5 Financing Possibilities, For Buying Your Home

One of the challenges, involved, with buying a home, is, coming up with the necessary funds, required, in order to achieve this objective. While, this is often challenging, to anyone, it is, even, more so, for first – time buyers, because they don’t own, the previous equity, that many, who relocate have (because they sold their previous house). Most of us, focus on having the downpayment, and qualifying for the best possible, mortgage loan. However, we rarely discuss, nor do most people, consider, the variety of financing possibilities, available. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, 5 financing possibilities, for buying/ purchasing a home, of their own.

1. Family and friends: One of the most utilized resources, for being able to fund, purchasing a house, is speaking to one’s closest friends, and families. Many people, have done so, mostly, accepting the generosity of their parents. Since there are so many costs involved, few, have the ready – funds, needed, including all the expenses, needed for the closing, and mortgage requirements/ downpayment!

2. Bank: One of the obvious approaches, and choices, is to discuss, your needs, with your personal banker, which you may have developed a relationship with! However, one must try, to avoid the temptation, to merely, opt for the path, of least resistance, and have your bank, compete with other sources, for your business! Compare rates, terms, and other pertinent information, before choosing, how to proceed.

3. Mortgage banker/ broker: What’s the difference between, a mortgage banker, and mortgage broker? While the former, finances the transaction, with their own funds, the latter, places the business, with another lender (for a fee). In either case, you should always, get the entire, bigger picture, and compare, what each, and every option, offers!

4. Other loans: Some use a combination of vehicles, and sources, to secure the necessary financing/ funds. For some, more than one vehicle is needed, in order to secure the main mortgage/ loan, as well as the needed funds, to qualify, and create the needed downpayment. Sometimes, it’s challenging, because, especially, first – time buyers, are unable to accumulate a sufficient amount, needed, immediately. Remember, most conventional mortgages, require 20% down, and, with today’s home prices, the combination of the other 20%, as well as other closing costs, becomes a severe obstacle!

5. Owner financing: When a qualified buyer, who is capable of securing a loan, for most of the costs, has difficulties, with the immediate funds, some owners offer what is referred to as owner financing, which means, holding a second – loan, in order to secure a deal. There may be times, under certain circumstances, a particular owner, might be willing to offer the entire financing, needed.

Be prepared, for the financial necessities of buying a home, of your own. The more one knows, and prepares, the easier the task!

Factors to Consider When Buying a Home Security Camera

Like other homeowners, you want to keep your home secure at all times. You don’t want break-ins while you are away from your house. If you want to ensure the security of your home, we suggest that you install security cameras. Given below are a few tips that can help you get your hands on the right home security camera.

Factors to Consider

Given below are some important factors that should be considered when buying a home security camera.

Field of View

The field of view of a camera refers to the area that it can cover while recording. Generally, bullet cameras have small fields of view. On the other hand, dome cameras offer a wide range of vision. If you want to cover a wide area, we suggest that you opt for a security camera with a wider field of view.

Connectivity

Another factor that you should consider is connectivity of the camera. Good security cams can connect to a smartphone, WiFi or other cameras without any problem. It’s a good idea to go with a device that comes with many connectivity options.

Video Quality

Video quality is what sets different models and brands of cameras apart from the crowd. If the camera takes blurry pictures, you should look for something else. Aside from this, you need to keep in mind that cameras with clear image quality cost a lot more; however, they are worth the extra money.

Cost

Of course, cost is one of the most important factors to consider when buying a security camera. Typically, the price ranges from $30 to $250 or more. The additional cost is due to the additional features, such as water resistance.

Range

Many security cameras come with motion detection that helps the camera decide when the turn on and start filming. The proper functionality of this feature is based on the range of the motion. If the camera has limited range, it may not be able to record people who are far away from the camera.

Indoor or Outdoor

In the market, you can find cameras that are for in-door user only. And there are ones that can be installed outdoor as well. Therefore, before you make a decision, we suggest that you decide what you actually need. If you install an indoor camera outdoors, it will not be able to stand the test of time.

Wired or Wireless

Lastly, you need to decide whether you should go for a wireless or wired camera. A wireless camera comes with a built-in battery that can keep the camera running without being connected to the power outlet. With a wireless camera, you don’t need to deal with the long cords. However, once the battery life is over, you will have to buy another battery which will cost you additional money. Another benefit of a cordless camera is that it will continue to work even if the power goes out.

Long story short, you may want to keep these things in mind if you are looking to buy a home security camera.

