Short sale options

Barbara Newton (Nu Home Source Realty L.L.C.) — Wed, 21 Nov 2007 09:34:54 -0800

What a mess our market is in ,well one thing is for sure if you are a buyer you had better jump on the band wagon because the deals are there ,in so many cases you can name your price. People that are in a hurry to sell are the best and I know where to find them. But if you are a seller and are behind on your Mortgage or know you will be soon or know someone in this same situation you need to know help is out there but be aware of people that want to charge you for their services . I am ,I would like to beleive an expert in Short sales but in this field you learn new things every day so no one is a true expert. I have saved people from foreclosure so if done right it is good for the seller. In most cases Sellers pay nothing ,Lender does pay Realtor commission and Seller closing cost ,I want to let sellers know that ,so they will get a realtor and not try to do it on their own,we all need help from time to time. I help thoes in the Tarrant county area of texas so if you have any questions I am here for you. bn3342@sbcglobal.net

Financial Preparation For Home Purchases

Barbara Newton (Nu Home Source Realty L.L.C.) — Sun, 25 Feb 2007 12:14:16 -0800

By Barbara Newton Nu Home Source Realty Dallas Real Estate Forum

Before they approve you for a home mortgage, lenders want to be sure that you will be able to repay it. They will take a detailed look at your financial situation to determine this. There are several things you can do to improve your chances of getting approved for a home mortgage. Not only will these actions help your approval they will also prepare you for managing your home mortgage payments once you obtain the home mortgage.

The first thing you should do is check your credit. Make sure that there is no inaccurate information on your credit report. This includes accounts that do not belong to you and accounts that are reported inaccurately. Your credit report will come with instructions for disputing inaccurate information. You can obtain a credit report by contacting any of the three credit bureaus or by visiting www.annualcreditreport.com.

Once you have taken the steps to clean up your credit report, next you should analyze your finances. Take a good look at your income and spending each month. Look for areas where you can decrease your spending. This might be as simple as making a minor lifestyle change. Come up with a budget for your household to add discipline to your spending habits.

Pay down your debts. The lower your total debt load, the higher the amount of home mortgage you can afford. Pay off minor debts like credit cards with low balances or collection accounts. Not only will this improve your credit score, it will also make it easier for you to afford the home mortgage once you begin to make payments. The lower debt load frees up additional funds in your budget allowing you a little extra room for furnishing your new home.

With the adjustments you’ve made to your household budget it should be easier to save for a down payment. After paying off your credit card debt, you can put the money that would have been going toward your monthly credit card bill toward your down payment savings account. A higher down payment allows you to borrow a higher home mortgage and afford a larger home. You might have to make some sacrifices now to save for the down payment, but it will pay off when you are in a home you like.

In the six months to one year before you apply for a home mortgage, you should not incur any new debt. This includes using your credit cards and purchasing big ticket items like vehicles or boats. Making large financial purchases raises a red flag in the lender’s eyes. Even if you can make the purchase and still afford a home mortgage, it is best to wait until after you have been approved for the home mortgage to make such a purchase. You should not take any action that might cause the lender to deny your home mortgage application.

Preparing yourself financially is one of the best steps you can take in the months before you make a home purchase. The financial readiness will payoff long after you’ve moved into your new home.

Barbara Newton's Blog

Short sale options

Financial Preparation For Home Purchases