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Do You Need Homeowners’ Insurance to Get Approved for a Mortgage?

11/03/2018
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 |  Category: Mortgage

Assets acquisition demands a tremendous amount of hard work and determination. Once you buy an asset such as a home or a rental property, you want protection from all possible losses.

Planning to buy a property? You need to know that lenders require borrowers to purchase adequate home insurance for the property in question. Technically, you do not have to carry insurance on a property you own free and clear. However, you want protection against any disaster that may come calling anytime.

1. The Mortgage Approval Process

Lenders carefully consider your application before deciding whether to approve your home loan or not. They pay attention to your credit score, income, loans you are currently paying, and expenses among other things.

If the lender believes you can pay the loan, it issues a conditional approval. The document contains terms and conditions of the mortgage loan. One of the requirements you need to fulfill is buying adequate homeowners insurance. You do not need to have home insurance to be approved. However, you will not close before you fulfill all conditions.

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2. Why Do Lenders Require Homeowners to Carry Insurance?

When it comes to mortgages and other types of loans, lenders are always thinking about one thing: Risk. They will usually avoid risky borrowers. But bankers understand there are risks they cannot control. One example of such risks is a fire that damages your home. The lender wants to ensure you to have enough protection.

For the duration of the mortgage, you and your bankers co-own your home. They are an interested party. If a catastrophe destroys your home, the bankers risk losing their money — your property is an investment to them, too. Per Upside, your home insurance policy protects you and your lender against financial risk.

3. What Coverage Do I Need?

Standard homeowners insurance typically includes dwelling coverage, personal property coverage, and liability coverage. Some home insurance policies may also include loss of use coverage and other structures coverage. If your home is in an area where flooding and earthquakes are likely to occur, consider buying additional insurance to cover these risks. Your standard home insurance policy does not cover floods and earthquakes. For complete peace of mind, buy a cover that is as inclusive as possible.

Types of Home Insurance Coverage

  • Dwelling coverage: Pays for repair or replacement of your home’s structure and any attachments.
  • Personal property coverage: Protects your home’s contents.
  • Loss of use coverage: The coverage pays for additional expenses you incur during home repair after damage.
  • Liability Coverage: Protects you against liability related to accidents occurring on your property.
  • Other structures coverage: Covers standalone structures such as a separate guest house.

If you are a property owner with tenants, consider buying real estate and landlord insurance. The coverage gives you protection against:

  • Damage to your property
  • Theft and malicious damage
  • Loss of rent due to default or your property being uninhabitable
  • Landlord’s liability

Real estate and landlord insurance also offer:

  • Legal coverage in case of tenancy-related disputes
  • Alternative accommodation for your tenants in an emergency

Consult your insurance agent to ensure you buy enough insurance that covers all risks related to property ownership.

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Cheapest Long Distance Moving Options for Stress Free Move

26/10/2017
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 |  Category: Cheap Long Distance Moving Options

Moving far away from your home can be an exciting adventure. At the same time, it can be quite daunting. One of your first thoughts regarding such a long move is that it must be very expensive. Moving across the country can certainly be pricey (somewhere between a few hundred dollars and several thousand!!), but there are ways you can minimize the cost so that you can move long distance on the cheap. Not only can you save money, but you can also move stress-free. Here are a few options.

Work With A Company That Specializes in Finding Cheaper Moves

Hop online and do a search for “cheap movers”. You’ll get millions of results, but which ones can you trust. How do you know they’re licensed and worth trusting with your possessions? Well, if you work with a company that specializes in helping people find moving companies at affordable prices, you can trust the results. Try any of the following:

 

Consider Downsizing as Much as Possible Before Moving Cross Country

It’s important to realize that nearly all of the cost of moving directly relates to the distance of your move and how much you’re moving. While distance is something you can’t control, you can certainly control the amount of items you move. This San Marcos mover says on average, people moving pay about $100 per 100 pounds moved. If you downsize your belongings, it can help to make your move cheaper. This is especially the case if you have a lot of big, bulky furniture and appliances. If you can fit all of your belongings into only a few boxes, you will be able to save a good deal of money and may pay under $100 for your items being moved.

