NSH Mortgage Reports

 

7 Important Factors To Look For In A Rental Agreement Or Lease

Alert: 7 Important Factors To Look For In A Rental Agreement Or Lease   Rent Versus Lease: Key Differences You are looking to rent a home. Here are seven important factors to look for in a rental agreement or lease. NSH Mortgage has the knowledge and tools to help you out in choosing a perfect rental agreement or lease that is within your budget and help you in finding the best rental home you wanted. Here are some important questions you would usually ask yourself while looking into buying or renting a home or apartment. For instance, would you be better off with a rental agreement or lease, and is there even a difference between the two? Rental agreements are generally month to month, and either you or the landlord can end the agreement with 30 days’ notice. They allow you maximum freedom to move when you want. Leases have longer duration, generally at least six months. Rental agreements allow landlords to increase your rent or change the terms almost any time. Leases tie you down longer but protect you from rent raises. Leasing gives you more rights than renting. But it also locks you into more obligations for longer. Read on to discover all you need to know to choose the one that will suit you better.   Rental Agreement Or Lease, The Key Differences In a general sense, all leases are rental agreements and all rental agreements are leases. Lawyers and landlords commonly use the terms to differentiate between two types of contract. So which you sign makes a difference.   Rental Agreement A rental agreement typically covers a month to month tenancy. You sign up to a rolling contract that automatically renews. However, you or your landlord can give notice (usually 30 days) to the other at any time. That can bring the arrangement to a close once that notice period expires. Because this contract gives both parties a right to end their relationship quickly, your landlord will have much more discretion to change its terms whenever she feels like it. All she has to do is give you a written notice. She could suddenly hike your rent, impose a pet ban or prohibit overnight guests. If you do not like it, you give notice in writing and find a new place. This arrangement suits many, mostly because it does not tie them down. If you are…

7 Updated Facts That Help You Get Approved For An Apartment In 2018

7 Updated Facts That Help You Get Approved For An Apartment In 2018   What Landlords Want It used to be a lot easier to get approved for an apartment, but during the past few years, rental rates have soared. Seven updated facts that help you get approved for an apartment in 2018. NSH Mortgage has the knowledge and tools to help you with getting a great approval rating on any apartment that you want to choose from. In addition, landlords can be somewhat picky people. The result is that you need more than cash to get an apartment. You need a good rental application. Enough income to make the payments. The assurance that you will care for the property and not disturb neighbors. Good financial management, so you will pay on time.   Income Landlords want to be certain that you can afford the property without missing payments. Many landlord guidelines recommend that your before tax monthly income be about three times the monthly rent. Seven factors that will help you become ready to buy your first home. If you have no debt, great references from previous landlords and excellent credit, you may be able to push the envelope on this one. Or if you are willing to put up a bigger deposit or add automatic payments.   Stewardship It might seem odd that taking good care of the property is the leading issue for landlords. But you can see why the condition is so important. There is any number of people with cash to make monthly payments. But if a tenant makes payments and also damages the property, the values of those payments diminish pretty quickly. As a landlord it is understood that sometimes things tend to break and that from time to time the place requires repairs and replacements. For instance, it really does happen that at times your refrigerator may fail but, this does not every year or two. Electric stoves burners can also go bad but, if a tenant wants new burners every few months, you might be dealing with someone who does not know how to cook. That is not a stove problem, that is a tenant problem. You can help yourself get approved for an apartment in two ways. First, obtain a letter from your current landlord saying that you have taken good care of the property. Secondly, do not be surprised if the…

7 Important Tips For Renters On What To Do If Your Roommate Moves Out And What To Do If Your Name Is Not On The Lease

7 Important Tips For Renters On What To Do If Your Roommate Moves Out And What To Do If Your Name Is Not On The Lease   Get Advice For Renters On Local Sub-Tenant’s Rights Your roommate had the worst news ever for you with moving 100 miles away, but their name is the only one on your lease. Seven important tips for renters on what to do if your roommate moves out and what to do if your name is not on the lease. NSH Mortgage has the knowledge and tools to help you figure out all of the options you have if your roommate moves out and your name is not on the lease. You need advice for renters fast. What should you do? If you are not on the lease, you are considered a subtenant, not co-tenant in most states. That means you have fewer rights in many cases. Depending on where you live, you may have a succession of rights or the ability to take over the lease. Here is what you need to know and do before you move or negotiate a new lease.   Sublets And The Law You will first want to learn if the landlord tenant laws where you live allow subtenants to stay if a primary tenant moves. These laws can be complicated, and vary widely by location. They often depend on what rental type you have. In New York, for instance, primary tenants do have a legal right to add roommates. But within states, laws can vary by county or city, so do not count on state law alone to help you. Should I buy a house or rent? Subtenants may have a harder time staying on in rent controlled or rent stabilized unit leases. In New York, you may not have a right to that low rent even if you can prove that you have the succession rights. Landlords often want rent stabilized tenants out to hike the rent up to market rate. So expect a serious, long, legal battle to remain in rent stabilized apartments. New York City law requires you establish a specific family like relationship with the previous tenant to keep a rent stabilized rental. In San Francisco, you will need to prove you were a co-tenant by documenting direct interaction with your landlord. That might be correspondence, rent receipts or canceled checks to the landlord.   Roommate: You Got…

