buying a home: Thoughts, Panic and Fears when buying a home
- 07/15/14 03:58 AM
Even though we all know that buying your first home is a dream come true for most, it doesn’t come without some bumps in the road. Below is a humorous list of 74 thoughts first-time home buyers have while going through the process. This list is originally from buzzfeed.com.
1. This place looks so cute! Read the complete post (0 comments)
buying a home: Was your mortgage application turned down?
- 07/15/14 03:55 AM
If at first you don't succeed with your mortgage application, apply, apply again. Just because your loan was turned down by one bank doesn't mean it will be turned down by all of them. Today’s topic is about not giving up. This is probably a good life rule in general, but it should definitely be applied to your mortgage transaction. The reason behind this is called "investor overlays." When your loan is being underwritten, it’s being compared to a set of standards that are specific to your loan type. Those standards can and will vary from lender to lender. Watch Video (4 comments)
buying a home: Buying your First Home? Don't Act Like it!
- 07/01/14 05:46 AM
The best thing you can do for yourself, when planning on purchasing your first home, is to be as informed about the home buying process as possible. Not only will it be an easier process for you, but you will be able to fully understand everything that having a mortgage entails as well as what’s to be expected in the future. Read the complete article (2 comments)
buying a home: 6 Questions you should be asking your mortgage lender
- 06/30/14 07:25 AM
The home loan process today is more complicated than it has ever been. The aftermath of the housing bubble has lenders scrutinizing every loan file to make verify that each home buyer is an acceptable credit risk. When you start shopping for a home loan it’s important to know that the best loan for you is not necessarily the one with the lowest interest rate. Everyone who is approved for a home loan these days will get a fantastic interest rate, but some will be a little better than others based on down payment amount, credit profile and property type. Read the (0 comments)
buying a home: 7 Steps to Owning a Home after Foreclosure
- 06/18/14 02:40 AM
Foreclosure is tough, really tough — but it’s not the end of the world. With careful planning, discipline and a little help you can get a mortgage and own a home again. Here are seven manageable steps you should follow:
1. Stick with your job – If you fell into foreclosure because of unemployment or a lack of steady work, your first task is to find another job and stick with it, even if it’s lower-paying. All mortgage lenders require stable employment before considering you for a post-foreclosure loan.
2. Rebuild your nest egg – You should build a (2 comments)
buying a home: The Ultimate Rent vs Buy Calculator?
- 06/09/14 07:39 AM
Should you continue to rent or is now the right time to buy a home? There are a number of rent vs buy calculators, including those offered by Trulia.com, Realtor.com and Homes.com. They generally all make the same recommendations based on the same criteria: monthly rent, home price, how long you plan to remain in your home and property taxes. The more sophisticated of those tools factor in taxes and ancillary costs of renting and homeownership that are sometimes overlooked. On the homeownership side, those expenses include down payment, closing costs, selling costs, maintenance costs, utilities and homeowners insurance. On the (0 comments)
buying a home: Buying a Home how to negotiate the best purchase price
- 05/28/14 05:03 AM
When purchasing a new home, the negotiation of the purchase price is a key part of the transaction. The following infographic provides a few tricks can potentially save you thousands of dollars, result in a smoother path to settlement and help you purchase the home of your dreams. Always start the home buying process by getting pre-approved with a mortgage lender. Knowing what you can afford is paramount in the negotiation process. And, if you are debating between two different purchase prices, ask your mortgage consultant to calculate the payments on both prices. It’s surprising how much of an impact an (2 comments)
buying a home: Qualifying for a mortgage is easier than you think!
