Posted by Betsy Graziano on 12/3/2018

While buying a home is an exciting time, many buyers actually regret their home purchase. One of the biggest regrets that people have is the size of the house they purchased. People either pick a home thatís too large or too small. It may be hard to imagine that you can make a mistake on the size of the home that your purchase. You go into the home buying process knowing how many bedrooms you need and what type of home you might like. Once you begin living in the house, you could find a different story. You may not have enough space for all of your familyís belongings. On the flip side, you could find the amount of space in your home as overwhelming. 

Buying a home isnít like buying most other things. You canít easily return it, and thereís quite a bit of an upfront investment that must be made in order to make the purchase. Itís not simple to make a change if you buy the wrong house. The wrong purchase could set you back in making a move for years to come. 

Shop Smart

The best thing to do when shopping for a home is not only to see the home in its current state but what type of potential the house has. Can you add on to the home? Would you be able to make use of all the space the home has? Is there enough storage in the house? Are there ways to quickly add storage? These are a lot of things to consider when shopping for a home but theyíre all important questions. Once you move into the home, other than doing a complete overhaul, you may be out of options to improve it without looking for these areas. Of course, the ideal situation is to find a home that already has everything youíre looking for in it.      

Donít Buy Until Youíre Ready

Another mistake that people make is they try to go from renting to owning before theyíre ready. Living in an apartment or rental allows for a bunch of advantages that owning a home may not afford you. Owning a home takes commitment, and some people just arenít ready. Just because itís widely known knowledge that buying a home is a smart financial decision, doesnít mean itís always the best decision for you. You may not be able to afford a house thatís the right size for your family. You may not even know what the right size home will be for you. When these questions remain, you could end up buying a property thatís the wrong size. Donít worry if you need to take a few more years to save up for a house. On the contrary, donít worry if you donít think buying a home is the right decision for you at all.     






Tags: Real Estate   Buying a home   size  
Categories: Buying a Home  


Posted by Betsy Graziano on 11/19/2018

If youíre ready to buy a home, you probably have done a lot of research. One thing is sure: You know you need to get pre-approved for a mortgage. Itís perhaps the most critical step in the process of buying a home for a variety of reasons. Thereís down payments and debt-to-income ratios, and other financial issues to worry about. You need to know what type of mortgage you should get. To help you understand what kind of mortgage you need, you should get pre-approved.


Understand The Pre-Approval Process


There are many misconceptions about pre-approvals. First, buyers need to understand that there is a difference between a pre-qualification and a pre-approval. A pre-qualification merely scrapes the surface of your financial state, while a pre-approval goes through everything a mortgage company will need to grant you a loan. You may be pre-qualified for a much higher amount than you can actually afford, for example.


Pre-Approval Defined


A pre-approval is a lenderís written commitment to a borrower. The approval states that the lender is willing to lend a certain amount of money for a home. The lender obtains the following from the buyer:


  • Employment history
  • Credit report
  • Tax returns
  • Bank statements


The time and effort that it takes to get a pre-approval is worth it because everything will be ready for the lender to grant the mortgage once an offer is made on a home. It also gives the buyer an upper hand in finding the home of their dreams. Many sellers require a pre-approval with an offer.


When To Get A Pre Approval


As soon as you know youíre serious about buying a home and are ready to start the house hunt, you should get pre-approved. Pre-approvals do expire after a certain amount of time, but lenders can renew them with proper notice. 


The Importance Of The Pre-Approval


Many buyers feel that they can skip the pre-approval process altogether. It has many benefits. Besides giving you a better look at your finances and how much house you can afford, pre-approvals can:


  • Give you the insight to correct your credit score and help you correct credit problems
  • Help to avoid disappointment when you find a home you love
  • Allow first-time buyers to see all of the costs involved in buying a home


A pre-approval is a handy thing to have, and itís not just because the experts say itís essential. Getting pre-approved for a mortgage can help you to be more on top of your finances going into one of the most significant purchases you'll ever make in your life. 

 




Tags: Mortgage   Buying a home  
Categories: mortgage lender  


Posted by Betsy Graziano on 10/22/2018

Purchasing a house on a budget can be difficult for even the most diligent property buyer. Lucky for you, we're here to help you create an effective homebuying budget and reduce the temptation to spend beyond your means to acquire your ideal residence.

Now, let's take a look at three tips to help you craft a property buying budget.

1. Examine Your Finances Closely

Your income, everyday expenses and other financial factors may impact your ability to buy a house. Therefore, you should analyze your finances closely to determine how much you can spend on a residence.

Once you evaluate your finances, you can establish a price range for your home search. Next, you can kick off a house search and move one step closer to acquiring your dream house.

2. Get Your Credit Score

Your credit score is a three-digit number based on your outstanding debt, length of credit history and other factors. It may have a major impact on your ability to secure home financing and establish a successful homebuying budget. As such, you should review your credit score and work to improve it before you enter the housing market.

To obtain your credit score, you can request a copy of your credit report from each of the three reporting bureaus (Equifax, Experian and TransUnion). You are eligible to receive a free copy of your credit report annually from each credit reporting bureau. Thus, you should take advantage of this complimentary perk and obtain your credit report as soon as you can.

If you identify outstanding debt on your credit report, you should work to pay this off. Or, if you find errors on your credit report, you should contact the bureau that provided the report to fix these mistakes.

