5 Money Saving Tips (So You Can Upgrade Your Home)

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MountainMany of us would like to upgrade our home.  Whether that means moving to a nicer apartment, becoming a first-time homeowner, or adding an extra bedroom above the garage, having extra cash really helps.

But how do you get there?  Reducing your expenses and increasing your savings is a lot easier said than done.  How can you improve your financial situation without sacrificing too much of your lifestyle?

Some quick money saving tips are in order…

1.  Set a Target

It’s difficult to hit a moving target.  It’s even harder to hit an invisible one.  So start by defining your goal.  Do you want to free up $100/month so you can get into a better unit?  Save $4,000 to improve your kitchen?  Scratch together $417.50 to finally get the furnace fixed correctly?

Whatever the case is, write your goal down.  Having vague money saving ambitions is a lot less effective than having a solid number to shoot for.  In addition, if you tie your efforts to a worthy goal, you will have extra motivation to keep those dollars in your pocket. Continue reading “5 Money Saving Tips (So You Can Upgrade Your Home)” →

8 Key Steps to Closing on a House in Grand Rapids

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meetingYou’ve searched high and low, and finally found a great house in your price range.  Congratulations!  We’ve talked previously about how to prepare yourself for negotiations (so you don’t get bullied).  But what happens once you agree on a sale price?

Unfortunately, the journey isn’t over.  Here’s a quick breakdown of the steps you’ll walk through from offer to closing in Grand Rapids.

1.  Escrow

When both parties are represented by a realtor and the house is bought from the MLS, an escrow deposit is expected.  This is a good-faith deposit from the buyer, often 1% of the purchase price.  This money is deposited with a neutral third party, such as a title company, realtor, or attorney. Continue reading “8 Key Steps to Closing on a House in Grand Rapids” →

3 Great Reasons to Rent in Grand Rapids

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ApartmentRenting a house or apartment often gets a bad rap.

Many people assume that if you have the means, buying is ALWAYS better.  And don’t get us wrong – buying a house brings some great benefits.  However, there are many, many situations where renting is a superior choice.

Let’s dive into just a few of the reasons to rent a house in Grand Rapids.

 1.  Flexibility

One of the major advantages of renting is flexibility.  If you move into a house, and figure out that you hate the neighborhood, it’s easy to move on.  If you get a job in another city, you can relocate for a more convenient commute.  If you have a new baby or your daughter moves to college, you can upgrade or downgrade your apartment size as necessary. Continue reading “3 Great Reasons to Rent in Grand Rapids” →

What to Look For in a Grand Rapids Mortgage

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BookIf you’re just starting the home buying process, or it’s been a while since you purchased a house, mortgages can seem pretty scary.  What kinds of home loans are available?  What is an ARM, and why does it matter?  What is the difference between an FHA, VA, and USDA/RD loan?

(Also, what’s with all of these letters? Did someone knock over a scrabble board?)  

Fortunately, Grand Rapids mortgages aren’t rocket science.  So what do you need to know, and what should you look out for?

1.  Fixed Rate vs. Adjustable Rate Mortgages

Let’s start with the difference between a fixed-rate home loan and an adjustable rate mortgage (ARM).

First, understand that mortgage terms are long.  They are usually 10, 15, or 30 year agreements to pay back the loan, and you are charged interest until the mortgage is paid off. Continue reading “What to Look For in a Grand Rapids Mortgage” →

How to Qualify for Rent to Own Houses in Grand Rapids

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roomRent to own houses in Grand Rapids and Kalamazoo are a wonderful way to get on the road to home ownership.  While there aren’t tons of these available (they tend to move quickly!), there are many advantages to this type of property.

First, you can move into a great house right away, and have a clear path to ownership.  Rather than renting one place, while you look to buy another, you get a very convenient two-for-one deal.  Secondly, if you don’t currently qualify for a mortgage, you can still live in a great house while building up your credit and down payment.

There are several other perks.  You can try out a neighborhood before you fully commit to it, and make sure the schools are right for you and your family.  You can take care of a home as if it’s your own, and really make it feel personal.  The list of benefits goes on and on.

So how do you qualify for rent to own houses in Grand Rapids?  While the conditions will vary based on the seller, here are a few basic guidelines to get you started.

 1.  Solid Income

Rent to own properties are rentals, but you also have the option to purchase it at some point in the future.  Therefore, the seller will want to see that you can consistently make payments.  If you have proof of reliable income and solid payment history, that is a great start. Continue reading “How to Qualify for Rent to Own Houses in Grand Rapids” →

Understanding Housing Discrimination Law in Grand Rapids

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No EntryWhile most people in the housing industry will treat you fairly, discrimination still occurs.  You don’t hear about many cases in Grand Rapids, but you should always be aware of your rights.  The better armed you are with knowledge, the more you can protect yourself from these illegal and immoral practices.

So what does the law say, and how can you protect yourself?  While we are not attorneys, and this shouldn’t be considered legal advice, here are a few basics to get you started.

Equal Credit Opportunity Act

Two federal laws are written to protect you against discrimination in the housing market in Grand Rapids.  The first is the Equal Credit Opportunity Act (ECOA).  This law forbids credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or whether you receive income from public assistance.

This is very important when applying for any kind of financing.  Potential lenders in Grand Rapids may ask you for most of this information in certain situations, but they can NEVER use it to determine whether or not you get credit, or your loan terms. Continue reading “Understanding Housing Discrimination Law in Grand Rapids” →

3 Services You Should Shop Around For When Buying a House

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ViewerBuying a house can be overwhelming.  There are dozens of essential steps, and you will have to hire multiple professionals to complete the process.  With all of the details involved, it’s very easy to throw your hands in the air, and just accept whoever your Realtor (or your uncle Bob) recommends.

However, you can lose a lot of money this way!

While they may be suggesting top-notch professionals, it’s hard to know for sure until you shop around a little bit.  We are NOT recommending that you automatically choose the cheapest option.  However, if you compare and contrast several people in the same industry, it can help you make a great decision about who to work with.

So what companies should you shop around for?

1.  Mortgage Companies

There are many, many mortgage companies in Grand Rapids.  These vary from small operations to large conglomerates, and include banks, credit unions, and independent organizations.  Don’t be afraid to talk to a few, and find the right fit for you! Continue reading “3 Services You Should Shop Around For When Buying a House” →

4 Ways to Stay Sane During the House Buying Process in Grand Rapids

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RelaxBuying a house in Grand Rapids is stressful.  It starts with the looong search for the perfect house.  Then, you have the back and forth of price negotiations.  You have inspections and water reports. The mortgage company asks for about 1,000 documents.  Everyone needs to coordinate with the title company. Etcetera, etcetera.

Does it ever end?  How did such a simple process (buying and selling something) get so crazy?

Fortunately, there is a light at the end of the tunnel.  Once everything clears, you will have a great new place to call your own.  However, how do you deal with stress DURING the closing process?

1.  Remember that the stress is temporary.

Through many cultures, wise teachers have passed on this pearl of advice: “This too, shall pass.” Continue reading “4 Ways to Stay Sane During the House Buying Process in Grand Rapids” →