Financial Tips to Know when Applying for a Loan

Financial Tips to Know when Applying for a Loan

 

When applying for a mortgage, there are some things you can do to prepare yourself for the lender. Since you’ll be asked to provide a lot of documentation, it will help to get some of it prepared ahead of time.
Every financial institution is obviously different, so you may want to call your lender and ask what information you will be required to have on hand. The following is some basic information that you will be asked to provide:

-Your current and former addresses.

-Social Security card.

-Verification of monthly and annual income

.
-Information about outstanding debts if there’re any.

-Bank statements for the previous two months.

-Your place of employment and how long you’ve been there.

– Information about stocks, property or other assets if any.

After you turn in your loan application what your lender will proceed to do is verify all of the information you provided, check your credit history, and get an appraisal to determine the value of the property you are seeking to purchase. The lender will also order a title search and obtain required insurance documentation. Once this information is obtained, the lender will review everything to determine whether your loan will be approved and you’re on your way to owning your own home.

What Type of Loan Should I Apply For?

This question has plagued many potential buyers, selecting a loan that is right for you can be a tricky situation. You will need to obtain a loan that will allow you to purchase the home you want, with monthly payments you can afford.

Functions of a Real Estate Agent

Functions of a Real Estate Agent

 

As a buyer, you don’t gain anything by not using an agent, because the seller pays the agent a commission. Typical commissions range from 5 to 7 percent of the selling price of the listing.
-Agents have access to multiple Listing so that they are aware of many homes for sale. You can also find houses on your own by attending open houses, reading the real estate section in your local paper but your agent is the best point of access for all the properties you might be interested in and can arrange showings for those properties.
Your agent can help you narrow your search by going through a home with you and noting all that you like and the stuff that you dislike. The agent is also a source of information about the home itself, for example how long it’s been on the market, the neighborhood and school system, the best features the home has and other similar issues. Rather than being bombarded with properties of all type, your agent can help you find a wonderful property that’s a match for your specific needs and wants.
-Your agent can also answer questions about the current real estate market, interest rates and other home buying issues and he can also refer you to other specialists in overall process whom you will need, including the very important potential lenders.

Travel Advice: When Traveling to Grenada

Travel Advice: When Traveling to Grenada

 

Precaution Should always be taken when traveling to a foreign country, in this article you would get a bit of information about about the Caribbean island of Grenada and what you could expect when visiting this island so that there will be few surprises.

SAFETY AND SECURITY

 

-Safety and Security – Terrorism

There is a very low threat from terrorism on the island of Grenada but all persons traveling should also be aware of the global risk of indiscriminate terrorist attacks which could be in public areas, including those frequented by locals and foreign travelers.

Safety and Security – Crime

You should maintain at least the same level of security awareness as you would in whichever part of the world that you are visiting Grenada from and you must also ensure that your living accommodation is secure. Apply the same measures of security if you are staying on a yacht. Avoid walking alone in isolated areas, including the beautiful beaches after dark. Do not carry large amounts of cash or jewellery. Valuables and important travel documents should be left, when possible, in safety deposit boxes and hotel safes.

Safety and Security – Local Travel
– Local Travel – Road Travel

Motorists drive on the left in Grenada. In some areas, there are small and some time large open drains, at the side of roads and many roads are steep, with sharp bends and potholes in places that’s why extra care is needed when traversing the various roads in Grenada. Drives should take particular care at pedestrian crossings ,roundabouts, and traffic lights even if you think you have the right of way. Use only designated bus stops to ride the local buses because the practice of flagging down buses on busy roads (which is very common in Grenada) is responsible for many accidents.
The mini buses that operate throughout the island provide very affordable and fast travel within Grenada. Water taxi and ferry services are also available as alternative forms of travel. There’re Standard taxi fares for various destinations but it’s advisable to firstly clarify the fare with the taxi driver before beginning a journey with him. The option also exists to rent vehicles to experience the thrill and adventure of the island on you own. Because of the steepness and ruggedness of many roads that are in the mountainous hinterland, automatic four-wheel drive vehicles are very popular. You are required to purchase a local driving permit (30 East Caribbean Dollars for a three-month permit that would be about 12 US dollars) and will need to produce a full driving license from your country of origin to obtain one.

 

– Local Travel – Air Travel

You will have to pay a departure tax when leaving the island of Grenada. The cost is East Caribbean Dollars 50 per person which can also be paid in US Dollars ($20).

LOCAL LAWS AND CUSTOMS

-You should note that for most countries there are severe penalties for all drug related offenses. Its always wise to pack all luggage yourself and do not carry anything through customs for anyone else.
-Certain homosexual acts are illegal under Grenadian laws.
-It is an offense for anyone, including children, to dress in camouflage clothing.

ENTRY REQUIREMENTS
Entry Requirements – Visas

You should note that overstaying without permission is an offense and paid employment is also prohibited without the issuing of a work permit. CARICOM nationals only need some form of valid identification like their birth certificate, drivers license etc to enter Grenada. North American and UK nationals do not need visas to enter Grenada.

