Sunday, February 27, 2011

Mortgage Market Guide Issue 9

Last Week in Review: Mortgage Bonds were pushed and pulled by fear and uncertainty. Read what it means to home loan rates.

Forcast for the Week: It doesn't get much bigger than this! Here's a sneak peek of the high-impact reports due out this week.

View: You could slash your tax bill by up to $1,000 for each qualifying child! Read this week's guide for more information.

Thursday, February 24, 2011

Things To Know Before Buying A Home

If you are taking the next step in life and purchasing a home, chances are that you are feeling the pressure and the anxiety that goes along with this difficult decision. Those who buy homes are very anxious; eager to get any information they can about real estate. Before you buy a home, it always helps to learn all that you can.

The first thing you’ll need to do when buying a home is to find out just how much you can qualify for or afford to borrow. You should also make it a point to check your credit and know where you stand. If you have any problems, you should strive to correct them for you attempt to borrow money for a home. The higher credit rating you have, the lower your interest rates will be.

If you can, you should always attempt to get pre approved by a mortgage broker or lender, as this will show your commitment to the mortgage. Also make sure to look for any payment or prepayment options that can help you take a few years away from your mortgage. Once you have been pre approved for a mortgage and know where you stand with your monthly payments, you can start shopping for property.

When you shop for a home, you should only buy real estate that is perfect for you. Before you start looking, you should always make a list of everything you want your home to have, based on what you want and what you actually need. You should also make sure that you mark out any areas that you are willing to come to a compromise on, just in case you have to.

To assist you with finding the perfect home, you should enlist the services of a reputable real estate agent. When you meet with your agent, you will go over how much you are willing to spend, and what type of home you are looking for. You’re agent will know where ideal properties are, and help you find the home that is best for you.

Your agent will supply you with a list of potential properties that meet your budget and your features. Once you get the list, you should drive by the homes and check out both the home and the neighborhood. You should consider the appearance and location of the home, safety, access to the freeway, schools nearby, commute time to work, local shopping, and even recreational activities.

If you don’t find something that interests you the first time, you should keep looking until you find the home that is best for you. Your agent can help with tours of homes and such, even tell you information about neighborhoods that you aren’t familiar with. If you have chosen a good real estate agent, he will care about helping you find a home and go out of his way to ensure that you get exactly what you want.

To get the most from buying a home, you should always hire a real estate agent that you can trust. Your agent will go a long way in helping you buy a home, from finding properties to giving you pointers and tips along the way. Good real estate agents will care about your satisfaction, and will do all that they can to help you find the home of your dreams. You can always buy a home without a real estate agent, although it will take you longer and you won’t get the help and other amenities that a real estate agent will bring to the table.

Wednesday, February 23, 2011

Knowing When Your Ready To Buy

All across the United States, there are millions of people looking to a buy home - either now or in the future. Over the last few years, lower interest rates have come along, making it more affordable than ever to buy a home. When most people stop and give it some thought - buying a home makes a lot more sense than renting a home or an apartment.

In order to buy a house, you’ll need to start saving your money and have enough for the closing costs and a down payment. For an FHA loan your down payment will normally need to be around 3.5% of the price or the value of the property - whichever is lower. For conventional financing, you should always try to have 20% to put down. If you aren’t able to put 20% down, you’ll need to buy some private mortgage insurance, which will cost you more in terms of your monthly payment.

In most cases, the closing costs will run you around 4-5% of the property price. Before you purchase the home, you should always get an estimate. An estimate won’t be the exact price, although it will be really close. You should always plan to save up a bit more money than you need, just to be on the safe side. It’s always best to have more than enough than not enough.

You’ll know your ready to buy a home when you know exactly how much you can afford, and you’re willing to stick with your plan. When you buy a home and get your monthly mortgage payment, it shouldn’t be any more than 25% of your total monthly income. Although there are lenders out there who will say that you can afford to pay more, you should never let them talk you into doing so - but stick to your budget instead.

Keep in mind that there is always more money involved with a home other than the mortgage payment. You also have to pay for utilities, homeowners insurance, property taxes, and maintenance. Owning and caring for a home requires a lot of responsibility. If you’ve never owned a home before, it can take a bit of time to get used to.

Before you fill out any applications, you should always look over your credit report and check for any errors. Although you may think you don’t, you can easily get an error on your credit report and not even realize it. If you have an error on your credit report, it can cost you a lot of money in interest rates. An error will decrease your credit score, which will put you in a higher interest bracket and ultimately cost you a lot more money in the end. Therefore, you should always know your credit before you approach a lender.

If you check your credit report early enough, you may leave yourself enough time to fix any problems and get your credit back on track. Rebuilding credit can take time though, sometimes even years. You should always plan ahead - and give yourself plenty of time to fix your credit.

Buying a home will require a bit of commitment on your behalf. You should always strive to get the best possible deals, which means knowing your credit and where you stand. This way, you can get the best interest rates. You don’t want to buy a home with bad credit, simply because you’ll pay a lot more money for the home. If you take the time to fix any credit problems and save up some money - you’ll be able to get a much better home for your money.

Tuesday, February 22, 2011

Buying Real Estate For Your Family

The very best and most enjoyable reason to purchase real estate by far is buying a property in which your family will live and grow together. There is a lot of fun involved in finding the perfect place for you and your family to call home. There is also a great deal of stress involved as well and that should not be overlooked.

Some things to keep in mind when searching for the perfect property for your family are the following:

1) Make your first step the step of finding a realtor or buyer's agent that you are confident has your needs, desires, and best interests at heart. Your realtor can prove to be a lifesaver when you've reached the final hours before closing and the sky looks as though it's going to fall. Far more than that though, your realtor can help you find the home that you simply cannot see your family living without.

