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The best way to help ensure that you chose the right tenant is through a screening process that you will be able to use for every prospective tenant that expresses interest in your property. You can either create a rental application form or have an open discussion with the prospects, whatever works best for you. The goal of both methods is to gather necessary information about the prospect that will help you to make a decision. There are a lot of questions that can be asked during the screening process, but these should never be forgotten:

• Why Are You Moving?

This very simple question can provide a lot of information about a prospective tenant. You want to look for reasonable explanations such as wanting a shorter commute to work or needing a larger space. Be cautious when dealing with prospects who have been evicted or who are moving due to issues with their current landlord or neighbors. While exercising caution still keep in mind that the fault may not lie entirely on the prospect so remember to give them the benefit of the doubt.

• What Is Your Monthly Income?

The question of income can help you determine whether or not the prospective tenant can afford to pay the rent for the property. Ideally you will want to accept a tenant whose monthly income is significantly higher than the monthly rent. Especially if they are leasing the property on their own. In a co-applicant situation where more than two or more individuals are leasing the property together the collective income of the applicants should be able to cover the rent and any additional utility cost that may not be included.

• Can You Provide References?

References are very important. The prospective tenant should be able to be able to provide names and contact information of suitable individuals who are willing to speak to their character. If the prospective tenant does not feel the need to provide references you should not consider giving them a second thought. Apart from personal references, references from an employer and landlord is recommended. The employer will help verify income and stable employment while the landlord will provide you with information on what you can expect from the prospect as a tenant.

You’ve taken the leap and decided to buy a home. After signing a mountain of paperwork, you are now the proud owner of your own residence. When the first mortgage payment comes due, you are hit by the reality of what you have done. You have taken on 30 years’ worth of massive payments, in an economy that makes no promises about long-term job stability.

An aggressive plan for mortgage prepayment can help reduce this long-term commitment and save you money.

Plan Before You Buy
Look before you leap and do the math in advance, to determine how much house you can afford to buy, then buy less house than you can afford. This strategy will ensure that you have adequate cash flow to make extra mortgage payments and will provide some cushion, should you have to take a lower-paying job at some point in the future. Also, make sure that your mortgage does not impose a penalty for prepayment. This clause can put a damper on your efforts to get out of debt.

Next, you need to pay attention to the financing terms. While adjustable-rate mortgages offer lower initial payments, they are used all too often to enable buyers to get into homes they cannot actually afford. If your plan is to get out of debt as quickly as possible, a fixed-rate mortgage provides the predictability of a steady interest rate, and it can always be refinanced if rates fall.

How to Pay Off a Mortgage 
Once you have a mortgage, the key to paying it off is simple: send money to the bank. Set aside some cash and make at least one extra payment on your mortgage per year or each month add a set amount that you can comfortably afford (say $15 or $25) to your payment. Another idea, apply the next tax refund towards your mortgage principal.

If your career advances over the years, put those raises and bonuses to work by sending them to the mortgage company. You were doing just fine without that money, and you won’t miss it if you don’t get used to having it in your budget.

Keep an eye on interest rates and, if they fall, consider refinancing. If you can reduce your interest rate, shorten the term of your loan or both, refinancing can be an excellent strategy. Just don’t make the mistake of keeping your term the same and taking money out.

The Bottom Line
There’s no time like the present to begin your quest to pay off that mortgage. Start by reading your amortization schedule; once you see exactly how much of your monthly payment goes to interest, and what a tiny portion goes toward paying off the principal, you will realize that every extra dollar you send, reduces the portion of your payment that services your interest expense. That can be a powerful motivator, for financially savvy individuals.

If you focus your efforts on the task at hand, you may be surprised at how quickly you can retire a mortgage. With your mission accomplished, you will find that the comforts of home are even more pleasurable when it is you, not the bank, who owns the home.

Property management is the supervision of residential or commercial real estate and involves the managing of property that is owned by someone else.

The property manager acts on behalf of the client to act as a care taker of the property while generating income. Companies who handle property management communicate with both the clients and tenants, saving time from collecting rent, handling maintenance and repairs and responding to complaints.

There are numerous reasons why an individual would need the assistance of a property manager; here are a few of those reasons.

1) If you currently own multiple properties, rental units or an apartment building, providing the same level of care towards each individually can be difficult. The more properties or apartments you own, the more you’re likely to benefit from a management company.

2) If you do not live near your property, whether you live in a different community or in another country, hiring a company to manage your property can assist with many issues that you will be unable to handle while being away.

3) If you have limited time on your hands between taking care of your family, having a social life, and having a full time job, managing a rental building added in the midst can create additional burdens that can be avoided.

4) If you have the time to manage your own property but do not have the skills required, or you are not interested in hands on management, you should consider hiring a property manager or management company.

Are you searching for real estate? Do you have the money you need?  As a potential home owner or just land or commercial building owner, you’re constantly looking for a property that matches your requirements.  You also most likely need to obtain the funds to purchase the property from a local financial institution.  Potential homebuyers often hear that mortgage lending process is tedious and difficult to qualify for.

