Mortgage

Find The Best Mortgage Deal With A Few Simple Steps Currently, this is a great time to be in the market for a new home. The interest rates on mortgages have fallen countless times over the past few years. Even though interest rates have been in the double-digits in the past, there are homeowners today who are able to agree to a mortgage for less than three percent.

Despite the low interest rates, it is still important to get the best possible deal. There are a few simple steps that everyone should follow to get the best mortgage deal possible.

Know How Much You Need

The first step is to figure out what type of mortgage is required. Some potential homeowners might be looking for a mortgage they can get with a small down payment. Other potential homeowners might be looking for a mortgage they can pay off quickly.

Remember, the goal is to eventually own the home outright. The goal is not to pay as much interest as possible. Therefore, try to figure out what type of loans are available. Then, decide which loan best matches the needs.

Know The Market

Next, it is important to know what the market is doing. First, consider what the market looks like on a national level. Where do the average interest rates currently sit? Are these interest rates for 15-year loans or 30-year loans? Are the interest rates for fixed-rate loans or adjustable-rate loans?

Then, know what the market looks like in the local area. What are some of the current mortgage rates for loans in the given area? This will give potential homeowners a decent idea of what the current market looks like.

Get The Credit Score In Order

In addition, it is critical to take steps to ensure the credit score is as solid as possible. Some people only check the credit score when it is time to take out a loan. Try to do this as early as possible. There might be errors on the credit report that can influence someone’s score.

The credit score is important because it gives the lender an idea of what someone’s financial history looks like. A higher credit score means the lender is taking on less risk. In this situation, the lender might be willing to lower the potential interest rate.

If you are in the market for a new home or interested in refinancing your current property, be sure to consult with your trusted home mortgage professional.

Ensuring Home Contractors Are Following The Rules Under HICPA There are many homeowners who hire contractors to make repairs or upgrades on their homes. It is critical for home improvement contractors to follow all rules and regulations set forth by the law. These regulations have been set forth under the Home Improvement Consumer Protection Act, or HICPA.

An Overview Of The Home Improvement Consumer Protection Act

The Home Improvement Consumer Protection Act was put forth to ensure that homeowners and contractors come to an appropriate agreement. Some of the rule and regulations that are included in the Home Improvement Consumer Protection Act include:

All contractors need to obtain a registration number
Home contractors are required to register with the Office of the Attorney General
All home contractors need to pay the required registration fees

Finally, the Home Improvement Consumer Protection Act also specifies the various terms that need to be included in each agreement set forth by homeowners and contractors. Any contractors agreed to by contractors and homeowners need to comply with the Home Improvement Consumer Protection Act. The purpose of this act is to protect homeowners against fraudulent contractors.

What Happens If An Agreement Does Not Follow The Rules?

If an agreement does not abide by the regulations included in the Home Improvement Consumer Protection Act, then there might be liability in a civil court. Furthermore, there could even be criminal charges that result.

In the event that a homeowner enters into civil litigation against a home contractor, the first item that lawyers will look into include the regulations under the Home Improvement Consumer Protection Act. If the contractor violated any of the regulations, the HICPA may also specify penalties that might be levied against the contractor.

When Does The Home Improvement Consumer Protection Act Apply?

There are only a few exceptions where the HICPA would not apply to a home improvement job. Even though the definitions under the HICPA are very broad, this act does not apply to contractors who earn less than $5,000 of taxable income in a given year. Finally, the HICPA applies only to home improvements. It does not apply to the construction of a new home. The act also does not apply to the sale of any home appliances.

If you are in the market for a new home or interested in refinancing your current property, be sure to consult with your trusted home mortgage professional.

Find The Best Mortgage Deal With A Few Simple Steps

Ensuring Home Contractors Are Following The Rules Under HICPA

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