 

Entry Requirements – Passport Validity

– For Tourists requiring passports to enter Grenada, the passport has to be valid for a minimum period of six months from the date of entry into Grenada.
-Entry requirements may change from time to time and should be checked with the Grenada High Commission in your respective country of origin for further information.

 

HEALTH

-Dengue fever occurs across the Caribbean and can occur throughout the year. This is a mosquito borne infection that can cause an illness associated with headache, fever, muscle aches and pains, and rashes. Some cases of dengue tend to be very severe. Dengue can be prevented by avoiding being bitten by the disease carrying mosquitoes that feed predominately in daylight hours.
-You should exercise normal precautions to prevent exposure to HIV/AIDS.
-You should seek medical advice before traveling to Grenada and any other country in general to ensure that all appropriate vaccinations are up-to-date

NATURAL DISASTERS

Natural Disasters – Hurricanes

The hurricane season in the Caribbean typically runs from June to November. You should monitor local and international weather updates that are being streamed from the US National Hurricane Center and the World Meteorological Organization.
GENERAL
General – Insurance
You should take out comprehensive travel and medical insurance before traveling if its available. It is particularly important that this includes air ambulance charges and medical expenses in a third country because serious medical cases are sometimes referred overseas. Search for any exclusions and that your policy covers you for all the activities you want to undertake.
General – Package Holidays
-If you are on what is referred to as a package holiday, you must travel on the specified return date. If you fail to do so it is likely that you will have to pay the cost of a return ticket yourself

Factors that can devalue your property

Factors that can devalue your property

There are a number of things that has the potential to devalue a property and turn off buyers.
If you’re presently considering selling your home there are a number of things you should consider regarding the resale value of your property.
Some of these factors may devalue your home or scare away some potential buyers , even if your home is otherwise really an outstanding piece of property.
You should consider these factors below when listing your home:

 

1. Location, location, location

Many real estate television shows and articles e.t.c are known for repeating this phrase over and over. Buying a home in an area that provides residents with easy access to services and effective transportation is very important although many persons don’t wish to live too close to airports and busy roads because of the noise.
Visual appeal is also another big concern. Eyesores like cell phone towers or power lines can turn off many potential buyers. There is also the issue of untidy neighbors or unsightly abandoned nearby homes that have the ability to devalue your property. The closure of local schools can also deter potential buyers who have children or who are considering having children in the near future. Some buyers may be skeptical of purchasing homes that are on flood plains or in other areas prone to natural disasters.
To ensure maximum resale potential you must first consider how many of these types of issues exist near the properties you’re considering to purchase. Remember also that there’s no way of knowing exactly how a particular neighborhood will evolve over time.

 

2. Unappealing curb appeal

The first thing that potential buyers will obviously see is the exterior of the property. If the houses seems to be outdated or in a poor condition on the outside, persons will assume it is the same on the inside of the home. Water features and/or swimming pools and overly manicured green space may turn off some buyers because some people tend to associate high maintenance yards with heavy expenses and unnecessary headaches to upkeep that appearance. Old sheds and fences can also devalue your home, especially if they look like they’re in desperate need of repair or replacement.One good bit of advice is to keep the gardens weeded and the lawn well trimmed so that all potential buyers can see how nice the property is both inside and out.

 

3. Over the top creative customization

Unusual paint choices inside and outside the home can turn potential buyers off immediately, even if your customization is recognized as the cutting edge trend in popular home design magazines. Also Customizing spaces inside the home so that they may not be suitable to future buyers, might make some buyers reluctant to buy your property.The same can be said for unique landscaping choices or overly elaborate renovations that are too high scale for the house.

4. Sinister reputation

Well known crimes, deaths or even some times urban legends associated with your house or neighborhood can decrease the value of a home tremendously. Most people don’t want to live in a home where they feel that something awful has happened, or where its rumored to have resident ghost. Though many of these kinds of issues may be out of your control but they may definitely have an impact on the resale value of your property.

Tips for First Time Buyers Purchasing a Home.

Tips for First Time Buyers Purchasing a Home.

 

 

Hire an Agent

You don’t have to hire and agent if you prefer to go to open houses or looking through tons of homes online, but one thing you need to remember is that an agent will make the experience of buying your dream home much easier:
-You can waste the agent’s gas and not your own when you tour homes that you’re interested in.
-Agents often know of new listings that are not yet on the market.
-An agent can generally spot overpriced listings and diligently advise you accordingly.

Find a Home to Buy

Buying a home can be an overwhelming process although it sounds fairly easy. Finding the right home is often not an easy task. It’s advisable that buyers look at a maximum of 6 homes at a time because any more than that will make a buyer’s head spin.
Most buyers do extensive research online before ever stepping foot in a home they’re interested in purchasing. They spend an average of 6 to 8 weeks searching for the perfect home.

Negotiate the Offer

Buyers sometimes make the mistake of comparing the sales price of a home to other homes they have seen and this is because sellers can ask any price they want for their property. It doesn’t mean the home will sell at that price.
You may sometimes have to pay over list price in a seller’s market, especially if many buyers are vying for the same property/s. Your agent can advise you on a reasonable price range and help to manage your expectations.