The CAN – DOS, Approach To Home Buying

Some fear purchasing their own home, even though, it may be in their best interest, while others, pursue this step, who may not be, ready, or prepared, for such a major action! Before deciding/ determining, what might be, best, for you, doesn’t it make sense, to first, give yourself, a check – up, from the neck – up, and analyze your needs, priorities, goals, aspirations, personal comfort zone, and, financial realities. It’s essential to proceed, consistently, with a positive attitude, and, use the CAN – DOS, approach, in order to determine, how to approach, in the wisest, possible manner. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, using the mnemonic approach, what this means and represents, and why, it’s a meaningful approach.

1. Costs; character; closets; closing: Be realistic about all relevant costs, from the down – payment, closing costs, maintenance, reserves (for repairs, renovations, upgrades, etc), and every other financial reality! Consider whether any particular house, properly meets, and/ or, exceeds your needs, which means, never overlook details, such as closets, storage, etc!

2. Area; asset: Since, for most of us, our home represents, our single – biggest, financial asset, doesn’t it, make sense, to approach, this process, in an aware, informed manner? Thoroughly, research the specific area, including knowing, the positives, and negatives, so there are, as few surprises, as possible! Walk the specific block, and meet some neighbors. Perhaps, the convenience to your, specific, House of Worship, is extremely significant! How about conveniences, such as shopping, and transportation? How would you consider, the public school system? Don’t overlook, issues, such as safety, etc.

3. Needs; neighborhood: Is it the right neighborhood, for you, at this point, in time, and into the future? Know, and address, your personal needs, obligations, priorities, and preferences!

4. Dollars; desires; delve deeply: Go beyond the apparent and surface, and delve deeply, into the specific house, and priority, and how, it aligns, with your priorities! Know, and understand, what you desire, in a home, and realistically, consider, the balance between the dollars/ costs, and your personal comfort zone!

5. Options; opportunities: Are there specific options, about the subject priority, which make it stand – out, for you? What opportunities, will purchasing it, make for you, and your well – being?

6. Systems; solutions; strengths; storage; spending: Would buying a home, be a wise approach, to your spending? Do a particular house’s strengths, create the types of solutions, you seek? Will the amount of storage, meet, and/ or, exceed, your present, and future, foreseeable needs? Which systems, and/ or, components, might be, most useful, to you?

The home buying, process, is enhanced, when we pay attention to, the, CAN – DOS, approach. Are you ready, willing, and able, to proceed, accordingly?

The Insiders Guide to Buying a Lake Home

Bumper-to-bumper traffic. Heavy travel schedule. Job stress. The proverbial ‘rat race’. Ugh. These are just some of the reasons that people dream of owning a lakefront home or cottage, a getaway within a couple hours drive time, where they can unwind from the stress of the work and the city, and have fun. Jet skis, fishing, sun tan lotion, barbecues, and crickets. Ahh!

For those folks looking to live the lake property dream, it’s important to know that there’s more to consider about buying lakefront property than just drive time and whether the water’s wet. In fact, doing a little homework ahead of time will pay huge dividends down the road, maximizing the likelihood that the lakefront cottage may stay in the family for generations to come.

Taking some time up front is critical when it comes to buying lakefront property. It doesn’t take long, but there are some important things to consider. You don’t want to make the mistake of moving too quickly and regretting your purchase.

To help you, we’ve put together this quick read – a primer of sorts.

So, what are those key things to consider?

Well, there are a number of them. Some are about you, and some are about the lake and the property itself. And it’s helpful to be familiar with them before you start looking at properties. That way, you can have yours eyes open to the full range of considerations from the outset.

Let’s start with you. These are the primary questions to ask before you begin your lakefront property search:

What do you want to do at the lake?

This is a simple question, and it may be the most important, so it’s worth taking some time to consider.

Do you want to waterski and jet ski? Do you envision floating around on a pontoon? Is fishing important? Are you a kayaker? A birder?

Do you care what other people do? For example, do you want an all-sports lake, or do you prefer a quieter, no-wake lake?

2. How big of a lake are you looking for?

Size matters. Among other things, it will impact the types of activities you can do. For instance, just within 2-3 hours of Chicago, in southwest Michigan, there are lakes ranging in size from less than 50 acres, to the 2,680-acre Gun Lake. That’s a big range.

3. How close do you want your neighbors to be?

Would it matter if they’re close? Or would you prefer to have more open space between you and your neighbors? Naturally, some lakes are more populated than others.

What kind of lake home do you want?

4. How far are you willing to travel?

Most people have a desired drive time of less than two hours. Does that describe you too? Or are you open to traveling further? Your travel time will define a radius, within which will be your search area.