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Get a Rental Truck

In general, most people who are moving long distances rely on a moving company to transport their belongings. However, this option costs money, so if you don’t have the finances for that, you can go a different route. Renting a truck from one of the truck rental companies is a good idea because it costs a lot less and is convenient.

Use a Portable Moving Container To Move Across Country

Another good option to rely on for transporting your belongings to your new home is a portable moving container like PODS. If you are open to packing up all of your belongings but don’t want to drive them all out of state on your own, a company will transport your items to your new address for you.

Affordable Box and Furniture Shipping Services

You can also go the route of box and furniture shipping. However, it’s worth noting that this option is usually only recommended when you have fewer items to ship to an address. If you have a lot of heavy furniture and a multitude of boxes, it might be more worth your time and money to hire a local moving service instead.

Move via Train or Bus

If you don’t have large furniture or electronics to transport to your new address, moving via train or bus is perhaps the cheapest option of all. This is a good way to move as long as you keep your items under 150 pounds. At the same time, it’s important to ensure that the service is available in the location from which you are moving as well as in the area to which you are moving. You should also check the baggage weight limits because they change on an annual basis.

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A good rule of thumb is to always do the most you can on your own when moving long distance. If you have boxes in good shape lying around, you can use those to pack your items instead of buying new ones. Never spend extra money when you can get packing supplies for cheap or even free. Saving all this extra money will help to make your move overall less stressful.

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Local Movers Guide | Phoenix Moving and Relocation Resources

30/08/2017
 |  No Comments
 |  Category: Uncategorized

So, you’re planning to move to Phoenix, Arizona. You’re going to need to know about the moving resources available in the area. Here, you’ll find detailed information about the best companies and services to make your move go easily. Read on for some of the best tips.

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Need-to-Know Facts About Phoenix

As PlacestoSeeinArizona.com says, Phoenix is a big city. It’s well laid out, so locals say that you can get anywhere in Phoenix with a thirty-minute drive, and it’s true. According to walkscore.com, the transit system needs some updating, so having a car in Phoenix is essential.

The adage that Phoenix is hot is also indeed true. If you’re going to move to Phoenix, you’ll need to be a heat-lover. The good news is that it’s a dry heat, which is more bearable for most people than the humid areas of the United States.

Other than these essential facts, living in Phoenix is similar to any other city. You’re thinking about moving here, so here are the best companies whose services you can use in your move.

Moving Companies That Can Help You in Your Phoenix Move

Just-In Time Moving & Delivery

Just-In Time Moving and Delivery is a highly-rated moving service in Phoenix, and reviews rave that they treat your belongings the same as your friends would if they were to help you move. They specialize both in commercial and residential moves, and they have an out of state moving service. Their phone number is (480) 213-0395, and they are located at 4627 E. Ivy St. in Mesa, Arizona.

Cheap Movers Phoenix

This site helps Phoenix newcomers find cheap moving services from local and interstate moving companies. CM Phoenix reviews licensing credentials to ensure that movers are properly licensed with the AZ Corp. Commission for intrastate moves as well as the U.S. DOT for long distance moves (if applicable). You can also use this service to find affordable storage or to arrange packing and unpacking. Call for free quotes at (480) 712-5652, or contact at 2730 W. Agua Fria Fwy Ste 100, Phoenix, AZ 85027.

Parker’s Interstate Movers

Parker’s Interstate Movers is an excellent moving company that specializes in interstate moves. They receive high marks across the board for their careful and respectful moving services. You can reach them by phone at (480) 388-9196. Their address is 2414 E. Desert Broom Pl. in Chandler, Arizona.

Self-Moving Services in Phoenix

If you are robust and able to pack up your belongings and make the move yourself, Penske’s truck rental services are a reliable and safe way to move your belongings to your new home in Phoenix. They have a local center in the area that has excellent reviews. You can reach them at (602) 345-0939. Their local address is 2468 E. Bell Rd. in Phoenix, Arizona.

In Case You Need to Store Items From Your Previous Residence

You may want to store some of your items at your new home in Phoenix. There are several high-quality, respected storage facilities in the area.

