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Homebuyer Basics

Homebuyer Basics  Strengthen your credit. The higher your FICO score, which ranges from 501 to 990, the better rate you'll qualify for. Get a free copy of your credit report so you can see what the lenders see on your credit history. Pay off credit cards and resolve any credit disputes or delinquencies.  Get Loan Pre-approval  Unless you pay at least a 20-percent down payment, you'll also have to pay private mortgage insurance (PMI). This can sometimes be pretty expensive, so it makes sense to put as much into your down payment as you can.  Get a Realtor   Buying and selling real estate is a complex matter basic rule in real estate is that all properties are unique. No two properties -- even two identical models on the same street -- are precisely and exactly alike. Homes differ and so do contract terms, financing options, inspection requirements and closing costs. Also, no two transactions are alike. In this maze of forms, financing, inspect...
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Advice for Buyers

Decide What You Wan t Before you start looking, make a list of what you want and assign each item a priority. Some areas to consider are the location,type of home, and age of the home. Know What You Can Afford Most loans require a downpayment. The amount varies, but 20% of the purchase price is typical. If you’re a first-time buyer or fall below certain income thresholds, you may qualify for affordable-housing programs . Generally, a higher downpayment means better loan terms and a lower interest expense on the mortgage. Qualifying for a loan: A lender will determine how much he thinks you can afford based on your income, employment history, education, assets (e.g., bank account balances, other property, insurance policies, pension funds), and debt. Check your credit report before the lender does to clear up any problems. Your comfort level: You don’t have to spend $200,000 on a home just because the lender says you can afford a $200,000 home. Do some math an...
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Renting out your Home....

Know Your Market Just as you perform due diligence on a property and its condition, you should do your homework on the area’s rental market to determine the demand for your property and the rent you charge. Polish Your People Skills Successful landlords find good tenants and retain them. Get Some Digits Maybe you can handle annual touch-up work on your property, but unless you’re well-versed in HVAC systems and your city’s plumbing and electric codes, you’ll need phone numbers for reliable repairmen. Protect Yourself and Your Investment The insurance coverage you need as a landlord is different than what you have as a homeowner. Contact your insurance agent to make sure you’re covered. Another Option For You Many REALTORS® specialize in property management and can take care of related duties including handling leases, managing funds and screening applicants. Find a REALTOR®
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