Tips for Applying for a Mortgage

Be familiar with the process.
Buying a home can be complicated. Take time to learn about the real estate climate and mortgage process in your area. If you know what to look for, you’ll get a better deal.

Get the facts.
Mortgages can look identical; be certain of the type of loan you are getting along with its conditions. Try not to miss any small subtle differences that could cost you thousands of extra dollars later.

Work with a broker or lender that has multiple investors.
If you are looking for options, talk to a broker who works with multiple lenders. With more options, it will be easier to find a program that suits you, especially if you have spotty credit.

Be honest.
Don’t hide anything from your lender. Most people have had financial troubles at some point and have less-than-perfect credit. Your lender will try to help, if possible, so give them the chance to do so.

Don’t make any large credit purchases prior to applying.
Your total debt determines whether or not you get the loan, and your total monthly payments have to be below a certain percentage of your gross monthly income. If you can avoid it, don’t take on new debt until after you’ve purchased your home.

Know your financial situation.
Review your credit report and if necessary, take steps to correct any blemishes. Keep your payments current because one late payment can have a big effect on your credit report, as well as your new mortgage. Make sure you have what you need before you talk to a lender. It will make everything better and probably less expensive.

Choosing the Right Moving Company
Hiring the right moving company can alleviate some of the stress associated with moving. So, how do you know which company to choose when preparing for a move?

Most companies have websites that list their services, customer reviews, and overall policies. Check out a few different websites and contact the businesses that best suit your needs.

Friends and family who have recently moved can also be a valuable resource. Ask which companies they do and do not recommend. Both lists are important when making a decision.

You can also contact the Better Business Bureau to see if any of the companies on your list have generated any reports. These reports will usually contain grievances. It is rare for a company to satisfy every customer, so make sure that the grievances were resolved and the customer was satisfied.

Another popular resource when moving is the website MovingScam.com. This site is dedicated to revealing moving scams before they happen to you. Browse the articles and the message board to see if the moving company you want to use is mentioned.

In addition, the Federal Motor Carrier Safety Administration lists the following tips to help you identify rogue moving companies:
  • The mover doesn't offer or agree to an on-site inspection of your household goods and gives an estimate over the phone or internet—sight-unseen. These estimates often sound too good-to-be-true and they usually are.
  • The moving company demands a large cash deposit before the move.
  • The company’s website has no local address and no information about  licensing or insurance.
  • Offices are in poor condition or nonexistent.
  • On moving day, a rental truck arrives rather than a company-owned.
If you do your homework and find the right company, your moving experience might turn out to be a good one.
Homeowner’s Insurance Explained
Although no one wants to dwell on negative thoughts, when it comes to financing a home, it is essential to be prepared for the worst case scenario. All lenders require you to have theft, fire and liability insurance on properties to secure their loans. Depending on where you live, you may also have additional requirements such as flood insurance if you live in a designated flood area.

Generally, homeowner’s insurance offers protection in two areas. Casualty insurance covers losses or damages related to fire, theft and weather hazards. Personal liability insurance provides financial protection against someone who is injured while on your property. Other types of coverage can also be added.

The most basic homeowner’s policy covers the following eleven perils: theft, vandalism, explosions, falling aircraft debris, vehicle collisions, smoke damage, fire or lightning, civil commotions, windstorm or hail, malicious mischief, and glass breakage related to the structure. Homeowners should consider the lender’s minimum requirement when deciding on the amount of coverage that is needed. The minimum is usually the property’s purchase price less the value of the land. Additional coverage above that level is optional.

If you're looking for homeowner's insurance, you should base the amount of coverage on the replacement cost of the entire structure in addition to the value of your personal property. Make sure you do not insure your home for the current market value, which is the value your home would bring if sold today.

To estimate the replacement cost, multiply the square footage of floor space by the current construction cost-per-square-foot for similar homes. To find this information, try contacting a local builders association. For your personal property, make an inventory and check out current selling prices online. After you find a good insurance plan, it's very important to update your coverage when home market values change or if you make a major improvement your property.
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Amazing Homes: Windsor Castle

Windsor Castle, home of Queen Elizabeth II, is not only the largest inhabited castle in the world, it has had continuous occupation for over 900 years. William the Conqueror originally built the castle from wood and over the years it has been transformed to a massive stone fortress. The castle has around 1,000 rooms and sits on 13 acres of land. Windsor Castle has had a rocky history; in 1649 a bill was proposed in the English parliament to destroy the castle--it was defeated by one vote. In 1992, a fire broke out at the castle that damaged over 100 rooms taking 1.5 million gallons to douse the flames. Currently, the castle serves as the Queen’s royal palace and weekend home. It is also used for state banquets and serves as a major tourist attraction.


When You Buy...

Since buying a home is one of the biggest purchase decisions you will ever make, here are some tips to help you make a solid decision:

How is the neighborhood? Many new home buyers are coming from the rental world where neighbors typically come and go. When you move in to your new home, your neighbors could be yours for a long time, so choose wisely. If you like peace and quiet, but see your neighbor has a drum set on the front porch, it could be time to reconsider.

You should take into consideration the proximity of major roads, schools and stores. Use your intuition about questionable properties or any general uneasiness about the environment – chances are you're better off looking for another home.
JBA Network • 311 Montford Ave • Asheville • NC • 28801

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