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Top 10 Mortgage Mistakes to Avoid

Even the most seasoned borrowers will admit that they’re guilty of errors in their approach to obtaining a loan for a new home. Here are the Top 10 mortgage mistakes to avoid, whether you’re a first time buyer or simply need a refresher course.

  1. Credit Problems: You don’t know what credit issues may be lurking in your history unless you run your report before applying for a mortgage. Do it early so you have time to address repairs and contest errors.
  1. Applying for New Credit: One of the major mistakes with mortgages is that homebuyers apply for a loan or credit card before or during the mortgage application process. Put off opening new credit accounts until after you buy your home.

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How does Foreclosure affect your credit?

Many homeowners have been hit hard by a variety of circumstances that make it difficult to pay their mortgage. Sickness, job loss, a tough economy and other factors may prevent you from keeping up with payments, leading your lender to foreclose upon your home. In some cases, being free of a mortgage can be a wise move; however, foreclosure has a significant impact upon your credit rating. Here are some answers to some common questions about foreclosure and credit scores.

How does the foreclosure process work? If you miss a mortgage payment, you can expect to start receiving phone calls and notices from your lender with demands for payment. After a certain amount of time, the bank will initiate pre-foreclosure proceedings with a “notice to accelerate,” “notice of lis pendens” or other documents; the exact process varies by state. (more…)

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Why You Should Buy Your New Home Instead of Renting

Why You Should Buy Your New Home Instead of Rent

Why You Should Buy Your New Home Instead of RentWhether you’re considering relocating across town or across the country, you’ll be making one major decision about your living arrangements: buying a new home or renting. Signing a lease is certainly convenient in that there are fewer worries about maintenance or repairs. You simply contact your landlord, and he or she will solve problems according to the lease. But convenience isn’t the only factor, as you’ll see when you look at the many reasons buying is a better option for most people.

You’re making an investment that increases in value. Real estate has an excellent return on investment as compared to other assets, even if you do nothing to the place. But there’s more incentive to improve upon it when that property is the house you live in – and when you renovate, you add value. Typically, you’ll gain more than what you put into home improvements and you’ll reap the rewards when you sell.  (more…)

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Transform Your Backyard into BBQ Headquarters

For some people, barbecuing is just an occasional thing you do in the summer: haul out the grill and the charcoal, throw on some burger, and call it a day. But for others, it’s a way of life. Your barbecuing is legendary—and so are your barbecue parties. But if you really want to throw some parties this summer, you’re going to have to do some landscaping. What can you do to turn your backyard into the top spot for outdoor parties? Here are a few ideas

Fix Up Your Lawn. The first thing you need to do before you invite people over is make sure your lawn looks good. If you’ve got brown patches, or bare patches, you might want to reseed. Also consider bringing in some potted plants, to add to the atmosphere. You can even have a potted herb garden, and impress your guests by picking fresh thyme or rosemary and bringing it straight over to the grill to season the meat. (more…)

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Automate Your Home…Today!

It’s amazing to think that all the automation features you learned about for the “Home of the Future” are actually available to today’s homeowners. Almost every function in your home can be controlled by a switch, device or smart phone, and there are considerable benefits for automating certain operations. You can make your place more secure, save on energy bills and home insurance, and generally make everyday life more convenient around the house. Have a look at some basic information if you’re ready to get started with home automation.

Start with a smaller-scale system. You don’t have to install a household-wide system to gain the benefits of home automation – and it’s an especially unwise move if you’re new to this type of technology. Go with some of the basics, such as: (more…)

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How to Find a Trustworthy Moving Company

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Moving Companies - Paramount Equity® Imagine, if you will, you’re moving into a new home and are just waiting on the movers to arrive with all of your furniture and personal belongings. Time passes and everything you intended to fill your new home with is nowhere to be found, then you find out the movers that you hired are holding it hostage for a large fee. For most, this scenario seems like something out of a nightmare, but it could happen to anyone. If you’re going to be moving and are searching for a moving company, it could be wise to take steps now to find a moving company that is trustworthy.

Do Your Research

First and foremost before hiring anyone to move your furniture and personal belongings, it is critical to do the research. As with any profession, there are some scams hiding in the moving industry waiting for an opportunity to pounce on unsuspecting and innocent (more…)

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The Average Cost of 5 Common Home Repair/Improvement Projects

paramount-equity-leaky-roof

House Repairs - Paramount Equity®Home repair is essential for bringing your house up to code, to remodel a “fixer-upper” or prepare for a life style change. The average cost for home repairs depends upon the quality of materials used, project size and locality. Home repairs create a more healthy living environment and add great value.

“How much do home repairs cost?”

You should visit your local hardware or home improvement store to price various materials. Experienced carpenters will give you an estimate based upon the area or the project. You will need to know how much money you need for your home repair loan application.

When you are buying a home, you should also calculate how much home repairs will cost. Improve your living environment with a good home repair.

Here are the average costs for 5 common home/outdoor repairs and/or improvement projects: (more…)

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How Interest Rates Work

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Interest rates - Paramount Equity®When obtaining a loan, the interest rate is one of the most important things that you need to consider. The rates frequently fluctuate, so it is best to apply for a loan when you can get lower interest rates. Many people think that it is difficult to understand how interest rates work; however, if you take the time to research and learn about the process of interest, it is actually very simple.

When you buy a new home, you will probably need a mortgage loan. When you obtain a mortgage, you will be required to pay interest on the loan. (more…)

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