morristown tn realtor: Morristown TN Real Estate For Sale - Build a Plan of Action and Get Ready$
- 02/22/16 08:51 PM
Build a Plan of Action and Get ReadyBuying a home will probably rank as one of the biggest personal investments one can make. Being organized and in control will contribute significantly to getting the best home deal possible with the least amount of stress. It’s important to anticipate the steps required to successfully achieve your housing goal and to build a plan of action that gets you there.
Before you can build a plan of action, take the time to lay the groundwork for your decision-making process.
First, ask yourself how much you can afford to pay for a home. If you’re not … (0 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - Avoiding Financial Stress$
- 02/21/16 08:56 PM
Avoiding Financial StressBy asking the right questions, and knowing exactly what your needs are, you can find the right loan for you. There are certain approaches that you can take while mortgage shopping that can cost or save you money.
It is still true that the better qualifications you have, the lower your interest rate will be. However, there are mortgages available for almost everyone; it's the interest rates or the down payments that vary.
Before speaking with a lender, know what monthly dollar amount you feel comfortable committing to. Then when you discuss mortgage pre-approval with your lender, it is easier for … (0 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - Your Savings and Down Payment#5
- 02/18/16 08:51 PM
Your Savings and Down PaymentYour First Step Toward Buying a HomeWhen preparing to buy a home, the first thing many homebuyers do is look at the real estate ads in newspapers, magazines and listings on the Internet. Some potential buyers read how-to articles like this one. The next thing you should do - before you call on an ad, before you talk to a REALTOR®, before you shop for interest rates - is look at your savings.
Why?
Because determining how much money you have available for down payment and closing costs affects almost every aspect of buying a home - including how … (0 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - Why Do You Need Title Insurance?@
- 02/17/16 09:23 PM
Why Do You Need Title Insurance?Title Insurance.
It’s a term we hear and see frequently - we see reference to it in the Sunday real estate section, in advertisements and in conversations with real estate brokers. If you’ve purchased a home before, you’re probably familiar with the benefits and procedures of title insurance. But if this is your first home, you may wonder, “Why do I need another insurance policy? It’s just one more bill to pay.”
The answer is simple: The purchase of a home is most likely one of the most expensive and important purchases you will ever make. You, and … (0 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - Understanding Foreclosures#5
- 02/16/16 08:57 PM
Understanding ForeclosuresIt is an unfortunate commentary, but when economic activity declines and housing activity decreases, more real property enters the foreclosure process. High interest rates and creative financing arrangements are also contributing factors.
When prices are rapidly accelerating during a real estate “bonanza”, many people go to any lengths available to get into the market through investments in vacation homes, rental housing and trading up to more expensive properties. In some cases, this results in the taking on of high interest rate payments and second, third and even fourth deeds of trust. Many buyers anticipate that interest rates will drop and home … (0 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - What is a Short Sale Anyway?#5
- 02/15/16 10:11 PM
What is a Short Sale Anyway?An increase in foreclosure rates will inevitably bring with it an increase in short sales. But what is a short sale?
A short sale happens when you sell your house for less than your remaining mortgage balance, the proceeds of which go to the lender and in return the lender forgives the remaining balance. Selling your home as a short sale is one way to avoid foreclosure.
As a general rule, lenders lose money when they foreclose on a property. Consequently, they would rather not have to foreclose if it can be avoided. A short sale represents an … (0 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - Why You Should Not Make Any Major Credit Purchases#5
- 02/10/16 09:53 PM
Why You Should Not Make Any Major Credit PurchasesDon’t go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject to a final evaluation of your financial situation.
Every $100 you pay per month on a credit payment could cost you about $10,000 in home eligibility. For example, a car payment of $300/month could mean that you qualify for $30,000 less in a mortgage.
Even if you have accumulated enough savings, you should consider not making any large purchases until after closing. The last thing … (1 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - Where Does the Money Come From for Mortgage Loans?#5
- 02/07/16 09:10 PM
Where Does the Money Come From for Mortgage Loans?In the olden days, when someone wanted a home loan they walked downtown to the neighborhood bank or savings & loan. If the bank had extra funds lying around and considered you a good credit risk, they would lend you the money from their own funds.
It doesn’t generally work like that anymore. Most of the money for home loans comes from three major institutions:
Fannie Mae (FNMA - Federal National Mortgage Association) Freddie Mac (FHLMC - Federal Home Loan Mortgage Corporation) Ginnie Mae (GNMA - Government National Mortgage Association) This is how it … (1 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - Why Do You Need Title Insurance?#5
- 02/04/16 08:48 PM
Why Do You Need Title Insurance?Title Insurance.
It’s a term we hear and see frequently - we see reference to it in the Sunday real estate section, in advertisements and in conversations with real estate brokers. If you’ve purchased a home before, you’re probably familiar with the benefits and procedures of title insurance. But if this is your first home, you may wonder, “Why do I need another insurance policy? It’s just one more bill to pay.”
The answer is simple: The purchase of a home is most likely one of the most expensive and important purchases you will ever make. You, and … (0 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - Setting the Price#5
- 02/03/16 09:46 PM
Setting the PriceThe price is the first thing buyers notice about your property. If you set your price too high, then the chance of alienating buyers is higher. You want your house to be taken seriously, and the asking price reflects how serious you are about selling your home.
Several factors will contribute to your final decision. First, you should compare your house to others that are in the market. If you use an agent, he/she will provide you with a CMA (Comparative Market Analysis). The CMA will reflect the following:
houses in your price range and area that were sold within … (0 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - Use a Buyer’s Agent#5
- 02/02/16 09:03 PM
Use a Buyer’s AgentIt’s important that you choose an experienced agent who is there for you. Your agent should be actively finding you potential homes, keeping you informed of the entire process, negotiating furiously on your behalf, and answering all of your questions with competence and speed.
