home buying: Saving for a Down Payment
- 03/13/12 10:13 AM
Before you start searching for a home you should ensure you have enough money saved to cover your down payment and closing cost. You do NOT need 20% of the sale price to put down. This is only a myth. You may be able to obtain mortgage financing with only 5% down for conventional loans, 3.5% down for FHA loans, and 0% down for VA loan. There are also closing cost associated with purchasing a home. Closing costs range 6-10% of the sale price for the average home but buyers can often negotiate for the seller to pay all or some … (0 comments)
home buying: Difference Between an Appraisal and a Home Inspection
- 07/25/11 03:28 PM
What is the difference between an appraisal and a home inspection?What Is A Home Appraisal? According to the Appraisal Institute, the role of the home appraiser is to "provide a professional opinion, usually an estimate of market value, to be used in making real estate decisions." Typically, appraisers are employed by lenders to estimate the value of real estate involved in a loan transaction. An appraiser hired by a lender works in the best interest of their client, the lender. What Is A Home Inspection? A home inspection is an objective visual examination of the physical structure and systems of a … (0 comments)
home buying: Preparing for an Open House
- 05/17/11 08:08 AM
Remember, you only get one chance to make a first impression. Here are a few tips to help you prepare for an open house. 1. Make sure your home is clean and organized. Get rid of the clutter. Hire a cleaning service if necessary. 2. Think Curb Appeal. You don't want a buyer to rule out your home based on the outside appearance. The lawn should be trimmed, bushes and shrubs pruned, and leaves raked. And don't forget to put away bicycles, toys, and other items that may make your property seem cluttered. 3. Put out fresh flowers. 4. Lock up your valuables, jewelry, and … (2 comments)
home buying: Buyers: How Much Should You Offer?
- 04/24/11 01:33 PM
When buying a home, buyers want to get the best deal but they may need to juggle some numbers in order to reach an amount that seems fair to both parties. Deciding what to offer a seller for their home is a delicate process. Before making an offer, there are some items you should analyze. A comparative market analysis (CMA) is a popular method for estimating the true value of property. Similar to comparison shopping, a CMA will examine the home in terms of number of bedrooms, bathrooms, and total square footage. Realtors can find similar homes that have recently sold … (1 comments)
home buying: Benefits of a Home Warranty - for both Buyers and Sellers
- 04/07/11 05:26 PM
What is an HSA Home Warranty? A HSA home warranty protects you from the high cost of unexpected failures to the major systems and appliances in your home by repairing or replacing covered items that break down due to normal wear and tear. How does the HSA Home Warranty work? A HSA Home Warranty provides the convenience of one source for most repairs. When a covered failure occurs, all you have to do is contact HSA. Customer service representatives are available 24 hours a day, 7 days a week who will discuss the failure with you and work with you every … (1 comments)
home buying: Are Your Paying Too Much in Property Taxes?
- 03/16/11 02:00 PM
There are several steps every homeowner should take to investigate whether or not their property taxes can be lowered: Get your detailed property tax assessment record online or from your assessors office. Its possible your entire neighborhood has been over-assessed. Check the accuracy of the details about your home used in your tax assessment. Determine if your propertys size and description are accurate. Errors are commonly made in transferring data from paper to online. Make sure details like the number of bedrooms and bathrooms is correct. If errors have made your assessment higher than it should be, try working informally with the … (4 comments)
home buying: FHA to Increase Mortgage Insurance Premiums
- 02/22/11 01:44 PM
FHA to Increase Mortgage Insurance Premiums Buy now BEFORE interest rates and mortgage insurance premiums INCREASE! Effective April 18, 2011 the FHA will increase the Annual Mortgage Insurance Premiums (MIP) on all FHA loans by twenty-five basis points. What exactly does this mean for a home buyer? The payment on a thirty year FHA loan with a case number issued on or after April 18th will increase by $33.00 on a sale price of $163,000. A case number is assigned when the client is under contract and there is a written mortgage application on file. Why Wait? Mortgage Rates … (2 comments)
home buying: PHFA Mortgage Rates at Historic Lows
- 10/19/10 09:02 AM
The Pennsylvania Housing Finance Agency (PHFA) announced new interest rates for the agency's home loan products - offering the lowest rates in the agency's 38-year history. The following table shows the new interest rates for PHFA's 30-year, fixed-rate mortgage products in comparison to the previous rates.
Descriptions of each of these PHFA loan products are available in the "Homeowner" section of the PHFA Web site at www.phfa.org. Search the site using the keywords: homeownership loans. Income limits and loan limits do apply. Buyers interested in taking advantage of these new lower interest rates can feel free to contact me at … (0 comments)
home buying: How Much Home Can You Afford?
- 09/14/10 01:12 PM
In addition to your income, lenders consider the current interest rate, the amount of cash you have available for down-payment, your debt, real estate taxes, and home owners insurance rates when calculating the amount of home you can afford. Income - Typically, most people can afford to purchase a home 2.5 - 3 times their annual income. Mortgage lenders normally consider not only your salary or hourly wage but also retirement, disability, child support, alimony, commissions, and bonuses when calculating your income. For example, if you and your spouse have a combined household income of $100,000 then you can typically afford a home … (1 comments)
Before you start searching for a home you should ensure you have enough money saved to cover your down payment and closing cost. You do NOT need 20% of the sale price to put down. This is only a myth. You may be able to obtain mortgage financing with only 5% down for conventional loans, 3.5% down for FHA loans, and 0% down for VA loan. There are also closing cost associated with purchasing a home. Closing costs range 6-10% of the sale price for the average home but buyers can often negotiate for the seller to pay all or some … (0 comments)
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