When Are Closing Costs Tax-Deductible? A mortgage loan entails a number of fees; however, are these closing charges deductible from your federal income taxes? The answer is usually "no." The only closing costs that are deductible in the year you purchase a property are any pre-paid real estate taxes and the points you pay to lower your interest rate. Tax-Deductible Closing Costs Property Taxes Deductible : Property taxes are always deductible. If you pay some upfront, these can be deducted. Escrow Account : Lenders often create escrow accounts for borrowers to pay property taxes and homeowners insurance, allowing you to deduct any property taxes paid in advance. Mortgage Points Definition : Points are fees paid to lower the interest rate, costing 1% of the loan amount. Deduction : Points are deductible in the year paid if used to buy or build a primary residence and other IRS conditions are met. Spread Out Deduction : Alternatively, you can spread out the deduction over the life of the mortgage. Non-Deductible Closing Costs Most closing costs are not deductible, including: Abstract fees Legal fees Recording fees Owner’s title insurance Credit check fees However, these costs can be added to your home's cost basis, potentially reducing capital gains tax when you sell. Homeowner Tax Deductions Mortgage Interest : Deductible on up to $1 million in mortgage debt for homes bought before December 16, 2017, and up to $750,000 for homes bought after. Property Taxes : Deductible up to $10,000 under the Tax Cuts and Jobs Act. Refinancing and Capital Gains Refinancing to a lower interest rate allows similar deductions as primary mortgages. Closing costs from a cash-out refinance used for capital improvements can adjust your home's cost basis and reduce capital gains tax when sold. FAQs Private Mortgage Insurance (PMI) : Deductibility varies by tax year. Property Tax Deduction : Capped at $10,000. Mortgage Interest Deduction : Limited to $750,000 in debt for homes bought after December 16, 2017. Conclusion Understanding which closing costs are tax-deductible helps navigate home buying finances. Start your mortgage application today with V Nation Corp®.

Wraparound Mortgage Pros And Cons Wraparound Mortgages: A Shortened Guide When a buyer can’t qualify for a traditional mortgage, a wraparound mortgage might be an alternative. This financing option helps both parties close the deal but comes with risks. What Is A Wraparound Mortgage? A wraparound mortgage allows the seller to keep their existing mortgage while the buyer’s mortgage “wraps” around it. The buyer pays the seller monthly, and the seller continues paying their original mortgage, often profiting from the interest rate difference. How It Works Seller Financing : The seller offers a loan to the buyer, wrapping the new loan around the existing mortgage. Payment Flow : The buyer pays the seller, who uses a portion to pay their mortgage. Assumable Mortgage : The original mortgage must be assumable, or the lender must approve the arrangement. Example Adam sells a home for $160,000 with a $40,000 mortgage at 4%. Linda, the buyer, gets a $150,000 wraparound mortgage at 6%, paying Sam monthly. Adam profits from the 2% interest difference. Pros and Cons Benefits for Buyers: Easier qualification. Potentially lower closing costs. Benefits for Sellers: Profit from higher interest rates. Access to a larger pool of buyers. Risks for Buyers: Higher interest rates. Risk of foreclosure if the seller defaults. Risks for Sellers: Need for lender approval. Responsibility to collect payments from the buyer. Risk of foreclosure if the buyer defaults. Alternatives to Wraparound Financing FHA Loans : Lower credit score and down payment requirements. VA Loans : No down payment for qualified veterans. USDA Loans : No down payment for rural areas. Bottom Line Wraparound mortgages can help buyers who can't get traditional loans and sellers looking for more buyers. However, they carry significant risks. Consulting a real estate attorney is advisable.

