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Buying A House

Buying a House – 12 Ways to Signal Your Real Estate Agent

Buying a House – 12 Ways to Signal Your Real Estate Agent

You can learn how to take advantage of your real estate agent’s expertise before buying a house.

You’ve probably heard home buyers routinely complain how their agent didn’t do enough while they were buying a house. In truth, most buyers don’t know what to look for from a real estate professional in order to receive the best results.

With proper homework while shopping for a Realtor, you can be assured you’ve located someone who will watch out for your best interests. She is there to help you make better home buying decisions. So here are some ways your real estate agent can help in the decision buying process and questions you can ask to signal when you want her assistance.

1- A case in point, once you have toured several properties, ask your Realtor to help you rank your choices. An experienced agent can guide you to clarify your prospects and narrow down the field.

2- Additionally your Realtor can assist you regarding finances. Almost everyone buying a house needs a mortgage. Because agents are constantly in contact with lenders, they are often the best source of referrals to mortgage brokers and bankers. They have the inside track on lenders that have serviced other clients well in the past. Based on your particular needs, request at least two referrals of mortgage bankers.

3- Accordingly use your agent to discuss your concerns. When it is time to make decisions it is often good to have an objective opinion. Your agent can assist you in buying a house by pointing out trade-offs and how to set priorities.

4- From the start explain what your housing desires are so your agent can easily point out neighborhoods, communities, and developments that seem right for you. Good real estate agents are out visiting properties to stay current. So be sure and indicate that you welcome input.

5- Everybody understands buying a house is an emotional decision but it is important to know the facts too. Your agent has access to recent comparable sales, how long property has been on the market, and details regarding the area. It would be a shame not to take advantage of her expertise.

6- Along these same lines, if you work with an agent closely she can alert you to property that just came on the market or perhaps is about to be listed. So make sure your Realtor knows that you intend to work exclusively with her. Your loyalty will be rewarded.

7- Real estate professionals are also well versed in Seller Disclosure Statements and can help you wade through this detailed disclosure provided by sellers. This form is designed to reveal any defects regarding the desirability of the home and neighborhood. Your agent sees these disclosures routinely so be sure to request assistance.

8- Because real estate agents see so many houses they can also be sources of advice regarding redecorating, renovating, or remodeling a particular home. We all have a tendency to spend money on upgrades that might provide little or no return. Look at the property through the eyes of your Realtor to plan for value added improvements to the home.

9- The best agents are adept at following the process of buying a house from your first meeting to the final close. You should expect your transaction to be followed from beginning to end.

10- From the initial process of buying a house to signing final documents, you will have many experiences. Your real estate agent is comfortable with the roles of the seller’s agent, lender, appraiser, escrow officer and homeowner insurance agent. Realtors are trained and equipped to work through each step of this process.

11- In my opinion, here is what makes your agent worth her weight in gold. Because of seeing hundreds of real estate transactions a year, she is better able to anticipate problems ahead of time. Diligent agents know how to trouble shoot issues before they get out control. This is probably the most important service your agent can provide and the least obvious. So be happy when your house closes without a hitch. It’s outstanding proof of your agent’s performance.

12- Finally be sure and ask your real estate agent from the start to keep you fully informed concerning the state of your purchase. This is second nature for most Realtors. But it is okay to signal that you want to be kept in the loop at all times.

If you know what to expect from your real estate agent it should be easy to send the right signals and benefit from her expertise while buying a house.

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Kate Ford at Get Your Best Mortgage Rate is today’s mortgage translator on a crusade to help homeowners save money. For buying a house and how to get a mortgage get answers online in real-time from Kate.

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Buying A House

First House Buying – Home Buying Advice – House Buying Tips

Go to www.NoMoreRentClub.com and learn the #1 secret about how to buy your first house or investment property. We make first house buying easy and provide good home buying advice and house buying tips for first time home buyers. We help renters. Check out our site today!
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Down payment assistance can help determine how much house you can afford. Find out how in this video on buying a home.Expert: Brett Staggs Bio: Brett Staggs has been working in the mortgage industry for the past 6 years. He has worked for a title company, a credit reporting company, and two major banks. Filmmaker: Dana Glover
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Home Loans

FHA home loans for Buying a Florida home, ((97%w 540 FICO))

FHA home loans for Buying a Florida home, ((97%w 540 FICO))

FHA home loans for Buying a Florida home.

