You've decided to buy a home. Way to go. Now what? It's easy to get excited about buying a home. Buying a home is sexy and fun. The problem is that too many people forget to do their homework. If you have made the decision to purchase a home, you have just completed the 1st step. The 2nd step IS NOT to find a house. Here is a quick step by step guide to buying a home:
1. Make decision to STOP paying your landlord's mortgage! 2. Contact local mortgage professional, schedule a face to face meeting 3. Work with lender to create long-term financial plan 4. Get pre-approved 5. Using the amount that the lender recommends - make your home shopping checklist 6. Lender will recommend 1-2 top Realtors 7. Interview Realtors (remember they will be guiding you through the process) 8. SHOP for the RIGHT home 9. Make an offer 10. Meet with your lender to go over your paperwork & get your loan started
If you don't follow these steps you could end up shopping for a home in the wrong price range. If you don't work with an experienced lender you could end up spending thousands of dollars more in closing costs and interest charges. You have the right to expect excellent service from all parties involved in your transaction. Communication is the key to a successful home purchase. If you have already started the process with a lender that is not pro-actively communicating with you. Don't be afraid to move your transaction to a lender that will go beyond your expectations.
Relief for Responsible Homeowners One Step Closer Under New Treasury GuidelinesWith Detailed Program Requirements, Servicers Can Now Begin `Making Home Affordable' Loan Modifications
Extensive Borrower Outreach Efforts Underway
Washington, DC - The Obama Administration today announced new U.S. Department of the Treasury guidelines to enable servicers to begin modifications of eligible mortgages under the Administration's Homeowner Affordability and Stability Plan - announced by President Barack Obama just two weeks ago. The release of detailed requirements for the "Making Home Affordable" program facilitates implementation of the critical provisions that will help bring relief to responsible homeowners struggling to make their mortgage payments, while preventing neighborhoods and communities from suffering the negative spillover effects of foreclosure such as lower housing prices, increased crime and higher taxes.
"Two weeks ago, the President laid out a clear path forward to helping up to nine million families restructure or refinance their mortgages to a payment that is affordable now and ito the future. Today, we are providing servicers with the details they need to begin helping eligible borrowers," said Treasury Secretary Tim Geithner. "It is imperative that we continue to move with speed to help make housing more affordable and help arrest the damaging spiral in our housing markets, just as we work to stabilize our financial system, create jobs and help businesses thrive. Economic recovery requires action on all three fronts."
"Only two weeks after the President unveiled his plan to help promote homeowner affordability, we are moving forward today with these guidelines to implement that plan," HUD Secretary Shaun Donovan said. "This step forward represents a tremendous coordinated effort between major government and regulatory agencies to help bring relief to America's housing market and homeowners. This plan will help make home ownership more affordable for nine million American families and in doing so, help to stop the damaging impact that declining home prices have on all Americans."
The guidelines will implement financial incentives for mortgage lenders to modify existing first mortgages and set standard industry practice for modifications.
Treasury announced today that the Making Home Affordable program will also include additional incentives for efforts made to extinguish second liens on loans modified under this program. Extinguishing second liens will make mortgages more affordable, improve loan performance, and help prevent foreclosures.
In conjunction with the release of the new guidelines, Treasury, HUD and other members of a broad interagency task force have prepared consumer friendly Q&A and eligibility assessment tools for borrowers available at FinancialStability.gov. To ensure the program can be implemented as quickly as possible, the agencies also have conducted extensive outreach with housing counselors and mortgage servicers, including the development of call center phone scripts, a training plan and detailed guides, to prepare them for incoming inquiries from borrowers in the wake of the guidelines release. An expanded online resource will soon be available for borrowers, and agency representatives will fan out across the country in the coming weeks to conduct outreach at homeownership events in communities hardest hit by the housing crisis.
It's tax time again and for many of you that means....REFUND TIME! What did you do with your refund last year? Pay off a credit card? Take a little trip? Buy new furniture? Can you even remember? This year, why not make an investment in your future? Don't you deserve it?
