Sunday, April 16, 2023 / by Dave Magua
Purchasing a home is a significant financial decision that requires careful planning and preparation. One of the essential factors to consider when applying for a mortgage is your credit score. Your credit score affects the interest rates you're offered, the amount you can borrow, and whether you qualify for a loan at all. If your credit score is lower than you'd like, don't worry. Here are ten tips that can help improve your credit score and put you on the path to homeownership.
Check Your Credit Report for Errors
The first step to improving your credit score is to check your credit report for errors. You're entitled to a free credit report from each of the three credit reporting agencies once a year. Review your report and dispute any errors that you find.
Pay Bills on Time
Payment history is the most significant factor in your credit score, so it's essential to pay your bills on time. Set up automatic payments or reminders to help you stay on top of your bills.
Keep B. ...
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Saturday, April 15, 2023 / by Dave Magua
When you apply for a mortgage loan, your lender is required to provide you with a loan estimate within three business days. This document summarizes the loan terms, fees, interest rate, and monthly payments, as well as estimates for property taxes, insurance, and mortgage insurance, if applicable.
However, the loan estimate is only an estimate and may not reflect the final costs. As your loan goes through the underwriting process, the data may change, resulting in differences between the loan estimate and the final closing disclosure.
According to Rocketmortgage.com, you should receive your closing disclosure at least three days before the closing date, which is a final accounting of all your closing costs. It is important to review the closing disclosure carefully and compare it line by line with the loan estimate. If there are any discrepancies, contact your lender to understand the reasons behind the changes.
While some costs are not allowed to change, including loan origin. ...
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Friday, April 14, 2023 / by Dave Magua
Considering a home purchase, but hesitant due to high prices and interest rates? As the spring homebuying season begins, it's natural to question whether it's a good time to buy. However, recent market trends suggest that now may be a favorable time to jump into the housing market.
According to a recent report, national mortgage rates have dropped from 7.37% in October to 6.2% in January 2023. Home prices have also decreased by 2.5% from their peak in spring 2022, and 42% of home sellers are now offering concessions to attract buyers. Additionally, the job market has improved, with an unexpected 223,000 new jobs added and a national unemployment rate of 3.5% in January 2023.
While these shifts may seem small, they have boosted buyer confidence in the housing market. Buyers believe that home prices will continue to fall through Q3-2023 and that mortgage rates will also decrease, despite the Federal Reserve's efforts to control inflation by raising interest rates.
To get a bette. ...
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Thursday, April 13, 2023 / by Dave Magua
Are you looking to spruce up your home without breaking the bank? Consider making small improvements that can have a big impact!
First, focus on boosting your curb appeal. The front entrance of your home is crucial for making a great first impression. For a quick upgrade, give your front door a fresh coat of paint in a trendy color. Some other options include, adding a new welcome mat, a stylish framed house number, a freshly painted mailbox, and some planters filled fresh greenery and colorful flowers.
Next, turn your attention to your floors. Regular foot traffic and spills can make wood and carpeted floors look dull and dirty. To revive your hardwood floors, polish them once a year or before putting your home on the market. For carpets, weekly vacuuming can remove surface dirt, but for a deeper clean, consider hiring professionals to remove stains, pet odors, allergens, dust mites, and deeply embedded dirt. Not only will your floors look and smell new, but they'll also last lo. ...
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Monday, April 3, 2023 / by Dave Magua
The Building Safety Act for Condominium and Cooperative Associations was signed into law by Florida Governor Ron DeSantis on May 26, 2022. The law brings about several changes to Florida's condominium and cooperative association laws, specifically regarding building inspections and reserves.
For buildings over three stories tall, mandatory inspections begin once the building reaches 30 years of age, and for buildings within three miles of the coastline, mandatory inspections must begin at year 25.
The Building Safety Act also requires mandatory reserve funding for structural integrity components and promotes transparency between the board of directors and association members.
Structural integrity reserve studies, which are a key change brought about by the law, must be conducted every 10 years, and funding for these reserves is mandatory. Developers must now establish reserve accounts, and the law mandates what should be included in the structural integrity reserve studies.
To . ...
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