20
Nov
By First Rate Financial Group
Real Estate

5 Real Estate Professionals Who Assist You When You Buy Your First Home

5 Real Estate Professionals Who Assist You When You Buy Your First HomeSo you’re set to buy your first house. But where do you begin?

Buying a house for the first time can be nerve-racking. Most advice articles often concentrate on the steps involved in buying a house. To streamline things, let’s focus on the people who will likely be involved in your purchase transaction.

Concentrating on the finding the right professionals can help you navigate the entire buying process easier and more comfortably. Most people start with their home loan financing or locating a property with a real estate agent. Many of the other people involved in the transaction will be referred by these two important folks.

Apart from you and the seller, a number of other people will probably get involved. Some of them get involved throughout the whole process, others pop in and out, while others are optional. Below is an overview of five people involved.

Mortgage Loan Officer

First-time home buyers rarely pay all cash for their property. Most of them borrow money to purchase the property. As such, your mortgage loan officer becomes part of the process from the start to the end. From the moment you inquire if you can afford to the time of transferring ownership, your loan officer will be there.

Real Estate Agent

Most first-time buyers employ a real estate agent to assist them purchase their houses. Agents can help you find the house, draft your offer and advise you on ways to negotiate with the seller. They will likely help you circumnavigate through inspection and closing steps.

Settlement Agent

A settlement agent or a closing agent becomes involved from the moment you reach an agreement with the seller until the transfer of ownership is complete. In most cases, a settlement agent is most involved in the last days before you assume ownership.

Home Inspector

Home inspectors get involved for a short period of time. Most of them pop in, carry out an inspection, write a report and they’re gone. You may never hear from your inspector again. Your real estate agent or mortgage loan officer will most likely be able to recommend a trustworthy home inspector.

Appraiser

Mortgage lenders usually ask appraisers to estimate the market value of the house you’re purchasing. An appraiser makes sure that your lender isn’t advancing you more money than the actual market value of the house. Though the appraiser reports to your lender, you usually pay for the appraisal in your home loan closing costs.

Please keep in mind that legal requirements for transferring house ownership vary from one state to another. For instance, some states require a real estate attorney in the transfer of ownership. Check with your preferred real estate professional to get the details in your local market.

If you are in the market for a new home or interested in refinancing your current property, be sure to contact your trusted mortgage loan professional.

21
Aug
By First Rate Financial Group
Real Estate

When It Makes Sense To Buy An Ugly Duckling

When It Makes Sense To Buy An Ugly Duckling“Move-in ready” homes are desirable — there’s no doubt about it! But sometimes it makes better financial sense to opt for a house with dated decor and a less than trendy kitchen or master bath. You may not get your dream home immediately, but the opportunity to transform a property into your own swan can be rewarding. It can also be easy on the pocketbook.

When looking at Ugly Ducklings, however, look first to structural integrity and the condition of major home systems. including plumbing and septic, driveway and drainage. A home inspection is invaluable, even though no inspector can guarantee trouble-free systems. Inspections will alert you to potential problems: Needed roof repairs, leaking faucets, inoperable appliances, termite infestation or dry rot and the like.

All home components have a life span, and if you’re buying an older home, try to determine the age of its systems, including heating and air conditioning, and kitchen appliances.

Here are some ways to weigh the pros and cons:

Electrical Wiring

Assure that the electrical panel and service to the home are ample for your needs. If the panel is undersized or the home still has aluminum wiring, you’ll probably want to check on repair and replacement costs: In some older homes, it might be a deal killer. But it also might be an opportunity. You’ll have to weigh the options.

Roof

A roof that has been well-maintained, and that currently has no major deficiencies, is a bonus. If there are existing problems with shingles or gutters, it’s prudent to get an estimate for needed repairs from a qualified roofer. Use it as a bargaining chip in negotiations.

HVAC

Heating and Air Conditioning are major “quality of life” considerations. Whatever systems the house has installed should be in reasonable condition, and should heat and cool appropriately on demand. That doesn’t assure that you won’t have some costs sooner rather than later. But, depending on the age of the systems, you make get many more years of use.

Appliances

Older appliances may not have all the bells and whistles of stylish new models. But kitchen updates are expensive; the most costly items include cabinets and appliances. Buying a house with a vintage kitchen means that you can undertake a redo on your own terms, doing a little or a lot on your own timetable and with a specific budget in mind. 

Decor

Paint and simple fixes can change the whole look of a room, and put a new face on a whole house. A little elbow grease and a lot of imagination will easily compensate for the extra price of a remodeled home with all the newest materials. 

Landscaping

If you’re looking for bargains, look beyond negative curb appeal. Consider lot size and potential, and know that with a little cash and a lot of sweat equity, a nondescript yard can be transformed. Choose low-maintenance plants and reap double rewards.

Buying property in need of TLC, a Plain Jane, or the ugliest house on the block can be a wise decision if you have a little patience. But you might have to also invest some time and effort, along with some cash, to make it a thing of beauty. 

If you are in the market for a fixer-upper, be sure to contact your trusted mortgage professional for a pre-approval and to discuss financing options.

23
May
By support
Real Estate

Green Technology To Reduce Your Home’s Carbon Footprint

Green Technology To Reduce Your Home's Carbon FootprintWhen you are a homeowner looking to reduce your carbon footprint, there are a number of steps you can take to make your home earth-friendly. From passive solar heating to solar panels, you can make a difference in the impact your home has on the environment.

Even when you aren’t building a new home, changes can be made to an existing property to increase efficiency and reduce reliance on utility systems.

Invest In Solar Power

Solar panels are one of the most popular ways to reduce your carbon footprint, and with good reason. Solar panels often produce enough electricity so that you have energy to sell back to the energy grid every month. Over time, solar panels on your property can earn you money instead of costing money in utility bills.

Consider Passive Solar Designs

Passive solar is heating your home with the sun by using the right design. For example, certain materials such as slate holds heat. If you have a room that gets plenty of sunlight during the day, a slate floor can help keep the room warmer once the sun sets. If the floor is made from a material that dissipates heat, such as ceramic tile, your home won’t benefit from the sun once it sets.

Radiant Floor Heating Saves On Energy Costs

Heat rises, and those that invest in radiant floor heating find that it is easier to heat up a room. Radiant floor heating uses coils below the surface of your floor, creating heat. The heat rises into the room instead of getting blown in through a heating vent. This reduces the amount of energy you need to heat your home.

Invest In Energy Efficient Appliances

Every appliance that you use in your home has an impact. Consider investing in energy efficient appliances when you are trying to make your home more earth friendly. You will save money on utility costs and help the environment at the same time.

Consider a Clothesline

The energy used to heat your clothes and dry them can be eliminated if you simply hang everything outside to dry. While this adds to your workload, it is a free way to reduce your carbon footprint.

When you have a home, there are a number of ways you can help reduce your impact on the environment. Set up a recycling area in your home, have a vegetable garden if possible, and use electricity only when necessary.

Enjoy your space and don’t be afraid to try new ideas to reduce waste within your home.