We understand that by keeping you informed and helping you prepare for closing day, the more likely you will have a stress free closing experience. Our courteous and professional staff are proactive in their communication and work diligently to ensure the orderly and efficient transfer of real estate…and we do it with a level of service and friendliness that is hard to beat in this industry. Here are 5 things NOT TO DO during the closing process: CHANGE YOUR MARITAL STATUS: How you hold title is affected by your marital status. Be sure to make both your lender and the title company… read more →
Remembering each home would appear easy, but it can quickly become confusing. Which home was near the school? Which one had the great pool? Did it have a family room? How many bathrooms? In the “Something Memorable” category, note something you think is unusual and memorable about each home, such as a stained glass window, fruit trees, a child’s playhouse. This will make it easier for you to recall the property later and refer to a specific address. And, last but not least, maybe the most important question, does this house feel like home? The following home comparison chart is… read more →
THIS FORMULA IS ONLY A GUIDE AND NOT TO BE CONSTRUED AS ACTUAL LENDING CALCULATIONS. Contact your loan officer to determine more accurately what price range you should consider. Lenders abide by certain ratios when calculating the loan amount their customers can qualify for and the ratios vary by lender and loan program. Many use 28% of your gross monthly income as the maximum allowed for your mortgage payment (principal/interest/taxes/ insurance or PITI); for your total monthly debt, the ratio is 36%. Total monthly expenses means PITI plus long-term debt (such as auto loans) and revolving/credit-card debt. Do not… read more →
When the housing crisis and economic recession hit, it put many prospective homebuyers’ plans on hold, forcing those considering purchasing a home into the rental market. Now, as the economy continues to improve, some of those renters are looking to own. However, there are many factors to consider when buying a home. When it comes to the closing process, it is a good idea to know the terminology that will be discussed. This can help make the situation much more comfortable and professional for all parties involved. Below are some of the terms that may be discussed during the closing process: ANNUAL PERCENTAGE RATE (APR)… read more →
Title insurance protects the insured against covered title defects affecting the insured property. When you buy a home, you expect to enjoy important property rights. For example, you likely expect to be able to occupy the property, to be free from debts or obligations not created or agreed to by you, and to be able to freely sell your property or pledge it as security for a loan. Title insurance is designed to protect these important property rights. Here are seven reasons you should purchase an owner’s policy of title insurance. 1. Buying a home is a big investment. For… read more →
Have you ever considered how much you pay in rent over an extended period of time? It is probably a lot more than you realize. The amount you spend for rent each month could be applied to a mortgage, not only building equity in your own property, but, in most cases, substantially reducing the Federal and State income taxes you pay each year. And, what happens to your rent money? It’s gone! There’s no interest, no equity, no return. To determine your home-buying ability, call your real estate agent or lender. Here’s a chart to help break down how much… read more →
WHEN AND WHERE TO APPLY FOR A LOAN? There are many sources for home loans including banks, credit unions, mortgage companies, and mortgage brokers. You may consider asking friends and relatives or your real estate agent for recommendations. Knowing what you can afford before you begin looking may give you more bargaining power when negotiating with a seller. WHAT IS A HAZARD (OR FIRE) INSURANCE? Hazard insurance covers the dwelling itself and may be required for your home. Your lender or real estate agent may explain the necessary hazard insurance coverage to you. If you are buying a condominium, ask… read more →
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