Relocation Tips

Sometimes when one is moving, it is not because you want to move for the location, rather it’s for a job. How do you know if the stress of moving will be worth it? Here are some tips to keep in mind if you are considering relocating for a job.
One thing to look out for is if the employer will offer you temporary housing, as most times a job wants you there faster than your family can get there. Will the employer cover this temporary housing, or at least help you find somewhere to live until you can find a new home?

Once a job has been offered, make sure to ask about your family needs as well. Will your employer help with finding adequate childcare, or senior care if you have an elderly relative staying with you? What about your pets, who will help care for them in the meantime? It is also important to look at schools in the area as well as day care centers too.

Another important thing to consider is the commute to work. You may find a house you fall in love with, and then once you being to commute to work, find that the journey is unbearable. Make sure to ask your employer about various types of commutes you can take in order to get to work, and the traffic as well.

Find out if your employer will compensate you. Some people want to give their best candidates an incentive for moving out to their location. Find out if this particular employer will help you move and compensate your for your travels. Find out what relocation monetary assistance the employer offers and what this entails. It is important to see what they will help pay for such as temporary housing or moving costs. Some companies will have relocation specialists help work with you and find appropriate locations for you and your family to move too. A good employer will help make this gigantic move as stress-free as possible.

Renting vs. Buying

Deciding whether to rent or buy is quite the major decision. This choice truly does affect your lifestyle and savings as time goes on, so it is very important to do your homework and be prepared when deciding. This post will talk about the pros and cons of each to make the decision a little easier for you.

Home ownership gives you a sense of stability, so if you are a person who gets restless easily or moves quite often, then this is most likely not a good choice for you. If you need to move frequently, and the housing market happens to be down, then it would be much harder to sell your home and you may actually loose money in the process. Now, if one were to rent in this same situation, you would be able to move without penalty every time your lease ends.

A very popular myth is that by renting, you are “throwing away” money each month. This is not true. Living somewhere will always cost money. The cost of a home sometimes can even be higher than the cost to rent. There are some expenses you can avoid if you rent that you cannot if you are buying such as property tax, water and sewer service, trash pickup and many more.

Renting is alot more predictable financially wise because you always know exactly how much you are going to spend per month. When you own, you may just pay your mortgage and bills, but then next month you may have to replace your roof unexpectedly. Renters would not have this unpredictably. Although, renters could have their rent increase without notice every time your lease is up for renewal.

Owning a home can be unpredictable at times over things you cannot control. The neighborhood you live in could decline, a major employer could move out of the area and the population could significantly decline. Tax deductions are not a reason to buy a home because in the end, the tax break decreases as your proportion of your mortgage payment decreases. Deciding which option is best for you goes beyond the money. It is also about comfort and your lifestyle.

Things to consider

Sometimes you may wonder to yourself if it is better to buy a house or just build one yourself. When considering this, there are a few things to keep in mind.

The most important thing to consider, is if you can afford it! Consider the construction costs of building a house. Take into consideration the lumber cost, if the land plot needs additional surveying and ensure you have wiggle room if need be. You can never predict everything that could happen.

Do you have time to wait for the house to be built? This process is a very lengthy one. This can take around 6 to even 18 months to build, depending on how complicated your house is. If this is too long, buying an already built house may be your best bet.

Can your relationship take the stress? Sometimes there are many decisions you must make with your partner in order to finish building the house. If you two don’t agree, this process will become even more stressful and long.

Is this a longtime place you will live? If you don’t plan on staying in the house for very long, it may not be worth it. After waiting so long for a house to be built, only to move shortly after may backfire. You may become emotionally attached to the house or just so exhausted you do not want to move anywhere else.

One more thing to take into consideration, what do you need for this house and what do you want? These are two very different things, and is something you must be able to make sacrifices for. Building a house can be expensive, so make sure you build what you can afford and need.

Reverse Mortgage

If you are considering taking out a reverse mortgage, make sure to keep certain things in mind before doing so. You will want to ensure you are making the right decision for you.

If you learned about a reverse mortgage via the TV, keep an open mind. TV commercials tend to keep certain things out. There are alot of extra fees involved such as closing costs. This include the appraisal fee as well as the origination fee. Other extra expenses include mortgage insurance and taxes as well. Make sure you add up all these other expenses and insure that this is something you are able to do and are comfortable paying.

You will also want to find out if your spouse owns the house. You may have just forgotten to put the house in both of your names, however this step is crucial. You will want to make sure this is done. This is because if the person who owns the house passes away, then you now must pay back the loan on the house. If this cannot be done, then you lose the house. Double check this, this is a crucial step!

