When someone says they’re saving for a house, what they actually mean is that they’re saving for a mortgage down payment. It’s unusual for anyone to show up with the full value of a property in cash, though it may be more common in today’s frantic real-estate market.
A down payment is a significant sum of money that you will put into the purchase of your new home, in which you will make monthly payments on a mortgage loan to pay off the remainder. Before you buy the property outright, it may take twenty or thirty years, or even longer.
For many people, the down payment is the most significant impediment to homeownership. Monthly mortgage payments may be the same as — or even less than — what someone would pay in house rent in the same neighborhood. However, in order to get to that point, a potential homebuyer must first have the required down payment, which may be as much as $30,000 or more in the bank.
Don’t give up! Here’s what you need to hear before making a down payment.
If you can’t afford a 20% down payment, your lender would almost certainly require you to pay Private Mortgage Insurance (PMI). This is because your bank or lender views a loan with less than a 20% down payment as a riskier loan that requires protection in the event you default on your payments.
PMIs range between 0.5 percent and 1% of the mortgage amount (annually) and these fees are included in the monthly mortgage payments. When you have 80 percent equity in your house, you can stop paying PMI.
There are definite benefits to putting down a 20% down payment, but it is by no means needed. The average down payment on a home has been between 5% and 7% in the last five years.
Keep in mind, though, that the type of loan you choose will affect how much you put down (and the length of the loan). A traditional loan, for example, requires a minimum of 3% down payment and is either 15 or 30 years long. A 3.5 percent down payment is needed for an FHA (Federal Housing Administration) loan.
A lower down payment allows you to purchase a house faster and save money for other expenses such as renovations and home improvements.
However, a lower down payment increases the monthly mortgage payments, and you’ll almost certainly need to include private mortgage insurance.
It’s simple: if you borrow less, you’ll have less debt to repay and can pay less in net interest. When the loan-to-value (LTV) ratio is lower, mortgage lenders and banks normally give better interest rates. Before approving you for a home loan, banks use your loan-to-value ratio (expressed as a percentage) to determine how risky you are.
A higher down payment also raises your home equity, which is the value of your home that you haven’t lent against and will use to refinance at a lower interest rate.
Also Read: What Is the Legal Description of Property?
Sure, you’ve been diligently saving for your down payment, but keep in mind that a bank will not grant you a mortgage until you have a certain amount of money in your bank account.
Banks and lenders would want you to be able to make your monthly payments for at least the first two to three months, often known as a cash reserve requirement. You’ll need to show that you have liquid assets in your checking or savings accounts, your bank can also accept money kept in the form of stocks, shares, 401(k)s, and other financial instruments. If your monthly mortgage payment is $2000, your lender would expect you to have at least $4000 on hand.
Bear in mind that you’ll have to make more than just your monthly mortgage payments. There are also closing expenses, such as title insurance, renters insurance, and a home inspection. Your closing costs will vary between 2% and 5% of your purchase price. So, if you purchase a house for $500,000, the closing costs could be between $10,000 and $20,000.
FYI: If you’ve been saving for a down payment but are having trouble making it happen, a down payment assistance program such as an FHA or VA loan might be able to help. These services provide support from government agencies, nonprofits, and labor unions that can be used as loans before you move in, or even as grants that you don’t have to pay back. Homeownership may seem to be out of reach financially, but it may be closer than you think.
Summer is a season of relaxation and fun. Families also spend more time outside enjoying the warm weather or going to the beach for a much-needed break. But according to new statistics from U.S. Census Bureau, a high number of families currently prefer moving during summer. As it turns out, the three months between Memorial Day and Labor Day are a common time to relocate for several reasons.
Although moving in the heat of summer might sound like a terrible alternative to taking a beach holiday, it’s actually a good option for many movers. Here are the top reasons why so many people want to plan their move over the summer.
Summer is a big season for most real estate agents since both inventory and sales peak dramatically. The inventory of houses accessible in July is about 25 percent higher than in December. This dynamic is particularly true in cities with warmer climates, like Orlando or San Diego.
With more inventory available, people who move over the summer will have more options to choose from if they’re looking to buy a house. Because summer is a common time to move, anyone looking to sell their home will also be able to find buyers more easily in the summer than at other times of the year. The busier real estate market is a huge advantage of moving in the summertime if you are trying to purchase or sell a house.
Most students enjoy a long summer break from classes. This means families of school-age children will expect to travel over their break to avoid affecting their school year. Parents who plan a summer transfer eliminate the fear of their kids missing school due to the moving process. As a bonus, kids on summer break can use their spare time to help their parents prepare and get stuff ready for the move.
