Tag: Homebuying

Understanding escrow accounts & how they’re connected to your property taxes

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If you’re new to the homebuying process, you may be introduced to a plethora of new terms you’ll need to know. Escrow accounts are no doubt on the list. 

Having an escrow account is often required by mortgage lenders, so getting a better understanding of what they are and how they work can help ease you into the process. 

Escrow account basics

So, what exactly is an escrow account, and what is it used for? Escrow accounts are set up during the homebuying process and act as a neutral third party to hold important contracts, earnest money and other important information related to the home sell. 

After the purchase of a home, your lender can use your escrow account to manage insurance premiums and property taxes and insurance. 

Property tax payments

Every year when your tax office issues property tax bills, your lender uses money collected in your escrow account to pay off the taxes. If there isn’t enough money in your escrow account, they’ll reach out to you to make up the difference. 

If the amount owed is less than what’s in your escrow account, your lender can credit you for the next tax year. 

How do I know when escrow is required?

As standard practice, an escrow account is required if your home down payment is less than 20 percent of the total purchase price. 

Some loan types such as FHA loans also require an escrow account. In some cases, you can cancel an existing escrow by providing proof of regular and on time home payments. 

Escrow accounts may seem a bit confusing at first, so take your time as you learn more about them and consider speaking with an escrow officer for assistance if need be.

House Hunting: Keep Your Pets Level and Happy While You Find Home

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Photo by Samson Katt from Pexels

Before finding your perfect house, you’ll undoubtedly visit at least 10 different properties for a good look around. If you’re navigating through a seller’s market, that number could increase considerably. All the while, your pet is likely waiting impatiently for things to return to normal, so they can enjoy having you home more often. Thankfully, you can make the process easier on them by using these tips to keep your pets happy while house hunting.

Wear Them Out Before You Go

A tired pet is a happy pet, so make sure to get them running and playing hard before you go. Try to get in at least 30 minutes of physical activity to wear out all their nervous energy and get them ready for a rest.

If you can incorporate fun brain games into the mix, like hide and seek, then they’ll be even more worn out by the time you’re done playing around. If you don’t have room for your pets to stretch their legs, play a little bit of fetch in the front room and roll out the puzzle games for an intense thinking session.

Hire a Trusted Pet Sitter

Most pets are not wild about being left alone for long stretches of time. They prefer a bit of company even if they are just loafing around the house. By hiring a pet sitter, you can keep them from getting lonely, while ensuring they get all their meals and potty breaks on time. You can even have the sitter take your pet on a walk around the neighborhood if you want to come home to a truly tired out pet.

Bring Home a Sweet Surprise

Pets absolutely love getting new toys and treats, so bring them home a sweet surprise after lengthy house hunting sessions. You could even stock up for future trips to avoid having to go to the pet store after every run. With that move, you’ll have a trunk full of goodies to share with your pet. If you find a house sooner than you thought, you can give them the rest as a housewarming gift.

Go on a Fun Outing When You’re Done

Although you cannot clearly explain to your pet why you’re away so much, you can make it up to them by going on a fun outing when you’re done. You could take them for a walk on a beach, go to a new park or hike through the woods for the afternoon.

Whatever you choose, make sure to bring along plenty of water and treats to keep your pet’s energy levels up while you’re out. If you want to make the trip even more memorable, stop by the pet store and let them pick out a new toy or treat.By using these tips before you head out for yet another round of open houses, your pet will look forward to your outings. You’ll notice far fewer stress signals as you get ready to go plus return to a happy pet.

Quick Tips for Keeping Your Pets Happy While You House Hunt

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Photo by Samson Katt from Pexels

Before finding your perfect house, you’ll undoubtedly visit at least 10 different properties for a good look around. If you’re navigating through a seller’s market, that number could increase considerably. All the while, your pet is likely waiting impatiently for things to return to normal, so they can enjoy having you home more often. Thankfully, you can make the process easier on them by using these tips to keep your pets happy while house hunting.

