Tuesday, March 1, 2011
Understand that Interest Rates can change daily, Even hourly
This means that if you are comparing lender rates and fees, this is a moving target on an hourly basis. For example, if you have two lenders that you just can't decide between and want a quote from each, you must get this quote at the exact same time on the exact same day with the exact same terms or it will not be an accurate comparison.
Saturday, February 5, 2011
Why is it the right time to buy a home now?
With the lowest home prices and great interest rates together at the same time, it really is a perfect time to buy a home! Get pre-qualified and get started on looking for your home!
Wednesday, February 2, 2011
Home Buying Tip
Determine your price boundaries before going out to purchase a house. It makes it easier to narrow down your choices.
Monday, January 31, 2011
What Are Recurring and Non-Recurring Closing Costs?
Lenders use a Good Faith Estimate to explain closing costs to a home buyer. These estimates contain recurring and non-recurring closing costs.
Definition of Closing Costs
Some home buyers are shocked when they discover it costs more than the price of a home to buy it. When you buy a car, for example, dealers don’t tack on fees and charge extra (except for sales tax) when buyers finance that vehicle. But buying a home is different.
While a buyer doesn’t pay sales tax on a single-family residence or condo, a buyer does incur additional fees to get the loan and for processing the paperwork to buy a home. The closing costs run about 3% of the sales price when the home is priced over $200,000, and a higher percentage applies when the price of a home is less than $200,000.
• Impound / Escrow Accounts - Lenders may require that a buyer establish a reserve account held by the lender for future payment of taxes and insurance.
• Closing Agents - The individuals who prepare the closing documents and deed charge a fee.
• Title Policies - Title companies charge to issue title insurance that protects the borrower and the lender.
Definition of Non - Recurring Closing Costs
Fees that are paid once and never again are called non-recurring. These fees are one-time charges for such items as:
• Escrow or closing
• Appraisal
• Credit Report
• Title Policy
• Notary
• Wire fees
• Courier / Delivery
• Attorney fees
• Endorsements
• Recording
• State, County or City Transfer Taxes
• Home Protection Plan
• Natural Hazard Disclosure
• Home Inspection
• Fees paid to the lender in conjunction with the loan on the HUD-1, line 800.
Definition of Recurring Closing Costs
Recurring fees are those charges that you will pay again and again. They include such fees as:
• Fire Insurance Premium
• Flood insurance
• Property Taxes
• Mutual or Private Mortgage Insurance Premiums
• Prepaid Interest
Definition of Closing Costs
Some home buyers are shocked when they discover it costs more than the price of a home to buy it. When you buy a car, for example, dealers don’t tack on fees and charge extra (except for sales tax) when buyers finance that vehicle. But buying a home is different.
While a buyer doesn’t pay sales tax on a single-family residence or condo, a buyer does incur additional fees to get the loan and for processing the paperwork to buy a home. The closing costs run about 3% of the sales price when the home is priced over $200,000, and a higher percentage applies when the price of a home is less than $200,000.
• Impound / Escrow Accounts - Lenders may require that a buyer establish a reserve account held by the lender for future payment of taxes and insurance.
• Closing Agents - The individuals who prepare the closing documents and deed charge a fee.
• Title Policies - Title companies charge to issue title insurance that protects the borrower and the lender.
Definition of Non - Recurring Closing Costs
Fees that are paid once and never again are called non-recurring. These fees are one-time charges for such items as:
• Escrow or closing
• Appraisal
• Credit Report
• Title Policy
• Notary
• Wire fees
• Courier / Delivery
• Attorney fees
• Endorsements
• Recording
• State, County or City Transfer Taxes
• Home Protection Plan
• Natural Hazard Disclosure
• Home Inspection
• Fees paid to the lender in conjunction with the loan on the HUD-1, line 800.
Definition of Recurring Closing Costs
Recurring fees are those charges that you will pay again and again. They include such fees as:
• Fire Insurance Premium
• Flood insurance
• Property Taxes
• Mutual or Private Mortgage Insurance Premiums
• Prepaid Interest
Friday, January 28, 2011
Did you know.......
That FHA allows for you to have someone co-sign on your home loan without them having to live in the property? Once qualified, if a person fits the criteria to co-sign based on FICO score, debt and income (amongst some of the requirements) they can go on the loan and help you meet the required income level to qualify for your home and can still currently own a home or buy a home in the future themselves. Please contact me to find out how this works and what preperation is needed for this process.
Wednesday, January 26, 2011
Top 5 Reasons to Short Sale Your Home and Avoid Foreclosure
1. Credit - You do not necessarily have to be late on your mortgage payments to be a candidate, therefore no negative reporting on your credit to your FICO score. Foreclosure is also more damaging to your credit than a short sale.
2. Time - Banks are averaging approvals sooner than before, 4-8 weeks.
3. Savings - No out of pocket expenses in most cases.
4. Incentives - You may be eligible for HAFA (Home Affortable Foreclosure Alternatives) and receive relocation incentives of up to $5000.
5. Peace of Mind - Having someone take over the hassle of dealing with the bank.
Contact an Experienced Realtor who can guide you and let you know what to expect.
2. Time - Banks are averaging approvals sooner than before, 4-8 weeks.
3. Savings - No out of pocket expenses in most cases.
4. Incentives - You may be eligible for HAFA (Home Affortable Foreclosure Alternatives) and receive relocation incentives of up to $5000.
5. Peace of Mind - Having someone take over the hassle of dealing with the bank.
Contact an Experienced Realtor who can guide you and let you know what to expect.
Monday, December 7, 2009
Food for thought
Our character is forged in the furnace of adversity. In what ways have you been uniquely prepared to serve others?
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