Also Read: How To Prepare For A Residential Moving
A summertime change also makes sense for working individuals, too. Many employers are more accommodating with time-off demands over the summer. Some businesses also have shortened working hours during the summer months. These workplace practices can be a big help to workers who are planning a transfer.
Traveling during the summer means warmer temperatures, which can result in a hot and sweaty packing phase. However, the sunny summer weather reduces many of the dangerous road conditions that can arise during fall and winter. In certain places, the cold weather months will bring high winds, heavy rain, snowstorms, and icy highways, all of which can slow the moving process and trigger transit problems.
Daylight Savings Time (in most states) means longer days during the summer. Anyone who’s going through the moving process would surely enjoy getting a few extra hours of daylight to get things done!
The good weather, open schedules, and busy real estate season make summer the ideal time to travel and move. If you’re contemplating a summer move, it’s best to reserve your preferred moving dates as soon as possible—this is a busy time of year for moving companies!
Schedule your free in-home estimate today to get started
If you’re moving and have hired a professional moving company to assist you, there are some things you should do and some things you shouldn’t do to speed up the process. A smooth step is the result of everybody working together, which means you must know when to lend a hand and when to stay out of the way.
The following are some information that your moving company would like you to be aware of.
This tip should be addressed during your moving estimate, and it is extremely relevant, so it is worth noting. If you have large things that need to be moved, such as a piano, refrigerator, or hot tub, make sure to tell the moving company. It’s never a good idea to “surprise” your mover with unwanted things because they might need additional plans, supplies, or men to move.
Do you live in a gated community or an elevator-equipped apartment complex? Is it possible for the moving truck to gain easy access to your home? Take a moment before moving day to remember the specifics of where the moving van will be parked and the road to and from the vehicle. If you need a parking or elevator permit from your building manager, make sure you get it done ahead of time.
If you decide to do your own packing, make sure you finish it before moving day. That ensures all of the boxes are taped and labelled properly. To spped up the process, neatly stack all of your packed boxes in a central location in your home, such as the garage or family room, so that the moving company can quickly load them into the moving truck. Using masking tape on your boxes at all costs. Instead, use packing tape.
Also Read: How to Prepare the Night before the Move?
For a reason, there are instructions for what to place in which size boxes. Heavy items, such as books, should be packed in small boxes. Pillows and blankets, which are relatively light, may be placed in larger boxes.
If your movers have any concerns about what they should and shouldn’t be moving, you or anyone you know and trust should be available for the entire moving day. In addition, a responsible adult must be present to sign all of the moving company’s paperwork.
When you lend a hand to move the fridge, you may think you’re helping, but it’s generally best to stay out of the way. You can guide the movers to the appropriate rooms and answer questions, but beyond that, leave the heavy lifting to the professionals to ensure that everything goes as smoothly as possible.
WowMover will be delighted to assist you if you are planning a move. To get started on your free in-home or video survey, contact us today.
Have you recruited a team of local movers already? Great! But are you sure of what’s coming next?
It’s very easy to forget about some significant aspects of the moving process when it comes to moving from one place to another. Some individuals refuse to take the time to check for the best local movers, while others might even neglect to register their address change.
That said, here’s a list of important things that when they’re about to travel, people always forget about. Check them out, so you can make sure you don’t turn a moving day into a hassle.
We provide full moving services at WowMovers, which include packing and unpacking your things, moving your furniture from one location to another, and ensuring that your delicate objects are moved to your new location safely.
We also realize, however, that many homeowners who are about to move tend to pack at least some of their stuff on their own.
Also Read : What Are Best Packaging Fillers?
If that is the case, we recommend that you identify your fragile objects, remove them from the furniture that is about to be taken down the stairs by your local movers and mark them accordingly. Forgetting an antique and fragile possession in the back of a dresser while the movers bring it around the city would be a shame.
Only when you’re finished unpacking and making your new place feel like home is the moving process complete. Before the transfer, don’t forget to correctly mark all your boxes and your things in mind, so you won’t lose time finding out where each item goes.
If you just have a few boxes that need to be taken down the stairs by your local movers, then that’s perfect. But they’ll need to use the elevator when your moving team has to lift and bring the furniture in or out of the house.
Be sure to reserve the elevators for your moving team for your moving day. While certain pieces of furniture will need to be brought up and down the stairs due to their size or heavy weight, the elevator will need to be used solely for some of your other items by your movers.
Come moving day, are you 100% ready? Did you reserve for the moving truck a parking spot?
