Contact a REALTOR®
This is where I come in :)
A RE/MAX Sales Associate can help you through the entire process of buying a home, starting with the mortgage and continuing right through closing – and beyond. He or she can help you shop for the best interest rate and terms and, if you wish, suggest mortgage lenders.
Get Preapproved for a Loan
Obtain a copy of your credit report and your FICO score and, if necessary, do what you need to do to improve it. The higher your FICO score, the better interest rate you can command. You can get this information online; your RE/MAX agent can also help you. Contact several lenders and determine which one will give you the best deal.
Determine Your Price Range and Area(s) in Which You're Interested
By now you should have a good idea of how much home you can afford. This helps you narrow down your home search. You should also begin researching the neighborhoods in which you might want to live. Your RE/MAX agent can help.
Decide Which Amenities and Features You Must Have – and Which Ones Would Be Nice but not Necessary
How many bedrooms and bathrooms do you want? Would you prefer a newer home or an older one with established landscaping? Are hardwood floors a must? Is an updated kitchen important to you? Walk-in closets? Which features would you be willing to give up if you find the otherwise-perfect home?
Begin Testing the Market
Right here on remax.com, you can find listings that meet your criteria as well as neighborhood data. Identify properties that seem to be fits for you, take an afternoon and go on a driving tour. See what's available in your price range and explore neighborhoods.
With Your Agent, Begin Seriously Looking at Homes
Your agent can add to the list of homes you've already identified – including ones that have just come on the market. Look at homes with a critical eye – does the floor plan work for you, is the property in good condition, would it be right for your lifestyle? In short, can you imagine yourself and your family living there?
Take notes at each home you visit. What do you like and not like? Narrow down your choices; re-visit homes in which you're interested. See them at different times of the day.
Make an Offer
When you've identified the home you want to buy, be prepared to help your agent prepare a written offer quickly. Your agent will be familiar with market values and will help you arrive at a price that gives your offer the best chance of being accepted.
At this stage, try not to become emotionally attached to a home. Your offer may not be accepted for any number of reasons. Have backup homes in mind. Be prepared to negotiate through your agent with the sellers.
Once Your Offer Is Accepted:
* You'll be asked to submit an earnest money deposit that usually isn't refundable.
* Begin making moving arrangements (select a mover, obtain change-of-address cards, inform friends and relatives).
* Have the property professionally inspected.
* If necessary, request repairs.
* Obtain homeowner's insurance.
* Contact utilities (phone, water, power, etc.).
* A few days before closing, stage a walk-through.
* Obtain a cashier's check for the down payment and closing costs.
At Closing:
* Make sure the terms and conditions of the loan statement are correct.
* Carefully read everything before you sign.
ENJOY YOUR NEW HOME!
Why You Should Use a REALTOR® in Your Home Search
Buying a home is probably the largest investment you'll make in your lifetime. Having an experienced, knowledgeable RE/MAX professional representing you in this transaction just makes good sense.
Buying a home is not like buying a car, a mutual fund or other commodity. It can be a life-changing event. RE/MAX agents fully understand the real estate process – and just as important, they understand your local market.
Of course they know the right steps to take, but they can also help you avoid a misstep in your home purchase. If a new freeway is going to be built a few blocks away, they'll probably know it. If you're unsure about school districts, they'll be able to direct you to answers. If you're unsure of a builder's reputation, they'll know how you can confirm it.
Your RE/MAX Sales Associate also performs another important function: minimizing the emotion involved in a home transaction. You may be in love with a home, but your agent can point out factors that might not make it right for you.
Related Articles
* First Time Buyers
* Understand Your Credit Score
View more articles
Real Estate 101
Saturday, November 7, 2009
Friday, November 6, 2009
Avoiding foreclosure
Below are a few tips to help prevent foreclosure. As always, should you be in a situation where you do not see an end in sight, please do not hesitate to contact me to put your home on the market as short sale.
Short sales are continuing trend in todays economy and the "ding" on your credit is much more positive than a foreclosure. I can help you with this. Give me a call today!
Tips to Prevent Foreclosure
* Be proactive. Contact your loan servicer immediately.
o You can find the contact information on your monthly mortgage bill or coupon book.
o Lenders can work out plans to allow you to stay in your home.
o Ask about foreclosure alternatives.
o Be prepared to disclose detailed financial information.
o Provide requested information in timely manner.
o Be ready to change your spending habits and create a budget.
o Open mail and respond to calls from your loan servicer promptly. Failure to respond in a timely manner can result in more foreclosure actions and additional cost.
* Consider refinancing your loan.
o Refinancing to a fixed-rate, fully amortized lower-cost loan may help.
o The FHA offers a program that helps homeowners with good credit refinance. It's called FHA Secure.
