Author: metr58

How Do I Qualify For A Home Loan?

Congratulations! You have decided that you are ready to make a big step in purchasing a home. Whether you are a first-time homebuyer or you purchased a home years ago, the same rules are going to apply. 

In order to qualify a buyer, lenders are going to begin by asking you a few simple questions. The more prepared you are to answer these questions and provide the documentation they require, the easier your pre-approval process will be. 

Understanding Your Debt-to-Income

Debt-to-income, also referred to as DTI, is not a hard calculation to understand. Lenders are looking at your credit liabilities such as auto payments, student loans, credit cards, personal loans, etc. 

They are not factoring in your cell phone, utilities, or insurance. You will want to list these out along with their monthly payments, and you will add the totals. 

You will then take this debt number and divide it by the total gross income that you receive for the month. This should provide you with a percentage. It is important to note that your debt, plus your new mortgage, taxes, and insurance, will all have to comply with the guidelines set for your qualification. 

Depending on what loan product or program you are using, the required percentage may be somewhere between 45% to 55%. If you find that your numbers come in way below the 45%, you may qualify for more programs, different benefits, and additional purchase price. 

Understanding How Much Money You Need

Different programs have different conditions to close a transaction. Your real estate agent will likely be able to help you understand all the conditions. They are very evident in the down payment required and how much you can ask the seller to help with your closing costs. Throw out the idea that you have to have 20% to purchase a home. 

Most people choose to purchase a home with an FHA loan or a Conventional loan. Understanding these options will give you a better understanding of just how much money you need. 

This is easier to understand if we look at simple numbers. Say you are purchasing a $100,000 home, and you are estimating that your closing costs are at $6,000: 

FHA

FHA allows you to put 3.5% down and ask the seller for 6% in closing costs. The 3.5% down payment is $3,500, and your sellers agree to the full 6% or $6,000. This would mean that you need $3,500 plus the cost for appraisal and inspection. 

Conventional

Conventional, typically, wants a minimum of 5%, and it allows you to ask for 3% in closing costs. This puts you at $5,000 for down payment, $3,000 for closing, and a total of $8,000. 

This is oversimplified, but it gives you a good idea of how to plan for how much money you will need. If you are unsure of the closing costs, ask your real estate agent for some guidance. 

Know What Documentation You Will Be Asked For

Documentation will vary from person-to-person and by situation. However, there are some minimum requirements that you can start gathering. 

* ID – Make sure it’s not expired and info correct

* 30 days of paystubs – Noting name, period, wages, bonuses, commissions, and year-to- date

* Last 2 years of W2s – Showing history of income

* Last 2 years of Tax Returns (all pages) – Showing history of income

* 60 days of asset or bank statements (all pages) – Showing the funds for the transaction

The Preapproval Process

Every lender is going to approach it differently, but they will follow the same guidelines. They will ask questions, request documents, and get you pre-approved.

Categories: House Loan Loan

6 Great Tips for DIY Home Decorations

Making your house a home is important – it can even impact your mental health and elevate your mood. That’s why it’s important to consider these 6 great tips for DIY home decorations

1. Research

Do your research before tackling any DIY project. Everything from the colors you choose to the order you put them in can have a huge impact. 

Doing a bit of research before you start decorating can help you truly capture the mood and style that you’re wanting. 

2. Measure

This is especially important if you’re starting a DIY project from scratch. Whether you’re building or sewing, you’ll want to ensure that all of your measurements are correct. 

While the typical rule is “measure twice, cut once,” you can measure as much as you need to. Not only will this cut down on material costs and time, but it will also make whatever project you’re working on look that much nicer. 

3. Quality

It may be tempting to go with the cheapest materials possible, and that’s fine if you’re going for a temporary look. 

But if you want something that can last or be used several times, you’re going to want to use quality materials. Hobby stores, home improvement stores, and upcycle shops are all great places to find good quality materials. 

4. Refurbish

If you’re handy, you can go to landfills and junkyards to find awesome pieces to refurbish. You’ll want to check out any pieces you find to make sure they’re not full of pests or beyond repair. 

The same goes for any pieces you mind find on the curb around town. It’s easy to find everything from artwork to pillows, couches to bookcases in most major cities any time the season changes. 

