What are Micro Apartments?

Do you ever feel like you pay too much rent for space you don’t use? You aren’t alone. There are a lot of positives to downsizing your space to what is considered to be a micro-apartment. These units are between 300 to 500 square feet and are usually located within the heart of a community. It can be a great way to save money too.

Micro apartments seem to become a new trend. In fact, 1 out of 4 renters would consider a micro-apartment. With the growing population size of the world and its major cities, it seems as if micro-apartments may be one of the more sustainable ways to live. And if you feel like you’re never home enough to use the space you pay for, a smaller place may be better for you.
In this article, we’ll take a deep dive into what micro-apartments are, the pros and cons of living in them, and what makes them a good fit for you. In the end, it’s all up to you whether or not it would be a good fit. But if you’re an avid tiny home dreamer, then this may be the perfect first step. If not, we’ll explore an alternative option for you to get you out of apartments entirely.

What is a micro-apartment?

Micro-apartments can vary in size, and there is no formal definition of what qualifies a unit to be a micro-apartment. These units come with a kitchen and dining area, a living room space, a bathroom, and a bedroom. All of this is in 300-500 square feet. So it’s a place you want to have if you don’t expect roommates of any kind, human or furry. There are often communal amenities, like laundry and recreational rooms. Some have wifi and housekeeping included in the monthly rent, but that varies by building.

Micro-apartments are often located in the hearts of big-city communities as affordable living places. They are close to transit stations, parks, or other areas of culture or city life that make them appealing despite their small size. Not to mention, there are often many neighbors and friends to make all in the same building, which can have a lot of benefits if you live alone.

Are micro-apartments a good fit for me?

If you are looking to move to a new city or just accepted a job that has you more often at work than home, a micro-apartment may be the perfect place for you. The people that rent micro-apartments are often younger professionals who are just coming into the scene of their profession. If you are looking to maximize your space while minimizing your payment, a micro-apartment has its appeal.

And it is the perfect transition space. Those that rent micro-apartments usually only intend to stay for one or two years as they land on their feet with their new life direction. And they don’t move out due to dissatisfaction, but rather because they move into homes, larger apartments with a partner, or have saved enough money to finance a larger dream of theirs.

Pros and cons of micro-apartments

Now that we’ve gone over the basics, let’s look at the nitty-gritty details of micro-apartments. Like any apartment style, there are pros and cons to these units as well. It’s good to keep these in mind before signing on the dotted line.

Pros

There are a lot of upsides to micro-apartments. While this list is not exhaustive, it is a general overview of what you can expect.

• Lower monthly rent
• No roommates
• In-building facilities
• Community

And so much more! Don’t let the small size fool you. There are plenty of great things that can be packed into a micro-apartment. Not to mention, if you are the kind of person that loves to be organized and maximize your space, then a micro-apartment would be a good challenge for you.

Cons

While there may be a lot of pros, there can be quite a lot of downfalls when it comes to renting a micro-apartment. However, it is good to remember what your deal breakers are, needs, and wants. The cons, in general, may not seem like a big deal to some, or it may be a deal-breaker for others. Here are some cons to living in a micro-apartment:

• No hosting others
• Less storage and furniture space
• Harder to strengthen roots

Another factor is the weather where you would be living. If there is a harsh winter and you’re stuck inside, there wouldn’t be a lot of space to move about to get out that extra energy. If you are prone to cabin fever, a micro-apartment may not be a good fit for you.

Maybe a home sounds better

You may see the appeal to smaller spaces for less rent, but what if you want more space for equal or even less of a payment? Well, it may be time to look into homeownership. Hero Home Program™ can help you break out of the renting cycle, even if you’re not a community hero. We believe that everyone should be able to achieve their dreams of owning their own space. So, we take care and pride in helping renters secure great mortgage rates that are often lower than their monthly rent. And if you still want that tiny space but want your own house, we can help you there too! No matter what size the space, we’re here to help you find a place to call home.

The following blog post What are Micro Apartments? is republished from Hero Home Programs

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Mortgage Applications & Credit Inquiries: What You Need To Know

How does a hard credit inquiry affect my score?

If you're looking to buy a home, you may be wondering about the mortgage application and how that impacts your credit score. (HINT: There is great news within)

When applying for a home loan, this requires a hard pull on your credit, also known as a "credit inquiry." As you might know, credit inquiries can influence your overall credit score. Generally, a hard pull will impact a credit score by roughly 2 to 5 points (Keep in mind, this is just a rough estimate).

