But how to find the best mortgage lender for myself? The home-purchasing process can seem overwhelming. For most people, it’s the largest financial purchase of their lives — and after diligently searching for the right house, mortgages can often be an afterthought.

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Finding The Best Mortgage Lenders

There are at least four important steps to follow to ensure I pick the best mortgage lender.

1. Shop and compare lenders​

Let’s use math to illustrate the missed savings by not buying mortgage rates.

For instance, my primary financial institution (where I have my checking account) offers me a mortgage refinance rate of 3.7%. I took the rate but didn’t see the online-only lender offering 3.3% on a $300,000 mortgage. This difference in interest rates costs me an additional $24,000 over 30 years.

Those who are looking for mortgage refinance options should definitely investigate lenders via an online tool like Credible, where they can simply compare rates and lenders.

2. Ponder on the fees associated with the lender

When vetting lenders, don’t get dazzled by mortgage rates on an individual basis. I should also ponder on the fees associated with the refinance with each mortgage lender. Here are the most common kinds of fees associated with refinancing a loan:

• Application Fee
• Origination Fee
• Home Appraisal
• Title Fee
• Credit Report Fee

Few of these fees are non-negotiable, but I’ll definitely check the application fee and loan origination fees. Only because one lender offers a lesser rate, the fees associated with that lender may offset any prospective financial advantage accompanying the interest rate.

In order to streamline the refinance and minimize out-of-pocket costs, lenders may offer “no fee” loans, which is where they accumulate the closing costs of the loan into the overall balance. While this may lesser my out-of-pocket contribution, I’ll still be paying those costs over time, which eventually adds to the total cost of the mortgage, so pay attention.

Furthermore, if I’ve cash on hand, I’ll definitely use this to lesser my interest rate. By paying “points” (a point costs a determined percentage of my mortgage, for suppose, one point equals one percent of the mortgage price), I’ve to pay more upfront at closing, but lesser the interest rate of my loan.

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So I’m eager to join the nearly 40% of American landlords who actually own their homes outright. Can you imagine that? When the bank doesn’t own your home and you step onto your lawn, the grass feels different under your feet—that’s called freedom.

But the problem is you’re currently stuck dragging around that ball and chain called a mortgage—just like most homeowners.

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Don’t worry. We’ll show you how to pay off your mortgage faster so you can finally join the ranks of debt-free homeowners. Let’s get started.

3 Ways To Pay Off Mortgage Early

I explore some smart ways to shave interest – and years – off to repay the mortgage early.

Increase My Regular Repayment Amount

Paying more than my required repayment amount is another way to reach my homeownership goal earlier.

Example

John intends to contribute an additional $386 per month on top of his $2,315 monthly home loan repayment, paying $2,701 each month. Over the course of 12 months, he pays $32,412, which is roughly equivalent to two additional months’ worth of payments per year.

This will shave six years off John’s 25-year loan term as well as around $80,000 in interest.

• Original home loan repayment: $27,780/yr x 25 years (@ 4.9% p.a.) = $694,500
• Revised home loan repayment: $32,412/yr x 19 years (@ 4.9% p.a.) = $614,948*

Make additional lump sum payments

It’s feasible to make additional lump sum payments – especially during the early years of my mortgage. It can have a profound effect on how much my total home loan repayments will be and the length of time to own my property outright.

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Example

Tim’s required monthly repayment amount is $2,485 on a $400,000 loan with a loan term of 25 years. Over the term of the loan she’ll pay a total of $29,820 in one year ($2,485 x 12), and over 25 years, Tim will pay $745,500.

Five years into the loan, Tim receives an inheritance of $70,000. Dividing the money, she puts $40,000 into her mortgage and $30,000 into her bank account.

Making the lump sum repayment of $40,000 means that instead of paying off her mortgage after 25 years, he will reduce the loan term by more than three years – assuming her repayments remain the same – and save herself more than $70,000 in interest. The redraw balance will also slowly reduce in line with the loan term.

Set up a mortgage offset account

A mortgage offset account enables me to offset, or reduce, the interest charged on my mortgage by letting me pay down the principal loan amount with my savings.

Say if I have a mortgage balance of $400,000, and I put $20,000 into an offset account. By doing this, I’ll only need to pay interest on a balance of $380,000 ($400,000 – $20,000) rather than $400,000.

The more money I have in an offset account, up to the balance of the loan, the larger the savings and the earlier the mortgage can be paid off.

Planning to Refinance Your Mortgage?