If choosing a reverse mortgage, then this should be as a last resort, not as a first resort. If you are able to find your retirement in other various ways, then a reverse mortgage is not for you. If you do not have alot of money, but do have equity on your house, then this may be the best option for you. Consider maybe selling the home, moving to a cheaper home and paying off your debts. You also would no be able to pass on your house to your children should you do a reverse mortgage. With all this mind, be sure to make the best decision for you.

Top 3 Home Buying Mistakes

When buying a home, there are alot of different things to remember. If you keep these three things in mind, the home buying process should be a breeze!
One important thing to remember is to not buy a house if you plan on moving again soon. This can end up busting your budget. As frustrating as renting can be, it is better to rent than to buy if you are going to be moving often. Some people assume that they can just sell a house immediately or rent it out, but it does not always work out this way. Better to rent and buy when you are ready, then to go bankrupt.

Another important thing to keep in mind is to not bust your budget. It may be tempting to buy the house of your dreams, that has everything you can imagine. However, everything that you want in a house can add up quickly. Stretching your budget an extra $10,000 or $15,000 may seem worth it for something you want, but it’s not something you want to do. Remember how much you can afford monthly, and keep in mind that jobs can change, life expenses can increase anything could happen!

Last of all, do not forget about the added costs! When buying a home, it is not just about replacing a rental payment for a mortgage payment. You need to keep in mind maintenance costs, utilities and property taxes. Most people tend to forget these extra payments and end up buying a house that they cannot possibly afford. Keep these things in mind when picking out a house, and you will be fine!

Home Equity Scams

In the world of real estate, you will find some very dishonest lenders that are willing to take advantage of your desire for cash and in the end scam you out of your equity. Here are some scans to look out for.

Equity stripping is when a lender can get you a home equity loan, even though your monthly income is not enough for the payments. These lenders encourage you to apply anyway, and should you default on payments, they get to foreclose and take your home and strip you of your equity.

Another one is loan scamming. This is when a lender encourages you to refinance your loan. When doing this, the lender charges high fees. The more you flip a loan, the more your debt increases and soon your can become in over your head and most likely loose your house.

Credit insurance packing is another scam. Once a home equity loan has been agreed on, a lender can give you papers to sign that include “charges” for credit insurance that you never asked for. The lender essentially hopes you will no notice and sign anyway. If you do notice, a lender could use scare tactics and tell you that should you not agree to these terms, the loan will have to be re-written and a delay in your application.

Deceptive loan servicing is a scam in which the loan service fails to provide you with an accurate or complete account statements and payoff figures. This makes is pretty much impossible to figure out how much you have paid off or still owe. The service may even tack on late fees or legal fees you don’t understand. This way you are confused, and have more to pay than you should.

Signing over the deed is one more scam. If you are having trouble paying your mortgage, the lender can threaten to foreclose the house. The lender can offer you a new way to finance, and in the meantime really be asking for the deed to your property. Once the lender has the deed, he can treat it as his on property.

When to refinance your home

There are many reasons why homeowners decide to refinance. This is a new opportunity to obtain a lower interest rate, shorten their mortgage term or convert to a fixed rate mortgage. One of the best reasons to refinance is to lower your interest rate. This can help you save money and increases the rate at which you build equity in your home. This can also, and importantly, decrease the size of your monthly payment.

It is also a good idea to determine whether it is better to have an adjustable rate or fixed rate mortgage and convert between the two. Sometimes adjustments in fixed rate mortgages can occur and this results in rate increases that are higher than the rate available through a fixed mortgage. When this happens, it may be better to concert to a fixed mortgage so the interest rate will be lower. On the other hand, converting from a fixed rate loan to an adjustable rate can also be a food strategy especially in the falling interest rate environment. This is especially a good idea for homeowners who don’t plan on staying in their home for more than a few years.

It is important to do your homework and research when considering refinancing your home. If you are not careful, you can end up with never ending debt. Some people do this in order to cover bigger expenses such as home remodeling or a child’s college education. Another reason is that the interest on mortgages is tax deductible. Just keep in mind that increasing the number of years that you own on your mortgage s rarely a smart financial decision and neither is spending a dollar on interest to save 30 cents.

Many homeowners also refinance in order to consolidate their debt. Doing this does not automatically bring great savings. Many people who had high interest debt on credit cars or other purchases more than likely will just end up doing it again and be in the same situation as before.

Refinancing can be a great financial move as it can reduce your mortgage payments and shortens your loan term. However, it can quickly backfire if your are unprepared or not ready. Make sure you are serious and are ready to do your financial homework.

