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Mortgage Home Loan Packages

PROS

  • All in One Place. If you have had a few different accounts and cards with numerous institutions you will find it a lot more convenient and manageable to have all your banking with the one lender. Given the lender has probably offered you savings on accounts, cards and your mortgage, it wouldn’t make much sense to have accounts and cards at a higher rate or transactional costs with other institutions.
  • More Discounted Products. As mentioned, the four major banks own a big chunk of the existing market in mortgages and that gives them the ability to offer these package deals against which smaller lenders have difficulty competing. If you are looking to take out a home loan with a building society or a credit union, they usually offer products in which they specialise.
  • High Income. For high income earners, package deals will help build equity a lot quicker in an offset account. The savings on interest can be worked through a combination of having the salary reduce the interest charge and living off the credit card. Just remember to pay off the card each month!

CONS

  • Locked In. It’s not always smooth sailing when you are
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Steps To Financially Preparing To Buy A House

  1. Get a copy of your personal Credit Report: At least 6 months, prior to, beginning your house – hunting, get a copy of your personal Credit Report, and review it thoroughly. Take steps to correct any errors and/ or mistakes, in order to be as prepared, as possible. This can, either be done, by yourself, or, one can take advantage of using professionals, who might do so, for you! Remember, the better your report and credit score, the better your mortgage terms, and ease of securing the best one, for you!
  2. Correct, fix and address: Don’t merely get a copy, but correct it, if needed, fix any deficiencies, which might be detrimental, and address any issues, or potential ones. Again, you can do so, yourself, or use the assistance of a professional!
  3. Save as much as possible: Be prepared with the necessary funds for your down – payment, as well as any other funds needed, for Closing, In addition, begin to accumulate as much of a reserve, as possible, in order to maximize your enjoyment, and reduce the stress!
  4. Do not open any new credit: Often, when we shop, the store offers their Credit Card,
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Prepare for Homeownership

If you intend to finance your next home, the first step in the home buying process is to review your credit report to verify if there are any inaccuracies. Most lenders will require at least a 620-middle credit score for mortgage financing. The three main credit agencies are: Equifax, Experian, and Transunion. Your credit scores may affect more than just your mortgage options, they may also impact your ability to get a new job, get approved for a car loan, or even a credit card. By law, you can receive one free credit report each year to ensure all your information is correct at: annualcreditreport.com. Once you receive your free copy, make sure you thoroughly review your report for errors and to prevent identity theft.

The following factors are used to calculate your credit score:

  • Payment History (35%) – Late payments, judgments, bankruptcies, foreclosures, and collections will all negatively affect your credit.
  • Balances Owed (30%) – Higher balances on revolving debt and personal loans will negatively impact your credit scores.
  • Length of Credit (15%) – Established on-time credit accounts positively affect your credit scores.
  • Inquiries (10%) – When you apply for new debt,
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Benefits Of Adjustable Mortgages

  1. Qualifying: Sometimes, one may find it easier to qualify for an adjustable, rather than a fixed mortgage, because, the lower payments, are used, as part of the financial qualifying and qualification process. This may be the difference, for some, especially middle class, first – time homebuyers, between being able to, or unable to purchase one’s dream house, or home, of their own!
  2. Monthly costs: If the adjustable type, creates a lower monthly payment, because of the initial lower interest rate, it may make it somewhat less stressful, to go that way! Especially, when one purchases a property, and has an excellent chance of having a substantially higher income in the future, this may be a suggested approach.
  3. More house: If the introductory rate, either permits one to qualify for a higher amount of loan, or permits him to buy a more expensive house, which he desires, an adjustable mortgage, might be the preferred approach! While one should not buy or pay, more than he can somewhat comfortably afford, one’s future financial consideration and status, might suggest, this is the best course, to follow!
  4. How long you’ll live there: If you plan to reside in this
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Owning a Log Home

Advantages of owning a Log Home or Cabin

Energy efficient – Due to timber’s thermal mass, which accounts for the wood’s ability to store and release heat throughout the day and night, log homes are great at conserving energy, and maintaining temperatures. This means your home can be kept cool in the summer and warm in the winter without you having to rely so heavily on air conditioning units and central heating. They are generally regarded as being anywhere from 2.5% to over 20% more energy efficient, if built and caulked properly, as compared to an identical wood-frame home.

Log homes fit into the “green” lifestyle – If being environmentally conscious is important to you, going with log will be a good fit. Builders today tend to use logs from sustainable forests, to ensure that they are not depleting forests that are already in trouble. Combined with the energy efficiency referenced above, this means that they are very “green”.

