1. Build 20% Equity in Your Home The key to canceling PMI is hitting that magic number: 20% equity. That means your remaining loan balance is 80% or less of your home’s current value. There are two main ways to build equity: Regular monthly payments (which chip away at your principal) Making extra payments (even one extra payment a […]
1. A Home Inspection Is a Professional Check-Up A home inspection is a thorough examination of the property, done by a certified inspector. They assess everything from the roof, plumbing, HVAC, and electrical system, to the foundation and structure. Think of it like a physical exam — but for your future home. The goal? Spot
1. A Home Inspection Checks the Condition of the Property A home inspection is your opportunity to dig into the physical condition of the home—and spot any costly issues before you buy. A licensed inspector will review things like: The roof, foundation, plumbing, and electrical systems Heating/cooling systems and appliances Visible signs of damage, leaks, or safety concerns
1. Market Value Is What a Buyer Will Pay Market value is the price your home would likely sell for in today’s market. It’s determined by: Location and neighborhood trends The condition and features of the home Comparable recent sales (comps) Appraisers, real estate agents, and buyers all use market value as the real-time price tag of your
1. An Easement Gives Someone Else the Right to Use Your Land An easement is a legal right that allows a third party—like a utility company, neighbor, or city—to use part of your property for a specific purpose. Common types include: Utility easements for power lines, water pipes, or cable access Shared driveways where access must be granted to a neighbor
1. Ask the Seller to Lower the Price If the home appraises for less than what you offered, your lender won’t finance the full purchase amount. One of the first steps is to negotiate with the seller to lower the price to match the appraised value. Sellers often agree—especially if they want to keep the deal alive
First-Time Buyer Guide: How Appraisals Protect You (and Your Lender) Before you close on a home, your lender wants to know: is this place really worth the price?That’s where the appraisal comes in. It’s not just a box to check—it’s a critical step that protects your investment and helps ensure you’re making a smart financial move. 1.
1. Plan Your Move-In Day Like a Pro Before you pull up with the moving truck, make sure you’ve set up your utilities—electricity, water, internet, and gas should be up and running. Pack a “day-one” essentials box with things like toilet paper, cleaning supplies, phone chargers, and snacks. Trust us: the little things matter when
1. A Licensed Appraiser Assesses the Property’s Market Value Once you’re under contract, your lender will order an appraisal from a licensed, independent appraiser. During the visit, they’ll evaluate: The home’s location The size, layout, and features The condition of the home and any upgrades Recent comparable sales (aka “comps”) in the areaThe goal? To estimate fair market value based on data—not emotion. Understanding what you can
Homeowner & Buyers Guide: 3 Reliable Ways to Find Out What a Home Is Worth Whether you’re buying, selling, refinancing, or just curious—knowing your home’s value is a powerful piece of the puzzle. But not all estimates are created equal. Here are three ways to get a solid sense of your property’s worth—plus when to