Are you ready to buy your first home? Buying a house is one of the largest investments you will make in your lifetime and being a first time home buyer can make the whole process daunting and confusing. Here are a few steps to get you on the right track.
Step #1 - Check Your Credit
When you begin working with a loan officer, one of the first questions they'll ask is what your credit profile is like. The bank or lender will run a credit check to assess your level of risk as a borrower including your ratio of debt to income and decide how likely you are to make your mortgage payments on time. Since this is your first time buying a home, do your own credit check first via www.AnnualCreditReport.com to make sure there are no errors.
Midwest Equity Mortgage is pleased to have the opportunity to sponsor GiGi's Playhouse in their efforts to provide individuals with Down syndrome, their families and the community with more than 25 therapeutic and educational programs that advance literacy, math skills, motor skills and more; all of which are free of charge.
Owning multiple properties can be a great investment. With rental properties in demand, homes and multi-family dwellings like duplexes can offer an opportunity to get your feet wet at being a landlord. But before you start posting availability and interviewing possible renters, it's important to make sure you ask yourself some important questions. You need to fully understand your rights and responsibilities as a landlord. Landlord tenant laws vary greatly depending on where you live.
Questions to Ask Yourself Before Renting Your Property
- What are the terms of the lease? You will want your renters to sign a lease stipulating the details of their agreement to rent your property. Not only does this outline your expectations, it also specifies how you will handle issues that may arise. Make sure you have a legal professional review your lease prior to having your tenant sign.
- What are tenant privacy rights? Landlords are permitted to enter a home to make repairs, show the property to prospective tenants or deal with an emergency. Generally, with the exception of an emergency, the landlord can only enter the home during normal business hours and must give a tenant notice in advance. This may be subject to change depending upon the language of your lease or the local laws that apply to it.
Stress is a buzzword these days. It seems like each month a new study comes out confirming that stress contributes to a variety of mental and physical issues such as high blood pressure, anxiety, insomnia and premature aging. Aside from the obvious "life or death" scenarios one might encounter once in a blue moon, it's everyday situations such as job interviews, sickness, family decisions or financial hardships that really "stress" us out.
It's a common statement that buying a home is one of the biggest investments a person will ever make so it's no surprise that it is an event that often causes a great deal of stress. Add to the fact that most people need financial help via a mortgage loan and suddenly, you are not only dealing with the stress of picking the "right" home but also qualifying for financing to make it "your" home. And just when you think the stress is over, rates drop and your in the market to refinance and go through the loan process all over again.
