Home ownership is still a major part of the American dream for most people, and many can’t wait for the day when they stop renting and finally own their own home. But making that transition from renting to owning can be difficult, which is why some people take it quite literally, choosing to live in a rent-to-own home. A rent-to-own home offers a unique opportunity for many prospective home buyers. But that doesn’t always mean it’s a good idea. Rent-to-own agreements come with a lot of risk for both renters and sellers. Here’s a look at how rent-to-own homes work and why you may want to consider other options.
The United States gives its military members a Basic Allowance for Housing, or BAH. If governmental quarters are not available, the BAH provides military members with equitable housing compensation. The BAH you receive depends on the housing rates near your base, your dependency status, utilities, renters’ insurance and your pay grade. If those variables change at all in your area, there will likely be a corresponding change in your BAH rate. Here’s everything you need to know about BAH, a BAH calculator and significant savings on a home to help you.
A sump pump can be a great addition to any house, but if you’re buying a home, the property you’re interested in may already come with one. Although you may have heard about the negatives of having a sump pump, depending on the type of home you have, they can be an excellent tool in case of flooding. To help you understand the value these devices provide, here are the top 10 things you need to know when buying a home with a sump pump.
Moving into a new house is exciting! No question. But packing up your entire life in boxes, deep cleaning and hauling heavy furniture is rarely anyone’s idea of a good time. We want to make things a little easier on you and your family. These eleven moving tips are some of the best ways to pack for moving and they will save you some money in the process.
It’s been a long time since houses were bought and sold directly from one person to another. These days, numerous parties are involved in every real estate transaction, including home buyers, home sellers, real estate agents, mortgage lenders, real estate attorneys, home inspectors and title companies. Most of these are familiar to the average home buyer, but the title company is not known as well as the others. You may be thinking, “What does a title company do anyway?” Understanding their importance is key to protecting the investment in your next home.
Before you study up on the types of home loans available, we always recommend determining how much house you can afford first. Once you know what you can afford to pay for a house, then it’s good to know what types of home loans are available. After reading about the different loan types, be sure to fill out the Homes for Heroes mortgage calculator. This calculator is a great tool to estimate your monthly mortgage payment. If you know what you can afford, the following will cover the four main types of home loans: Conventional loan, FHA loan, VA loan and USDA loans. Chances are you qualify for more than one type so spend a little time getting to know the pros and cons of each.
The Homes for Heroes mortgage calculator helps to determine an estimate of how much house you can afford before going through the home buying process. It will help you understand and plan for your ongoing financial commitment if you choose to purchase a home. There are four main amounts that make up your monthly mortgage payment: principal, interest rate, property tax and insurance (PITI). Learn how the Homes for Heroes mortgage calculator breaks out an estimate of each for different loan types and provides a total estimate of your monthly mortgage payments.
Read More “Best Mortgage Calculator to Estimate Monthly Payments”
Hopefully you’re here because your purchase offer was accepted by the seller. You’ve finished celebrating that victory and now you’re preparing for what comes next. If not that’s alright. You’ll get there soon. Closing on a house is a process that takes some time, involves many people and a lot of paperwork. Did you know the average time it takes to close on a house is around 45 days? Your home buying team (real estate, mortgage, title and home inspection specialists) plays an important role in bringing everything together for your closing. Here are the things you need to know about the process of closing on a house and where you can save some money with Homes for Heroes.
Buying a house is an exciting time. Once the purchase agreement is signed, it is time to start thinking about moving. Packing up everything you own and actually going through the moving process is far less exciting. To help make things easier, Homes for Heroes put together the ultimate moving checklist. This is a printable moving checklist to keep you on top of everything. It offers a complete list of things you’ll need to get done over the course of two months. Don’t have two months, no worries! You can adjust the timeline to fit your situation. Here’s a look at what’s included in the Homes for Heroes ultimate moving checklist along with some other resources to help with the move and save you some money.
When buying a house, your real estate agent will handle a lot of the paperwork and help with things like managing your house search, writing up your purchase agreement and of course negotiating a house price when you enter a purchase agreement. They will negotiate with the seller on your behalf. But, you will ultimately make the final decision on everything in the purchase agreement. That’s why it pays to know what goes into negotiating a house price. Here are eight important tips for your negotiations.