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Exploring Asbestos Prevention And The Top Green Alternatives

October 7, 2021 by Scott Hill

Exploring Asbestos Prevention And The Top Green AlternativesHouses across the country come in all shapes and sizes. Some of them are older than others, so they might come with aspects that are a bit outdated. Unfortunately, there are a lot of locations where older homes might still have asbestos in them. While this should be something that comes up on the inspection, buyers need to be aware of these serious issues. If the home was built before 1980, there is a major chance that the building might have asbestos in it. Fortunately, there are alternatives to this type of insulation.

Where Is Asbestos Found In The Home?

There are a number of locations where asbestos might be hiding in the home. For example, asbestos is commonly found in the floors, in the pipes, in popcorn ceilings, and even in the roof. It was used throughout the 20th century because it is thin and strong; however, it can easily be inhaled in the lungs, where it can cause severe lung damage. In some cases, it might even cause mesothelioma, which is a severe respiratory condition that usually has a poor prognosis.

What To Do About Asbestos In The Home

If there is asbestos in the home, or if there are concerns, a home inspector needs to come and take a look at the situation. He or she will be able to recommend the best course of action. If the asbestos is not removed correctly, the fibers could be tossed into the air, where they might harm other people. In many cases, the asbestos needs to be removed by a contractor who has specific training to remove it safely. The most important thing for homeowners to remember is that they need to work with a licensed professional.

Exploring Potential Green Alternatives To Asbestos Insulation

Now, there are new construction practices that use alternatives to asbestos. For example, lcynene, cellulose, and cotton fiber could be used as green alternatives to asbestos. They are a healthy alternative and they could help homeowners reduce their energy expenses. Homeowners need to work with professionals who can help them save money and protect their health when it comes to the insulation in their homes. There are multiple green options available.

Filed Under: Mortgage Tips Tagged With: Asbestos, Green Options, Inspections

Getting Your Mortgage Application Approved As A Self-Employed, First-Time Homebuyer

October 6, 2021 by Scott Hill

Getting Your Mortgage Application Approved As A Self-Employed, First-Time HomebuyerA significant number of people are self-employed, which means they might be relying on this income to apply for a mortgage. It is true that people who are self-employed may face additional challenges when trying to get approved for a home loan when compared to someone with traditional W2 income, these are obstacles that can be overcome. With the right qualifications and documentation, even first-time homebuyers who are self-employed should be able to qualify for the home loan they need.

Lenders Assess Someone’s Ability To Repay The Loan

First, lenders are trying to make sure the person will repay the loan. Lenders believe that someone with W2 income has a stable job and a guaranteed salary, which means they are more likely to repay the loan; however, someone who is self-employed has other ways of demonstrating that he or she can repay the loan. Self-employed individuals can use tax returns, payroll receipts, and records from financial institutions that serve as documentation of the applicant’s income or assets. This means standard W2 forms and pay stubs might no longer be necessary.

Navigating Eligibility Requirements

Next, self-employed individuals need to meet the eligibility requirements. This includes two years of self-employment, a reliable income, a strong credit score with a clean credit report, cash for a down payment, and a low debt to income ratio. It is possible for a first-time homebuyer to get a loan for less than five percent down; however, closing costs can be significant. Realistically, first-time homebuyers should plan on spending close to five percent of the home’s value to get approved for a first-time home loan.

Understanding Mortgage Options

Finally, self-employed first-time homebuyers should be aware that there are multiple loan options available. For example, there are FHA and VA loans for those who qualify. USDA loans and jumbo loans might also be an option. There are bank statement mortgages and conventional options available as well. Self-employed individuals might have to visit several of these programs to see which ones work the best. The programs vary in terms of their down payment, minimum credit score, and credit history requirements. It is prudent to work with a professional loan officer who has experience helping self-employed, first-time homebuyers get approved.

Filed Under: Real Estate Tagged With: First Time Home Buyer, Real Estate, Self Employed

The Top Benefits Of Having Mortgage Debt

October 5, 2021 by Scott Hill

The Top Benefits Of Having Mortgage DebtThe vast majority of people need to take out a loan to purchase a home. While there are many forms of debt that people would rather avoid, some types of debt can actually be a positive. This includes mortgage debt. What are a few of the top benefits of having mortgage debt?

Access To Extra Liquidity

One of the biggest benefits of having mortgage debt is that homeowners will have access to more liquid cash. If someone spends all of their money buying a house in cash, they might not have anything left over to cover other expenses. Examples include deaths in the family, medical bills, and repairs on cars and the house itself. Many people like to have access to extra liquid cash, and they are willing to take out a mortgage to do it.

The Payments Do Not Change

It is entirely possible that someone’s income will go up during the life of the mortgage. Even if someone’s income goes up, the size of the mortgage payments will not change. The payments might stay the same size for 30 years, which could make the house more affordable. The same cannot be said of rent payments, which usually go up every time the contract is renewed. 

Access To Tax Deductions

Homeowners have access to a significant tax deduction. This comes in the form of mortgage interest. Even though it is important for everyone to meet with a trained tax professional to go over their taxes, the interest attached to a mortgage is usually tax-deductible. This can be a significant tax advantage for homeowners.

A Better Credit Score

It is critical for all homeowners to make sure they make their mortgage payments on time. In doing so, the homeowner’s credit score will go up. People might not think that their credit scores matter much after taking out a home loan, but this could make a difference when applying for car loans or future home loans. Therefore, having a long track record of on-time mortgage payments can make a major difference.

Take Advantage Of Mortgage Debt

These are a few of the top benefits of having mortgage debt. All homeowners need to leverage these benefits for their financial gain down the road.

 

Filed Under: Mortgage Tagged With: Debt, Fixed Payments, Mortgage

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Scott Hill

Scott Hill


President

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scott@hillmortgageinc.com

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