If you intend to refinance to a mortgage you can pay off quickly, talk to your friends at Illinois Brokers Academy. Our most-recognized real estate classes show you the true cost—and savings—of each loan option. They coach you to make the best decision based on your budget and goals so get in touch with our representatives right away!

If I’m shifting out of my home and my home is vacant for some time. Then, it’s crucial for me to take the required security measures to keep it protected. Unless somebody shifts in and starts residing in it.

Why? Everybody seems to know the answer to the WHY question here. Of course, an empty home tends to be vulnerable to theft and vandalism for a prolonged period of time.

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Tips For Vacant Home Protection

Until I find the proper buyers or right renters for the place I’m shifting out of. I’ll need to make sure my vacant home stays protected and secure against thieves and other intruders. So, here are the top ways to protect my vacant home when I’m shifting.

• Maintain the exterior. I should not let my property look neglected.I’ll make arrangements to have my lawn mowed, or in winter, my driveway shoveled. I’ve to trim branches that can fall and damage my roof during a storm.Also,I’ll wipe out the clogged gutters to prevent water damage. The functionality of exterior lights should also be checked.
• Take precautions with the interior. I will install working deadbolts on exterior doors, and make sure all the windows are securely locked.Further, I’ll set my thermostat at a constant temperature (high enough in winter to avoid freezing) and replace the thermostat’s battery.Also,I’ll seal up pet doors to keep out pests, animals and other prospective intruders.
• Boost the vacant home security. Its better to add motion-sensor lights and entry alarms.I’ll keep bushes trimmed to remove prospective hiding places for burglars.Also,it is good to close the curtains and blinds to avoid people from seeing in.Trimers are good for for lights, and I’ll consider to add a unit that simulates a flickering TV to dissuade criminals.
• Round up support. Enlist neighbors or friends for additional vacant home protection. I have to ask them to alert me of any concerns and occasionally park in the driveway to assist make my place seem occupied. Notify the police and the fire department that the house will be empty, and I’ll also leave my phone number with them.
• Protect the investment. I have to be aware that if my home is vacant for a month or more, my homeowners insurance may not cover losses that occur while it’s vacant.

To best protect my vacant home, I’ve to layer the best security. If you create a security system that consists of the 6 components I addressed today, you will be well on your way to moving a theft or vandalism down the block. These kinds of losses at vacant homes aren’t inevitable; it just requires minimal effort and consistent monitoring by me or my property manager to protect my vacant home.

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Awesome, right!

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The Shifting Day Checklist

Well, I hate to break it to you, but there are still some things left to do before saying goodbye. To assist you out, I’ve compiled a shifting day checklist with a list of everything you require to get out in the instant and most efficient way possible. Read on for more tips on how to have a successful shifting day.

Rise with the Dawn

It’s shifting day – the busiest and most crucial day of my shift! I want to be up early – fresh and rested – so that I’ve ample time before the shifter arrives and don’t require to rush things.

I’m going to require a lot of energy and stamina during the following 24-hour period, so I’ve to make sure I go to bed as early as possible the night before and try to get decent sleep (as complicated as it may be, knowing what the morning will bring). I’ll set the alarm clock for an early beginning, enjoy my morning cup of coffee (and healthy breakfast), and get in a positive mode – my big adventure is about to start! (And my insightful tips for a smooth shifting day will assist you to make the most of it.)

Pack the Last of Your Things

Here goes the last of it…

Even if I pack everything up before my actual shift, there will still be some of the items left. After the shower, I’ll pack up all of my bathroom accessories and then pack up my kitchen perishables. I will prefer to throw anything out that will melt or go bad during the duration of my shift.

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Set Aside the Items That Are Not to Be Loaded on the Shifting Truck

To avoid confusion and blunders when the shifters arrive, I’ll begin loading my items on the waiting truck. I will advise you to put everything that you’d like to keep with you during the shift. In fact, it’s good to set aside all my valuables and shift them yourself – this will assist ensure my peace of mind and prevent conflicts with the shifters.

Bonus moving day tip: Be careful not to become a victim of identity theft during my house shift.

Greet the shifters

Once the shifters arrive give them a walkthrough of the house or apartment, highlighting any fragile boxes or the furniture pieces that I need to have disassembled. Ideally, the boxes should be clearly labeled. But it’s always a good idea to discuss what I want and not assume the shifters will know how I want everything to be shipped. I will also make sure to keep water on hand for them and show them where the bathroom is, which they might need during the shifting process.