Navigating the mortgage process can feel overwhelming, especially for those without traditional jobs. However, many have successfully secured home loans despite not having a standard paycheck. This blog post will explore effective strategies and solutions that can help you qualify for a mortgage, even in non-traditional employment circumstances. Prove Alternative Income Sources Lenders want to see a reliable ability to repay loans. Showing consistent income from non-traditional sources is crucial. Here are some examples to consider: Investments: Income from stocks, bonds, or rental properties can demonstrate financial stability. For instance, if you're receiving $5,000 annually from dividends or $1,200 monthly from rental income, that can strengthen your mortgage application. Retirement Funds: Payments from Social Security or withdrawals from retirement accounts also qualify as legitimate income sources. For example, if you're receiving $1,000 monthly in Social Security, that can be included in your income assessment. Alimony or Child Support: If you receive $800 monthly in alimony or child support, this can help prove your ability to make mortgage payments. Freelance or Gig Work: Earnings from self-employment or gig jobs can often be substantial. If you earn $2,500 monthly from freelance projects, keep detailed records to show this income clearly to lenders. By providing comprehensive documentation of these alternative income sources, you can build a stronger application that reassures lenders of your repayment capabilities. Show Strong Financial Reserves Demonstrating solid financial reserves can greatly influence lender decisions. A decent savings account or liquid assets can show that you can handle mortgage payments, even with inconsistent income. For example, having a savings cushion that could cover six months of mortgage payments—around $15,000 for a $2,500 monthly mortgage—will bolster your financial profile. This reassurance can lead lenders to view your application more favorably, reducing perceived risks. Provide a High Down Payment A substantial down payment can be one of the easiest ways to lower a lender's risk. A down payment of at least 20% can drastically improve your chances of securing a mortgage. For instance, if you are purchasing a $300,000 home, a 20% down payment of $60,000 not only reduces the amount needing to be financed but can also eliminate Private Mortgage Insurance (PMI). Saving on PMI can lead to monthly savings of $150 to $300. Strengthen Your Credit Profile Your credit score is a critical indicator of your financial responsibility. A high credit score can significantly impact lender decisions. To enhance your credit profile, consider these actionable steps: Pay Off Outstanding Debts: Reducing your debts can improve your debt-to-income (DTI) ratio. A DTI below 36% is often favorable for mortgage applicants. Regularly Check Your Credit Report: Make it a habit to review your credit report for inaccuracies. A single mistake can negatively affect your score. Address these discrepancies promptly to maintain a strong credit profile. Use a Co-Signer Recruiting a co-signer can provide much-needed support to strengthen your application. A co-signer with a stable job and a good credit score adds security to the loan. This may not just enhance your chances of approval but also lead to more favorable interest rates. For instance, if your co-signer has a credit score of 750, you may secure a lower rate compared to applying on your own. Consider Non-Traditional Lenders If traditional banks impose strict requirements, exploring non-traditional lenders can be wise. Some lenders specialize in assisting non-traditional borrowers and often have more flexible criteria that consider alternative income sources. These lenders might look at factors traditional banks ignore, making them a valuable ally for those without typical employment. For instance, a credit union may be more lenient with a borrower who relies on freelance income compared to a major bank. Final Thoughts Securing a mortgage without a traditional job may seem challenging, but it is entirely achievable with thoughtful planning and preparation. By providing alternative income sources, showcasing your financial reserves, making a significant down payment, strengthening your credit score, utilizing a co-signer, and considering non-traditional lenders, you can boost your chances of loan approval. In addition, collaborating with an experienced lender familiar with your unique financial situation can further streamline the process and uncover potential options tailored just for you. If you want to learn more about navigating this mortgage process effectively, reach out for personalized advice tailored to your needs. A cozy and well-lit living room designed for relaxation.

