Preparing to Take Out a Mortgage? Do This First
Purchasing a home is a significant life milestone, and for most people, it involves securing a mortgage to finance the purchase. Mortgages can be complex, but with careful preparation and planning, the process can be streamlined and less daunting. Here are essential steps to take when preparing to take out a mortgage.
When is my first mortgage payment due?
Your inaugural mortgage payment is generally due on the first of the month, 30 days after you close the deal. You're paying for the previous month, not the current one. After spending so much money to buy the home, this is often a welcome reprieve.
Strategies for a Seller's Market
A seller's market is a real estate market in which there are more buyers than sellers. This means that sellers have more power in negotiations and can often sell their homes for more than they would in a buyer's market. During a seller’s market, properties will often sell quickly, sell for over their asking price, and receive multiple offers.
Strategies for a Buyer’s Market
Have you heard people say that it’s a good time to buy because we are in a buyer’s market? But what does that mean exactly? A buyer's market is a real estate market in which there are more homes for sale than there are buyers. Houses tend to sit on the market longer, so sellers are more willing to negotiate on things like price or make other concessions.
Homeowners Insurance in California
You may have heard on the news that State Farm and Allstate, two homeowner insurance providers, are no longer accepting new applications for homeowner insurance policies in California. This was due to the risk of wildfires faced by California homes as well as the increased costs to rebuild.
Should You Waive Your Contingencies?
Have you heard someone say that you should waive your contingencies to make your offer more appealing? The California Residential Purchase Agreement (RPA) typically includes several contingencies that protect the interests of both buyers and sellers.
What are closing costs?
Before you buy or sell a home, it is important to prepare. Closing costs are often higher than most people expect and some people don’t expect them at all. So, what are closing costs?