Finally relax

It’s been a long and exciting day. Now, it’s the time to finally chill and relax. I will take out a book and relax with a book, or get some fresh air by grabbing a bite in my new area.

Shifting can be a really horrible experience. One way to ensure that everything runs smoothly is to create a shifting day checklist. This can enable me to streamline my shifting day as I focus, making sure that I complete the remaining things left to do. It is also big assistance so that I don’t forget anything before I head to my new space.

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How was your shifting experience?? Let us know so that together we can learn and make shifting a smooth process like never before.

Finding the right condo can be stressful. I’ll use the condo rental guide and these easy tips to assist in jump-starting my search for the right condo and shifting closer to a space that’s perfect for me and my lifestyle.

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Create a Wish List of What I’m Looking For In My Right Condo

The first step in the right condo search process is establishing what I’m looking for. Think about:

• Why type of condo do I want? I should decide if I’d prefer a leasehold condo or freeholdhouse, because each has goods and bads.
• How many rooms do I require? I might select a studio space for economy, a single bedroom or two bedrooms for maybe an office or guest room.
• Yard, balcony, patio or window? It’s thoughtful to decide if any of these are on my list for the right condo.
• Large pets, small pets, no pets? Not all condo owners are pet friendly.
• Security? Some condos offer the added security of restricted entrances.
• How much rent I’m willing to pay? Make sure my rent works within my budget. Also, focus a lower rent payment so that I can save for my first right condo.
• Fees: The fee structure is one of the basic factors that I need to take into consideration.Few associations fees merely cover basic necessities whereas others extend to a wider range of amenities.

Once I’ve determined what’s important for me, the fun of searching for the right condo begins!

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Take Advantage of Online Condo Resources

There are many sites to assist me to look for condos online. I can filter my search by location, type of condos, price range, and amenities, just to name some. I can also find the square footage, utility information, and pictures of both the inside and outside of the condo. By narrowing down my search, I’ll save time and money by looking only at available listings that include my preferences. Here are some condo search sites to assist you to find your right condo space:

1.Zumper

2. Cityrealty

3.Tripping

4.Trulia

5.Rentals

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Whether you are planning on buying a freehold condo or a leasehold one, this simple guide should be enough to help you get started. Which type of right condo do you prefer?

While a rental dwelling policy includes the building itself for the landlord, a renter’s insurance policy includes the personal belongings of the tenant. It also provides liability coverage for particular kinds of bodily injury or property damage. Buying renter’s insurance with coverage for personal property is an intelligent move. But, most tenants won’t buy it unless a homeowner needs it.

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What Are The Perks of Renters Insurance?

Renter’s insurance safeguards the renter. In many cases, the insurance a homeowner carries covers only the building. Personal property loss or damage, theft, vandalism, or fire is specifically not a part of the homeowner’s policy. Without the renter’s insurance, the tenant may have to incur the financial burden of a loss to their personal property.

A renters policy probably:

• Compensate me if my belongings, like a bike, a laptop or a television, are lost, stolen or damaged.
• Protect against liability claims from a guest injured while in or near my rental space.
• Cover my personal property, like my cell phone, clothes in a storage unit or laptop left in my car, regardless of where it’s located.

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What Are The Perks For Landlords?

By needing renter’s insurance, landlords prospectively avoid liability claims from tenants due to damaged property caused by fire, or other covered losses. A tenant’s rental insurance policy could assist with:

• Relocation expenses
  A renters policies might include the cost of temporary housing due to natural disasters or fire.
• Protection against property damage
  If a tenant’s assets are stolen, that tenant might sue their homeowner for failing to protect their property. However, if their renter’s insurance includes the damage for their lost assets, they’re less likely to sue their homeowners for damages.
• Damage or injuries from pets
  A rental insurance policy might assist mitigate the risks of damage or injuries caused by pets to others or others’ property. However, if my pet causes damage to my apartment, it may not be included by my renters policy.
• Rental dwelling insurance premiums
  With the tenant’s renters policy prospectively covering the price of damage to the renter’s personal property, there might be less claims against the homeowner’s rental dwelling policy.
• Screening prospective tenants
  Like a tenant’s credit score, needing proof of renter’s insurance might be an indicator of a prospective tenant’s ability to pay rent on time.

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While there are specific perks to needing renter’s insurance, I still want to carefully screen who I let onto my property. Renter’s insurance can assist minimize my renter’s risk, but one of the outstanding ways to minimize my risk is to search for tenants that will pay their rent on time and respect my property. 

