Renting vs Buying A Home
Buying a home versus renting is a big decision that takes careful consideration. While there are several biased sources that can make arguments for or against owning a home, we’ve found that most home buyers base their ultimate decision on emotion. Yes, there are some tax advantages of owning real estate, as well as the potential to earn equity or pay a mortgage note off after several years. However, let’s address some of the more obvious topics of discussion first. Benefits Of Renting: Lower Acquisition Cost – Unless you’re able to qualify for a mortgage loan with...
Read MoreFirst-Time Home Buyer Credit Checklist
Getting a new mortgage for a First-Time Home Buyer can be a little overwhelming with all of the important details, guidelines and potential speed bumps. Since there are so many rules and steps to follow, here is a simple list of Do’s and Don’ts to keep in mind throughout the mortgage approval process: DO: Continue working at your current job Stay current on all your accounts Keep making your house or rent payments Keep your insurance payments current Continue to maintain your credit as usual Call us if you have any questions DON’T Make any major purchases (Car, Boat, Jet...
Read MoreHOA Hurdles to be Aware of When Looking at New Properties
A Home Owner Association (HOA) can have a huge impact on your life when you buy a home in a PUD (Planned Unit Development) or Condominium Project. According to Wikipedia: A homeowners’ association (abbrev. HOA) is an organization created by a real estate developer for the purpose of developing, managing and selling a development of homes. It allows the developer to exit financial and legal responsibility of the community, typically by transferring ownership of the association to the homeowners after selling off a predetermined number of lots. It allows the municipality to increase its...
Read MoreAssembling Your Home Buying Team – Knowing The Players
Buying a new home is literally a team sport since there are so many tasks, important timelines, documents and responsibilities that all need special care and attention. Besides working with a professional team that you trust, it’s important that the individual players have the ability to effectively communicate and execute on important decisions together as well. Real Estate Agent - A Realtor® is a licensed agent that belongs to the National Association of Realtors®, which means they are pledged to a strict Code of Ethics and Standards of Practice. A few of the important roles your...
Read MoreWhat You Need To Know About The Home Inspection Process
Congratulations on finding a house! You now have only a few days from when you signed the purchase and sales agreement to have a home inspection. Chances are your real estate agent made the offer contingent upon a satisfactorily home inspection and obtaining mortgage financing. What Is A Home Inspection? According to Wikipedia, a home inspection “is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. This is usually conducted by a home inspector who has the training and certifications to perform such inspections. The inspector...
Read MoreImportant Factors To Consider When Getting Financing On A Foreclosure, Short Sale or New Construction
Short sales, foreclosures and new construction homes all have caveats that need to be considered when pursuing financing. If the guidelines and potential pitfalls are not properly understood, you could face delays in closing or potentially even a denied loan. Short Sales & Foreclosures - Short sales and foreclosures are everywhere. They often represent great value when looking to by a new home. However, they also present a unique set of problems that homebuyers need to be aware of and plan for. 1.) Property Condition Typically, when homeowners are facing foreclosure or looking to short...
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