How to Move with Pets: 7 Tips to Make it Easy

• Start packing early
• Find pet-friendly accommodations if needed
• Set up a designated moving day space
• Get the right gear
• Make a travel plan with your current vet
• Update your pet’s microchip
• Schedule a check-up with your new vet

1. Start packing early

Pets aren’t always a fan of change. To ease the transition, it’s important to pack early and gradually. This way, your pet has time to process that something new is happening and adjust accordingly. After all, imagine if you woke up one day and all your belongings were suddenly gone with no explanation. You’d be stressed, too.

2. Find pet-friendly accommodations if needed

Depending on how far you’re moving, you may not need this step. But, if your move involves multiple days of travel or a gap between moving out and moving in, wherever you stay in the interim needs to be equipped for your pet. Beyond simply identifying as a pet-friendly hotel or house, consider all the same factors that went into choosing your new home (outdoor access, windows, etc.) when choosing temporary accommodations. You can afford to be a little less selective here since it’s not for the long term. Still, the more comfortable the move is for your pet, the sooner they’ll settle in and feel at home in the new place.

3. Set up a designated moving day space

For the sake of both your movers and your pets, a designated pet space for moving day is a must. Backyards, friends’ houses, and large crates are all options for your canine kids. Cats can be a little trickier. If they have a favorite hiding spot and it’s in a place that can be closed off from the rest of the home, consider making that their designated area. This can help minimize stress since it’s a place where you know they feel safe. Wherever you set up base, make sure your cat has food, water, and a litter box. And, of course, communicate to your movers which areas are off-limits.

Pro Tip: If you have turtles or other pets that live in their own enclosed environment, keep that enclosure out of the way and clearly marked as NOT an item for your movers to pack up.

4. Get the right gear

Unless you’re moving right across town, you’re going to need more than just a carrier to transport your pet. Your needs will vary according to your pet, but here are some common items to consider:

• Leash with harness that can be hooked to a seatbelt
• Packable food and water bowls
• Disposable litter box
• Collars with current ID tags in case your pet gets out
• Crate with puppy pads

Whatever gear you get, don’t forget to try it out with your pet leading up to the move. The more acclimated they are to their new carrier or harness, the less stressed they’ll be on moving day.

5. Make a travel plan with your current vet

Leading up to the move, consult with your vet to create a travel plan for your animal. Especially if your pet gets carsick or has anxiety, you’ll want to discuss the possibility of sedatives, anti-nausea medicines, or anxiety medicines for the trip.

Does your dog spit out pills without fail? Then a liquid dose might be better. Is your cat hopeless in the car? Then your best bet may be a sedative (in the correct dose) to help them sleep through the drive. These are the details your vet can help you nail down in the safest manner possible.

6. Update your pet’s microchip

We recommend taking care of this as soon as you’re moved out of your old place. That way, if the worst-case scenario happens and your pet gets away from you during the move, any animal shelter that takes them in can find you. This is also just one of those small but important details that tend to get forgotten during the flurry of moving, like updating your billing address or forwarding your mail. The sooner you check it off your list, the sooner you can get back to the bigger issues like unpacking.

Not sure if your pet is microchipped? If you adopted them from a shelter, microchips are typically included along with spaying/neutering. Your vet can also help you check for a microchip. Just keep in mind that microchips can’t track your pet. Their function is to store your contact information so that if your pet ends up at a shelter, the shelter staff can notify you. The average person can’t access information on the microchip, so it’s important to keep your pet’s collar tags up to date, too. If you want to track your pet, there are also plenty of GPS tracking tags available that can be added to their collar. 

7. Schedule a check-up with your new vet

Moving with pets usually entails finding a new vet. Many vet clinics have a weeks-long waitlist for new patients, so don’t put off setting up an appointment until your pet needs one. Schedule a check-up as soon as you can. This is also a good opportunity to address any of your pet’s issues that may have arisen due to the stress of travel, such as gastrointestinal problems, anxiety, or aggression.

Any other tips for how to move with pets?

When it comes to how to move with pets, there’s no single right way to go about it. The best advice we can give you is to adjust to your pet’s unique needs. And don’t forget that their biggest insecurity about moving is likely about you leaving them behind. So, make sure you give your pet some extra head scratches, belly rubs, and treats to let them know you’re not going anywhere. At least, not without them.

The more comfortable you can make your pet during your move, the sooner you can all start to feel at home in your new place.

The post How to Move with Pets: 7 Tips to Make It Easy appeared first on Cardinal Financial.

What do first-time home buyers need to know? Well, a lot. Luckily, we’ve made it easy with eight important things to know before you start your homeownership journey. And remember, you don’t have to do it alone. This blog is just one of the ways we’re here to help. 

What First-Time Home Buyers Need to Know: 8 Important Starting Points

• Your credit score
• Your loan options
• Your priorities: Location vs. space
• Your down payment
• Your real estate agent
• Your school district
• Your timeline
• Your budget

1. Your Credit Score

A key factor that every first-time home buyer needs to know (or any home buyer, for that matter) is their credit score. If you don’t know yours, open up a new tab, and do some research on what goes into a credit score, what affects it, and how to obtain it before you read any further. Your credit score can make or break your chances of getting a mortgage depending on how high or low it is, but there are ways to improve it if you find your score needs some work. While there’s no set credit score that you need to buy a home, it’s better to be safe than sorry. 

Pro Tip: Start strengthening your credit score with these seven strategies.

2. Your Loan Options

Once you know your credit score, you should have a much better idea of which loan options are available to you. Most lenders will have a general overview of their loan products on their website with a target credit score. But depending on whom you choose, there could be some wiggle room there. Don’t stop at skimming through a website, though. If you’re serious about buying a house, get in touch with a loan originator and find out where you stand.

Loan Options that First-Time Home Buyers Need to Know

• Attainable housing solutions: These loans are designed to make homeownership accessible to more people with lower costs all around.
• FHA loans: This mortgage type offers flexible down payment and credit requirements, making it a popular choice for first-time buyers.
• Unique home financing: Housing as we know it has changed, and so have Cardinal Financial’s loan products. We can help finance unconventional home types like tiny houses, container homes, barndominiums, and more.