Our Illinois real estate classes will give you detailed information and leasing recommendations, so you can choose the right tenant. So, when are you joining us?

With this in mind, screening my potential tenants with a complete background check is incredibly vital. After all, it’s my money and my property that’s on the line.

If you are passionate about real estate, you have a great shot at having a long and successful real estate career. Find your online real estate classes today.

Red Flags in a Tenant Credit Report

A credit report is a key component of tenant screening. It assists landlords in spotting plenty of credit red flags, including:

• The tenant has a history of paying bills on time.
• He possess a significant amount of debt.
• If my tenant is likely to pay rent each month.

Continue reading to learn why landlords need to check a credit report and guidance on what to look for in a credit report.

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Why Landlord Checks The Credit Report?

My credit report shows landlords my credit score and financial history. Landlords check my credit to evaluate my likelihood to pay rent on time. They also check whether I owe rent to any previous landlords. 

Note: It is strongly suggested to contact a legal counsel that is familiar with both credit reports and tenancy laws.

What to Look for in a Tenant Report?

A credit report contains a gold mine of information for a potential landlord. I can find out, for instance, if a specific person has ever filed for bankruptcy or has been:

• late or delinquent in paying rent or bills.
• convicted of a crime, or, in many countires,even jailed.
• evicted (the legal right to get information on evictions, however, may differ among states)
• involved in another kind of lawsuit such as a personal injury claim, or
• financially active enough to establish a credit history.

Information in credit reports covers the past seven to ten years.

Depending on the type of credit report I order (the offerings vary according to the agency I deal with), I may also get an applicant’s credit score. The most widely used credit score is the FICO score. It ranges from 300 to 850 and purports to indicate the risk that an individual will default on payments. Great scores indicate less risk. Generally, any score above 650 is considered a medium risk or less.

Another kind of credit score is VantageScore. Credit reporting agencies created this score to compete with FICO scores. VantageScores have the same range (300-850) as FICO scores.

I should put too much value in a high credit score. It doesn’t reflect many other good-tenant characteristics (such as the ability to get along with neighbors and take good care of my property) that is very important.

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Landlords check credit reports to evaluate whether a tenant is capable of paying rent on time, but this is not the only metric that matters to them. I’ll not let a low credit score or a limited credit history stop me from pursuing a rental. I will definitely use the advices above to help set myself and my credit score up for success when I enter the rental market.

I may not intend to care for my rental space as I would do of my own house, but there is a bundle of reasons to be a good tenant. In addition, to keep my landlord happy, taking care of the rental gives me the upper hand in rent negotiations. Maybe, I can get better lease terms too. I’ll also save money if I’m not evicted. Also, if I don’t have to forfeit my security deposit.

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How Can I Be Good Tenant?

I’ll treat my rental property with the utmost care with these tips for the long, first time, and to be a good tenant:

Know your lease. Before I move in, I’ll brush up on what’s in the lease so I don’t inadvertently violate the terms. Can I take my pets along with me to my building? Can I hang pictures on the walls? If I want to do something that’s is not permissible, I’ll speak to my landlord. He may let me — especially if I have proved to be a good tenant.

Keep it tidy. Tenants who keep their rental spaces neat are sending a significant message to their landlords: ‘I respect your property.’ And you’ll most likely get your security deposit back when I shift out. If I have pets, make sure to vacuum at least once a week, pick up any accidents right away and keep my house odor-free.

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Get insured. While it’s my landlord’s duty to take care of the building and grounds. Yet, the landlord will not protect the contents in my rental space. That’s where renters insurance comes in. For an easy affordable premium, renters insurance assists me to replace broken items or stolen items inside my rental property.

Use a storage unit. If I don’t have access to a storage area in my house or apartment, I can store my extra possessions in a storage unit.

Doing these things will assist ensure to enjoy my stay and put myself in a good position if and when I need assistance. These tips to be a good tenant can assist me to avoid some of the common problems tenants can encounter.

What are your best tips for being a courteous and conscientious tenant?

If all of this sounds exciting to you, you’re probably ready to pursue a career as a real estate agent! Our team at Illinois Brokers Academy is here to help you with our real estate courses for any real estate career you want.

Whether I own a house or rent, we all borrow the proverbial cup of sugar from our neighbors from time to time. Whether we require a jumpstart, a socket wrench, or somebody to water our plants while we’re hanging out, sometimes we require to ask for assistance.