12 Important Factors To Consider Before You Sign Up For A Lease With A Roommate

12 Important Factors To Consider Before You Sign Up For A Lease With A Roommate   Get Out Of A Lease With A Roommate The Right Way Even the best plans can fail, and you may have to get out of a lease with a roommate, despite your best intentions. Twelve important factors to consider before you sign up for a lease with a roommate. NSH Mortgage has the knowledge and tools to help you figure out all of the options you have when trying to find out if moving in with someone will help you out financially. Here are a few steps on how to minimize the fallout: Give as much notice to your landlord as you can. Show prospective tenants around while you are still there, and sell the place hard. Try to find replacement tenants yourself. Sneaking off in the dead of night is not fair and it might put you on the path of receiving a lawsuit.   Roommates In Real Life When Americans think about home sharing, they often imagine idealized situations. And never believe that they might have to get out of a lease with a roommate.  TV shows like: Friends, The Golden Girls, or The Big Bang Theory which depicts fun times with like minded people who fulfill your social and emotional needs and care for you deeply. But all too often, the reality is very different. At best, it is more like The Odd Couple, with additional added personal hygiene issues.   About Roommates And Numbers Although some may look forward to sharing accommodation because they think they will have excellent roommates, while most are driven by economic necessity. A 2017 study by Trulia, found millennials particularly are unable to afford their own apartments. That is because they often have low salaries and high debts. In San Francisco, it costs 37% of a millennial’s median salary to rent an average one-bedroom apartment. Whereas, in Miami it costs 54% of a millennial’s median salary to rent. A small number of people wonder what to do, while relatively few millennials manage to set up homes on their own.   Sharing Statistics Of course, a few young adults will probably end up moving back in with their parents while some may never move out. Pew Research Center recently took a look at doubling up. That can be defined as sharing accommodation with an adult with whom…

Alert: 10 Steps In Discovering What Kind Of Credit Score Is Needed To Rent An Apartment

Alert: 10 Steps In Discovering What Kind Of Credit Score Is Needed To Rent An Apartment   Credit Score Needed For Rental What level of credit score is needed to rent an apartment? Alert ten steps in discovering what kind of credit score is needed to rent an apartment. NSH Mortgage has the knowledge and tools to help you in figuring out what kind of credit scores are a good requirement to help you get an apartment. It depends on many factors. Indeed, some landlords do not check prospective tenants’ credit scores at all, but many do. Moreover, knowing what they are likely to expect can save you the heartache and embarrassment of being turned down for a lease. Some landlords do not check credit, or you can be a roommate without a credit check. Less expensive rentals require 600 to 620 FICOs. Premium, more expensive apartments and homes require 740 or higher.   Fewer Than Half Check Renter Credit Back in 2014, credit bureau, TransUnion asked a sample of landlords whether they check a prospective tenant’s credit score when renting a home. Surprisingly, fewer than half (43%) said they did so. However, that statistic may be seriously misleading. To start with, four years are a long time in real estate, and that number may well be way out of date. Additionally, big landlords and rental management companies often have portfolios of hundreds or thousands of homes. They are more likely to verify credit than their smaller counterparts. But they count as one landlord in this survey, the same as an individual who rents out just one home. In other words, had TransUnion analyzed the number of leases rather than the number of landlords, that 43% might have been much, much higher. So do not be surprised if most or all your applications to rent a home come with a credit check.   Avoiding Credit Checks It may not matter what your credit score is. If you establish some personal connection or can show that you are perfect by providing references and pay stubs, you increase your chances. How likely that is will depend mainly on two factors: How big the landlord is and whether a rental agency is used. Which kind of home you are renting.   Small Landlords Often Are Less Credit Conscious Any landlord is free to run credit checks, and many smaller ones do. Small landlords make their own…

6 Important Steps You Should Follow When Looking For A Good Rental Property And Which Apartment Finder Websites Can Help You

