What You Need to Know: The Good Faith Estimate

Buying a home can be very confusing and not to mention the new terms you need to know. This is especially true when it comes to navigating the mortgage process. One important term to understand is the Good Faith Estimate.

The Good Faith Estimate or GFE is a government-mandated form mortgage brokers and lenders are required to give prospective borrowers within three days of a loan application. The GFE summarizes the terms of the loan. It can be used to compare loan offers from the same or different lenders. An approximation of the final figure of the loan costs are on the GFE and must be as accurate as possible, it is important to note that some GFE can have a 10 percent tolerance.

The top two sections on Page 1 provide a summary of the loan terms and estimated settlement charges. There is also a section the covers when the GFE expires and whether the interest rate is locked or floating.

You will want to go over the GFE closely; it will disclose the initial loan amount, interest rate, monthly payment and loan terms. Remember that the payment includes principal, interest and mortgage insurance, if any, but not property taxes or homeowners insurance.

You can find a Guide To The Good Faith Estimate by clicking here.

Home Automation

What in the world is home automation?  Almost everyone knows what a timer on an outside lamp post is for, you can program your outside lights to turn on when the sun goes down and back off in the morning.  There are lots of ways to setup lighting to prevent waste and still maximize the benefit.  So what if you whole house could be managed and from one place or even when you aren’t at home?  The kids left some lights on when they left for school, and you can turn them off from your phone, with some systems.

A product known as X10 has been around for quite some time now, now there are other options.  Home depot has their own products and even Google is making contributions these days.  The whole idea is convince, for example there are products that work with the X10 system that allow you to change the lighting in your home from an iPhone or Android device, you can use this from anywhere you phone works.

Setting up a system like this can start to prove costly.  The more devices you want to control, the more expensive the project ends up, naturally.  You should also be aware some products require a moderate level of know-how in the electrical sense.  One of the most useful products is a replacement switch; changing one should always be done with care and proper precautions of course.

Spend some time and figure out what your goals are with your project, it can be as simple as putting a few outdoor lights on timers to being able to control and monitor everything in your house no matter where you are.  It’s a fun idea at the very least.

How To Make Your Bedroom A Peaceful Place

There’s things that you’re doing right in your home to keep everything flowing. There’s probably also things that you’re doing wrong that could deter from how much you actually love your home. The bedroom is a tricky space. There’s a delicate balance that exists. You really shouldn’t be doing much in the bedroom except for sleeping, according to experts. This helps to keep our sleep/wake cycles in balance. If you regularly walk into your bedroom and seem to find that something is missing or off slightly, you may want to heed some of the tips below. Also if you’re having trouble sleeping, you should double check the design of your bedroom. Your bedroom can be the place of peace that you deserve!

Keep Away From Bright Colors

Loud prints and loud colors don’t help to make your sleeping apparatus an oasis. Stick with basic colors that can work well with anything. Adding decorative throw pillows is a great way to add color to your bed without the noise.

Fill the Walls With Character

Don’t leave the walls of your bedroom bare. Be sure to choose cool artwork. Your bedroom is a reflection of who you are. Find art and decorative pieces for the walls that you love. Not only will this help you to express yourself, it will bring you happiness every time you enter your bedroom.

Clean the Clutter

It’s easy to let clutter pile up, especially in the bedroom. Make sure you’re cleaning everything up regularly. This will save you from long hours of cleaning at a later date. It will also save you from stress. Clutter can cause us to feel anxious. You definitely don’t want those feelings of chaos when you’re in the room you’ll be sleeping in.

Keep Lots Of Lighting Options Available

Lighting in your bedroom should be multi-faceted. There should be lights accessible from wherever you are. Whether it be a bedside table lamp, a reading light, or a bright overhead light, you need more than one option for lighting when you’re in the bedroom.

Window Treatments

Don’t skimp on the windows of your bedroom. Hang some curtains for a more complete feeling in the room. Also, make sure the blinds or shades that have been installed block out the light well. Not taking care of windows in the proper way could cause you to sacrifice both sleep and privacy in your bedroom.

More Tips

When it comes to sleeping, you want to get the best rest possible. That’s why you should keep electronics out of the bedroom. While we live in a technology obsessed world, you’ll sleep much better if your phone is away from you during the night. If your phone is your alarm, consider keeping it far away from the bed in another part of the bedroom.

Selling and Buying a Home

Trying to buy and sell a home at the same time can be tough. Sometimes these buyers and sellers are referred to as being in a sandwich because they are in the middle. The reason this can be difficult is because there is no guarantee that your new home will close at the same time as your old home.

Selling and buying a home at the same time is possible but you will need help. Here are a few tips on how to get into your home while closing on your own home:

1. Hire a real estate professional. This is almost an impossible task without having a seasoned professional by your side. There are lots of details that go into selling and buying and an experienced real estate professional will know just what to do to get you to both closing tables.

2. Sell first, and then buy. This is probably the easiest and safest plan. List your home for sale and secure a buyer. You can either close on your home before purchasing another one, or ask the buyer for a contingency to allow you time to find a new home before closing on the previous one. There are many advantages to selling first, it allows you to know how much you can spend on a new home, and you don’t have to worry about temporary financing.

3. Try to schedule the closing date on the purchase of your new home on the same day, but after the closing on the home you are selling. This way, you can stay in your present home until you move into your new one.

Bottom line, when it comes to selling and buying a home use the expertise of your real estate professional. Your plans may change depending on your circumstances and your local market.