Especially during “spring cleaning” months and around student apartments during the end of the school year. Another great way to snag cheap or free items to refurbish for your new project is to hit up garage sales – AFTER they’re done. Often, when items don’t sell, people will either put them on the curb or offer for someone to come and grab everything for free. 

5. Creativity

At the risk of sounding like grandpa, it’s important to keep in mind that just because it’s unique doesn’t mean it’s functional. If you want to have a one-of-a-kind piece of furniture, make it you and unique without compromising its structural integrity. 

Blending creative and functional is excellent, but don’t get so carried away that you lose one for the other. 

6. Inspiration

There are plenty of great how-to guides and DIYers on sites like YouTube, Rumble, BitChute, Pinterest, and Instagram. Finding a few creatives you like and perusing their work can be a great way to gather inspiration for your projects. 

You can also go to artsy sites like Etsy and browse items to find something interesting. 

If gathering inspiration from others isn’t your style, you can go to the places that make you happy and snap a few photos. 

Print them out and pick out what about it makes you so happy. You can even have home improvement and paint stores color-match your paint to the photos. 


There are many things to consider when undertaking DIY home decorations, but it’s ultimately a fun and rewarding task.

Categories: DIY Home Decoration

Things To Know Before Renovating Your House

The decision to renovate your home is rewarding, but it also comes with numerous challenges. Many reasons may push you to decide to give your home a make-over. You may be looking to sell your home, and renovating is one of the many tabled options to increase your home’s value.


Home renovation makes you feel comfortable in your own space. You may have an idea for your home that has for long lingered in your mind and decide it’s time to implement your desired style. Thus, home renovation allows you to make the desired change to your home for that extra comfort and satisfaction.


The good thing about home renovation is that they allow you to learn new defects in the house. You may come across a broken pipe that you wouldn’t have known about earlier. This way, you can make the necessary repairs or replacements before the issue turns grave.

However, home renovations are not cheap and require adequate planning. Here are some tips to get you started on your home renovation efforts.

Know What You Want

You don’t wake up one morning or come across an interior design picture on the internet and decide you want to renovate your home. The decision to remodel is often deliberate and should be well thought out before taking action. Thus, it would help if you plan to approach your home renovation and manage the project successfully.


That said, you should know what you intend to achieve out of your home remodeling plan. Are you looking to sell your home? Are you planning to stay in the house for a long time? Ensure you know your intentions of renovating and whether your renovation efforts will have a long-term impact.

Budget

Home remodeling requires you to have a plan and avoid making costly mistakes. Your goal should detail everything needed for remodeling and how much it will cost. The remodeling may not be cheap, and you should take time to draw your budget for everything required for renovation.


Consider how much it will cost you to make the necessary customizations and hire a remodeling company. The renovation may not be a simple DIY task, and you will require all the expert help available.


The remodeling company should provide you with an estimate after carefully surveying your home’s state and determining what’s needed for the renovation. The estimate should guide you in planning your budget and setting aside the finances required to give your home a new look.

Renovation Knowledge

Do you have what it takes to handle the renovations yourself? Take time to evaluate the areas that require attention before you start wrecking things apart. Consider whether you have the tools and the know-how to carry out the remodeling and put things in place.


That said, it would be best to hire expert home remodelers who will come up with an effective plan to give your home a fresh look. Take a look at some of the projects they’ve worked on and determine whether they can deliver the same for your house. The good thing about working with professionals is that they have all hands on deck for the renovation and are well equipped for the project.


Hiring a home renovation company ensures that you have the right people for the job who have the required knowledge. Discuss with the renovators about what you need for your home, and they’ll work to turn your expectations into a reality. Thus, interview various contractors to know what they can offer and their prices before making the final decision.

Motivation

Besides knowing what you want for your home, it’s essential to learn about your motivation to renovate. It may be due to increasing property prices in the market, and thus, you can talk to a realtor to guide you through the house features sought after by clients looking to buy. This way, you can know which areas to pay attention to and make the necessary changes.

Categories: Home Renovation

IT FEELS LONELY…

Surely the sun will shine back again here. The site is under revamp to produce the best surfing experience for our visitors. Changes are necessary to achieve a certain goal, and we are working on it. Our team is ensuring to work on the modifications as soon as possible.

It is one of our goals to help you quickly access the information that we have on our portal through any device you have. Please email us at admin@michaelemilio.com for further assistance with your concerns.

That would be all for now.
Hope you are having a fantastic day!

Categories: Uncategorized