Pro Tip: A free pre-approval can give you a highly accurate estimate of how much home you can afford. Plus, it’ll help you make a more competitive offer to your seller.

3. Your Priorities: Location vs. Space

As a first-time home buyer, there are a lot of options and factors you’ll have to weigh. Two of the most important are location and space. Depending on where you are in life, you may have different priorities where it concerns these two factors. If you’re single, you may want to prioritize location above everything else. If you’re moving with a family, space might be more important than being in a happening part of town. It’s important to have clear priorities so you don’t give up too much of what you’re looking for throughout the house-hunting process.

4. Your Down Payment

A substantial down payment goes a long way in minimizing risk and getting you started off on the right foot with some equity. Make sure to start saving as soon as possible to make a sizable dent in your total home cost. But, don’t let down payments keep you from committing to homeownership. It’s a commonly held belief that you need to put 20% down, but that’s simply not true. In addition to down payment assistance programs for first-time home buyers, some loans even allow 0% down.

5. Your Real Estate Agent

If it’s your first time buying a home, you’re going to want some help. A great real estate agent can take a lot of pressure off you and really help streamline the process. Find someone who comes highly recommended, either from a friend, family member, neighbor, or co-worker, and let them work for you. The right agent should be experienced, skilled, motivated, and knowledgeable about the area in which you want to buy.

6. Your School District

If you have kids or plan to in the near future, it’s important to explore the schools in the vicinity of any home you plan to buy. Are the schools a good fit for you and your family? Do you have other options if the school you’re zoned for isn’t a great fit? Even if you don’t have kids, school districts can impact the cost of homes in the area. Often, thriving school districts indicate a healthy local economy and higher real estate value.

7. Your Timeline

One of the most important things first-time home buyers need to know is something only you can determine: When are you ready to buy a house? It’s a huge commitment that shouldn’t be taken lightly. Before you buy a home, make sure you know exactly what you’re getting into so you can decide if you’re ready from a financial and personal standpoint. Find out how much you’ll be paying in addition to your monthly mortgage payment. That includes property taxes, homeowners insurance, HOA fees, and other monthly costs. Once you have all that settled, you’ll be in a good position to decide if you’re ready or not.

8. Your Budget

Budgets aren’t fun, but they are necessary. Look for properties that cost less than the amount you were approved for initially. Even though you can technically afford your pre-approval amount, you should use that as a ceiling. That’s because it doesn’t account for the monthly expenses we listed earlier or any other repair costs that may arise during homeownership.

Home shopping with a firm budget in mind will also help you when it comes time to start making offers. In a competitive market, it can be tempting to make a high-priced offer on a home you love. But it’s important not to let your emotions get the best of you. Shopping under your pre-approval amount will allow for some wiggle room for bidding and will help you avoid a mortgage payment you can’t afford.

What First-Time Home Buyers Need to Know: Additional Resources

You don’t have to be a mortgage expert to buy your first home. After all, that’s our job. Our team members are available anytime to answer your questions. We also have a variety of free guides available to help you dive deeper into topics like down payments, property taxes, and more.

The post What First-Time Home Buyers Need to Know: 8 Key Tips appeared first on Cardinal Financial.

8 weeks before you move

If you’re going the professional mover route, it’s important to book your movers as far in advance as possible before they’re full for the summer. Booking early also means you’ll have a better chance of beating the heat with a morning move time.

• Take inventory of your stuff. What are you keeping? What are you selling/donating? What needs to be thrown out? 
• Arrange moving transportation, whether that’s a friend’s pickup truck or professional movers.
• Transfer school and vet records if needed. Getting your human and fur babies to the new place is only half the battle.

Pro Tip: If you’re booking movers, they’ll ask for a detailed inventory of your belongings to provide the most accurate estimate of your moving costs. This is also how they determine what size truck they’ll be bringing to move your stuff, so don’t lowball it. In addition to your furniture, use this guide to give your movers an estimate of how many boxes you’ll have come moving day.

6 weeks before you move

Before you buy packing supplies, think strategically about how soft items (like towels and bedding) can be packed with more fragile items to minimize how many supplies you’ll need. Plus, it’s great for the environment.

• Buy packing supplies (more than you think you’ll need).
• Remember that casserole that’s been sitting in your freezer? Time to use it or lose it.
• Measure your new space to make sure your furniture will fit. No sense lugging a dresser across state lines only to find that it won’t fit through your new doors.

4 weeks before you move

• Packing time! Make your life easier by setting aside a box of items you’ll be using up until the day of the move.
• Disassemble furniture you’re not using. Your movers will likely do this anyway, but nobody cares for your furniture like you can.
• Label your boxes. Your future self will thank you when it’s time to unpack.
• Change your address and update your billing information once USPS has processed your request.

Pro Tip: Packing early isn’t just important for saving you last-minute complications. If you have pets, seeing their home packed up gradually gives them more time to adjust to the change, rather than everything they’re familiar with disappearing overnight. You can find more helpful tips for moving with pets here.

2 weeks before you move

These next two weeks will fly by. As you get closer to moving day, it’s time to tackle all those moving tasks that fall outside of the actual moving process, like car maintenance, requesting time off from work, and more.

• Submit your workplace PTO requests for moving day (or week, moving is stressful) if needed.
• Make sure your car is ready for the trip. Even if it’s just across town, it’s one less thing to worry about on moving day.
• Confirm moving day details with your mover (or friend with a truck). Where can they park? Is it a gated community that they’ll need a code to enter? What time are they arriving? What form of payment is preferred?
• Schedule utility account transfers for your move-in day (electric, internet, gas, and water are the big four).

Week of your move

It’s almost time! In the week before your move, make sure your payment for your movers is ready to go and that your billing address has been updated on all relevant accounts.

