Category: Learn

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6 Questions to Ask of a Mortgage Lender

On By vmfhomesblogIn Financial, Learn

Searching for a new home can be a fun challenge. Finding a way to finance your home shouldn’t add to the stress, however it can because sometimes homebuyers aren’t sure what questions to ask. As a first-time homebuyer, you’ll really want to focus on asking the right questions to your real estate agent (if you have one), potential financing companies offering loans, and the seller of the home you’re purchasing. As a repeat buyer you may know the ropes, but these questions could still benefit you greatly.

When looking for a mortgage company or potential lender, you will want to make sure they are a good fit for you! Below are some suggestions for questions to ask when shopping around for your mortgage:

  • How long are your loan terms and what terms do you offer?

The lifetime of a mortgage is important to know when you begin. Often homebuyers may expect a 30-year loan term. However, depending on the lender there can be a handful of options. The length of your loan will likely impact your monthly payment, interest, etc. You’ll also want to know this to see if there’s any penalty for early pay off in case that’s something you want to do. Some people choose shorter mortgage terms or early pay off to cut interest.

  • What are your current rates?

While interest rates are mostly determined by the Federal Reserve and the demand for notes and bonds (depending on the rate in your loan), banks also play a role in what they offer based on what’s best for business and the current market.  When it comes to individual lenders, they will offer you their specific rates (which are based off your credit score). There are many sites now that will let you compare ballpark rates to help you get a general idea. For exact rates, you do have to apply. Depending on the lender, they may also share a rate range with you without applying.

  • Would the rate be a fixed rate or an adjustable rate?

This will depend on what’s offered. You may come across lenders who don’t offer both. Your fixed rate is what it sounds like, fixed for the lifetime of your loan (unless you refinance). Adjustable rates can go up and down based on amortization. You’ll weigh what option fits you best. Whether locking in a low-rate works, or if purchasing at a higher rate for the possibility of movement is better – the choice is yours.

Someone is counting out cash and has a budget sheet and calculator out.
  • What are the down payment requirements?

This question is pivotal for many homebuyers. Often what you must put down makes or breaks you being able to purchase at a certain time. Lenders will usually be able to tell you what percentage of the down payment they require after you apply. This also depends on your credit score and the specific mortgage option you’re selecting. In some cases, the type of loan will require a specific down payment amount.

  • Do you finance for mobile or manufactured homes? (Not all lenders will so it is important to ask ahead if you are planning on purchasing one)

If you are hoping to finance a manufactured home, it will depend on the lender. While manufactured home loans can be set up similarly to site-built homes loans, they do differ depending on if land is involved. Because there are specifics that relate to a manufactured home, you’ll have to find a lender who specifically does loans for them.

  • What is your turn around time for closing?

If you need to be in or out of a home quickly then the closing timeline may be quite important to you. It really ranges as there are so many variables. However, lenders should be able to give you a ballpark once they know your specifics. If the timing doesn’t impact you that much, it will still be a great planning tool for you.

This list may not be all inclusive to every question a homebuyer may have, but it is a good start for those not knowing where to begin! We hope this helps to get you thinking in the right direction.

Additionally, keep in mind credit bureaus allow you to shop around for mortgages. This means 14 to 30 days after your first application for a mortgage, the bureaus allow you to apply to multiple entities (provided they code this as a “mortgage” with the bureaus). The first time you apply will show as a hard inquiry and drop your credit score, but up to 4 more within that timeframe will only show as a soft inquiry which means it won’t lower your credit score. Be sure to verify this when you are applying.

Happy shopping!

Three paint lids in a row with paint brushed placed on them. The colors are sage green, pastel pink, and a soft gray.

Preparing to Paint Your Home

On By Rachel MersingerIn Homeowner Maintenance, Learn

Whether it is a new-to-you space or a familiar one, painting can always be a fun project. While fun, it can also feel overwhelming. To help prevent it from feeling that way, let’s go over some tips and tricks to making this process as easy as you can.

