Posted by Amanda Bruen on 8/29/2017

Thereís numerous reasons why the name on a title to a home may not be the same as the name thatís on the mortgage loan. These reasons include:


  • Only one buyer had stable credit
  • Only one person was on the loan application
  • One person was released from the mortgage


No matter why this is the case, having your name on the mortgage but not on the title to a home can affect you and people residing in the home in different ways. 


Why Would Only One Name Be On The Mortgage?


If people are looking to get a home or refinance a home, but only one person has good credit a decision must be made. For the best possible mortgage rates, youíll want to person with the best credit to be the primary loan holder. This may mean that you need additional legal documents in the process.  


The person with lower credit may still be able to have their name placed on the title to the home. Anyone who plans to contribute financially to a home, even if not on the mortgage, should place their name on the title. This would be one instance when a name would be on the title to a home and not on the mortgage loan. In this case, a person has property rights, but no legal-financial responsibility to the home. Itís important to agree on the home arrangement that youíre considering. This would be done through a will or a legal contract. This way, all parties are protected in regards to the ownership of the home should something happen to the individual whose name is on the mortgage.


Legal Things To Consider


Those who are listed on the mortgage are the people who are responsible for house payments. If a personís name isnít on the mortgage, it doesnít release them from complete responsibility from the home. If your name is on the title to the home but not on the mortgage, the bank generally has first dibs on the home if thereís a lapse in payments. If you want to keep living in the house, youíll have to keep making payments on the home. If you canít make the mortgage payments, youíll risk going into foreclosure. 


Taxes


An issue that can come up if your name is not on the mortgage is that you cannot use the home youíre living in as a tax deduction. Even if you make payments on the home, in order for you to get tax benefits, your name must be on the mortgage stating that youíre legally responsible for the home. If you are paying for the mortgage because your name appears on the title to the home, you arenít legally entitled to pay, giving away your rights to tax benefits. If youíre married, filing jointly, and only one name appears on the mortgage, however, you can use this as a tax deduction. This becomes an issue if two unmarried people buy a home together.  


Ask For Legal Assistance


Whenever you have an issue with the title of your home or with names on the mortgage, itís good to consult legal counsel. The attorney can assist you in determining who is legally responsible for the home and if the people listed on the title of the home are correct. This can help save you from trouble at a future date.


Since credit scores and loans can get messy at times during the home buying process, itís good to understand all the implications of home mortgages and titles.




Tags: Mortgage   Buying a home  
Categories: Uncategorized  


Posted by Amanda Bruen on 8/15/2017

Employing a real estate agent offers an ideal first step for those who want to buy the perfect residence, and for good reason.

With a real estate agent at your disposal, you'll be better equipped than other homebuyers to find a wonderful house at a price that matches your budget. Plus, your real estate agent will be able to help you navigate each stage of the homebuying process.

What should you expect after you hire a real estate agent? Here are three things that will happen:

1. You'll narrow your home search.

What are you looking for in the perfect house? Ultimately, you'll need to narrow your home search to ensure that you can discover your dream residence without delay.

Luckily, your real estate agent will allocate the necessary time and resources to help you narrow your home search. By doing so, you'll be able to move one step closer to finding a first-rate home that you can enjoy years to come.

2. You'll visit a wide range of high-quality houses.

Your real estate agent will set up home showings and keep you up to date about open houses in your area. That way, you can stay on top of the housing market, browse a broad array of top-notch residences and find one that suits you perfectly.

As you browse houses, don't forget to provide your real estate agent with questions. This will enable you to make a more informed decision about how to proceed following a home showing or open house.

Furthermore, your real estate agent wants feedback to guarantee that you can explore houses that correspond to your lifestyle and budget. And if you view a home that fails to meet your criteria, let your real estate agent know immediately. This will make it easier for your real estate agent to find houses that meet or exceed your expectations, and as a result, may help you accelerate the homebuying process.

3. You'll submit your first offer on a home.

If you've reviewed a variety of houses and find a residence that you would like to purchase, now is the perfect time to submit an offer.

Your real estate agent will offer recommendations to ensure that you can submit a competitive offer on a house. In addition, this real estate professional can provide details about how long a home has been available, if a home seller has lowered the price of a residence recently and other factors that may impact your initial proposal.

Submitting an offer on a house can be stressful, but you can always reach out to your real estate agent for support. Your real estate agent will keep you up to date about whether a home seller accepts, rejects or counters your offer. And if you receive a "Yes," your real estate agent can help you take the next step toward acquiring your dream home.

Before you begin a home search, hire a real estate agent Ė you'll be happy you did. A real estate agent can simplify the homebuying process and help you achieve your homeownership dreams.




Tags: Buying a home  
Categories: Uncategorized  


Posted by Amanda Bruen on 7/25/2017

Submitting a "fair" offer on your dream home may seem difficult, particularly for a first-time homebuyer. Lucky for you, we're here to help you determine what it takes to submit a fair offer on a home that increases the likelihood that a home seller will accept your proposal without delay.

Now, let's take a look at three tips to ensure that a first-time homebuyer can submit a fair offer on a house.

1. Study the Housing Market Closely

Are you preparing to submit an offer in a buyer's market or a seller's market? Ultimately, the current state of the housing market may help you define a fair proposal based on the sector's conditions.

For example, a buyer's market frequently includes an abundance of top-notch residences and a shortage of homebuyers. In this market, you may be able to submit an offer at or below a home seller's initial asking price and receive an instant "Yes."

On the other hand, a seller's market usually features a shortage of high-quality houses and an abundances of homebuyer. As such, you may need to submit an offer at or above a home seller's initial asking price if you want to secure your dream residence.

For first-time homebuyers who analyze the housing market closely, they should be able to differentiate between a buyer's market and a seller's market. That way, a first-time homebuyer can determine fair market value for a residence and submit an offer that corresponds to it.

