Posted by Philip Dennesen on 7/23/2021

Believe it or not, you don't need to be a homebuying expert to score a great deal on your dream residence. In fact, there are many things you can do to find and acquire a house that won't force you to break your budget, and these include:

1. Shop Around

When it comes to conducting a home search, it generally is a good idea to be thorough. If you search for residences in a variety of cities and towns, you can boost the likelihood of finding a home that you can afford.

Also, it is important to remember that scoring a great deal on a residence usually requires hard work and patience. If you perform lots of housing market research, you can gain deep insights into the real estate sector. You then may be able to use housing market insights to find ways to speed up the process of locating and purchasing your ideal home.

2. Get Pre-Approved for a Mortgage

If you have a mortgage in hand when you start your home search, you will be better equipped than other buyers to pounce at the opportunity to acquire a budget-friendly home.

Typically, it won't take long to get pre-approved for a mortgage. If you meet with myriad banks and credit unions, you can explore all of your home financing options. Then, you can select a mortgage and perform a home search with a budget at your disposal.

If you have questions about a mortgage, there is no need to worry, either. Banks and credit unions employ courteous, knowledgeable mortgage specialists who are happy to respond to your home financing queries. Therefore, these specialists can help you make an informed mortgage selection.

3. Collaborate with a Real Estate Agent

A real estate agent is a homebuying professional who will help you find a terrific house at an affordable price – without exception. He or she knows what it takes to perform an in-depth home search, and as such, will take the guesswork out of acquiring your dream residence.

In addition, a real estate agent offers comprehensive homebuying insights you may struggle to obtain elsewhere. If you are unsure about where to search for a home, for example, a real estate agent can help you hone your homebuying criteria. Or, if you are uncertain about how much to offer to acquire your dream residence, a real estate agent will help you submit a competitive homebuying proposal.

A real estate agent is available to assist you in any way possible as you navigate the homebuying journey, too. That way, you can get the help you need to seamlessly go from homebuyer to homeowner.

For those who want to purchase a first-rate house at an economical price, it helps to prepare for the homebuying journey. By using the aforementioned tips, you can move quickly to find a home that falls in line with your finances. As a result, you could accelerate your home search and acquire your ideal residence in no time at all.




Categories: Buying a Home   buying tips  


Posted by Philip Dennesen on 7/2/2021

If you want to buy your dream house in the near future, you likely will need to put together a competitive offer to purchase. That way, you can boost the likelihood of receiving an immediate "Yes" from a property seller after you submit your homebuying proposal.

Ultimately, it helps to know what differentiates a competitive homebuying proposal from a lowball one. If a homebuyer understands what to offer for a residence, he or she should have no trouble purchasing the right residence at the right price.

To better understand how to acquire your dream house at the lowest-possible price, let's take a look at three tips to help you determine what to offer for a residence.

1. Study the Housing Market Closely

The housing market experiences ebbs and flows. Therefore, a real estate sector that favors homebuyers one day may favor home sellers the next. And if you fail to learn about the current state of the real estate market, you may struggle to put together a competitive offer to purchase your ideal residence.

Analyze the prices of available houses in your area, the prices of recently sold houses in your preferred cities and towns and other housing market data. With this information in hand, you can find out whether you're operating in a buyer's or seller's market. Then, you can craft an offer to purchase your dream residence that accounts for the present state of the real estate market.

2. Weigh the Pros and Cons of Your Dream Home

No house is perfect, and even your dream home may have its fair share of flaws. Fortunately, a homebuyer who assesses the pros and cons of a house may be better equipped than ever before to submit a competitive offer to purchase this residence.

If you view a house multiple times, you can learn about all aspects of this home and assess any property damage. After you obtain these home insights, you can create a competitive offer to purchase that accounts for the house's current condition.

3. Collaborate with a Real Estate Agent

When it comes to purchasing a house at a price that matches your expectations, it generally is beneficial to work with a real estate agent. This housing market professional will do everything possible to help you buy your dream home at a price that fits your budget.

