How to buy a home?
Buying a home is a huge investment, probably the most significant purchase of your life. It’s not something you should do without preparation.
6 Simple steps to buying a home
1. Improve your credit score
2. Figure out what you can afford
3. Save for down payment, closing costs
4. Build a healthy saving account
5. Get preapproved for a mortgage
6. Buy a home you like
Do I need a real Estate agent to buy a home?
An agent will work as an advocate on your behalf and, in most cases, will get you a better deal than you could get yourself.
1. Local expertise
2. Access to home
3. Advocacy
4. Networking power
5. No additional cost
6. Document wizardry
Find right fit
Find a good agent is important. Ultimately, you will want an agent who’s knowledgeable, dedicated and who has no conflict of interest.
5 Ways to pay off your mortgage faster
Purchasing a home is a major accomplishment, but paying off your mortgage as early as possible will be the best investment you can make.
1. Accelerated bi-weekly payments
2. Round up your mortgage payments
3. Put 'found' money towards your mortgage payments
4. Make a lump sum anniversary payment
5. Stay informed
Why are home inspections important?
The home inspection process is often but not always performed at the time of the sale of the home. ... It is important to conduct a home inspection to avoid a costly mistake by purchasing a property in need of major repairs.
Why do you need Home owners insurance?
If you have a mortgage, your lender is most likely going to require that you have homeowners insurance, says the Insurance Information Institute (III). ... That's because the lender wants to be sure its financial investment in your home is protected should it be damaged or destroyed by a fire or certain other risks.
Why is a mortgage contract important?
This is why it is SO important to approach the right lender from the start, to evidence an agreement in principle, mortgage lenders will allow you to request a mortgage agreement in principle ... and an online mortgage promise should be exactly the same. However, it’s important to think of the agreement as a ‘live-system’. For ...
1. Interest
2. Fees and penalties
3. Pre-payment penalty
4. Early exit
5. Late payment penalties
6. Administration and discharge fees
7. Change in use
8. Portability
5 Risky Mortgage Types To Avoid
There are plenty of ways to end up with a bad mortgage. The risks of these five should make every homebuyer think twice before signing. ... However, mortgage experts will tell you that a risky mortgage is really a loan product that is not matched with the repayment ability of the borrower.
1. 40-Year Fixed Rate Mortgages
2. Adjustable Rate Mortgages
3. Interest-Only Mortgages
4. Interest-Only ARMs
5. Low Down Payment Loans
Is your home an asset or a liability?
Looking at your home from a financial perspective, which you should do because if you’re like many people in Th. Most of your wealth is “Tied Up” in your home, it isn’t a liability.
Making a will
you will lets you decide what happens to your money, property and possessions after your death. If you make a will you can also make sure you don’t pay more inheritance tax than you need to...
When paying the mortgage is a struggle
The possibility of losing your home because you can’t make the mortgage payments can be terrifying. Perhaps you’re having trouble making ends meet because you or a family member lost a job or you’re having other financial problems. Contact your loan servicer to discuss your options as early as you can.
Selling your home
Depending on the real estate market in your area, selling your home may provide the funds you need to pay off your current mortgage debt in full.
Home Auction
Nearly 80% more Singapore Homes put up for auction last year by banks and distressed owners. The economic slowdown and the tough leasing market led to a jump in the number of residential properties put up for auction last year, said property research house DTZ.
Listings for mortgagee sale – which is when a bank puts a property up for auction when its owner cannot service the home loan – almost doubled to 87 units from 47 in 2014.
Is my home at risks if I can’t keep up repayment mortgage?
How can a bankruptcy negatively affect your life? When you file for bankruptcy to get back on your feet financially, you begin the process of cleaning up your credit, too. However, filing for bankruptcy does not automatically erase your past credit history.
1. Credit reporting
2. Employment effective
3. Housing
4. Credit cards