Day: May 4, 2019

Hanover Adams and York Painting Contractors – Important Info

You’re probably familiar with the old expression, “there’s more than one way to skin a cat”. Like you, I’m pretty sure I don’t want to know about any one of them. But it does illustrate a good point when it comes to estimating a painting project or any other trade estimates for that matter.Have a look at Hanover Adams and York Painting Contractors for more info on this.

No matter what the facet of renovation you’re planning, whether it’s painting, carpentry, drywall or you name it, there are as many bid prices as there are ways to get the job done. But an estimator’s quote usually only accounts for one scope of work, one method of doing it and one quality level of materials. Then, of course, if you simply choose the lower bidder, you know you’re most likely missing out on better skilled trades and better materials and an overall better experience! So how can you get the best painter for the job (or drywaller, or carpenter) to suit your budget?

My expertise is in the painting trades so I’ll use painters and paint jobs here as our guide. But you can apply this to most any other trade from both a consumer prospective as well as a contractor’s. And no matter what your trade, if you’re good at what you do and take excellent care of your customers, you’re likely not always the lowest bidder. But if you’re like my painting company, you seek to provide homeowners and commercial clients with the best value for their money. Unfortunately, because people don’t tend to hire painters every day and rarely know one from another, contractors are too often selected by price alone which has been derived from the scope of work they’ve been given by the customer (as an overall “wish list” in some cases) but without the benefit of knowing their budget.

So here we have a large assortment of variables (what must be done now and what can wait?, what can the customer spend? and what quality of materials meets both purpose and price?) that somehow have to all come together in a package which benefits both the customer and the contractor without truly knowing what each other needs until a quote is put up for discussion. And all too often, that’s too late!

If you, as a homeowner show three painting contractors the same scope of work, each one will come back to you with a different price based on the “pay grade” of their painters, the thoroughness of their prep work (or lack thereof) and the quality of paints and primers they propose to use. And the fact is, each job and customer has different needs and expectations which fall somewhere along the full spectrum of these variables. Some want a “white wash it for now” approach and others want a full scale restoration that will last for decades. But most are looking for something in between. And as a responsible painter, you propose the best quality for your customer because you want them to be happy with results for years to come but you aren’t sure if it’s within their budget. And as a painting customer, you want the best you can afford but have little or no idea what that particular level of quality includes. So even though each wants the best for the project at hand, this usually ends up with the painting estimate being dismissed by the customer because the price is “too high”. And this is despite the customer would otherwise prefer to work with this contractor because of all the obvious signs of professionalism and knowledge of their craft. But instead, the customer too often rolls the dice with the lower bidder and hopes for the best (which never comes).

Categories: Business

Mortgage Lenders Explained

For most individuals, a house is the most expensive acquisition that a person makes in his lifetime. More often than not the house is purchased on money borrowed from professional lenders. It is therefore imperative to know exactly what one is in for when one is getting their first mortgage.Mortgage Lender in Columbus is one of the authority sites on this topic.

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Broadly speaking, the mortgage lender lends you the money that you require for your house and expects you to pay back the same within a specified time along with interest. There are two basic types of players in the mortgage market: lenders and brokers. You have the option of going directly to an authorized lender, or you could approach a mortgage broker who helps you obtain the mortgage from any of the several lenders in the market. It is a jungle out there and it might be helpful to have someone who can help you navigate in it. But remember that the fee that the mortgage broker charges may be higher than what the authorized money lenders charges. Also be aware of the fact that most of these brokers are not licensed and hence are not bound by any regulation.

What do mortgage lenders look for?

Mortgage lenders are mainly concerned about your credit report. In a credit report they scrutinize your debt ratio which is an indicator of your earnings and how much you owe, as well as over all credit rating. Proof of earnings is another key criterion to decide whether the lender will finally approve your loan amount or not. This information is generally obtained from tax returns and pay stubs submitted by you. In order to get the mortgage without much hassle, it is important to keep your records clean and unquestionable. But what if you have a not so perfect credit report? – Well in that case there are several other lenders who can still give you a loan, by charging you a higher rate of interest.

Why do mortgage lenders sometimes turn down mortgage request?

This may be due to factors such as bad credit report, low annual income or even when they are not satisfied with the house that you plan to buy.

How much of a mortgage loan can you reasonably expect from these lenders?

A kind of thumb rule states that you can get a loan amount that is 4-5 times your annual income. So the more you earn, the bigger the mortgage you are eligible for.

What is the process of obtaining a mortgage?

You can either approach the lender to get a fair assessment of your situation and ask them how much they are willing to give you, and then look for a house in that budget. You can even select a house and then apply to the lender for payment. Whichever way you go, you have to first obtain an ‘Agreement in Principle’ which states the amount the lender is willing to pay for your house. This document is valid generally for a period of 3 months or so. After this you are expected to complete the ‘Mortgage Application’ and submit the same with required documents pertaining to your financial stability and creditworthiness. The house is then inspected by a qualified valuer.

After your mortgage application is found to be satisfactory the lender will issue a ‘Mortgage Offer’, or an ‘Offer of Advance’. This document will also state the conditions on which the lender is offering you the mortgage.