Posts in category 'For Buyers'

Considering buying a vacation home as a rental? It's a different process from buying a primary home, and if you don't know what you're doing, it can be easy to make a few (potentially expensive!) mistakes along the way.

So what, exactly, are those mistakes, and more importantly, how do you avoid them?

A recent article from realtor.com outlined common mistakes buyers make when purchasing a vacation home as a way to earn income, including:

• Not checking local rental regulations. Not all areas allow short-term or vacation rentals. If you're buying a property with the intention to rent it...

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Homeowners associations — more commonly known as HOAs — are neighborhood organizations that are responsible for the care and upkeep of the area, and require residents of the community to pay fees (either monthly, quarterly, or annually) to cover the costs of that care and upkeep. Not all neighborhoods have HOAs, but they're pretty common, especially in new-build communities.

But if you've never lived in a community with an HOA, chances are, you have questions.

A recent article from realtor.com answered common questions about HOAs, particularly about new-construction communities, including:

• How mu...

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If you've been searching for a house for any amount of time, you're probably well aware of how important it is to get a mortgage pre-approval before you even start looking at houses, or at least as early on in the process as possible.

But what might come as a surprise to you is that you should also get it updated once in a while — especially considering the current real estate market, because mortgage rates have fluctuated up and down, and it's often taking buyers longer to find a house to buy.

It might sound like a pain in the neck to have to do it again, but the benefits of spending a few minutes getting your pre-approval updated will make it worth the time spent.

When Should You Update Your Pre-approval?

Pre-approvals aren't good forever. The length of time each lender extends...

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When you're looking for a house, you not only want to buy one that you love, but also get it at the lowest price possible. But that hasn't been the easiest task in the recent past, due to a lack of houses on the market and fierce competition from other buyers. Successfully edging out your competition and buying any house has been something to be happy about. Getting a break on the price hasn't even been something most buyers could imagine.

So it'd be easy to understand why a recent study done by researchers at the Indiana University Kelley School of Business and the Cornell University SC Johnson College...

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You were approved for a mortgage. You put in an offer on your dream home, and it was accepted. You're just weeks (or days!) away from closing.

You're in the clear, right?

Wrong. Until you've closed on your mortgage, there are a number of financial mistakes you can make that could cost you your home.

So what, exactly, are those mistakes? A recent article from realtor.com outlined the money missteps that could put your mortgage in jeopardy, including:

• Taking a leave of absence from work. Your job is a key element lenders use to determine whether you have the ability to pay back you...

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