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Bianchi Realty & Property Management Inc Blog

Wednesday, September 29, 2021   /   by Aaron Marasigan

What is an Appraisal

Every house is unique; appraisers are trained and licensed for expertise in putting a value on properties.
Appraisers don’t work for the buyer or the seller;  their primary mission is actually to protect the lender who’s risking money against the home’s value.
Appraisers have to weigh factors about the property and location – including size, condition and comparable properties – to appraise its current value.
They know how to focus on conditions that affect value; dishes in the sink don’t; damage and neglect do.
Appraisals lower than the proposed purchase price can affect transaction details. The seller might have to lower the price
or the buyer might have to increase down payment or fund additional escrow.
Appraisal seems a lot like inspection, but they’re not the same.
You can think of it this way:
Appraisers report on value to the lender
Inspectors report on condition of the house and major components to the bu. ...

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Wednesday, September 29, 2021   /   by Aaron Marasigan

What are the Major Types of VA Loans

What Are The Major Types Of VA Loans?
Major Veterans Affairs loan programs described in this video include:
1) Purchase Loans.
These help eligible parties buy a home at competitive interest rates with little to no down payment and little or no private mortgage insurance.
2) Cash Out Refinance Loans which enable taking cash out of home equity to pay off debt, fund school or make home improvements.
3) Interest Rate Reduction Refinance Loans also called Streamline Refinance Loans can help veterans obtain lower interest by refinancing existing VA loans
Other programs include:
4) Native American Direct Loans to help eligible Native American veterans finance homes on Federal Trust land.
And
5) Adapted Housing Grants to help veterans with service-connected disabilities buy, build or modify a home suited to their disabilities.
Many states offer additional resources to veterans, too.
Talk to your home lender about your situation. ...

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Tuesday, September 21, 2021   /   by Aaron Marasigan

Understanding Your Loan: Additional Information Can Be Important

Page 4 of your Closing Disclosure is important. It is NOT just standardized form information that is identical for every loan.
Review these terms:
Assumption: can this loan be transferred to another person if you sell or transfer the property?
Demand: can the lender require early repayment of the loan?
Late Payments: what penalty, after what period, applies?
Negative Amortization: does this loan schedule or allow payments that do NOT fully cover the interest due, resulting in increased loan principal?
Partial Payments: what is THIS lender’s policy?
You should also review Escrow Account details to understand whether you will pay additional property costs via regular Escrow Account payments or handle them yourself directly. ...

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Thursday, September 16, 2021   /   by Aaron Marasigan

How Can I Determine My Housing Needs Before I Begin The Search?

Like the video shows, your home should fit the way you live, with spaces and features that appeal to the whole family.
Before you begin looking at homes make a list of your priorities – things like location and size.
Should the house be close to certain schools? your job? to public transportation?
How large should the house be?
What type of lot do you prefer?
What kinds of amenities are you looking for?
Establish a set of minimum requirements and a ‘wish list.” Minimum requirements are things that a house must have for you to consider it while a “wish list” covers things that you’d like to have but that aren’t essential. ...

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Thursday, September 16, 2021   /   by Aaron Marasigan

How Do I Begin The Process Of Buying A Home?

Remember these pointers from the video: start by thinking about your situation.
Are you ready to buy a home?
How much can you afford in a monthly mortgage payment?
How much space do you need?
What areas of town do you like?
After you answer these questions, make a “To Do” list and start doing casual research. Talk to friends and family, drive through neighborhoods, and look in the “Homes” section of the newspaper, or online. ...

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