“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
Home Low Rate Mortgages - Mobile Alabama, Low Rate Home Loans, Mobile Alabama

Low Rate Mortgages - Mobile Alabama, Low Rate Home Loans, Mobile Alabama

Blog_tag

Walk-Through Inspection

09-28-08
Low Rate Mortgages - Mobile Alabama, Low Rate Home Loans, Mobile Alabama

Prior to closing, you would be wise to revisit the property to verify that it is in the condition you have outlined in your purchasing offer and to be certain that required repairs have been completed to your satisfaction. It is best to do this final inspection no later than 1-3 days before you plan to close. Be sure to have this right of a final inspection included in your bid to buy the home.

This final inspection report should describe anything not to your satisfaction. Before your move in, even minor details such as scratches and incomplete paintwork should be addressed. After you settle in your home, the other items can be corrected. If you choose, you can hire a private building inspector or engineer to conduct the inspection on your behalf.

During your inspection, address the following areas:

The Exterior:

· Grading slopes away from the house for drainage

· The sod is laid

· The siding is placed evenly and nailed securely to the walls

· The brickwork is spaced evenly and clean

· Caulking around windows, doors, garage door, electrical outlets and fixtures is in good condition

· Inspect paint and stains on all surfaces and trim for coverage and color

· Securely fastened shutters, fascia and gutters

· Clean shingles with no lifting corners

· Garage features non-combustible materials on the wall adjoining the house

· Properly functioning garage door

The Interior:

· Clean basement with no cracks in the walls and a floor drain in the lowest part

· Quality wooden joists in basement

· Instructions and warranty cards for appliances and equipment

· Well-fitted doors and secure locks for outside doors and doorstops

· Lockable windows that open smoothly

· Smooth and even walls with no cracks, visible seams or nail marks

· Correct paint color and even paint coverage

· Good floor installation with minimum squeaks or springiness

· Smooth seams on carpet and other floor covering

· Even grouting between ceramic tiles

· Operating faucets and plumbing fixtures without chips or scratches and caulking around counter tops and fixtures

· The right materials, installation and color for upgrades and options

· Overall cleanliness with no construction debris

0 Comments
Blog_tag

Ways to Save Money on Homeowners Insurance

09-27-08
Low Rate Mortgages - Mobile Alabama, Low Rate Home Loans, Mobile Alabama

The Gulf Coast of Alabama and all its beauty is a great place to live, However the price tag has gone up. Homeowners Insurance has caused more buyers not buy, more so than all the changes in lending.

When looking for homeowners insurance, use the many resources available to you. You'll find valuable information through friends, family, the phone book and Internet. It's best to collect a wide range of prices from a number of different companies.

SHOP AROUND
When looking for homeowners insurance, use the many resources available to you. In addition to a fair price, the insurance companies you select also should offer high-quality service. While this outstanding service might come with a higher cost, it is important to be associated with an insurance company with a well-respected reputation, especially in the instances when you need to make a claim. To obtain a full understanding of the types of services these companies offer, have conversations with a few of their insurance representatives. Find out from them what they would do to lower your costs. Research the companies' financial ratings with AM Best or Standard and Poor's.

RAISE YOUR DEDUCTIBLE
The insurance company will pay toward your loss after you have paid the deductible amount as required in your policy. Deductibles on homeowner policies start at $250. Increase your deductible to
$ 500 -- save up to 12 percent
$1,000 -- save up to 24 percent
$2,500 -- save up to 30 percent
$5,000 -- save up to 37 percent

The maximum deductible required by mortgage companies is 1% on homeowner insurance policies.

TWO IN ONE
Buy your home and auto policies from the same insurer. You can possibly save 5 to 15 percent off of your premium by purchasing two or more policies from a company that sells homeowners, auto and liability coverage.

NEW OR OLD, EVERYWHERE YOU GO: CONSTRUCTION MATTERS
Consider the cost of insuring the home you wish to buy. The overall structure along with the electrical, heating and plumbing systems of a new home are likely to be in better shape than those of an older house. Because of this, buyers of a new home may receive an 8 to 15 percent discount from their insurers. You also save money by buying a home that is not in the 100-year flood plain. Flood-related damage is not covered by homeowners insurance but by separate flood insurance.

INSURE YOUR HOUSE, NOT THE LAND
Since the land under your house is not at risk from theft, windstorm, fire and the other hazards covered in your homeowners policy, you do not want to include its value while determining the amount of homeowners insurance to buy. This inclusion will result in a higher premium.

IMPROVE YOUR HOME SECURITY AND SAFETY
Installing a smoke detector, burglar alarm or dead-bolt locks can typically result at least a 5 percent premium discount. Premiums can be cut by 15 to 20 percent with the installation of an advanced sprinkler system and a fire and burglar alarm that notifies the police station or another security service. This discount does not apply to every system, and they tend to be costly, so be sure to conduct research before purchasing these security measures. Before investing in these systems, ask your insurer which systems are recommended and the savings impact these would have on your premiums.

IT COMES WITH AGE
Typically, individuals who are retired have more time at home and therefore are more quickly able to deal with hazards to the home, such as fires. With more time available to maintain the home, a 10 percent discount on your premium may be available to you if you're at least 55 years old and retired.

THE MORE, THE MERRIER
Insurance companies and alumni and business associations often collaborate on an insurance package that includes a discount for association members. Find out from your association's director if there is a discount on homeowners insurance offered to you.

BE TRUE TO YOUR SCHOOL
Special consideration may be given to you if you've kept your coverage with one particular company over several years. If you remain with the same insurance provider for 3 to 5 years, your premium could be reduced by 5 percent; you may be able to save up to 10 percent if you stay with the same insurance company for 6 years or more.

