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How Do Lenders Decide How Much to Give You?

Posted by on Mar 8, 2016 in Uncategorized |

How Lenders Determine Your Borrowing Ability 

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When you begin to consider purchasing a home, the first things you should do is go to a lender to get pre-approved. Many people wait until after they’ve found the home they want before they do this; this usually ends up in disappointment. Had they figured out if they could get a mortgage to begin with, and if so, for how much, they could have avoided a lot of the upset. This way, you’ll know if you can get approved, and you’ll know whats in your budget.  This will help you not only with your realtor, but with yourself when you perform online searches alone. Just about all of the sites have an option for you to select your max budget. This is useful, because it prevents many homebuyers from falling in love with a house out of their price range; thus, it prevents “daydreaming.” When you go to the bank, they will evaluate how much they are willing to let you borrow by looking at what are known as the “3 c’s,” or, credit, capacity, and collateral, which we will need if you want to.credit_score_pie_chart

FICO: The first thing the bank will do is check your credit score.  Generally, they use the FICO model. This model is a combination of your Equifax, Experian, and TransUnion scores. The common FICO score needed these days to get approved for a loan is between 740-760 (or higher). This report will show:

•Your outstanding debt

•How much debt you have outstanding as a percentage of open credit accounts

•How much debt you have in the different types of credit accounts (credit cards, car loans, school loans, etc.)

•Your payment history

Income: If the lender likes what he sees on the credit report, he will next evaluate your capacity, which is on the lender’s allowed maximum percentage debt to your gross income, less all of your other debt payments, how much do you have available for a housing payment?  of the property; the bank will then lend you up to a certain percentage of that value, which depends on the bank and the loan program in which you qualify. Visit We Buy Houses for more.

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Great News To Sellers During the Holidays

Posted by on Mar 8, 2016 in Uncategorized |

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The Advantages of Selling Your Home During Christmas

If you’ve been trying to sell your home and haven’t had much luck, and are distressed because Christmas is now around the corner, don’t pout; go to sell your house now. It may be a good thing, as there are advantages to selling your home during this time; though, make no mistake, it may still be challenging.  Many think its difficult to sell because there are no buyers, but its also difficult because the realtors are out too; whether out of town, or spending time with family. However, it can still be a good thing! Here’s why.

Prime-time selling season, Spring, has passed, and it is around this time that the sellers have now become buyers; as well as the fact, that depending on how busy the house-hunting season was, there may be some buyers who didn’t have the chance to buy the houses they wanted to, and they still need to buy a house.

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Many people have more time to look at the properties they’ve wanted to but haven’t had the time. Work makes house-hunting near impossible. When you’re off work, they’re at work, and vise versa. Now, they’ve got the time to finally devote the time to it. Aside from the fact that you can bet on those viewing houses around this time of year, are serious.

Another reason is that there aren’t as many competitors; during Spring, with so many houses on the market, it can be hard to make your house stand out more than the rest. During the holidays, less homes are on the market, so you don’t have to try as hard.

People also are generally happier over the holidays; this is good, because they are feeling good about negotiations. Sellers may be more lenient, and buyers may be more flexible also. Basically, transactions seem to run smoother over the holidays. Read more at Buy My House.

Christmas has an overall feeling to it that makes things seem brighter.  This includes homes. There’s nothing that makes a home seem warmer, than snow on top, white Christmas lights , and a garland wreath. As long as you be sure that the decor is tasteful, just the Holiday will help your house make an impression on its own, as buyers are more emotional during this time of year.

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Mistakes Homeowners Make During Foreclosure

Posted by on Mar 8, 2016 in Uncategorized |

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1. Not asking for help, or asking too late. Many people going through foreclosure call it quits. They don’t know much about the word other than it means doomed, no way out. That’s actually not true. You should start getting help right away, for example if you just got laid off and missed a payment last month, got a big hospital bill and know you won’t be able to make a payment next month. You must be proactive. Not opening the bills isn’t going to make them stop or go away.Many times, the family member is scared to talk to the other and tell them whats going on either out of fear, or embarrassment because they are ashamed they can’t provide. People generally get into foreclosure because they miss a few payments which have piled up so much that they can’t see a way out. Talk to someone about it, and follow their guidance. Doing anything is better than doing nothing. Be-leery-of-a-banks-first-offer

2. You must discuss options with your lender. Many are surprised to find out that their lender is actually an ally. They don’t want to foreclose on your house. They don’t want to lose the money. It is in their best interest to help you do whatever you can to save your house. Yes banks are irritating, you can’t get them on the phone, they send you mail but won’t respond to yours. They are frustrating; however, this isn’t the time to play revenge. The lender is the only one who can help, so you really have no other option anyway. After a certain point of the foreclosure process, they will no longer help you.

Related: Buy My Home

3. You still need to be saving money. At a certain point in the process, it becomes confusing to you, because you can’t make your payments, you know your home is going to get foreclosed on, so you’re wondering why or if you should keep sending money anyway. Plus, the bank by this point is probably already mailing it back to you. When this happens, most people forget that they need to be saving money right now. You may get a loan modification if you can pay a certain amount of money; add whatever you were going to pay toward the mortgage into an account. It will show the lender that you are trying to get it together. Plus, you’re going to have to have money anyway to have somewhere to live. moneysaving

4. This is not the time to beat yourself up. You have to be strong in the foreclosure process, because you’ve got to be in the right mindset in order to try to rise above the situation. Aside from the fact that you’ll likely fall apart if you don’t, and it makes the situation a lot easier  yourself, and not blame anyone.