* Talk to a housing counselor. HUD approves trained counselors to work with not‐for-profits focused on preventing foreclosure. Search for HUD counselors.
* Get in touch with your local government agencies. Your city, state or county may offer programs for people having trouble making their mortgage payments.
* Notify your other creditors. You may be able to lower interest rates on your credit cards or consolidate some of your other loans. You can put the savings toward your mortgage.
* Create a budget. You may find areas you can save and put the money toward keeping your home.
* Re‐read your mortgage agreement. Understanding the document is critical.
* Talk to a lawyer if you think you may have been a victim of predatory lending. Your local university may host a legal clinic. There also may be fair-lending counseling agencies in your area.
* Beware of anyone who says you don't need a real estate professional or title company when selling your home.
* Do not sign over the deed to your property to any organization or person if you are not working directly with your lender to get your debt forgiven.
Short sales are continuing trend in todays economy and the "ding" on your credit is much more positive than a foreclosure. I can help you with this. Give me a call today!
Tips to Prevent Foreclosure
* Be proactive. Contact your loan servicer immediately.
o You can find the contact information on your monthly mortgage bill or coupon book.
o Lenders can work out plans to allow you to stay in your home.
o Ask about foreclosure alternatives.
o Be prepared to disclose detailed financial information.
o Provide requested information in timely manner.
o Be ready to change your spending habits and create a budget.
o Open mail and respond to calls from your loan servicer promptly. Failure to respond in a timely manner can result in more foreclosure actions and additional cost.
* Consider refinancing your loan.
o Refinancing to a fixed-rate, fully amortized lower-cost loan may help.
o The FHA offers a program that helps homeowners with good credit refinance. It's called FHA Secure.
* Talk to a housing counselor. HUD approves trained counselors to work with not‐for-profits focused on preventing foreclosure. Search for HUD counselors.
* Get in touch with your local government agencies. Your city, state or county may offer programs for people having trouble making their mortgage payments.
* Notify your other creditors. You may be able to lower interest rates on your credit cards or consolidate some of your other loans. You can put the savings toward your mortgage.
* Create a budget. You may find areas you can save and put the money toward keeping your home.
* Re‐read your mortgage agreement. Understanding the document is critical.
* Talk to a lawyer if you think you may have been a victim of predatory lending. Your local university may host a legal clinic. There also may be fair-lending counseling agencies in your area.
* Beware of anyone who says you don't need a real estate professional or title company when selling your home.
* Do not sign over the deed to your property to any organization or person if you are not working directly with your lender to get your debt forgiven.
Wednesday, November 4, 2009
Understanding your credit score
Misunderstandings Persist About Credit Scores
Too many consumers still don't get it when it comes to credit scores.
And what you don't know can hurt you when it's time to buy a home - especially in a tight credit market.
Only 28 percent of consumers are aware they need at least a 700 credit score to qualify for a low-rate mortgage.
Three of every four consumers incorrectly believe that credit scores are influenced by income.
Even more - 79 percent - erroneously believe that credit scores can be obtained free once a year. (They're probably thinking about their credit report, instead.)
Those are among the findings of a report, "Consumer Understanding Of Credit Scores Improves But Remains Poor" commissioned by the Consumer Federation of America.
First, your credit score is a number assigned to your creditworthiness.
Your credit score indicates how well or poorly you'll repay a debt. The higher the number, the more likely you'll repay on time.
Your bill-paying information on credit reports provides the basis for your credit score.
Consumers who take the time to obtain their credit score, for only about $15 under most circumstances, are more likely to have a better understanding of the scores.
That includes knowledge that mortgage lenders rely heavily upon credit scores to approve or reject home loan applications.
Informed consumers also know they can generally raise their credit score by paying bills on time every time; by paying off debt and closing those paid-off accounts; by not coming close to maxing out credit cards and by regularly checking their credit reports to make sure they are accurate.
Your credit report is free from AnnualCreditReport.Com. For more information about your credit score, go to MyFICO.com.
The study also found that consumers could save $28 billion a year in finance charges if they improved their credit scores by 30 points.
"Lack of consumer knowledge about credit scores not only increases the costs of their credit and insurance, but also reduces the availability of these and other services," CFA Executive Director Stephen Brobeck says.
The study's findings include:
* When asked to define "credit score," only 31 percent correctly identified the answer "risk of not repaying the loan" in a multiple-choice question that also included "financial resources to pay back loans" (21 percent), "amount of consumer debt" (16 percent), "knowledge of consumer credit" (15 percent), and "attitude toward consumer credit" (9 percent) as other options.
* Consumers typically fail to understand that a credit score reflects only how they use credit, not factors such as income and age. Significant percentages incorrectly believe that credit scores are influenced by income (74 percent); age (40 percent); marital status (38 percent); the state in which they live (29 percent); level of education (29 percent); and ethnicity (15 percent).
