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Getting the best terms and rates on your mortgage depends on how well you understand the process and your ability (as well as that of your real estate agent) to negotiate. The following points will help you understand the mortgage process and know what to look out for when obtaining home loan financing.

First, keep in mind that no two loans or borrowers are exactly alike. Everyone has a unique credit score/file, income, borrowing history, etc. Just because your neighbor or friend received a certain rate or program does not mean that you will also be able to qualify for such a program. Read the rest of this entry »

Some buyers are hesitating to buy their first home now. Perhaps you are unsure because you’re worried about the real estate market, or you’re afraid you can’t qualify for a mortgage loan. Maybe you don’t want to make a move yet, because you’d like to wait until you think the market is going to hit bottom.

But did you know that RIGHT NOW is the best time to buy? Buying an owner-occupied house is not based on the market, it’s based on YOUR family’s needs and capabilities. If you can afford the monthly mortgage payments, then seize this opportunity to provide your family with the security of owning their own home. In fact, right now IS the best time to buy your first home. Why? Read the rest of this entry »

The alarms about the housing market have caused many people to hesitate in buying a home. In other cases; however, many others are snapping up what they consider to be excellent deals. It is not at all uncommon for many buyers to purchase homes at prices that are at least 10% below the asking price. As a result, many of the buyers closing on homes right now were not even considering the purchase of a home until they realized that if they did not take advantage of the current market they might not ever find something similar for the same price again. Read the rest of this entry »

The alarms about the housing market have caused many people to hesitate in buying a home. In other cases; however, many others are snapping up what they consider to be excellent deals. It is not at all uncommon for many buyers to purchase homes at prices that are at least 10% below the asking price. As a result, many of the buyers closing on homes right now were not even considering the purchase of a home until they realized that if they did not take advantage of the current market they might not ever find something similar for the same price again. Read the rest of this entry »

Whether you are buying or selling a home, you want the best price you can get. Of course, price is one of many negotiable terms, and you want a clean transaction that closes as soon as possible. Buying or selling a home is not like going to a garage sale where you might get that used paperback for 50 cents or 75 cents, but either price is acceptable. A typical 3 bedroom, 2 bath home can easily be priced at $325,000 or $600,000, depending on the location and the market, and the price you ultimately negotiate involves big stakes, perhaps the biggest you have ever played. Read the rest of this entry »

If you are a potential home buyer, you must understand the difference between seller, buyer and dual real estate agents. Using the wrong type of agent could affect the financial terms of the deal and have significant legal implications. Read on to arm yourself with an understanding of the difference and how to use it to your advantage when buying a home. Read the rest of this entry »

Thinking of buying a home? Have you read a lot about what to expect in the process? Are you thinking of changing homes or refinancing? If any of the aforementioned are true, there are some things you should know to avoid doing that may cause your loan profile to go from good to not so hot.

For instance, don’t go out and buy a big screen television and surround system before you buy the house. I’m sure the house you’re considering has the perfect spot for the new gadget in that awesome family room. In fact, that’s one reason you are drawn to the property, right? But consider this point: you don’t want to elevate your debt right now. Buy your home first. Then see if you can get the “football” package. Most of the time, these purchases show up on a credit card. Then your average monthly payment goes up. I’ve seen where an extra $50 month payment can make the difference in a loan approval and a loan denial. And be careful about paying cash for that item as well. You may need to show cash reserves to qualify for your loan. Don’t confuse reserves with cash to close. The lender sometimes wants to see there will still be some money in your checkbook left over after you write a check for closing costs. Read the rest of this entry »

There are many things to do and learn when buying a home. A little preparation and knowledge can go along way and help eliminate some of the stress and headaches that can occur.  Here are a few tips to follow to make the whole process easier:

Tip #1

If you are going to get a mortgage for the purchase of your new home, a word of advise is to shop around, so you can get the best interest rate and loan type. There are many different programs to choose from like, fixed rate, adjustable rate, interest only, and there are also many Government based programs that you may qualify for. And you can get different terms as well, such as a 30 year or 15 year mortgage. By doing a little comparison shopping you can insure that your monthly payment is manageable and of the most benefit to you. Read the rest of this entry »

This article is written for buyers of real estate in California, but most of the tips are applicable to every state. The State of California and the California Department of Real Estate now strongly recommend that every buyer of property in the State have a professional home inspection.

1. What is a home inspection?

A home inspection examines the physical and operational condition of a property through visual means and through testing of plumbing fixtures, electrical systems, appliances and heating and air conditioning systems. Inspections include the roof, foundation, water drainage, walls, floors, windows, doors, and more. Home inspections do NOT include inspection for living organisms including mold and termites. However, most home inspectors will comment if they see evidence of water, mold, infestation and/or damage from any of those. Read the rest of this entry »

Buying your dream home is as easy as A-B-C. Follow the simple steps below. It may take months or even years to be prepared for your purchase; don’t get discouraged, just keep working on it every day. Once you move into your new home, it will be worth all the planning and preparation! So just keep focused on your goal and be persistent.

A. PREPARE FOR PURCHASE:

1.      Write down your family’s financial goals (short term and long term). For example: Buy a house within one year; Be debt-free within 10 years.

2.      Prepare a monthly family budget. Your monthly debts (including car payments, child support, and credit card payments) should be 10 - 15% of your gross monthly income. Contact your financial planner for assistance.

3.      Upgrade your credit report. Make all credit payments on time for at least 6 months. Make arrangements to clear up any unresolved items such as charge-offs or defaulted student loans. Read the rest of this entry »