There are many types of mortgage loans, and it is useful to understand their unique features and benefits to help you apply for a mortgage loan when you spot a home you love.
The best way to get started on your home buying journey is by calculating an estimate of how much you can afford. Use our affordability calculator to get an idea of the amount you can borrow with a prequalification.
Many home buyers think that pre approvals and pre-qualifications are the same thing. This is not true. A pre-qualification is an estimate of the amount of mortgage you can borrow. A pre-approval is a written commitment for a buyer from a lender. For this, you will need to provide documents such as bank statements, pay stubs and w-2’s. One of the major benefits of a pre-approval letter over a pre-qualification letter is that you can beat out competition for the best offers in the market.
Get your mortgage from Marquis banking in just 25 days! Our paperless process and our well-trained staff ensure that you get the funding you need as soon as possible.
This is either an implied or written agreement detailing terms under which the lessor(landlord) agrees to let out a property to a lessee (Tenant) for an agreed length of time.
This refers to the jurisdiction laws that will apply to the legal contract. In a residential lease, this refers to the laws where the property is located and not either of the parties.
The rules set by verbal agreement are quite difficult to enforce. In case a dispute arises between the landlord and the tenant, there would be no proof of exactly what happened. The court would choose which version of agreement they find truthful depending on the evidence presented by both parties. In written residential lease agreements, a dispute is settled in court obligation to the terms of the contract, unless they are unlawful.
A residential lease includes:
- The type of property being leased. For example, a condo, basement ortownhouse.
- The address of the property
- The length of the lease and its possibility of renewal
- The amount of rent and payment due date
- Provision of any security or damage deposit
It may also include:
- Tax payable by the tenant
- Landlord and tenant repair obligation
- Period of notice for termination of a contract
- Insurance provisions
- Terms of subletting of the property by the tenant
The parties involved are the lessor, also known as the landlord and the lessee, the tenant. A landlord owns or manages the property while the tenant lives in the property in exchange for payment as agreed upon by both parties.
In case you do not have the contact details of someone who will be in the lease, there will be a blank space provided which you can fill at a later date. However, we would strongly advise that you have all the details of all the parties to be involved in the lease.
The type of lease you decide on depends on your personal preference and financial situation.
A manufactured house will allow you to get the most value out of the money you spend. The cost per square footage (excluding land) can be up to 50 percent less than the cost of a site-built home, depending on your state. Additionally, manufactured homes have to comply to strict specifications and codes of construction to ensure the highest standards in every step.
Many manufactured homes have one of the most innovative features like state-of-the-art kitchens, lavish bathrooms and (find a better adjective) fireplace. Additionally, you can also have the manufactured house customized to your liking. As for the location, manufactured houses are also available in amenity- rich communities with swimming pools and golf courses, typically what you may find at a resort.
Manufactured housing is one of the most affordable options for home-ownership. Often times, the cost is even lower than renting, while at the same time offering more square footage and more privacy from neighbors, compared to apartments. Excluding land costs, the square footage cost of a manufactured house is way less in comparison to a site-built home.
A manufactured home is entirely built in a controlled factory environment, upholding the Manufactured Home Construction and Safety Standards, also known as the HUD Code. A site-built home is built on site (find a better explanation) using traditional building techniques and is required to meet the building codes set either by the state or local authority. Manufactured homes, very much like site-built homes, have a wide variety of customized options to choose from. This can make the two indistinguishable on outward appearance since both options have state of the art(synonyms) architectural styles.
Our team uses the latest computer-assisted designs which give you a say on how you would like your home to look like. From floor plans to exterior finishing, you can equip your manufactured home with many elaborate designs. Some of these features include vaulted ceilings, recessed bath tubs, whirlpools, dry walls, just to mention a few. In case you have someone in your family with special needs, we have features such as extra-wide halls and doorways, specially equipped bathrooms and accessible counters.
Some states do have zoning regulations on where you can place your manufactured home. However, as more manufactured homes are looking more and more indistinguishable from site-built homes due to their rising quality in features, more urban and suburban governments are allowing manufactured homes in their communities.
Yes. Manufactured houses offer warranties to guarantee the major heating and cooling system, the workmanship and the quality of a home for averagely one to five years. The warranty includes details on how to report a problem if it arises. The makers of the appliances in the home also provide warranties. All warranties, being many and different from each other, should be provided to you in writing.
No, manufactured homes are no more prone to fires than site-built homes. After the HUD Codes were created in 1976, houses built after then are as safe as site-built homes. Manufactured industries have delved into creating safe and fire-resistant homes. A report by the National Fire Protection Association showed that:
• The fire-death rate in HUD Code homes was the same as those in site-built housing. Manufactured homes have lower fires as compared to site-built homes by 38-44 percent.
• Manufactured homes have the same fire death rate as single-family residential homes
• Manufactured houseshave a lower rate of civilian injuries per 100,000 occupied housing units than other one- or two-family homes.
• Manufactured houses built after 1976 are more likely to confine a fire to its room of origin than any other homes.
During a storm, manufactured houses perform the same way as site-built homes. In areas prone to receiving hurricanes, the standards of housing are at par, if not more rigorous than the regional and national codes for site-built homes. After the 2004 hurricane in Florida, it was found out that not one manufactured home built after 1994 was destroyed. Moreover, it is key to note that proper installation and anchoring of these houses is required if it is going to withstand such harsh weather conditions.