One common hurdle homebuyers face is not knowing the size of the mortgage which they qualify for, the requirements for securing a mortgage and how long it takes to complete the borrowing process.  In this article you’ll find out 6 ways to speed up the mortgage loan process.

1. Examine the different financial institutions to determine which is most reasonable for you. You will need to compare interest rates, criteria, fees and charges and very importantly, the deposit required.

2. Gather all relevant documents you may need. It is almost impossible for an individual to obtain a mortgage or any other loan without providing certain documents.  Find out from the loan officer even before your first meeting what sort of documents they need from you.  Some of the usual documents requested by the financial institutions are a letter of intent to sell, employment verification document, income statement or salary slip, average monthly expenditure, proof of asset(s) for down payment or security, etc.

3. There are some documents that you may not be able to provide at the moment and can only be obtained after you have found the home e.g a property valuation but it will be good to obtain the contact for a reputable valuer and get an idea of the fees that may be charged. Documents or information requested from the financial institution should be obtained as quickly as possible. Keeping the loan officer waiting on vital information from you means the loan application process is being held up.

4. Get pre-approved. This will allow you to have a clear idea of what size loan the bank will grant you.  What the bank is comfortable loaning you may be a lot less than what you think you qualify for or a lot more than you are comfortable spending.  At that point you and the loan officer could discuss what your best option is.  Getting pre-approved also puts you in front of the race, meaning that a smart seller will go with the person who has been pre-approved for a mortgage.

5. Don’t be a stranger to your loan officer or your real estate agent. Keep in contact with them so that everyone is familiar with your case.  You may be one of the first to receive information on any important changes.

6. Hold up on large purchases and avoid overspending before securing the house loan. Also, try to clear up outstanding debts.  Clearing up smaller debts will reflect less commitment on your salary. Ensure that you are servicing all debts to the satisfaction of the creditor so you can provide a positive credit report, if required by your lender.

Mortgage financing has become an important tool in the economy and has made it possible for millions of persons to become proud owners of their property.  If you decide to take advantage of it, do not let the process be staggered, if you can help.

A good credit rating/score is an essential part of getting a mortgage loan.  The only way to establish good credit is to actually start buying on credit. This is the only way to establish a credit history which reveals your ability to pay for things that you buy or use.  If you have never taken a loan before or have not taken anything on credit before, now may be the time to do so if you intend to get a mortgage loan sometime in the future.

Stay put to help your credit rating and make it easier to get a mortgage.

Changing jobs often will make you seem unstable and risky. Employment continuity is paramount. Ideally, lenders are looking for someone who has had the same job for a number of years.  Having had two employers in 3 years need not be that detrimental. If the job change is to get more pay, it will usually not cause any problems, though you really want to have been in your new job for a few months before applying for new credit.  Remember, lenders often ask to see the last couple of months pay slips when applying for a loan.

Being a consistent saver helps your credit rating and makes it easier to get a mortgage.

Lenders see bank accounts as signs of financial stability and consistent savings behavior. You shouldn’t, however, just open accounts left and right, as this makes you look bad rather than good. Just have more than one and make sure that there’s money in each of them.

Handling a credit card responsibly helps your credit rating and makes it easier to get a mortgage.

Choose a card that offers the lowest interest rate and if possible one that offers a cash back percentage on purchases you make. Paying your credit card automatically helps your credit rating and makes it easier to get a mortgage.  Set up automatic payments with your credit card company and/or bank. Most credit cards will allow you to set up automatic withdrawals from your checking account every month to pay for your credit card. This way, you won’t risk forgetting about your payments and registering as a late payer, dropping your credit score.

Many years ago house plans were done as a set of Blueprints, pages with white lines and lettering on a dark blue background.  Today, house plans are printed on large format digital printers but are still referred to as Blueprints.  They are often provided in five or eight sets. The Government Planning Authority will often require at least three sets of plans, and the bank may require one if the person intends to secure funding from them.  The builder will also need a set of plans and it is always wise to keep a copy for reference.

With the continuous increase in technology, plans are now available in Portable Document Format (PDF) and Computer Aided Design (CAD), which allows plans to be quickly delivered by email.  One of the important advantages of using a PDF package is that it allows for the plans to be emailed to builders thus avoiding the printing of extra sets which saves time and cost in relation to distribution for bids etc.  CAD on the other hand, although it may be more expensive, allows changes to be made easily.

Plans are used to obtain building permits from the local government and are also used to show a builder exactly how that particular house should be constructed.  Plans usually focus on the architecture and the building itself and don’t include information on the building’s finishing.

A house plan should include:

1. Exterior Elevations which illustrates the drawings of the exterior of the home and includes details of the windows, doors, wall heights, roof pitches and ridge heights etc.;
2. Drawing of the Floor Plan which is usually regarded as most important – It shows how different spaces relate to each other;
3. Drawing of the Foundation Plan which provides details and illustrations of the foundation of the house and includes all the structural beams and footings to support the floor(s) above;
4. Drawing of the Building Section and Details which illustrate the relationship between the different levels and areas of a home as well as construction details; and
5. The plan of the roof as well as general notes and details such as building codes.

Careful planning now will go a long way towards making your home special and convenient for you and your family.