How to get a good foreclosure deal

If you are hoping to buy a foreclosure, especially in the hopes of either saving money or making a profit, there are some things you need to take into consideration first. Tip number one, don’ make lowball offers on just listed properties! Most banks are not going to accept this offer, as they have just been on the market and want to ensure they get a good deal for their house. Normally banks consider lowering the price if the house has been on the market for 90 days with out an offer.

Another good tip to keep in mind is to not get into bidding wars! Sometimes agents will list a house for a very low price in order to grab people’s attention and then the bidding war commences between all the interested buyers. Do not fall for this! Make sure to do some research and find out how much the house is actually worth.

Research is most important, always make sure to do it!! When wanting to buy a foreclosure, you need to act fast. The house of your dreams maybe snatched up very quickly before you even have a chance to act. This is why you need to already make sure you know what you want and can afford, and once you see something you like, act on it quickly.

The best way to make an offer on a foreclosure is to buy it with cash. This may not be always possible for some people, so it is best to make a backup plan in case you really want a house. It is always possible to borrow from relatives and then secure a mortgage after the deal is closed. This way, you can ensure you get the house as transactions tend to go more quickly when a buyer pays cash.

When making an offer on a foreclosure, keep in mind what the bank wants. Banks like quick and simple deals. If you have a bigger down payment and deposit, this makes you seem like a strong candidate. This also makes you seem more committed and will have no trouble actually closing on the deal. This will make you look more attractive and a bank will choose you over other potential buyers because of this. Just keep these tips in mind, and this will help you secure a foreclosure!

How to be approved for a loan

Buying a house is obviously a stressful process, so learning the best way to qualify for a mortgage loan now will help you later down the road!

The best way to start is to know you credit score. It only takes a few minutes to do so and is quite an easy process. Some homeowners never end up doing this and then only realize their score is too low when they are already rejected for a loan. If your score is below 680, lenders are allowed to deny your request, so make sure you know what your score is before applying!

Make sure to save up your cash. Many Mortgage lenders require a down payment, so if you are unable to fork up any cash, be prepared to be rejected! Each down payment differs depending on the type of loan and lender you are working with. Keep in mind that this is not the only expensive you will need to be able to cover. There are also closing costs, home inspections, appraisals, title searched, and application fees to cover as well!

Also make sure to not quite your job during this process! This is a crucial step, because any changes to your employment or income can delay or even stop your mortgage approval process!

Another good tip is to start paying down your debt and avoid stacking up any additional debt. Before being approved for a mortgage, lenders evaluate your debt to income ration, so if you have alot of debt, you can be denied for a lower mortgage or denied all together! Don’t let your guard down once you are approved, lenders will re-check your credit before closing as well.

Getting pre-approved for a mortgage loan is a very responsible choice. This way you know what you can and cannot afford before you start looking. All you need to do is contact a mortgage lender and submit your financial and personal information and wait for a response. This way, you know what your budget will be. By following these simple steps, you can make the house buying process slightly less stressful!

Things to do before moving in

Finally, after searching for so long, you have finally found the house you want have bought it! Now what? Moving in can be quite stressful, so follow the tips before and your move in should be as pain free as possible.

Make sure to connect your internet! Getting an appointment to do this can take up to three weeks, as service providers are very busy! It can be quite inconvenient to be without internet for so long, so plan accordingly! Make sure to connect your energy in your new home, but in your name! All you need to do is to call your energy provider, give them you information and they will switch the energy over to you. This will ensure that the previous tenants aren’t charged for your energy consumption.

If you are moving with children, pets or both, then you will need to make sure you have a plan for them on move in day. Have someone watch over them, so you can focus on organizing the house. Once moved in, you will need to make sure everyone knows your new address so people are able to get into contact with you. Make sure to notify your friends, family and relatives as well as any business that may need to know this new information as well. This should be done as soon as possible, because you cannot always rely on the new tenants of your old home to forward your mail. Make sure to let the post office know of your address change.

A good idea to do in a new home is to have an “un-packing” box. This box should contain keys, tools to construct furniture, any loose screws from your furniture from your old home, scissors, tape and anything else you think you may need. You will definitely want to make sure to contact your insurance provider to ensure you are covered for the duration of your move. This way you can make sure that while you are in between houses, and don’t really live at either one, you are still covered during this time. As soon as you have the keys to your new home, make spares!! Moving days can be stressful and so it would be very easy to loose the one key you have that would give you access to the house. By following these rules, move in day can be just a little less stressful!