Your landlord knows that one of the most sound investments you can make is real estate. He's also figured out that you are the perfect person to pay his mortgage. Every month you pay his loan payment right on time. Isn't it time you did something for you and your family? With interest rates at historic lows, low down payment options and a strong Tri-City housing market, now is the best time for you make your move. It's so simple to get approved. You are one phone call away. There are a number of ways to apply for your first home loan but none are easier then this 509.735.6603. Give us a call and ask for your free first time buyers consultation. Don't forget to ask how you can collect $8000 from the IRS when you buy before December 1, 2009.
Video YAKIMA COUNTY-- The only thing more romantic than Valentines Day in wine country, is knowing you're doing it for a good cause, say organizers of Saturday's wine tour.
The proceeds went to Habitat for Humanity, and representatives networked with wine tasters to recruit volunteers for the nonprofit.
The plan was for a bus-load of people to spend the day exploring the areas wineries, but organizer Dana Mundy soon had to order another bus and put people on the waiting list for the first fundraiser of its kind. More than 100 people participated.
"It's just been thrilling," said Mundy. "Plus, it's fun. It's fun to get to know other local business people and just to connect with other people that feel the same way we do about the community."
Mundy works for AmeriChoice, a home loan company, so she said the beneficiary was a natural fit.
Habitat for Humanity Executive Director Theresa Richardson, says the proceeds were a welcome donation in this tough economic climate. The price of raw materials and labor needed to build homes is sky-high. At the same time, the need for affordable housing is growing.
"The families, you know their lives are going to change," said Richardson. "That cycle of poverty has ended because they have an affordable place to live and and to take care of their families. They're so proud of it. Their kids' education improves. Their health improves. It's just a win win win situation."
The organization's goal is to build a new home every month. Habitat is working on four new houses in Pasco right now, and will soon begin more in Kennewick.
The effort to recruit new volunteers seemed to be working.
"It's really given me a new appreciation for what they do and in just visiting with people who are here from Habitat, and really given me some interest in helping families get affordable housing," said wine taster Deanne Stephens.
On this Valentine's Day, the event gave a whole new meaning to love for others, as the generosity kept flowing.
"That arrow shoots through he heart of the whole organization, and ends up benefiting our families," said Suzzanne Carroll, who works for Habitat.
The wine tasters raised a couple thousand dollars, but Habitat is always in need of funds. For more ways you can help, visit their website at http://www.habitat-tcp.org/.
The next tour will be of Walla Walla vintage wines in June 6th from 12:00 pm - 7:00 pm. Tickets are $40 each and available at AmeriChoice Home Loans 509.735.6603.
Tri-Cties, Washington sellers can SELL high and BUY Low!
The Tri-Cities was ranked 25th in the country for housing price appreciation in the Federal Housing Finance Agency's fourth quarter 2008 report. Tri-Cities home prices reportedly showed a 1.73 percent appreciation rate from the third quarter of 2008 to the fourth, and a 2.3 percent growth when comparing fourth quarter 2008 to the same time in 2007, according to the FHFA.
What does this mean for sellers? If you currently own a home and are considering moving up, now is a great time to considering selling your home. While homes under $300,000 are still moving fast, those priced over $300,000 are offering some exceptional buys. This means you can still sell high and buy low. Mortgage rates remain low. Now is the best time to sell your home and buy the home of your dreams. Call 509.735.6603 today to find out what your options are.
Are you still renting? Tri-City, WA (Kennewick-Pasco-Richland & Surrounding Cities) residents pay an average of $800 per month in rent. Did you know that you can purchase a home in Kennewick, Pasco or Richland and lower your monthly housing expenses? All three cities offer first time buyers down payment assistance depending on your income qualifications and the location of your purchase.
The USDA Rural Housing Program offers zero down loans in Burbank, Finley, Benton City, Prosser and North Pasco. These loans are not reserved for first time buyers but you cannot currently own a home. The seller can pay ALL of the costs associated with this loan - which means you can purchase a home with no money out of pocket.