• Refill prescriptions if you have them.
• If you have pets, update the address associated with their microchips.
• Defrost your freezer if it’s moving with you.
• Get cash to tip your movers (or buy your friends a round).
• Remember that box of items you’re still using? On the day of your move, tape it up and add it to the stack for your movers to handle.

Bonus items for your summer moving checklist

Even if you’re not doing the literal heavy lifting on moving day, the summer heat is no joke. Consider adding these items to your summer moving checklist to keep things cool.

• Stock a cooler with cold beverages so you’ll have hydration on hand while transitioning between your old fridge and your new one.
• Turn off the AC but keep a fan going while movers are coming in and out to avoid wasting energy.
• If you have pets that need to be kept in a separate area while movers are in the home, make sure that space has plenty of ventilation and cool water (and shade if it’s outdoors).
• Don’t forget to celebrate. Moving is a big deal!

Since summer is peak moving season, it’s important to book your movers as far in advance as possible before they’re full.

The post Summer Moving Checklist: How to Nail Your Warm-Weather Move appeared first on Cardinal Financial.

Unconventional mortgages: Types of properties that may qualify

• Condos/barndominiums
• Tiny homes
• Container homes
• Manufactured homes
• Cooperative housing (co-ops)

Condos and barndominiums

Condo living can be a great option when you want to start building home equity without having to commit to an entire house. Barndominiums function in a similar way, but refer specifically to living spaces that have either been built in the style of a barn or have been converted from an existing barn into a residential property. Depending on the specific condo or barndominium, you might be able to secure Conventional or government-backed home financing.

Tiny homes

Tiny homes come in a variety of shapes and sizes, but usually average out at just 225 square feet. Cost-wise, things vary. Prefabricated tiny homes could cost as little as $30,000, whereas custom-built tiny homes could cost as much as $150,000 or more. Still, even that cost is more palatable to some people than the average cost of a full-blown house. 

And thanks to a wider range of financing options, it’s easier to obtain a mortgage for a tiny home that can be placed virtually anywhere.

Container homes

Another rising trend? Container homes, or the refurbication of shipping containers, remodeled and rearranged in various ways to create truly unique homes. Like tiny homes, these options can cost as little as $10,000 if people forego finer details, but price tags can balloon upwards quickly for more in-depth configurations and customizations. Still, even the larger container homes shouldn’t cost more than $200,000 to build according to UpNest, a Realtor.com company. 

Pro Tip: While one container might feel like living in a studio apartment (or the aforementioned tiny home), two or three shipping containers can be laid out to feel more like a traditional house.

Manufactured homes

Manufactured homes are similar to container homes, in that they generally consist of prefabricated pieces that are arranged onsite. They’re also sometimes referred to as modular or mobile homes, and come with a number of advantages:

• Quick to build
• Fewer location restrictions
• Less costly

That said, manufactured homes also come with some disadvantages. They’re typically harder to finance if they’re mobile, which means a mortgage lender may require the home to be permanently set in one location. 

Concerned about cost? Good news: like other unique homes, modular and manufactured homes range in price—with single-wide homes running an average of a little over $75,000 and double-wide homes tacking on another $100,000 to that figure. 

Cooperative housing (co-ops)

While it’s not common, in some cases you may actually be able to finance your co-op living with a home loan. Qualifying criteria is determined on a case-by-case basis, so unfortunately there’s no standard co-op scenario to stack the numbers against. In general, cooperative share loans are typically more involved than traditional financing, and it can be difficult to find lenders who provide this service. The good news? Cardinal Financial just so happens to be one of those lenders.

Types of unconventional mortgages

Okay, now that we’ve broken down a few different types of unique homes, let’s talk about the unconventional mortgages you can use to purchase them. 

One popular option is the MH Advantage^TM loan, which offers affordable housing alternatives to buyers nationwide so long as the unique home is built on a permanent foundation. The MH Advantage loan comes with flexible underwriting standards and reduced pricing for manufactured homes that meet specific construction, architectural design, and energy efficiency standards.

That means, if you like the idea of a modular home or a tiny home but aren’t thinking about traveling the country, you may be able to qualify for financing.

However, if—after reading through all of these unique home types—you’re thinking a conventional home may be more up your alley, consider the possibilities of building your own home with a one-time close loan. That way, if you’re struggling to find a home you want in the current market, you could create your own custom home that’s unique in its own way. With this loan option, you don’t have to pay for the land and the home separately, and you close before construction ever begins. Once the project is complete, the loan becomes a Conventional mortgage. 

Pro Tip: If a new build is out of your budget, Renovation loans are another streamlined way to customize a home, typically for less than a new build.

So, how do I get an unconventional mortgage?

Like a traditional home loan, most lenders will need standard information like your credit history, income, and tax forms to determine if you qualify for an unconventional mortgage. Luckily, you may be able to enjoy more flexibility with qualifying criteria on an unconventional mortgage since, by design, it’s a loan intended for a unique borrower situation. 

Regardless of what home type you choose to pursue, we’re here to help you find the right financing options. One of the best things you can do in your adventure toward homeownership is to obtain a rate quote and speak with a loan expert who can help you find what you’re looking for. 

Unconventional mortgages are a great way to finance container homes, tiny homes, and more unique property types while building home equity.

The post Unconventional Mortgages: How to Finance Unique Homes appeared first on Cardinal Financial.

7 Tips for Buying a House in Fall

• Understand your credit score
• Prepare for your down payment
• Get your paperwork in order
• Budget for renovations
• Hold off on the holiday shopping
• Stay flexible
• Get a head start on tax season

1. Understand your credit score

These days, there are more loan options than ever that offer flexible credit requirements. A higher credit score typically means lower rates, though. So while a perfect score isn’t necessary, it’s important to understand what you can do to keep your credit healthy and lower your homeownership costs.

The best way to get the full picture of your credit score is to pull a copy of your credit report from one of the three major reporting agencies (Equifax, Experian, or TransUnion). You can do this by visiting AnnualCreditReport.com. Each reporting agency calculates your score differently, and not all creditors report to all three bureaus. While they may vary slightly, they all consider factors like account age, payment history, balances, and number of accounts.