Florida home buyers should know the many advantages of the FHA mortgage loan programs. FHA loans were created to help increase home ownership. For the Florida home buyer the FHA home loan program can simplify the purchase of buying a  Florida home, making financing easier and less expensive than an other home loan program. Some highlights of the Florida FHA loan program include:

Minimal Down Payment and Closing costs.

Down payment less than 3% of Sales Price Gifts are allowed Seller can credit up to 6% of sales price towards closing and prepaid costs. 100% Financing available No reserves required. FHA regulated closing costs.

Easier Credit Qualifying Guidelines such as:

  No minimum FICO score or credit score requirements. FHA will allow a home purchase 1 year after a Bankruptcy. FHA will allow a home purchase2 years after a Foreclosure.

To take advantage of the FHA program in Florida, give us a call 1-800-570-0448 or use our quick application at www.FHAmortgageFHALoan.com

 

Common FHA Mortgage Questions Why should I apply for an FHA home loan?

There are lots of good reasons to choose an FHA home loan over other Florida mortgage programs, especially if one or more of the following apply to you:

You’re a Florida first-time homebuyer. You want to keep your monthly payments as low as possible. You’re worried about your monthly payments going up You don’t have a lot of money to put down on a house.   You’re worried about qualifying for a loan. You don’t have perfect credit.

If any of these things describe you, then an FHA home  loan may be right for you. Why? FHA home loans offer many benefits and a level of security that you won’t find in other loans including:

Low cost: FHA home loans have competitive interest rates because the federal government insures the loans for lenders.

Lower down payment requirements: FHA home loans have a low 3.5% down payment and the money can come from a family member, employer or charitable organization as a gift.

Easier qualification: Because FHA insures your mortgage, FHA mortgage lenders may be more willing to give you FHA home loan terms that make it easier for you to qualify.

Less than perfect credit: You don’t have to have perfect credit to get an FHA home loan. In fact, even if you have had credit problems, such as a bankruptcy, it’s easier for you to qualify for an FHA home loan than any other mortgage program.  

More protection to keep your home: The FHA has been helping people since 1934. Should you encounter hard times after buying your home, the FHA has many options to keep you in your home and avoid foreclosure.

FHA insures loans for lenders against defaults – it does not lend money or set interest rates. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. An FHA-approved lender can help you start the loan application process.

You may use an FHA-insured mortgage to purchase or refinance a new or existing 1- to 4-unit home, a condominium or a manufactured or mobile home (provided it is on a permanent foundation).

What kinds of FHA home loans does FHA offer?

Fixed-rate loans – Most FHA home loans are fixed-rate mortgages (loans). The advantage of a fixed-rate mortgage is that your interest rate stays the same during the loan period, so you know exactly how much your monthly payment will be.

Adjustable rate loans – First-time homebuyers can be a little stretched financially. With FHA’s adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. FHA uses the 1-Year Constant Maturity Treasury Index (CMT) to calculate the changes in interest rates. An index is a measure of interest rate changes that determine how much the interest rate on an ARM will change over time.

The maximum FHA home loan that the interest rate on your FHA home loan may increase or decrease in any one year is 1 or 2 percentage points, depending upon the type of ARM you choose. Over the life of the loan, the maximum interest rate change is 5 or 6 percentage points from the initial rate. The advantage of selecting an ARM is that you may be able to expand your house-hunting value range because your initial interest rate will be low, as will your payment. Click for a more in-depth explanation…

Purchase/Rehabilitation loans – Sometimes you might see a home you’d like to buy, but it needs a lot of work. FHA has a loan for rehabilitating and repairing single-family properties called the SF Rehabilitation Loan program (203k). You can get one loan which combines the mortgage and the cost of repairs. The mortgage amount is based on the projected value of the property with the work completed. The advantage of this loan is that you can buy a home that needs a lot of work, but have only one mortgage payment, and you can complete the repairs after buying the home.
Read more about these loans.

Indian Reservations and Other Restricted Lands – A family who purchases a home under this program can apply for financing through an FHA-approved lending institution such as a bank, savings and loan, or a mortgage company. To qualify, the borrower must meet standard FHA credit qualifications. An eligible borrower can receive approximately 97% financing and use a gift for the downpayment. Closing cost can be financed; covered by a gift, grant or secondary financing; or paid by the seller without reduction in value. More… 

How do FHA-insured loans compare to subprime loans?