Searching Location for Home in 2024 In the ever-evolving real estate landscape, choosing the perfect home location in 2024 requires a strategic approach. This comprehensive guide delves into key considerations, ensuring you make an informed decision aligned with your lifestyle and preferences. 1. Budgetary Bliss: Begin with a realistic budget assessment, acknowledging the financial cornerstone of your home-buying journey. Explore cities and neighborhoods offering diverse housing options within your designated budget. 2. Tailoring to Your Needs: Craft a personalized checklist based on your unique requirements, considering family size, pets, and lifestyle preferences. Prioritize features such as spacious yards, quality schools, or convenient access to public transportation. 3. Weather Wonders and Lifestyle Harmony: Factor in your outdoor interests and the year-round weather conditions that enhance or challenge them. Opt for locations with climate patterns that complement your desired hobbies and overall lifestyle. 4. Test the Waters: Before committing, embark on a trial stay by vacationing or renting a home in prospective neighborhoods. Gain firsthand experience to evaluate community dynamics and determine if the area aligns with your lifestyle. 5. Agent Expertise for the Win: Collaborate with a seasoned real estate agent, especially if you're new to a city or region. Leverage their local expertise to identify top-notch schools, assess commuter routes, and navigate potential pitfalls. 6. Foresight into Future Developments: Think long-term by considering the future developments and resale value of your chosen location. Stay informed about upcoming projects, such as new schools, shops, and amenities, which can positively impact resale value. 7. Strategic Resale Planning: Even if it's not your forever home, strategically plan for resale by choosing areas with enduring appeal. Homes in desirable school districts tend to command higher prices, making them sound investments. Conclusion: As you embark on the journey to find your dream home in 2024, this comprehensive guide equips you with the tools to make well-informed decisions. From budgetary considerations to strategic resale planning, each factor plays a crucial role in shaping your ideal living experience. With the right approach and expert guidance, you're poised to navigate the dynamic real estate landscape and discover the perfect home location for the year ahead.

What Is An Assumable Mortgage? Assumable Mortgages: A Quick Guide Prospective home buyers have various financing options, and choosing the right one can be tricky. One option to consider is an assumable mortgage. What Is An Assumable Mortgage? An assumable mortgage allows the buyer to take over the seller’s mortgage loan, potentially benefiting from a lower interest rate if rates have risen since the seller purchased the home. Which Loans Are Assumable? Not all home loans are assumable. Most conventional loans aren't, except in special circumstances. However, FHA, VA, and USDA loans can be assumable, subject to specific requirements. How Does It Work? Buyers assume the seller’s loan and must get approval from the lender. Skipping an appraisal can save money, but a home inspection is still recommended. Pros and Cons Pros: Potentially lower interest rates Possible savings on appraisal costs Limited closing costs Cons: Sellers might face financial risk if the buyer defaults Buyers cannot shop around for better loan terms Approval is not guaranteed Qualifying for an Assumable Mortgage Verify the mortgage is assumable. Meet credit score and DTI requirements. Gather necessary documentation. Apply. Pay closing costs and complete the required paperwork. Costs Costs vary but may include assumption fees based on the unpaid principal balance or a flat fee. VA loans usually include a funding fee of 0.5%. Special Situations In cases of divorce or death, the lender will verify the financial qualifications of the person assuming the loan. Bottom Line Assumable mortgages can offer a lower interest rate and simplify the home-buying process. Evaluate the risks and benefits to decide if it's the right option for you. Ready to start your home-buying journey? Get started with V Nation Corp today!

Are you ready to become a successful real estate investor? Are you ready to become a successful real estate investor? For those keen on expanding their business and leveraging outside expertise, partnering with another investor can open up new opportunities. Each investor brings unique experiences and skills, but weighing the pros and cons of forming a real estate partnership is important. Steps to Finding Real Estate Investors Let’s explore how to find real estate investors, the advantages and disadvantages of partnering with one, where to find them, and how to identify a good match. What is a Real Estate Investor? A real estate investor is someone who purchases real estate for profit. Often, a real estate agent or REALTOR® partners with an investor to secure real estate investments or deals. The most obvious way to become a real estate investor is to buy rental property, but there are other methods, including: Investing in real estate stock or a real estate investment trust (REIT) Participating in real estate crowdfunding Renting out part of your home Building a spec home Types of Real Estate Investors When searching for a real estate investor, it’s crucial to understand the differences between each type so you can find the perfect fit. Here are some common types of real estate investors: Private Equity Investors Private equity investors are financial professionals or firms that