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Tamara Hargrove

Homeowners’ Insurance

April 11, 2022 by Tamara Hargrove

Buying a home is a big purchase, making it especially important to protect your financial investment. Homeowners’ insurance is the best way to mitigate the financial losses occurring after the unthinkable happens. But to make sure you’re getting the policy that works best for you, take the time to learn about what makes up an insurance policy, what the various terms in a policy mean, as well as what is generally covered in a homeowners’ insurance policy.

First things first, what is homeowners’ insurance?

Homeowners’ insurance, or home insurance, is a coverage policy that when purchased provides the homeowner protection across a variety of situations. While the specifics of what is covered is dependent on the policy you purchase, policies will typically include dwelling, personal property, as well as liability coverage.

At times, you might see home insurance policies referenced as HO-1 through HO-8, which are common labels for the different levels of policies and coverage. HO-3 is considered the most common type of homeowners’ insurance, and will generally provide suitable coverage for most people, with HO-8 being the most comprehensive coverage. However, when searching for your policy it is important to review the different levels of coverage and decide which is best for your needs and situation.

What type of coverage may be included in your policy?

While you should always read your policy to confirm the specifics of your coverage, it’s good to have an idea of what kind of protection options are available when you are shopping for a policy. The types of coverage that are considered standard are:

Dwelling Coverage

This type of coverage is to protect the physical structure of your home, normally in instances such as fire, lightning or wind damage. Keep in mind this coverage pertains to structures that are attached to your home, and therefore a detached garage or shed may not be covered.

Personal Property Coverage…

…for personal property is extended to your belongings (which may include clothing, electronics and furniture) in the event that they are lost or damaged. At times this type of coverage may apply even if the item is not on your property, such as items kept in a storage unit.

With this kind of protection, it’s possible you may see references to reimbursement of actual cash value or replacement cost coverage.

Actual cash value is the cost of replacing your belongings with depreciation of value being taken into consideration. Replacement cost coverage covers the expense of buying items of the same type (and with that, same quality) when you make your claim.

Liability Protection

With liability protection, you may receive coverage if you or a family member are sued for damages or injury, such as someone being injured in your home and finding you at fault. Liability protection can offer some coverage for the legal fees incurred after being found legally responsible.

Medical Protection

Also sometimes referred to as guest medical protection, this coverage extends to the medical expenses incurred if someone is injured on your property.

So how much does homeowners’ insurance cost?

The cost of your policy is going to be based on a lot of things including but not limited to: your deductible (or amount you have to pay out of pocket for claims), location of your home (based on risk factors specific to that region), materials your home is made out of, as well as the age of your home.

Make sure that when shopping for any type of insurance you receive multiple quotes and read the coverage details carefully to determine the best option for you.

While it’s not a requirement to have a policy providing coverage for your home in Nevada, keep in mind that some mortgage lenders may require the purchase of a policy as a condition for extending the loan. For this reason, and to educate consumers, the Nevada Department of Business and Industry (Division of Insurance) has provided a comprehensive guide to home insurance.

Filed Under: Uncategorized

Buying a Home: Preparing Financially

March 26, 2022 by Tamara Hargrove

Buying a home is a big financial investment, making it incredibly important to get your finances organized before even starting the house hunting process. But, with so many things to do when preparing to buy a home, where do you even start?

These helpful hints will give you a basic guide to the financial preparation needed before buying a home.

Check your Credit Report

Credit scores are impactful, which is why it’s always important to check your credit report. Interest rates on your mortgage, whether you stand to be prequalified or get preapproved, as well as the amount you are loaned, are all heavily influenced by credit score.

While your credit score may reflect differently depending on the company generating it, you are entitled to one free credit report from the three major credit reporting companies, Equifax, Experian and TransUnion once per year using the federally approved site, AnnualCreditReport.com.

Keep in mind that most mortgage lenders use FICO® scores for lender reliability.

Check your credit report very carefully to make sure there are no errors, or cards listed that you don’t recognize. The U.S Department of Housing and Urban Development (HUD) has counselors available to help you obtain a credit report and review it for errors.

Determine Your Monthly Spending…

There are a lot of costs involved with buying a house, so it is important to have a clear understanding of how much you can put as a down payment, feasibly pay for your monthly mortgage payment, as well as accounting for closing costs.

