Smart Ways To Create Equity Within Your Home

Smart Ways To Use The Equity In Your HomeHome equity is the difference between what your home can sell for and what you owe on it. Generally, the longer you own your home, the more equity you build.

This is money you can use before you sell your home through a home equity loan. Just keep in mind that a home equity loan is secured with your home. If you can’t make the payments, you can lose your home.

Use Your Home Equity In Smart Ways:

  1. Remodel Your Home – If you’ve wanted to add on a family room or modernize your kitchen, consider using your home’s equity to fund the project. Home improvements usually increase your home’s marketability and value.
  2. Make Needed Major Repairs – Your home’s equity can be a funding source for major repairs like plumbing problems and re-roofs. Once again, this is an improvement for your home that will help keep its value up.
  3. Buy Another Property – Real estate is still a safe investment. You can use your home equity to buy a second property when home values are down. When the market recovers, you can sell the investment property for a profit. This also works if you have to move out of town and are still trying to sell your home. If you can afford the payments, use your home’s equity to purchase your new home until the current one sells.
  4. Pay For Unexpected Medical Expenses Or Job Loss – You never know when a medical emergency or job loss will leave you in debt. A home equity loan can give you the money you need to get through this difficult time.

It’s easy to build equity in your home when you find the right deal. Let me help you find your perfect home and negotiate a great price and terms for you. Contact your mortgage professional today.

Checklist To Buying A Home

communication,seth jacobs,maine mortgage,southern maine realtor,craig candageIn honor of the Southern Maine Spring Market and all the new buyers, I thought it would be helpful to review a standard checklist on what to expect when purchasing a home in Maine. Depending on the location and type of property will determine the finer details of purchase.  For this article, I will present a general checklist for buying a single family home:

  1. Begin by understanding your finances – you will need to know what you can afford to pay monthly as well as determining how much money you will need for a down payment.  Prepare a monthly budget to put everything into perspective.  This budget should include EVERY expense each month.
  2. Choose your Realtor – you want to choose a Southern Maine Realtor you trust.  The cost to a buyer for their service is “FREE” and they will represent you and your best interest throughout the transaction.  In many cases, your Realtor can refer you to a mortgage broker as well as other vendors throughout the entire transaction, this becomes your “Team of Professionals” that will help you along the way to successfully purchase a home you feel comfortable with.  The Realtor acts as the “conductor” of the entire process from beginning to end just like in an orchestra.
  3. Get Pre-approved before you start looking for a home – understanding what you can afford before you step into a property will make the process more smooth and straightforward.
  4. Look for a home – after meeting with your Realtor, you now should have determined what your want, how much your willing to spend and where you want to look. Start house hunting!
  5. Make an offer – working closely with your Realtor, they will help you understand what the best strategy is to offer on the property based the most recent sales in the area.
  6. Under Contract – this is the most exciting moment for the buyer! Your Realtor will guide you through the all the timeframes that are important within your contract.
  7. Inspection of home – by now, you are anxiously wondering what condition the home you are about to purchase is REALLY in.  Your Realtor should be able to have a preferred vendor list ranging from home inspectors to air/water testing and everything in between when it comes time to inspect the home.
  8. Obtain Homeowners Insurance – it is best to get a few quotes from various companies to get the most affordable and best coverage for your new home. Your Realtor should have referrals for you.
  9. Pack and Move – If you plan to use a moving company, secure this early on in the process so you know how much you are going to pack and how much the company will pack and set the date.  The rates vary depending on how much you pack yourself.
  10. Final Walk Through – either 24 hours or an hour before the day of closing, walk through the home to make sure it is in the same condition it was when you last viewed it and all the repairs have been completed to your satisfaction, if applicable.
  11. Closing – Once the title company receives your loan documents, you will receive a HUD statement which reviews in detail your fees and then amount of money needed for closing.  In most cases the money need to close  must be in the form of a cashiers check, so make sure you allow time to go to the bank prior to going to the closing.  Your Realtor will arrange with the title company the day and time of closing where you will sign the loan documents.
  12. Congratulations, you are now a home owner – After signing the documents, you get your keys and move in!  If there is any personalization you want to make to the home, its best to do it prior to moving in if possible.
  13. ENJOY!

As I have said since the beginning, please call a local  Maine REALTOR for all your real estate needs no matter how big or small.  We are trained professionals here to make your life easier. It’s best to surround yourself with the right team of professionals that can continuously give you the right advice for all your circumstances.

Craig Candage

Landing Real Estate

Mobile: 207-653-2483

craig@landinghomesmaine.com

ULTIMATE HOME BUYING TIPS

 home-buying-tips

1. Don’t buy if you can’t stay put.

If you are not sure if you will be in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell sooner than later.

