The Daniels Team's Blog
Let's face it – the mere thought of informing family members about your decision to pursue a new home may cause your blood pressure to rise. However, there are many reasons why it often is beneficial to notify family members about your decision to kick off a search for a new residence. These reasons include:
1. You can identify and address potential homebuying hurdles.
Your family typically has your best interests in mind. As such, family members can help you plan ahead for the homebuying journey and resolve any potential conflicts.
For example, family members can help you analyze prospective home financing options. They may even be able to put you in touch with local banks and credit unions that can help you get pre-approved for a mortgage. Then, once you have home financing in hand, you can enter the real estate market with a homebuying budget at your disposal.
2. You can gain homebuying insights that you may struggle to obtain elsewhere.
Family members who previously bought homes may be able to provide you with property buying insights that you probably won't receive elsewhere. With these insights, you'll be better equipped than ever before to understand the housing market and make the best-possible homebuying decision based on your individual needs.
Of course, family members may be able to keep you informed about new houses that become available in your preferred cities and towns too. Because if family members know where you want to find a home, they can help you accelerate your property search.
3. You can receive plenty of support throughout the homebuying journey.
Your family is there for you during good times and bad. If you inform family members about your decision to pursue a new home, they can provide you with comprehensive support throughout the property buying journey. As a result, family members can work with you to help you achieve your desired homebuying results in no time at all.
When it comes to getting help in your quest to discover your dream house, you may want to hire a real estate agent as well. If you have a real estate agent at your side, you can receive expert assistance as you proceed along the homebuying journey.
A real estate agent is committed to helping you find a great home at a budget-friendly price. First, he or she will meet with you and learn about your homebuying criteria. A real estate agent next will craft a personalized homebuying strategy and notify you about new homes that become available that match your property buying criteria. And once you discover your dream residence, a real estate agent will help you put together a competitive offer to purchase this house. Lastly, if your homebuying proposal is accepted, a real estate agent will help you finalize your home purchase so you close on this residence and move into your new house.
Take the guesswork out of buying a house – hire a real estate agent today, and you can seamlessly navigate the homebuying journey.
51 Wagonwheel Road, Sudbury, MA 01176
Preparing to buy a home is a long and stressful process for many. You’ve spent months, or even years, saving for a down payment, planning your future, and building your credit to ensure you get the best possible interest rate on your loan.
Then you find out, when getting preapproved for a mortgage, that your credit score dropped by a few points. So, what gives?
There’s a lot to understand about how credit scores affect mortgages and vice versa. In today’s post, I’m going to attempt to cover everything you need to know about how applying for a mortgage can affect your credit score so you’ll be prepared when it comes time to buy a home.
Prequalification, preapproval, and credit checks
There are a lot of misconceptions about what it means to be preapproved or prequalified for a loan. Some of it is due to the jargon that is used in real estate transactions, and some of it is just a marketing technique on the part of lenders.
So, what does it mean to be prequalified vs preapproved?
The short version is that getting prequalified is a quick and easy process to determine whether you’re eligible to lend to and how much you’re likely to receive. It involves a quick review of your finances, and often includes either a self-reported or soft credit inquiry.
A “soft inquiry” is the type of credit check that employers typically use for a background check. It doesn’t affect your credit score, as you are not applying to open a new line of credit. In fact, many lenders’ process for prequalification is a simple online form that doesn’t even require a credit check. We’ll talk more about the difference between soft inquiries and hard inquiries later.
The simplicity of prequalification makes it a simple and easy way to get started. But, it isn’t always accurate in how well it predicts the type of mortgage and loan amount you can receive. That’s where preapproval comes in.
When you get preapproved for a loan you fill out an official application (you often have to pay for these). This will request documentation for your finances and assets, and will ask your approval to run a detailed credit report.
These credit reports are considered “hard inquiries” and are a vital step in getting approved or preapproved for a mortgage. However, they also, at least temporarily, lower your credit score.
Why hard inquiries lower your credit score
When any creditor, be it a bank or credit card company, is determining whether to lend to you, they want to know that you are a safe investment. To determine this, they want to know how frequently you pay your bills on time, how much you owe to other creditors, and how financially stable you are right now.
When you make multiple inquiries in a short period of time, it’s a red flag to lenders that you might be in trouble financially. Thus, hard inquiries will lower your credit score for 1 to 2 months.
Applying to multiple lenders: the silver lining
When borrowers apply for a mortgage, they often shop around and apply to multiple lenders. While it may seem that all of these hard inquiries will add up and drastically lower their credit score, this isn’t the case.