Wear Them Out Before You Go

A tired pet is a happy pet, so make sure to get them running and playing hard before you go. Try to get in at least 30 minutes of physical activity to wear out all their nervous energy and get them ready for a rest.

If you can incorporate fun brain games into the mix, like hide and seek, then they’ll be even more worn out by the time you’re done playing around. If you don’t have room for your pets to stretch their legs, play a little bit of fetch in the front room and roll out the puzzle games for an intense thinking session.

Hire a Trusted Pet Sitter

Most pets are not wild about being left alone for long stretches of time. They prefer a bit of company even if they are just loafing around the house. By hiring a pet sitter, you can keep them from getting lonely, while ensuring they get all their meals and potty breaks on time. You can even have the sitter take your pet on a walk around the neighborhood if you want to come home to a truly tired out pet.

Bring Home a Sweet Surprise

Pets absolutely love getting new toys and treats, so bring them home a sweet surprise after lengthy house hunting sessions. You could even stock up for future trips to avoid having to go to the pet store after every run. With that move, you’ll have a trunk full of goodies to share with your pet. If you find a house sooner than you thought, you can give them the rest as a housewarming gift.

Go on a Fun Outing When You’re Done

Although you cannot clearly explain to your pet why you’re away so much, you can make it up to them by going on a fun outing when you’re done. You could take them for a walk on a beach, go to a new park or hike through the woods for the afternoon.

Whatever you choose, make sure to bring along plenty of water and treats to keep your pet’s energy levels up while you’re out. If you want to make the trip even more memorable, stop by the pet store and let them pick out a new toy or treat.By using these tips before you head out for yet another round of open houses, your pet will look forward to your outings. You’ll notice far fewer stress signals as you get ready to go plus return to a happy pet.

Finding the Right Neighborhood: 3 Things to Look For

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Photo by Samson Katt from Pexels

When buying a new home, the house itself is only part of the purchase. The surrounding area is just as important and there are many factors to consider when choosing not only the property but the neighborhood. However, it can be very difficult to evaluate a neighborhood you don’t already live in. How can you learn whether a neighborhood is right for you? There are many things to look for, but here are 3 of the most important things:

Safety

Looking at an area’s crime statistics won’t tell you everything. It’s still a good idea to check on, but there are other ways to get a sense of how safe you’ll feel in a specific neighborhood. Some things you can look for:

  • Are there “neighborhood watch” signs or similar evidence of organized security?

  • Is there proper street lighting at night?

  • Are the home exteriors generally well-kept?

  • Are there lots of other properties for sale or rent?

These are all good questions to guide you when scouting out possible new homes. It’s ideal to visit at different times of day and weekends to get a sense of the activity level, noise and other things that could affect your comfort level. When in doubt: go with your gut. If you have a bad feeling about a place for any reason, you shouldn’t ignore it.

Schools

If you have children or are planning to have children in the future, the quality and choice of schools in the area is something important to look for. Research the nearby school districts to see where your choice of home would fall among the options. Many online sources allow you to access and compare statistics like dropout rates and test scores for chosen districts, as well as “score” schools based on other factors like parental (and even student) reviews. Regardless of whether you have children, knowing how local schools compare can help get a bigger picture of the neighborhood.

Lifestyle

Don’t forget your life outside of your house. The type of lifestyle you want to live or want to avoid should be top of mind when evaluating a potential neighborhood. Are there community organizations or specific activities you want to live nearby? Are you specifically trying to find a place that’s quieter or a place where there is always something going on? Do you need a place to walk your dog? All of this should factor in to your choice. Look for the proximity of local businesses and activities and calendars or advertisements for local events. It helps to make a “wish list” of things you would prefer in a neighborhood as well as to identify any potential deal-breakers. Being clear about what you do and don’t want will help guide your research.

These are just a few of the things to look for when learning about a potential new neighborhood. Make use of all the resources available and don’t underestimate the effectiveness of simply visiting yourself. Your life and comfort level in your new home doesn’t end at your property line.