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Applying for a mortgage may seem like a long, stressful process at first. Fortunately, we're here to help you take the guesswork out of submitting a mortgage application.
Now, let's take a look at three tips to help you streamline the mortgage application process.
1. Ask Questions
A bank or credit union likely will ask you to provide a wide range of information as part of the mortgage application cycle. And as you complete a mortgage application, you may have questions along the way too.
Remember, a lender is happy to help you in any way possible. If you ever have concerns or questions as you complete a mortgage application, you should reach out to a lender for expert support. That way, you can reduce the risk of potential problems down the line that otherwise could slow down the mortgage application process.
Even a single mistake on a mortgage application may prevent you from getting a mortgage. Perhaps even worse, a delayed mortgage application may force you to miss out on an opportunity to acquire your dream house. But if you reach out to a lender as you complete your mortgage application, you can gain the insights you need to quickly and effortlessly finalize the necessary documentation to obtain a mortgage.
2. Be Thorough
A mortgage application may require you to look back at your financial and employment histories and provide information that a lender will use to determine whether to approve or deny your submission. Meanwhile, you should be ready to provide a lender with any requested information to ensure a seamless application process.
As a homebuyer, it is your responsibility to include accurate information on your mortgage application. In fact, failure to do so may cause a lender to reject your mortgage application. If you allocate the necessary time and resources to dot every I and cross every T on your mortgage application, you can boost the likelihood of a fast approval.
3. Shop Around
For homebuyers, it is crucial to check out all of the mortgage options that are available. If you meet with a variety of banks and credit unions, you can review myriad mortgage options and select a mortgage that complements your finances.
Banks and credit unions generally provide a broad array of fixed- and adjustable-rate mortgages. If you learn about all of the mortgage options at your disposal, you can find one that enables you to purchase your dream house without breaking your budget.
Of course, once you are approved for a mortgage and are ready to launch your house search, you may want to hire a real estate agent as well. A real estate agent will offer plenty of guidance at each stage of the homebuying journey. In addition, a real estate agent can make it easy for you to find a top-notch residence at a budget-friendly price in any housing market, at any time.
Start the mortgage application process today, and you can move one step closer to acquiring your dream residence.
Nothing beats a fresh and scent-filled ambiance. A fresh breeze is ever soothing and relaxing.Follow these scentful tips to get rid of difficult odors and keep your home smelling fresh and inviting throughout the year.
- Make a bespoke Gel Freshener. Making a gel freshener is quite easy. You need some essential oils like citrus and grapeseed, depending on the exact scent you want to reproduce, then, other natural ingredients available in your kitchen, such as gelatin, salt, and lemons; mix them, and you have a nice fruity freshener for your home. For more detailed instructions and proportions, browse the internet.
- Secret Jars. These hidden scent-makers are simple to do, and the results last for even longer. You can mix essential oils you have with baking soda and have them fill up stone jars. Place the jars in different corners of your house and breathe in as the walls of your home begin to give out the scents seemingly by themselves. However, you might need to keep the jars out of sight, as they are not perfect decoration accessories.
- Scent of Potpourri. Add any food items with pleasant fragrances into a pan. Use lemons, apple cider, vanilla extract, etc.; they all work perfectly. Add a cup or so of clear water to the pan and afterward apply heat on the burner. A warm and refreshing scent wafts off the hot mixture which gives your home a welcoming ambiance. This process works best at night as it's sure to make dinner smell enticing.
- Use Cleaning Products With Natural Ingredients and Favors. Go for cleaning liquids that have natural elements in their contents. Many cleaning products are plant-based and infused with the scents of ingredients like citrus, cedar, and lavender. Constant use of such products for cleaning the floors, windows, and even clothes will all add up to give every room in the house a distinct pleasantly fresh smell.
- DIY Lavender Air Freshener. Mix in a small container baking soda with dried lavender leaves and then shake it carefully. Add a bit of lavender oil too, and closed it up. Poke some holes in the lid to allow the scent to escape into the home atmosphere.
Try out these ideas to get that welcoming fresh and fruity atmosphere in your home. If you need more options of essential oils, visit any apothecary shop that is close to you.
The interior look of your home says a lot about you; it tells of your kind of style, your personality, and your taste. From the living room to the kitchen, to the bedroom, your signature gets imprinted on all the designs used. Every other year, there are new styles and designs for decorating and furnishing your home. This year is no different; and new techniques promise to make for exciting home designs.
Designers and manufacturers are making patterns and fabrics in bolder and captivating colors; the idea is to select designs that are classic and beautiful - at the same time blending with your personal style.
Here are trends and style you should look out for this you for your home decorating:
Boldly Patterned Kitchen Design
Gone are the days where there are specific colors apportioned to a different part of the house, the kitchen all painted in white - looking like a hospital wall. The trend for this year is a kitchen personalized with designs that blend flawlessly into other parts of the home.
More Emphasis on Nature
Using natural items in design and style is on the uprising. Tables made from petrified woods; stools wrapped up in coconut shell beads, chair patterns mimicking a wheat field; everywhere you turn, the design now seems to be screaming nature.
Splashes of Hue
The millennial pink color seems to be the ‘new black,’ the color tone is cropping up everywhere and in most designs. From rugs splashed with this dusty hue to drapery and upholstery, the color doesn’t seem to be going away soon. The color has a flattering look and is thought to have a lasting effect on the mind.
