What is APR?

 

APR. Annual Percentage Rate. It’s something that’s seen all over the place, and every place that advertises seems to tout how low it is. But what exactly is APR, and why is it important? Is it even worth it to fight someone over 1%?
“An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money. The APR reflects not only the interest rate but also the points, mortgage broker fees, and other charges that you have to pay to get the loan. For that reason, your APR is usually higher than your interest rate.”
If you’ve seen APR mentioned, but never really thought about what it means or why it’s important, we’re here to be your guide. We want you to go into purchasing something on credit knowing what you’re getting into, and whether or not it’s worth it to fight someone over 5% instead of 4%.
To start off with, what is APR? APR stands for Annual Percentage Rate, which is the amount as a percentage you can expect to pay in interest annually, averaged over the life of the loan. This means that APR is compounded, which means that as you pay down the principal the amount paid to interest will lower. To break it down even further, if you borrow $100 and expect to pay it back over the course of a year, at an interest rate of 5%, you’ll be looking at $2.73 annually in interest, or approximately $0.23 per month in interest.
Seems easy, right? For most of your purchase, the APR will be simple to figure out. The biggest difference will be any credit card purchases, which not only use a variable APR, but since they’re considered revolving credit, the amount you’ll pay in interest each month will vary. For life’s major purchases, such as a car or house, however, the APR will still be able to be figured out around the same way.
So now that you know, at least as a rough idea, how APR is calculated, is it worth it to fight over that one percent? I guess it’s time to bust out the handy calculator again to determine this.
If you’re looking at purchasing a car, it may be worth it. Let’s say your car cost $20,000, and you’ve got 5% for a down payment. That means that you’ll be financing $19,000. If you finance that at 3% for 60 months, you’ll be looking at lifetime interest of $1,484, or $24.75 per month in interest. Let’s say you get the same car at 4% interest for 60 months. Everything else will remain the same, which means that your lifetime interest will be $1995, or $33.25 per month just for interest. If you’d like to save five hundred dollars, then yes, it’s worth it to fight for that one percentage point.
Houses can be a bit of an oddball as well, as you typically have the ability to take a variable APR. The math remains the same, however! If you buy a $150,000 house, but you have to finance $100,000, at a rate of 3% for 30 years, or 360 months, you’ll be looking at lifetime interest of $51,777. If you don’t fight for that interest point, and you get your house at 4%, you’ll be paying $71,870 over thirty years. Definitely worth putting up a fight for!
As you can see, APR is a pretty complicated system to get your head around, but once you understand what it is and how it can affect you, it’ll help you get the best rate for your purchases.

Birmingham-realty.com

 

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Can an experienced agent get me a better deal?

You’ve already decided to buy a house, and you’ve done your due diligence in shopping for a mortgage. You’re ready to buy, but you don’t know the first thing about buying a house. What do you look for? Is there anything that’s going to cost you extra money? Where do you even start?
All of these questions can be answered by hiring a realtor to help with your transaction. A realtor can not only help you find where to start and will focus on getting you a home that fits your needs, but can help with all the paperwork that inevitably comes with your purchase.
There are two major benefits that an agent can bring to homebuyers that could cause a problem without an agent. One of the biggest benefits is the help with understanding home financing. Not only can an experienced agent help with finding you a trusted lender for your mortgage, but they can be awesome resources for specific trends and costs within a neighborhood.
When you sign up for your mortgage, nobody from the mortgage company is going to walk you through all of the costs of home buying. A real estate agent, especially an experienced agent, can save you major headaches when it comes to some of the unanticipated costs, such as HOA obligations, maintenance, insurance, and taxes, all of which are associated with home owning. For a first time buyer, this information can be invaluable, and can really help the buyer determine the true amount they can afford for a home.
Additionally, the most up to date and reliable listings for homes are either going to come from the MLS or the broker directly. While millions can, and do, rely on the dozens of publicly available resources for an idea of what the housing market looks like, only an agent will be able to keep you updated to the minute on what’s available. On top of that, they can also provide insight on how long a home has been on the market, how many times it’s been listed, and even can glean information for you from previous inspections.
One of the other major reason to hire a real estate agent is their negotiation skills. Whether you’re a skilled negotiator or not, having an experienced agent on your side is a boon. They’ll be able to use all of their knowledge of the neighborhood, their insights into how long a home has been on the market, and couple that with their negotiating tactics to get you the best price on a home. Because of this, your pocketbook will love you!
There’s obviously a lot that an experienced agent can bring to the table that you wouldn’t be able to get without one. If you’re in the market for a home, having an agent working with you will not only help you get the best price for the home of your dreams, but will help you make sure that it’s the house that works best for you.

