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If you’re buying a home, then you’ve probably heard the terms “title” and “deed.” While these words are often used interchangeably, they are in fact different. And it’s important to understand the distinction when you’re getting ready to purchase a home. Let’s take a look at these two common terms.

What is a title?

In real estate, the “title” refers to the concept of ownership of a piece of property. It’s a term that gives you legal rights and ownership as well as responsibilities. Either individuals or groups can hold titles. For example, a married couple can jointly hold the title to a home. Groups such as corporations or trusts can also hold titles. In these cases, everyone in the group shares the rights, ownership, and responsibilities to the property. When you hold the title, you have access to the land and can make modifications to it. In addition, when you hold title, you can transfer the portion that you own to others.

What is a deed?

Unlike a title, which is a legal concept, a deed is an actual legal document. When you hold a title to a property, you transfer it to another person or group with a deed. It is a physical document that is signed by both the seller and the buyer. The person who is transferring or selling the rights to the property is called the grantor. Conversely, the person who is obtaining the rights to the property is called the grantee. When you buy a property, you will receive a signed document called a deed. This deed proves you hold the title to the property. In most states, deeds become part of the records of the assessor’s office or courthouse.

How are they different?

In short, though the two terms are closely related, the title is the concept of ownership whereas the deed is a physical document. The deed is the record of the transfer of title from one person or group to another.

How does the process work?

When you’re buying a property, the lender will perform what is called a title search. A title search is an essential part of the home buying/selling process. The title search will let you know if there are any existing liens or back taxes owed on a property. A title search will protect you from taking on additional debt that you were not aware of. A title search will also uncover whether there are any easements on your property. Typical easements would include the right of a utility company to erect poles to install power lines.

What is title insurance?

Finally, even though the lender researches the title, there are times when an issue can arise down the road, such as a missed lien. For that reason, you purchase owner’s or lender’s title insurance. Owner’s title insurance protects you from being responsible for anything that has happened in the past, such as fraud or unpaid liens. Lender’s title insurance protects the lender in case any of these issues arise. You continue to pay lender’s title insurance until you pay off your mortgage in full.

While titles and deeds are closely related, it is important to know the legal differences when you’re buying a home. When in doubt, seek the advice of your real estate agent.

Compliments of Virtual Results

The holiday season usually brings with it additional expenses. In fact, if you’re not careful, you may discover that you’ve overextended yourself. Perhaps you’re wondering what would happen if you skipped a mortgage payment this month. While we don’t recommend missing a mortgage payment, it isn’t something that you can’t recover from. But you need to be aware of the consequences and the steps you should take to avoid penalties.

Grace periods

First of all, most mortgages have some type of grace period. This means that even if you are late with your payment, if it falls within the grace period you will not incur any late fees. Most loans have a 15-day grace period. If you’re unsure what your grace period is, check with your lender.

Late fees

If you pay your mortgage after the grace period, you will likely incur late fees. These fees are based on the agreement you have with your lender and are calculated as a percentage of your payment – typically between three and six percent. Be aware that even if you don’t include the late fee in your payment, it will add up until that fee is paid. It’s important to pay off those late fees as soon as possible.

Credit consequences

If you miss a mortgage payment, it can affect your credit score. Mortgage lenders will usually report a late payment after it becomes 30 to 60 days past due. Just one late payment can have a big impact on your score. In fact, one late mortgage payment will negatively impact your score more than most other late payments, such as a car loan or credit card. If you have an excellent credit score that’s around 780, your score could drop by as much as 100 points for that late payment. If your score is lower, you may see it drop 60 – 80 points. Remember – that late payment stays on your credit report for seven years.

Foreclosure

One of the biggest worries for most homeowners who miss a mortgage payment is the fear of foreclosure. Although this is a concern you should take seriously, it’s unlikely that your lender will foreclose that quickly. After a period of three to six months of non-payment, your lender will send you a Notice of Default. This puts you on notice that you could be facing foreclosure if your loan isn’t brought current.