You need to make sure your local movers can park their truck as near as possible to your door, whether it’s at your old location or your new one, in order for everything to go according to schedule.
In crowded neighbourhoods, parking can be a serious problem, so do not hesitate to reserve one ahead of time.
Moving can be a stressful operation, but you will be able to get it done in a hassle-free way with a bit of planning ahead.
For you and your loved ones, moving into a new apartment can be an exciting time. You’ve probably already been dreaming about what your place looks like, your new neighborhood, and the happy memories you’re going to make. But when attempting to recall all of the things you need to make your new apartment feel like a home, the process can also be frustrating.
When moving into a new apartment, there are some necessities you should have. You know you’re going to need the basics, including a bed, a kitchen table, and a living room sofa, but some things you haven’t thought about will need a new spot.
What you need can rely largely on your past living situation. Are you moving into your first apartment and out of your parents’ house? Are you going to get a roommate or multiple roommates? How much room have you got? Based on your particular plans, your new apartment needs can vary, but with the right supplies, you’ll be prepared and relaxed.
One of the best ways to get ready for a relocation is by making a list of items you’ll need for your new apartment. To keep track, use this checklist. The kitchen is an easy place to start because you’ll probably have guests over and everybody loves eating.
Next, anything you need for the living room can be marked off. Be sure to consult with them if you have roommates and see if they can provide any of these.
Living Room Items
You should move on to your bedroom when you have purchased things for any shared space. Remember that you are going to spend a lot of time sleeping, studying and lounging in your bed, so you want to be as comfortable as possible.
You can have a shared bathroom or a personal bathroom when you move into your new apartment. Remember to carry these things in every case.
You should be in pretty good shape if you’ve crossed the above things off your list. However, special heirlooms that are crucial in creating a friendly home atmosphere can be some of your most valuable belongings.
Miscellaneous things are other necessities to consider while moving into your new apartment. With cleaning supplies, home office supplies, tissues, laundry detergent and dryer sheets, disinfectant, a first aid kit, and a fire extinguisher, always remember to stock your new location.
It doesn’t have to be catastrophic to pack up your life and move down the street or across the world. Follow these residential moving tips, and before you know it, you can relax in your new room.
Ideally, weeks or even months in advance, you’ll know about a transfer (even though you’re not sure of the final destination). Start by packing items that are off-season and the items you won’t forget. Many things will already be ready to go when it’s time to pick it up. You will not be concerned about not getting all packed in time in the exhausting final weeks and days just before the transfer.
Start gathering in one folder new addresses, rental or purchase documents, moving contracts, and more. In the event that computer or phone batteries fail during the move, consider a physical copy, rather than a digital one.If any issues arise during the planning phase or the move itself, the response (and records of agreements, payments, and more) will be available.
Book early if you hire residential moving services, rent supplies, or have services like painters or cleaners working on the building. Waiting to do so could mean paying a higher price, particularly if it’s peak moving season, or not being able to get a truck or movers at all.
Tuck daily necessities on the night before the transfer, a change of clothing, a toothbrush, must-have stuffed animals or toys for the kids, medical prescriptions, papers, etc., into a suitcase or bag that you can keep in the car, the truck cab, or on the plane with you. If a tragedy happens and the moving truck gets misplaced, you’ll at least have some things with you.
Also Read : Apps to Help You Relieve Stress When Moving
It can be difficult to load all your possessions into boxes, bags, and more. By cutting back on waste and clutter as much as possible, make things a bit easier on yourself. Do a ruthless purge of unused or unwanted things until you pack a single package. You’ll have less to pack, less to travel, and less to unpack, and you’ll begin life with a clean slate in your new house.
To stock up on supplies a few days before the big step. When packing boxes or making sure everyone is out of the door, the last thing you want is to have to rush to the shop. Box cutters, adhesive bandages, permanent markers, packing tape, paper towels, and garbage bags may be ordered or purchased. If not all of them are used during the transfer, they will still be helpful afterwards, especially during unpacking.
Consider leasing moving tools from a moving company for larger moving equipment. (They’ll definitely have their own if you employ a residential moving service.) If you travel very often, you might be better off buying these tools. Be sure to have a furniture dolly, furniture pads or covers, and tie-down straps or rope at your disposal during the transfer, either by purchasing, renting, or borrowing.
Contact your electricity suppliers once the dates are finalized to arrange service at your new home. Tired of driving, you don’t want to get there to find that the power, water, or heat is off. Schedule it in advance, and keep track in the moving folder of your requests. At the same time, frequent service stops for your move-out date at your current home.