Subprime loans are loans designed for homebuyers who don’t have a strong credit history or can’t qualify for a regular or prime loan. Lenders charge a high interest rate on subprime loans because the risk that a homebuyer may not make their payments is high. Because FHA insures the lender against this risk, the interest rates on FHA-insured loans are generally among the lowest in the market. Most subprime loans carry interest rates at least 3 percentage points higher than an FHA-insured loan. On a 0,000 mortgage, the monthly payment for a subprime loan would be over 0 a month higher than an FHA-insured loan.

The majority of subprime loans are also ARMs, where the interest rate can change a lot and greatly increase your monthly payments. Most FHA-insured loans are fixed-rate loans where the mortgage payment always stays the same. If you have an FHA-insured ARM loan, the rate can’t go up by more than one or two points in a year. The fees that lenders charge their borrowers for processing a subprime loan are also generally higher than on an FHA-insured loan.

Most subprime loans carry a heavy prepayment penalty that you must pay if you want to refinance your loan to a lower interest rate. These penalties can cost you hundreds or even thousands of dollars. There is never a prepayment penalty on an FHA-insured loan. You can refinance at any time and not worry about paying any penalties.

Unfortunately, because they don’t know these facts, many homebuyers who could qualify to buy a home with a fixed-rate FHA-insured loan only apply for subprime loans. Check out an FHA-insured loan before settling for a subprime loan!

How do FHA home loans compare to conventional loans?

Conventional loans usually require a larger downpayment than FHA and if you have less than perfect credit you may not qualify for an affordable mortgage with a low interest rate . The best thing to do is compare the cost of the conventional loan to an FHA-insured loan line-by-line. What are the fees for each? What is the interest rate? How much is the mortgage insurance? How much downpayment is required? For some borrowers, a conventional loan may be less expensive. For many others, getting an FHA-insured loan is the way to go.

Do you have to buy mortgage insurance on an FHA home loan?

Yes – as you will with most loans.

The Housing and Economic Recovery Act of 2008 provides for a one-year moratorium on the implementation of FHA’s risk-based premiums beginning October 1, 2008.  Consequently, effective with new FHA case number assignments on or after that date, FHA will no longer base its mortgage insurance premiums on a combination of credit bureau score and loan-to-value ratio.  The new premiums (upfront and annual) to be implemented for all loans for which a case number is assigned on or after October 1, 2008, are described below.  Mortgagee Letter 2008-16 is rescinded in its entirety.  Please note that certain parts of that mortgagee letter are retained and reiterated in the guidance that follows.

UFMIP= Upfront Mortgage Insurance Premiums:  FHA home loans will charge an upfront premium in an amount equal to the following percentages of the mortgage: 

Purchase Money Mortgages and Full-Credit Qualifying Refinances = 1.75 Percent Streamline Refinances (all types) = 1.50 Percent

Most home loans require mortgage insurance when your downpayment is less than 20% of the sales price. On conventional and subprime loans, mortgage insurance is provided by private companies. Whether private mortgage insurance is less than, equal to, or more than an FHA-insured loan’s insurance will depend upon the loan program and your qualifications.

Compare the cost of FHA home loan home loan compare  to subprime and conventional types of loans over the life of your loan. Then compare how much each one costs monthly. With the protection and value you get from an FHA home loan you will find it’s a very good deal.

 

 

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Buying A House

The Crazy Way to Approach Buying a House in France

The Crazy Way to Approach Buying a House in France

Buying a house in France is a serious business for anyone. Whether you’re selling up lock, stock and barrel and emigrating to France permanently, or you’re lucky enough to be searching for a French holiday home, the expense is still substantial.

So why do we notice so many folks treat buying a house in France with so little thought? It’s not a pair of shoes – you can’t take it back if it doesn’t fit right!

Yet too often we hear the same horrors. Someone who has bought a French house without thinking and is now beginning to find problems. Who are these individuals? They must be doing very well to just travel France buying French property as the fancy takes them.

The mad thing is, nothing could be further from the truth. Often – in fact more often than not – these are couples putting their life savings, their whole future, into their French dream house.

And a alarming number of them haven’t got the first idea. They’ve done very little research, they don’t speak any French and they’ve sought no professional advice.

Then when things go pear-shaped they start moaning about the system, the language, the French, the agent… just about anything and everything is to blame but themselves. They treated buying a house in France like getting a lottery ticket and now they’re complaining because their one-in-a-million gamble didn’t pay off!

Now perhaps you think I’m being a bit extreme. I’m not. I know a family who you would think of as very sensible and cautious who signed an agreement to buy a French property while on vacation. They weren’t even looking for a house when they left England but they fell in love with the house.