Pro Tip: Try these tips to get your credit where you want it.

2. Prepare for your down payment

Did you hear the one about putting 20% down? It’s a myth. Realistically, the average home buyer just doesn’t have 20% of their home’s purchase price readily available. Some loan types have down payment requirements as low as 3%. Some, like VA and USDA loans, require no down payment at all. Still, there’s no denying that putting down more upfront can help you qualify for better loan terms. As you get ready to buy a house in fall, crunch the numbers to determine how much down payment is realistic for you. Try to aim for at least 10% down if your credit score is below 580.

Pro Tip: Get the full explainer on down payments with our free guide.

3. Get your paperwork in order

Buying a house in any season means paperwork. Most lenders will ask for documentation covering your income, taxes, and more when you apply for financing. Getting all that information together before starting the application process will save you a lot of time and stress. 

Plus, you can use that documentation to get pre-approved and make a stronger offer on your home.

4. Budget for renovations

In today’s market, you’re unlikely to find a home in your budget that meets all of your expectations perfectly. Renovations are almost a given for most people who buy a house in fall. And with colder weather already rolling in, you may not be able to delay home projects like HVAC repairs, new windows, or updated plumbing. So, if you plan to buy a house in the colder months, make sure your budget allows for renovations that need to be addressed immediately.

5. Hold off on the holiday shopping

Good news: You officially have an excuse to put off holiday shopping until the last minute. Why? Big purchases can impact your credit score and debt-to-income ratio (DTI).* Those numbers help determine your loan terms. So, if you apply for home financing and then make a big purchase before closing, your lender will likely need to update your application with your updated finances.

*DTI is the percentage of your gross monthly income spent on debt payments. Mortgage lenders add current debts to projected mortgage payments to help determine loan qualification and usually like to see the debt percentage below 40%. 

6. Stay flexible

Fall weather can be unpredictable. From showings to moving day, your plans may have to change on short notice. As with any home purchase, it’s important to stay flexible and keep your eye on the prize: A place to call home for the holidays.

7. Get a head start on tax season

One of the biggest perks of homeownership is the tax deductions* you may qualify for. To make sure you don’t miss out on any write-offs, get everything you’ll need in order as you’re finalizing your home purchase and moving in. With your mortgage fresh on your mind, you’re a lot less likely to miss important details or lose track of necessary documentation. Plus, if you have any questions about filing taxes as a homeowner, your real estate agent and lender might have tips.

*This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before making the decision to buy or refinance a home.

If you buy a house in fall, make sure you understand your credit score, budget for renovations, and avoid big holiday purchases until after closing.

The post Buying a House in Fall: 7 Tips to Keep it Simple appeared first on Cardinal Financial.

Is fall a good time to buy a house? Six reasons we say “yes”

• Fewer competing offers
• More motivated sellers
• More flexible mover availability
• Changing weather
• Potential tax breaks
• Save on home goods

1. Fewer competing offers

The warm months are the busiest time of year for buying a home. Especially in a seller’s market, this means you’ll be bidding against more offers. In the fall, you’ll have less competition. Plus, your real estate agent will likely have fewer obligations to other clients when summer is over. That means more time to devote to your home search.

Pro Tip: If you do find yourself in a bidding war, our bidding breakdown can help you win.

2. More motivated sellers

By fall, peak selling season is over. With fewer offers on the table, sellers are usually more motivated to accept yours to get the listing off the market before the holidays. This situation gives you an edge to negotiate a better price.

3. More flexible availability for movers and other involved parties

Post-summer is the slow season for moving companies, too, so you may be able to get settled into your new home with more flexibility and lower costs. Your lender will also likely have fewer loans on their plate in the fall. That means you may be able to get through the mortgage process and close on your home faster than you would in busier seasons.

4. Changing weather

Fall is also a good time to buy a house because the weather is less predictable. This gives you the opportunity to see potential homes in less-than-ideal conditions. Not only can this help you negotiate terms with the seller, but you’ll also have a clearer picture of what you can expect from the home year-round.

5. Potential tax breaks

While you can’t avoid paying taxes, becoming a homeowner can qualify you for more deductions.* Even if you close on your home as late as December 31, you could be able to deduct:

• Mortgage interest (applies to the interest paid on the first $750,000 of your home loan)
• Discount points (pre-paid interest on your mortgage)
• Property taxes (exact amount depends on where you live)

Depending on your unique circumstances, more deductions may also be available.

6. Save on home goods

If you’re like most people, you probably got rid of a lot of belongings before your move. Now, it’s time to replace them and make your new house a home. Fall can be a great time to buy a house because it’s followed by seasonal sales like Black Friday, Cyber Monday, and end-of-year warehouse clearances. Once you’re moved in, you can find decor, furniture, appliances, and more for lower prices than you might in the spring or summer. It’s no secret that buying a home can cost quite a bit upfront, so any opportunity to save can make a big difference in your finances as you head into the new year.

So, is fall a good time to buy a house?

There are a lot of reasons to buy a house in the fall, but there’s no such thing as perfect timing. A cold-weather home purchase typically means fewer available listings, the risk of weather hazards on move-in day, and less time to get settled before the holidays hit. And if you have kids, moving during the school year can be a difficult transition. The right time to buy a house is different for everyone, so don’t feel pressured to make it happen on anyone’s timeline but yours. Whenever you’re ready, we’re here to help.

*This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before making the decision to buy or refinance a home.

A fall home purchase means less competition, more motivated sellers, and potential deals on home goods for your new space.

The post 6 Reasons Why Fall Is a Good Time to Buy a House appeared first on Cardinal Financial.

The Essential 7-Step Home Closing Checklist

• Set a date
• Confirm what you need to bring to closing 
• Review your closing documents
• Complete your final walkthrough
• Get your closing funds ready
• Attend your closing appointment
• Make your move

1. Set a date

The first step in your home closing checklist is pretty self-explanatory. Once you’re approved for financing, your lender will reach out to schedule a closing date. Who needs to be at closing? It varies, but you may want to have your real estate agent, your closing agent, your lender, the seller, and any other borrowers on your loan present at closing. Oh, and you. That’s a big one.

