Look how time flies! It’s October already and you know what that means – Halloween! If you’re planning to throw a party, make it spectacularly spooky with these decoration ideas.
Serve up these wonderful witch’s broom apps made from breadsticks, pretzels, and some licorice rope!
The leaves have started to turn, and we are packing away our summer wardrobe as we prepare for sweater weather. While summer will surely be missed, we can’t wait for the holidays!
Do you love to throw parties? Do you live for crafting the perfect table scape and filling it with wonderful food? Do your guests go home with crafty DIY party favors? Do you have what it takes to throw a Pinterest perfect party? If you answered yes to any of these questions, then you need to join our Best Party Ever Pinterest Contest!
Joining our Best Party Ever Pinterest Contest is easy:
Our Best Party Ever Pinterest Contest runs from October 6th until October 28th at 9am EST. After this period, we will pick our favorite boards and share them on our Facebook page, where you can vote on which one really is the Best Party Ever! Once the voting commences, the winner will get $2,500 and a free consultation with lifestyle expert and Better Homes and Gardens® Real Estate Dream Team member Carolina Buia!
For more information on our Best Party Ever Pinterest Contest, visit our BHGRE Pinterest board! Be sure to follow us, as we will be pinning our favorite party tips every day! We can’t wait to see the Pinterest party idea that you put together! Get ready to pin to win!
As a homebuyer, you’re probably excited to finally be closing on your home purchase. However, for many homebuyers, closing on a home purchase comes with a lot of uncertainty. When you begin the process of closing on a home purchase, you may suddenly find yourself faced with a lot of different costs. One of these costs includes the title insurance. To help you better understand what title insurance is, here are a few answers to some frequently asked questions.
What is title insurance?
Title insurance is a type of insurance that protects either the home purchaser’s interest or the mortgagee’s interest in a property, depending on the type of title insurance policy you purchase: The Owner’s Policy protects the home purchaser (i.e. home owner), while the Lender’s Policy protects the mortgagee (i.e. mortgage lender)
To the extent of the policy’s coverage, title insurance protects the insured from incurring financial loss or legal obligations due to title defects, hidden liens, or other title issues that are specified within the policy. Simply put, title insurance protects your interest in a property, so you can rest assured that the home you purchase is your in fact you own, and that you will not be held responsible for issues with your title that you did not cause.
What is the difference between an Owner’s Policy and a Lender’s Policy? Owner’s policy is usually purchased by the home seller on behalf of the home buyer, while a lender’s policy is purchased by the homebuyer (i.e. mortgage borrower) on behalf of the mortgagee (i.e. mortgage lender) before the home loan is issued. Both types of title insurance policies insures a clean and clear title, protecting the insured from the financial and legal burdens of unforeseen title issues. However, a Lender’s Policy usually only covers the amount of the loan, and the coverage gradually decreases as the loan gets paid off.
What can I expect to have covered in my policy? For homeowners, getting an owner’s policy protects you from a number of things (e.g. mistakes or errors that have been made in public records or during the title search). If an issue comes up that was not discovered during the title search, you are protected under this insurance. Also, if you are ever in a situation where you need to defend your title, your insurance covers the costs of negotiation with third parties and the payment of legal fees as well.
What is not covered under my policy? This depends. As with any insurance, there are some risks that may not be covered under your policy. For example, this type of insurance does not protect you against anything found during an inspection of your property. Also, it does not insure against any title issues that you are already aware of.
Why do I need title insurance? Home owners want to have title insurance because it affords certain privileges such as the ability to use and enjoy your home without limitations that were not bargained for, or the freedom from incurring any financial obligations due to hidden title issues, etc.
For example, say that one of the previous owners of the home you are about to purchase failed to pay his state taxes, and as a result, a tax lien was place on the property 50 years ago. Upon reviewing public records today, the abstractor makes an error and fails to notice that there is a lien on the property. Title insurance will protect you from being obligated to pay for this tax lien.
Where should I shop for title insurance? To purchase title insurance, you need to find a licensed insurance carrier. The law prohibits anyone without a license to issue this type of insurance. To protect lenders and homeowners, states typically regulate these carriers heavily so that you can be confident that you remain protected after you purchase a title insurance policy from a licensed insurance carrier.
As we mentioned earlier, closing on a home purchase will require a number of necessary costs that may come as a surprise to you. Talk to your loan officer, real estate agent, and any trusted professional during the buying process to get answers to your questions regarding the closing costs for your home loan and home purchase.