2. Start by knowing your credit score.

Since you likely be getting a mortgage to buy a house, you should make sure your credit history is as clean as possible. A few months before you even start looking at homes, you should get a copy of your credit report.  There are several companies that can provide you with a FREE credit report.  Be sure to only use one company and only pull it once.  Having you credit pulled frequently can alter the numbers in a negative way.  Make sure the facts are correct, and fix any problems you discover.

3. Before house hunting, get pre-approved.

Getting pre-approved will allow you to better understand what your purchase power is.  You will save yourself the grief of looking at houses you can’t afford.  The difference between pre-qualification and pre-approval letters; pre-qualification is based on a quick review of your finances and pre-approval is based on your actual income, debt and credit history.  You want to put yourself in the best position to make a serious offer when you do find the right home. Get Pre-Qualified here

4. Get professional help.

Even though buyers have unlimited access to home listings on the internet, most new buyers (and many more experienced ones) are better off using a professional agent. You should find an agent who is reliable, experienced and trustworthy and sign an Exclusive Buyer Representation Agreement.  This will ensure they have your best interests at heart and can guide you through the process from beginning to close.  This is where you build your TEAM of professionals to successfully help you buy a home.  Click here for a Southern Maine Real Estate Agent

5. Purchase a home you can afford.

It is important to work closely with your mortgage lender to determine what your purchase power is.  You can also utilize one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.

6. Understand there are many different types of loan programs.

There are a variety of different lenders who offer different loan programs.  When one lender says no, another can say yes! There are plenty of low-interest mortgages that require little to no down payment.

7. Buy in a town with good schools.

In most areas, this advice applies even if you don’t have school-age children. For re-sale purposes, understand that strong school districts are a top priority for many home buyers who do have school-age children, which boosts home property values. Southern Maine Property Seach.

8. Choose carefully between points and rate.

When picking a mortgage, you usually have the option of paying additional points in exchange for a lower interest rate.  Points are an upfront portion of the interest that you pay at closing.  If you stay in the house for a long time, typically 3-5 years or more, it’s usually a better deal to pay down the rate with the points which will save you more in the long run.

9. Do your homework before making an offer.

This is where you work closely with your buyer agent to understand the sales trend of similar homes in the neighborhood. So before making and offer, consider sales of similar homes in the last 3-6 months. Again, your buyer agent is the expert and can guide you with how to make a great offer.

10. Hire a home inspector.

It is imperative to have a neutral party inspect the home to help you get familiar with all the systems of the home and to determine the condition and quality of them.  Their job will be to point out potential problems that could require costly repairs down the road.

If you are looking to buy/sell a home please call me.

Craig Candage

Landing Real Estate

207-653-2483

craig@landinghomesmaine.com

5 Strategies To Secure Your Home Against A Break In

5 Strategies To Secure Your Home Against A Break InHaving your home broken into is completely violating. Burglars don’t just steal your stuff; they steal your peace of mind. While this is the sort of thing you think will never happen to you, it’s worth the time and effort to make sure you’re not a target.

Below are five strategies to help secure your home against a break-in.

1. Use Landscaping As A Barrier

Purposefully place plants in spots that create a natural barrier to your home. Plant thorny rose bushes in front of bedroom windows and remove overgrown shrubs that provide coverage for creepers.

Also, trim back any tree branches that might make an open upstairs window accessible.

2. Put In A Security Alarm

While a loud alarm might not stop a burglar from quickly grabbing the large flat screen in your living room, it does limit their time for snooping around and finding other valuables. Install an alarm that monitors the entire perimeter of your home.

Only give the code to family members and trusted friends. Also, be sure to advertise your alarm system with a sign out front.

3. Install Motion Detector Lights

Not only should these be placed in the front of your home, but also on the sides and in the backyard. Install motion detector floodlights that cover a wide area, and use LED bulbs so that you don’t have to change them as often.

4. Hide The Spare Key Better

Get creative when it comes to hiding your spare key. Seasoned thieves know the common places to look, such as under your doormat, in the mailbox and beneath flowerpots. If you can’t seem to find an obscure spot, then you’re best to leave it with a close neighbor.

5. Don’t Tweet Your Trips

While we may have the strictest of privacy settings on all of our social media outlets, you never know who your real Facebook friends are — or who’ve they’re talking to. So don’t let all of your friends know over the Internet that you’ve arrived safely in Paris and will see them again in two weeks.

The insecurities a robbery creates might even be worse than losing your precious valuables. Follow the precautions above to secure your home and make your possessions less of a target for looters on the lookout.