2) Once you've found a real estate that you trust to help you find a home for your family it is time to identify the things that are absolute necessities in your search and those things you can live without. The most important thing to decide upon is a budget that you are comfortable living with.

3) Once you've established a budget you need to decide the features that are important to meet the needs of your family. The number of bedrooms, bathrooms, square footage, and yard space. Do you need a fenced in yard or a basement? These things are important as they do affect the comfort and in some cases safety of your family.

4) Another important thing that must be considered when purchasing a home for your family is the neighborhood. This is more important than many people may realize. It is well worth having a smaller home in a neighborhood that is poised for growth rather than a larger home in a neighborhood that is in the state of decline or on the verge of the state of decline. Crime rates in the neighborhood and the school district are other things that need to be considered as well before deciding to view a potential home.

5) You should also take the time to look at several properties before deciding on one property over another. The more properties you see, the better the chances are that you will actually find the one perfect property for the needs of your family home. The more homes you see the more you will learn about your likes and dislikes. You will also get ideas about possibilities and things that can be added on to the home you eventually select. Regardless, the more homes you see, the more choices you have when the time comes to make a decision.

6) Never offer the asking price right away. Even if you are willing to pay the full asking price, offer something a little lower and allow some negotiating room. Be sure, if you truly want the house in question not to be insulting with your offer but make the offer just the same. Some things you may want to consider when you make your offer is how quickly you are likely to need a new roof, new flooring, new heating or air conditioning, and countless other improvements that may need to be made on the property. Each of these things costs money and they add up over time. If everything is fairly recent and in good working order you may want to consider that when making your offer as well.

You will find many houses along the way but few will reach out and impress themselves upon you as home. Those are the ones you should consider long and hard. Weigh the options, the prices, and your likes and dislikes. If you do all of this you should be well on your way to the home of your dreams.

Wednesday, February 16, 2011

Shopping Around?

If you or someone you know is looking or will be looking for a mortgage product, this is the article to read. I have just uploaded my document titled, "Shopping Around?" I point out some important things to consider when looking to purchase or refinance a mortgage. Rates can change quickly and if you don't stay on top of change then the difference in your rate can be significant. I want you to have all your resources available when you are making that big decission. Download for free and save or print and as always, feel free to pass this to someone who needs it.

If you need some advice or just a second opinion Good Faith Estimate, just contact me. I would be honored to help you and your family.

Tuesday, February 15, 2011

Guide To Avoid Mortgage Mistakes

I am including a link to access my free Guide To Avoide Mortgage Mistakes. Please feel free to download or pass to friends, family or co-workers looking to purchase or refinance their homes. It is a great resource to help you with one of the biggest assets in your life. And as always, if you need help or advice I am just a phone call or click away.

Thursday, February 10, 2011

Tips For Buying Your First Home

If you're looking to buy a home for the very first time, this will have some information that will definitely be of great benefit to you. Even if this is not your first home purchase, you just might find some new and useful info here. Whether you're looking to purchase a HUD home, a pre foreclosed home, or a fixer-upper, you can find a lot of helpful tips and info on our site.

For a first time home buyer, the process can get quite overwhelming, giving you the feeling that the financial decisions are rapidly spinning out of control. When it comes to real estate, most people don't have a lot of experience or know a lot about it. In all actuality, buying a home is actually a simple process. All you need to do is understand the basics, which will go a long way in helping you buy your very first home.

The first thing you should know is to avoid pre-payment penalties at all costs. What this means, is that if you buy the home then later want to sell it before the balance of your mortgage is due, you'll have to pay a penalty. You can find a variety of great loans that don't include these types of penalties. If you find a loan that does include pre-payment penalties, you should immediately turn it down and look for another loan.

You should also be on the lookout for ARM's (adjustable rate mortgage). If you have an ARM loan, then your interest rate and monthly payment will adjust at pre-determined dates. This can cause payment shock or stress down the road. You need to be aware of the risks that go along with the reward of a lower payment now.

You'll also want to get pre-approved for your house as well. This lets the seller know that you are serious about buying, and will normally work in your favor to give an edge - which is especially handy if there are several others interested in purchasing the home. Getting pre-approved will also save you a lot of time as well. If you can't get approved for a loan, you shouldn't waste your time inspecting it, trying to get a good interest rate, or negotiating with the seller for your ideal price.

Before you purchase a home, you should always be aware of how much you can afford. Before you attempt to purchase a home, you should always go over your budget and figure out how much money you can spend on a mortgage payment. If you manage your money smart and know your finances, this shouldn't take you hardly any time at all. On the other hand, if you don't know your finances, this will take you a long time indeed.

Keep in mind that the above are just a few basic tips and that there are many other things you'll need to know before you buy your very first house. You'll need to be familiar with Private Mortgage Insurance, special loan programs, fixed rate and adjustable rate mortgages and several other things. Buying a home is an easy process, once you know a bit about it. If you familiarize yourself with buying a home and learn all that you can about what is involved, you'll find the home buying process to be easier than you ever thought possible.

Home Buying Checklist

Obtain pre-approval for a loan.
Narrow focus by location, cost and features.
Find a realtor.
Talk to neighbors, school and town officials around properties you are considering.
Schedule an appointment to see the home.
Make an offer, contingent on home inspection findings.
Shop around for the best interest rate and compare lenders' fees.
Purchase title insurance.
Review closing costs with your realtor.
Walk through your property to see that everything is in order before settlement.
Sign the papers and start packing!

We truly hope you find this information helpful, and that you'll be able to put it to use to your advantage. For a free quote, feel free to contact me. But as I said, don't stop here. Keep doing your research so that you can get the best house for the best deal.