More About Your Personality
The present generation doesn’t seem to have issues embracing their differences; they wear it proudly like a badge. Home designs for this year are more about individual personality and less about what trend is in vogue. More people are buying the idea of various colors and patterns in their homes; they want their homes to have stamps of their personality everywhere you turn. An example is mixing furniture styles from different periods in your living room; it’s considered charming and your personal style.
The style for this year is kicking out simplistic and minimal designs which some consider boring. Welcome bright and bold colors, graphic patterns, embellished, maximalist and hand-crafted designs. Don't be shy about mixing patterns, textures or colors as these are becoming the norm in most homes. Hardware designs are not left out as leather will replace brass and rose gold.
This year’s home decorating trend is all about you. Whatever style suits your personality is what you should have in your home. You can also consult an interior decorator to get a professional opinion.
You’ve been paying off your mortgage for 10 years, building equity while making careful financial decisions to ensure that you’re on track to pay off your mortgage. So, all of those payments are essentially money in the bank for you, right?
Not quite. The equity you’ve built toward is home isn’t really accessible until you either fully pay off the home, sell your home and use your equity toward a down payment, or use it to take out a second mortgage.
In today’s article, we’re going to be talking about second mortgages--what they are, when to use them, and when you should seek out other options. Hopefully, by the end, you’ll be able to make a more informed decision.
What is a second mortgage?
A second mortgage is somewhat deceptively named. The process of taking out a second mortgage revolves around using your equity as collateral toward a second loan. That loan amount doesn’t have to be used toward a home, however. It can be spent pretty much at the discretion of the homeowner, as long as you stay within the spending limits of the loan terms.
Why take out a second mortgage?
Homeowners typically take out a second mortgage when an expense is tossed their way, whether foreseen or unforeseen. It could be a costly house or vehicle repair, a child’s education, or any other large expense that you might not have been aptly prepared for.
Types of second mortgages
There are two main types of second mortgages that homeowners qualify for. First is a standard home equity loan. You receive a fixed-rate loan that usually paid off over a loan term of 15 or 30 years.
The other type of second mortgage is a home equity line of credit (HELOC, for short). A HELOC is similar to a credit card in that you are approved for a certain amount but don’t need to spend the full amount.
Risks of home equity lines of credit
This type of loan is ideal for expenses that you maybe don’t know the full cost of. However, there is an inherent risk in taking on an expense that might go over the credit limit of your HELOC.
Just like with credit cards, interest rates vary. However, the interest rate is linked to something called a “benchmark rate.” When interest rates for the benchmark increase, so do your HELOC rates.
Aside from the variable interest rates, HELOCs can also prove to be difficult to manage for people who are already in credit card debt. So, it’s only recommended that you take out a HELOC if you are sure that you can stay on top of your monthly payments and are in good standing with other credit lenders.
Risks of home equity loans
Standard home equity loans aren’t without their own risks. For one, you’re putting your house on the line when you take out a second mortgage. So, before taking out a home equity loan on a new expense, be sure that you can manage that expense or you could risk losing your home.
Having a second mortgage can also make it difficult to refinance your home loan, which could cost you in the long run if it would otherwise pay off to refinance.
Benefits of second mortgages
Second mortgages do have their time and place. Home equity loans, for example, can help you achieve a lower interest rate than a typical loan if you have a great deal of equity built in your home. This could make the most financial sense over the long term.
Similarly, a HELOC might be a better option than a credit card for homeowners who don’t have a credit score high enough to land them a good interest rate.
Although you might have a home selling timeline in place, there may be instances where changes to your plan are required. These include:
1. You are listing your home in a buyer's market.
If you add your house to a buyer's market, you likely will face lots of competition from rival home sellers. As such, it may be difficult to enjoy a fast, profitable home selling experience if you fail to promote your residence accordingly.
To succeed in a buyer's market, you'll need to be patient. But if you can find ways to differentiate your house from the competition, you could maximize your home sale earnings.
Oftentimes, it helps to revamp a house's curb appeal. By mowing the front lawn and performing various home exterior improvements, you can help your house make a positive first impression on potential buyers.
You also should spend some time removing clutter from inside your house. That way, you can make it easy for buyers to envision what life may be like if they purchase your home.
2. You are struggling to stir up interest in your house.
After you add your house to the real estate market, it may be several weeks or months before a buyer submits an offer to purchase your residence. And if you're committed to optimizing the value of your house, it is important to wait for the right offer before you finalize your house sale.
If your home initially fails to stir up interest among buyers, there is no need to worry. In fact, there are many things that you can do to ensure your house hits the mark with buyers.
Generally, it is a good idea to establish an aggressive initial home asking price. This price should account for your house's condition, age and the current state of the real estate market.
It typically is beneficial to consider the homebuyer's perspective as well. Because if you understand why a buyer may be interested in your house, you could discover ways to help you house stand out in a competitive real estate market.
3. You have yet to hire a real estate agent.
Finding a real estate agent who can help you sell your house is key. Yet if you fail to employ an expert real estate agent right away, it may be difficult to enjoy a quick, seamless home selling experience.
Real estate agents are available in cities and towns nationwide, and these housing market professionals are happy to assist you in any way possible. If you need a real estate agent who can help you list your house and promote it to dozens of potential buyers, you should have no trouble finding an agent who matches or surpasses your expectations. Or, if you want to find a real estate agent who can offer tips throughout the home selling journey, you can choose from many potential candidates in your area.
Remember, be flexible as you proceed along the home selling journey, and you can increase the likelihood of achieving the best-possible results.