3. Meet with Lenders

Banks and credit unions are happy to meet with you to discuss various home financing options. If you consult with these lenders, you may be better equipped than ever before to create a successful homebuying budget before you launch a house search.

Ultimately, lenders can help you get pre-approved for a mortgage. If you get a mortgage prior to searching for a house, you'll know exactly how much you can spend on a residence. Then, you can speed up your home search and discover your dream house faster than ever before.

As you get ready to begin your quest for your ideal residence, you may want to hire a real estate agent too. This housing market professional can put you in touch with top lenders in your area and help you secure home financing. Furthermore, a real estate agent can tailor a home search to your property buying budget. Perhaps best of all, a real estate agent will help you negotiate with a seller's agent to ensure you can get the best price on any home, at any time.

Create an effective homebuying budget Ė use the aforementioned tips, and you can establish a property buying budget and use it to streamline your home search.





Posted by Betsy Graziano on 10/8/2018

Anyone can buy a home Ė all it takes is hard work and diligence to evaluate your home financing options. Fortunately, we're here to help you streamline the process of finding the financing that you'll need to pay for a residence.

Now, let's take a look at three tips to help you determine how you will afford a house.

1. Take a Look at Your Current Financial Situation

Put together a monthly budget that outlines your current spending patterns. This will enable you to review how much you earn, what you're paying for housing and other pertinent financial information.

After an in-depth review of your current financial situation, you'll be better equipped than ever before to determine how much you can pay for a house. Then, you can create a homebuying budget to help you move closer to acquiring your dream residence.

2. Get a Copy of Your Credit Report

In all likelihood, a lender will receive your credit score to determine whether you are a viable candidate for a mortgage. If you request a copy of your credit report today, you can learn about your credit score and take steps to improve it before you apply for a mortgage.

The three major credit reporting bureaus (Equifax, Experian and TransUnion) provide one free copy of a credit report annually. If you submit a request for your credit report, you can gain unprecedented credit insights in no time at all.

Furthermore, if you find errors on a credit report, don't hesitate to contact the reporting bureau. This will enable you to fix any credit report mistakes prior to applying for a mortgage.

3. Reach Out to Local Lenders

Banks and credit unions are happy to meet with you and discuss a variety of mortgage options. These lenders are available in cities and towns nationwide and can teach you everything you need to know about home financing.

Ultimately, lenders can explain the home financing process and ensure you can avoid any potential pitfalls along the way. And if you ever have mortgage concerns or questions, lenders are available to respond to them at any time.

If you need extra help prior to kicking off a home search, you may want to contact a real estate agent as well. This housing market professional understands the ins and outs of purchasing a house and can help you plan accordingly.

Oftentimes, a real estate agent will meet with you and learn about your homebuying goals. This housing market professional then can ensure you won't have to break your budget to afford a terrific residence.

If you want to buy a home but have limited finances at your disposal, a real estate agent is happy to assist you. Or, if you are searching for a mortgage but don't know where to begin, a real estate agent can put you in touch with top lenders.

Work with a real estate agent, and you can improve your chances of acquiring a first-rate house at an affordable price.





Posted by Betsy Graziano on 9/10/2018

Searching for a house should be a fun, exciting experience. It represents an opportunity to discover a residence that you can transform into your very own home. As such, conducting an effective home search may require both hard work and patience to ensure that you can achieve the best-possible results.

Ultimately, there are many factors to consider as you search for your ideal house, and these factors include:

1. Location

A home's location can have far-flung effects on a homeowner's day-to-day activities, and perhaps it is easy to understand why.

For example, a city home may provide quick, easy access to a wide range of attractions. On the other hand, this home may be located near major highways, which could create traffic problems for those who need to commute to school or work regularly.

As you search for your dream house, consider where you want to live both now and in the future. If you enjoy the hustle and bustle of city life, you may want to pursue houses in big cities. Or, if you prefer the serenity of small town living, you can search for a top-notch home in the suburbs.

2. Home Condition

It is paramount to assess a house's condition. Otherwise, you risk making an offer on a home that may have many "hidden" problems that probably will need to be corrected in the foreseeable future.

A home requires maintenance over time, and an older house may be more susceptible than others to costly, time-intensive structural problems. Thus, depending on a home's age, you may need to account for many potential upgrades sooner rather than later.

It also may be worthwhile to find out which home upgrades that a home seller has already completed. If a seller recently replaced a house's roof or heating and cooling system or performed other major home upgrades, you may be able to reap the benefits of these house updates for years to come.

3. A Home's Price

The initial asking price of a home rarely, if ever, is set in stone. Therefore, if you find a house that is priced above your budget, you may be able to negotiate the house's price with the seller.

If you find a house that you want to buy, it helps to submit a competitive offer right away. This offer should account for the age and condition of a house, as well as the current housing market's conditions. And if the offer meets a seller's expectations, he or she should have no trouble accepting the proposal.

Lastly, if you need help searching for a house, you may want to hire a real estate agent as well. This housing market professional can keep you up to date about new houses that become available, provide plenty of homebuying tips and suggestions and help you submit an offer on your dream house. Perhaps best of all, a real estate agent is happy to respond to your homebuying questions, guaranteeing that you can make informed decisions at each stage of the homebuying journey.