First, find an agent who represents you and not the seller. This is beneficial during the negotiation process. If you are working with a buyer’s agent, he or she is required not to tell the seller of your top choice. In addition, he or she is also focused on getting you the lowest asking price.
Also, … (0 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - Land Contract#5
- 02/01/16 10:02 PM
Land ContractAn alternative to a non-conforming loan is the use of a land contract, which is allowed in some states. A land contract is an agreement between a buyer and a seller, where the buyer agrees to make periodic payments to the seller. The title to the property only transfers to the land contract buyer on fulfillment of the land contract obligations.
A land contract can be helpful for those who need time to establish or improve their credit rating. There are only small closing costs, and payment can help establish a good mortgage payment record. This can help establish an overall … (0 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - Understanding Preliminary Reports#5
- 01/31/16 09:01 PM
Understanding Preliminary ReportsAfter months of searching, you’ve finally found it -- your perfect dream home. But is it perfect?
Will you be purchasing more than just a beautiful home? Will you also be acquiring liens placed on the property by prior owners? Have documents been recorded that will restrict your use of the property?
The preliminary report will provide you with the opportunity, prior to purchase, to review matters affecting your property which will be excluded from coverage under your title insurance policy unless removed or eliminated before your purchase.
To help you better understand this often bewildering subject, the Land Title Association has … (0 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - Plan of Action#5
- 01/28/16 08:48 PM
Plan of Action Analyze why you are selling - If you understand your motives, you will be able to better negotiate and to get what it is that you want, whether it be a quick sale, high price, or somewhere in the middle.
Prepare your home for the buyer - Maximize the strengths of your property and fix up its weaknesses. You want the buyer to walk away from your home with a lasting good impression.
Find a good real estate agent that understands your needs - Make sure that your agent is loyal to you, and can negotiate to help … (0 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - Thinking About Buying a Foreclosure?#5
- 01/27/16 08:50 PM
Thinking About Buying a Foreclosure?With the housing bubble burst and the subprime mortgage crisis, millions of homeowners found themselves unable to make their mortgage payments. Many found themselves owing more on the house than the home was worth. Many just walked away from their homes. As a result of these complicated issues, millions of homes were foreclosed.
While this isn’t the only reason for which homes are foreclosed, it has been a widespread one. With all the foreclosed properties, there has also been extensive interest in buying these properties at a bargain price.
It is true that foreclosed properties can be priced at … (0 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - Items You Need When Applying For a Loan#5
- 01/26/16 09:04 PM
Items You Need When Applying For a LoanHave These Items Ready When You Apply For a Loan
It used to be that lenders mailed out verifications to employers, banks, mortgage companies, and so on, in order to verify the data supplied by borrowers. Nowadays, the interest is often in speed and getting answers quickly so alternate documentation has become more widely used. Alternate documentation means that underwriting answers can be obtained with information supplied directly from the borrower instead of waiting around for verifications to come back in the mail.
The following is required for most standardized loans as part of alternate documentation … (2 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - Title Insurance Requirements for Insuring Trusts#5
- 01/25/16 10:18 PM
Title Insurance Requirements for Insuring TrustsIn today’s world of busy probate courts and exorbitant death taxes, the living trust has become a common manner of holding title to real property. The following may help you understand a few of the requirements of the title insurance industry if title to property is conveyed to the trustee of a living trust.
What is a trust?An agreement between a trustor and trustee for the trustee to hold title to and administer designated assets of the trustor for the use and benefit of one or more beneficiaries.
Can a trust itself acquire and convey interests in real … (0 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - Making a Good First Impression#5
- 01/24/16 10:17 PM
Making a Good First ImpressionIf you want buyers to be interested in your home, you need to show it in its best light. A good first impression can influence a buyer both emotionally and visually, thus prompting them to make an offer. In addition, what the buyer first sees is what they think of when they consider the asking price.
A bad first impression can dissuade a potential buyer. Don’t show your property until it’s all fixed up. You do not want to give buyers the chance to use the negative first impression they have as means of negotiation.
Ask around for the … (1 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - Is Buying a Home Still a Smart Plan?#5
- 01/18/16 09:41 PM
Is Buying a Home Still a Smart Plan?With the burst of the housing bubble, credit crisis, and millions of foreclosures across the country, you may wonder if buying a home is such a good idea after all. However, it’s important to consider all of the facts. The important message to take away from these events is not that buying a home is a bad idea, but that you must be smart about buying your home.
The housing market, like every type of market, unavoidably has its ups and downs. That doesn’t mean buying a home is a bad investment. As a long-term … (0 comments)
|
morristown tn realtor: Morristown TN Real Estate For Sale - FICO® Scores and Your Mortgage#5
- 01/17/16 11:09 PM
FICO® Scores and Your MortgageYears ago, credit scoring had little to do with mortgage lending. When reviewing the credit worthiness of a borrower, an underwriter would make a subjective decision based on past payment history.
Then things changed.
Lenders studied the relationship between credit scores and mortgage delinquencies. There was a definite relationship. Almost half of those borrowers with FICO® scores below 550 became ninety days delinquent at least once during their mortgage. On the other hand, only two out of every 10,000 borrowers with FICO® scores above eight hundred became delinquent.
So lenders began to take a closer look at FICO® scores and … (2 comments)
|
Build a Plan of Action and Get ReadyBuying a home will probably rank as one of the biggest personal investments one can make. Being organized and in control will contribute significantly to getting the best home deal possible with the least amount of stress. It’s important to anticipate the steps required to successfully achieve your housing goal and to build a plan of action that gets you there.
;)
;)
;)