You desperately need a truck with a ramp if you’re a DIY mover. Renting a truck without one could be cheaper, but the hassle and struggle of lifting every box and piece of furniture high enough to get it into the truck would add hours to your moving plus sore muscles.
Moving into your first apartment or simply moving into another condo or house? These fundamental things are critical to have before going through the first night in your new home. After the entirety of that unloading, envision not having the option to take a shower because you don’t have a shower window or curtain? Thus, we composed this helpful checklist to make your move-in as consistent as the remainder of your turn.
Moving into the kitchen there are a couple of things that you may have chosen to toss out or abandon while moving, however, that doesn’t make them any less important to have in your kitchen. Beyond dishware, silverware, and that costly arrangement of pots and skillet that you likely packed during your turn or move, possibly your last condo had a microwave previously installed and this new one doesn’t.
Set aside some effort to compose your kitchen and choose where the entirety of your apparatuses will go. Consider things like a dish rack, paper towel holder, and the cutlery organizers as they might not have been packed. Tupperware and Ziploc bags ought to likewise be bought alongside any flavors and spices that may have been tossed out or abandoned to prepare your kitchen cooking at the very beginning.
Make a point to pack at any rate a couple of electrical extension wires on the off chance that those light attachments don’t come to the closest outlet. Ideally, during your packing procedure, you marked the entirety of your wires or stuffed them with the appliances they go into so you aren’t left with a case brimming with irregular or random wires.
It’s additionally a smart thought to pack a surge defender and protector or electrical extension for areas around TV consoles and personal computers where you’ll likely have numerous things that should be connected near one another. While an electrical extension just permits you to plug different things into one outlet, a surge protector or defender will ensure your gadgets in case of a power spike. It’s consistently a smart thought to get two or three packs of AAA and AA batteries for things like remotes and family unit appliances that may require them.
Regardless of whether you packed the entirety of your holders and hangers for your move, think about purchasing an additional set of holders. Things like plastic bins or vacuum storage bags are extraordinary in case you’re rationing or conserving space, as is generally the situation in condos.
These likewise make putting away those winter or summer garments when they’re unavailable that a lot simpler. Ensure that you stuffed plastic containers they fit under your bed or inside your new storage rooms. This would likewise be an opportunity, particularly when scaling down if a storage unit would be helpful for your move.
The first thing on this rundown is a shower curtain with liner. Possibly you as of now have an ornamental or funny shower curtain that you stuffed as a part of your turn or move; we’d at present advise that you replace the liner while moving into another spot or place.
Things like amplifying cosmetics mirrors may be significant in the event that you didn’t pack yours, during the move. Does your new residence have a bathroom tissue holder appended to the wall? In the event that it doesn’t snatch yourself a standing bathroom tissue holder and to adjust this piece of the housing stock up on tissue, toilet brush or scrubbing pads and an unclogger.
Grab a disinfectant explicitly for washroom surfaces. On the off chance that you didn’t pack one it’s additionally critical to have medical aid or first aid kit in your new home because during the moving procedure and beyond accidents happen that may require purifying balm or disinfecting ointment, bandages, ace wraps, and bandages and some over the counter pain relievers.
While natural light is imperative to consider while thinking about another apartment or house, you would prefer not to be woken up at the beginning of the day. Does your new residence as of now have blinds on the windows? If not, think about your choices between blinds, draperies, and shades for the entirety of your windows. While blinds and window ornaments will allow in some light in any event, when shut, you should consider blackout draperies or shades for your room and something other than what’s expected in the front room and kitchen area.
Window ornaments, curtains, and shades likewise give you more protection which ought to likewise be viewed as when settling on this choice particularly in case you’re moving from a house to a high rise apartment. With regards to electrical lighting, check whether the overhead lights accompanied dimmer switches. These can be installed later, however when you simply move in begin contemplating where you can put any lights you may have packed with you during the move. Try to have a couple of extra bulbs concealed too, in the event of some unforeseen issue.
A basic toolbox incorporates a mallet or a hammer , screwdriver set, a flexible wrench and pliers, nails, screws and conceivably a drill. Having this close by will make the way toward hanging things on your dividers simpler. In case you’re leasing a loft, consider sticky hanging hooks instead of nails. Doing this will expand the chance of getting your whole security deposit back when you move out. Including a crate or box cutter will prove to be useful considering you may have many moving boxes to separate.