In order to understand your real mortgage options, you will need to have your credit reviewed. Every mortgage lender has to check your credit so that they can determine what loan programs and benefits you qualify for. This is an essential step to matching you with the best loan package suited to your unique situation.

Can I talk to multiple lenders without taking several hits to my credit score?

A common fear that many home buyers have is that they don't want to take multiple hits to their credit, especially if they want to shop around for different mortgage options. The great news is, as long as you stay within a 45-day timeframe, you can have multiple lenders check your credit without taking several hits to your score!

According to the Consumer Financial Protection Bureau, "Within a 45-day window, multiple credit checks from mortgage lenders are recorded on your credit report as a single inquiry."

This means that you have the option to talk to different lenders and submit multiple mortgage applications, without having to take multiple hits to your credit score (as long as those credit checks are all conducted within a 45-day window).

However, this rule only applies if the credit inquiries have to do with the same loan product (IE a home loan.)

For example, let's say you fill out a mortgage application and have your credit pulled by a mortgage lender. Then, a week later, you decide to apply for a credit card. Even though you're staying within that 45-day window, both credit checks would impact your score because those are two different financial products (IE a home loan vs. a credit card).

Should I check my credit before talking with my mortgage lender?

It's a good idea to take a look at your credit before speaking with your mortgage lender. Generally, when you check your own credit, this is known as a  "soft inquiry" and will not impact your score.

You can check your credit score using on of the three major credit bureaus: Experian, Equifax, or TransUnion. If you haven't already, you should obtain your free credit report from www.annualcreditreport.com This website is backed by the Consumer Financial Protection Bureau.

It's important to view your credit report periodically to ensure that there are no errors or fraud that could be impacting your credit history.

Will my Hero Home Programs™ lender help me with improving my credit score?

When you talk to your Hero Home Programs™ mortgage lender, they'll ask you for a rough estimate of your score BEFORE doing any hard inquiries on your credit. The reason for this being, we want to understand your credit situation before making any changes that could impact your score.

At Hero Home Programs™, we are committed to helping you improve your financial situation. While other mortgage companies might pull your credit right off the bat, our Hero Home Programs™ accredited lenders will only pull your credit at the appropriate time.

In addition, after checking your credit, if it's in your best interest to improve your score, our lenders are committed to helping you through this process, even guiding you through the credit repair journey. We want you to be in the best position possible when buying your home, so that you can qualify for the maximum amount of loan benefits available to you.

Our aim is to not only help you get into your dream home at the best price and the best value possible, but we also want to help you improve your financial situation overall.

Our accredited lenders take multiple factors into account such as your income, credit history, current circumstances, future goals, and your timeline. All of these factors, and more, are essential when it comes to matching you with the very best loan package suited to your unique situation.

By taking these different factors into account, our accredited lenders will not only guide you through your home buying journey, but also help you obtain better financial options and more financial freedom for years to come.

The following blog post Mortgage Applications & Credit Inquiries: What You Need To Know See more on: https://www.herohomeprograms.com/

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Tips on Finding a Cheap Apartment in a New City

Moving to a new city is already daunting enough. You’ve got the job, and now you’ve got to find a place to live. It may seem easy, but there is so much up in the air that it can be overwhelming. There are many reasons that you may relocate for a job— military, healthcare, and teaching opportunities open up, and it is often a nationwide search.

In this article, we’ll discuss what you need to consider when you are apartment hunting in a new city, how you can make ends meet until that first paycheck hits, and where to go apartment browsing online. If you think it might be easier to buy a house after all of that, we’ll talk about that too!

What to consider in finding a new apartment

When moving to somewhere different, whether it is just across the state or across the country, there is a tendency to think that we have a fresh start and that we should make the most of it. And while that’s true, there comes the point where often people will sign leases on apartments they could afford from saving rather than what they can afford for the whole term.

Needs vs. wants

One of the biggest factors you have to consider is what you need and what you want. And that can vary from person to person. An example of a ‘need’ could be pet-friendly spaces, within walking distance to work, or even just the number of bedrooms. ‘Wants’ are things that you can live without, though we may enjoy the convenience. Things like dishwashers, laundry, and large spaces or gathering places (pools, on-site gyms, etc.) are all ‘wants.’ The thing about ‘wants’ is that you can always upgrade after the lease is up and you’ve put down more solid roots in your new town.

