There was a time when it was possible to acquire a mortgage shortly after filing for Chapter 7 bankruptcy, but with the shifts in the financial sector, the timeline on such a mortgage approval has changed in recent years. If you're currently undergoing a Chapter 7 bankruptcy and are wondering how this will impact home ownership, here are the basics on this type of bankruptcy and what it may mean for you. What Is Chapter 7? While a Chapter 13 bankruptcy is the kind of financial situation that requires debt repayment, Chapter 7 is different in that it involves the liquidation of an individual's … [Read More...]
Last week's economic news included reports on job openings, retail sales and recurring reports on mortgage rates and new jobless claims. Job openings and hiring increased, which provided further evidence of stronger economic conditions. Retail sales were flat in July, new unemployment claims dropped and mortgage rates changed little. Labor Reports Suggest Stronger Economic Trends The Labor Department reported more job openings in June with 5.60 openings as compared to 5.50 million job openings in May. According to the Job Openings and Labor Turnover Survey, 5.13 million workers were hired in … [Read More...]
In a hot market it's easy to be blinded by the competition and succumb to the pressure to make an offer on a home before you've adequately assessed it. If you're looking to buy a home this summer, use these four tips to uncover hidden flaws before you put your offer in. 1) Hire A Pro One of the most reliable ways to identify potential and existing problems within a property is to hire a professional home inspector to evaluate it. Home inspectors are trained to find issues that the average person may overlook, which can save you from putting in an offer on a money pit. 2) Do It Yourself If you … [Read More...]
Fixer uppers can come with huge price benefits and opportunity, as well as problems. Make sure you understand what you're getting yourself into before you purchase a home that needs significant restoration. Carefully Calculate Do the math very carefully before jumping in. Add up the expected renovation costs based on a thorough evaluation of the property. As some of the expected costs will lie within a grey area, it is important that you base your estimation on the higher end of the price range. Be sure to account for all materials and labor. Once you have calculated your expected renovation … [Read More...]
If you want something hands-on to do this summer, look no further than the outside of your house. There are many reasons to refresh the paint job on your house, including increased protection against weathering, and increased curb appeal. Whatever your reason, read on to learn just what you'll need, and need to do, to paint your home's exterior. What You'll Need: Materials, Tools, Protection A DIY paint job is easily doable, and costs only as much as the materials, tools and protection you need. Those materials include the paint itself, the primer and the caulking (to seal cracks and joints). … [Read More...]
If you're looking to invest in a cottage or waterfront getaway, there are three key things to keep in mind throughout your search. How's The House? Even if the lake is the highlight of a property you're considering, it is important to make sure that the home is equally as great as the beautiful body of water it borders. How's its orientation? Is it built on the ideal angle to take full advantage of the sun? Does the deck or large windows face another house directly? The orientation is an important factor to consider as it can make or break the comfort of the property. You'll also want to … [Read More...]
