5 Things to Think About When Looking for a Home for Your Family

By Elvis Jackson Jr.  |   Submitted On April 21, 2018

  

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If you are a family looking to buy a new home, what kinds of things should you consider in terms of location? Some of the things you should keep in mind are no-brainers, but other things, maybe not so much.

Safety

This is one that I'd put in the no-brainer category, safety. Making sure you are moving into a safe location kind of goes without saying. However, it's not just your neighborhood you want to check on, it's the surrounding areas. Some very nice places can be in the heart of crime. It's unfortunate, but it's just the way it is. You might not even know until you take a drive through the areas at night or do a little research on crime locations in the city.

Developments

Know the future of your location that you are moving into. Where you are moving might me a great place, but are their plans for rezoning? Will you have adult entertainment clubs right down the street from you and your kids within a year? Will you have a small airport built right behind your backyard. Don't let tunnel vision set in on your potential nice new home. Do your homework. Heck, you may be surprised to find that there is a rezoning that will increase your property value within just a few years.

Schools

This one is extremely important and one that I think most families are aware of. Know the schools that are close to your home. Are they safe? Do you prefer private schools for your kids? Are any close by?

Evacuation

If you live in Florida like I do, then this one can be very important, evacuation routes. Hurricanes are pretty common here, and we've had some bad ones since I've lived here. So where you live can impact the time it takes for you and your family to get out of the city and to safety. You do not want to end up in a place where it takes you and your children sitting in hours of traffic to get out of the city. Make sure you live close to your city or state's evacuation route. Trust me on this one. I'm speaking from personal experience.

Hospitals

If anyone in your family has medical issues or if you have small children, you might want to live close to a hospital or emergency center. Living relatively close to a hospital or emergency room can provide you with peace of mind should the unexpected nightmare occur.

In short, do your homework, protect yourself and protect your future-your family.

Elvis writes for a major magazine and writes blogs on real estate, cancer, martial arts and health.

Article Source: http://EzineArticles.com/expert/Elvis_Jackson_Jr./1037306

Understanding the Basics of Home Financing For First-Time Home Buyers

By Riley Southwick  |   Submitted On May 13, 2010

  

People who are just starting out to build equity by buying their very first real estate property will probably be surprised to find out that there are many different kinds of financing to choose from. Having a basic idea of the different types of loans will help you match it up better with your personal needs.

On one hand, it's good to know the different types of loans and where you can get them, but on the other hand it's also essential to understand how they can be a good fit for you and your financial situation. Not all loans are made equal, so to speak, and while some may be a great fit for you, others may make it a huge financial burden that you have to live with for several years to come.

Here are just a few of the different types of loans that you can avail of if you qualify for them:

1. Conventional Loans - This, by far, is the hardest loan to qualify for because of its stringent requirements on credit score, income, debt to income ratio, downpayment and more. These are fixed-rate mortgages that are not insured by the federal government.

2. FHA Loans - This loan is one of the easiest to qualify for because it's managed by the FHA (Federal Housing Administration), which is part of the U.S. Department of Housing and Urban Development. This is a great option for first time buyers because the upfront cost could be lower. In fact, it could be as low as 3%. There is, however a statutory limit which varies in different parts of the country.

3. Equity and Income Loans - This is a type of loan where the amount of home mortgage loan is determined through two ways, the LTV (Loan to Value ratio) and the DSCR (debt-service coverage ratio). The LTV for home purchases can be determined by dividing the amount being borrowed from the lender by the purchase price of the home you want to buy. For example you are keen on Raleigh real estate and you want to buy one of the Raleigh homes for sale that you looked at. If the property is worth $300,000 and the loan amount is $270,000, the formula will determine how expensive the loan will be. The higher the LTV, the more expensive your loan becomes. The DSCR on the other hand, will determine a borrow's ability to pay off the mortgage. The formula is to divide the borrower's net income available for mortgage payment by the mortgage cost. A DSCR of greater than 1 will be more likely to get approved. Increasing your productivity will help increase your DSCR score to qualify for this type of loan.

4. Fixed and Floating-rate loans - Fixed rate loans have interest rates that don't change during the duration of the loan. Obviously this is lesser risk for the borrower because they know the rates won't fluctuate. Floating-rate allows borrowers to qualify for lower introductory rates during the early years of the loan, but the downside is that the rate increase in the later years of the loan is not definite and if the borrower does not earn more money to cover the possible rate of increase, this may make it harder to pay off the loan later.

Riley Southwick is a writer who writes about real estate properties and a variety of other related topics. Visit our website for more information about Raleigh homes for sale [http://www.searchingraleighhomes.com] and to look at Raleigh real estate [http://www.searchingraleighhomes.com/raleigh-real-estate] listings.

Article Source: http://EzineArticles.com/expert/Riley_Southwick/636524

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