What to do

If you’re concerned that you’re going to miss a mortgage payment, then it’s best to be proactive. Contact your lender and explain your situation. You may qualify for a forbearance, which means you get a temporary break in your payments. The terms of the forbearance will vary from lender to lender, but they usually include either a suspension of or a reduction in your payments. During forbearance, your lender will not begin foreclosure proceedings. Once the forbearance period ends, you agree to make your payments in full, including catching up with the past-due amounts. Make sure you get your agreement with your lender in writing, and pay attention to any additional fees that will be charged as a result.

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Is selling your home on your to-do list for 2019? While selling a home can be a big undertaking, it’s much easier if you strategize and set goals. If you’re planning to put your home on the market in the next few months, why not use the New Year to help you get started? Here are seven New Year’s resolutions to make if you’re selling your home next year.

Resolution #1: Make repairs

If you want to list your home in 2019, then make the resolution to finish minor repairs. It’s easy to let small jobs fall off your to-do list. But it’s essential to tackle them before potential buyers view your home. Patch holes in drywall, fix leaky faucets, and replace burned-out light bulbs.

Resolution #2: Clean and de-clutter

When you’re selling, you want potential buyers to be able to imagine themselves in your home. Help them by cleaning, de-cluttering, and de-personalizing. Go through your belongings and purge what you no longer need or use. Box up personal items and keep them in storage until you move. Thoroughly clean the house, including floors and windows. Contact local dumpster rental services if you have collected a large amount of trash or items you want to purge.

Resolution #3: Set a timeline

If you’re ready to sell, then it’s time to make a plan. Set a listing date well in advance so that you can make a timeline and coordinate your efforts. There are many steps involved with selling a home. When you set listing date, it’s much easier to manage your time and be methodical with your approach.

Resolution #4: Stick to a budget

While you may have dreams of completely renovating the kitchen before you sell, it may not be in your best interest. There are some repairs and renovations that will bring a return on your investment – and some that won’t. Take the time to research which renovations will actually improve your bottom line.

Resolution #5: Research comps

Understanding your local market is key when you’re selling your home. Look at recently sold homes that are similar to yours to see what the selling price was. Setting the right price is key to a speedy sale that will make both you and the buyer happy.

Resolution #6: Be realistic

Resolve to be realistic about the selling process. Every seller wants to sell quickly for a high price. But it’s important to know what you can honestly expect in your market. Set a realistic timeline for your sale as well as a realistic listing price. Having unrealistic expectations can cause unneeded stress and worry.

Resolution #7: Partner with a trusted agent

Finally, when you’re preparing to sell your home, resolve to partner with a trusted real estate professional. A real estate agent that is an expert in your local market can help ease the burden of the process and offer suggestions and guidance along the way. An agent will understand the details of your market and can help you set the best listing price for your home. They’ll know how to market it to the right buyers, and can be a trusted partner all the way through the closing process. Interview several agents so that you can choose the one that best fits with your goals and personality.

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Are you worried about having your sensitive financial information stolen over the holidays? Then you may be considering a credit freeze. But if you’re also preparing to buy a home, a credit freeze could become problematic. Here’s what you need to know about credit freezes and how they can affect your ability to qualify for a mortgage.

What is a credit freeze?

A credit freeze is a free tool that consumers can use to restrict access to their credit reports. A credit freeze can be a great idea if you’ve been the victim of identity theft, as it makes it difficult for criminals to open a new line of credit in your name. Since most creditors use your credit report to qualify you for an account, the credit freeze makes it unlikely that you’ll have to deal with fraudulent purchases made in your name.

How do you freeze your credit?

After the Equifax security breach in September of 2018, Congress passed new legislation that requires all the major credit bureaus to allow consumers to freeze their credit reports for free. Previously, a fee was levied each time a freeze was initiated. In order to freeze your credit, you must contact each of three credit bureaus – TransUnion, Experian, and Equifax. They are required by law to respond to your request within one business day if you contact them by phone or online. They have three days to respond if you mail in your request.

