Posts from March 2015
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27
8 Ways First-Time Homebuyers Can Prepare for a Mortgage
(BPT) - When it comes to buying your first home, a lack of knowledge and experience can lead to costly mistakes. One in four first-time homebuyers say they are completely unfamiliar with the mortgage financing process, according to a report by the Consumer Financial Protection Bureau (CFPB). Even among those with an understanding of the overall process, the report found that many first-time homebuyers still had significant knowledge gaps in important areas such as available mortgage rates, closing costs, down-payment requirements and income required to qualify for a loan.
First-time homebuyers can become mortgage-ready with these tips.
1. Adjust your budget. A mortgage payment can increase your monthly housing expenses, so prep...
21
Safety Tips for Lawn Mowers and More
Warmer weather is encouraging homeowners to break out lawn mowers, trimmers and other lawn and garden equipment for spring maintenance. To operate machines safely, it's important that users understand safety procedures and set expectations with others who operate or are nearby these machines, says the Outdoor Power Equipment Institute (OPEI).
OPEI recommends the following safety tips when operating mowers, chain saws, trimmers, edgers, generators and other outdoor equipment used for landscape management.
• Use the right equipment for the task. Mowers and hedge trimmers are designed to help you manage a landscape as efficiently and productively as possible. Select a "right-sized" product for the job. Ask your retailer/dealer for assistance in size, capabilities, power sources and features that fit yo...
17
What Factors Really Affect Your Credit Score?
A recently released TransUnion survey shed light on consumer confusion when it comes to credit scores. In fact, nearly half of all consumers falsely identified rental (45 percent) and cell phone (47 percent) payments as those that directly affect their score; however, these are not regularly reported to credit bureaus.
While consumers who frequently review their credit report incorrectly identify some aspects of it, consumers who rarely or never review their credit report have an even higher level of confusion. Among survey respondents who reported checking their report in the last 30 days, half mistakenly believe their full employment history (55 percent) and income level (41 percent) are included in their reports.
Surprisingly, even consumers who characterize their credit as "excellent" or "good" had troubl...
12
Seven Costly Mistakes New Homeowners Make
Owning a home for the first time is exciting, but that excitement can fade quickly if faced with extensive (and expensive) damage. New homeowners often inadvertently cause damage that can cost thousands of dollars or more in repairs.
The Home Book authors David MacLellan, George Wolfson and Douglas Hansen recommend steering clear of these common first-time homeowner mistakes.
1. Overloading Upper Cabinets in Kitchen
Avoid stacking heavy dishes in an upper cabinet, which is only supported by the wall behind it. Shelves may begin to sag if the cabinet struggles to bear the weight. At worst, your cabinet can detach from the wall completely.
2. Using Attic or Garage Trusses as Storage
Despite many homeowners doing otherwise, storing items on top of garage or attic trusses can...
9
The Dos and Don'ts of Winter Home Selling
When it comes to selling your home, first impressions matter. According to the National Association of Mortgage Brokers (NAMB), it's critical to put your best foot forward when putting your home on the market.
The NAMB outlines these dos and don'ts for preparing your home for sale.
Do:
Consider curb appeal. "Curb appeal is a huge draw for buyers," says Don Frommeyer, CEO, NAMB. "If you live in a cold state, consider creating a winter planter with cold-weather plants like winter berry holly or noble fir. At the very least, invest in a new doormat and keep the driveway clear of ice and snow. Warm lights glowing in the window will also be welcoming."
Invest in upd...