invest capital directly into private companies. They pool capital from a diverse group of investors, such as institutional investors and high-net-worth individuals, often focusing on operational improvements and other value-addition strategies to enhance profitability. REIT Investors A real estate investment trust (REIT) is a company that owns a diverse portfolio of real estate assets, including residential and commercial properties. REITs allow individual investors to invest in real estate without directly owning or managing properties, mitigating risk across different types of properties. Institutional Investors Institutional investors are organizations that pool funds from various sources to invest large amounts into a variety of financial assets. Known as “market makers,” they wield significant influence as shareholders in the economy and access assets that private individuals typically cannot. Investors often adapt their approach over time, combining strategies or shifting based on market conditions, personal goals, and risk tolerance. A diversified portfolio spanning different real estate sectors can help mitigate risks and optimize returns. When Should Property Investors Consider Partnering? A real estate partnership involves two or more investors purchasing a single investment property. Partnerships can be active, where all parties take responsibility for day-to-day management, or passive, raising capital from less-involved investors. Advantages of a Real Estate Partnership Offers a Range of Talent Partners can bring various skills to the table. One partner may have business savvy and a deep real estate background, while another might excel in creative marketing. Diverse talents can generate a variety of ideas working in harmony. Divides the Workload Managing all day-to-day operations alone can be overwhelming. Sharing responsibilities can reduce stress and increase efficiency. Combines Resources A partner can add significant cash flow, enabling investors to take on projects they couldn't access individually. Risks of a Real Estate Partnership Differing Work Styles or Opinions Partners may have conflicting personalities or management styles, which can lead to disagreements. Uneven Workload Contribution If one partner feels dissatisfied with workload distribution, it can cause complications. Mitigating this risk requires a clear partnership agreement from the outset. Divided Earnings Splitting profits can undermine cash flow, especially in a poor real estate market or with lackluster investments. Finding Real Estate Investors Finding real estate investors and deciding whether to partner with them can be challenging. It’s important to find a fellow investor who balances your strengths and weaknesses and whom you can trust. Potential partners can be found through: Personal network Real estate investment clubs Social media and online resources Real estate agents Conclusion: Start Your Real Estate Journey Whether you're a beginner or have been flipping houses for years, finding a suitable real estate investment partner can significantly impact your success. Start your journey by securing a preapproval for an investment property. Partner with V Nation Corp® and begin your approval process today.

Why Do Mortgage Lenders Require Bank Statements? A Guide to Bank Statements for Your Mortgage Lenders evaluate various factors during the mortgage application process, including property type, credit score, and financial documents like bank statements. What Is a Bank Statement? Bank statements summarize your account balance and banking activity, including deposits and withdrawals, on a monthly or quarterly basis. Why Do Mortgage Lenders Require Bank Statements? Verify Income:  To ensure you can make mortgage payments. Reserve Funds:  To confirm you have enough funds for several months of payments. Closing Costs:  To check if you can cover closing costs. Sourced and Seasoned Funds:  To verify the origin and stability of your funds. What Do Underwriters Look For? Stable Income:  Regular sources like paychecks or royalties. Savings Balance:  Sufficient funds to cover payments in case of setbacks. Large Cash Deposits:  Documentation for any sudden large deposits. Overdrafts:  Frequent overdrafts are a red flag. How Many Bank Statements Will You Need? Typically, lenders require at least two months of bank statements to ensure no recent loans have been taken out to qualify for the mortgage. Providing Bank Statements When Self-Employed Self-employed borrowers may need to provide bank statements over a longer period to verify cash flow and separate business from personal accounts. Bank Statement Loans for the Self-Employed Self-employed individuals can opt for bank statement mortgage loans, which require only bank statements to verify income instead of tax returns or pay stubs. Frequently Asked Questions How do I find my bank statements? Access them through your bank’s website or request a paper copy. What do mortgage lenders use bank statements for? To verify income, cash reserves, and the origin of your money. How far back do mortgage lenders look at bank statements? Usually, 2 to 3 months of statements are reviewed. Can I qualify for a mortgage with bank statements only? Yes, especially if you’re self-employed. What other documentation will I need? Pay stubs, W-2s, tax returns, personal identification, social security card, investment account statements, and a list of monthly debts. The Bottom Line Bank statements are crucial for lenders to evaluate your reliability and verify your income sources. Ready to start your journey to homeownership? Begin your mortgage application now!