How does it affect a mortgage application?

Although a credit freeze can help keep you from becoming the victim of a crime, it also prevents legitimate inquires. This means if you’re applying for a mortgage, a lender will not be able to access your credit report. If they can’t verify your credit history, they can’t estimate your rate or terms. This means when you’re applying for a mortgage and closing on a house, you need to unfreeze your credit. In the past, this could slow down the mortgage application and closing process significantly.

How do you unfreeze your credit?

Fortunately, the new legislation makes it much easier and faster to freeze and unfreeze your credit. When you know you need to unfreeze your credit because the lender will need to pull your report, you will once again contact each of the three credit bureaus. By law, they are required to respond to your request within one hour if you call or contact them online. Be aware that you must be the one to contact each credit bureau. Otherwise, your lender will not be able to access the information they need to proceed with your home purchase. Also be aware that lenders will need to pull your credit history twice – once during the application process and again right before closing.

Should you freeze your credit?

The bottom line is that a credit freeze should not impair your ability to qualify for a home loan. You simply need to be knowledgeable about the process and understand that it’s your responsibility to contact each of the credit bureaus to both freeze and unfreeze your report. Because of the changes in the law, it should no longer significantly slow the home buying process. And you can have the peace of mind knowing that you’ll have the added safeguard against identity theft during the holiday season.

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It’s the holiday season, which means at some point you’ll probably be entertaining in your home in the next few weeks. If you’re somebody who enjoys being a host, then it’s important to think about that when you’re searching for a new home. Here’s what to look for if you want to buy a home that’s perfect for entertaining your family, friends, and loved ones.

Sizable kitchen

No matter how warm and welcoming your home is people always seem to congregate in the kitchen anyway. If you want to live in a home that works well for parties, then make sure it has a sizable kitchen. You’ll want enough room for guests to mingle while still leaving you space to prepare food and drinks. A kitchen island is a definite bonus, as it allows you to create a spread that your guests can nibble on.

Guest bathroom

If you’re planning to regularly host, then it’s advisable to buy a home with a guest bathroom on the first floor. Think about it – do you really want people parading through your bedroom to use the master bath? It’s also a good idea if the guest bathroom is removed from the main gathering area. A little privacy goes a long way to making your guests feel comfortable.

Outdoor space

Ample outdoor space is a must if you like to entertain – especially if you live in a warm climate where you can use the space year round. Having a nice space outdoors allows your guests to spread out and get some fresh air. It also gives you the ability to dine under the stars when the weather is nice, or to host a family barbecue. If you’re in an area where rain is a regular occurrence, look for outdoor space that is at least partially covered.

Good flow

Open concept homes have been popular for some time now, and they’re great if you love to host. Having a large space where all your guests can congregate can make a party feel lively. But don’t worry if your home doesn’t have an open concept, as long as it flows well from room to room. Look for floor plans that make it easy to move around. Small rooms can be great for inspiring intimate conversations so don’t be afraid of homes that have rooms that are on the small side. As long as your guests can move around and there are plenty of places to sit, you’ll be fine.

Adequate parking

Finally, there’s one aspect of the home you need to really consider for entertaining and that’s the parking situation. Ideally, you’d be better off having a large driveway that could accommodate several cars. If street parking is necessary, be sure you understand what the parking regulations are. Do you need a permit to park on the street? If so, that could become problematic when you’re hosting more than a few friends. Also consider how busy the street is and how easy it is to find parking nearby. If parking is a challenge, you’re better off finding a different place.

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Are you feeling a little overwhelmed this holiday season? If you’re buying or selling a home now or in the near future, then you may not have the time or energy to get into the holiday spirit. Not to worry — you can still make your home feel festive with much less effort than usual. Here are some of the best ideas we’ve found to quickly and easily decorate your home this holiday season.

