Joel Mistretta's Blog
The weeks and days leading up to a home closing can be stressful, particularly for a homebuyer who is already trying to do everything possible to secure his or her dream residence. Fortunately, we're here to help you simplify the process of getting to your closing date.
Now, let's take a look at three tips to ensure you can enjoy a fast, easy home closing.
1. Get Your Paperwork Ready
It often helps to get all of your homebuying paperwork ready before you pursue a residence. That way, you can minimize the last-minute stress associated with searching far and wide for pay stubs, tax returns and other documents that you'll ultimately need to get financing for a residence.
Furthermore, you should meet with local banks and credit unions as soon as you can. If you can get approved for a mortgage prior to starting a home search, you may be able to speed up the process of acquiring your ideal residence.
2. Be Prepared to Cover Your Closing Costs
Although you might have financing to cover your monthly mortgage payments, it is important to remember that you may need to pay closing costs to finalize your home purchase. As such, if you begin saving for your closing costs today, you can guarantee that you'll have the necessary funds available to purchase your dream residence on your scheduled closing date.
Also, you should be prepared to present a cashier's check or wire funds when you close on a house. If you plan ahead, you should have no paying off your closing costs when your complete your home purchase.
3. Schedule Your Final Walk-Through Before Your Closing Date
When it comes to a final walk-through on your dream house, why should you leave anything to chance? Instead, set up the final walk-through at least a few days before you're scheduled to close on a house.
If you find problems with a house during a final walk-through, you'll want to give the seller plenty of time to address these issues. Thus, if you schedule a final walk-through several days before your closing date, you can ensure that any home problems can be corrected without putting your closing date in danger.
For homebuyers who are worried about a home closing, there is no need to stress. In fact, if you work with an expert real estate agent, you can receive plenty of support throughout the homebuying journey.
Typically, a real estate agent can explain what you should expect in the time leading up to your closing date. If you have any concerns or questions before a home closing, a real estate agent is happy to address them. Plus, when your closing date arrives, a real estate agent will help you remain calm, cool and collected as you purchase a home.
Ready to streamline the process of closing on a house? Use the aforementioned tips, and you can reap the benefits of a quick, seamless home closing.
FHA loans have long been a valuable resource for Americans who want to fulfill their goal of homeownership but who don’t have the benefit of a lengthy credit history and equity.
If you’re hoping to buy a home in the near future but want to explore all of your options in terms of financing, this article is for you.
Today we’re going to talk about FHA loans and how to know if you qualify for one.
What are FHA loans?
FHA loans are issued by private mortgage lenders across the country, just like regular mortgages. The difference, however, is that an FHA loan is “guaranteed” by the federal government.
Lenders decide your borrowing eligibility, and how much you can borrow, by determining risk. If you don’t have a sizable down payment (oftentimes 20% or more) and you have a low credit score, most mortgage lenders will see you as a risky person to lend to.
When you get an FHA loan, however, the federal government assumes some of that risk, allowing you to secure the loan anyway.
This means you can buy a home with a low credit score, a smaller than usual down payment, and save on some closing costs.
How do I qualify for an FHA Loan?
To find out if you qualify for an FHA loan, you’ll head to the same place as a traditional mortgage--a mortgage lender. Oftentimes, you can simply call or visit the website of lenders to get the process started.
As with all things, it’s a good idea to shop around for a mortgage lender. Their offerings will be largely similar, but there might be minor differences that make one better than another for your particular circumstances.
Down payment requirements
To secure an FHA loan, you will need to make a down payment of at least 3.5%. However, this low down payment comes with a price. You’ll typically be required to pay private mortgage insurance (PMI) fees on top of your accruing interest for your loan.
Credit score requirements
While you can often secure a mortgage with a lower credit score through an FHA loan, there are still some requirements. To secure a loan with the lowest possible down payment (3.5%), you’ll need a credit score of 580 or above.
Previous homeowners and FHA loans
A common misconception about FHA loans is that they are only for first-time homeowners. However, you can still qualify for an FHA loan if you’ve owned a home before as long as it has been three years since you’ve had a foreclosure or two years since filing for bankruptcy.