2. Confirm what you need to bring to closing

Once you’ve set your closing date, get in touch with your real estate agent or mortgage lender to confirm everything you’ll need to bring to closing. Some common items include:

• A form of government-issued ID
• Payment for your closing costs
• Proof of homeowners insurance

Typically, your finalized closing documents will be provided for you to sign at closing. More on closing documents next.

3. Review your closing documents

Your lender is legally required to send you your closing documents at least three business days before your closing date. Don’t wait until the last minute to review them, though! Take as much time as you can to comb them thoroughly for any spelling errors, math mistakes, or unexpected fees. If you find errors in your closing documents, make sure to let your lender know as soon as possible so they can correct the mistakes. And if you have any questions about closing or the documents involved, now is the time to ask.

4. Complete your final walkthrough

About 24 hours before your closing date, you and your real estate agent will have the opportunity to walk through the home and make sure everything is aligned with what you’ve agreed to purchase. This could include a lot of easy-to-forget details, so we recommend bringing a final walkthrough checklist along to ensure you don’t miss anything that matters to you.

• Check locks on windows, doors, and gates
• Make sure windows, doors, and gates open and close properly
• Confirm appliances are functional
• Check for mold (especially in damp areas like under sinks)
• Test all electrical outlets
• Test the thermostat and HVAC system
• Check floors, walls, and ceilings for damage
• Look for signs of pests, like mice and ants
• Make sure the irrigation system is functional
• Make sure all agreed-upon repairs have been completed

5. Get your closing funds ready

Whether you’re paying by cashier’s check or wire transfer, make sure you have your payment ready to go before closing. If you’re transferring funds from a different account, don’t forget to leave enough time for the transaction to process before your closing date.

6. Attend your closing appointment

Today’s the day! Gather up your documents and meet at the closing table. Plan for the appointment to take up to two hours. During the appointment, you’ll sign your closing documents, pay your closing costs, and get your keys. Feels good, doesn’t it?

7. Make your move

The house is yours, and now it’s time to move in. Whether you’re moving across the country or across the street, it’s always best to have a game plan for moving day. Are you hiring movers or calling in a favor with friends? Where will your pets be while your belongings are being moved? When does your mail need to be redirected to your new address? The more questions you have answered before moving day, the less stressful your move will be.

Pro Tip: Nail your move with this handy checklist.

Understanding the closing timeline

With all these steps involved, you’re probably wondering just how long it takes to close on a home. A lot of factors determine the closing timeline, including how complex your loan is, how many loans your lender is processing in addition to yours, and the seller’s move-out schedule. In general though, it takes 30-45 days to close. If you’re anxious to get through it, there are a few strategies you can try to move the process along faster:

• Get pre-approved before making an offer
• Agree to buy the house as-is
• Avoid making any big purchases until after closing

Remember, buying a home is a big commitment. Don’t rush the process and miss out on potential savings and peace of mind along the way. Between your home closing checklist, your final walkthrough checklist, and your moving checklist, you’re more than prepared to close on a home, the right way. Ready to get started?

Getting pre-approved, buying your home as-is, and waiting until after closing to make big purchases are all good ways to get through your home closing checklist faster.

The post The Essential Home Closing Checklist appeared first on Cardinal Financial.

If you’re a first-time home buyer, you’ve probably heard about the negotiations, or “bidding wars,” that happen at the beginning of the purchase process. Fewer people, however, are aware of the negotiations that follow the signed purchase contract.

Although home inspections have become less popular over the last few years, they’re still commonplace in the real estate industry. When those inspections uncover one or more problems with the home, buyers and sellers have to agree on who will cover the costs. Here are four tips to help you come out on top when negotiating repairs after home inspection.

Ask for a credit.

Let’s be real, the sellers are on their way out both physically and mentally. If it’s looking like you’re going to complete the purchase and close, they’re probably more focused on packing than they are fixing.

If sellers aren’t amenable to making home inspection repairs—or if those repairs weren’t made to your satisfaction—you could go through the hassle of negotiating a lower purchase price, or you could ask for a closing credit. A closing credit is a way to decrease your upfront, out-of-pocket expenses. That credit reduces your costs, meaning you’ll have more cash on hand to make those repairs yourself. 

A closing credit is a way to decrease your upfront, out-of-pocket expenses.

Think “big picture.” 

Picture this. You’ve toured the home, you’ve agreed on a purchase price, and you’re putting together plans for your future remodel—but the home inspection report found signs of water damage under the sink. And on top of that, the rotted wood extends well beyond the cabinet under the sink. If you could negotiate those repairs now, why wouldn’t you?

When you’re working through home inspection negotiations, think about the future of your new home and remember that a seller credit toward those repairs could offset not only your closing costs, but your eventual renovation costs as well.

Don’t show your hand.

If you’ve got a home inspection coming up, find out if the seller’s agent will be walking the property with you, your agent, and the home inspector. If so, you might want to hide your true excitement about the house. Showing satisfaction with the current state of the home in front of the seller’s agent could hurt your chances of negotiating home inspection repairs later on.

On the other side of things, if the seller’s agent senses disapproval from you during the inspection, they might mention that to the sellers—helping build your case to get any repairs completed to make sure the sale goes through.

Be ready for anything. 

There’s a saying when it comes to buying a home: “It’s not over ‘till it’s over.” That means, until you sign the closing documents and have the keys in hand, anything could happen. The initial contract is just that—initial. With all the people involved, the unknown variables, and the state of the market, there’s a non-zero chance that your dream home could disappear entirely.

Consider this: If your home inspection results are favorable, there’s nothing to negotiate, so don’t try to fight for a lower price or closing credits. If the home inspection results turn up something negative, you may be better off negotiating credits or repairs instead of a lower purchase price—especially if the appraisal came back with a fair value.

