Having a budget and ensuring that all the necessary documents for renting an apartment are in order is just one part. The most important being how convincingly you can handle the landlord to make sure you get a good deal. As they say, first impression should be the best impression, this applies for real estate also.
Just as you are looking for a decent place to live, landlords out there are looking for decent tenants to let out their property. You might think that looking for an apartment is challenging, but when you think from the landlords point of view, the other side of the spectrum is just as grim. He has to deal with people who are looking to rent out, but find that the place is not suited for their purpose or maybe the rent is too high or maybe the lighting was not so good or appealing. This are the little things that just might annoy the landlord, which in turn can cause you to lose a good deal, if ever there was one.
Here are a few tips which will help you make a good deal with your potential landlord.
Generally, make sure you look for apartments that fit your budget. Nothing pisses off the owner more than someone coming up to them after inspecting the entire apartment and not taking it, because the price was out of their budget. Know your spending limit before you even ring up the landlord to fix an appointment.
Credit history will help you in this matter, that is if you have a good report to present. Credit history affirms faith in your ability to pay dues on time and thus convince the land lord that you will never be late with rent or any other payments.
If you have fixed an appointment, be there on time to meet the owner. Dot be late or tardy, citing that you were stuck in traffic or missed your train. The landlord himself might have moved around a couple of other appointments to accommodate you in the given time slot, ensure you reach on time. also dress properly for the occasion, house hunting may sound like you can just wear a pair of shorts and a flappy t-shirt and get the job done as long as you have the money ready. This is not how it’s supposed to work, dress for the job as they say, even if the job is just looking for an apartment.
A reverse mortgage is a type of loan that allows homeowners to receive payments on their house as opposed to them making payments to the lender. At first glance, this option seems too good to be true. But, before committing to it, there are some nitty-gritty details that people must consider when opting for this type of financing. So, here is some information regarding the pros and cons to consider when getting a reverse mortgage.
Advantages
Disadvantages
A reverse mortgage is a loan that allows individuals older than 62 to improve their financial well-being. They can convert part of their home equity into lump sum cash, fixed monthly payments, or line of credit, according to their preference. The money can be used to pay for medical bills, in emergencies, or to pay off a mortgage. Here’s what you should know about reverse mortgages in case you’re looking for one.
How much can you borrow?
For reverse mortgages, the loan amount can’t exceed the value of the property against which it is borrowed. Federal regulations require lenders to ensure that the loan amount doesn’t exceed the value of the house by structuring the transactions accordingly. Additionally, these regulations state that the owner/borrower is not liable to pay off the balance amount in case it exceeds the property value.
How are reverse mortgages paid for?
A reverse mortgage is payable when the borrower sells the house, relocates permanently, or dies. Unlike forward mortgages, reverse mortgages don’t need the borrower to make any monthly payments. They are only liable to pay interest on the money received, which is rolled back into the loan balance. While the owner gets to keep the title to the home, their home equity reduces over the loan tenure.
Who can take a reverse mortgage?
This type of loan is ideal for seniors and retirees whose net worth comes mostly from the value of their home. Seniors who don’t qualify for a home equity loan or can’t refinance due to limited cash flow or poor credit can opt for reverse mortgages. Home Equity Conversion Mortgage (HECM) for purchase is a reverse mortgage that allows seniors to buy another property. That said, it is complex, and you should study the risk factors before getting one.
What are the risks associated with reverse mortgages?
Reverse mortgage scams are not unheard of. Unreputable vendors could offer to help seniors secure reverse mortgages by undertaking house repairs. They don’t provide quality results and get away with the homeowner’s money instead. For spouses living together in a home with only one spouse named as a borrower on a reverse mortgage, the other spouse can lose the home if the borrowing spouse dies first. Besides, reverse mortgage lenders charge fees and closing costs and may also charge mortgage insurance premiums for federally-insured HECMs.