6 Important Steps You Should Follow When Looking For A Good Rental Property And Which Apartment Finder Websites Can Help You   Finding A Rental: Start Your Search Online Apartment finder websites are magical online services that let you look for rental units without fuss or muss. Six important steps you should follow when looking for a good rental property and which apartment finder websites can help you. NSH Mortgage has the knowledge and tools to help you in finding a suitable home that you can live in for rent and help you in getting it. Use them and you will not be alone. According to ComScore, the leading sites pulled in nearly 35 million visitors just in January. Apartment finder websites are popular for two reasons. First, more than 110 million in the US, about three times the total population of Canada rent. Second, good rental units are tough to find. You want the largest selection and online sites have huge numbers of easily searchable rentals.   Before Your Search Before you begin your search, you will need to determine what you can afford. One rule of thumb is that you should not spend more than one-third of your gross before tax monthly income on your rent. However, that can be decreased if you also have savings goals perhaps to buy a house, other high payments like student loans or expensive hobbies. On the flip side, if you have no other debts and you have a decent amount of emergency savings, you may be able to spend more on your rental. Decide if you can live alone or if you need to split costs with a roommate to get what you want. Create a list of must haves and extras that you will use when filtering your search results. For instance, you might require a pet friendly home no more than half-an-hour from your job. In addition, an extra amenity might be a community gym or swimming pool.   When Choosing Your Neighborhood Chances are that you want to be near your work, school or favorite activities when you move into an apartment or rental house. There are probably several neighborhoods at different price points you can explore. If you are on a budget and who is not, consider neighborhoods that are less trendy or just slightly off the beaten path. You may get a safer space, more amenities and…

5 Easy Factors That Will Help You In Finding The Best Homes Up For Rent

5 Easy Factors That Will Help You In Finding The Best Homes Up For Rent   Rental Housing: Get The Most For Your Money At first glance, homes for rent may look like any other products: you shop around, you choose, you buy or rent. Five easy factors that will help you in finding the best homes up for rent. NSH Mortgage has the knowledge and tools to help you in finding a suitable home that you can live in for rent and help you in getting it. But it is not that easy because landlords, unlike most retailers, are picky about their customers. You need to be as persuasive at selling and proving your trustworthiness as the person who shows you the home is at highlighting the property’s features and amenities. To get the best homes for rent, you need to be an attractive prospect for landlords. Check your credit and clean it up or at least explain any blemishes. Get references in advance. Choose property you can afford so they know you will be able to pay on time. Here are five steps that will aid you in finding an apartment or house you want and then help you move forward with signing the lease.   1. Think Like A Landlord A highly effective technique when you are selling anything is to put yourself in the shoes of the person who is buying. You are selling your attractiveness as a tenant, and the person buying is your prospective landlord. Know What Your Landlord Values Try to imagine what a landlord sees as an ideal tenant. You then want to paint a mind portrait with yourself in that role. Especially, create the thoughts of wanting someone who is going to: Pay rent reliably and on time, so that, when the landlord pulls your credit report and score they are in good standings. In addition, always take care of the property. A small landlord will be entrusting a big part of their net worth into your hands. Abide by the rules. Your lease will contain some duties and obligations that you must observe, including not causing a nuisance to neighbors. Be low maintenance. Of course, you are entitled to report issues and get them fixed.  Do so with a sense of reasonableness and proportionality: there is a difference in urgency between a failed hot water system and a single power outlet…

3 Factors To Consider With Housing Affordability Still Being High, Yet The Home Prices Are Still Increasing

3 Factors To Consider With Housing Affordability Still Being High, Yet For Home Buying The Prices Are Still Increasing   Incomes, Interest Rates Have Kept Affordability In Check Despite rising home prices, American housing is actually reasonably affordable. Three factors to consider with housing affordability still being high, yet for home buying the prices are still increasing. NSH Mortgage has the knowledge and tools to help you in finding out your housing affordability opportunities and with the rise in home prices. According to the recent Real House Price Index from First American, today’s home buyers currently possess a historically high level of house purchasing power.   Affordability Crisis Has Been Overstated Talk of an affordability crisis is over stated. In fact, consumer home buying power, the how much someone can buy based on average income, interest rate and home price, is actually up over the year. Home buying power has risen by nearly a full percent from November 2016 to November 2017. In addition, even though real home prices increased only by 5% over the year, they are still 37.7% below their 2006 yearly peak. While they are also more than 16% below their 2000s yearly numbers. Furthermore, with incomes increasing rapidly, yet they are not able to keep pace with the rising home prices. Forgotten to factor in the comparison of income growth and unadjusted home price growth is the change in household income. Which is not the only factor that influences how much home one can actually afford to buy. A consumer’s home buying power which is result of how much one can afford to buy, including by the changes in mortgage interest rates. Even if one’s income does not change, but interest rates go down home buying power increases. Additionally, because mortgage rates have decline since their historical averages, home buying power is up. In fact, consumer home buying power has increased by 2.3 times higher than it was in the year 2000. It is also only 2.9% below the peak in July 2016. Thanks to the long run trend in mortgage interest rates going downwards from a peak of 18% in 1981. The housing market has benefited from consistently increasing home buying power. Home buyers today have been seen with historically high levels of home purchasing power. Actually, that is one important reason why, even as unadjusted home price growth has exceeded household income growth. Which starts the talk…