Display ornaments

If putting up a Christmas tree is not in the cards for you this year, there’s no reason you can’t still enjoy your ornaments. There are several ways to quickly and easily create a beautiful display with your favorites. Choose a large bowl and arrange a handful of gold and silver ornaments inside to make an elegant and effortless centerpiece. You can also use several small lengths of ribbon to hang ornaments inside a window where they will catch the sunlight. For some extra sparkle, tuck a few glass or metal ornaments on a plate with pillar candles or hang them from your chandelier to reflect the light.

Forage in your backyard

There’s no reason to spend lots of cash on pre-made wreaths and holiday arrangements. You can recreate the look for much less using what you already have in your yard. Place a few large dry branches in a vase and hang ornaments on them. Trim some branches from your evergreen trees and bushes and display them in a vase or use them to create a base for pillar candles. Single berry branches look beautiful in glass bottles displayed in a group. Even a bowl of pinecones on the coffee table add a comforting, rustic touch to your holiday décor.

Create a candy centerpiece

Since you’re probably already going to pick up some candy to give out as holiday treats, why not get a little extra and use it to decorate? You can arrange candy canes around a vase or pillar candle for instant cheer. Or layer colorful candies in a tall jar and display on your mantle. Instead of ornaments, string candy canes from ribbons in your windows. You can even use them to make a quick and easy wreath. All you need is a little hot glue and a ribbon. What’s great about this idea is that as the holiday winds down, you can give the candy as gifts so you don’t have to worry about packing everything away for next year.

DIY the tree

Who says you have to put up a traditional Christmas tree? If you want to save time, you can DIY your tree with items you probably already have at home. Use string lights and drape them in the shape of a tree on your wall. Repurpose a ladder by stringing it with lights and hanging ornaments from them. Stack books in the shape of a tree and wrap lights around them. Elevate one your houseplants and use it as your tree this year. Create a tower of boxes in different shapes and sizes and top with a star. Or use a tomato cage from your garden and wrap it with lights. It only takes a little imagination to create a Christmas tree that everyone will love.

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Is buying a home your New Years resolution for 2019? Are you unsure where to start? While buying a home can be a complex process, there are steps you can take now so that you’re more prepared when the time comes. Here’s how to get yourself ready (and excited!) to find your dream home in 2019.

Check your credit report

If you’re planning to finance your new home, then you’re going to need to apply for a mortgage. Mortgage lenders rely on your credit report to establish the terms and interest rates for your loan. For this reason, it is imperative that you request a copy of your credit report well before you apply for a loan. You can find out your credit score and take steps to improve it over the coming months. You’ll also see if there are any errors on your report, which will give you time to have them removed.

Pay down your debt

Taking on a mortgage is a big financial responsibility. As much as possible, you should begin paying down your other debt, including car loans and credit card balances. The fewer monthly bills you have to worry about once you’re a homeowner, the better. Decreasing your debt will also improve your credit score, which will net you a better deal on your home loan. In addition, avoid taking out any new debt as you prepare to buy a home.

Save for a down payment

Depending on the type of home loan you qualify for, you’ll need to have anywhere from three to 20 percent of the purchase price of the home saved for a down payment. In addition, you’ll need money for closing costs so it’s best to start saving as early as possible. The larger the down payment you have, the more you’ll be able to spend on a house. Create a savings plan and stick to it.

Determine your budget

Now is also a good time to set a realistic budget for the home you’d like to buy in the New Year. While we all have champagne wishes and caviar dreams, it’s essential that you buy a home you can reasonably afford. There’s nothing worse than stressing out each month about having enough for your mortgage payment. A good rule of thumb is to have approximately 30 percent of your monthly income set aside for housing costs. This includes insurance, taxes, and maintenance so budget accordingly.