If you meet these three conditions, you should be able to secure an FHA loan through a traditional mortgage lender.
For parents who need to move a family from Point A to Point B, keeping kids busy can be difficult. Lucky for you, we're here to help you entertain your kids throughout the moving cycle.
Now, let's take a look at three activities that you can use to keep your kids busy on moving day.
1. Packing Last-Minute Items
Last-minute items like clothing and toys will need to get packed up before you can leave your current address. Fortunately, you can rely on your kids for extra help with packing these belongings.
Including your kids in the packing process is a great way to bond with your children. In fact, you and your kids can work together to pack up last-minute belongings and ensure these items quickly and safely reach your new address.
2. Creating a Moving Day Journal
Let's face it – moving can be stressful, particularly for kids. However, if you encourage your kids to create a moving day journal, you may be able to help your children alleviate stress.
A moving journal offers a great opportunity for a child to express his or her thoughts about an upcoming move.
Furthermore, a child can use a moving journal to envision what life might be like at his or her new house. This journal can even include drawings that illustrate how a child might decorate his or her new bedroom, lists of ideas about things to do near a new house and much more.
3. Playing Board Games and Car Games
Pack a bag of board games to help your kids pass the time in the car – you'll be glad you did. These games are easy to play and will help your children stay entertained for hours.
Memorization games are great for kids and parents alike too. Of course, don't forget about the classic "I spy" game that you can play with your children while you drive to your new address.
Lastly, if you need extra help as you prep for your move, you should not hesitate to reach out to a real estate agent.
A real estate agent is a moving expert who can take the guesswork out of relocating to a new residence. He or she can help you get in touch with local moving companies, offer packing tips and provide fun suggestions so that you can keep your kids busy while traveling.
Perhaps most important, a real estate agent can offer comprehensive assistance as you buy or sell a house. If you need help finding a residence or selling one as quickly as possible, a real estate agent will work with you so that you can achieve your goals. Also, a real estate agent is happy to respond to your homebuying or home selling concerns at any time.
Want to get the most out of moving day with your children? Take advantage of the aforementioned moving day activities, and you and your kids can enjoy an unforgettable moving day experience.
If you find lots of great homes are available and cannot decide which residence to buy, there is no need to stress. Rather than submit multiple offers to purchase various houses, you should hone your home search. By doing so, you can discover the right residence, at the right price.
Now, let's take a look at three tips to help you narrow your home search.
1. Define Your Dream Home
Think about the features you want in your dream home. Then, you can make a list of "must-have" home features and search for residences that offer these features.
Furthermore, consider where you want to reside. If you prefer big city living, for example, you may want to focus exclusively on city houses. On the other hand, if you want to reside in a small town, you can search for residences in myriad small towns.
2. Conduct a Preliminary Housing Market Review
Let's face it – searching for a home can be overwhelming, regardless of whether you are a first-time or experienced homebuyer. But if you perform a preliminary housing market review, you can get a good idea about the volume and quality of available residences. Next, you can use this real estate market information to map out your homebuying journey.
Of course, it may be beneficial to attend open house events as well. These events enable you to get an up-close look at assorted residences. They also can help you understand the features you want in your dream house so you can further refine your home search.
3. Consult with a Real Estate Agent
When it comes to navigating the housing market, it helps to have a real estate expert at your side. Thankfully, real estate agents are available in cities and towns nationwide, and these housing market experts are happy to help you acquire a superb residence at an affordable price.
A real estate agent understands what it takes to help you find a quality home that won't force you to break your budget. First, he or she will learn about your homebuying goals and teach you about the real estate market. A real estate agent next will help you analyze the real estate market and explore a broad range of houses. And once you find a house you want to buy, a real estate agent will help you craft a competitive offer to purchase this residence.
Let's not forget about the guidance a real estate agent provides throughout the homebuying journey, either. Purchasing a house is no small feat, and a real estate agent will take the guesswork out of the homebuying cycle. Best of all, a real estate agent can respond to your homebuying concerns and questions at any time.
If you want to discover a home that matches your expectations, it helps to plan ahead for the property buying journey. By taking advantage of the aforementioned tips, you can streamline your house search and find your ideal home faster than ever before.