Birmingham-realty.com

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Not hiring a home inspector may cost you money

When you’re buying a home, it’s easy to overlook the small things. There may be a minor leak in the roof that you didn’t notice, or the foundation may be cracking under your feet. These are easy to overlook if you’re not thinking about them, but they could cost you tens of thousands of dollars down the road to fix.

There is a way to ensure that even if you don’t see the small problems in the house you’re looking at, they still get spotted. All too often, hiring a home inspector is forgotten about in the exciting whirlwind that surrounds a major purchase of a house. It’s not something that should be thrown by the wayside, however, as a home inspection can not only point out the problem areas, but can give you leverage to get the house you want at a bargain price.

One of the most important things to ask any home inspector prior to hiring them is whether or not they do the repairs as well. As convenient as it may be to have a home inspector that is also a general contractor, it’s not something that is recommended highly. Home inspectors tend to have an unbiased view of what repairs may need to be done, whereas a general contractor could be looking at unneeded repairs just to line their wallet.

Another major thing to ensure prior to hiring an inspector is that they’re bonded and insured. A huge amount of inspectors don’t have insurance, which could lead to liability issues. There are two types of insurance that home inspectors should carry, which is worker’s compensation and errors and omissions insurance, just in case they miss something significant during the inspection.

Just imagine that the inspector is looking at the roof of your house. If he slips and falls, and the company doesn’t have the appropriate insurance, they may sue you or the current homeowners, or even attempt to place a lien on the property. Because of that, it’s a good idea to ensure that any inspector you hire has insurance before even setting foot on your property.

In addition, you’ll want to check what the inspection includes before hiring the inspector. If there’s a certain area that you’re wanting to have them look at, or if you need the appliances checked, then it’s important that you make sure that the inspector you hire will do that. Ideally, the more thorough the inspection the better off you are. Keep in mind, however, that the extent can vary by region depending on what may need to be checked. For instance, it’s common for Floridian inspectors to test irrigation systems, which wouldn’t be common in every state.

Hiring an inspector is one of the best things that you can do, whether you’re looking at buying or selling your house. You may have to spend a couple hundred dollars up front, but you’ll not only get peace of mind, you might save tens of thousands in the long run.

*Specialty Building Consultants specializes in Home inspection, EIFS inspection, Stucco inspection and Asbestos testing in Birmingham AL, Huntsville AL, Decatur, AL, Cullman, AL, Athens, AL, Montgomery AL, Tuscaloosa, AL and Nashville TN.Mold testing

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Can an experienced agent get me a better deal?

You’ve already decided to buy a house, and you’ve done your due diligence in shopping for a mortgage. You’re ready to buy, but you don’t know the first thing about buying a house. What do you look for? Is there anything that’s going to cost you extra money? Where do you even start?
All of these questions can be answered by hiring a realtor to help with your transaction. A realtor can not only help you find where to start and will focus on getting you a home that fits your needs, but can help with all the paperwork that inevitably comes with your purchase.
There are two major benefits that an agent can bring to homebuyers that could cause a problem without an agent. One of the biggest benefits is the help with understanding home financing. Not only can an experienced agent help with finding you a trusted lender for your mortgage, but they can be awesome resources for specific trends and costs within a neighborhood.
When you sign up for your mortgage, nobody from the mortgage company is going to walk you through all of the costs of home buying. A real estate agent, especially an experienced agent, can save you major headaches when it comes to some of the unanticipated costs, such as HOA obligations, maintenance, insurance, and taxes, all of which are associated with home owning. For a first time buyer, this information can be invaluable, and can really help the buyer determine the true amount they can afford for a home.
Additionally, the most up to date and reliable listings for homes are either going to come from the MLS or the broker directly. While millions can, and do, rely on the dozens of publicly available resources for an idea of what the housing market looks like, only an agent will be able to keep you updated to the minute on what’s available. On top of that, they can also provide insight on how long a home has been on the market, how many times it’s been listed, and even can glean information for you from previous inspections.
One of the other major reason to hire a real estate agent is their negotiation skills. Whether you’re a skilled negotiator or not, having an experienced agent on your side is a boon. They’ll be able to use all of their knowledge of the neighborhood, their insights into how long a home has been on the market, and couple that with their negotiating tactics to get you the best price on a home. Because of this, your pocketbook will love you!
There’s obviously a lot that an experienced agent can bring to the table that you wouldn’t be able to get without one. If you’re in the market for a home, having an agent working with you will not only help you get the best price for the home of your dreams, but will help you make sure that it’s the house that works best for you.