Now courtesy of the Stimulus Package first time buyers qualify for up to $8000 in the form of a Tax Credit. What does this mean? This means Tri-City home buyers now have 8000 reasons to purchase a home. If you want to learn more about the tax credit and the benefits of investing in Real Estate, please call Dana Mundy at 509.735.6603.
Foreclosures have always been a strong attraction and an excellent way to pull in buyers. If twenty listing ads are in one place and one of the listing ads says "Foreclosure" you can always bet an interested buyer is going to be attracted to that ad first. We take advantage of that common tendency with this system.
We are finding even in good markets where foreclosures are not an issue this program is working just as great as it is in heavy foreclosure areas.
ads are in one place and one of the listing ads says "Foreclosure" you can always bet an interested buyer is going to be attracted to that ad first. We take advantage of that common tendency with this system.
Until recently the HomesByLender system has only been available to loan officers. We are now expanding to offer our exclusive sites to Realtors too. So, if you are looking for a way to close more transactions check out the HomesByLender system at www.hblsystem.com.
I've been in the lending business for over 15 years and I am still amazed at the level of "dis-service" clients continue to receive. I was recently contacted my a woman "Lisa" who had been working with an online mortgage company. Lisa and her husband had applied for a VA home loan back in November. They made an offer on a home on five acres. The purchase price was $170,000 which included an addendum stating that at closing the seller would be provided $2500 so that in the near future he could connect the property to public irrigation. RED FLAG!! VA never allows seller concessions. This should have been explained to the borrowers at application, not 6 weeks later. Even after six weeks the lender said they thought they could make it happen. Fortunately Lisa decided to explore her options. Since concessions aren't allowed, I sought an alternative. Lisa and her husband thought they lacked the resources to come up with the $2500 necessary to purchase the supplies needed to connect the irrigation. I contacted the Realtor and worked out an alternative solution to the problem. I asked the Realtor that if the buyer agreed would they lower the sales price by $2500 and elimate the concession. They agreed. I contacted Lisa and proposed that we would reduce our fees so that she could recoup her $1000 earnest money, then explained to her that if she closed in January she would not have to make a mortgage payment until March. Her paymen was $1200 per month. Add that to her $1000 earnest money and she had the funds necessary to complete the transaction. This is a much much simpler way to get the job done and everybody wins.
The moral of this story? Now more than ever it is important to seek advice from a local, experienced professional.
Over the past year I have been coaching with Susan Ross the owner of Blue Ocean Coaching. With Susan's guidance my income increased 10 fold. I'm sure if you asked Susan she would tell you that I have been her biggest challenge to date. My goal when I entered coaching was to increase my income...that's it. No FU FU stuff for me. So, Susan waited patiently. Then this past fall, Susan recommended that I ready THE ANSWER by John Assaraff. The Answer is all about brain science. Brain science, NOT FU FU. What I learned changed the way I live and the way I do business.
Now, better equipped to take on new challenges and implement those tasks necessary to run a business sucessfully (not have my business successfully run me) I am prospecting and focusing on dollar producing activities 50-70% of each day. It is blocked out. Calling clients, realtors, strategic partners, taking loan applications. Read THE ANSWER, you will learn how to "trick your brain". Hire an accountability coach, you will learn how to successfully operate your life and your business. A coach is not an expense. It is an investment. If you're going to leave your home and your family for 10 hours a day, don't you want to get the most out of it?
The recent upswing of WOM (word of mouth marketing) has got me thinking. Now more than ever we need to get in front of our key clients and partners and show our appreciation. What you do for your clients matters as much as what you say. Since many markets are experiencing downturns it can be difficult to justify the "expense" of an event. Consider co-hosting your events with your strategic partners. For instance on Valentine's Day I will be hosting a Wine and Chocolate Bus Tour. I have brought in my escrow agent to provide the "catering" and we are charging $20 for each ticket. The funds collected from ticket sales will be donated to the local Habitat for Humanity. By including a charity, I will be able promote the event for free. I will also be able to double my database because the director of the charity will be more than happy to forward the invitation out to her database.
Show your clients you care! Help your community and increase your exposure. You'll be glad you did.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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