5 New Factors That Help Homeowners Choose Whether To Buy A Rental House Or An Apartment

5 New Factors That Can Help Homeowners Choose Whether To Buy A Rental House Or An Apartment   What Is Better: A Rental House Or Apartment? In most real estate markets today, you can get either a rental house or apartment, but is there a reason why one might be better than another? Five new factors that can help homeowners choose whether to buy a rental house or an apartment. NSH Mortgage has the knowledge and tools to help you in choosing whether to buy a rental house or an apartment. Figures from the National Multifamily Housing Council show that among renters, 43% live in single family homes, 17% in small rental properties with two to four units, 5% in mobile homes, and 35% in larger apartment properties with five or more units. There are big differences between rental houses and apartments, differences which can significantly impact your economics and quality of life.   Larger Complexes Vs Individual Homeowners Large apartment properties are likely to have a professional management. This means there is a representative of the landlord on the property, often someone who actually lives there. Their role is to acquire tenants, make sure that required services are provided, and collect the rent. Alternatively, single family rental houses are often self managed, not by the owner but by the tenant. The lease will spell out who is responsible for what, and this can be a very good deal for renters. Essentially, this is a situation in which the owner says, “Let is make a trade. You live here, you take care of the place, and I will keep the rent at a reasonable level.” In such situations, what owners are really saying is that if you self manage, there is no need to pay the rental manager. The result is a lower cost for the owner, and thus a greater ability to hold down the rent. There is a mutual interest both parties have in keeping the deal going.   Rental House Or Apartment: Pets There are tens of millions of dogs and cats beloved by their owners. But, alas, for landlords, pets can present problems. Landlords may have some difficulty getting homeowners insurance for rental units if certain dog breeds are on the property. Single family landlords may be more open to pets than large apartment complexes because they can adjust lease requirements to individual properties.   Amenities A large apartment…

5 Important Reasons Why First-Time Home Buyer Have Been Buying Homes Recently

5 Important Reasons Why First-Time Buyers Have Been Buying More Homes Lately   First-time Buyers Rise To The Occasion Ask any first-time home buyer about their home search, and you will probably hear that the quest is not easy. It is tough saving up for a home. Five important reasons why first-time buyers have been buying homes recently. NSH Mortgage has the knowledge and tools to help you out with the recent changes in today’s housing market with first-time buyers looking for a good home. Landing a mortgage at the desired rate can be tricky. Moreover, beating out contenders to the right home requires good timing. Indeed, fresh numbers show that first-timers are not giving up. In fact, they are buying more homes than they have in 12 years which is a good sign for the market. Alternatively, it may encourage others to pursue their dreams of owning. If you are eager to buy your first home, the good and bad news is that you are not alone. But with careful planning and the right approach, you will stand a better chance of buying your first home sooner.   What The Research Found A new report by Genworth Mortgage Insurance had some big findings about first-time home buyers: With over 2 million new or resale homes bought in 2017. That is a 7% increase over 2016. It also makes 2017 the strongest year for the first-time buyer market since 2006. Notably, they have been buying more than half a million single family homes last quarter. That makes it the best fourth quarter for first-timers since 2006. For one thing, they bought 39% of all single family homes sold. They consider 55% of all purchase mortgages have been able to support the last quarter. In particular, they have financed nearly 400,000 homes using low down payment mortgages last quarter. That makes it the strongest fourth quarter for low down payment loans since 2000. First-time home-buyers guide.   Why This Data Matters In fact, it has been noted that there has been a 40% growth among first-time buyer purchases since 2014. It accounts for over 80% of the growth in home sales since 2014. That has had a big impact on the housing market. Today, they believe the housing market is more mature than it was three years ago. Between 2007 and 2015, the annual number of first-time buyers has been below 1.8 million. But in…

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