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Blog Category - Homeowner Tips

Understanding Your Mortgage

Categories: Homeowner Tips, San Antonio New Homes | Posted: May 24, 2019

calculate your mortgage payments

Weston Dean Homes, a premier New Braunfels custom builder, knows that your home mortgage is one of the most important payments you’ll make in your life. We also know that some of the lingo can be a little confusing, so we’ve shed some light on terms and general aspects of mortgages, below. Whether your are searching for a new home this spring or just moved into your beautiful new Weston Dean Home, it is good to have a full grasp on what makes up your mortgage.

First, let’s review some of the most commonly used terms associated with mortgages.

A mortgage, a home mortgage, or a lien refers to an “agreement between a bank and a lender to pay to lend money in exchange for a piece of property,” according this article about mortgages. An appraisal will give you an idea of the estimated worth of the property, and that amount will help dictate your mortgage.

Collateral is the property promised to a debt; that is, if you fall behind on your mortgage payments and have promised collateral, the bank may take back the possessions promised in order to recoup the money they haven’t been paid. Foreclosure is the legal process for the bank taking back the home and the property on which it sits; however, don’t get too worried about this bit. As long as you are able to make the minimum payments on your house, you should not worry about being foreclosed.

Principal is the amount left to pay back on the loan. This debt amount does not include interest, so principal isn’t a 100% accurate way of estimating your mortgage bills; interest, closing costs, and escrow will alter that number.

Homeowners insurance will cover damages due to theft, most natural disasters, and personal liability and varies depending on the insurance plan you select. This cost is another important factor in deciding to purchase a home; in addition to mortgage repayments, homeowners insurance is another significant bill to consider.

Your statement will have a lot of important information listed throughout it. At the top, a customer service phone number, address, and email will be listed; this contact info will help you get in touch with your loan provider, should you have any questions or choose to refinance. The top of the statement will usually also include your loan number and due date of your coming payment.

A section titled “summary” will usually include your current monthly payment, overdue total, unpaid late charges, and the total payment due as of the current statement. Generally, this total will include escrow, principal, taxes, and interest, and is the amount you will pay to your loan provider. Your interest rate, expressed as a percentage, is the amount charged for use of the borrowed money used to pay for your mortgage.

Your payment activity will usually be listed towards the lower portion of the page and reviews payments you’ve submitted and itemizes the escrow, interest, and other charges corresponding to each payment.

If you encounter any confusion when studying your mortgage bills, give your lender a call and they will be able to help sort things out.

 

Weston Dean Homes is a San Antonio area custom home builder. For additional information about Weston Dean building your San Antonio new home, please call (210) 408-9107.

Make Your Summer Stay-cation Destination in San Antonio!

Categories: Homeowner Tips | Posted: May 2, 2019

summer stay-cation fun

As we quickly approach summertime and the school year is nearing the end for the kids, it seems as though everyone has their mind set on where they might spend their summer vacation. But, if you don’t have the time to take a far-away vacation this summer, fear not! There are ample opportunities to enjoy a long weekend right here in San Antonio. In fact, Weston Dean, a premier New Braunfels custom builder, has developed some ideas for planning your stay-cation here at home. Check out our tips for ways to find fun without breaking a budget or timeframe in San Antonio.

A stay-cation is vacation where you spend your “trip” at home and spend your time on day trips at local shops and attractions. Besides getting to know San Antonio a little more intimately, a stay-cation is perfect for anyone wanting a break on a budget, or for a last-minute long weekend “away,” or for anyone–especially those with small children–looking to cut down on travel time.

Just because you’ll be nearby does not mean you should work during your stay-cation. Let your clients and co-workers know when you’ll be out and next available and set up an auto-reply on your email. It’s tempting to do some work on the side since you’ll be close by, but avoid the temptation so you can fully enjoy your break. If you really can’t help but work, schedule a couple hours into your morning or evening so your family can still enjoy their vacation and you can breathe easy, knowing you’ll still have the chance to take care of any emergencies.

The best advice we have is to go totally off the grid, leave your cell phones at home, and ignore your email. You can tell your friends and family that you’re going on vacation, but they don’t need to know you’ll be in San Antonio!

Brainstorm a list with your whole family of things you’d like to do during your stay-cation. Once the list is complete, make a general itinerary of things you’d like to do. If you want to go swimming, plan to do it during the middle of the week in the daytime to avoid the crowds. Since you’ll be around when most people aren’t free to do activities, you have the advantage of shorter lines and less crowded environments. Grab tickets for a showing at the Majestic Theatre, take a stroll around the Mission San Jose or The Alamo, schedule some weekday golf, make reservations at a fancy restaurant on the River Walk, and take the kids to the Natural Bridge Caverns.

Another huge reason to take a stay-cation is that you’ll be able to stay in the comfort of your Weston Dean home. No need to fret about packing suitcases and tiny shampoos, no sleeping in smelly and noisy hotel rooms, just the bliss that comes with falling asleep in your own bed. Schedule a cleaning service to come by at the end of your stay-cation so you don’t have to stress about keeping your home tidy while you’re focused on relaxing.

Weston Dean hopes these tips will inspire you to take your own stay-cation this summer in San Antonio.

Weston Dean Homes is a San Antonio area custom home builder. For additional information about Weston Dean building your San Antonio new home, please call (210) 408-9107.