Secrets to a Better Homebuying Experience

When you’re ready to buy a home, the biggest obstacle may be in finding the best mortgage options for your situations. Without some knowledge about how home financing works, you may sabotage yourself without even knowing it.

Get Pre-Approved

If you’re new to the homebuying experience, you may not be aware that you can get pre-approved for your loan. Going through this process, before you begin your home search can help you in a couple of ways. First, it gives you a better idea of how much you can afford to pay, so you won’t be looking at properties outside your price range. Second, it prepares you to make an offer as soon as you find something you like. This is important, because you may be in a seller’s market and the home listing won’t last long.

Qualifying for a Loan is Easier

The economic landscape has changed drastically in recent years, partly because millennials are coming to the real estate market with lower credit scores. Since this is a problem facing the majority of homebuyers, lenders have been forced to relax their standards. This means you can now buy a home with a down payment as low as 3% of the sale price, even with some commercial lenders. Also, acceptable debt to income ratios are at 50%, where they were once at a 45% rate on Fannie Mae loans.

Don’t Make Any Big Purchases

Once you decide to buy a home, put a stop to big or unnecessary purchases. While this is true as you try to get pre-approved, you’ll also want to hold fast against spending money throughout the homebuying process. Spending money or applying for new credit cards can significantly alter your credit profile, which means you may find it difficult to qualify for a home loan. Additionally, poor spending habits can indicate a credit risk and, even if you do get pre-approved, you may end up paying a higher interest rate. Experts recommend ceasing spending and credit use at least six months in advance and you may want to read more about how credit ratings can affect how much interest you pay.

Buy the Worst House

Another factor to consider is how much your home will appreciate, while you own it. If you go for the best house on the block, you may actually lose money, because homes only appreciate as much as the surrounding property. Conversely, buying the home with the lowest value in the neighborhood maximizes your potential for home appreciation. Also, fewer homebuyers go for the best and biggest home, so you may experience trouble trying to sell the most valuable property in the neighborhood. Sometimes less is more.

Buying a home can be a complex process, especially when you lack an understanding about how credit affects loan terms. By thinking ahead, you can improve your credit profile and increase the chances that you’ll get approved for a loan with optimal terms. If you’re unsure about what to do to prepare, you can …

Roof of New Home to Work

Getting a new roof can be one of the most expensive and important projects to improve your home’s value. Add to this the fact that the roof is the first line of defense against considerable damages, you want to find reputable roofing contractors St Charles MO to get the job done right.

There are hundreds, if not thousands, of contractors in your area. It is important to know a few basic rules for choosing the best one to work on your home. Here are four tips to get you started.

1. Talk with Several Contractors

Talking with at least three different companies can help you gauge what seems to be a reasonable price range. While you do not want to make a final decision based on price alone, be wary of any bids that seem excessively high or remarkably low. You can also use this time to find out more about each contractor and whether they might be a good fit.

2. Verify Insurance Coverages

It is vital that any contractor you hire has adequate business insurance, specifically liability and worker’s compensation. They should be able to show your certificates of coverage. To be thorough, you should call the insurance carrier to confirm that the contractors have valid coverage.

3. Check Background and Credentials

Continue checking each contractors’ background and credentials for doing the work you need. In addition to insurance, quality contractors are licensed and have a minimum of three references. Make sure you contact the references and ask questions about their experience with the companies. Doing this relieves some of the stress in hiring a new company without having firsthand knowledge of their ability.

4. Get a Written Estimate

Get a written estimate on all the work that you need completed. The estimate should include how long it will take to complete the project. Additionally, payment terms should be listed, i.e., down payment or installments at different stages of the project.

Hiring the right roofer can be confusing and challenging when you do not know where to begin. Following these tips can erase a lot of questions and “what-ifs” about what you can expect.…