How to Calculate Your Estimated Mortgage Payment Using a Mortgage Calculator Are you considering homeownership for the first time but aren’t sure what kind of house you can afford?  If so, the mortgage calculator on the V Nation Corp website is a helpful tool that can assist you in determining your monthly mortgage payments. Let’s explore how this mortgage calculator works and the factors it uses to calculate your monthly payments. Factors That Mortgage Calculators Consider When calculating a mortgage payment, it's important to understand that the loan amount isn't the only factor to consider. Here are the key components that mortgage calculators use to break down your monthly mortgage expenses: Home Price Definition : The final price you negotiate with the seller, not necessarily the initial listing price. Impact : Adjusting the home price in the mortgage calculator can significantly change your estimated monthly mortgage payments. Down Payment Definition : The percentage of the total loan amount you pay upfront before closing on the mortgage. Typical Expectation : For conventional loans, a 20% down payment avoids PMI (Private Mortgage Insurance). However, you can qualify with as low as 3%. Example : On a $300,000 home, a 20% down payment is $60,000, whereas a 3% down payment is $9,000. Benefits : A larger down payment may result in a lower interest rate. Loan Term Definition : The length of your mortgage (e.g., 15-year or 30-year fixed-rate). Impact : A longer term (e.g., 30 years) means lower monthly payments but more interest paid over time. A shorter term (e.g., 15 years) means higher monthly payments but less interest paid overall. Interest Rate Definition : The percentage charged by the lender on the total loan balance. Amortization : Your payments will cover both interest and principal, with interest payments being higher in the early years. ZIP Code Impact : Homeowners insurance rates vary by location, affecting your overall monthly payments. Taxes Definition : Property taxes paid to local government for public services. Impact : Taxes can vary significantly by location and can be included in your monthly mortgage payment via an escrow account. Homeowners Insurance Definition : Insurance that protects your property in case of damage, theft, or liability. Impact : Lenders often require it, and premiums vary based on your home's location, age, and condition. What Does a Mortgage Payment Include? A typical monthly mortgage payment consists of four parts: Principal : The loan amount. Interest : The lender's fee for borrowing. Taxes : Property taxes. Insurance : Homeowners insurance. When budgeting for a home, consider these components to get an accurate picture of your financial commitment. Using the Mortgage Calculator The V Nation Corp mortgage calculator can help you estimate your monthly mortgage payments based on the factors listed above. It allows you to enter various inputs such as home price, down payment, loan term, interest rate, and ZIP code to give you a realistic idea of what you can afford. Getting Preapproved with V Nation Corp For a more precise estimate of how much home you can afford, consider getting preapproved for a loan with V Nation Corp. Our Home Loan Experts will verify your income and assets to give you an accurate idea of your monthly payments and interest rate. Preapproval is quick, easy, and can be done online. The Bottom Line A mortgage calculator is an excellent tool for determining how much house you can afford by considering not just the loan amount and interest but also property taxes, homeowners insurance, and PMI. If you’re ready to take the next steps toward homeownership, start the approval process with V Nation Corp. Apply online or speak to a Home Loan Expert to better understand your financial commitment after closing. Note : This guide simplifies the complex process of estimating mortgage payments, making it easier for first-time homebuyers to understand. If you need further assistance or have specific questions, our Home Loan Experts at V Nation Corp are here to help.

What Happens to Your Home Equity Loan When You Sell Your House Selling a house with a home equity loan requires careful planning to manage your loan and maximize proceeds. Here’s a guide to navigating the process. Understanding Home Equity Home equity is the difference between your home’s market value and the balance of your mortgage. A home equity loan allows you to borrow against this value, creating an additional repayment obligation alongside your primary mortgage. Selling a House With a Home Equity Loan You can sell your home even if you have a home equity loan. However, the loan and your primary mortgage must be fully repaid at closing. Most sellers use sale proceeds to settle these balances. Steps to Take: Review Loan Terms:  Check for prepayment penalties and ensure you understand payoff requirements for both loans. Determine Payoff Amounts:  Confirm balances with your lenders and estimate your potential net proceeds. Hire a Real Estate Agent:  Find an experienced agent to assess your home’s value and guide the selling process. Manage Sale Proceeds:   Proceeds from the sale will first cover your mortgage and home equity loan, with the remaining funds sent to you. Potential Challenges Negative Equity:  If your home’s value has decreased, sale proceeds may not cover your loans. You’ll need to pay the difference or delay selling until values improve. Lender Fees:  Factor in application fees, interest, and other costs tied to the loan. Being Underwater:  If total loan balances exceed the sale price, you’ll owe the shortfall out-of-pocket. Increasing Equity Before Selling Renovations:  Strategic upgrades can boost home value and equity. Regular Maintenance:  Preserve your property’s condition to maintain its value. The Bottom Line When selling a home with a home equity loan, proceeds are used to repay the primary mortgage and the loan. Plan by reviewing loan terms, calculating payoff amounts, and working with professionals to ensure a smooth process.