Being a distinct neighbor means it’s vital to reciprocate and find my own ways to share, but it’s also compulsory to save my house and set appropriate boundaries so that I don’t have property line disputes. Knowing about my landlord or renter’s insurance coverages are is also a vital task. These easy scenarios may assist me to create my own boundaries and share ideas on how to be a distinct neighbor.

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Now, read on for tips on how to be a distinct neighbor!

1. Be neighborly. This sounds simples, but what ultimately does it mean to be neighborly? I should answer neighbors’ questions and comments. Additionally, I should be polite in tone and welcome my new neighbors when they come. Participation is a good idea because I genuinely want to be a distinct neighbor. Also, I want to contribute positively to my community.

2. Share my real estate expertise when required. Neighbors turn to Nextdoor to get assistance with everyday decisions and tasks. If a neighbor requires a suggestion for a service provider and I have a local favorite. I will surely let them know! If they want information about home values or a real estate broker. I’ll undoubtedly chime in and offer myself as a resource.

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3. Invite neighbors. The more neighbors I’ve on Nextdoor, the more people there are to connect with and assist one another. I will send free invitation postcards to the people who are not yet on Nextdoor. Or, stop by the new neighbors’ home to introduce myself. Also, I will offer them a free invitation flyer to join and get accustomed to the new neighborhood.

4. Add my profession to my member profile. If neighbors want to know more about me, they can visit my member profile. I will not forget to include my link to my Business Page within my member profile!

When people make an effort to be a distinct neighbor by following proper etiquette, everyone will have a sense of well-being, knowing I’m all surrounded by friends. The neighborhood will be more appealing, and I’ll be more content in my home. An extra benefit is knowing that I and my neighbors will look out for each other and are available for assistance.

If you want to become a successful real estate agent, contact Illinois Broker Academy today to begin your real estate courses journey.

Do you count yourself as a distinct neighbor?? How do you keep yourself distinct?

New homebuyers can easily watch the amount of paperwork they own grow after purchasing a house. From a folder full of closing documents to piles, the pages are added up once a home purchase is completed.

The inclination may be to keep everything. After all, I’ve just completed the largest purchase of my life. Also, all of those closing documents must have some purpose to keep around, right?

Do you really need to keep the original documents? Along with certified papers and photocopies that make up the closing paperwork? The closing documents, however, will come from the closing broker, lawyer, or escrow officer. It includes financial and legal documents; most of the documents from my real estate broker will be about contract negotiations.

At Illinois Real Estate School, we all are set to equip you with all the key tips you need to get your real estate license. So get yourself enroll in our leading real estate courses right now.

What Closing Documents I Need To Keep?

Purchasing a house always needs assembling a range of documents, from pay stubs to tax returns, and then signing even more as I process the mortgage and purchase.

But once I’ve completed my transaction and have shifted in and settled, do I know which closing documents I need to protect — and how long do I need to save it? Here are 4 closing documents tips to spot on once I have closed my house purchasing process:

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Keep…for atleast one year

• Utility bills: At the end of the calendar year and once I’ve matched actual expenses to those that appear on my bank or credit card statements, I can toss utility bills.

Keep…indefinitely

• Home improvement purchases and receipts: I may not intend on selling out my house anytime soon, but it is better to keep proof of purchases and upgrades I make, like adding new appliances or fresh drywall. They’re supportive to demonstrate appreciated value to potential buyers.
• Insurance policies: I will save these vital documents in a safe spot so I can easily access account numbers and coverage limits, as well as agent contacts, at any time.
• Mortgage documents: I’ll keep mortgage paperwork I get when I buy my house.Even if I pay off my mortgage, I’ll get a release or certificate of satisfaction;I’ll keep that, too.

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Keep…until I sell out my house

• Closing documents: I will retain a copy of any document signed during my house’s closing as a backup. This may include the purchase agreement, addendums, disclosures and repair requests, escrow information, inspection reports, and a closing statement. Some professionals suggest to keep this collection of forms for several years after I eventually sell out the house, too.
• Abstract, title, appraisals, and deed: I should retain it for my own record, which outlines things such as legal boundaries and the history of the house.

Keep…until it expires

• Home warranties: Again, save in a secure location that I’ll remember so I have access to coverage and limitations.

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Other Vital Tips

There are some other vital factors one should consider after house closing which are given below.

• Where to keep necessary documents: You should stash them in a fire-safe box in your place or in a safety deposit box.
• What to do with documents that are OK to toss: Shred them; home office shredders are cost-effective and widely available.

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