ANNUAL REVIEW
Compare the limits in your policy to the value of your possessions at least once a year. You want any major purchases, changes, or additions to your home to be covered in your policy. However, there's no need to pay more money for unneeded coverage.


It would be beneficial to talk with an insurance agent or company representative if you live in a high-risk area that is especially vulnerable to coastal storms, fires, or crime and have been buying your homeowners insurance through a government plan. A lower price may be available to you in the private market and may require only a few easy steps.

1 Comment
Blog_tag

You can achieve good credit by following these tips

09-25-08
Low Rate Mortgages - Mobile Alabama, Low Rate Home Loans, Mobile Alabama

1. THERE'S NO TIME LIKE THE PRESENT: Pay your bills on time. An indication of how you will pay your bills in the future is taken from how you have paid your bills in the past. Your credit scores emphasize your most recent payment record. If you've been late in the past, start paying on time now!

2. GIVE THEM WHAT THEY WANT: Pay at least the minimum amount required. You can always pay more, but you should never pay less.

3. HOW LOW CAN YOU GO: Keep credit card balances low. Don't "max out" your credit cards.

4. SAVE YOURSELF: Don't apply for too many loans or new accounts. Lenders will be concerned that you won't manage your debt well if you are requesting a lot of credit in a short time span.

5. GET ESTABLISHED: Establish credit if you have none. Apply for one or two credit cards. Use the cards carefully and pay off the entire balance each month

6. PLAN AHEAD: Get your credit report a few months before you plan to buy a house so you have time to correct any errors before applying for a mortgage. You can establish a plan to build your credit with help from your lender.

7. KNOW WHERE YOU ARE: Find out your credit score and review the information that comes with it.

8. THINK BACK: The last two years count most. Your credit score looks most closely at the last two years.

9. THINK FURTHER BACK: But the last seven count too! Your credit tracks your payment history over the last seven years.

10. TIME IS OF THE ESSENCE: Shop for a mortgage within a two or three- week period. When you apply for a mortgage, the lender requests your credit report and an inquiry of that request shows up on the report. All inquiries during a two-week period only show as one inquiry. A couple of inquiries on your credit report are okay, but more can lower your credit score.

11. BE RESERVED: Don't apply for new credit or make major purchases, such as a new car, large appliances or electronics, right before you apply for a mortgage.

12. ASK FOR HELP: Call your lender for advice if you believe you have credit problems.

13. YOU DON'T HAVE TO BE PERFECT: Don't be discouraged if you have credit problems. You don't need perfect credit to qualify for a mortgage; however, people with perfect credit tend to get better interest rates than people with less-than-perfect credit.

1 Comment
Blog_tag

What should I know before buying a home

09-23-08
Low Rate Mortgages - Mobile Alabama, Low Rate Home Loans, Mobile Alabama

Here are some tips that could save you a lot of time, money and trouble.

  • Plan ahead.
    Establish good credit and save as much as you can for the down payment and closing costs.
  • Set a budget and stick to it.
    We can help you determine a comfortable price range.
  • Keep your day job.
    If there's a career move in your future, make the move after your loan is funded. Lenders tend to favor a stable employment history.
  • Know what you really want in a home.
    How long will you live there? Is your family growing? What are the schools like? How long is your commute? Consider every angle before diving in.
  • Make a reasonable offer.
    To determine a fair value on the home, ask your real estate agent for a comparative market analysis listing all the sales prices of other houses in the neighborhood.
  • Choose your loan (and your lender) carefully.
    For some tips, see the question in this section about comparing loans.
  • Consult with your lender before paying off debts.
    You may qualify even with your existing debt, especially if it frees up more cash for a down payment.
  • Don't shift money around.
    A lender needs to verify all sources of funds. By leaving everything where it is, the process is a lot easier on everyone involved.
  • Don't add to your debt.
    If you increase your debt by financing a new car, boat, furniture or other large purchase, it could prevent you from qualifying.
  • Timing is everything.
    If you already own a home, you may need to sell your current home to qualify for a new one. If you're renting, simply time the move to the end of the lease.

If you dream of buying a home. Once you have a good idea of how much home you can afford, it's time to start figuring out what features are the most important. It's time to ask yourself a very important question - What am I looking for in a home? Once you have zeroed in on a neighborhood, you may want to drive around and note the number and the locations of "For Sale" signs. Pick up the local newspaper to get a taste of the area. This will help you get a sense of the local housing market.

2 Comments
Blog_tag

Understanding the Purchase Contract

09-19-08
Low Rate Mortgages - Mobile Alabama, Low Rate Home Loans, Mobile Alabama

The Closing
The closing is the final step to buying a home. The meeting generally takes about an hour and is held at the title company office as specified on your contract.

To obtain a final listing of the costs of the mortgage transaction, you should request a HUD-1 Settlement Statement from your title agent at the title company. The HUD-1 Settlement Statement is a final listing of the costs of the mortgage transaction. It provides the sales price, down payment, and the total settlement costs required from the buyer and seller.

Important note:
To cover the closing costs and the balance of funds due, you must use a certified check or cashier's check made out to the title company or a wire transfer.

The closing agent will receive a check from the lender that covers the mortgage. If your annual homeowner insurance and property taxes are included in your mortgage payment, your lender will set up an escrow account. This escrow account is is similar to a bank account in which the lender holds your money until it is time to pay the real estate taxes and insurance. After you sign the documents, the title agent officially will record the mortgage and deed at your local government's recording clerk office. The title agent will also distribute the required funds to the other parties, such as the seller of the home, the real estate agents, the lender and the homeowner insurance company.

It is important to to review the payment letter in your closing documents that tell you where your first payment should be sent.

0 Comments