Ro Caddick-Kilduff's Blog
The closing cost is the last sum of money home buyers to pay after which there will be no further payment. The closing price can be surprisingly huge. This bill ranges from 3% to 6% of the mortgage. Do the math, and this means that the closing cost on a $300,000 home is around $9,000 to $18,000.
It is understandable that many home buyers are eager to complete their payment and move in, but there is a need to compare prices just as you research prices of a similar product when you set to buy a refrigerator, TV, or a car. Here are some strategies that will enable you to lower your closing cost:
Request a ‘Loan Estimate’ from the Lender
Asking your lender for a ‘Loan Estimate' form is the first step to take towards minimizing your closing cost. The ‘Loan Estimate' form is a three-page document that your lender will issue to you within three working days.
A loan estimate allows you to make a comparison between companies and also lets you some specific fees that are peculiar to the lender you have chosen.
Be aware of where the savings are
You will find the total closing cost as well as the amount you need to close the loan at the base of the first page of the Loan Estimate form. Check page two, section C of the Loan Estimate form, there you find the heart of your savings.
Push back on the charges of the lender
Some lenders might charge a flat fee that covers services like originating and underwriting while others charge may have a separate price for each of the services. There is no problem with charging a separate fee for such services, but when there are more than one or two lines of itemized charges, you should be cautious when dealing with such a mortgage company. Also, take note of the names of the fees, demand for a further explanation from your lender if you notice a charge with a vague title.
Ask your Seller to contribute
You can ask your seller to provide money to meet your closing cost demands. However, this contribution depends mainly on the market situation as well as the home because sellers may not oblige if there is aggressive competition among buyers.
Go for a mortgage without a closing cost
Going for a no-closing-cost mortgage is another strategy to consider. If you don't have enough cash, a no-closing-cost mortgage will be of great benefit. This strategy works like this – you won't have to pay the closing cost, but it will add up to your monthly mortgage payment.
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There are a lot of factors that can cause one house to sell quickly, while others in the neighborhood languish on the market for months.
In many cases, homes are scooped up because of a desirable location, a great school district, or irresistible curb appeal.
While all buyers have their priority items and wish lists in mind when shopping for a new home, final decisions are often based on psychological factors, emotions, and gut feelings -- not just cold, hard facts!
If you're getting ready to put your house on the market, here are a few strategies for improving your chances of making a fast sale:
Good feelings help sell houses. Prospective buyers are going to be drawn to your house if it looks impeccable from the street and well cared-for on the inside. When your home conveys a sense of pride in ownership and attention to detail, it sends a positive psychological message to house hunters. Very often, the power of suggestion can work in your favor when you're trying to make a favorable impression on potential buyers. Displaying fresh flowers, an appetizing bowl of fruit, or even table settings in your dining room or kitchen can help create a more inviting, appealing atmosphere. The right furniture arrangements can conjure up images of family gatherings, intimate conversations, or relaxing afternoons on the backyard deck.
Clutter creates discomfort. If you notice visitors side-stepping past your furniture or walking through your home as if they're navigating a maze, that's a sure sign your house is cluttered. Too much furniture or furniture that's too large and bulky for the space it occupies will make your rooms look and feel cramped. Creating a feeling of spaciousness and openness, on the other hand, helps bring out the best in all areas of your home.
Small touches make a difference. Displaying vases of fresh-cut flowers, an appetizing bowl of fruit in the kitchen, or colorful, new towels in the bathroom can help enhance the ambiance of your home. When conditions permit, the smell of fresh muffins, bread baking, or coffee brewing can infuse your home with a comforting and inviting fragrance. A house that looks and smells clean will also help create a positive multi-sensory experience for your visitors.
The right price can clinch the deal. Ideally, the price of your home should be based on comparable properties in your neighborhood and what they recently sold for. If your home is not in the same ball park, you could easily scare away qualified buyers who would otherwise be ready to make an offer. Working with a real estate agent can help ensure that you're house is competitively priced and that it doesn't linger on the market longer than necessary. Once you get caught in that cycle, the perceived value of your home and it's overall desirability can begin a downward slide. Take steps to prevent that from happening by having a comparative analysis done.
A home selling budget may prove to be exceedingly valuable. With this budget in hand, an individual will know approximately how much money that he or she will need to complete the home selling journey.
Now, let's take a look at three expenses to include in a home selling budget.
