I’m sure that everyone has heard of a mortgage. But how many people really know what a mortgage really is and what consists of? Well, here is some information that will be very helpful for those thinking about buying a home. A mortgage is made up of 4 parts: Principal, Interest, Taxes, and Insurance (or PITI for short). Let’s look at each of these factors. First, there is the principal. The principal is the actual […]
Are you ready to become a homeowner? Let’s talk about taking the homeowner’s journey. This is probably one of the most important decisions, and one of the biggest financial investments that you will ever make in your lifetime. Once you begin to work with your lender, who will determine the amount of your buying power, the lender will provide you with a pre-approval letter. Hopefully, you have already identified an agent or brokerage that you […]
The Buyer When acquiring property, it’s a good idea to get your own title insurance policy. It will give you peace of mind and maximum protection in case there is a claim against your home. What Risks Are Covered? That depends on the policy. Coverage typically protects against four “hidden risks.” Errors – incorrect information in deeds, mortgages, public records, etc. (such as wrong names) Liens – claims against the property or seller, which become […]
The difference between your current monthly payment and the new payment Shock Value is the difference between what you are currently paying for rent or housing and the new principal, interests, taxes, and insurance (PITI) payment. For example, if you are currently paying $1.000 a month for housing and your new payment is $1,400, your shock value is $400. Would you be able to handle the difference? The goal is to assure the lender that […]
In August 2020, Cory Barnes and his fiancée Paige bought a new construction home on the east side of downtown Cleveland just north of Case Western University, in the area known as Circle North. When speaking with Cory Barnes, I found out that their journey to a new build in this up-and-coming area began on the west side of town in the Ohio City, Tremont, and Detroit Shore way areas. As many know, the home […]