A real estate agent understands the ins and outs of the real estate sector and can help you map out a successful homebuying strategy. He or she first will offer insights into available homes in your preferred cities and towns. Next, when you find your dream residence, a real estate agent will help you craft a competitive homebuying proposal. And if your offer to purchase is accepted, a real estate agent will make it easy to navigate the final steps of the homebuying journey.

Ready to streamline your quest for your ideal house? Use the aforementioned tips, and you can improve your chances of acquiring your dream home at a price that you can afford.




Categories: Buying a Home   buying tips  


Posted by Philip Dennesen on 5/21/2021

The homebuying process may prove to be challenging, particularly for individuals who fail to anticipate potential problems. Lucky for you, we're here to help you identify and address homebuying hurdles before they escalate.

Now, let's take a look at three tips to ensure you can seamlessly anticipate and overcome homebuying hurdles.

1. Learn About the Housing Market

The real estate market can be complex. Fortunately, an informed homebuyer should have no trouble resolving potential problems early in the property buying journey.

Examine a wide range of housing market data – you'll be glad you did. Look at the prices of recently sold houses – as well as the prices of available residences – in your preferred cities and towns. With this housing market information, you'll be better equipped than ever before to differentiate a buyer's market from a seller's one and plan your homebuying journey accordingly.

2. Get Home Financing

If you intend to pursue a house, you likely will need a mortgage. Thankfully, banks and credit unions are available to help you obtain a mortgage in no time at all.

Ultimately, it helps to get pre-approved for a mortgage. If you enter the housing market with a mortgage in hand, you can narrow your house search to properties that fall within your price range. And as a result, you could speed up the process of finding and buying your dream house.

When you meet with lenders, don't hesitate to ask lots of questions, either. If you allocate time and resources to learn about all of your home financing options, you can determine exactly which option is right for you.

3. Employ a Real Estate Agent

There is no need to pursue a house on your own, regardless of whether you're an experienced or first-time property buyer. But if you employ a real estate agent, you can work with a homebuying expert who can help you make your homeownership dream come true.

A real estate agent understands what it takes to find a great house at an affordable price. He or she can teach you about the housing market and help you make informed decisions at each stage of the property buying journey. Perhaps best of all, a real estate agent can prepare you for potential homebuying hurdles and ensure you can quickly address these issues.

Let's not forget about the assistance that a real estate agent provides as the homebuying journey progresses as well. A real estate agent will set up home showings, help you weigh the pros and cons of different houses and ensure you can submit an offer to purchase your dream residence. And as you approach the date of your home closing, a real estate agent will offer tips and recommendations to ensure you can finalize your house purchase without delay.

Want to avoid homebuying hurdles? You're not alone. But with the aforementioned tips, you can identify and overcome various homebuying hurdles and effortlessly navigate the property buying journey.




Categories: Buying a Home   buying tips  


Posted by Philip Dennesen on 3/26/2021

Ready to buy a home? You'll likely need a mortgage to ensure you can afford your dream residence. Lucky for you, many banks and credit unions are happy to help you discover a mortgage that suits you perfectly.

Ultimately, meeting with a mortgage lender may seem stressful at first. But this meeting can serve as a valuable learning opportunity, one that allows you to select a mortgage that is easy to understand and matches your budget.

When you meet with a mortgage lender, here are three of the questions to ask so you can gain the insights you need to make an informed decision:

1. What mortgage options are available?

Most lenders offer a broad range of mortgage options. By doing so, these lenders can help you choose a mortgage that meets or exceeds your expectations.

Fixed-rate mortgages represent some of the most popular options for homebuyers, and perhaps it is easy to understand why. These mortgages lock-in an interest rate for a set period of time and ensure your mortgage payments will stay the same throughout the duration of your mortgage.

Meanwhile, adjustable-rate mortgages may prove to be great choices for many homebuyers as well. These mortgages may feature a lower initial interest rate that rises after several years. However, with an adjustable-rate mortgage, you'll know when your mortgage's interest rate will increase and can plan accordingly.