Pre-purchase negotiations are tough, and home inspection negotiations can be even tougher. Keep these tips in mind or ask your team—lender and real estate professional—for more advice to make sure you’re prepared for the purchase process.

Although home inspections have become less popular over the last few years, they’re still commonplace in the real estate industry.

The post How to Negotiate Post-Home Inspection Repairs Like a Pro appeared first on Cardinal Financial.

If you’re in the market for a new policy, we’ve got a few tips to help you find the right provider.

To start, let’s talk about what “homeowners insurance” really is. There are a lot of ways to cover your home purchase, including homeowners insurance, mortgage insurance, and a home warranty. They’re all different things. Mortgage insurance protects the lender in case you default on your loan, and a home warranty is a separate piece of coverage that protects your home’s internal systems (HVAC, plumbing, appliances, etc.).

Homeowners insurance, however, is a policy that pays for damage to or the destruction of your actual property, the things inside your home, and the people around it. Generally speaking, lenders will require proof that you have homeowners insurance before you reach the closing table. 

Homeowners insurance is a policy that pays for damage to or the destruction of your actual property, the things inside your home, and the people around it.

That said, homeowners insurance policies aren’t magic “cover-all” options. While they do cover many things, there are several things they won’t cover. We’re here to help you figure out how to choose the right homeowners insurance policy, and we’ll even throw in a few tips on how to save some cash along the way.

“What should my policy cover?”

At the very least, your homeowners insurance policy should cover the “full or fair value” of the home, or the purchase price. Some providers choose one amount, others opt for the latter. Either way, that’s what we call your “dwelling coverage,” or the part of your policy that covers the repairs to or reconstruction of a home that’s been physically damaged by a covered event. Note: “hazard” and “peril” are two other terms you’ll see through your search, but they both mean similar things.

Homeowners insurance policies cover damage or destruction to a home’s interior and exterior, but they also cover theft, personal liability (in case someone gets hurt on your property or worse), and personal property. We recommend getting dwelling coverage that covers the cost to rebuild your home, including labor and materials at their current rates—not just the purchase price or previous assessed value.

Just so you know, there are some things a homeowners insurance policy will not cover. Natural disasters, or “acts of God,” typically aren’t covered by your standard policy. Lightning strikes your home, for example, and zaps your dated breaker panel without additional coverage, and you may have to pay for that fix out of pocket. In some cases, for people living in areas prone to floods, earthquakes, and tornadoes, policies may be expanded at an additional cost.

“How is my rate determined?”

There are many things that go into your rate calculation, much of which is done behind the scenes. Usually, policy rates are determined by your “assessed risk,” which considers your personal claim history, your credit record, the home’s previous claims (if there are any), the home itself (construction, materials, security, etc.), and the surrounding neighborhood (including crime rates). 

“How can I lower my rate?”

Some of the factors that go into your rate calculation are admittedly out of your control. For example, you found your dream home, but it’s in a flood zone. In that case, there’s not much you can do about that other than pay for flood coverage. 

However, there are several other ways you can lower your insurance premium.

Shop around

At the very least, as with anything, you should look at three different policy quotes from three different providers. Some sources say you should gather as many as five quotes, but if you’re seeing similar numbers for equal coverage across the board, go with your gut. Remember: don’t just choose the least-expensive option. Consider other things like company reviews, technology capabilities (can you file a claim from your phone?), and whether or not you’re already a customer with that provider.

Pro-tip: Depending on how many quotes you get, try to call one or two local providers. Sometimes smaller providers can provide better pricing.

Bundle up

Speaking of already being a customer…did you know that many providers offer discounts for bundling your coverage? If you have auto insurance with one company, you may be eligible for a multi-policy discount if you get homeowners insurance with them as well.

Security systems

Investing in a home security system can also help lower your premium, because it tells providers that your home has an added layer of protection beyond locked doors and windows. Security goes beyond cameras, too—upgrading your smoke detectors could bring benefits as well.

Home improvements

Some companies may offer additional discounts for upgrades to your home, like metal construction instead of wood (due to flammability), modern or eco-friendly HVAC and electrical upgrades, and an impact-resistant roof to help protect against Mother Nature.

Increased deductible

While less popular, another way to lower your premium is to increase your deductible. Unfortunately, that means you’d pay more out of pocket if and when you file a claim. It removes risk on the provider’s part, forcing you to carry the expense instead. Note: some lenders may have a maximum to the deductible they allow, such as 5% of the insurance coverage. 

How do I choose a provider?

That’s the easy part: research! You’ve already started the journey by reading this blog, so take everything you’ve learned here with you when you start calling around to different providers. When you’re ready to apply for a mortgage, we’ll be waiting for you.

Homeowners insurance isn’t just a “nice-to-have.” In fact, for most lenders, it’s a required investment.

The post How to Choose Homeowners Insurance (And Lower Your Rate) appeared first on Cardinal Financial.

What does buying a house “as-is” mean?

The answer to this one is fairly simple: Buying a house “as-is” means you’re buying a home that’s sold in its current condition—warts and all. 

On the upside, these homes are often priced accordingly, because “as-is” homes are rarely in perfect condition. Sellers realize that there’s some work that needs to be done, and they’re willing to settle for less than they would if the home was turnkey. 

The downside, however, is that because “as-is” homes are sold as-is, sellers are stating upfront that they’re not going to make any repairs or touch-ups prior to exchanging the keys. What you see is very much what you get. However, “as-is” isn’t always synonymous with “bad condition.” In fact, while a home’s condition may be one factor that leads to an “as-is” sale, sometimes sellers simply want to sell the property quickly. 

Four considerations to make before buying

We won’t call this official mortgage advice, but consider the following four things before putting an offer on an “as-is” house:

Don’t skip the home inspection

These days, buyers are sometimes hesitant to ask for home inspections. After all, a seller’s market led to a surge in cash offers, bidding wars, and waiving contingencies. However, because the market has cooled off a bit and home prices have started to fall (slightly), there’s no need to skip the inspection—especially if you’re buying a property “as-is.”

