10
Jul
By First Rate Financial Group
Mortgage Tips

4 First Things You Should Do After You Move In

4 First Things You Should Do After You Move InCongratulations on moving into your new house! But hold on. Now that the house is yours, there are a few things you will want to do in order to make life in your new home more comfortable and secure. Before you plan your housewarming party, here is a list of the first things you should do after you move in.

1. Change The Locks

As the new homeowner, you have no way of knowing how many others have keys to your new home. The previous owner may have made copies for their housekeeper, their parents, the babysitter, a neighbor, or anyone else. You definitely don’t want anyone else having keys to your home. Have a locksmith come in and change all the locks. The investment will help you sleep soundly.

2. Find Out Your Boundaries

Check in with town hall to see if there are documents on file that lay out the boundaries for the land you just purchased. If not, consider having a land surveyor come out to mark the boundaries around your new home. This will ensure that you don’t accidentally do things that encroach on your new neighbor’s land, such as planting trees or flowers, erecting a fence, or setting up a swing set.

3. Introduce Yourself To The Neighbors

Pencil in a day to go around and meet your new neighbors. Don not wait too long to do this; the longer you wait, the more awkward it becomes. In theory, they should be introducing themselves to you, but these days you could be waiting a long time for an apple pie to show up at your door. Just wait for the weekend and give a light knock on the doors on your street. Your neighbors will appreciate the gesture and you might just meet a new friend.

4. Make A House Map

A house map is just a general layout of where all the important fixtures are. The map should include the furnace, all outdoor spigots, the main water shut-off valve, the septic tank lid cover (if applicable) and the circuit box. Finally, invest in some fire extinguishers and mark their locations on the map, too. Have it laminated and put it someplace where all the family members can access it.

Once you take care of these four things, you willll feel better knowing that you’ve done all the necessary chores. Now, just sit back and enjoy your accomplishment!

 

08
Jul
By First Rate Financial Group
Home Mortgage Tips

Five Tips for Managing Your Monthly Budget to Ensure Your Mortgage is Paid On-Time, Every Time

Five Tips for Managing Your Monthly Budget to Ensure Your Mortgage is Paid On-Time, Every TimeHomeowners who are struggling to make their monthly mortgage payments can make it easier on themselves by cutting costs in other areas. Learning how to budget effectively will likely enable homeowners to pay their mortgage payments on-time, every time. Here are five of the best budget tips:

Conserve Energy

It is advisable to be mindful of energy use in order to keep utility bills down to a minimum. Lights, televisions and other devices requiring electrical power are best to leave off in unoccupied rooms. It is also a good idea to make sure that windows and doors are properly sealed so that energy is not wasted.

Stay Committed to Couponing

All too often, coupons that arrive in newspapers or through emails are quickly discarded. Collecting coupons from various sources can give homeowners the chance to save big on groceries, entertainment and other everyday purchases. Some of the savviest consumers have been known to spend practically nothing on their purchases by simply staying committed to the art of couponing.

Watch Credit Card Usage

Having a credit card often creates a false sense of financial security. Many card holders are tempted to charge their credit cards up to their limits only to be burdened with high interest rates and inflated minimum payments. Credit cards are best to use only in times of emergencies.

Consider Alternative Transportation Methods

Fuel costs, auto repairs and other expenses associated with driving a vehicle on a frequent basis can make it much harder for homeowners to stay on top of their mortgage payments. People who have access to adequate public transportation may be able to significantly reduce their commute costs. Car sharing services give people the opportunity to use a car on an as-needed basis and often prove to be a smarter alternative to owning a vehicle.

Keep Expense Records

It can also be easier to set money aside for mortgage payments if expenses are carefully monitored with a detailed eye. It is best to closely scrutinize receipts, bank statements and other financial documents for any discrepancies. Keeping track of expenses on a spreadsheet so that all financial information is clearly displayed may be another practical idea.

Smart budgeting practices can help homeowners save the extra money they need to pay their monthly mortgage payments before each due date passes. Contact a local mortgage professional to learn more clever ways to manage money while trying to pay on a mortgage.

18
Jun
By First Rate Financial Group
Mortgage

Should You Buy A Home Warranty?

Should You Buy A Home Warranty?When you buy a new house, the first thing you want to do is protect your investment. You already have property insurance. Should you also buy a home warranty?

What Is A Home Warranty?

A home warranty is not the same thing as insurance. Home warranties are service contracts. If a covered item breaks down and it is covered in the terms of the warranty, the home warranty company will pay to fix or replace that item.

What is Covered Under A Home Warranty?

Every home warranty contract is different but generally, a home warranty may cover items like major kitchen appliances, HVAC components, sump pump, in-home sauna or spa tub, and/or ceiling and exhaust fans.

Often, a homeowner can get an extended warranty contract that covers items like the washer and dryer, garage door opener, septic system and swimming pool components.

Understand The Costs

A basic home warranty costs between $350 and $500 annually, depending on what coverage you get. However, if something does break, you will also be on the hook for incidentals like service call fees or a deductible.

Know The Benefits

There are considerable benefits to having a home warranty contract in place, especially when something expensive breaks down, like a furnace. There is a lot of peace of mind knowing that you will be able to quickly get something fixed in your home.

You Might Already Be Covered

Your homeowner’s insurance policy might cover some of the same things that are covered with a home warranty. So you could be paying for duplicate coverage on some items. However, your homeowner’s insurance likely will not cover a dishwasher that needs to be replaced or a fridge that suddenly goes out.

There Are Alternatives

Finally, before you pay for a home warranty, remember that there are alternatives. For example, most HVAC companies offer financing options to buy a new furnace. Most appliance stores also offer financing on major purchases like refrigerators and dishwashers. You could save your $500 or so a year and put it in a savings account for a rainy day instead of gambling that you might have a major repair or purchase that year.

There are pros and cons to home warranty plans. Just be sure you fully understand both sides of the issue before you sign on the dotted line.