Traditional charm with modern conveniences – many people love log cabins because they bring to mind a simpler way of life. In today’s homes, you can keep that traditional charm while also adding the modern conveniences

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Steel Buildings Go Green

Building Green

Green building design, also known as “sustainable building” is coming of age as we recognize that global resources are limited and that climate change is inevitable – unless we take positive action now.

Green building recognizes the environmental impact of buildings, their construction, life-cycle and ultimate demolition, and works to lessen this impact through

  • Energy efficiency
  • Environmentally sound building materials
  • Innovative building design
  • Healthy indoor environment
Environmentally Friendly Pre-engineered Steel Buildings

Pre-engineered steel buildings also known as prefabricated buildings or prefab metal buildings are an innovative building solution featuring solid steel I-beam building construction.

  • Pre-engineered buildings are designed and engineered by trained and certified structural metal building engineers to meet all local building codes for snow and wind load and seismic conditions.
  • Building components are engineered and fabricated to precise specifications using the highest grade commercial steel available.
  • Modern steel manufacturers employ energy efficient methods in steel production that help to substantially reduce greenhouse gas emissions.
  • When a steel building is demolished to make way for new construction the metal building materials don’t end up in a landfill like asphalt shingles, concrete, brick and
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House Flipping Laws

Flipping a house, or reselling a property quickly after purchasing, isn’t illegal. Because so many house flippers committed mortgage fraud or used predatory lending practices, HUD, the U.S. Department of Housing and Urban Development, is trying to protect home buyers. HUD also seeks to halt appraisals at inflated prices. The agency believes that house flippers artificially inflated prices.

Effective July 9, 2006, HUD changed their lending regulations for new FHA financing. To keep wholesalers from making a quick profit, only the actual owner of a home can sell a home with FHA, Federal Housing Administration, financing. To discourage house flipping, homes sold within 90 days of purchase won’t be eligible for FHA financing, either. Additionally, houses selling for twice as much as the purchase price in the time period between 91 and 180 days after the last sale require additional valuation data in order to qualify for FHA financing.

The exemptions to this policy include HUD, Fannie Mae, Freddie Mac, lenders selling real estate owned (foreclosures), local or state housing agencies, nonprofits with HUD permission to purchase discounted real estate owned properties, inherited properties, and dwellings located in presidentially declared disaster areas.

What does this
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Home Buying Negotiations

Ask for something in return.

Typically, transactions inside a home sale should be give and take. Sellers put specific price tags because they want money in exchange of their property. Buyers inspect the house and see appliances not included in the seller’s listing. Then a higher price than that of the seller is raised. This is when counter offers start. Whether or not the seller or buyer would give in to some demands, the counter offers can go back and forth. Sellers and buyers alike should remember that counter offers are made because they want something from this.

In simple philosophy, counter offers are done to tap into either a buyer or a seller’s fairness. In response to changes in prices made from both sides, requests are also slowed down.

Give incentives.

During the counter offer, remember that you should give when you want to take something. Thus, incentives in different forms will likely help. If you are on the seller side, offer buyer like paying for homeowners’ association fees for a specific period. Incentives can spell some trick on the buyer. You have just to be creative yet respectful in putting up your

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Alternative Building Materials

Straw bale homes have been gaining popularity due to the benefits the homes provide to homeowners. The use of this particular resource provides homeowners with better living conditions. Straw has many advantages when used as an alternative building material, including its renewable nature, its low cost, high insulation value, it is easily available, and is naturally fire retardant. The fact that straw has a relatively low cost makes it an ideal option when comparing prices to more conventional building materials. Being able to save money will help, especially in the cost of building a house.

Straw is also a very readily available resource that is easy to acquire. Natural resources are very important to the environment and using them for projects such as home building make its acquirability even more important. The fact that straw is readily available and is by no means scarce makes it a top choice when making an effort to be environment friendly.
One big upside to using straw as insulation or as actual walls is that straw is naturally flame retardant. Any homeowner would love the idea of a flame retardant home. Many people could rest easy knowing their home has added

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When Buying Residential Properties

  • Accommodation: You must never forget to check how many people a residential property can accommodate before investing your money on it. You may have kids in the future or your parents may come to stay with you from another city; make sure you don’t need to shift to a new house in such situations.
  • The area covered: For checking the area covered, you may need some expert help. This is because measuring things like carpet area of a flat and total area of the land the building in constructed on is not the job of a layman.
  • Floor: Usually, top realtors will never offer you low quality floors. However, even then, you should never shy away from checking the quality of floor before purchasing a residential property. If the property has tile flooring, get the flooring inspected for durability and sturdiness. If you have enough money, you can request the realtor to customize the floor according to your needs.
  • Location: When you are purchasing a residential property, chances are there that you will be staying there for life. This makes it extremely important that the building has a preferable location. Ideally, it should have a
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