Purchasing a second home can be a sound financial investment that has the potential to offer a prime spot for your future vacations, bring in long-term profits though the appreciation of your home, rental income and perhaps some tax breaks. If you’re in the market for a second home, there are many considerations to keep in mind, including location, potential maintenance and repair responsibilities, etc. However, before any of those factors come into play, it’s a good idea to think about and understand the process of financing a second home.
While many aspects of the home buying process remain the same whether you’re buying a primary residence or a second home, there are some additional considerations that are different when you’re financing a second home. Take a look at the following issues that you should keep in mind before you prepare to buy another residence.
Cash Up Front
If you already own a home, then you probably know that you’ll need to come to the table with enough cash to make your down payment and cover closing costs. However, for a second home, you’re likely to need more cash than you would to purchase a primary residence in the same price range.
While you can purchase a primary home with a 20% down payment or less, in many cases, lenders consider second homes to be riskier investments, so they require homeowners to put down more than 20% of the price as a down payment. If you don’t have this amount saved up just yet, you may need to wait a little longer to finance your second home.
However, some homeowners decide to use the equity in their first home to obtain enough money for the down payment on their second home. You can accomplish this by taking advantage of a cash-out refinance, an equity line of credit or a home equity loan.
Interest Rates
In the same way that lenders will require a larger down payment because rental properties pose a higher risk, they’ll also lend at a higher interest rate than homeowners would otherwise qualify for if they were purchasing a primary residence. These higher interest rates, also known as non owner occupied mortgage rates, are often 1.5 to 2 points higher than owner occupied interest rates. Non owner occupied mortgage rates mean that homeowners will have to make higher monthly mortgage payments and contribute a larger sum of interest over the lifetime of the loan.
To save money, homeowners should aim to qualify for the lowest possible non owner occupied mortgage rates available. One way to do this is by making sure your credit score is as high as possible when you lock in a rate. Even though your credit score draws from years of your financial history, there may be certain steps you can take in the short term to boost your credit score in time to get a better rate.
Prepare in advance by scheduling a meeting with a mortgage professional or financial advisor who can let you know if there are any blemishes on your credit history that you can eliminate in the short-term.
The process of financing a second home can pose a unique set of challenges. However, if you’re prepared before you sit down at the table, you’ll have a better chance of closing on a solid investment.
Now that you’ve found the home that you’re interested in, it’s time to figure out how to make an offer on a property. Making an offer is not always as straightforward as you might think. If you want to make an offer that’ll stick, you’ll need to be familiar with the market condition as well as the fair market value of the home you are interested in. For instance, if you lowball your seller in a market that is unfavorable to you, then you could run the risk of losing the home altogether. On the other hand, if you don’t know the actual value of the property, you could end up overpaying. To help you start the home buying process, here are some tips on making an offer on a house.
Know the Market
One of the most important tips on making an offer on a house is to know your market. For instance, if you’re in a buyer’s market, you might be able to bid lower than the asking price. When sellers receive reasonable offers in a slow market, they are more than willing to negotiate. Keep in mind that the seller’s ultimate goal is to sell their homes as quickly as possible at a fair price. If you happen to be in a buyer’s market where there is an abundant supply of homes and a shortage of buyers, you have more leverage to lower the asking price, to ask the seller to pay for some of the closing costs, etc.
However, you must be more careful in a seller’s market. A seller’s market typically means that you will need to compete with several interested buyers, so low bids are not going to be considered. If you are shopping in a seller’s market, you will need to make an offer that is close to the asking price. Nonetheless, regardless of the market’s condition, it is still important to use whatever safeguards you have to protect yourself from unforeseen circumstances. Don’t hastily remove important contingencies, such as the option to reconsider after conducting a home inspection.
Dealing with a Rejected Offer
If your offer is rejected without a counter offer, you should ask the seller’s agent why. There are countless reasons why a seller may not want to move forward with an agreement. For one, the seller might have received multiple offers, and it could be that yours was not the most attractive, or the seller might have decided that it would be better wait it out for an even better offer.
If you learn that your offer was rejected because someone else had made a better one, find out whether or not the other offer was accepted. If the seller has already accepted the other offer, then you may need to shop for a new home. If that offer is still in negotiation, you may have time to move in with a new offer, in which case you should work with your agent to engage in a bidding war.
If you are a first time homebuyer, you will want to reach out to a buyer’s agent for more customized tips on making an offer on a house. An agent who is familiar with the local market and has experience in negotiating a home purchase will be an invaluable tool and teaching resource during the home buying process. Contact a Better Homes and Gardens real estate agent and learn how to make an offer on a property.