Homes for Heroes Blog - Hero Savings, Buying and Selling Tips

What You Need to Know About Escrow: The Do’s and Don’ts of How Escrow Works

September 9, 2020August 4, 2021 / in Buying a House / Luke Feldbrugge

Buying a home can sometimes be a long and difficult process. But when you find a home you love and your offer is accepted, the finish line is near. This period is commonly referred to as “being in escrow” and there are a number of things you need to do — and not do — before closing. To help you achieve your dream of home ownership, here’s what you need to know about escrow to ensure you can close on your new home.

How to Refinance Your Home and Save

August 27, 2020July 27, 2022 / in Mortgage and Refinance / Maggie Looker

There are many reasons why you’d want to refinance your home. Maybe you want to pay off your home faster. Or use part of the equity you’ve built up to fund some home improvement projects. Maybe interest rates have gone down since you bought your home and you’re just looking to lower your monthly mortgage payment and save some money. Whatever the case may be, you’re going to need a solid plan to accomplish your goal. Here’s how to refinance your home and save money in the process.

What Does a Mortgage Loan Officer Do to Help Me Buy a Home or Refinance?

August 18, 2020July 8, 2022 / in Buying a House / Homes for Heroes

What does a mortgage loan officer do? Simply put, a mortgage loan officer will gather and review their clients’ financial information and documentation to determine if their client is eligible for a mortgage home loan. They are required to follow all federal and state lending regulations during their evaluation process in determining eligibility. Do they take mortgage loan officer training? Is it required to have a mortgage loan officer license? More importantly, what does a mortgage loan officer do for me? Let’s unwrap this for you.

FHA Loans for Teachers | Ways to Save on a Home Purchase

May 8, 2020May 10, 2023 / in Buying a House / Bob Filipczak

FHA loans for teachers are a good solution for first-time homebuyer educators, but only if you’re not perfect. If you are in perfect shape for the house hunt — your credit score, your budget, your savings and your energy level — then you probably don’t need an FHA loan. The FHA loan system is a national program built to help first-time homebuyers, and everyone, overcome some of the hurdles that stand between you and affording a home. If you are looking at the real estate market and the financial hoops you need to jump through, you might be ready to give up before you start. Before you do, may we suggest taking a look at these loan guarantees and take a deep breath. There is help out there.

FHA Home Loans for Healthcare Professionals

May 7, 2020May 3, 2021 / in Buying a House / Maggie Looker

Owning a home is very important to many Americans. Homeownership gives you privacy and strong community ties. As medical professionals, strong community ties are important to you whether you run a private practice or work at a local hospital. One way to achieve your dream of owning your home is by using an FHA loan for Healthcare Professionals. FHA home loans are available to all healthcare professionals around the country. These loans are excellent for people who do not have very good credit but wish to purchase a home in their local area.

Why Rent-to-Own Homes May Not Be the Best Option

March 25, 2020July 13, 2021 / in Buying a House / Maggie Looker

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 financially, 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.

Credit Score vs Credit Report | What’s the Difference?

October 29, 2019June 24, 2022 / in Finance and Credit / Maggie Looker

Credit score vs credit report, seriously, what is the difference? A credit report is a historical tracking system of how you use credit. A credit score essentially summarizes your credit history into one number. The information and data contained in a credit report is used to calculate your 3-digit credit score. If you are planning to apply for a car loan, mortgage, or credit card, lenders will look at two things to help determine how risky it is to lend you money and your ability to pay back borrowed money, and they are your credit score and credit reports.

Negotiating House Price | 9 Tips for Home Sellers

September 25, 2019June 7, 2023 / in Helpful Tips / Homes for Heroes

In the real estate world, negotiating house price is somehow both extremely important and ultimately meaningless. Yes, buyers use price as a major factor in their home search, and sellers and agents spend lots of time figuring out what a home is worth to develop a good pricing strategy. But in the end, the list price is just a jumping off point as you enter negotiating house price with the buyer. The actual sale price will be determined during the negotiation process. While this can be a bit intimidating to some home sellers, it’s a crucial part of selling your home. Here are some tips for how to get the upper hand in negotiations and come away with the best price for your house.

Closing Costs for Sellers | Plan What You May Need to Pay

September 24, 2019July 17, 2022 / in Selling a House / Homes for Heroes

Closing costs for sellers can vary. Some closing costs are required, whereas other can be negotiated. Closing day is the light at the end of the tunnel. It is when you will finally be able to consider your home officially sold and the selling process completed. While you may remember paying closing costs as a buyer, there are closing costs for sellers as well. To assure things go smoothly and to help you save as much money as possible, here’s everything you need to know about closing costs for sellers.

How to Prepare for a Home Appraisal

September 24, 2019July 22, 2021 / in Home Appraisal / Luke Feldbrugge

Did you know that one of the biggest reasons that real estate transactions fail is because of a low appraisal? The buyer’s lender typically won’t issue a loan for more than the appraised value. So, when you sell your home, it’s critical you do everything you can to increase the appraised value as much as possible. But how exactly do you do that? And what exactly is a home appraisal anyway? Here’s everything you need to know about how to prepare for a home appraisal.

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