The What + Why For Home Warranties

 

 

 

 

 

 

 

 

 

 

 

 

If you’ve only ever rented before, the necessity of a home warranty may be unknown to you. As a renter, you are used to a landlord who will fix any issues you run into – but that all changes when you become a homeowner. Now, when a water heater breaks or the fridge starts to leak on the new floors in the kitchen, there is no landlord to call. So what do you do now? You may have a friend or family member who can handle the smaller fixes, but when it comes to the big issues that will end up emptying your pockets, a home warranty can save the day.

A home warranty is similar to insurance, as it covers some or all of the costs of replacements or repairs when a system in your home malfunctions or stops working altogether. They range in annual costs of $300-$900 and remove the middle man in the fixing process. Instead of finding someone to fix an issue, you will directly contact your warranty provider and they will set up the repair or replacement with the appropriate vendors. Your premium usually covers all costs, with the exception of a co-pay which is typically around $50. 

If you’re wondering who should buy a warranty, they are usually recommended for first time home buyers who have rented up until that point. When you are used to having a landlord, a home warranty can fill that role in a different way. Home warranties are great for homes with both members in the work force outside of the house or just busy family members who can’t always be home to wait for the repair person window or find the time to even get quotes for the best repair shops in the area. Home warranties aren’t just for first time buyers, though. If your appliances are nearing the end of their life expectancy, now would be a great time to get a warranty. If all of your appliances were purchased in the same time frame, you don’t want to face the costs of them all failing at the same time. Warranties can save you time and money, especially in the first year of ownership. Call our office in Moberly, MO with any real estate questions you may have. Our friendly agents are ready to help you with all of your home needs.

Fall Maintenance Check List

 

 

 

 

 

 

 

 

 

 

 

 

 

Halloween has quickly come and gone,  and depending on where you live, there is a good chance fall weather has come right along with it. Before the season is in full swing, get a head start on your seasonal maintenance. By preparing for fall weather, you can address any issues that may get worse with colder temperatures or just keep your home in the best condition to make sure your property is in top shape no matter the season. Here is a great reference checklist to make sure you’re doing the basics to get your home ready for fall!

1. Rake it up.

Everyone loves the changing leaves, except your grass. Leaving fallen leaves in your yard can kill you grass and prevent growth in the spring. Make sure you keep those leaves raked up!

2. Check your gutters.

Those same leaves that can kill your grass can also clog your gutters. Clogged gutters can lead to plenty of other issues, so be sure to periodically check your gutters to prevent buildup.

3. Don’t forget your roof.

You don’t want fall to pass and winter to arrive only to find out you’re missing a few shingles. While you’re checking your gutters, make sure to check on your roof too.

4. Store summer decor.

If you are set to get cold temperatures this fall, take the time to pack away your summer items. If your patio furniture isn’t equipped for a surprise snow storm, you’ll be glad you took the time to store it away now.

5. Prevent frozen pipes.

No one wants frozen, bursting pipes. Remember to shut off water to your exterior faucets before the weather hits freezing temperatures.

6. Venting is healthy.

As the temperatures drop, static electricity increases.  If you have lint build up in your dryer, this static electricity makes it easier to ignite.

7. Do your own inspection.

Take a walk around the interior and exterior of your home and try to look at it with fresh eyes. Keep an eye out for any damage to walls, floors, or cement outdoors. Be sure to fill any cracks or fix loose gravel that could cause a fall when colder weather is added to the mix.

8. Check your insurance.

Is your home insurance up to date? Make sure your insurance will stand up in a storm and that you will be covered no matter what fall will bring. Advantage Real Estate agents are here to help you with all your Real Estate needs in Randolph and surrounding counties. Call our office with any real estate questions that you have. 660-263-3393

AVOID THESE MISTAKES THAT DELAY LENDER APPROVALS

 

 

 

 

 

 

 

 

 

 

 

If you’re getting ready to buy a home, you’re likely realizing that one of the most important parts of the process is getting approved for a mortgage that works for you. To get the best rate and avoid losing your deposit, steer clear of these common mistakes.

Leaving out details from your financial profile.

The best way to avoid doing this is having a great mortgage lender. Making sure you include not only your basic information, employment and living history, income, assets and debts, but also ensuring you answer every single question. Leaving details out of your profile can throw off the entire process, so having someone who is meticulous enough to make sure all your information is made available is key.

Assuming pre-approval is equal to actual approval.

Pre-approval for a mortgage means that you’ve talked to a potential lender or maybe even provided some documentation that gave the impression that you will be approved for a certain amount. Don’t be confused – this is not an actual approval. You need to make sure your loan is approved by an underwriter before making any offers to buy a home. When you are “underwriting approved” you will be able to get a formal loan commitment. Without this document, there is no proof of actual approval, meaning that your profile has been evaluated but nothing official to show approval.

Failing to provide every single piece of documentation needed.

Your lender is going to want very detailed documentation of your financial profile, including the following:

  • ay stubs covering 30 days

  • 2 of tax returns & W-2s

  • YTD business financial statements (if you’re self-employed)

  • 2 months of statements for all your asset accounts

  • Explanations and paper trails of all deposits withdrawals over $1,000

  • A home insurance quote with adequate coverage

  • Full financial information on any other homes/businesses you own

You will need to provide all these documents, and if you have a commissioned or variable income, you will need to give permissions to your lender to verify that income. Your credit will be run, which can expose any information you didn’t disclose. 

Not knowing enough about mortgage rates.

Once a seller accepts your offer, you will be in contract on that home and you will be ready to lock in your mortgage rate. You cannot lock your rate until you’re in contract, which means that any rate market movement can impact you until then. Rates change throughout each day, and they are priced based on how long they are locked. A shorter lock, about a month or less, will have a lower rate than a lock of 60+ days. If you want to avoid any surprises, talk to your lender and ask them to use your closing timeline to quote rate locks.

Our friendly agents at Advantage Real Estate in Moberly MO are here for you. When you’re ready to buy or sell a house, call our office at 660-263-3393. We can direct you to many great lenders to get you started.