Said simply, a home is a huge investment, and a thorough inspection can protect that investment or keep you from getting involved in something you’re not financially ready to maintain. An inspection is less about trapping the seller or uncovering “gotchas,” and more about making sure the house is being sold as described, “as-is” or not.

Explore home warranty options

We’ve got in-depth coverage on home warranties in this blog, but here’s the gist: A home warranty is not required, but certainly recommended if you’re buying a home that’s in questionable condition. You can either purchase a plan yourself or ask the seller to provide one, but it’ll usually cover servicing and maintenance for the home’s appliances, plumbing, HVAC systems, roofing, and other parts of the dwelling.

Make sure it meets minimum requirements

Fun fact: Mortgages aren’t just handed out for any property. Many home loans—including most government-backed mortgages—have “standards for livability” that must be met before finalizing the sale, regardless of whether or not the property is being sold “as-is.”

For starters, a home is almost always required to be structurally sound. If it’s got walls, windows, a ceiling, and a roof, you should be in good shape. Some loans may require access to safe drinking water, and USDA loans specifically may require up-to-date electrical systems and functioning heating and air conditioning.

If certain requirements aren’t met, appraisers may decide that repairs must be made before closing, which can delay or derail the process completely. For this reason, cash offers—which require no mortgage—are oftentimes more palatable for “as-is” sellers.

Crunch the numbers

Consider this: When it comes to “as-is” homes, you’re not just buying the house. You’re buying whatever repairs and renovations need to be made to make the house a home. “As-is” properties may require new doors, windows, lights, flooring, and/or pest control (among other things). These seemingly little projects can add up to tens of thousands of dollars quickly.

Sure, you may save on the purchase price, but you’re going to want to make sure you have a mortgage that includes the cost of repairs or have enough cash on hand to get the ball rolling on repairs on day one.

Weighing the pros and cons

Buying a house “as-is” comes with a variety of its own pros and cons. 

Pros

Like we said earlier, “as-is” homes are typically priced lower. And because there’s not a lot of “work” to do on the homes before closing, the timeline from offer to closing may be expedited. Lastly, if you’re interested and have the funds available to do so, “as-is” homes offer a nice foundation for flipping.

Cons

When you include the down payment, closing costs, and repairs, you may see higher “all-in” costs. Additionally, not every state requires a “Seller’s Disclosure”, which would identify the home’s issues and alert you to them ahead of time. Finally, as we mentioned earlier, a property’s poor condition may prevent you from qualifying for certain loans. 

Now that you know what “as-is” means, are you more or less interested in buying a house in that category? Whenever you’re ready, we’ve got home loan pros who can help.

When it comes to “as-is” homes, you’re not just buying the house. You’re buying whatever repairs and renovations need to be made to make the house a home.

The post Buying a House “As-Is”: What It Means & What You Need to Know appeared first on Cardinal Financial.

When it comes to covering your home inside and out, you’ve got options. One option, often required by mortgage lenders like us, is home insurance. Your other option, for a bit of bonus coverage, is a home warranty program. Let’s talk through the differences and see how they stack up against one another, shall we? 

Home Warranty vs. Home Insurance

Home warranty programs and home insurance coverage are essentially two sides of the same coin, each offering varying levels of protection against everyday incidents that might harm your home, your belongings, your family, and even other people. 

Like auto insurance, home insurance is often required by your lender or mortgage servicer. While you can shop around for different rates and levels of coverage, many companies ultimately offer similar benefits—not just for your peace of mind, but to ensure their investment is protected. After all, the business of mortgage lending doesn’t come without risk. You might be able to pay back your home loan, but home insurance makes sure you and the property itself are protected in case of emergency. 

Home warranties, however, are not required by lenders. They often cover things that aren’t included by home insurance, including specific repairs and replacements for broken down appliances. There are a lot of home warranty companies out there, all with their own reviews that you’ll absolutely want to read up on before selecting a plan . . . if you decide to select one at all. Remember, they’re not required, but they may be useful if you’re short on cash after purchasing, or if you purchase a home that comes with dated appliances and systems. 

Introduction to home insurance 

Home insurance policies protect your home from a list of covered perils and damages. They may also offer liability protection in case someone is hurt on your property or if you cause damage to someone else’s property. Examples could include if a tree branch falls from your yard onto a neighbor’s roof, or if your friend’s kid throws a baseball over your fence and through your neighbor’s window.

Home insurance also protects dwellings (that’s your home’s physical structure and the contents within), detached structures like fences, sheds, and garages, and personal property. That last bit could include your computers, televisions, jewelry pieces, and clothing. Additionally, home insurance protects “loss of use,” which provides financial support in the event that your home becomes unlivable for any period of time, and medical payments for yourself and others. 

Here are some other things insurance might protect you from:

• Fires
• Burglary
• Wind
• The occasional meteorite or jet engine falling through your roof

Because home insurance is part of the home buying process, its premium payments can be included as part of your mortgage payment if your lender includes an escrow account (something that’s also often required for FHA loans). In this sense, it becomes part of your PITI, or “Principal, Interest, Taxes, Insurance.”

What’s the cost?

Insurance premiums vary from carrier to carrier, so cost can vary. Oftentimes, it’ll depend on several factors, including:

• Where you live
• Your home’s value
• Dwelling size
• Structure age
• Coverage limits and deductibles
• Home features
• Credit score
• Pets

Pets? Yep, even pets. If you’re a dog lover (aren’t we all?), your insurance carrier may increase your premiums for owning a breed they deem riskier than others. Likewise, other “risky” elements—such as swimming pools—may increase your premiums as well. 

What is a home warranty?

Home warranties differ from home insurance options in that they generally cover specific things, not the broader brush strokes of homeownership. 

Think about it this way: if insurance covers your entire home, warranties cover the individual bits inside—things like appliances, HVAC systems, plumbing and septic systems, roofs, and even swimming pools (at an additional cost, of course). 

