A Comprehensive Home Maintenance Checklist For The Homeowner

A Comprehensive Home Maintenance Checklist For The HomeownerThere are many people who purchase a home with a target monthly payment in mind. This monthly payment usually includes major expenses such as the monthly mortgage payment, real estate taxes, and homeowners’ insurance. At the same time, there are other costs as well, such as home repairs and maintenance.

In general, homeowners should budget between one and three percent of the home’s value every year to cover typical maintenance and repairs. This does not include renovation expenses, which might require additional funding. What are a few examples of maintenance expenses homeowners need to consider?

Monthly Home Maintenance Tasks

There are a few straightforward tasks that homeowners need to do every month. These maintenance tasks can help homeowners prevent larger bills down the road. A few examples include checking the filters on the HVAC system, looking for leaks that might be present around sinks and toilets, and taking a look at the filter in the kitchen vent hood. Homeowners also need to make sure their smoke and carbon monoxide filters are working properly. Finally, go for a walk around the outside of the house to look for any cracks in the foundation.

Winter Maintenance Tasks

There are a few maintenance tasks that need to take place during the winter as well. Homeowners in the colder climates need to watch for the buildup of ice dams on the roof, which could trap snow as it melts. Homeowners should also inspect the home for any drafts under the doors or windows, which could drive up heating bills. Finally, depending on where your home is located you may need to cover the air conditioning units to protect them against snow and ice.

Spring Checklist Tasks

While winter can be tough on a home, there are several maintenance tasks that should be done during the spring as well. It is important to order an HVAC inspection during the spring to make sure it is working properly. The roof should also be inspected by a professional for any signs of issues. Sometimes, the gutters can be clogged by leaves and ice buildup, which should be addressed before spring storms arise. Finally, make sure the doors and windows are sealed as well.

Following these spring maintenance tasks can reduce the risk of repairs down the road.

Spouse with Bad Credit? 3 Reasons You’ll Want to Consider a Co-signer for Your Mortgage

Spouse with Bad Credit? 3 Reasons You'll Want to Consider a Co-signer for Your MortgageObtaining a mortgage can be quite a complicated process even without the financial hurdles, but if your spouse’s credit has experienced a number of difficulties, acquiring a mortgage can be even more of a burden. If you’re concerned about what bad credit will mean for your mortgage and are weighing your options, here are some reasons why it might be important to use a co-signer for your application.

Increasing The Likelihood Of Approval

From getting an education to purchasing your first vehicle, it’s a common occurrence for people to take a loan out at some point in their life. However, getting a loan can be very difficult if you happen to be married to someone with a poor credit history. While having someone you know co-sign your application is not without its risks, it can be a means of securing mortgage financing so that you can move towards a less burdensome financial situation.

Improving A Bad Credit History

It adds stress to the process if you have a partner with a poor credit history, but the benefit of a co-signer is that it can be one of the few opportunities you’ll have to really improve a problematic rating. With a co-signer to vouch for you, you will be able to pay down your mortgage consistently and slowly build your spouse’s credit in a way that will give both of you a lot more financial opportunities in the future.

Building Up Trust

It goes without saying that having a co-signer can be a significant financial risk for the person who chooses to sign for you, but – if approached responsibly – this can be a means of building trust with your family members or friends. While co-signing may be a necessity for your situation, it’s important to be aware that it’s a huge commitment for the person who agrees to it and their support should be seen for the good faith it is.

As co-signing is a considerable responsibility for the person who offers it, it’s important to ensure that purchasing a home is the right financial choice for you before asking someone to vouch for your application. If you’re currently in the process of looking for a new home, contact your trusted mortgage professional for more information.

Financial Preparation: Millennials Are Getting Ready To Buy Homes

Financial Preparation: Millennials Are Getting Ready To Buy HomesIn the current economy, there are a lot of millennials who are thinking about buying a home; however, the price of homes is rising quickly. It can be challenging for millennials to save the money they need to buy a home. When this is combined with other monthly expenses they have, millennials might be financially unprepared to buy a home.

Finding the right house takes patience and discipline, so millennials need to avoid jumping in unprepared. What do millennials need to do to make sure they are ready for the expenses that come with owning a home?

Be Aware Of How Much Money Is Required

The first thing that millennials need to do is make sure they have enough money saved up. If prospective homeowners do not have enough money saved up, they could be denied financing by a lender. Conventional mortgage lenders will ask for 20 percent down to avoid PMI, but it might be possible for homebuyers to get a home for as little as 3.5 percent down from some lenders. If the home costs $250,000, then 3.5 percent down is going to be $8,750. If prospective homebuyers have less than this saved up, they could be denied a loan.

After saving up enough money for the down payment, homebuyers also need to cover closing costs. This could include the inspection, the appraisal, and any fees that come from the closing attorney. Even if millennials have parents and grandparents to help them, they still need to save up an emergency fund to cover any possible repairs that are needed. It is a solid rule of thumb to save up and move at least three to six months of emergency money in a liquidity fund. If this money is not there, it might be better to wait.

Millennials Should Wait For The Right Time Instead Of Jumping In Unprepared

Even though it is a great investment to own a home, it is better to wait for the right time instead of jumping in unprepared. Millennials need to make sure they have enough money saved up for a down payment. Then, they should have an additional two to five percent of the loan’s value saved up to cover closing costs. Finally, homeowners should also have a liquidity fund with three to six months of living expenses set aside.