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Why is an Appraisal Important When Buying or Selling a Home?

One the biggest components in buying a home when a lender is involved includes an appraisal. If you buy a home with cash and sometimes with a conventional loan, you can bypass this step. With an FHA loan and an VA loan, you cannot.  What is an appraisal?  In simple terms and Appraisal is a valuation of property.  An appraisal ordered for the purchase of a home is to determine if the price agreed upon by seller and buyer is acceptable by the lending institution. If an appraisal comes in low, the lender will likely decline to fund the deal. Unless the buyer is willing to come to the contracted price the deal to purchase can fall apart.  So what happens if the Appraisal come in Low? Sometimes a buyer will pay over the appraised value in order to buy the home. Sometimes the seller will lower the contracted price to the appraised value in order for the deal to continue. Sometimes the deal falls apart.  Loan types will determine what you can do as a buyer to get past the low appraisal. A con
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Save $10,000 for a Down Payment in One Year

Save $10,000 for a Down Payment in One Year

A big challenge to buying your first home is saving up for a down payment.The size of the down payment you’ll need depends on which type of mortgage you choose.Many need at least 3% down, but it varies depending on the which loan you choose. One thing for sure, you will need to save some money to purchase a home. 
Many things pop up at the time of purchasing a home you may not think of such as who pays for the home inspection--- you! Who pays for closing costs--- could be you. The time to save for a new home is now.
The list below will help you save up to $10,000 in One Year!! 

Skip the fancy morning coffee 


A small coffee at your favorite drive through coffee house costs around $4.00. That adds up to $1,460 a year! Buy a bag of gourmet coffee and make it yourself. I love my Ninja! I can make specialty coffee everyday and it is well worth the money upfront. 
$4.00 day x 365 days = $1,460/year


Stop Eating Out--- As Much


The average American family spends $225 a month eating away from home. Wow! That’s $2,700 a year!Search Pinterest for recipes and make your dinners at home this year. I know this can be hard especially when you work away from home and just want to eat when you finally get through with your day! Just don't make it a daily habit. Don’t forget to pack your lunch too! 
$225 month x 12 months = $2,700/year

Cut back on entertainment 

You can have fun without spending a whole lot of money. It just takes a little creativity! Television and Movies have so many different viewing capabilities these days--- Amazon, Netflix, Hulu to name a few. No need to go to the theatre all the time--- make sure you do for special occasions though. (We HAD to see Beauty and the Beast or remember when Hunger Games finally came out after all the books were made??? Yep--that is a special occasion.) Many museums and art galleries are free or offer free days. Check your local library for free classes, lectures, and book clubs. 
$150 month x 12 months = $1,800/year

Cut Back at the Holidays

Plan ahead and make next Holiday a bit smaller. No one is really going to miss not opening that scarf this year. Talk with your family and tell them ahead of time that you’d like to skip the gift exchange this year. 
$800 x 1 month = $800/year

Save JUST $25 a week from your paycheck
It’s easy to save money if it never makes it into your pocket. Set up an automatic withdrawal from your checking account to your savings account on the same day that you get paid. $25 a week will add up to $1,300 in just one year! If you can double that, you could save $2,600 in a year! 
$25 week x 52 weeks = $1,300/year

Hopefully these tips help and when it is time to talk about buying a house---- even before you start saving--- give me a call! 


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