- 05/13/14 05:33 AM
Have you been eyeing your dream home, but fear that you won’t be approved for a mortgage? In a recent national consumer survey, 56 percent of potential homebuyers decided against purchasing a home because they were afraid of rejection by lenders. And that nearly half of the respondents did not know what the minimum FICO credit score requirement is for a mortgage loan. Fear not friends! We’re here to clear up some concerns you may have and show you that, with the right lender, there are plenty of options for everyone. Are you worried that your credit isn’t good enough? Download (2 comments)
buying a home: What every home buyer should know about homeowner's insurance
- 05/05/14 05:00 AM
When picking out your home insurance, it’s important to know what to expect. Here are the 6 things you should know about homeowner’s insurance. What Is Included In the event of fire, theft, storms or vandalism, most insurance policies will pay for damages to your home and possessions in the home. Provides liability insurance if someone got hurt on your property and were to file a lawsuit. Covers the cost of a hotel if you are displaced from your home. Covers water damage only under certain conditions. A general rule-of-thumb for traditional homeowner’s insurance is: If the water comes down, you’re (2 comments)
buying a home: 7 Financial Benefits of Homeownership
- 04/02/14 07:08 AM
We’ve always heard that owning a home is a good move for your financial future. Your parents heard it and so did their parents. But the recent housing bubble has caused many to question whether that is still true. If you’re going to live in the United States, chances are you’re going to have to pay someone to live here. You can either pay a landlord and his mortgage or your can pay yourself. Whether homeownership is a good financial decision begins with making sure you own a home you can afford. The cloud that cast over homeownership has more to (2 comments)
buying a home: Buying a home in 2014 - A new weapon for bidding wars
- 03/24/14 07:37 AM
If you’re buying a home in 2014, your experience will be unlike any home buyers before you have gone through. In January QM (Qualified Mortgage) guidelines became the law of the land and lenders are scrambling to interpret when they apply. In response to the fierce competition for homes in healthy metropolitan markets like most of Southern California, some mortgage lenders are taking steps to put buyers who must borrow on par with those offering to pay in cash. Did Ya’ Know? Lenders had more than 400 guideline changes in 2013? Read the complete post (0 comments)
buying a home: Buying a home and getting a loan in 2014
- 03/23/14 03:50 AM
Now that you’re emotionally and financially ready to buy a home, you can start to prepare for the actual journey down the path to homeownership. Make no mistake buying a home is a journey that will be filled with high hopes and a few unexpected surprises along the way, but like any “road trip” worth taking when you finally arrive at your destination the rewards, financial and emotional will be worth it. Looking back at the housing bubble of a few years ago, it’s easy to point fingers but one of the primary causes was that home buyers got caught up (2 comments)
buying a home: What are home buyers looking for in a neighborhood?
- 03/13/14 08:23 AM
When home buyers begin their home search on the internet it often begins with perusing neighborhoods. What do home buyers want in a neighborhood? This infographic from CAR (California Association of Realtors) illustrates what they want.
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buying a home: Mortgage Insurance Companies make buying a home easier
- 02/21/14 02:16 AM
Down payments are required on most loans when buying a home, and documenting the source of those funds is critical to the approval of your home loan. Private mortgage insurance is required on conventional loans with less than 20 percent down. Private mortgage insurance companies would, traditionally, require the 5 percent down payment to be the home buyer’s own funds, and not a gift. Related: Forget diamonds, a down payment is a girl’s best friend Recently, the private mortgage insurance companies changed their requirements on purchases of one unit primary residences and now the allow a gift for the entire down (2 comments)
buying a home: 5 Worst Mistakes you can make when buying a home
- 02/06/14 05:41 AM
When buying a home, many consumers make the mistake of confusing pre-approval with loan approval. Until you've been handed the keys to your new home your credit and financial profile will be scrutinized by your lender. Here are the 5 worst things you can do when buying a home 1. Go Credit-Crazy It’s almost become cliché in the mortgage industry, but the warning still bears repeating: Don’t buy a truckload of furniture until after your loan closes. The prohibition goes beyond sofas and settees — avoid obtaining credit for any major expense, such as a car, a boat or, yes, a (4 comments)
buying a home: Getting your next home loan will be more complicated
- 01/15/14 06:07 AM
Did you feel the earth move? In California the ground moving is such a regular occurrence we seldom notice it unless it’s a real tremblor. In case you missed it, on January 10, 2014 homebuyers experienced a tremblor that changed the way they will purchase their next home. Under the new Ability-to-Repay (ATR) rule, lenders will have to determine the consumer’s ability to pay back both the principal and the interest over the long term. Lenders can no longer offer no-doc, low doc loans that were popular during the last housing run-up.
Related: 3 Things to do now to buy (0 comments)
buying a home: Buying a Home in 2014? 3 People You Need to Know
- 01/08/14 06:43 AM
If buying a home is on your 2014 “bucket list”, there are changes coming and these three people will have a huge impact on how much you end up paying for it. The housing pendulum has clearly swung from one side to the other. Demand for rental housing is causing shortages and rising rental rates, particularly in urban markets with stronger employment, which will increase the number of renters who are sick and tired of making a mortgage payment that’s not their own. Related: Will it be cheaper to own than rent in 2014? So who are these people we should be (0 comments)