Before you first shake up and open that paint can, it is important to plan out what you want your room to look like. Picking your color is a fun part of the process but you’ll want to keep some things in mind:

Lighting:

Consider the lighting in your room. If you do not have a lot of natural light or if there is dim lighting, you will want to consider a lighter color than a darker one.

Need some inspiration? See what’s trending this year.

Other colors in the room:

Coordinate your paint colors with your furniture and curtains. While those items are replaceable, it is a good idea to see if your paint swatch will go with that color beforehand, so you don’t have to purchase new if you weren’t wanting to.

TIP: If you do have a room that you want to keep light but add a bit of drama, consider doing an accent wall!

Couple painting a wall in their home together. A woman is standing on a ladder while a man paints with a roller.

Materials:

Once you have picked out your paint colors, it’s time to gather your supplies.

  • Besides the paint, you’ll need an angled brush to cut in and rollers for the walls.
  • To protect your floors, add an old sheet or cotton drop cloth to your list. (You can always shop a thrift store for old sheets too).
  • Using quality painter’s tape will help prevent paint bleeding through and last, but not least, primer. Primer is cheaper and will help you use less coats of paint. It may feel like more work at the beginning but skipping this step will have you wishing you didn’t in the end.

Before you start your project, consider your local weather. The less humidity, the faster your paint will dry and will prevent drip marks on the wall. Prepping your walls before painting is also important as it adheres the best to a clean surface. If you have wallpaper, consider whether you want to remove it or paint over it.

Tip: If you start painting but need to stop. You can wrap your roller or brush in plastic wrap then place in the fridge. This will help keep your paint fresh, so you don’t have to wash it out in between coats.

Now that you know all that you need to get started, let’s get that project going!

Want to switch up your furniture to match your own room but don’t want to buy new? Check out how here.

Mobile Home Upgrades That May Improve Value

On By Maggie S.In Homeowner Maintenance, Learn

There are some relatively easy upgrades you can add to your home for little cost. One of the great things about mobile homes is that there is so much you can do with them, and often a little research and how-to knowledge is all you need to achieve the look or project you desire. Let’s check out some ideas!

Insulation is a great upgrade for your mobile home. It not only will regulate your temperatures, but it may also possibly help lower your energy bills. Plus, there are plenty of options that won’t even inconvenience you while it’s being added!

Painting the walls in your mobile home can add the personal touch you’ve been wanting. Most mobile homes have vinyl-on-gypsum wall panels, which means the walls are coated and will probably need some sanding or a paint with primer to stick properly. Get all the details about painting your mobile home walls.

Spruce up your home by updating your kitchen cabinets. From knobs to paint color, all it takes is a little embellishment. Get started on painting your cabinets with a kit today!

You can also work on making your home more energy efficient. This may mean a smart thermostat that fluctuates throughout the day, new windows, sealing your roof, etc. These upgrades usually help regulate the temperature within your home as well. Don’t stop there, there are tons of easy ways to save energy in your home without spending money. Get energy saving tips!

Lastly, Landscaping can add tons of charm to your home. You can choose a color scheme or just unique plants, the choice is yours! Not only will landscaping look great, but it can absorb water and keep your home dry, too! Try some of our landscaping ideas to improve drainage!

There are many more updates out there, including upgrades you can look into that won’t cost much for your home. It’s really about knowing your home and yourself enough to know what you’d benefit from as well as what you’re willing to keep up with!

Maintaining Your Water Heater

On By Rachel MersingerIn Homeowner Maintenance, Learn

Your water heater is a modern-day convenience. We don’t always think about it like that or having to live without them until something goes wrong. Many of us have experienced when a water heater has died – and it’s not fun. Cold showers or water leaks are not welcomed surprises.

