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The Proper Steps to Take to Get Your Dream Home This Summer

Excitement is in the air. You’re so close to finally closing on your dream home that you’ve always wanted. The summertime is an incredibly popular time of the year where people will close on a home that they have always wanted. However, many first-time buyers are unaware of the loan closing process. This can lead to some confusion along the way. Fortunately, we here at Clean Title LLC. have some information for you that will prepare you for the home closing process. This will greatly alleviate any stress that you may experience along the way and give you some insight on how to successfully close on a home.

Have Patience When Choosing Your Closing Date

The closing date is the day that you finally get the keys to your new home. You and your family have always wanted to move into such an incredible house and the summertime is the perfect time to do it. However, the lender that you choose to work with will end up setting the closing date for you. They will have more wiggle room to determine the date. It is important that you stay patient during this time and do your best to negotiate the date if necessary. You’re so close to getting your new home. You only have a little bit further to go!

Preparing for The Closing on Your Home

Here are a few things that you will want to make sure that you have in order whenever you near the closing date:

  • Curative services prepared
  • Title insurance agent
  • Home inspector contacted
  • Escrow officer contacted

Clean Title LLC can provide these services for you to ensure that your home is prepared for the closing date that is slowly approaching. This will ensure that everything runs smoothly whenever the closing date approaches.

Understanding How Long it Takes to Close on a House

People can become impatient during the closing process. This anxiety that a new homeowner feels is absolutely understandable. You will no doubt feel the jitters whenever you decide to get your first home with your spouse. Fortunately, we have some facts that will help quell your concerns during this time.

  • The average amount of time it takes to close on a home is 41 days.
  • 1/3 of all closing processes face some kind of hiccup along the way.
  • Less than half of these hiccups are caused by some kind of financial problem that happens along the way.

Don’t feel discouraged if some of these statistics apply to you. Millions of Americans go through some kind of ordeal at some point or another whenever it comes to getting their dream home. Clean Title LLC is here to work with you every step of the way to ensure that you get the home that you have always wanted.

What Documents to Bring on Closing Day

Finally, you have succeeded in making it to C-Day! You have been waiting patiently for some time now. Fortunately, there isn’t much left to do besides provide important documents and move your belongings into your home. However, it is important that you bring specific documents to your mortgage loan officer on this day.

  • Photo ID
  • Certified check or cashier’s check that can be given to your loan officer
  • Outstanding documents for the title company to verify

What Else Can I Expect on Closing Day?

There are just a few more documents to sign on closing day that will ensure that the house is officially yours. You will need to do these actions to get your home.

  • Pay any remaining costs that are needed.
  • You will sign documents to verify that you are the owner of this home.
  • You will also sign legal documents that verify the mortgage of trust for your home.

Getting The Dream Home That You’ve Always Wanted

Many Americans want to get the home of their dreams. It can be difficult to raise a family otherwise whenever it comes to providing a stable household and enough room to grow. Fortunately, there are always options available to get the home that you’ve always wanted. However, the process is confusing at first for first-time homebuyers. Clean Title LLC hopes that you use this guide to make the home closing process much smoother. You will want to work with real estate professionals that you can trust during this time. Clean Title LLC is here to provide assistance during the homebuying process. Be sure to contact us today to schedule your professional appointment. Our team is standing by to help you with all of your real estate needs.

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Choosing the Best Location for Real Estate Investment

Choosing where to make your next investment in real estate is a tough decision. Unless you are trying to flip houses, the location you choose will be yours for the long haul. So, you should put a great deal of thought into choosing where you want your money (and possibly your family) living for the next 20, 30, or even 50 years. But, how can you do it? What makes one location better than another for real estate investments? The tips below will help you answer these questions and take you one step closer to owning your dream property.

Stick With What You Know

If you’re going to invest tens or hundreds of thousands of dollars into property, be sure that you know the area. You shouldn’t invest in property that is somewhere you are not familiar with; moreover, you should never invest in property sight unseen. If you’ve lived in an area for years, you have a deep understanding of the potential for growth, local regulations, and other information that you would not have access to somewhere else. However, not everyone wants to invest in their hometown, which brings us to the next tip…

Do Your Research

If you don’t want to invest in an area that you are already familiar with, then make sure to do your research. This means learning about the aggregate property values in your neighborhood over time. It also means researching local government ordinances related to owning/renting/selling/buying property. If possible, talk with a few locals about growth potential in their area (new businesses moving in, average resident income, etc). This way, you can have a much better idea of what you’re getting into and the potential for your property to increase in value over the years.

Look At Specific Data Points

It’s easy to say “do your research,” but what does that actually mean? Here are a few of the most important metrics that you should look at for a given location:

  • Job growth and economic stability
  • Population growth
  • Price/rent ratio
  • Crime rates
  • School districts
  • Public transportation
  • More localized and subjective information:
    • Walkability
    • Convenience
    • Visual appeal

Though all of these factors are important, you will need to set priorities. For example, if you plan to live in this new location, things such as crime rates and convenience will probably be much higher on your list. If you have children, you will want a quality school district. Depending on your transportation needs, you will want good public transportation. However, if you are simply looking at buying property as a financial investment (and not a possible living arrangement), you will want to factor all of these elements into your equation.

