first time homebuyer: View Inside of Homes
- 04/14/15 11:22 PM
When viewing the inside of houses, you should: Keep an open mind and be flexible Write down features, concerns, and questions Compare the houses to each other Realize that NO house will meet 100% of your "Wish List" Teens may accompany you house hunting if they are well behaved. However, children under 12 years old will be bored with the house hunting, and it is not fair for them to be stuck driving around in a car all day. Once they get inside of a house, they will unleash all their energy and run around “playing” with items they find in … (9 comments)
first time homebuyer: Protect Your Assets
- 04/10/15 12:02 AM
As you learn more over the years and grow your portfolio, you will want to pursue more advanced asset protection strategies. Now that you’re a homeowner, how can you protect your largest investment, your home? Get life insurance Meet with a financial planner Hire an attorney to create a living trust Keep everything you have worked so hard to acquire When we get up and go to work every day, we do it with joy in our step and a gleam in our eye because we know WHAT we are working towards. We are doing it for our family and for our … (2 comments)
first time homebuyer: Your Debt Ratios
- 03/15/15 10:22 PM
Your debt ratio determines how much “house” you can afford. If you are going to change your credit score or your debt ratios, change them for the better. You want to owe as little money as possible. The reason is that all of your monthly debts are counted against you. Your lender calculates your debt ratios to determine how much “house” you can afford. There is a “front end” ratio which is your total housing payment, and then a “back end” ratio which is your housing payment PLUS all your monthly consumer debts. These debts are measured against your monthly income … (4 comments)
first time homebuyer: Your Loan Size and the Price of Houses
- 12/26/14 01:32 PM
Your loan size will determine what price of houses you should shop for The less debt that shows up on your credit report means you will qualify for a higher loan and; therefore, be able to purchase a bigger, better house. Using your income and your expenses, your lender will calculate the maximum size of a loan for which you will be eligible. This will give you a good idea of the type of house for which you will be shopping.Remember that your total monthly housing payment will include your mortgage payment, taxes, and insurance. If you choose a condominium or … (0 comments)
first time homebuyer: Documents Needed by your Lender (Part 2 of 2)
- 11/20/14 11:25 AM
Here are the additional documents that you may need to give to your lender: Documentation showing other source of income (child support, alimony, retirement, pension, social security, disability, etc.). You may need an award letter, court records, or cancelled checks for the last 12 months. If you are receiving money as a gift to help with your down payment, you will need documentation of that income. You may need to provide copies of your credit card statements or your loan payments. That includes loans where you are the co-signer because you are responsible and it shows up on your credit report. … (0 comments)
first time homebuyer: Research Neighborhoods
- 09/12/14 08:13 PM
Drive around neighborhoods where you would like to live. You have to do a little footwork yourself. This assignment is your family’s homework. The first thing we are going to do is to research the various neighborhoods in our price range. Now, if you already live in a single-family house in a community that you like, and your children are already enrolled in school here, then this is probably a neighborhood where you want to live. Why should you and your family research neighborhoods by driving around communities you want to live in? Find out about the schools and services that … (2 comments)
first time homebuyer: Are you ready to buy a house?
- 09/11/14 01:50 PM
It’s time to get excited! Let’s get ready to shop for houses. First, we are going to research neighborhoods to find out where we want to live, where the best schools are, and where our family wants to live. Second, we are going to interview lenders to find out about what type of mortgage loans are available for us. What is the interest rate? What is our monthly payment, and what does it include? Third, we are going to copy documents and give them to the lender. We will show you what you need to be prepared for that important lender appointment. Fourth, we are … (3 comments)
first time homebuyer: Save Money Every Month
- 08/20/14 12:47 AM
Put aside money for your “rainy day” emergency fund. I suggest that at least 10% of your income go directly to savings. It is a relief to know that if your car breaks down or if you get sick, you have some savings to draw from, and you do not have to take money from important bills like your housing or transportation. If you are not currently saving money, hold a family meeting and get everyone to make sacrifices to work towards your goal. When we were young, our mom was so great with saving money and she taught us valuable lessons … (4 comments)
first time homebuyer: Can You Take Photos?
- 07/29/14 03:00 PM
Everyone has a camera or a video recorder on their mobile phone. People are taking pictures and video everywhere they go, so it just seems natural to want to take photos of a house you may purchase. But you should take photos of the homes only if you have written permission from the residents. It is usually okay to take a photo of the house from the street because that is something the public can easily see. Besides, the photo of the front of the house is probably on Google maps already anyway. However, to take photos of the interior, you should get … (8 comments)
first time homebuyer: Value of a Home Warranty
- 07/24/14 12:37 PM
A home warranty is peace of mind when purchasing a new house. In most house purchases, the seller pays for a home warranty for the buyer. It protects the buyer against the high costs of unexpected failures in the home's major systems and appliances. With a home warranty, you don't have to worry about finding an honest, qualified repair company--because they select and send the repairman. And you don't have to worry about what the bill will be--because the home warranty company pays to repair or replace the covered item--you only pay a small service call fee! Once you purchase your … (2 comments)
first time homebuyer: Review the Inspection Results with your REALTOR®
- 07/05/14 12:38 AM
Since you went to the home inspection and met the home inspector, you already know what to expect on the report. If you could not attend the home inspection, your REALTOR® can give you a summary of what the inspector found. Most home inspection reports are completed within 2 days after the inspection, and the report will be emailed to you. When you receive the report, read it, and write down your concerns. Your home inspector should have given thorough explanations and taken plenty of pictures so you can easily understand the report. Ask your real estate advisor or the home inspector … (5 comments)
first time homebuyer: Fast Track Home Buying Steps
- 07/02/14 09:52 PM
Dreaming of buying a home? Tired of throwing away your money by renting? Want to enjoy the stability and comfort of home ownership? Stop dreaming and start planning! No matter what situation you are in now, you can become a home owner, if you want to do so and are willing to take the necessary steps. Follow the steps below to “fast track” your dreams into reality: Prepare for Purchase Write down your family’s financial goals (short term and long term). For example: Buy a house within one year; Be debt-free within 10 years. Prepare a monthly family budget. Your monthly … (4 comments)
first time homebuyer: Don't Skip the Home Inspections!