Water heaters last an average of 10 years and like any appliance, they require a little maintenance to keep working efficiently. To get the most out of your water heater it’s a good idea to do some check-ins.  Once a year, schedule time to either hire someone to complete maintenance or make plans to do it yourself. Also, be sure to consult the owner’s manual that came with the water heater so that you can follow the manufacturer’s recommended steps and to safely perform the maintenance.  In addition, hire a licensed plumber or pipe fitter to aide in any maintenance if you are unsure how to safely accomplish these tasks.

A visual inspection is something you can do yourself. This helps to identify any issues on the exterior such as loose screws, nuts, bolts, and gaskets. The goal with the visual inspection is to see what is worn and may need replacing and check for signs of rust or corrosion.

General Maintenance Tips to Consider:

  • Have the tank drained once or twice a year. During this process, flush the tank a couple of times to make sure all the sediment and debris is cleared out of the tank.
  • Besides just cleaning the water, the anode rod should be checked once a year. The purpose of this rod is to attract all the debris and sediment. This rod typically needs replacing every three to five years.
Photo of Water heater in utility closet

  • If your water heater has a temperature and pressure relief valve (T&P valve), add checking the T&P valve to your list to make sure it is in proper working order. This is important to check as pressure can build up in the tank.  As mentioned above, be sure to consult the owner’s manual in order to safely perform this task. Not all water heaters have a T&P valve.

If your water heater is gas, it will have this valve. Some electric water heaters also have this.

  • If you have a tankless water heater, make sure to descale your water heater to rid the sediment and debris. Make sure the tankless heater is set appropriately and not too high. Doing this will decrease the buildup.

Signs your water heater may need maintenance:

  • leaks
  • low water pressure
  • hear clicking or if your water is rusty

Keeping a mindful eye on your water heater at least once a year will clue you into when it is nearing the end of its life span and help to keep it working efficiently. Doing this should help prevent any of those unwanted surprises.

Keep Maintaining Your Home!


Things to Consider When Buying a Used Mobile Home

On By Maggie S.In Homebuyer Education, Learn

Many people shy away from buying used homes in general. They are intimidated by the work that could potentially go into fixing up a home or living in a place that may have exceeded its warranty. These are valid hesitancies, however buying used also opens the door to many positive possibilities. We’re going to explore a little bit about what it means to buy a used mobile home. It may be more of an exciting journey than you were expecting!

You can make it all your own – Personalization is such an important factor in homeownership. It really is true in the world of manufactured homes today that you can create the home you want. Mobile homes are versatile in more ways than one. If you purchase a fixer upper, you can start from scratch essentially and make the home into a place of your dreams.

Check the data plate – All mobile homes have a data plate located within their interiors. It’s usually under the kitchen sink, in the master bedroom closet, or utility room electrical panel.
You want to check this out in any home you consider. It tells you information about how the home was manufactured, including important information like the wind zone, roof load, and other items you need to know as a buyer.

Enjoy your dream location – Mobile homes are after all – mobile. If you don’t want to be confined by what’s already been built or a specific location, then this may be a good option. As long as the home’s condition does not prevent relocation and relocating the home will satisfy local requirements, you could place your home by a lake, in a holler on the mountains, and anywhere in-between. Many people also like the ability to place a home on family land. You should be aware that moving a mobile home could be costly – local movers in your area should be able to provide estimates.

Beautiful kitchen in a manufactured home

Set up and delivery – You want to be sure to find out what the seller offers, if anything, in the way of set up and delivery. Sometimes it’s included in the cost and sometimes it’s separate. It’s also important to use a reputable professional mover. Do your research, especially if you choose your own.

Price difference/ fit your budget – There’s no doubt one of the perks of mobile homes is the price. They typically cost less than site-built homes per square foot, especially when used. They won’t hit your wallet quite as hard, and instead of always resorting to renting – they offer the ability to own a home and stay in budget.

Less money to fix up/ maintain – Since mobile homes are manufactured that means usually that they are built with more economical materials, meaning that they may be less expensive to repair or maintain. This will all depend on your specific model, but will usually ring true.

Rental power – You might be considering a mobile home as secondary housing or as an investment opportunity. In this case you could purchase a mobile home to rent out to friends or tenants.