Manual Underwriting Vs. Automated Underwriting Understanding Manual Underwriting: A Guide for Home Buyers Underwriting is when your lender decides if you qualify for a loan. This can be done automatically or manually. Manual underwriting may improve your chances if you have a unique financial situation. What Is Manual Underwriting? Typically, a computer program makes the decision, but manual underwriting involves a human reviewing your application. This is common if you’re self-employed, applying for an FHA or jumbo loan, or have other unique circumstances. Manual vs. Automated Underwriting Automated Underwriting:  Uses a computer algorithm to quickly analyze your financial data and decide if you meet the lender's standards. It’s fast and cost-efficient. Manual Underwriting:  Involves a human reviewing your finances, which takes more time and documentation. This can be beneficial if you have a unique financial situation. When Is Manual Underwriting Used? Manual underwriting may be used if: You’re living debt-free and have no credit history. You’re new to building credit. You’ve had past financial problems but can demonstrate financial stability. Your debt-to-income ratio (DTI) is high but manageable. Types of Mortgages and Manual Underwriting Conventional Mortgages:  Usually use automated underwriting but can be manually underwritten if necessary. Jumbo Loans:  Often require manual underwriting due to their size and complexity. Government-Backed Mortgages:  FHA, VA, and USDA loans may require manual underwriting, especially if the borrower has lower credit scores or higher DTIs. How Manual Underwriting Works Collection of Financial Information:  Lender asks for extensive documentation like bank statements, tax returns, and employment verification. Credit Report Review:  The lender looks at your credit history and may ask for proof of consistent on-time payments if you have no credit. Income and Assets Review:  The lender assesses your income, employment stability, and assets to ensure you can make mortgage payments. Debt and Liabilities Review:  The Lender evaluates your DTI and other financial obligations. Collateral Review:  The lender checks your down payment source and orders a home appraisal. Final Decision After reviewing your information, the underwriter will decide to approve, deny, or ask for more documentation. Respond quickly to any requests to keep the process moving. The Bottom Line Manual underwriting involves a thorough review of your finances by an actual person, which can be beneficial if you have unique financial circumstances. It requires more paperwork and time compared to automated underwriting. If you’re already preapproved, the next step is to talk to your mortgage lender about ordering a home appraisal. Reach out to V Nation Corp to start the process for faster closing on your home loan.

What Is A Final Walk-Through? Final Walk-Through Checklist for First-Time Home Buyers Introduction The final walk-through is a crucial step before closing on your new home. It ensures everything is in order and meets your expectations. What Is a Final Walk-Through? A final walk-through allows buyers to inspect the property room by room, verifying that everything is in the same condition as when they last saw it and that any agreed-upon repairs have been made. Final Walk-Through Checklist Inspection Repairs Bring your home inspection summary and offer letter. Verify all agreed-upon repairs are completed. Request warranties or receipts for repairs. Belongings Moved In or Out Ensure the seller has moved out completely. Check all rooms, closets, attic, basement, garage, and sheds for left-behind items. Confirm all items included in the purchase agreement are present. Locks and Windows Test all locks and windows for proper function. Check for defects in window screens and ensure they are secure. Test alarm systems on windows and doors. Appliances Verify all appliances (oven, dishwasher, washer, dryer, HVAC, etc.) are working. Run water in all sinks, showers, and toilets. Check garage door and security system functionality. Mold Inspect moist areas like the bathroom and kitchen for mold. Check under sinks, around toilets, and near the refrigerator. Electricity and Outlets Test all outlets with a charger. Inspect electrical switches and light fixtures for damage. Ensure doorbells and garage door openers work. Backyard and Outdoors Inspect the yard and landscaping for any missing plants or trees. Check the condition of fences and gates. Inspect the pool, irrigation system, and any sheds for damage. Pests Look for signs of termites, rodents, or other pests. Inspect the chimney and areas where pests might nest. What to Do If You Find Issues If you find problems, consider the severity: Minor issues: Request the seller to fix them before closing. Major issues: Delay closing, withhold money for repairs, or consider legal action if necessary. Final Walk-Through FAQs Who Attends?  