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Housing expectations for 2018
Potential speed bumps
Tight inventory conditions
Increasing home prices
Rising mortgage rates
Waning consumer confidence
*The Case for Optimism
7 Things to consider before buying a home
Before you buy, strengthen your credits score
Remember, higher credit scores will have lower down and monthly payments. This can represent tens of thousands of dollars in savings over the course of a mortgage.
Determine how much home you can afford, first
Buy housing that runs about two-and-one-half times your annual salary. Prior to looking at homes, speak with a reputable loan originator who can pre-qualify you.
Know where you want to be
Think about your lifestyle, and how it is now. How it might be in 5-10 years? Will the location or property you are interested in still be adequate in that timeframe?
Don't buy if you can't stay put
If you can’t commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet.
Carefully review your offers and counter offers
Make sure you understand all facets of the offer to purchase, and any counter offers you may receive from a seller. Speak with your buyers agent about any questions you have.
Get a home inspection
A home inspector will provide you a detailed report of the property condition and outline repair recommendations. Get this ordered early so you have time to carefully review the condition of the home prior to removing contingencies.
Make sure you love your buyers agent
A great buyers agent can take the stress out of a home purchase. Our goal is to ensure you find the perfect property, get the best possible deal, and enjoy a worry free experience for the entirety of your purchase transaction.
Rent VS Buy
I will be in my home for less than 3-5 years.
I will be in my home for more than 3-5 years.
I want to stay mobile or flexible.
I want to start building home equity.
I don’t have time for home maintenance.
I have time for home maintenance.
have debt and/or am repairing my credit situation.
I have little/no debt, and good credit.
I don’t have enough money for a downpayment and closing fees.
I do have enough money for a downpayment and closing fees.
8 Steps to buying a home
Get pre-approved by a mortgage lender.
Select a realtor.
Work with your lender to decide the right loan type.
Shop for the perfect property
Get an accepted offer on a property.
Open escrow, and complete all inspections, disclosures & terms
Work with your lender to complete the loan funding process.
Close escrow with the seller on your new home and ENJOY!
What you don't know about credit
General Guidelines when it comes to a loan
Higher credit scores have lower borrowing costs.
Focus on your credit score long before your loan.
Credit score differences add up to thousands of dollars.
Pay close attention to your debt to income ratio.
How your credit score effects you
Few quality loan programs exist. Improve your score.
Subprime Mortgages are available, but carry high fees.
Mimium score for a loan with minimal charges. Get good terms with low fees.
Best loan programs and lowest borrowing costs on the market.
Other useful information
Borrowing money costs money. Loans require interest, which can be paid over time, or up front as additional points. Paying the interest ahead of time results in a lower overall monthly payment. This requires up front cash and is not a payment towards principal. Paying additional points is only recommended for purchases where ownership is long term.
Traditional loans requiring 20% down are no
longer your only options. Plenty of public and private lenders off er a variety of loan programs that can provide you a great loan with as little as 3% down. First-time homebuyers have additional state and federal programs available.
Why you need a buyers agent
An experienced advocate
A right agent can help with your purchase as well as recommend other trusted professionals.
A local Realtor® will help you navigate the requirements of a written offer, as well as the complexities of closing of escrow.
Maximize your investment
Home upgrades, repairs, and resale questions can be investigated anytime.
Your agent understands factors that impact you, and can provide advice on when, and how to purchase.
Answer questions after closing
You can still continue to communicate with your agent long after the close of escrow.
An expert in your desired neighborhoods will provide important details you may not know.
What not to do when buying a home
Don’t apply for a new Credit Card!
Don‘t apply for any unsecured debt if possible during the loan and escrow period.
Don’t go furnish the home before you own it!
Nothing is set in stone until close of escrow. Do not make plans that cannot be cancelled if the deal fails to close.
Don’t buy a new Car!
Changes to your credit score of even a few points can mean thousands in fees.
Avoid Changing jobs!
Lenders are looking for job security. That new opportunity may need to wait.
Don’t close any Credit Accounts!
Always leave open credit available to you. this is part of your overall score.
Don’t get behind on Payments!
Make sure you stay on top of your credit card and rent payments.
Don’t Move Money Without A Paper Trail!
You will need to provide your lender documentation of your finances.
Don’t Spend Your Savings!
Your lender will want to see that you have something set aside for arainy day.
The home inspection
Roof and Attic
1. Pass or fail?
2. Handling the repairs found in a home inspection
3. Choosing the right inspector
4. Be there!
Contract to close
time frames are met.
This is a deposit that shows you are serious about the purchase. It is heldin the escrow account, and is non-refundable after contingencies are waived.
The inspection period will be specified in your accepted offer. During this time all property inspections, disclosures from the seller, and repair negotiations must take place.
Approval for your loan will require an appraisal. Your lender will send a neutral third party to prepare a determination of it’s current market value.
Obtain homeowner's insurance
Homeowners insurance is often required to obtain your loan. you may already do business with an insurance broker, or you may elect to use one recommended to you.
A home warranty id recommended for all at least the first 2 years of home ownership. The first year can often be negotiated to be paid by the seller during the escrow period.
Title Insurance protects you the lender from the possibility that the title is not free and clear. It is typically a requirement for the loan.
Just before close of escrow, a final walk-through of the home will be conducted by you and the agent. This is a check to ensure the condition has not changed.
The settlement statement
You will want to double check the settlement statement carefully for the various items you’ll need to pay for at closing. Have a check ready for the amount required.
Closing day is usually straightforward. You will typically need to bring blank checks, your drivers license, and meet at the title company. Your homeownership awaits!