Around 6 million people purchased homes in 2019. Approximately 33% of those people were first-time homebuyers. If you are considering a home purchase, it is crucial to understand what the most common mortgage terms mean. Some words are self-explanatory; others are not. Knowing these can help you navigate through one of the more confusing aspects of homebuying.
Adjustable-Rate Mortgage
An adjustable-rate mortgage or ARM has a flexible interest rate that changes over time. This can vary your monthly payment drastically depending on the National Interest Rate. Sometimes the fluctuation makes your payment lower, but it can also make it higher as well.
Balloon Payment Mortgage
A mortgage where the last payment is considerably higher than the others, essentially paying off the mortgage. You hear this term more when dealing with investment property than other types. When you have a balloon payment, you either have to refinance your home before the end of the term or have the money to pay that final payment.
Contingency
A contingency is an agreement or stipulation that needs to be satisfied before the home is sold. This could be a home inspection or repair. Many mortgage companies will put contingencies on a property before lending money.
Encumbrance
An encumbrance is any monetary lien that lowers the home’s value, usually lien, such as a tax lean, EPA lien, or mortgage. If a property is encumbered, the amount of the encumbrance must be paid before the property changes hands. This is done before the sale, or it is included in the buyer’s mortgage.
Prepayment Clause
A penalty that you pay when you pay off your mortgage in advance. Bank loans with a prepayment clause usually force you to pay off things like interest before you can pay off the mortgage.
Buying a house can be an enjoyable experience if you know what you are doing. These are just a few of the terms you should know while you shop for your new home.
With summer in full swing, it is the perfect time to enjoy the beauty of the outdoors. If it’s a little too hot for your liking, you can always bring the scent of the outside in with powders from Sacred Kratom. However, if you are feeling more adventurous, you can venture out to some of the most beautiful botanical gardens around the country.
Japanese Garden in Portland
A 5.5-acre retreat from the hustle and bustle of Portland, Oregon, this oasis is home to five different gardening styles. The authenticity is unmatched outside of a true garden location in Japan, and it boasts a tea garden, strolling pond, flat garden, sand and stone garden, and a natural garden. This is a great place to find serenity in the city.
Brooklyn Botanical Garden
An oldie but a goodie, this botanical garden founded in 1910 is home to more than 10,000 different kinds of plants from around the world. Even in the wintertime, you can enjoy the indoor tropical garden, but many plan their visit around springtime for the annual bloom that occurs on dozens of cherry blossom trees.
Desert Botanical Garden
Off the more traditional interpretation of botanical garden but just as impressive it is the Desert Botanical Garden in the heart of Phoenix. There are more than 140 acres that display over 50,000 plant species. Visitors to the garden can walk five different loops to enjoy the showcase of herbs, wildflowers, and cacti. The garden also hosts special events such as ballet presentations and outdoor music concerts.
Longwood Garden
If you’ve never been to Versailles, this is a comparable substitute. Founded by Pierre du Pont, the property reveals how beautiful a symmetrical hedge can be and how fountains can indeed be jaw-dropping.
You don’t need to stay cooped up indoors spraying room mists to feel the magic of nature. Head off to a botanical garden and soak in the sun and smell of all the beauty that Earth has to offer.
Even though you love your home, the time will eventually come for you to sell it. And when that happens, you want to showcase it at its best.
Home staging is both an art and a science. You want to present your home in a way that makes it irresistible to buyers. The more you can make it look like a picture in a magazine, the more desirable it becomes.
Are you considering the benefits of home staging? Please take a look at the following:
Hire Professional Cleaners To Make Your Home Sparkling
You would assume that potential property buyers would look past something superficial and the cleanliness of your rooms. After all, they can soon enough make them sparkling themselves once you move out. But that’s not how the psychology of buying works. People want to view homes that feel like they’re brand new, even if somebody has been living there for decades.
Other people’s dirt and grime is a massive turn off. Buyers don’t like it at all. They’d much rather your home appear as if nobody has been living in it.
Professional cleaners are much better at making your home look brand new. They deploy professional techniques to get problem areas, like your shower curtain or oven sparkling clean.
Use Storage Facilities
If you have a lot of stuff cluttering up your home, it’s going to make selling your property much more difficult. People want to buy homes that make presentation a priority. They don’t want to have to wade through your mess.
Self storage facilities, therefore, might be an option if you have a lot of belongings. You can temporarily store them at a third-party location to increase the available space. Then, once you’ve sold your property, you can simply ship them to your new residence – no harm done.
Prep Your Dining Room Table
If you have a dining room (or even just a table you use to eat), then be sure to prep it in an attractive way. Do things like place bowls in the middle or use candles or flower arrangements – whatever you feel like essentially.
Try To Make Your Colour Scheme Neutral And Sophisticated
Some landlords believe that the best way to sell flats is to paint them entirely in white emulsion and take all the character out of the rooms. But experienced home sellers know that this comes across as tacky and dull.
Clever use of neutrals, however, generates an entirely different atmosphere. Using creams, beiges, off-whites, and greys all provide the perfect backdrop for home staging. Young professionals particularly like homes that use schemes like this.
Add Personal Accents Sparingly
Personal accents are okay for home staging, so long as you use them sparingly. Placing a family heirloom on your mantelpiece, for instance, helps to add character and interest in your living room.
Where possible, avoid plastering your interiors with photographs of you and your children. Especially avoid lining them up along the stairs as this makes buyers feel like they’re walking around somebody else’s property – not one they could make their own.