Post Tagged with: "real estate"

4 Reasons to Opt for a Mortgage

a couple looking at their new houseDo you happen to be among the elite with cash enough to buy property up front? If not, then you will be better off getting your newest asset financed by a bank. Learn the many advantages of using a mortgage to secure a house, a car or a business.

1. You do not have to be liquid.

If you have enough cash to get yourself your dream house, you can always aspire for one through a home loan in Portland.

You need not pay in full to acquire the property all because the bank will take care of the payment. All you have to do is comply with the requirements to get approved by the banker. Next thing you know, your loan is good to go.

2. You decide on the payment terms.

While it will be beneficial for you to pay the mortgage in a short period, you have the freedom to choose not to do so.

You could prefer to pay the loan amount for a longer period in case you do not have the right amount of cash. Besides, the bank will be earning more interests should you decide to stretch the period of payment.

3. You got different payment options.

What’s interesting about mortgages is that you have several options when it comes to payment. There’s the so-called monthly amortization that ideally covers part of the principal and the interest.

In some cases, you could opt to pay the interest alone every month and pay the principal in full on or before the entire obligation matures.

4. You get to secure competitive rates.

When you go for a home loan, you can anticipate competitive interest rates. You might want to check out the existing rate and see the trend whether it is wise for you to buy a property at the moment.

A lower rate would signal a good time to buy, while a higher rate would tell you to defer the purchase somehow.

With a mortgage on hand, you don’t have to pay your property in cash up front. Plus, you get to enjoy yourself with several options.

January 17, 2018 at 10:57 amFinance

Important Things to Look Out for in a Conveyancer

woman with conveyancerIf you are buying a home, you will likely need a conveyancer or solicitor to take care of the legal work for you. They will be responsible for communicating with the seller or their solicitor, filing forms, drafting contracts, and making enquiries on the property.

Experts recommend, however, that you choose your conveyancer carefully, or you might end up with having to pay for two or three times as much in legal costs as you have to. If you are still in the dark on how to find a reliable and honest conveyancer, keep an eye out for these characteristics.

Holds the Right Accreditations

Solicitors tackle a large umbrella of different departments. Some of them specialise in court cases, while others in divorce, etc. Make sure that your solicitor is an expert in property or home buying and that they have an excellent reputation to show for it.

You should also verify that they are a member of the Law of Scotland or Law of England and Wales. It will also help to check if they have accreditation with the Law Society’s Conveyancing Quality Scheme.

Provides a Complete Quote

Some dishonest conveyancing firms may offer unusually low quotations at first, but later affix additional expenses and hidden extras to your bill. In the legal trade, they call these add-ons as “disbursements” which the conveyancer has incurred on your behalf, usually without you being aware.

Experts from firms such as Conveyancing Calculator recommends using online calculators to compute for your fees and compare them with others, so you’ll have an idea of how much you have to pay.

Offers a Fixed Rate

Dodge solicitors who charge on a “per hour” basis, as this is how fees usually hit the roof and spiral out of control. Only hire someone who has a fixed rate to save hundreds of pounds.

Now that you know the criteria for looking for a conveyancer, you can start asking your friends and family or go searching online. Hopefully, this will make your search a lot easier and less stressful.

December 20, 2017 at 1:00 amDirections

Looking to the Past: The Role of Title Insurance

Couple Looking at a House They Just BoughtBuying a house is often one of the biggest expenses you make in a lifetime. It takes years — or even decades — worth of working and saving to own your own property. Then, here comes another huge expenditure: title insurance. Is there really a need to get it? The short answer is yes.

Here are two simple yet important reasons you should set aside a budget for one.

Protection from the Past

Title insurance is very important, especially if you are purchasing a home from a previous owner. Unlike other types of insurance that offer protection from things that are yet to happen, a title company in New Jersey will offer you protection from the past.

A title search is one of the processes that comes with title insurance. It includes screening the title and ownership history for any liabilities and issues that might surface and cause problems to the current owner.

More often than not, a title search may lead to common title problems such as unpaid taxes. Keep in mind that any unpaid taxes will pass on to you once you close a deal. Title insurance helps protect you from such scenarios and related losses.

Other common issues include improper vesting of names, mortgages, and deed problems. These issues, though seemingly minor, may cause legal problems in the future.

Protection from Fraud

Over the years, fraud strategies have become more rampant and even more creative. Fraudsters are able to sell properties they do not even own more easily than before. Title insurance provides you with some kind of fraud protection. Furthermore, it keeps your savings secure.

Though most people skip it because of the amount they have to pay out, title insurance can help keep your investments safe from the past as well as from fraud. It is, in fact, worth getting.

March 30, 2017 at 8:56 amStraight Study