19
Oct
By First Rate Financial Group
Mortgage Tips

The Top Tips To Get Your Offer Accepted

The Top Tips To Get Your Offer Accepted In A Seller's MarketThe housing market today is very competitive, and you might be wondering how you can get your offer accepted. If the seller has multiple offers on the table, it can be a bit of a challenge. Many people assume that the best way to get an offer accepted is to offer the most money. Even though that is certainly helpful, there are several other tips you should follow to make sure your offer is the one the seller picks.

Get Pre-Approved For A Mortgage

First, you must make sure that you get pre-approved for a mortgage. Unless you are paying cash for the home, you should talk to a local loan officer to get a pre-approval letter. You don’t have to go with that company once the dust settles, but you need to get a pre-approval letter from a lender. That way, the seller will know that you have a high chance of getting approved for the loan.

Offer More Earnest Money

If you are willing to offer more earnest money, that will make the seller more comfortable. The seller is always worried that the buyer might pull out on the offer, meaning that their home will go back on the market. If you increase the amount of earnest money you put down, the seller will feel more confident that you are serious about buying the home.

Give The Seller The Option To Rent Back

If the seller accepts your offer, you will have between four and six weeks before your first mortgage payment is due. Therefore, you won’t have any payments after closing for a while. If the seller is not ready to move yet, or if the seller has not found a new home, offer the seller an opportunity to rent the home back for free. This will give the seller more time to get everything in order before they move. 

Increase The Strength Of Your Offer

In a seller’s market, you need to make your offer stand out. Otherwise, you may have a difficult time finding a house, particularly if you cannot pay cash. If you follow these tips, you can increase your chances of having your offer picked by the seller. 

 

09
Sep
By First Rate Financial Group
Mortgage Tips

Important Things To Know Before Signing Your Reverse Mortgage

Read This Before Signing Your Reverse MortgageThere are many reasons people take out reverse mortgages. However, this option is usually considered by cash-strapped seniors who own their homes and are looking to ease the burden of their golden years.

The beauty of reverse mortgages is that you’ll receive money as long as you are current on property taxes and homeowners insurance.

While this seems like an appealing opportunity, it’s a decision that should not be made lightly. Not only is the reverse mortgage complicated in itself, but homeowners make all sorts of mistakes when they’re too quick to sign the dotted line. So if you’re considering one, be wary of the common pitfalls below.

Buying Into A Scam

With reverse mortgages becoming a more common option for those over 62, mischievous opportunists are searching for ways to solicit seniors in need of help. Scammers will take advantage by charging high fees, funneling off parts of payments, creating fake loans or committing identity theft. Ensure you use a lender approved by the Federal Housing Association.

Confusing Your Payment Options

Reverse mortgages come in many forms. You can get the amount in one lump sum. Tenure payments are another option that give you a certain amount each month until you die or move out. There are also term payments, lines of credit, and modified tenure and term payments. You need to take the time to research your options and decide which one will be best for you in the long run.

Compromising Government Assistance

There are several government assistance programs that set asset limits on your monthly spending. These programs provide aid for low-income and disabled individuals. If any assistance programs financially support you, then be sure to consult their advisers before determining your reverse mortgage plan.

Disregarding Other Options

Reverse mortgages are extremely expensive and many people see them as their only option. However, there are other alternatives. Consider taking out a personal loan, downsizing or even taking on roommates. The Golden Girls always seemed to have fun.

A reverse mortgage could be just the thing to give you the extra cash flow you need and ease your mind. However, make sure you’re consulting a trusted home financing specialist, reading the fine print and have carefully considered all your options.

11
Aug
By First Rate Financial Group
Mortgage Tips

The Top Tips To Remember When Moving

The Top Tips To Remember When MovingIf you have recently purchased a home, you are probably excited to move into your new house; however, the moving process can be stressful. There are a few important tips you need to keep in mind if you are moving soon. Make sure to plan ahead, as there are several ways to save time and money.

Get Quotes From A Few Moving Companies

First, you need to get multiple quotes from multiple moving companies. If you have heavy furniture, it is better to hire a moving company to reduce the chances of your furniture getting damaged. When you talk to moving companies, make sure they can handle the items you have. If you have a grand piano, make sure the moving company is comfortable moving it safely.

Get Rid Of The Items You Do Not Need

Before you move, make sure you get rid of the items you do not need. You may want to start by dividing your items into three piles. Create a pile for items you want to keep, another pile for the items you will donate, and a third pile for the items you throw away. Get a receipt for the items you donate, as you might be able to deduct the value of the items from your taxes as charitable donations.

Pack Up Before The Movers Get There

While you might be able to ask the movers to help you pack, it is better to pack before they get there. Label the boxes so you know where they go in your new house. Movers usually charge by the hour, so if you can save them some time, you can save yourself some money. Remember that moving expenses could be tax-deductible, but talk to an account if you have questions about tax deductions.

Get Ready For The Moving Process

These are a few of the most important tips you need to keep in mind if you are moving soon. While the moving process can be a bit busy and frustrating, if you plan ahead, you can streamline the process. There might even be opportunities for you to save money. Remember that you should get quotes from multiple moving companies before you decide which moving company you go with.