It’s recommended to review your spending over a period of months to have a strong frame of reference on what your budget looks like to take into consideration how different housing options will fit in with your budget.

…And Use This Information to Help You Determine Your Budget

Your monthly payment after buying a home will include various things – including property taxes, interest, mortgage principal, as well as any insurance such as homeowner or mortgage insurances. These are in addition to utilities paid or potential Homeowners Association (HOA) dues.

Having a clear understanding of your monthly budget will help you take into consideration the affordability of different homes, allowing you to confidently pick a home within your budget.

Gather Your Financial Information and Explore Your Options

Remember that you have options when it comes to finding a lender, so it is good to shop around for a mortgage. Make sure that you understand the different type of loan options and the three components that make one: loan term, Interest rate type, and loan type.

Are you a veteran? Make sure to take advantage of the VA’s Home Loan Guarantee Program.

To make sure that you have all the information you need available when you find the right lender, have an application packet ready. This typically includes W-2 information for the past two or more years, bank statements and other documentation. The Consumer Financial Protection Bureau offers a comprehensive list of documents you should have ready, helping your application process go as quickly as possible.

While there’s a lot to keep in mind when it comes to buying a home and how it impacts you financially, by taking the initial steps in examining your finances and budget you’ll be starting off your search for a new house in the best position possible.

To help you organize the steps you’ve taken in preparing financially, consider using this checklist to keep track of the entire financial preparation process.

Filed Under: Uncategorized

5 Tips on Searching for Your First Home

March 8, 2022 by Tamara Hargrove

While preparing to buy your first home is exciting, it can easily begin to feel overwhelming once first-time homebuyers begin house hunting.

Here are 5 tips to help you in your search for your dream home.

1. Get Pre-Approved for a Mortgage

Applying for pre-approval for a mortgage is a good thing to do once you begin your house hunt. It’s important to know that preapproval is different from pre-qualification – the main difference being that while being pre-qualified for a mortgage estimates the amount you may be loaned, a preapproval letter will provide an exact amount that you will be loaned.

This will be very helpful in making sure that you can find a great home while making sure that it stays within your budget. Keep in mind that pre-approvals are typically valid periods of up to 90 days, so make sure to check with your lender to verify how long you’re pre-approved for.

2. Give Yourself Time to Shop

It can be easy to want to pick a house right away – especially if your initial search for a home hasn’t yielded many results. But while you may be eager to secure a home, buying a home is a long-term investment, making it so important that you invest in the right home for your situation.

When searching for your first home, keep the big picture in mind – maybe there’s a house you’d be willing to settle for now, but will it fit in with your plans in 10 -15 years?

Consider the goals you have, and how the home fits in with them.

3. Determine and Identify Your Wants vs. Needs

If you close your eyes and picture your dream home, what do you see? Maybe you imagine the idyllic white picket fence and single-family suburban home, or maybe you imagine a quaint cottage far removed from the bustle of city life.

Whatever your perfect home might look like when imagined, it’s important to keep in mind that it may not look like the house that ends up being perfect for you.

Take the time to write down everything you hope to find in a home. From this list, identify not just the characteristics that are most important to you, but also areas that you may be willing to compromise on. Doing so will widen the scope of your search and make it more likely that you’ll find a great home.

4. Work With a Realtor

Making sure that you work with a realtor is the smartest way to navigate your journey in buying your first home. Your realtor will know the market better than anyone and will have access to listings you may not have found when searching online.

Discuss the list you’ve made of your wants and needs in your home, and let your realtor know if you’ve already gotten pre-approval or pre-qualified for a mortgage. Your realtor will work with you in making sure you find a home you’ll love – within your budget.

5. Check out Resources for First-Time Homebuyers

There’s a ton of resources available for first time homebuyers, and it’s a wise choice to take advantage of them. The U.S. Department of Housing and Urban Development (HUD) provides helpful information on homeowner education, including HUD approved pre-purchase counseling services, information for owning a home, as well as providing homeownership assistance.

Using these tips you’ll be prepared to search for and land your first home. Congratulations on making the decision to become a first-time homebuyer and happy hunting!

Filed Under: Uncategorized

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