Home insurance is a $70 billion industry. According to a recent report, 95 percent of homes in the U.S. are insured. There are a number of benefits associated with home insurance. For homeowners, having a home insurance policy means being able to recover from financial blows that often arise as a result of natural disaster home damage, theft, accidental fires, and other unexpected home-related crises. Finding the right home insurance is an important part of being a homeowner. To help you make the right decision, we put together an ultimate guide to home…
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Home Buying Process
Bay Area First Time Home Buyer Seminar At ICC, Milpitas, CA
If you are thinking of buying your first home in the Bay Area, you don't want to miss this free event. I am leading a panel discussion titled - "How to buy your first home in the Bay Area". The seminar is on October 27th, 2013 at 3:00 PM. The event is hosted by India Community Center, 525 Los Coches St, Milpitas. You do not need to be a member to attend. The panel will consist of a Mortgage Lender (Me), Real Estate Agent and a Financial Planner. The goal is to educate…
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Home Warranty: Learning the Basics
Why you need Home Warranty? For many new owners, this is a great way to gain peace of mind about problems that they used to call the landlord to fix; ones that often aren't covered under their homeowner's insurance. But make sure you read your contract carefully to see what is covered, and the company offering the warranty will fix the water heater when it breaks on a wintry Saturday midnight. Two Types of Coverage: New Homes and Pre-Owned Pre-Owned Home Warranties: - This covers normal wear and tear but not major pre-existing…
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Home Owner’s Insurance: Why you should and need to get one
Most lenders will require that you have homeowners insurance in place before the closing. This is also be called hazard insurance because it covers natural disasters like fire and storms, and theft. Why do you need insurance for a house? The lender won't fund the loan on a property that isn't insured, and the lender will often require certain types of insurance and at a specific financial level (usually at least the amount of cost of replacement) to make sure they won't lose their money in the event of a disaster. Depending on…
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The ABC’s of Home Inspection – What’s Included, What’s Not?
What is home inspection? A home inspection- is a limited examination of a home's condition and is done when a home is put on the market for sale. State Laws do not require to have a home inspection or the number of inspectors you should bring. But even if the seller has done an inspection and given you an inspection report and disclosures, it is in your best interest to get a general inspection done. How much does home inspection cost? General inspections are relatively inexpensive costing between $200 and $600 depending upon…
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Home Ownership Basics: Ways to Hold Title
Title to real property may be held by individuals, either in Sole ownership or in Co-ownership. Co-ownership of real property occurs when the title is held by two or more persons. There are several variations of how a title may be held in each type of ownership. The following brief summaries reference seven of the more common examples of Sole ownership and Co-ownership. Sole Ownership 1. A Single Man/Woman - A Man or Woman who is not legally married. 2. An Unmarried Man/Woman - A Man or Woman who having been married is…
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Demystifying the Home Purchase Contract: Understand the Nuances
The process of purchasing a home is often much more complex than the average individual expects it to be. Items involved in your purchase contract can have a significant impact not only on the success of your purchase transaction, but on your stress level as well. Below, I have listed out some of the important items you should be aware of, that require you to make decisions as a home buyer in entering into a purchase contract. Loan or Financing Contingency Loan contingency is the period of time the seller is giving you…
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Buying Your First Home in California
How much you can comfortably afford? Beyond pre-qualification, the pre-approval process is the best way to determine the number that's right for you. More than just a conversation, pre-approval entails full documentation and a credit check. The comprehensive review of all this information will help to determine early, what is truly available to you. Better still is that there aren't any hurdles left to cross before you can buy a home in California as this process will identify them long before it costs you time and money later. How much cash do you…
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Benefits and Drawbacks of a short sale on a California Home
There are many benefits to a Short Sale versus a Foreclosure for a California homeowner, but there also many drawbacks to a short sale that need to be considered before deciding on the best course of action. A short sale is a great option for California home owners who need to sell their home and owe more than their property is worth, but a short sale is not for everybody. Benefits of a Short Sale A short sale will not drop the FICO score as much as a foreclosure. It is estimated a foreclosure…
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$10,000 California First Time Home Buyer Tax Credit may be extended
As reported in my blog posted on Jan 14th the California governor is considering to extend the $10,000 First-Time Home buyer Tax Credit that expired last year. Here is the link to that blog post that gives you all the details - CA Proposes extension of $10,000 First-Time Home Buyer Tax Credit Download our FREE eBook "How to Buy Your First Home in the Bay Area - A Step-by-step guide to the Home ownership" by entering your information in the form below. Get the eBook NOW First Name: Last Name: Email: State: AL…
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