Recommended link: Buy My House

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Hidden Expenses of Owning a Home

Posted by on Mar 8, 2016 in Uncategorized |

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Expecting the Expected: Things to Budget For Your New Home

Purchasing a first home is one of the most exciting turning points in a persons life. However, when considering buying a home, you must calculate all the other expenses besides the actual price of the home and your mortgage payments. A house costs much more than just the mortgage. Be sure you have money for the mortgage, and then some when you purchase it. Here are some expenses that you should expect, and set aside money for. To learn more, visit other real estate blogs.

2. Private mortgage insurance. Unless you paid the required 20% or higher for a deposit on the home, you are going to have to take out a PMI, or, private mortgage insurance on the home. This policy is set in place to protect the lender—in case you default. This can add up to a hundred dollars each month on your mortgage. Of course, the closer you are to that required percentage on the downpayment, the lower your PMI premium will be.

3. Homeowners’ insurance. Homeowners insurance is essential; click on  to sell your house fast. It’s the house equivalent of not having health insurance. If you have to replace your home if something truly bad happens, or it must be rebuilt, you’re pretty much in trouble if you don’t have it. And actually, if you borrow money from the bank to purchase the house, legally you must have homeowners insurance. These can cost up to a thousand dollars annually.insurance

4. Property taxes. These are taxes charged by your local government to pay for expenses in the area such as parks or schools. A good idea is to look at the numbers, and see what the pattern has been in the past 10-15 years in terms of tax assessments, to see how much they’ve gone up. This will give you a good idea of how much you can expect them to rise year after year.

5. Utilities. You must ask the seller for 6-12 months of utility bills; you need to see what the bills generally run for all seasons. Otherwise, you can’t get an idea of how much you’ll be paying each year in water and electricity.  Also add or subtract to that number depending on how many people will be living in the home. We Buy Houses contains information on how to do this effectively.

6. Maintaining. When you purchase a home, you are responsible  for the repairs and maintenance; there is no more calling a landlord to fix something when things go wrong. Be sure that you have an inspector inspect the home before you purchase it so that you can get a general idea of what you should be planning to expect. For example, if you know the roof might need to be replaced in 2 years, factor that in. Don’t forget to calculate little things into the budget too; if the washer and dryer breaks, if the plumbing explodes in the kitchen, or if the bathtub might need to be replaced at some point too. Imaging all of the little things that are possible to happen in the next 2 years and budget that out. There’s also painting the exterior, landscaping, all of those repairs can add up. To own a home, you must have 3-6 months of living expenses saved. While that isn’t required by law, it should be. You’ll be in a real bind if not. 3-modern-living-room-minneapolis-best-interior-design.preview

7. Decorating. You must make sure that you love the home the way it is, instead of the idea that you’ll make it what you want when you move in. You might discover that your headboard won’t fit up the stairs the way the ceiling is placed. Be sure to make a list of how you plan to decorate, and see if it will be possible in the home. This is so that you can be sure you are able to do what you plan to do with the house, but also to see how much you’ll be spending. You don’t want to be “house-poor.” Owning a nice house is gerat, but not if you can’t afford to decorate it and have a sofa to sit on. Calculate rugs, towels, soap, TVs, literally everything. Even sheets and towels for all bathrooms can be at least $1,000 even if you get them at a store like Tuesday Morning.

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Three Useful Steps to Picking a Real Estate Closing Attorney 

Three Useful Steps to Picking a Real Estate Closing Attorney 

Posted by on Nov 17, 2015 in Law, Real Estate, Tips and Tricks |

A real estate closing can be really stressful for the buyer and seller at the same time. A lot of money will be spent when closing, and both buyers and sellers will be doing a lot of work during transaction until the closing day. Also, real estate contracts may be hard to understand for average people due to legal jargons.  By choosing the appropriate real estate closing attorney who will help you with the transactions, you will be stress-relieved because they will make sure all of your documents are prepared to be signed, the deed is drafted, and that all the paperwork is in order. This is why it is important to select the right real estate attorney who will assist you in buying and selling a home

Here are 3 steps to selecting the right real estate closing attorney:

    • You should always contact the bar association They will offer you a large number of attorneys in your district.  By contacting the state bar association, you will be 100% sure that you chose a right attorney who is license to do this kind of work.  You can get in touch with the state bar by calling them or visiting their site online.

      Click here to learn more

    • real-estate-closingIf possible, choose a real estate attorney with whom you have already collaborated and have had a positive  experience with him/her. Because you have already worked with this attorney, you will be prepared on his/her way of working process and the quality of that legal work. Also, you may be able to make an agreement on making a lower fee because you are a constant client.  If you have not hired a real estate attorney  before, but have worked with some other attorney who helped you with some other legal matters, make sure to ask him/her if they do real estate law, too. Since a great number of lawyers possess general knowledge of legal matters, they should be able to handle many types of cases.  This means that general practice attorneys can handle real estate closing. Looking to sell your house? Go to We Buy Houses to find out how.
  • Keys to Home OwnershipYou can always ask for an advice from your close ones, such as family, friends, or colleagues from work.  It would be good for you to ask people who have been selling or buying a house in the past to recommend you a real estate attorney whom they hired before. Also, it would not be bad for you to ask your real estate agent to give you an advice on this. Why? Simply because personal suggestions are always good when choosing a real estate attorney, because it provides you with a real picture on how that particular attorney handled the case of your friend or a family member. Also, it is probably more reliable to ask a friend or family member for a recommendation than some other sources.

 

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