Check Out First-time Home Buyer Tips!

A used mobile home may be the choice for you or it may not be, but it’s always smart to evaluate all your options when purchasing.

 

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Pre-qualification, Pre-approval, and What You Need to Know

On By vmfhomesblogIn Financial, Learn

Both pre-qualifications and pre-approvals are indications of what a bank or creditor may be willing to lend but are not loan guarantees. The most important aspect is that they show the seller you are serious about buying while giving you an idea of what you may be able to borrow. Both processes will vary depending on the lender that you select. Before you request a pre-qualification or pre-approval, be sure to ask your lender about how the process will flow, potential associated costs, whether your credit report will be pulled and if documentation will be required. Ask for a list up front so you can know exactly what you’ll need to provide.

Pre-qualification

What: A letter from a lender that says you will likely be able to get a mortgage loan up to a specified amount

Who: A bank, credit union, or financial entity writes a pre-qualification for you. Which means they are looking at your debts and income to decide your credit worthiness.

When: Usually this is the first thing a homebuyer does when looking for a home

Cost: Free (usually)

Where: Online or over the phone (depending on entity)

Why: Potential homebuyers use this to see how much of a home they may be able to afford, or in some cases if they can afford a home. This appeals to sellers because it shows them as a buyer you are serious and can get the loan you need to purchase the home.

What you’ll typically need to provide: Usually potential lenders will look into your debts and income. Lenders usually pull a credit report to evaluate before they write the pre-qualification.

Pre-approval

What: A letter that tells you what a lender is willing to lend you based on financial documentation you provide. Looks at financial history, income, and stability.

Who: A bank, credit union, or financial entity works on a pre-approval for you. Which means they are looking at your bank statements, proof of income, credit, employment, and personal documentation.

When: Usually done right after a green light on a pre-qualification, the next step, some lenders may skip pre-qualification and go straight to pre-approval.

Cost: Varies (but usually a cost is involved for application)

Where: Online or over the phone (depending on entity)

Why: It’s more sound than a pre-qualification because approvals are based on proof of financial status and often evaluated by an underwriter. Can usually provide info about mortgage types and possible interest rates.

What you’ll typically need to provide:

  • W-2 from last 2 years (proof of income)
  • Bank statements (assets)
  • Credit score
  • Pay stubs (proof of employment)
  • Driver’s license
  • Social Security # (personal documentation)

Learn More About the Mortgage Process

Gravel Driveway Repair and Preventative Care

On By Maggie S.In Learn

Gravel driveways are a great, budget friendly option. Like everything else, they’ll need some maintenance and upkeep. There are plenty of things you can do to both avoid and fix problems as they arise. I’ll be looking at some of the options.

Drainage is the most important component of a gravel driveway. If your driveway has major drainage issues – you may need to do some back tracking. It could be that your driveway wasn’t put together correctly. More than likely though, the repair and upkeep addressed in this post will help you fix most issues.

Preventative –

  • Making a crown – most expert sites recommend this strategy to keep drainage moving downward. All you have to do is rake gravel to a peak in the center of your driveway. It doesn’t need to be super high, just enough to encourage the water to flow down the middle instead of down the sides.
  • Trenches and edging – These are great ideas that will give water a safe place to go. You can try digging shallow trenches on both sides of your driveway. You may also try doing a little rain garden or any type of edging that will keep your gravel in place and move the water to the end of your driveway.
  • Drains – Some people also put drains on either side of their driveway, these are more involved, but may be a perfect solution for you. Some people will install them on the sides as edging with metal or plastic grids overtop the thin drains. The most common drains are culvert pipes or French drains which are both dug underground (usually) to redistribute water.