Give Yourself Options

You may fall in love with the first property you see, but you should always look into multiple locations. This way, you can compare some of the data points outlined above and determine which location will ensure the best long-term investment for you. More often than not, this forces you to make some tough decisions, but it also helps make sure that you don’t sink thousands of dollars into something you’ll regret.

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New Trends in Real Estate Tech

Real estate is an ever-changing landscape, and 21st-century technology has only made the market more dynamic. Cutting-edge tech has also changed the way people think about purchasing homes. The days of traditional home-shopping are mostly gone, having been replaced by applications, real estate portals, and automated processes. To get a better understanding of these processes and the newest changes on the horizon, let’s take a look at some of the top trends in real estate tech for 2019.

Virtual Reality

While you may think that virtual reality is just a fun gimmick for gamers, it actually has a lot of interesting and useful applications in business. VR is now a promising way for consumers to be immersed in a product or service, giving them extra incentive to purchase or engage with a service.

This is especially helpful for real estate. Potential home buyers can now virtually tour the property before making a decision, without the need to coordinate with a real estate agent or even get off the couch!

Not only does this make shopping for real estate more convenient, but it also makes it more tangible. As VR continues to advance, various industries are clambering to implement the tech in a way that benefits consumers. After all, would you rather look at a few pictures of your potential home on a website, or put on a VR headset and take a virtual stroll through the property?

Fractional Property Investment

A lot of people want to invest in real estate, but they simply do not have the capital to turn their dream into a reality. Thankfully, this is starting to change, thanks in part to new platforms designed to allow fractional property investments. Essentially, multiple investors purchase a portion of a property and they can profit from any rental income or capital returns if and when the property is sold.

These platforms work to democratize homeownership and ensure that more people get a piece of the real estate pie. Additionally, these platforms make the process of purchasing real estate much simpler and more efficient.

Big Data

Big Data, or the collection of huge amounts of data from various sources, is having a major impact on the business world. Companies can now analyze this data and use algorithms to design optimal business processes and advertising. Though some worry about the implications for privacy, new legislation is underway to ensure that personal data is used in an ethical manner.

Big Data is also extremely useful for agencies. Real estate agents can now analyze visits to their application or website and cater their marketing strategies to relevant demographics. Worried that nobody will show up at your open house? If you’re utilizing the services of a real estate agent who has access to Big Data analytics, you may be able to ensure that the right people know about your listing and increase the chances of closing.

Smart Contracts

While cryptocurrencies are technically in their infancy, they still have the potential to completely change the way you buy and sell property. So-called “smart” contracts are not common-place yet, but they have become more popular as cryptocurrency transactions become more trusted and secure.

Rather than going through the traditional channels to ensure your home sale (or purchase) is above board and legally sound, you can trust that cryptocurrency transactions are safe from fraud. These use blockchain technology to limit access to transactional information and streamline the purchasing process.

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Tips for Paying Off Your Mortgage Early

Paying off a mortgage is one of the most satisfying moments in a homeowner’s life. The average (and most common) length of a mortgage is 30 years, and since most people spend between 40 and 50 years working, this means that the vast majority of your working life will be dedicated to paying for your home. This may sound discouraging, but there are actually plenty of ways to pay off your mortgage early and enjoy your home knowing that you don’t have any more payments to make. Here are a few tips for getting the weight of your mortgage off your shoulders as soon as possible:

Make Bi-Weekly Payments

Most people make one monthly payment for their mortgage and leave it at that. However, if you do the math, bi-weekly payments can actually save you time (and money) in the end. To break it down: there are 52 weeks in a year, so making payments every 2 weeks would result in 26 “half” payments, or 13 full payments. By paying every two weeks, you end up making 13 full payments per year rather than 12. It may not sound like much, but that extra payment can shave years off of your mortgage, and save you some money that would have been paid toward interest in the process.

Refinance Your Mortgage

The prospect of a 30 year mortgage makes many people cringe, so one of the best ways to pay off your mortgage early is to simply adjust the terms of your payments. For example, you can refinance a 30 year mortgage into a 15 year fixed-rate loan to save time and money. Your monthly (or bi-weekly) payments will be significantly higher, but you end up saving thousands on interest by shortening your loan. Since your payments will be higher this way, it is very important to evaluate your budget and make sure that your payments are not cutting into your other expenditures (25% of your total income is generally recommended).

Pay More Upfront

If you’re already several years into your mortgage, this may not be a possibility for you. But if you are currently looking to buy a home, you should definitely consider paying as much as possible upfront. This will shave years off the life of your mortgage, and save you a lot of money in interest. If you have already started a mortgage and only made the minimum monthly payment, consider using any additional funds to make a second large payment to take a chunk out of your loan obligations.

Pay More Each Month

It may seem obvious, but many people choose to make the minimum payment each month so that they can use their money for other things. Obviously, everyone’s budget and circumstances are different, but paying even a few dollars more each month can go a long way. Never pay more than you can afford to, but whenever you have a little extra money in your back account, you should consider putting it toward your monthly payments. You will be glad you did when your mortgage is paid off early!

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