Birmingham-realty.com

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What is APR?

APR. Annual Percentage Rate. It’s something that’s seen all over the place, and every place that advertises seems to tout how low it is. But what exactly is APR, and why is it important? Is it even worth it to fight someone over 1%?
“An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money. The APR reflects not only the interest rate but also the points, mortgage broker fees, and other charges that you have to pay to get the loan. For that reason, your APR is usually higher than your interest rate.”
If you’ve seen APR mentioned, but never really thought about what it means or why it’s important, we’re here to be your guide. We want you to go into purchasing something on credit knowing what you’re getting into, and whether or not it’s worth it to fight someone over 5% instead of 4%.
To start off with, what is APR? APR stands for Annual Percentage Rate, which is the amount as a percentage you can expect to pay in interest annually, averaged over the life of the loan. This means that APR is compounded, which means that as you pay down the principal the amount paid to interest will lower. To break it down even further, if you borrow $100 and expect to pay it back over the course of a year, at an interest rate of 5%, you’ll be looking at $2.73 annually in interest, or approximately $0.23 per month in interest.
Seems easy, right? For most of your purchase, the APR will be simple to figure out. The biggest difference will be any credit card purchases, which not only use a variable APR, but since they’re considered revolving credit, the amount you’ll pay in interest each month will vary. For life’s major purchases, such as a car or house, however, the APR will still be able to be figured out around the same way.
So now that you know, at least as a rough idea, how APR is calculated, is it worth it to fight over that one percent? I guess it’s time to bust out the handy calculator again to determine this.
If you’re looking at purchasing a car, it may be worth it. Let’s say your car cost $20,000, and you’ve got 5% for a down payment. That means that you’ll be financing $19,000. If you finance that at 3% for 60 months, you’ll be looking at lifetime interest of $1,484, or $24.75 per month in interest. Let’s say you get the same car at 4% interest for 60 months. Everything else will remain the same, which means that your lifetime interest will be $1995, or $33.25 per month just for interest. If you’d like to save five hundred dollars, then yes, it’s worth it to fight for that one percentage point.
Houses can be a bit of an oddball as well, as you typically have the ability to take a variable APR. The math remains the same, however! If you buy a $150,000 house, but you have to finance $100,000, at a rate of 3% for 30 years, or 360 months, you’ll be looking at lifetime interest of $51,777. If you don’t fight for that interest point, and you get your house at 4%, you’ll be paying $71,870 over thirty years. Definitely worth putting up a fight for!
As you can see, APR is a pretty complicated system to get your head around, but once you understand what it is and how it can affect you, it’ll help you get the best rate for your purchases.

Birmingham-realty.com

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I think my roof needs replaced. How do I know?