2. Do I need to get pre-approved for a mortgage?

Pre-approval for a mortgage usually is an excellent idea, and for good reason.

If you get pre-approved for a mortgage, you may be able to enter the homebuying market with a budget in mind. That way, you can pursue houses that fall within a set price range and avoid the risk of overspending on a home.

On the other hand, you don't need to be pre-approved for a mortgage to submit an offer on a home. But with a mortgage in hand, you may be able to gain an advantage over the competition, one that might even lead a home seller to select your offer over others.

3. How long will a mortgage last?

Many mortgages last 15- or 30-years – it all depends on the type of mortgage that you select.

A lender can explain the length associated with various mortgage options and highlight the pros and cons associated with these mortgages.

Moreover, you should ask a lender if there are any prepayment penalties if you pay off your mortgage early. This may help you determine whether a particular mortgage is right for you.

When it comes to finding a lender, don't forget to meet with several banks and credit unions. This will allow you to discover a lender that offers a mortgage with a low interest rate. Plus, it enables you to find a lender that makes you feel comfortable.

If you need assistance in your search for the right lender, be sure to reach out to a real estate agent. This housing market professional can provide details about local lenders and ensure you can accelerate your push to acquire your dream residence.





Posted by Philip Dennesen on 3/19/2021

If you’re hoping to buy your first home in the near future, you’re likely wondering about the different types of mortgages that you may qualify for. Since the 1930s, the Federal Housing Administration (FHA) has been insuring home loans for first-time homeowners across America.

This program helps people achieve homeownership who typically wouldn’t be able to afford the down payment or pass the credit score requirements to secure a traditional mortgage.

In today’s post, we’re going to answer some frequently asked questions about FHA loans to help you decide if this is the best option for your first home.

Does the FHA issue loans?

Although they’re called “FHA loans,” mortgages are not actually issued by the FHA. Rather, they’re issued by mortgage lenders across the country and insured by the FHA.

Will I have to make a down payment?

With an FHA loan, your down payment can be as low as 3.5%, significantly lower than traditional loans at 20% down payment. However, you will be required to pay private mortgage insurance (PMI) in addition to your monthly mortgage payments until you have paid off 20% of the home. So, the best case scenario would be to save as much as possible for a down payment to reduce the amount of mortgage insurance you have to pay.

What are the benefits of an FHA loan?

The three main reasons to secure an FHA loan are:

  • You can qualify with a low credit score

  • You can make a smaller down payment than traditional mortgages

  • Your closer costs will be less expensive

Where do I apply for an FHA loan?

You can apply for an FHA loan through a mortgage lender. You can also work with a mortgage broker to help choose a lender.

Is an FHA loan the only loan option for low down payments?

There are multiple loan programs offered at the state and federal level to help individuals secure a mortgage with a lower down payment. They can be provided by the Department of Veterans Affairs, the USDA, or state-sponsored programs. Lenders also often sponsor their own programs to attract potential borrowers. However, always make sure you compare these programs to make sure you’re making the best long-term financial decision.

Do all FHA loans offer the same interest rates and costs?

No. Since the loans are only insured by the FHA, it’s up to the lender to determine your interest rate and fees. So, it’s a good idea to shop around for the best lender.

How high does my credit score have to be to qualify for an FHA loan?

You can secure a mortgage with a down payment as low as 3.5% with a credit score of 580 or higher. However, if you can afford to make a larger down payment, you can secure an FHA loan with a credit score as low as 500.

If your score is in the 500-600 range, it’s typically a better idea to spend a few months building credit before applying for a home loan.

What information will I need to apply?

You’ll need to gather all of the same information that you would for a typical mortgage. This includes W2s from your employer(s), two years of submitted tax forms, your current and former addresses from the past two years, and your gross monthly salary.

I’ve owned a house before, can I still qualify for FHA loans?

Even if you’re not a first-time homebuyer you can still qualify for an FHA loan. However, you cannot qualify if you’ve had a foreclosure within the last three years or have filed for bankruptcy within the last two years.




Categories: Buying a Home   Mortgage   FHA Loans