RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Organizing Finances to Buy a Home

February 20, 2015 2:00 am

Buying a home is a major life decision. You’ll want to do everything in your power to make sure you’re financially secure enough to tackle the investment. If you’re planning to buy a home in the near future, organization is key.

“Buying your first home can be a complicated and intimidating process, both emotionally and financially,” said Steve Trumble, ACCC. “Buying a home is one of the largest investments consumers will ever make, and it’s critical that they prepare financially before they take the leap.”

The ACCC suggests the following:

Pay your bills on time – Your credit history plays an important role in the homebuying process. This includes rent and bills. If you have a history of paying credit cards, utilities, student loans and other bills late, it can damage your ability to secure a mortgage. Create a schedule and budget so that you can pay bills on time as they are due.

Pull your credit report – It’s critical that you know what your credit score is since it is one of the first and most important items a bank looks at when determining whether to grant a mortgage. When examining the report, make sure to look for inaccuracies or mistakes. If there are any, you’ll have to address that with the credit bureaus. If your score is lower than it should be, spend the time necessary to improve your score long before you are going to buy.

Trade lines – Most lenders prefer if you have three or more trade lines (credit cards, student loans, car loan, etc.) that have been open for at least a year. It’s also important to avoid closing these trade lines because it will negatively affect your credit score.

Save as much money as possible – A larger down payment (20 percent) or more can save you hundreds in additional insurances and give you more buying power.

Do your research – There are many other factors you have to consider when buying a home in addition to the purchase price of the house. Property taxes, homeowners insurance, utilities, maintenance, condo fees and repair can add up very quickly. Make sure to research interest rates to determine the best time to buy.

Source: ACCC

Published with permission from RISMedia.


Tags:

Moving? Choose a Safe Self-Storage Facility

February 20, 2015 2:00 am

The Self Storage Association (SSA) notes that 1 out of every 10 households in the United States currently rents some kind of storage unit, including portable on-demand storage (PODS). That represents a significant increase from 1 in 17 U.S. households in 1995.

If you’re considering renting storage space when moving, look for a safe facility that meets these guidelines:

The facility is clean and well-maintained. If a storage facility is not routinely and thoroughly cleaned, there is a good possibility no one is monitoring for pest infestations. Verify that the facility has a permanent, reliable extermination contract in place before you trust them with your belongings.

The facility is secure. Ensure the facility has minimum security measures, like fencing that secures the entire property and access control. Ideally, the storage building should also have onsite features like 24-hour video surveillance cameras and coded security pads. Find out about the facility’s procedures in cases of fire or flooding.

The units are climate-controlled.
Very high or low temperatures, as well as dampness, can quickly cause damage to appliances and furniture. Make sure that rising groundwater from snow or rain is unable to penetrate the unit.

The facility offers insurance. If your renters or homeowners insurance does not provide off-premises coverage, you may want to opt for one of the company’s coverage options. Keep in mind that any facility should have its own insurance to cover damages to the property or injuries that occur on the premises.

Source: I.I.I.

Published with permission from RISMedia.


Tags: