When buying a home, should I get a termite inspection? The answer is yes. The Tidewater area is ideal for termite infestations.  Termites cause over 5 billion dollars in damage annually in the United States. Most homeowner’s insurance policies do not cover termite damage. This means that any costs resulting from termite damage are the homeowner’s responsibility.  Termites are very difficult to detect.  They can squeeze through the smallest of cracks to enter the house.  Most people won’t notice these pests until the damage is already done.  At that point, the termite colony has million of members.  The most destructive termites are subterranean termites.  These destructive creatures can collapse an entire home.  Termites need wood and moisture in order to survive.  There are preventative measures to keep these bugs away.  Keeping proper ventilation under your home in the crawl space, keeping wood scraps and lumber away, and not allowing water to accumulate near the house are just some of the ways to prevent infestation. Consumer Mortgage has been serving the local area for 30 years.  Give us a call for any of your mortgage needs at 757-552-7000 or 1-800-882-0066.

    

When buying a home, should I get a termite inspection? The answer is yes. The Tidewater area is ideal for termite infestations.  Termites cause over 5 billion dollars in damage annually in the United States. Most homeowner’s insurance policies do not cover termite damage. This means that any costs resulting from termite damage are the homeowner’s responsibility.  Termites are very difficult to detect.  They can squeeze through the smallest of cracks to enter the house.  Most people won’t notice these pests until the damage is already done.  At that point, the termite colony has million of members.  The most destructive termites are subterranean termites.  These destructive creatures can collapse an entire home.  Termites need wood and moisture in order to survive.  There are preventative measures to keep these bugs away.  Keeping proper ventilation under your home in the crawl space, keeping wood scraps and lumber away, and not allowing water to accumulate near the house are just some of the ways to prevent infestation. Consumer Mortgage has been serving the local area for 30 years.  Give us a call for any of your mortgage needs at 757-552-7000 or 1-800-882-0066.

    

Should I have a home inspection before I buy a home?   A home inspection is a limited examination of the condition of a property usually in connection with the sale of a home.  Most home inspectors have obtained training and certifications to perform the inspection.  The inspector writes up a report of the findings. The client uses this information to make a decision about the pending home purchase.  The inspector describes the condition but does not guarantee future condition, generally.  An inspector will check the roof, basement, heating system, water heater, air conditioning system, structure, plumbing, electrical, and other aspects of the building that might require repair. Sometimes, a home inspector is confused by the consumer with a real estate appraiser. An inspector determines condition while an appraiser determines the value of the property. Just another tip from your home town mortgage company!  Give us a call at 757-552 7000 or 1-800 882-0066 to discuss your home purchase.

Do you know there are different ways to hold title to your home?

1) Joint Tenancy - In many cases, married couples hold title as joint tenants. Joint tenancy has rights of survivorship, meaning that if one of the joint tenants dies, the remaining rights automatically go to the surviving person(s).  A will is not required to transfer this remaining title to the surviving person(s).  Each person has full right of ownership and can sell their share without the consent of the others, which would then create tenants in common.

2) Tenants in Common - Tenants in Common allows for multiple people to hold title in unequal shares, with each having the right to sell their share, or will their share as they want.  So four buyers could own a property; with one buyer owning 50% and one owning 30% and the other two owning 10% each.  Each would be able to sell or will their own shares as they want.

3) Sole Ownership - When buying property alone as an unmarried person, many people take title as a sole owner. This is called title in severalty.

4) Living Trust - A Living Trust is like having another “entity” own and control your assets, including your home.  But that “entity” belongs to you, or others designated as trustees, who own the entity. While the creator of the Living Trust lives, the Trust is revocable (can be changed) during his or her life. Upon the death of the creator of the Living Trust, it becomes irrevocable (cannot be changed), and probate costs delays are avoided because the assets in the Trust automatically pass according to the dictates of the Trust. Privacy is a major attraction in setting up a Living Trust. A trust document does not become public upon the death of the trust-holder like a Will does.

More helpful tips from your Home town mortgage company.  Call us at 757-552-7000 or 1-800-882-0066.