Start researching homes

Finally, once you’ve determined how much you can spend on a home, make a list of your needs and wants. Then begin researching neighborhoods and browsing listings. You’ll get a feel for what the market is like in each area and narrow down where you’d like to conduct your search. Get clear on what’s important to you – whether it’s location, number of bedrooms, or whether or not you’ll consider a fixer-upper. The clearer you can be going into the process, the less likely you’ll feel overwhelmed by all your options. The bonus is that it’s fun to begin looking at homes that are available and envisioning what your life will look like as a new homeowner. So have some fun and enjoy the process!

Compliments of Virtual Results

Do you have an annual tradition of exchanging small gifts with your neighbors over the holidays? Or maybe you’ve just moved and you’d like to give gifts as a way to meet your new neighbors? It’s a wonderful way to show your appreciation to the people who call your neighborhood home. If you’re looking for some fun new gift ideas, click here.

Simmering potpourri

If you’re looking for a non-food gift this year, then simmering potpourri is the perfect choice. This is an affordable option that looks beautiful and takes almost no time to make. You can gather all the materials in a pretty box or a mason jar, pop on a bow, and voila! These mixes can be added to water and placed on the stove over low heat for several hours. It will make your neighbors’ homes smell so wonderful and can be used several times. You can make them with simple ingredients that you probably already have in your kitchen. This includes dried herbs, spices like cinnamon and clove, citrus fruit peels, and cranberries. Check out some great recipes here.

Wrapping paper

Don’t you hate it when you run out of wrapping paper and tape? Be your neighbors’ savior and give wrapping paper as a gift. This is a practical and affordable choice that just about everybody can use. And they’ll be glad you saved them the inevitable weight gain of yet another plate of cookies. If you aren’t sure what holidays your neighbors celebrate, opt for a more general-themed paper. If you want to spend a little more, splurge on some really luxurious handmade papers. If you’d like to score a bargain, hit up the post-holiday sales and buy wrapping paper for next year.

Batteries

Have you ever had a child open a toy that needed batteries – and you didn’t have any? That’s a nightmare scenario. Make sure your neighbors have a stash on hand by gifting them batteries. You can buy batteries in different sizes in bulk, and then divvy them up into smaller gifts. Tie them up with a bow and add a tag, and you will be everyone’s favorite neighbor this year for such a creative and useful gift.

Soap or hand sanitizer

It’s the most wonderful time of the year – but it’s also cold and flu season. Help your neighbors ward off the latest bug and stay healthy with a gift of hand soap or hand sanitizer. Buy the soap in a wonderful holiday scent or travel-sized hand sanitizers with holiday themes. Whether you buy soap or sanitizer, you can add a funny label that says “spread cheer, not germs.”

Cookies

Cookies are a traditional holiday gift for a reason – they’re so darn good! And this cookie recipe here will help take your baking skills to a whole new level! You can also purchase cookies at the grocery store or a bakery if you’re short on time. If you want to make them from scratch, there are tons of great cookie recipes online. You can make a pretty presentation by picking up some vintage plates at the thrift store or holiday-themed plates from the dollar store.

Compliments of Virtual Results

Moving can be stressful, and so can the holiday season. If you’re putting the two together, then you may be wondering how you’ll survive. Although moving during the holidays is not an easy task, it can be done without turning you into the Grinch. You may want to hire professional movers like the the pros at House Movers if you’re moving during the most wonderful time of the year, as they will make things much simpler.

Strategize the timing

If you have any wiggle room with your timing, then you can be strategic about it. Try to hold off on moving until the week between Christmas and New Years. That tends to be the least hectic week during the holiday season, and most of your celebrations will be behind you. With a proper plan, you can contact local moving companies ahead of time and compare their rates and services.

Keep one room decorated

Do you love decking the halls? There’s no reason you have to give it up just because you’re moving. While you may not want to unpack every last elf and angel, you should consider decorating one room. This allows you to still enjoy the spirit of the holiday without making too much extra work for yourself. If you need to move any of your normal decor out of the way when you decorate, just go ahead and pack those items up so they’re ready to be moved.