Credit bureaus take into account the source of the inquiries. If they realize that you are applying for mortgages, they will typically recognize this as rate shopping and group these applications together on your credit report, counting them only as a single inquiry. This means your score shouldn’t drop multiple times for multiple mortgage preapprovals that were made within a small time frame.
Now that you know more about how mortgage applications affect your credit score, you can confidently shop around for the best mortgage for you and your family.
If you intend to sell your house, you may need to put various personal belongings into a storage unit. By doing so, you can eliminate clutter from your residence, thereby increasing the likelihood of a quick, profitable home sale.
However, packing a storage unit sometimes can be difficult. Lucky for you, we're here to help you make the most of the storage unit space at your disposal.
Let's take a look at three tips to help you optimize the available space in a storage unit.
1. Plan Ahead
Think about the storage unit space that is available and consider the items that you'll be keeping in the unit itself. Then, you can plan accordingly.
When in doubt, it often helps to rent a storage unit that provides more than enough space. And if you're unsure about how much space that you'll need, you can always reach out to a storage unit provider for extra support.
Typically, a storage unit provider can offer expert recommendations about the size of the unit that you'll need based on your belongings. Consider these recommendations closely, and you can select the right-size storage unit to accommodate all of your belongings.
2. Ensure Your Boxes Are Easily Accessible
It may be tempting to stack all of your boxes together in a storage unit. But for those who want to maximize the storage unit space that is available, it usually helps to stack boxes in a way that guarantees they are easily accessible.
Creating aisles of boxes in a storage unit will make it simple for you to access a box without having to move other items out of the way.
Furthermore, place boxes with items that you may need most frequently at the front of a storage unit. This will ensure that you can enjoy fast, seamless access to these boxes.
3. Dismantle Furniture
Couches, chairs and other furniture can take up lots of space in a storage unit. Conversely, if you remove the legs from furniture, you may be able to free up space in your storage unit.
If you decide to remove the legs from furniture, you may want to tape the legs to the furniture itself. Also, don't forget to place related furniture bolts and screws in a plastic bag, attach the bag to the furniture and label the bag.
Renting a storage unit is a major decision, one that should not be taken lightly. Fortunately, if you work with a real estate agent, you can choose the right storage unit provider.
A real estate agent is happy to help you sell your house, as well as put you in touch with the best storage unit providers in your area. That way, you can secure your belongings in a first-rate storage unit until your house sells.
Get the most out of a storage unit – use the aforementioned tips, and you should have no trouble keeping a wide range of items in any storage unit, at any time.
When choosing a house or condo to live in for the next several years, comfort, convenience, and affordability are among the most important factors to keep in mind. A fourth item that many real estate agents would add to that list is "location."
The location of your next home is crucial for many reasons -- not the least of which is future resale value. Ideally, you want the value of your home to appreciate over time, which will help improve your financial situation. Whether you decide to upgrade or downsize in your next real estate purchase, the equity you've built up can benefit both your lifestyle goals and real estate objectives.
In addition to the investment features of picking a good location for your next home, there are also several other worthwhile advantages.
- A reasonable commute time, preferable under a half an hour, will help reduce your stress level, enable you to spend more time with your family, and reduce the amount of wear and tear on your vehicle. A short commute can also help you save money on gas, highway tolls, depreciation, and insurance. One way to reduce your driving time is to look into telecommuting possibilities at your job. Even if you have a relatively long commute to work, that can be offset by having the freedom to work from home a couple days a week. Fortunately, more and more businesses are realizing the mutual benefits of allowing or even encouraging telecommuting. While it may be necessary to prove to your employer that your productivity won't suffer when you're working from home, doing so can save you money, lower your stress, and improve your overall quality of life. Let's face it: There are a lot more fulfilling things you can do with your time than getting stuck in traffic jams and feeling frazzled when you return home every night!
- A convenient location can also mean proximity to shopping, entertainment, recreation, family, friends, and places of worship. Being close to medical, dental, and veterinary services can also make your life a lot easier -- especially when you need to get there quickly.
- From a health and fitness standpoint, it also pays to live within a short distance to public parks, tennis courts, golf courses, bike paths, gyms, and bodies of water for swimming, kayaking, and other aquatic sports.
- For younger families, being close to childcare resources -- whether it be a daycare center or nearby (and available) relative -- can also be a major factor in getting to work on time, making sure your children are properly cared for, and minimizing chaos in your life!