Now let’s move on to the lake and the property. Let’s say you’ve found the place that seems ideal. Congratulations! But before you move too fast – and you may need to move fast – these are important things to consider:

5. How deep is the lake?

The relevance of this question is that water clarity is a key sign of a younger lake, and is naturally more popular for swimmers, while older lakes will have less clarity, and those nutrients make them more popular for fisherman.

6. What’s the beachfront like?

Is it a sandy bottom or have more clay? Is it weedy or have lily pads? The beachfront will impact whether you can have a dock, and influence what type of dock makes the most sense.

7. Does the property you’re looking at have its own private beach, or is it a common beach?

There are advantages and disadvantages to both, but most importantly, you want to know the details that relate to the property you’re considering buying before you buy it.

8. Is the property in a homeowners association?

It’s not uncommon for lake properties to be in neighborhoods with private roads, and sometimes with other common areas. You’ll want to know these details ahead of time, before making an offer. It’s always a good idea to be comfortable with any by-laws or covenants of the homeowners association before making a purchase.

9. Is there anything of note about the lake?

Does it have a reputation, good or bad? Does it have characteristics that are likely to influence property values?

There are other things to consider, but these are the highlights.

The bottom line is that it’s important to have a good conversation about these things before even looking at individual properties. And later, when you’ve found a place and want to make an offer, be sure that offer includes contingencies that allow you to do your full range of due diligence before closing.

Get Help!

Find an agent that truly understands lake properties – if they don’t know enough about all the unique details that come with the lake lifestyle, they can’t adequately represent your best interests. Do your own due diligence to find an agent with the necessary knowledge.

Take into consideration the full range of questions, do your homework and be careful to do your due diligence. Of course, in that regard, it’s also important to work with a qualified and competent Realtor. With proper planning, you’ll make a great decision, and then it’s good times, here we come!

The Real HOPES Of Buying A New Home

Why is home ownership, often considered, a core component, of the so – called, American Dream? Although every potential home buyer, seeks some different things, perhaps, unique to him, nearly all, enter the process, and period, with specific wishes, and HOPES, so it creates a meaningful, motivating experience. If one begins the process, by focusing on what he seeks, in his own home, as well as, can realistically afford (without becoming home – rich, but otherwise, poor and stressed), the normal and stresses and strains, doubts and insecurities, will be far more limited, and severe! With that in mind, this article will attempt to briefly, consider, examine, review, and discuss, using the mnemonic approach, what this means and represents, and why, smart buyers, will pay some attention to some of these core ideas.

1. Heart; heating: The heart of a home, must focus on, the essential bones, of the specific property. A smart buyer recognizes, while one can alter, and amend, the cosmetic aspects of a house, such as painting, flooring, etc, with a minimum of hassle and costs, if the main components, of the property, are weakened, and/ or compromised, you may be purchasing a Money Pit, instead of an enjoyable place to live! Carefully inspect, and consider, the condition, age, and effectiveness of the heating and air – conditioning (HVAC), as well as overall, air quality! Consider, how long, you will be satisfied, with items, such as your kitchen, and bathrooms, because, if this will need renovation, in the near future, a wise home buyer, will factor that additional cost, into his financial estimates, and abilities.

2. Options; opportunities; organized: Is the way, the particular house, is set – up, and organized, something, which you feel, will fit your needs, goals, and personality? Are there any specific options, which you believe, are essential and relevant, to your potential, to fully enjoy, the house? If there’s something, you aren’t 100%, in love with, are there realistic opportunities, to make certain changes?

3. Priorities; perceptions; pricing: Begin with your eyes – wide – open! Seriously, know, and abide by, your personal comfort zone, in terms of pricing, including the selling price, and the costs of any renovations, etc, you will make, in the first year, or two. Does this home, align with your personal perceptions, of where you want to live?

4. Emphasis; energize; energy costs; efficiency: Know your personal emphasis, from the start! A new home should energize you, in a positive manner. Don’t forget to seriously consider, total energy costs, as well as your monthly payments, including, principal, interest, real estate taxes, escrow, and costs of utilities! If you proceed, with a realistic perspective, the process, and adjustment, will be more efficient, and satisfying!

5. Strengths; service; sustainable; systems: Know the house’s strengths and weaknesses, before buying it! Do the strengths, outweigh the potential weaknesses? Will it service your present needs, as well as into the sustainable future? Be certain, all major systems, are in good, reliable, working order, from the start!

When a potential homeowner, focuses on the HOPES of buying a specific house, he becomes more capable of making a wise decision. Since, for most, his house represents his single – largest, financial asset, doesn’t that make sense?