08
Dec
By First Rate Financial Group
Mortgage

Tips For Selling A House During The Winter Season

Tips For Selling A House During The Winter SeasonThe most popular time of year to sell a home is the summer. There are a lot of families with children who prefer to move during the summer because they do not want to move their children during the school year. In contrast, many people do not like to move during the winter. It can be difficult to request extra time off of work, particularly during the holiday season. At the same time, it is still possible to sell a home during the winter. What are a few tips homeowners need to follow to sell a home during the winter? 

Maximize Curb Appeal

There is never a second chance to make a first impression, and homeowners need to maximize curb appeal. Do everything possible to make the yard look nice. It is also critical to shovel the walkways. That way, potential buyers do not need to worry about slipping and falling when they walk up the front driveway. It may also be helpful to clean off the patio to make it look larger. 

Warm Up The Inside

People are going to be cold when they step inside during the winter. Therefore, homeowners should turn up the heat. It may also be helpful to have a specific location for winter coats and wet shoes. That way, potential buyers will be comfortable at that look at each individual room in the home. 

Add More Lights

During the winter, it is dark when people go to work. It is also dark when they come home. It might be pitch black when people arrive, so remember to turn on the lights in the home. Having lights can make the home feel more inviting. They can also increase the visibility inside and outside the home so the buyers can see what the house has to offer. 

Showcase The Season

Sellers should not hesitate to showcase the season. Consider putting out a plate of cookies. Arrange pillows and blankets on the sofa. Turn on the fireplace if there is one. Even seasonal accents can make the difference when trying to get an offer on the table. Be sure to stage the home for the season to showcase the potential of a house. 

 

03
Dec
By First Rate Financial Group
Mortgage

An Overview Of A Deed Of Reconveyance

An Overview Of A Deed Of ReconveyanceWhen someone purchases a house, they might have to take out a loan. Because a house is expensive, most people end up with a mortgage. Some people decide to go with a 15-year mortgage while other people decide to go with a 30-year mortgage. Eventually, after all these years, someone might receive a deed of reconveyance. What does this mean, and how does it work? 

Homeowners Own The House, But With a Lien

After purchasing a house, homeowners legally own the house, even if they have financing tied to a mortgage. Even if someone purchases a home with only 3.5 percent down, they own that house, but there might be a mortgage lien to it. What this means is that the mortgage has to be paid off when the house is sold. Or, the lender has to agree to a short sale. Once the loan is paid off, that mortgage lien is removed. To remove the lien, the lender will issue something called a deed of reconveyance.

How Does This Deed Work?

Laws can vary from state to state, most jurisdictions require the lender to submit a deed of reconveyance to the borrower within 30 or 60 days of the mortgage being paid off. In some cases, the lender will send the notice directly to the homeowner. Then, the homeowner has to contact the county to record it. Homeowners might be required to work with the county to get the deed of reconveyance recorded. Otherwise, they could face a penalty. 

What Happens When Selling a Home?

If the mortgage has not yet been paid off and the home is sold, the proceeds from the buyer need to be used to pay off the mortgage. Then, the seller collects the money left over. Once the mortgage is paid off at closing, the title company usually handles the deed of reconveyance. 

It is important for homeowners to have a deed of reconveyance if they pay off the mortgage before they sell the house. Sometimes, if the home is owned by the homeowner outright, it can make for an easier sale. This is another reason why homeowners should work with a real estate agent when they go to sell their homes. 

 

01
Dec
By First Rate Financial Group
Mortgage

Overcoming Anxiety as a First-Time Home Buyer

Overcoming Anxiety as a First-Time Home BuyerThere are many people who are thinking about buying a home for the first time. Even though this is an exciting experience, there are also people who develop anxiety when purchasing a home. This is a major financial decision, and it is critical to get it right. What do people need to do if they want to overcome anxiety as first-time homebuyers?

Maximize The Credit Score

Before applying for a home loan, everyone should maximize their credit score. Everyone has the right to request one free credit report per year. This is an opportunity for people to take a look at their credit reports and correct any inaccuracies that might be present. The higher the credit score is, the easier it will be to qualify for a home loan. Furthermore, those with high credit scores may also qualify for lower interest rates. 

Pay Down Existing Debt

It is also a solid idea for people to pay down as much of their debt as possible. Having a lot of debt can put a significant strain on resources when trying to buy a house. Car loans, auto loans, and credit card debt can make it difficult for people to afford a home. Debt consolidation may be a great way to make it easier for people to afford a home. 

Safe Enough For A Down Payment

Housing prices are going up, and it might be difficult for first-time homebuyers to save enough for a down payment. Even though the traditional number is 20 percent down, it is possible for first-time homebuyers to qualify for a home loan with as little as 3.5 percent down. Remember to save enough money for closing costs as well. 

Stay Under Budget

Finally, anyone purchasing a home for the first time should also stay under budget. It is critical to work with a professional who can calculate what an affordable home price might be. That way, individuals do not have to worry about falling behind on their mortgage payments. Remember that a mortgage payment is going to stay the same for the life of the loan. Therefore, as income goes up, the home should become more affordable, helping people put their anxieties at ease.