Like home insurance, home warranties are paid via premiums. You enroll in a plan and you pay an annual or monthly fee for the ability to submit a claim if something breaks down. If your furnace dies out in the middle of winter, you can file a claim to the warranty company. They work with local partners and will dispatch a business to diagnose and repair the issue, up to a certain covered amount. The “secret” there is that you’ll often be required to pay a “service fee” for that service call. 

Think of it as a deductible, right? Similar to home insurance, you have to pay part of the bill up to a certain amount before insurance kicks in to cover the rest. With a home warranty, you pay a small fee for greater coverage—either a repair or replacement of whatever’s broken. 

Warranties aren’t required, and depending on who you ask, they may not even be necessary. For people without access to a lot of liquid cash for immediate repairs, however, they can be particularly useful, especially for a dated home or aging appliances. 

More coverage, more security.

Ultimately, home insurance and a home warranty are two great ways to protect your investment. Neither is free, and neither will totally protect you from risks, but they’re perfect for people who are looking for a little more peace of mind.

You might be able to pay back your home loan, but home insurance makes sure you and the property itself are protected in case of emergency.

The post Concerning Coverage: Home Warranty vs. Home Insurance appeared first on Cardinal Financial.

Your out of state move checklist

• Assess your finances and set a budget
• Compare costs of living to narrow down locations
• Explore potential homes virtually
• Find a great local real estate agent
• Visit the new area and view potential homes
• Get pre-approved for financing from the lender of your choice
• Make an offer
• Start planning your move

1. Assess your finances and set a budget

When you’re moving out of state, your costs won’t just include buying a new house. You’ll also need to budget for things like movers, storage, gas or plane tickets, and accommodations for the period between moving out of your current home and into your new one. As for your new house, don’t forget to include closing costs and appraisal fees in your mortgage budget.

Pro Tip: We may not be able to help you calculate your unique moving expenses, but we can help you calculate how much home you can afford. Take our affordability calculator for a spin to see what’s possible.

2. Compare costs of living

It’s no secret that the cost of living has been on the rise lately. That being said, cost of living does vary by state, city, and even neighborhood. So, once you have your budget, it’s time to use that to narrow down your target location. Cost isn’t everything, of course. When deciding where to house shop, don’t forget to prioritize what matters most to you. That could be school districts, proximity to work, walkability, and anything else you need to be able to put down roots.

3. Explore potential homes virtually

So, you’ve decided on an area. Now, it’s time to explore homes. Even though this step is a challenge with out of state moves, virtual tours have come a long way since Covid. In addition to listing photos, many homes may also provide video tours, FaceTime tours, and more ways to see the space without booking a flight.

4. Find a great local real estate agent

This one is important. Since you’ll be conducting most of your house search from across state lines, having a real estate agent on your team who knows the local area is key to finding great homes in areas you’ll love. A good agent should have:

• In-depth knowledge of the local area
• A track record of closing quickly, for less than the asking price
• Clear communication expectations
• Strong negotiation skills

5. Visit the new area and view potential homes

Whether it’s time, budget, or any number of other obstacles, this step might not be possible for everyone buying a home out of state. But, if you can swing it, it’s always best to see a home in person before you make an offer. To make the most out of your trip, wait until you have specific houses in mind to tour with your real estate agent (and make sure those showings are scheduled ahead of time). You should also use this opportunity to explore the local area and get a feel for the specific neighborhoods you’re considering living in.

6. Get pre-approved for financing from the lender of your choice

So, you’ve got a home in mind. Now it’s time to choose a mortgage lender. If you want to use a lender you’ve already worked with before, great! Just make sure they’re licensed to operate in the state you’re moving to. Especially in a seller’s market, pre-approval is a must-have if you want to bid competitively. Most pre-approval letters are good for up to 60 days, so don’t take this step until you’ve chosen a home and are ready to make an offer.

Especially in a seller’s market, pre-approval is a must-have if you want to bid competitively.

7. Make an offer

Ready to take the plunge? Once you’re pre-approved, your real estate agent can help you make an offer on your home. Just a heads up: You may find yourself in a bidding war with other buyers. To ease the stress and reduce the chances of your offer getting rejected, try these strategies:

• Get pre-approved
• Lower contingencies
• Include an escalation clause
• Stay flexible
• Don’t give up if your first offer isn’t accepted

8. Start planning your move

We could fill a whole separate blog with moving tips, but here’s the general breakdown.

8 weeks before you move

• Take inventory of your stuff. What are you keeping? What are you donating? What needs to be thrown out?
• Arrange moving transportation. For long-distance moves, you’ll likely also need to consider storage for your belongings if they arrive before you do.
• Transfer school and vet records if needed.

6 weeks before you move

• Buy packing supplies (more than you think you’ll need).
• Remember that casserole that’s been sitting in your freezer? Time to use it or lose it.
• Measure your new space to make sure your furniture will fit. No sense lugging a dresser across state lines only to find that it won’t fit through your new doors.

4 weeks before you move

• Packing time! Don’t forget to set aside items that you’ll need to keep with you throughout the move, as anything you pack may be in storage until you can settle into your new home.
• Disassemble furniture you’re not using. Your movers will likely do this anyway, but probably with less care.
• Label your boxes. Your future self will thank you when it’s time to unpack.
• Change your address and update your billing information once USPS has processed your request.

2 weeks before you move

• Submit your workplace PTO requests for moving week if needed.
• Prep your vehicle for the trip.
• Confirm moving day details with your mover.

Week of your move

• Refill prescriptions if you have them.
• If you have pets, update the address associated with their microchips.
• Get cash to tip your movers.

Bonus tips on how to buy a house out of state

Our final advice for how to buy a house out of state? It’s never too early to start planning. An out of state move may not be in your immediate future. But, if it’s something you’re interested in doing down the line, make sure you’re ready when the time comes. Start saving for your move, plan trips to cities you may want to live in, and don’t forget to have fun.

With a little extra research and the right real estate agent, it’s easier to buy a house out of state than you might think.

The post How to Buy a House Out of State in 8 Steps appeared first on Cardinal Financial.