms, 0.11 Acres, and is currently available for $139,900.
For complete details click here.