1. Home Cleaning
If you want to impress buyers, you likely will need to maintain a neat, tidy home interior. As such, you may want to account for cleaning supplies in your house selling budget.
Of course, you may choose to hire a home cleaning company. And in this scenario, you should consider how frequently you want this company to clean your house.
Regardless of whether you choose to purchase cleaning supplies so you can clean your house on your own or hire a home cleaning company, you should shop around. That way, you can evaluate the costs associated with different cleaning supplies and home cleaning companies and make the best-possible decision based on your finances.
2. Home Repairs
Repairing a home may be costly, particularly for those who failed to maintain their residences over time. Yet if you consider the home repairs you need to complete, you can incorporate the costs associated with these repairs into your house selling budget.
It may be beneficial to conduct a house inspection prior to listing your home. Once you receive a house inspection report, you can learn about any underlying home problems. You then can assess the costs to perform assorted home repairs.
For those who want to save money on home repairs, you may be able to complete simple property upgrades on your own. If you are unsure about how to perform various home improvements, however, you should hire a professional. Otherwise, if you try to complete these home improvements on your own, you risk making expensive, time-consuming and dangerous mistakes.
3. Packing and Moving
After you sell your house, you may have only a short amount of time to pack up your belongings and relocate to a new address. Meanwhile, if you account for your potential packing and moving costs, you can ensure that you will have the funds available to cover these expenses when you are ready to relocate.
In some instances, home sellers pick up packing supplies early in the property selling journey. This ensures a seller won't have to worry about rushing to purchase packing supplies as moving day approaches.
You may want to reach out to local moving companies for quotes, too. And when you finally sell your home, you can finalize plans with an affordable, convenient moving company that you have already vetted.
Lastly, selling a house can be challenging, but a real estate agent can help. If you hire a real estate agent, you can receive plenty of assistance as you craft a home selling budget. Perhaps best of all, a real estate agent will do whatever it takes to help you enjoy a fast, profitable house selling experience.
Technology has tremendously revolutionized the way people do things in this present time and age. It has spread through a broad spectrum of activities, making life so much better and more comfortable than what it was a few decades ago. From communication, businesses, transportation, education, marketing, to construction and a hundred things in between. Thanks to innovative technologies such as Artificial Intelligence (AI), people can now achieve so much with little or no efforts.
Ten or twenty years past, you might have been laughed at if you said you had a car that drives itself. People will probably think you are delusional. Fast forward to today, there are more automated things than just cars. And it keeps getting better. Although the present AI isn't the quintessential definition of AI, it is the groundwork for more significant innovation in the pipeline. In this article, you get to learn of some of the ways AI is applied in the world today.
- Automated Cars. Automated cars are taking over the scene. With the help of an AI called Tesla, people now own vehicles with self-driving features. These cars are designed to function correctly without a driver. Tesla's predictive capabilities are top notch.What's more? It is built to absorb knowledge from time to time. Consequently, it is safe to conclude that it only gets better. Envision a future where cars ply the road seamlessly with no one behind the steering. That is very much possible!
- Enhancing the Oil and Gas Industry. The Bakken formation has been in the United States from time immemorial, but technology made drilling possible only a few years ago. Thanks to technology. Now, AI systems are being employed to reduce the energy and cost of drilling, refining oil, and transporting oil and its products.
- Restructuring Online Markets. Amazon, for example, is a massive marketplace that caters to the need of just about anyone out there. Communicating with millions of customers, researching on products buyers need, when and where demand is highest, where things need fixing, etc. is such a formidable task to take on by a team. Fortunately, Amazon's transactional AI helps to alleviate this task by solving the relevant math and helping the team make informed decisions.
- Bolstering Cybersecurity. Cybersecurity is a top priority in every country and organization. Although lots of efforts in technology improved in past years, the AI system is, unarguably, the best measure so far. With an AI system, organizations can now analyze their network packets to fish out abnormal traffic from the traffic stream. Seeing anomalies makes it virtually impossible for hackers or cybercriminals to find their way into such organizations.
- Daily Routines. Thanks to Siri, you can now get by with your daily routines without stress. Siri is, undoubtedly, one of the widely used AI out there. Siri helps people get information at their fingertips, schedule appointment, find location, send messages, and a whole lot more. Siri has to be the best personal assistant ever!
Artificial Intelligence is here to stay. They help make life easier and better every day. Join the train now, instead of fighting it or doubting it.