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Category: Basics

Learn more about Memphis real estate.

Living with HOAs: Are They Worth the Cost and Rules?

January 15, 2025

Homeowners Associations (HOAs) are a significant consideration for many homebuyers, particularly those purchasing property in planned communities, condominiums, or subdivisions. While HOAs can offer numerous benefits, they also come with specific rules, fees, and potential challenges. Understanding how HOAs work and what they mean for you as a homeowner is essential for making an informed decision. This blog post explores the key aspects of HOAs, their pros and cons, and what you should know before buying a home in an HOA-managed community. What Is an HOA? An HOA is a governing body established by a real estate developer or community residents to oversee and manage a specific neighborhood or community. HOAs are typically responsible for maintaining common areas, enforcing community standards, and ensuring the overall aesthetic and functional appeal of the neighborhood. Structure: HOAs are usually managed by a board of directors composed of community residents or developers. Rules and Regulations: HOAs enforce rules, often detailed in a document called the Covenants, Conditions, and Restrictions (CC&Rs). Funding: HOAs are funded through dues or fees paid by homeowners in the community. Pros of Living in an HOA Community Living in an HOA-managed community comes with several potential benefits: Maintained Common Areas

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How to Prepare to Get Home Financing: A Step-by-Step Guide

December 15, 2024

Buying a home is one of the most significant financial decisions you’ll ever make, and securing the right financing is a critical part of the process. Preparing for home financing can seem daunting, especially if it’s your first time. However, with the right steps, you can position yourself for success. This guide will walk you through the essential steps to prepare for home financing, ensuring you’re ready to make your dream home a reality. 1. Understand Your Financial Situation Before diving into the mortgage process, take a close look at your financial health. Lenders will evaluate your finances carefully, and being proactive can help you address potential issues ahead of time. Assess Your Income and Expenses Calculate your monthly income and compare it to your expenses. Lenders use your debt-to-income ratio (DTI) to determine how much house you can afford. Ideally, your DTI should be below 36%, with no more than 28% going toward housing costs. Review Your Credit Score Your credit score is one of the most critical factors in getting approved for a mortgage and securing a favorable interest rate. According to Experian, a score of 740 or higher is considered excellent, while scores between 620 and 739

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A Breakdown of the Most Popular Types of Mortgages Today

November 3, 2024

Whether you’re a first-time homebuyer or a seasoned real estate investor, finding the right mortgage can make all the difference in securing the home you want while staying within your budget. Today’s mortgage market offers a variety of options tailored to different financial needs, down payment capabilities, and property goals. From the security of a fixed-rate mortgage to government-backed options for special groups, each mortgage type has its unique benefits and challenges. In this guide, we’ll explore the most popular types of mortgages, who they’re best suited for, the terms they typically come with, and common pitfalls to avoid.   1. Fixed-Rate Mortgages (FRMs): Approximately 90% of Borrowers Fixed-rate mortgages are among the most popular choices, especially for buyers who value predictability and long-term stability in their payments. Why Homebuyers Want It: Fixed-rate mortgages come with an interest rate that remains constant throughout the life of the loan, meaning the monthly payment will stay the same. This stability makes it easier for homeowners to budget over the long term without worrying about fluctuating rates. Fixed-rate loans are particularly attractive during periods of low-interest rates because they allow homeowners to lock in that low rate for 15, 20, or 30 years.

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The Difference Between an Inspection and an Appraisal

July 1, 2024

When you decide to buy your first home, you may come across a number of terms and conditions you’re not familiar with. While you may have a general idea of what an inspection is, maybe you’re not sure why you need one or how it’s different from an appraisal. To keep it simple, here’s an explainer of each one and what they mean for you as a homebuyer. Home Inspection Once you’re under contract on a home you’d like to buy, getting an inspection is a key part of the process. An inspection gives you a clear idea of the safety and overall condition of the home – which is important for such a big transaction. As a recent Realtor.com article explains: “A home inspection is something that protects your financial interest in what will likely be the largest purchase you make in your life—one in which you need as much information as possible.” If anything is questionable in the inspection process – like the age of the roof, the state of the HVAC system, or just about anything else – you have the option to discuss and negotiate any potential issues or repairs with the seller before the transaction

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What You Need To Know About Today’s Down Payment Programs

June 22, 2024

There’s no denying it’s gotten more challenging to buy a home, especially with today’s mortgage rates and home price appreciation. And that may be one of the big reasons you’re eager to look into grants and assistance programs to see if there’s anything you qualify for that can help. But unfortunately, many homebuyers feel like they don’t know where to start. A recent Bank of America Institute study asked prospective buyers where they lack confidence in the process and need more information. And this is what topped the list: 53% said they need help understanding homebuying grant programs. So, here’s some information that can help you close that gap.   What Is Down Payment Assistance? As the Mortgage Reports explains: “Down payment assistance (DPA) programs offer loans and grants that can cover part or all of a home buyer’s down payment and closing costs. More than 2,000 of these programs are available nationwide. . . DPA programs vary by location, but many home buyers could be in line for thousands of dollars in down payment assistance if they qualify.” And here’s some more good news. On top of all of these programs, you probably don’t need to save as much

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The Truth About Down Payments

February 28, 2024

If you’re planning to buy your first home, saving up for all the costs involved can feel daunting, especially when it comes to the down payment. That might be because you’ve heard you need to save 20% of the home’s price to put down. Well, that isn’t necessarily the case. Unless specified by your loan type or lender, it’s typically not required to put 20% down. That means you could be closer to your homebuying dream than you realize. As The Mortgage Reports says: “Although putting down 20% to avoid mortgage insurance is wise if affordable, it’s a myth that this is always necessary. In fact, most people opt for a much lower down payment.” According to the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. In fact, for all homebuyers today it’s only 15%. And it’s even lower for first-time homebuyers at just 8% (see graph below): The big takeaway? You may not need to save as much as you originally thought. Learn About Resources That Can Help You Toward Your Goal According to Down Payment Resource, there are also over 2,000 homebuyer assistance programs in the U.S., and many of them are intended to help with down payments. Plus, there are loan options that

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This information is deemed reliable but not guaranteed. Please contact Meridian Premier Homes to learn more about what properties are for sale and for current real estate information. Equal Housing Opportunity: Equal Opportunity Employer. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status, or national origin. We are committed to making this website compliant with the Americans with Disabilities Act. We wish all of our visitors to be able to easily access our services. Accessibility and usability are not always possible in every area of the website or for those visitors using assistive technologies and devices. If, at any time, you have specific questions or concerns about the accessibility of any particular page, please contact us. Meridian Premier Homes. Privacy Policy | Consent Preferences.

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*Your name, phone number, and email address are required so that we may contact you to schedule an appointment.
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This field is for validation purposes and should be left unchanged.