Smart Bargain Storage

Smart Bargain Storage has very reasonable rates and exceptional security. They also have excellent customer service. You can reach them at (602) 274-8672, and their address is 717 W. Pierson St. in Phoenix, Arizona.

Life Storage

Life Storage has brand-new, air-conditioned facilities that are centrally located in the Phoenix area. They come highly recommended and rated, with high-end facilities. Their phone number is (866) 838-2192, and their address is 900 N. 48th St. in Phoenix, Arizona.

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Documents You’ll Need When Applying for a Home Loan

17/07/2017
 |  No Comments
 |  Category: Home Mortgage

If you’ve decided to buy a home, it’s good to know what you need for an efficient start. A mortgage lender requires specific paperwork to verify how much you can borrow. They peek into every aspect of your financial life, including your income, assets, debts and more. The Checklist Here is a basic checklist of […]

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How to Find the Perfect House When Moving Long Distance

10/07/2017
 |  No Comments
 |  Category: Moving Tips

Moving long distance can be a difficult task, particularly if you’re moving for work and don’t have a lot of time to make plans. However, with a few simple tips, you can make it a much easier, and stress-free process. Let’s review them and get you started on your way.

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Research Online

The first thing you’ll need to do is research your new area. Through just the use of the web, you can look at available homes, find out more about the city, learn what the cost of living is, figure out commutes, and more. You can also find sites where you can email questions to the city government and businesses in the area to learn more about the local scene.

Know What Your Deal Breakers Are

Everyone has deal breakers when looking for a home; whether that’s a newer home with updated appliances, need great schools for your kids, or need to be close to work, some things must absolutely be present before you put a down payment on a home.

Make a list of what you need and then check out Walk Score, a site that’s built to give you information on the neighborhood you’ve chosen. It gives you information about transportation, crime statistics, and school district grades. It’s a great resource if you’re moving cross-country, or even to a neighboring state.

Use a Local Broker

National real estate agencies are great, but when moving long-distance, use a trusted and respected local broker. They’re in the best position to know what neighborhoods meet your criteria, can give you advice about places in the city you haven’t thought about, and more.

Try researching some agents online, then talk to them on the phone before you decide on who to use for your home search. You might also find a broker who is experienced with long-distance house hunting, which is a bonus when you aren’t close to the area to which you’re moving.

Spend a Few Days in the Area

If you can take a few days to visit the city you’re relocating to, take it. This trip will help you get a feel for the area and give you a chance to look at some homes and apartments that you’ve already found online. Most real estate publications will tell you that physically walking through a home will give you a better idea of any issues or problems that may arise and gives you the chance to speak with the homeowner or realtor about the area.

Double Check The Papers

Once you’ve found a home you like, double check the lease or deed before signing, preferably sending it to a lawyer before you add your name. Because you’re signing a lease before moving out, you’ll need to make sure your paperwork is to avoid any delays to moving in after you make the long-distance journey.

Find a Short-Term Sublet

If you’ve tried the above tips and you’re still not sure about what you’re looking for in your new home, or you haven’t found the perfect home, try searching for a short-term sublet. This will allow you to get settled in your new city while you continue your search. Many sublets are available for one to three months, giving you ample time to find your new home.

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Getting Moved In

Even if you’ve found the perfect home, you may not be able to move in immediately. Often, it takes a month or longer to close on a house, but you may not be able to wait that long to move out of your current residence. During the downtime, explore options for hiring a national moving and storage company like Great Guys (greatguysmoving.com), Atlas Van Lines, or Gentle Giant. These companies have a great reputation when it comes to helping with the logistics of a tricky interstate move. Plus, all of them offer short-term storage solutions that make it convenient while you wait for move-in day.

Taking on the challenge of a long-distance move isn’t for everyone, but it is for you. Doing your research and double checking your choices is a great way to avoid problems later. Now get ready for your out of state move with the tips discussed above.

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The Ultimate Mortgage Vocab Cheat Sheet

29/06/2017
 |  No Comments
 |  Category: Home Mortgage

Buying property involves a lot more than finding the ideal house and making the payment. While most people will need a mortgage, the terminology will probably seem completely foreign to many. To help you master the most commonly used terms so that you’re confident as you start looking at homes or meet the lender, here’s […]

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