* Most consumers correctly understand that they can learn their credit scores if they are denied a mortgage loan (72 percent) or declined for a credit card (65 percent). But an even larger group (79 percent) incorrectly believes that credit scores can be obtained free once a year. Only credit reports are free every year.
Too many consumers still don't get it when it comes to credit scores.
And what you don't know can hurt you when it's time to buy a home - especially in a tight credit market.
Only 28 percent of consumers are aware they need at least a 700 credit score to qualify for a low-rate mortgage.
Three of every four consumers incorrectly believe that credit scores are influenced by income.
Even more - 79 percent - erroneously believe that credit scores can be obtained free once a year. (They're probably thinking about their credit report, instead.)
Those are among the findings of a report, "Consumer Understanding Of Credit Scores Improves But Remains Poor" commissioned by the Consumer Federation of America.
First, your credit score is a number assigned to your creditworthiness.
Your credit score indicates how well or poorly you'll repay a debt. The higher the number, the more likely you'll repay on time.
Your bill-paying information on credit reports provides the basis for your credit score.
Consumers who take the time to obtain their credit score, for only about $15 under most circumstances, are more likely to have a better understanding of the scores.
That includes knowledge that mortgage lenders rely heavily upon credit scores to approve or reject home loan applications.
Informed consumers also know they can generally raise their credit score by paying bills on time every time; by paying off debt and closing those paid-off accounts; by not coming close to maxing out credit cards and by regularly checking their credit reports to make sure they are accurate.
Your credit report is free from AnnualCreditReport.Com. For more information about your credit score, go to MyFICO.com.
The study also found that consumers could save $28 billion a year in finance charges if they improved their credit scores by 30 points.
"Lack of consumer knowledge about credit scores not only increases the costs of their credit and insurance, but also reduces the availability of these and other services," CFA Executive Director Stephen Brobeck says.
The study's findings include:
* When asked to define "credit score," only 31 percent correctly identified the answer "risk of not repaying the loan" in a multiple-choice question that also included "financial resources to pay back loans" (21 percent), "amount of consumer debt" (16 percent), "knowledge of consumer credit" (15 percent), and "attitude toward consumer credit" (9 percent) as other options.
* Consumers typically fail to understand that a credit score reflects only how they use credit, not factors such as income and age. Significant percentages incorrectly believe that credit scores are influenced by income (74 percent); age (40 percent); marital status (38 percent); the state in which they live (29 percent); level of education (29 percent); and ethnicity (15 percent).
* Most consumers correctly understand that they can learn their credit scores if they are denied a mortgage loan (72 percent) or declined for a credit card (65 percent). But an even larger group (79 percent) incorrectly believes that credit scores can be obtained free once a year. Only credit reports are free every year.
Tuesday, November 3, 2009
Senate Clears the Way for Tax Credit Extension, Expansion
After two weeks of delay, the Senate last night cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers. By an 85 to 2 roll call vote, the Senate voted to cut off debate on a package of measures that includes the homebuyer credit, making it virtually certain that the legislation will reach President Obama for his signature this week.
The homebuyer tax credit, due to expire in 28 days, would be extended through April 30 of next year. First-time buyers who are in process of making a purchased would not need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.
For the first time, the legislation cleared last night makes move-up buyers as well as first-time buyers would be eligible for a credit. The $8,000 maximum first-timer credit will continue and will now available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.
The legislation cleared last night also contains a provision supported by the National Association of Home Builders. It helps larger companies strapped for cash with net operating losses this year or in 2008.
The homebuyer tax credit, due to expire in 28 days, would be extended through April 30 of next year. First-time buyers who are in process of making a purchased would not need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.
For the first time, the legislation cleared last night makes move-up buyers as well as first-time buyers would be eligible for a credit. The $8,000 maximum first-timer credit will continue and will now available to couples with income up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.
The legislation cleared last night also contains a provision supported by the National Association of Home Builders. It helps larger companies strapped for cash with net operating losses this year or in 2008.
Welcome!!
My name is Deonna Sheffield and I am a "new" real estate agent with RE/MAX By The Lakes! I realize that the word "new" may raise a few eyebrows and make the public turn their backs on me for what they would assume to be a "green" agent (real estate lingo)! Well, the good news is, I may be a newly "licensed" real estate agent, but I am FAR from new to the industry. I have been working in the industry for several years and have experience with many, if not most, of the aspects of real estate.
I have experience in everything from purchasing, leasing, selling and property management to short sales, Lender REO's and HUD homes. You ask and I'm more than certain, it is a property type for which I have worked many hours on.
I am available for any sort of real estate need you, your family or your friends may have. Please give me a call 972-922-6046 or you may email me at deonnasheffield@remax.net.
I look forward to hearing from you soon!
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