Just like buying a car, nobody likes to think about buying a new roof. It’s one of those time-consuming, heavy expense items that most people are more than happy to put off until absolutely necessary.
One thing to keep in mind, though, is that between regularly inspecting your roof, and doing timely repairs when it needs it, you can help extend the life of your roof. Most roofing is designed to last anywhere from 20-25 years, and after that will need to be replaced, but we’ll tell you about some of the tell-tale signs to look for that indicate that you may need to have it repaired or replaced sooner.
In the interior of your house, sagging or water damage is one of the key things that you could look for to see if your roof needs replaced. If the roof deck is sagging, it’s a sign of long term water damage, and should be replaced immediately in order to ensure safety. Water damage on your ceilings, along the walls, or in the insulation is also a sign that your roof is going to need some professional care.
On the exterior, you can look at your roof to see how your shingles look. Shingles can actually tell you a lot about the condition of your roof, and are one of the main things to look at to determine what shape your roof is in.
Missing shingles can be indicative of harsh or severe weather, or can be telling of bigger issues with your roof. If your shingles are curled, especially in the sunny areas of your roof, it can be a sign that your shingles are past their expiration dates and will need to be replaced sooner rather than later. In addition, keep an eye out for missing shingles along the valleys of your roof. That is one of the biggest problem areas, as they have a high leaking potential due to the amount of precipitation that runs down them, and could lead to interior problems such as mold or mildew if not taken care of.
Another big thing you could check would be to see if there are shingle granules in the gutter of your house. An excessive amount of shingle granules (they look dark sand crystals) in your gutter can be a sign that your roof will need to be replaced due to advanced wear. Roofs tend to lose more granules the closer they get to the end of their life cycle.
Roofing repairs should be done by professionals. And if you’re looking for the best professionals to do it, you’ll want to call the most trusted name in roof repairs, Specialty Building Consultants.

*Specialty Building Consultants specializes in Home inspection, EIFS inspection, Stucco inspection and Asbestos testing in Birmingham AL, Huntsville AL, Decatur, AL, Cullman, AL, Athens, AL, Montgomery AL, Tuscaloosa, AL and Nashville TN. *New roof installation

Specialty Building Consultants
500 Southland Dr
Ste 134
Hoover, AL 35226
(205) 683-6484
specialtybuilding@gmail.com

Sources:

http://ift.tt/1QhJFmW

http://ift.tt/1MBnDWJ

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I think my roof needs replaced. How do I know?

Just like buying a car, nobody likes to think about buying a new roof. It’s one of those time-consuming, heavy expense items that most people are more than happy to put off until absolutely necessary.

One thing to keep in mind, though, is that between regularly inspecting your roof, and doing timely repairs when it needs it, you can help extend the life of your roof. Most roofing is designed to last anywhere from 20-25 years, and after that will need to be replaced, but we’ll tell you about some of the tell-tale signs to look for that indicate that you may need to have it repaired or replaced sooner.

In the interior of your house, sagging or water damage is one of the key things that you could look for to see if your roof needs replaced. If the roof deck is sagging, it’s a sign of long term water damage, and should be replaced immediately in order to ensure safety. Water damage on your ceilings, along the walls, or in the insulation is also a sign that your roof is going to need some professional care.

On the exterior, you can look at your roof to see how your shingles look. Shingles can actually tell you a lot about the condition of your roof, and are one of the main things to look at to determine what shape your roof is in.

Missing shingles can be indicative of harsh or severe weather, or can be telling of bigger issues with your roof. If your shingles are curled, especially in the sunny areas of your roof, it can be a sign that your shingles are past their expiration dates and will need to be replaced sooner rather than later. In addition, keep an eye out for missing shingles along the valleys of your roof. That is one of the biggest problem areas, as they have a high leaking potential due to the amount of precipitation that runs down them, and could lead to interior problems such as mold or mildew if not taken care of.

Another big thing you could check would be to see if there are shingle granules in the gutter of your house. An excessive amount of shingle granules (they look dark sand crystals) in your gutter can be a sign that your roof will need to be replaced due to advanced wear. Roofs tend to lose more granules the closer they get to the end of their life cycle.

Roofing repairs should be done by professionals. And if you’re looking for the best professionals to do it, you’ll want to call the most trusted name in roof repairs, Specialty Building Consultants.

*Specialty Building Consultants specializes in Home inspection, EIFS inspection, Stucco inspection and Asbestos testing in Birmingham AL, Huntsville AL, Decatur, AL, Cullman, AL, Athens, AL, Montgomery AL, Tuscaloosa, AL and Nashville TN. New roof installation

Specialty Building Consultants

500 Southland Dr

Ste 134

Hoover, AL 35226

(205) 683-6484

specialtybuilding@gmail.com

Sources:

http://www.angieslist.com/articles/7-warning-signs-you-need-new-roof.htm

http://www.deneveconstruction.com/know-reroof-roof/