Living in a structure with a doorman is an unexpected circumstance in comparison to living in a house. On the off chance that you live in a high rise without a porter, think about changing one of the locks. The past tenants or their companions may have key duplicates, and landowners once in a while change locks. It’s sufficiently simple to unscrew your locks and replace them with new ones. In the event that you have to employ a locksmith, it isn’t as costly on the off chance that they are simply changing a lock.
The moving process, in any case, if it’s short or long-distance, can be distressing. Besides ensuring that the entirety of your stuff is packed appropriately, you additionally need to apply time and effort to search for a trustworthy trucking company and ask about their moving cost. The cash you’ll need to pay for moving services is a significant factor in your moving costs which is the reason as a smart mover, you ought to consistently scout for at least 3 or 4 moving companies and ask for their moving quotes.
There are a ton of moving companies operating today. It’s safe to expect that regardless of whether you’re living in a small community or busy city, you can easily discover a business that offers moving services. In any case, to guarantee that your best move will be affordable, safe, and successful. consistently take the effort to ask for moving quotes.
Set your Financial Plans Properly
Cash will consistently be a significant main factor when you are deciding regardless of your destination. Regardless of where you’re moving or how you will do it, expect that this will require cash from your pocket. On the off chance that you don’t need to move to turn into the explanation behind you to be covered in debt, consistently get some information about the moving statements. In the event that you as of now have a waitlist of the moving companies you’re going to employ, call them, and ask what components factors their expenses.
In case you’re intending to enlist a moving company outside of your present state, connect or reach out to them and approach them for an online quotation. Send them all the move information you have, and try your best to arrange or negotiate for the lowest possible cost. Having an exact amount you’re going to pay for your move will make it simpler for you to plan your budget.
You can figure out which moving company is sensibly estimated.
In opposition to prevalent thinking, you should never enlist or hire a moving company that offers the least expensive services. As a rule, a cheap moving company can mean fair items and services. Recruiting this sort of moving company can result in dissatisfaction, stress, and considerably more expenses.
To guide away from these directions, consistently look at moving expenses from various moving companies. This data can assist you in figuring out which moving company is too expensive or too cheap in the market today. It’ll be simpler for you to evaluate which among these moving companies are appropriate for your necessities and financial plan.
You’ll have more opportunities to search for extra services.
It’s essential to realize what are the scope and limits of specific moving companies. Without a doubt, your expenses may include paying for a moving truck yet will this include the stacking and unloading your items? What about packing?
When you have an in-depth moving statement, you’ll know whether you have to enlist or request extra assistance. On the off chance that the costs you’re going to pay do exclude packing, you can ask help from your companions or family to get you out. This will keep you from encountering a lot of stress during the move.
Although the fact that it is very tempting to enlist the first moving company that approaches you, you ought to never do it. if you want that your well-deserved cash to be justified and for your next moving experience to be peaceful, you have to hire a moving company that is customized to meet your requirements and spending plan.
Ready For your Next Move?
Moving homes or businesses can be quite a taxing venture. Especially if you are moving to a new area, the move can be emotionally, physically, and mentally taxing; however, it is doable. Be it for an extended period or for a short time; one needs to have all the basics covered and checked when moving. There are various points on a to-do list that need when moving homes or companies to make a move effective and efficient.
Create a List of All Your Things: Creating a full list of all the items that you are going to bring is an essential step to take. It’s to make sure that you would not have to worry about losing or forgetting your things when you finally move into your new place. Which, in turn, will also make the process of moving out more organized and more manageable.
Sort Out Your Items: When moving long-distance, ensure that you sort out your items. There is a possibility that there are some things that will not be needed when moving, and some that will be required. The best thing to do is to sort out them out. We prefer you to use the important, not so necessary, and the not essential tags.
The vital section will contain all the items that are needed when moving; they are the essential ones. The not so important section will include items that are necessary but can also be left out. These items are ones that can come in handy later on, but at the time of moving, they aren’t. The not important section will contain items that are not important to the move. It will include items that are replaceable or items that were bought on the whim and have no immediate usefulness.
Hire a Long-Distance Moving Company: Do you know that when you start feeling stressed from the perils of moving, remember you are not alone. Nearly 45 million Americans move each year, an enormous number that also happens to be the same as California’s entire population.
Also, hiring a local moving company is easier on your budget (and your nerves) than renting a moving truck and moving everything by yourself. Did you know that professional long-distance moving companies include the cost of packing, loading, transporting, and unloading all your stuff in one low bill? It makes hiring long-distance moving services an excellent and reasonable decision to make.
Here at Wowmover, we are a long-distance moving company that provides long-distance moving services to long distance movers. We also cover those who are moving short distances, as well.