Purge and donate

The holidays are a season of giving, so now is a great time to purge and donate items you no longer need. There’s no reason to drag unused items to your next place. Instead, pack them up and donate them to your favorite charity. It will lighten your load and help out an organization that could use your support.

Consider dining out

If you normally host a big holiday dinner, maybe this is the year to delegate or to dine out. You already have enough on your plate (so to speak) without having to plan and cook for your whole crew. If nobody else is able to host, you can either plan to have dinner at your favorite restaurant or order takeout and eat at home. If you use your special holiday dishes, you can pack them up for moving as soon as you’ve finished cleaning. To really save time and energy, consider using disposable plates and utensils just for this year. Naturblatt sells eco friendly dinnerware products.

Be ready for the weather

We all know how unpredictable the weather can be during the holiday season. Don’t let bad weather derail your moving day. Follow the weather report so you’re prepared the day of the move. Make sure you have all the proper supplies and that everyone has outerwear that will keep them warm and dry. Keep a pot of hot coffee or hot chocolate available at all times so everyone can warm up. Watch out for slippery sidewalks and driveways, and have waterproof materials on hand to cover up any valuable furniture or other items as you unload them from the truck.

Tell Santa

Finally, don’t forget to let Santa know if you’re going to be in your new house before Christmas. Moving is tough on kids, especially in the middle of a school year. Let them write letters to Santa with their new address, and maybe even leave a present from Santa in your new home for the kids to discover the day you move in.

Compliments of Virtual Results

Buying or selling a home can be an emotional transition. Packing up and leaving one home and then getting settled into another is often disorienting. This can be especially tough during the holidays, which is traditionally a time we associate with enjoying the comforts and familiarity of home. If you’re experiencing a transition this holiday season, take heart. There are many reasons to be thankful for this phase in your life. Here are some tips to help you find your gratitude during your transition.

Resist making comparisons

Teddy Roosevelt said, “Comparison is the thief of joy,” and nothing could be truer. It’s tempting to compare how this holiday is different from those in the past, but try to resist that urge. Comparison robs you of your happiness and will make your transition more challenging. Focus on the present and find the small joys in each day.

Get out of the house

When you’re in the process of moving, it can get chaotic inside your house. When you get a little too stressed out, give yourself a time out. Get out of the house and do something fun. Go see a movie or have a delicious lunch. If you’re leaving town, drop in on a friend and let them know how much their friendship has meant to you. If you’re getting settled in a new place, take some time to explore your new neighborhood. Everyone deserves a breather, even when there’s work to do. Those boxes will still be there for you to tackle tomorrow.

Appreciate a fresh start

Everyone has different reasons for moving, and they can be both positive and negative. If you’re feeling conflicted or blue about saying goodbye, practice having a positive mindset. Remind yourself that this is an opportunity for a fresh start. Declutter and purge items that no longer serve you. It can be healthy and productive to work through your emotions and appreciate the possibilities that lie ahead.

Stay organized

One of the toughest parts of moving is not knowing where anything is. Whether you’re packing or unpacking, it’s frustrating to not know where basic items are hiding. Be kind to yourself and stay organized. Make sure you have all the supplies you need, and keep them in a central location. Label boxes once they’re packed. Pack an overnight bag that has some comfort items in it so you’ll feel more at home on your first few nights in the new place.

Practice mindfulness

Finally, one of the best ways to stay grounded during a stressful transition is to practice mindfulness. When you’re worried or anxious about what happens next, you rob yourself of the ability to feel joy right now. Mindfulness is a great way to deal with those uncomfortable emotions. Close your eyes and take a few moments to take some deep breaths. Observe your emotions without judgment. Acknowledge something that you’re grateful for at that very moment. It could be your health, the way the light is coming through the window, or your favorite cat resting at your feet.

Although transitions are often stressful – especially during the holidays – you can and will get through them. Try some of the techniques above if you’re facing a tough transition this holiday season.

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