Hobby Farm. That was a new phrase to me just about a year ago. When first hearing it, one may envision a posh warehouse filled with paint or clay covered people trying to find a hobby that speaks to them. As much as I love that idea, this is not the hobby farm I’m going to share with you today. The hobby farm I’d like to introduce you to is one that allows you and your family the opportunity to cook a meal from the items you grew and harvested. One that gives you quieter nights and mornings filled with chirping birds. One that gives you room to roam, to grow, and to experience nature more fully.
Over the years we have found that the down payment requirement has left many people with questions; like how does a down payment impact your mortgage?
Let’s start with understanding what a down payment on a mortgage is; a down payment is the amount of money that you will pay out of pocket towards the purchase price of the home you are buying. Not only will it lower the amount needed for your mortgage but it also shows lenders, like us, that you are able to save money and are serious about the investment in your home.
Getting a mortgage can be intimidating and trying to wrap your head around all the numbers, financial terms, and paperwork can be enough to make your brain feel mushy—heck, the word mortgage is hard to spell. It should be spelled, “morgedge”, who is with me?! Don’t worry, Mr. Merriam Webster, I’ll save that fight to fight another day. My goal is to put any fears associated with getting a mortgage, to rest.
The process of buying a home can leave you with a lot of questions but what if you have questions before you even consider buying a home? You certainly aren’t alone. A lot of people find themselves wondering if they can purchase a home despite not being as prepared as perhaps they think they should be. The best way to find out if your circumstances prevent you from buying a home is to meet with a mortgage banker or apply online—this process is free and will give you the answers you need! However, if you aren’t quite ready to submit that application just yet, check out some of the questions we have gotten below, maybe you will have your question answered too!
While the mortgage process is generally the same for most home buyers, each person has his or her own experience—own trials, own timeline and own take on feasibility. So be wary when someone shares generalized ideas about the mortgage process they could be myths. I’ve included five myths which we have found some people accept as fact.
You’ve done it! You have decided to buy a home and stop renting! So now what? How exactly do you go about breaking up with your landlord? Leave a post it note on their door? Send a well-crafted text message? Just say, “It’s not you, it’s me”? While these are all viable break up options… although not recommended, they are not to be considered when breaking up with your landlord. As a renter, you entered into a contract with your landlord so if you are ending the relationship before the contract dictates then you are breaking the contract. So really what is most important when breaking up with your landlord and moving out is the timing.
Credit is an essential part of the economy. Without credit, lenders would have no scale by which to create lending standards and determine who should receive credit and who should not. You need good credit to buy a car, get a high credit line amount credit card, and sometimes even to qualify for employment. When it comes to home buying it is no wonder why your lender is going to be concerned with your credit.
Selling your home requires a bit more than pulling the weeds, posting up pictures and waiting for the bids to start rolling in! There is a lot to consider when you want to sell your home. Don’t overlook these five things:
What is the first step to getting a mortgage? That’s easy, deciding to buy a home! Once you have done that knowing what to expect and identifying some possible road blocks will help you have confidence throughout the Mortgage process. With that said, our mortgage bankers are here to guide you along the way, answer any questions you have and curtail any fears that arise—you don’t have to experience the mortgage process alone!
Ahhh, home sweet home. Dorothy spoke the truth when clicking her red shoes together, “there’s no place like home”. As humans, we want a home base, a place we feel grounded and connected. We want this for ourselves, our partner, our kids, and even our pets. It is achievable to an extent when it comes to renting but only to a small degree. The permeance of homeownership dials up this feeling in a major way. This feeling isn’t the only benefit to owning a home; let’s look at some of the benefits of buying versus renting.