Income and pay period

This seems as if it should be obvious, but sometimes we forget our income range when we accept a new job. It is important to look at how often you will be paid and how much you make in a pay period. For example, if you are hourly now and just signed a contract to be salaried, you may not get paid every two weeks. You may have to budget for an entire month rather than every two weeks, which can make a big difference in bills and rent payments.

Deal breakers

After considering your needs and wants, it is time to determine what you absolutely do NOT want. This could be things like smoking status or the inclusion of utilities or lease terms. Just like needs and wants, deal breakers are different for everyone. However, it can help you manage your search and filter out absolute no’s places, so you can focus on finding the right place for you.

Neighborhood

Another aspect to consider is the neighborhood. A great way to check to see if you want to live in an area is to look up the apartment on Google Maps or Safari to get a feel for what is around you. Maybe you are close to a park, or maybe you’re right next to the freeway. It’s a good idea to find where in relation to everywhere else you could be residing before signing any contracts.

Cost of living

While it may seem strange, it is important to look at the cost of living in your new town. The buying power of a dollar may not change, but the price of goods can. Looking at what you can expect to pay for a gallon of milk or a loaf of bread in your new city can help you plan your budget and ensure you aren’t living beyond your means. You can calculate the cost of living from a variety of online comparison calculators, like this one.

Tips on how to find an affordable apartment

Finding a new apartment can feel like finding a needle in a haystack. Not to mention, you can be unsure what is the real deal and what is catfishing apartment edition. Here are some tips and tricks to finding the best apartment for your budget.

Be social

One of the easiest ways to find apartments is to be social, even if you haven’t moved yet. Ask your new boss, join Facebook groups, or find other social networking through your new job or opportunity. This can help you have friends right away as you move in, and you can get an insider scoop of what places are good and not so good.

Only look at what you can afford

You can’t go over your monthly budget if you don’t look above your budget. After you calculate your approximate income, keep those strict parameters when searching for your next place. That way, you won’t be looking at homes that are out of your range and being drawn into a place based on fancy pictures.

Show up ready to rent

If you do a walkthrough tour of your new place, and you’ve decided to rent it, then come prepared with a deposit ready. That way, you can be sure to get in under the advertised rate of rent without waiting a month for an increase in rent. You can also establish rapport with your landlord that way, and they may be more lenient for grace periods.

Improve your credit

Improving your credit may seem like what you want to do when looking to buy a house. And if that’s in the cards for you, just not right now, then you can consider this an early start on that goal. But improving your credit can help you if your prospective place is income-based or looking to take out a loan in advance to cover the lease term.

Plan to move off-peak season

Landlords want people to fill the units. And if you plan to move during the slow times, that can help secure a more affordable rate as landlords try to fill the vacant units. Plus, if you want to hire a moving company, you can save more moving off-season as the demand for their services is less competitive.

Best websites to look for an apartment

There are some websites that look great, and there are some websites that are great. When you’re looking for an apartment online, it can be tough to decide which ones are which. Thankfully, there are a few go-to places that you can trust.

Airbnb

This is more than just a vacation rental place. Airbnb has full-term leasing options as well for those looking to rent. There are probably hidden gems of places on this site, along with the trusted fact that there is a vetting process to post these listings.

Zillow

Again, usually, when you think of Zillow, you think of houses. But they have apartments to rent too! And if you’re looking for a good balance between home and apartment, Zillow can help you find a house available for rent. Talk about the best of both worlds!

Apartments.com

Now, this website is pretty straightforward, just in the name itself. Apartments.com is your one-stop shop for finding apartments, houses, and more to rent. Not to mention, you can easily compare listings, which can be helpful if you are torn between two apartments.

"Maybe I should just buy a house."

So after considering all the factors, planning out when to move, and searching the best sites, you might feel completely ready to take on your new city with zeal. If so, congratulations! We wish you the best in this next step of your life!

But maybe, you’re not feeling so lucky.

If you’ve already been through the apartment search, and everything is either not a good fit or just plain not enough, then you’re not alone. Many people are looking into homeownership instead of renting. Mortgage payments can often be the same or even less of a monthly payment than renting. Hero Home Programs™ can help you go from renting to homeownership, even if you don’t work in one of our ‘hero’ fields. If you think homeownership is the next step for you, apply today for free!

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