- 07/01/14 12:05 PM
If you’re crunched for time, you may be tempted to take a short cut and NOT order an inspection. Always get an inspection by a quality home inspector, even if your prospective home is brand new! Why? Because all homes have issues, and no house is built perfectly. Mike Holmes in his book, “The Holmes Inspection” reveals why brand new houses may have defects. And be sure to check the credentials, experience, and knowledge of your inspector. Remember that if you get your uncle, who’s a building contractor, to take a look, he’s not properly trained in all the aspects needed … (0 comments)
first time homebuyer: Include others in the decision-making process from the beginning
- 06/19/14 09:53 PM
Do you have anyone helping you with the down payment or to qualify for the loan? Remember to tell your real estate agent right up front that you will need to include these decision-makers in the process. If you are a family of one (in other words, a sigle person) and you are purchasing solo, get advice and input from someone you trust. For example, your mom, your dad, your brother, your sister, or your best friend. Remember that while these folks are giving you advice, they do not have any legal obligations and your loan will be 100% in your name. … (2 comments)
first time homebuyer: Include Decision-Makers
- 06/18/14 11:22 PM
A decision-maker is anyone who will be financially invested, approving your decisions, or applying as a co-borrower on the loan with you. If your parents are gifting you money for a down payment, they are probably decision-makers who may want to be involved in the home search process. So be sure to keep them in the “loop” every step of the way. Let your REALTOR® know if anyone else will be approving of your home purchase. If Mom or Dad are gifting you money for your down payment, I will bet they want to be involved in the house hunting, right? They want … (0 comments)
first time homebuyer: What is a CID / PUD?
- 06/10/14 08:17 PM
CID stands for Common Interest Development homes, referred to as PUD (Planned Unit Development) in some areas. Typically, homes are stick-built single-family or twin homes on their own lots. These homes are in planned neighborhoods with a Home Owners Association (HOA). They feature commonly-owned amenities such as a swimming pool, shared open spaces, or recreational facilities (for example, a tennis court). This private community may be gated. A CID or PUD is often a detached home with a home owners association. In addition to any amenities such as a swimming pool, the HOA community may own roads and sidewalks. The HOA fees … (7 comments)
first time homebuyer: Bank Owned Property
- 05/29/14 11:49 AM
Buying a foreclosure sounds like a great way to get a bargain priced home, doesn’t it? And if you could buy a first-rate home at a low-end price, wouldn’t everyone do that! Buying an REO (bank-owned property) is not as easy as you may think. There are not many bank-owned houses available for sale. The good ones get scooped up immediately, and the houses left on the market often have problems: overpriced, poor condition, bad neighborhood, uncooperative agent, or uncooperative seller. I believe it’s important to work with a seller who cares about the quality of the home and about your … (3 comments)
first time homebuyer: Why would buyers purchase a fixer-upper house?
- 05/28/14 11:47 AM
A fixer-upper is a house that is run-down and needs repairs. The reasons vary, but often it’s because home owners want to: Earn “sweat equity” by purchasing a fixer-upper home doing the improvements themselves. They are trying to save money by purchasing a house with upside potential. Put their own personal decorating touch on the home, and re-design it to their custom standards. They want to do their own improvements. Enjoy doing projects. Some folks simply like DIY projects around the house. While buying a “handyman special” sounds like a good concept, there are some challenges that make “fixers” NOT ideal … (0 comments)
first time homebuyer: Updating your Home on a Budget
- 04/23/14 02:03 PM
When you think about adding some new touches to your house, consider simple things such as: LIGHTING. In key areas of your house, whether they’re dark corners or not, think about indirect lighting that sets a nice mood and can give you lots of brightness when you need it. CEILING FANS. Ceiling fans add both a good look and increase air flow. Remember that a ceiling fan can be used to circulate cool air and to move warm air down into the room since heat rises. ADDITIONAL STORAGE. Most families always need more storage. You can purchase or build inexpensive and … (11 comments)
first time homebuyer: Pursue your dream of home ownership
- 04/15/14 10:32 AM
Change your mindset and your vision. Picture yourself as a homeowner, not a renter. Start by visualizing yourself in your own home. What type of neighborhood will you live in? What will your home look like? How excited will you feel when you design it in your favorite style? How grateful will you be each month when you pay your mortgage loan? Think how peaceful your family will be when they can relax and enjoy their home. When is the best time to buy a home? It is now! However, it doesn't happen overnight, so start preparing today. It may be … (0 comments)
When viewing the inside of houses, you should:
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