What they were unaware of was that by the time they got back to the UK ten days later, getting out of the contract would cost them 12,000 Euros.

I can give you another example of a couple who bought a French property to live in part and turn the rest into gites. They wildly underestimated the renovation costs (because they didn’t ask) and now live in a place that needs a new roof. They can’t finish the work so they’ve only got small pensions to live off. The house is in a bad way so they can’t afford to sell and return to England either.

It’s all very concerning, really. I hear one of these stories about every other month and it’s such a pity. Now I’m not perfect, I’ve made plenty of mistakes myself living over here and renovating an old French property, but fortunately my misjudgements have been quite minor because I’ve invariably checked and double checked the costly things.

Which is, when you strip it all back to basics, all anyone needs to do.

The French property market offers a wealth of opportunities and buying a house in France is neither particularly hard nor particularly complicated. The trouble is that unless you’re French or you’ve owned French property before it IS new to you. There will be things you haven’t met before. There will be things that don’t go quite as expected.

The essential thing is to get a degree of knowledge behind you. Search online, buy a book or two, ask questions – and don’t give up until you’re happy with the answers.

France is a great place to live but it’s not dreamland and miracles don’t happen just because you want them. If you crash around blindly in the French property market you will find trouble. Do your homework wisely and buying a house in France will be a delight – which is what it should be and what I wish for everyone who is looking.

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Jeff Seems is an Englishman living in France. He is author of The French Property Buyer’s Guide which is vital reading for anyone thinking of buying a house in France.

Buying A House

Gilbert Homes For Sale – Five Helpful Tips Before Buying a House

Gilbert Homes For Sale – Five Helpful Tips Before Buying a House

For most, buying a house is a dream come true. Finally, they get the chance to have their very own place.

However, buying a house is unlike buying any commodity in the store. It does not only involve picking a brand, paying for it and taking it with you. Although the concept is the same, purchasing a house can be very difficult. You have to pay attention to details and make your research about the house.

To help you acquire one of those Gilbert Homes for sale with ease check out these tips:

1. It is important that you determine your budget first. How much are you going to pay for the house? How much mortgage are you going to get? Determining your financial capacity will prevent you from checking houses you cannot afford. You can rest assured that the houses you will see are within the price range suitable for the kind of income you are generating. This will also allow you to manage the expenses better to avoid foreclosure in the future.

2. Once you have your price range, you can consult a sales agent. Having a sales agent to assist you will make your search for a house easier. They are aware of various houses on sale and they can present you with the properties that are within your budget. If you are unsure with the first house, they can immediately present a new option for you.

3. When you finally see a house that you like and within your budget, do not get too excited and close the deal. Make sure that you check the neighborhood first. Will the neighborhood provide security? How long will it take you to reach your office? How far is it from the kids’ school? Is water a problem, how about power? It is important that you know these things because these factors will help you have a more comfortable life.

4. If the location appeals to you, ask a professional to inspect the house. Many skip home inspection because they say that it is just an added expense. However, inspecting the house can save you from a lot of trouble. The inspector will check all areas of the house. He will be able to uncover any problems. You can settle this with the seller by either adjusting the price or asking him to repair it. Home inspection is applicable even to new houses. Therefore, even if it were from Gilbert Homes for sale, it would be better to have a home inspector check it.

5. Finally, finish all the paper works needed for the transfer of ownership. You do not want to have problems concerning these documents in the future.

In order to avoid having problems when you purchase a house, make sure that you know what you are buying. Check the house that you can afford. You can ask a sales agent to help you find the right house however, do not forget to check its environment and the house itself before you close the deal.

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Chris Turley is an expert and professional real estate agent that will help you to find the perfect home that better fits your needs. For more information on Gilbert homes for sale, please go to http://www.ourbestrealestate.com.

Be very careful if you are a home buyer right now. The majority of purchases are going to be losing deals as the housing bottom is not here yet! That doesn’t mean that every house purchase is going to be a losing one. However, the majority of them will be! Especially if you plan on putting a house on mortgage, then this is going to increase debt even higher. The interest rates will go higher soon and this should cause problems. If you have a lot of money and you find a property that can work very well for whatever it is that you plan on doing over the next little while, then it can be a great investment. Especially if you are paying Fiat dollars for it and not taking a mortgage. But once again, not many houses are a deal. Most house purchases will cause problems down the line for a lot of people.
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Video Rating: 4 / 5

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