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Important tips For First-Time Homebuyers, Repeat Buyers, And Investors...
Home Selling: Selling a home is a big decision and requires a lot of work. From getting the house ready to reviewing the escrow papers, our helpful guide will walk you through the process of selling your home. --- CALL A PROFESSIONAL REALTOR AT: 786-709-6577 TO HELP YOU SELL YOUR PROPERTY
No. 1: Get prequalified. Sellers typically don't like that much offers without prequalification, preapproval, unless it's all cash or you have a lender's letter saying you can get the financing you need to close the deal.
"You don't want to lose the house of your dreams because you weren't prequalified for the mortgage, says Anthony a former mortgage broker. Now he is a licensed real estate professional in the state of Florida.
.. FREE CREDIT REPORT CAN HELP YOU FIND OUT WHAT'S GOOD OR WHAT'S BAD AND ALSO DETECT ID THEFT!...
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SOUTH FLORIDA CALL AT: 786709-6577 //
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NO. 2 Decide where you want to live and focus on that area. "Do some drive-bys and make sure you like the setting of the house before seeing the property," he suggests.
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No. 3: Prioritize your preferences. Make a list of what's important to you and your family, whether it is location, condition, price or certain amenities, and be prepared to make sacrifices.
"You're not going to find the absolutely most perfect house," If you get eight of 10 things you've prioritized, you've done very well." You should go with the deal...
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No. 4: Know your budget. Rather than guessing how much you can borrow or how much your closing costs will be, discuss specific numbers with a reputable lender or broker.
"Meet with the lender and get an idea of exactly how much you're preapproved for. "You want to have that conversation so you know where you stand."
''Mortgage Home Loans Pre-qualification Made Easy: Conventional Loans, VA Loans,USDA Home Loans, FHA Mortgage Loans. How to Get Pre-Approved for a Mortgage Home Loan.... http://www.knowledgefinancial.blogspot.com/
No. 5 Shop around
Mortgage Rates Today aren’t the only thing you need to shop around for when buying a home or refinancing. Getting quotes from several mortgage lenders is the number one piece of advice when it comes to mortgage shopping.
Although lenders don't have to provide an estimate before you apply for the loan, you should be able to find lenders who are willing to provide some ballpark figures when it comes to closing costs.
Try to get at least three estimates from local lenders. Speaking to local lenders is extremely important, especially when it comes to closing costs.
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NO. 6 Closing Costs: What’s the best way to pay your closing costs — pay them all upfront or a little at a time? To learn more about your options, knowledgefinancial.com has the list and a specific
calculator to help you crunch the numbers .
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No. 7: Know your locale—different areas, different closing costs
Location is very important when it comes to understanding the closing costs associated with your loan. According to the Federal Reserve, a general rule of thumb is to expect closing costs to be roughly 3 percent of your home's price. However, in certain high-tax areas of the country, closing costs can be closer to 5 or 6 percent of the home price.
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No. 8: Don't pay points when mortgage rates are low?
Homebuyers have the option to pay more points at closing in exchange for a lower interest rate.
However, experts say paying points may not be worth it when mortgage rates are already low.
"I would suggest not buying down an interest rate," Paying upfront discount points can seem unnecessary when rates are really low already, "Closing costs really depend on what state you're in,"
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'' MORTGAGE HOUSE: HOW AND WHERE TO FIND MONEY TO BUY A PROPERTY? Financing your real estate investment; easy steps, fast & simple.
No. 9: Review closing-cost forms—negotiate and spot red flags
Take notice of cost estimates that are particularly higher or lower than the rest. If one lender is charging significantly more for a third-party fee than the others, ask about it.
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"If one lender is not disclosing a fee that another lender is, ask why," I have seen competing bids where lenders purposely lowball a tax payment estimate in order to look like their estimate carries an overall lower cash-to-close figure."
Fees charged by the lender also can be negotiated. The best way to know what's negotiable is to ask the lender directly.
Also look for "junk" fees, which might be listed as "warehousing fees" or "processing fees" (or other names) and are sometimes a way for unscrupulous lenders to increase their bottom line.
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No. 10: Look for new or added fees
Three business days after submitting your loan application, your mortgage lender is required to provide you with the CFPB’s “Loan Estimate” form which details your loan’s terms, expected fees and closing costs. This new form replaces the “Good Faith Estimate.” Here's a calculator to better help you...
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No. 11: Be realistic. Shopping for a house that's more costly than your budget is likely to mean disappointment since most sellers receive multiple offers equal to or higher than their asking price, says Anthony of Visionaire Business Center, Visionairebiz.com.
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No. 12: Act fast. Homes are selling quickly in many areas due to limited inventory. That means you should check out any newly for-sale properties that interest you as soon as possible. If a house is listed Monday, don't wait until next week, next month, to see it, says Antony, Realtor in South Florida area. It could be sold by then.
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'' Mortgage Home Loan Pre-Approval Process Made Easy By Anthony Jeanty
From: Buy Here Market Enterprise, Financial Knowledge And Financial Education Tools And Resources
From: Buy Here Market Enterprise, Financial Knowledge And Financial Education Tools And Resources
No. 13: Don't play price games. Some first-time homebuyers try to sweeten their offer with a higher price, then recoup the money in seller-paid closing costs, repair credits or other concessions. That's not smart, because if the appraisal doesn't support that higher price, you won't be able to get your financing. "It's hard to say, 'We'll give them more than asking, then ask for concessions.
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No. 15: Pay closing costs. Asking the seller to pay your closing costs will weaken your offer and lessen your chances of success. Mortgage Home Loans ...
"All the sellers care about is their net. If you ask for 3 percent closing, that's 3 percent out of the seller's pocket.
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No. 16: Accept defects. The same logic applies to asking the seller to pay for repairs, unless you're applying for an FHA Loan or VA loan.
"If it's an FHA or VA loan, you pretty much don't have a choice about asking for repairs if something is a safety concern, or if there are missing appliances, they have to have those replaced," "But don't ask for the moon."
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No. 17: Get educated. Being well-informed about the local housing market can give you an advantage over experienced buyers who are out of touch with the trends. KNOWLEDGEFINANCIAL.COM IS THERE TO HELP...
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NO.18: Government programs
I'm assuming you want a lower interest rate, right?
Why? The I AM using the "assumable" status of FHA MORTGAGES as a future marketing tool to lure potential homebuyers when they decide to sell sometime down the line.
NO. 19: Assumable loans: An assumable loan is a mortgage that the seller transfers to the buyer without any change to the loan terms or interest rate. Buyers save on both the lower interest rate and lender fees.
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NO. 20: Here's how it works: FHA loans are fully assumable, but buyers must qualify for the loan according to FHA and lender guidelines.
Borrowers would need to provide full documentation of their income and assets and have a high enough CREDIT SCORE and low enough debt-to-income ratio to qualify for a regular FHA loan.
To come up with that difference, buyers can either apply for a second loan or ask the seller to finance the balance.
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