Right now, everywhere you turn there are multiple offers over list price. It is crucial the Buyer, Mortgage Lender, and Realtor® understand the area and how to conduct multiple offers to WIN. Here are a few misconceptions many people believe are true when understanding how to win an offer: READ MORE
The new tax reform bill that was signed into law by Congress will be changing taxes related to home ownership in 2018 and beyond. If you are a homeowner, or are considering becoming one, be sure to meet with your tax professional to discuss how these changes will impact you. READ MORE
Each spring as the temperatures warm up, so does the housing market. Even before the snow has melted, sellers are preparing their homes to be listed, and buyers a readying themselves for a search.
If you are among those who plan to buy a house this spring, here are the key first steps you should be taking to get started. READ MORE
In the mortgage industry, we are often asked if a home inspection is required. In many cases, the answer is no. However, even when it is not required, a home inspection is certainly recommended.
You are making a large investment when you buy a home, and having a professional home inspector look at it could save you a lot of time and money in the long run.
Winter can be a great time to become a homeowner. In many areas, the real estate market tends to slow down during the colder months. With fewer buyers to compete with, you could get a great deal. One of the downsides to buying in the winter is having to move in unfavorable weather conditions, but with the right strategies and preparations, you can make sure your move goes as smoothly as possible. READ MORE
Becoming a first-time homeowner can seem intimidating and many would-be buyers struggle with knowing when the time is right. When it is right, buying a home can be a smart and exciting investment in your future. Although every situation is different, there are a few indicators that can help you determine if you are ready. READ MORE
For many buyers, it can be tempting to think that the best deal comes at the lowest price. However, that is not always the case, especially when it comes to the housing market. If you really love a home, there are some factors that may be worth considering as you enter the bidding process.
Relative Prices – Our natural tendency to pay as little as possible is not as meaningful for an investment, such as a home, as it is for a consumable. In this case, what you pay now can affect your sales price later. There may be little difference in total earnings if you pay less and sell for less or pay more and sell for more.
Influencing Value – For appraisers, the last sale or “comp” in an area sets the value for similar homes. Whatever you pay helps to establish what your home and comparable properties are considered to be worth.
Setting the Trend – If you pay less for your home than was paid for the last similar home, you may be contributing to a downward price trend, which can be difficult to reverse. Conversely, helping to maintain a trend of price appreciation can end up paying you back many times over.
One Chance – No two homes are ever exactly the same. Even when structure matches, your land, your view, your address and your immediate neighbors will always be different. You truly may have only one chance at just the right house. Industry professionals have all seen buyers lose out on what they really wanted. We don’t want that to happen to you. Nor do we want you to pay more tomorrow for something less than what you could have had today as a result of increasing prices and rates.
Price vs. Payments – If you’re financing your purchase, you’ll probably never come close to paying the actual price. You’re making a comparatively small down payment and then paying interest on the loan until you refinance or sell. Yes, you will have a higher payment if you pay more for the home, but an extra $10,000 of mortgage money can add less than $50 per month on a low-rate, 30-year loan.
Every situation is different and you should work with an experienced Realtor and Loan Officer to determine what is the best option for you. Reach out, and we’ll be happy to help you weigh your options for the home you would really love to own today. We’ll peel back the layers of the housing market so you have a better handle on what’s going on behind the scenes.
Not connected with a Loan Officer yet? Find one at a branch near you.
As a mortgage company, we are committed to making sure our clients have the best home buying experience possible. We understand one thing that gives many homeowners headaches is worrying about their closing date being pushed back. There are a lot of logistics that go into a real estate closing. If you plan for a closing date and move out of one home before you can close on and move into the next, things can get complicated and expensive. That’s why we created the Marketplace Home Mortgage On-Time Closing Guarantee *. READ MORE
When you are preparing to buy a house it’s important to make sure your finances are in order and well-documented. There are a number of things you should avoid doing financially as you prepare to seek a loan pre-approval, and some of them might surprise you. Even after you have been pre-approved you should be cautious to make sure that nothing disrupts your final closing. Here are five things you should not do to ensure a smooth loan process.
Don’t Apply For New Credit
Changes in credit can cause delays, change the terms of your financing, or even prevent closing. If you must open a new account (or even borrow against retirement funds) consult your Loan Officer first.
Don’t Change Jobs
Probationary periods, career changes, or even status changes can be subject to very strict rules when it comes to mortgages. This includes changing from a salaried to a commissioned position, requesting a leave of absence, or accepting a new bonus structure. If you think a change in your job might affect your ability to secure financing speak with your Loan Officer.
Don’t Make Undocumented Deposits
Primarily large but sometimes even small deposits must be sourced unless they are identified. Make copies of checks and deposit slips. Keep your deposits separate and small. Avoid depositing cash.
Don’t Wait to Liquidate Funds From Stock or Retirement Accounts
If you need to sell investments, do it right away and document the transaction. Don’t take the risk that the market could move against you which could leave you short of funds to close.
Don’t Ever Be Afraid to Ask Questions
If you’re uncertain about what you need or what you should do, your loan officer will be there to help you through the loan pre-approval process, even long before you intend to buy.
For some buyers, an FHA home loan may work when others can’t.
The FHA home loan program is designed to help promote homeownership. Loans distributed through this program are insured by the Federal Housing Administration. For many buyers, FHA loans make it easier to qualify for a mortgage.
When it comes to FHA Loans, here are a few of the features that can be beneficial:
- Low Down Payments – As little as 3.5% down will work in most instances, and 5% covers most others.
- Higher Loan Amounts – In some areas, FHA maximums can exceed conventional loan limits.
- Lower Total Cash to Close – Sellers can help pay closing costs, and borrowers can receive gift money toward their down payments.
- Streamlined and Cash Out Refinancing – Subsequent refinancing can be far easier and more lenient than with conventional loans.
- Purchase and Rehab Financing – The FHA 203k loan can be a great option for the purchase of homes in need of a quick spruce up or even major remodeling when you don’t have sufficient funds to do it on your own.
Not connected with a Loan Officer yet? Find one at a branch near you.