Buying a Home

Why should I use a realtor?

Please see all questions above. Joking aside, buying a home can be complicated. We’ve only scratched the surface with these frequently asked questions. That’s why we take seriously our commitment to simplifying not just the home search, but the entire home buying process. But for those of you who like lists, here’s our top 10 reasons to use a realtor:

  1. Realtors know their MLS from their CMA, their PCF from their FMR. It’s a jungle of acronyms out there. Your realtor knows how to tame them all.
  2. Realtors know how to market. From search engine optimization to 3-D video tours, realtors know how to use the latest technology to engage the most valuable prospects.
  3. Realtors know people who know people. They might not be able to score your front row tickets, but they can connect you with all the important people you need to know, like loan officers, inspectors, appraisers and more.
  4. Realtors know the neighborhoods. Whether you’re...

What if my credit score is really low?

Fixing a low credit score is kind of like losing weight. It won’t happen overnight. But, by making better money choices, over time, you credit score will improve. Here are the top things you can do right now:

  1. Check your credit report. This time you’re not just looking for that magic number. Your report will show everything, good and bad, that’s impacting your score. So, look for errors. Make sure there are no late payments showing up that you’ve actually paid. And, if there are any errors, dispute them with the credit bureau.
  2. Set up automatic payments or payment reminders. Not paying your bills on time can be of the biggest negative factors impacting credit scores. You may just be a few days late, but over time, all of those late payments add up. So, take the time to set up reminders or auto drafts to start cleaning up your payment history.
  3. Reduce the amount of debt you...

Why do I need to get pre-approved for a loan?

Thinking about buying a house before getting pre-approved for a loan is like going to the mall without your wallet. Don’t waste your time and risk homebuying heartbreak. Getting pre-approved for a home loan help you:

  1. Be competitive. The current real estate market is pretty competitive. When a great home comes on the market, it likely won’t be available long. Being pre-approved lets you jump in the game, knowing what you can afford and being prepared to negotiate with confidence.
  2. Stand out. Let the seller know you mean business. Only about 10% of homebuyers take the time to get pre-approved, so this is an easy way to make yourself stand out of the pack when placing an offer on a home.
  3. Get accepted. Some sellers won’t even consider an offer from a buyer who hasn’t been pre-approved. And you can’t blame them. When the seller says, “Show me the money,”...

Common Things to Look Out for Before Buying Your Dream Home

Common Things to Look Out for Before Buying Your Dream Home

It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.

It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.

1. Why am I Buying a Home?

Regardless of the finances, it is important to think about what made you want to buy...

Is Getting a Home Mortgage Still Too Difficult?

Is Getting a Home Mortgage Still Too Difficult?

Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.

Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want to end up in a litigation...

Will Increasing Mortgage Rates Impact Home Prices?

Will Increasing Mortgage Rates Impact Home Prices?

There has been some discussion recently on home prices in relation to mortgage rates. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case.

This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on your mortgage, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in better shape. As the economy succeeds, incomes rise, rates go up, as well as the price of the home.

A recent study by the John Burns Real Estate Consulting found mortgage...