Problem areas – 

  • Potholes – These can be tricky. Essentially, they are an issue of trapped water. A great do it yourself site, suggests a helpful process.
    • First, they recommend digging the hole out wide and deep enough, so the edges are solid. This way the gravel hole will hold for the filler.
    • Once it’s clear, you can fill with thinner/ crushed gravel.
    • Next, tamp/push down the gravel with a steel or wooden tool.
    • To finish, fill the remaining area with regular gravel to the top off the hole, plus some extra to blend it out.
    • Lastly, smooth out the gravel so everything blends well.
  • Clogged culverts– Sometimes debris and rocks can clog your pipes which prevent its whole process. There are plenty of tools you can purchase for this, or you can rig your own system. This home site recommends using something to push the debris while also spraying water down the pipe. 

Start Your Gravel Driveway Today!

I hope this helps get you started in planning how to maintain and take care of your gravel driveway. Ask a professional for help if you find a big issue or just want help making sure you do things well. May your driveway stay in good shape with this information!

single section mobile home

How to View a Mobile Home Found on VMFHomes.com

On By Maggie S.In Learn

If you’re interested in viewing one of our homes, you may be curious about what the process is – so I’ve written this to help you become more aware of how it works.

You’ll need viewing info and the address before you head out to view the home.

For most land and home packages, you can get viewing info by calling in or chatting with a representative on our website or on our Facebook page. Once you arrive at the home, you’ll see a lock box on the door. You’ll put in the code given to you by the representative. Once you’ve got the numbers aligned you can slide the door on the lock box open and the key will be inside. Then you can open the door to view the home with the key (the lock box doesn’t come off the door).

Once you’ve viewed the home, please return the key to the lock box and slide the door back as well as jumble the numbers.

Some homes are not attached to land or are not sold together. For some home only sales, they may be on private property. They could also be in a park. You will usually view these in a similar fashion to the above.

However, some homes may have already been moved from the land and will be at a local home center. In this situation, you’ll need to check the hours of the lot and potentially call to ensure they are open. More than likely, you’ll just need the ID number and can open the lock box at the home and access it that way. Sometimes you’ll need to ask someone at the home center for a key or to access the home instead. I hope that this has helped you understand how to view one of our homes.

Interested in something you’ve seen on vmfhomes.com? Contact us for viewing info!

Learn How To Make an Offer!

How to Make an Offer with Vmfhomes.com

On By Maggie S.In Learn

There are three main ways you can make an offer to purchase a Vanderbilt preowned home: on the phone, through the form on our website, and through certain messaging platforms.

It can feel intimidating if you don’t know about the process. Some offer processes are quite formal and may require paperwork. However, our process is not, it is relaxed and laid back. It’s a verbal commitment so you don’t have to feel pressure about your offer. We will work with you throughout the entire process.

Before making an offer, we highly recommend that you have visited the home in person. There are many things you can’t get a feel for until you see the home in person – such as the area around the home, the condition of the home, etc. If you’re wanting to make an offer, but haven’t yet visited the home, feel free to give us a call to schedule a viewing.

Making an offer by phone

All you have to do is call up one of our sales representatives with your offer. You will then work with them until you find a price you can agree on (or in some cases you may not). Sometimes there can be a little back and forth, but your sales representative will work hard to try and get back to you quickly each time. Call us at 855 – 215 – 5564!

Making an offer on our website

For homes that are eligible for online offers, making an offer on our website is easy. The following are required:

  1. Offer amount;
  2. Full name;
  3. Phone #; and
  4. Email address

You will also have the option to provide additional information if you so choose, which may allow us to better serve you. Your offer will then go to one of our sales representatives to review. Keep in mind that some of our homes listings are cash only transactions, depending on the property.

Find all the tools you need on our website!

Making an offer through messaging platforms

Making an offer through online chat (on vmfhomes.com), VMF Homes Facebook, or email (facebook@vmf.com) follows a similar process. You can send us a message with your offer, and a sales representative will review it.

Your sales representative will communicate the next steps with you if they want to accept or talk to you about your offer, and they will help you through the rest of the process.

I hope this has helped you better understand how to buy a Vanderbilt preowned home. Please feel free to call one our representatives to get more info or to ask any questions.

Why You Should View Our Homes!