2. Evaluate Your Homebuying Budget

There is no need to overspend for a house, regardless of the current housing market's conditions. But with a homebuying budget in hand, a first-time homebuyer can resist the urge to pay too much to acquire an outstanding residence.

Getting pre-approved for a mortgage often provides a great option for those who are uncertain about how much they can spend on a home. This budget will enable a homebuyer to narrow his or her home search based on the finances at his or her disposal.

Meet with a variety of banks and credit unions to learn about all of your mortgage options. Then, you can select a mortgage that matches your budget and move one step closer to acquiring a terrific residence.

3. Work with a Real Estate Agent

A real estate agent is a must-have for a first-time homebuyer, and for good reason. This housing market professional can teach you about the intricacies of buying a house and help you submit a fair offer on a residence any time you choose.

Furthermore, a real estate agent will guide you along each stage of the homebuying journey and help you overcome any potential pitfalls along the way. And if you ever have homebuying concerns or questions, a real estate agent is happy to respond to them at your convenience.

Take advantage of the aforementioned tips, and by doing so, a first-time homebuyer should have no trouble submitting a fair offer on a residence.




Categories: Uncategorized  


Posted by Amanda Bruen on 6/20/2017

When you find a home that you love, you probably already have been pre-approved by a bank for a certain amount that will enable you to buy a home. Once you put in an offer on the home and itís accepted, however, you may need to take a step back. The appraisal can help you to know what the value of the home actually is. The bank may decline your loan based on the appraisal This is one of the most important steps to obtaining the financing that you need to purchase a home. 


What Is An Appraisal? 


In a nutshell, an appraisal protects the bank from investing in a property thatís worth less than what theyíre paying for it. This process also protects you as a buyer from buying a property thatís worth less than what youíre expecting it to be worth. 


Although the appraisal makes sense financially, it doesnít mean that the process wonít be emotional for you as a buyer and for the sellers as well. The appraisal can in fact make or break the purchase of what you consider as your dream home. Thereís a lot of data thatís collected for the appraisal, which can cause nerves to be shot on both sides while the value of the home is being calculated.     


Whatís The Difference Between The Inspection And The Appraisal?


A home appraisal is much different than an inspection. The home inspection is important in its own right. As a buyer, you hire a home inspector to find any potential problems or hazards that could be big issues for you in the future as a homeowner. While property appraisers will make note of glaring issues, they wonít check out the nuts and bolts of the home like a home inspector will. The home inspector checks out everything from the air quality to the chimney to the toilet and sinks. Thereís many things that will affect your home appraisal. In other words, if youíre a seller, you want to get major issues fixed before you put your home on the market. Home inspections will be very important for different reasons to you as a buyer since it will be valuable to you in the future. Appraisers may request an inspection if they notice something serious within the home, but they are more interested in the value of the property than the direct problems that are within the home. 


Who Will Pay For The Appraisal?


Generally, the seller will pay for the home appraisal along with the closing costs. This can be a few hundred dollars. In certain circumstances the buyer may agree to pay for the appraisal, however.   


What Goes Into Calculating The Worth Of A House?


Appraisers look at many different factors including: 

  • The square footage of the property
  • The number of bedrooms
  • How many bathrooms the home has
  • The condition of the home
  • How much have comparable properties have sold for in the area
  • Safety issues
  • Other factors pertaining to health and safety            


The appraisal process can seem complicated, but once youíre educated on the matter, youíll be prepared when it gets to that point in the home buying process.





Posted by Amanda Bruen on 5/9/2017

As a homebuyer, you want to prepare as much as possible when you start looking at houses. By doing so, you'll be able to fully evaluate a residence based on your personal wants and needs and ensure you can find your dream house quickly and easily. However, there are many under-the-radar factors that homebuyers must consider when they check out a house, including: 1. Homeowners Association If you're evaluating condos, you should learn about the homeowners association (HOA) that manages the property. This will allow you to review HOA fees, how the HOA operates and other factors that may influence your decision to buy a home. Typically, it is simple to discover all you need to know about an HOA. To do so, you can work with a real estate agent who should be able to provide information about an HOA. Also, you can always contact an HOA directly and receive all the information you need without delay. 2. TV, Cable and Internet Service Providers Do you work from home and require a high-speed internet connection to complete your day-to-day tasks? Or, do you want to ensure you can get your favorite TV channels at all times? Regardless of your individual needs, you'll want to check out the TV, cable and internet service providers available in cities and towns where you'd like to live. This will enable you to find out if these local providers can meet your needs consistently. In addition, you should consider cell phone connectivity in an area, as this will allow you to determine if your cell service provider ensures you can enjoy clear calls in a particular city or town. 3. Attractions and Landmarks Do you enjoy spending a day at the park, checking out historic landmarks or going to concerts? No matter which activities you enjoy, it is essential to learn about the entertainment options near a home you may purchase. For instance, if a concert venue is close to a residence, it may affect nearby traffic patterns as concert-goers travel to and from this destination. Conversely, if you want a house that allows you to separate from the everyday hustle and bustle of the city, you may want to evaluate residences that are located many miles away from popular attractions and landmarks. 4. Walking Paths If you like to stay active, you'll surely want to find a house that features a wide range of safe walking paths that you can use every day. Whether it's going for a morning jog or simply enjoying a jaunt with your dog, you may be able to improve your chances of remaining active and healthy if you purchase a home with multiple walking paths nearby. Of course, a real estate agent can help you explore a vast array of homes in cities and towns nationwide. This professional will learn about your home preferences and allow you to streamline your search for the perfect house as well. Consider the aforementioned factors as you prepare to search for houses, and ultimately, you'll be better equipped to make a more informed home purchase.







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