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first time homebuyer: Things to avoid Before Buying A Home - 07/13/11 11:52 AM
Many new homebuyers make the mistake of rushing out to buy things to fill their home with as soon as the seller accepts their purchase offer and the lender pre-approves their loan. But there are still a few major hurdles to overcome before the keys are handed out. Don't Shoot Yourself in the Foot! Here are some things to avoid during the home buying process to assure your transaction goes as smoothly as possible:
Don't make an expensive purchase. It may be tempting to order that new sofa for your soon-to-be living room, but its best to avoid making major purchases … (5 comments)
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first time homebuyer: 5 Things a NC First Time Home Buyer Should Know - 03/12/11 07:07 AM
So you’re ready to move out on your own, and Kiss Your Landlord Good-bye? CONGRATULATIONS!
Here are FIVE THINGS we think every First Time Home Buyer should consider before making that move:
When you buy a House – you get a Raise! Uncle Sam definately sees benefits in having homeowners, so you get to “write off” the interest you pay each month on your taxes! We advise First Time Home Buyers to see a tax professional, and consider changing your W-4 when you purchase! This way, instead of the govenment giving you a $2400 refund… you get a $200 RAISE! (seriously, … (45 comments)
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first time homebuyer: 4 Things To Do Before Buying Your First Home in NC - 09/21/10 09:57 AM
Buying a home, especially if it's your first one, is often quite scary. There are so many things you don't know and terms you've never heard before. People often fear what they don't understand... So it's not surprising that studies have shown that this fear literally prevents some people from taking the first steps to buying a home!
As a First Time Home Buyer, you are probably "doing your homework," looking for information online, and asking questions of the people you trust. If you are like most of us, your home will be the biggest purchase you ever make. And … (0 comments)
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first time homebuyer: First Time Homebuyers - Don't Just Check On The Rate! - 09/14/09 04:30 PM
There are tons of first time homebuyers out there negotiating the best deal on their new home, and now it's time to get a mortgage.
Most of them only know how to ask one question: What's the Rate?
We've been in the mortgage business for over 20 years - and the only thing most people know to ask is - "What's the Rate?"
While that's a great question, it's kinda' like going into a shoe store and asking if they have any shoes in a size 9. Just shopping the rate is not necessarily going to get you the best … (27 comments)
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first time homebuyer: Unemployment and the Recession Have We Hit Bottom? - 09/04/09 09:33 AM
In an interview with CNBC this morning, Nouriel Roubini, a leading Global Economist, speculated that today's job numbers, though dismal - could be setting us up for a U shaped recovery.
This is interesting, as others on CNBC this morning, also speculated that we've hit the bottom, and are due for a bounce upwards.
In fact, according to the Bureau of Labor Statistics:
"Although job losses continued in many of the major industry sectors in August, the declines have moderated in recent months."
What this means for the Immediate Housing Market: Fortunately, or Unfortunately, housing has ALWAYS been tied … (10 comments)
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first time homebuyer: What Does Lock AND Float Mean? - 09/02/09 08:52 AM
Most buyers know that once they choose their lender and their mortgage program, they will be given the option of locking in that rate - or floating until they get so close to closing that they must determine which interest rate they are going to keep for the life of their mortgage (we must normally know the exact rate you choose 10 days prior to closing).
If you lock into an interest rate, with most institutions, and rates drop before you close - "oh well." Conversly, if you meet with your lender on Monday morning, and rates are at 5% - … (3 comments)
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first time homebuyer: Why Won't Rates Get BELOW 5% and STAY there? - 08/04/09 11:07 AM
So many people are waiting for mortgage interest rates to get below 5% - and then they will Refinance -
Or THEN they will purchase...
Well, with rates in the LOW 5's... NOW might be the time to act!
The thing that keeps rates ABOVE the 5% rate is simple... there are indications that the economy is recovering! (Good News in the Economy is Bad News for Mortgage Interest Rates)
"The ISM Manufacturing Index improved to 48.9 in July, jumping more than 4 points from the June score and marking the fourth straight improvement. This indicates that overall conditions remain in contraction for … (2 comments)
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first time homebuyer: FHA Downpayment Guidelines for NC - You might be Surprised! - 07/20/09 05:13 PM
Are you a First Time Homebuyer, dreaming of the day when you can sit among your boxes, in your new home?
HUNDREDS of first time homebuyers in Cary, Apex, Holly Springs are doing just that, and taking advantage of the now "famous" $8000 Downpayment Assistance program available through NC Housing Financing!
These same people are purchasing wonderful $300,000 plus priced homes using FHA Financing!
The North Carolina Housing Finance Agency, is advancing up to $8000 as a credit to buyers for their 3.5% downpayment. (of course there are some income qualifications, etc)
Here are some other ways you CAN obtain the 3.5% … (2 comments)
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first time homebuyer: Will the $8,000 first time home buyer tax credit be extended or even expanded? - 07/15/09 11:04 AM
This is very detailed information for First Time Homebuyers. We are working with several people who are hoping to improve their credit, or save money for closing costs (or an FHA downpayment!)! I think this is very good news for the economy! If you want to see if you QUALIFY for the First Time Homebuyer $8000 tax credit that is CURRENTLY available - click here.
Via Team Jodi - Chapel Hill Real Estate, Durham Real Estate (Jodi Bakst, Broker @ The Home Team):
Right now, there are 5 bills being presented in Congress which either extend or expand the current $8,000 … (7 comments)
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first time homebuyer: USDA Mortgages and Risk Based Pricing - 07/08/09 03:37 PM
Risk Based Pricing is a term now used by mortgage lenders to refer to how mortgage loans are Priced.
A mortgage with a higher risk to the bank has a higher price, or interest rate. A loan with a lower risk of default for the back, has a better price / rate.
There are several factors that currently make up the "risk" matrix. Here are a few of the items that might affect the rate:
Borrower Credit Score and Capacity to make payments (Debt to Income Ratio/ DTI) Property Condition and Location Documentation Type (did you provide income documentation and asset … (2 comments)
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first time homebuyer: First Time Homebuyers! Get Your $8000 Piece of the Bailout! - 03/03/09 10:10 AM
There is a silver lining to all of this Bailout Business (thank goodness!) and it applies all First Time Homebuyers! In the recent stimulus package, Congress, and President Obama wrote in a $8000 Tax Credit for First Time Homebuyer's who purchase a home between January 1, 2009 and December 1, 2009 (that's right, the actual law says DECEMBER ONE, so you need to close by November 30, 2009!)
The actual Credit is $8,000 or 10% of the purchase price, whichever is less. It is a CREDIT. This is much different than a Tax Deduction. If your total tax liability came to $6,000, but you … (22 comments)
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Eleanor Thorne 919-649-5057 Cary Mortgage Loans
Cary,
NC
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Steve Thorne NC Mortgage Experts
Address: 111 Corning Road, Suite 230, Cary, NC, 27518
Office Phone: (919) 649-5058
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