Usually, the buyer and their real estate agent. When?  A few days before or on the day of closing. Duration?  15 minutes to an hour, depending on the home size. Can You Back Out?  Yes, if significant issues are found that breach the contract. Conclusion The final walk-through is your last chance to ensure your new home is in the condition agreed upon. Address any issues with your real estate agent to find the best solution. Ready to start the home buying process? Begin your mortgage approval with V Nation Corp® today. Inspection Repairs Bring your home inspection summary and offer letter. Verify all agreed-upon repairs are completed. Request warranties or receipts for repairs. 2. Belongings Moved In or Out Ensure the seller has moved out completely. Check all rooms, closets, attic, basement, garage, and sheds for left-behind items. Confirm all items included in the purchase agreement are present. 3.Locks and Windows Test all locks and windows for proper function. Check for defects in window screens and ensure they are secure. Test alarm systems on windows and doors. 4. Appliances Verify all appliances (oven, dishwasher, washer, dryer, HVAC, etc.) are working. Run water in all sinks, showers, and toilets. Check garage door and security system functionality. 5. Mold Inspect moist areas like the bathroom and kitchen for mold. Check under sinks, around toilets, and near the refrigerator. 6. Electricity and Outlets Test all outlets with a charger. Inspect electrical switches and light fixtures for damage. Ensure doorbells and garage door openers work. 7. Backyard and Outdoors Inspect the yard and landscaping for any missing plants or trees. Check the condition of fences and gates. Inspect the pool, irrigation system, and any sheds for damage. 8. Pests Look for signs of termites, rodents, or other pests. Inspect the chimney and areas where pests might nest. What to Do If You Find Issues If you find problems, consider the severity: Minor issues: Request the seller to fix them before closing. Major issues: Delay closing, withhold money for repairs, or consider legal action if necessary. Final Walk-Through FAQs Who Attends?  Usually, the buyer and their real estate agent. When?  A few days before or on the day of closing. Duration?   15 minutes to an hour, depending on the home size. Can You Back Out?  Yes, if significant issues are found that breach the contract. Conclusion The final walk-through is your last chance to ensure your new home is in the condition agreed upon. Address any issues with your real estate agent to find the best solution. Ready to start the home-buying process? Begin your mortgage approval with V Nation Corp® today.

Home Buyer’s Guide to Finding Property Liens How to Find and Remove Liens on a Property: A Guide for Home Buyers Imagine you’re searching for your dream home, only to find out there’s a lien on it. Liens are legal claims attached to the property, not the owner, which can lead to complex obligations that stay with the home. How to Find Property Liens To avoid purchasing a home with hidden debts, follow these steps: Search Public Records : Use county recorder or assessor websites to look up liens. This is usually free, though there may be a fee for official document copies. Conduct a Title Search : A title search verifies ownership and identifies liens. You can hire a title abstractor for an in-depth report on the property’s history. Check Credit Reports : Some liens appear on credit reports, though tax liens do not. Work with a Real Estate Agent : Agents can run a title search, helping ensure a clear title before purchase. How to Remove a Lien on a Property If you find a lien, here’s how to address it: Pay Off the Lien : Once settled, the lien holder should file a release with the county recorder. File a Dispute : If the lien is invalid, gather documentation and work with a real estate attorney if necessary. Request a Lien Release : After paying, request a satisfaction of lien from the lien holder, then file it with the recorder’s office. Types of Property Liens Mortgage Liens : Remain until a mortgage is paid. Income Tax Liens : The government claims your property if income taxes are unpaid. Property Tax Liens : Local governments place liens for unpaid property taxes. Judgment Liens : Result from court judgments. The Bottom Line Check for liens early in the buying process to avoid unexpected debt. At V Nation Corp®, we can assist you with the mortgage and provide the expertise needed to navigate homeownership confidently.