Posts Tagged ‘mortgages’

Buying a Home, (Part 3) Start Shopping!

Everything!, Real Estate | Posted by Cheri Diehl
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Location, Location, Location

Now that you know how much you can afford to spend, it’s time to get down to business.  Review Part 2.  I know, you’ve been looking at houses for weeks (maybe longer) dreaming of finding that perfect home.  There are so many to chose from!  Where do you start? The Long Beach Peninsula (loosely termed) has a variety of neighborhoods, homeowner associations, etc.  Finding the right fit is important because this is a big step.  Take into account where you work and play.  Do you want to be on a bus line?  Is being able to walk to town important?  Want to run the dogs on the beach without driving there?  Only you can answer these questions about location.

Along with deciding where,  you also need to separate NEED vs WANT.    Think of these points and decide whether they are WANTS or NEEDS:

  • Number of  Bedrooms
  • Number of Baths (full, 3/4, half?)
  • Square footage of home
  • Family room
  • Den/office
  • Garage
  • Yard size
  • You get the idea – keep going….

Stay flexible and remember, don’t judge a book by it’s cover.  Sometimes a home  lacking in “curb appeal”  is hiding all of the features you’re looking for.  And when you get inside, don’t dismiss a home that might not have the color of carpet or other cosmetic features that are on your list.  Keep an open mind and think of the possibilities!

When you get ready to view homes with your Realtor© print out a few of these WORKSHEETS courtesy of Freddie Mac and take them along.  A digital camera is also helpful.

This is an exciting time so  make it fun.  A trusted Realtor© can make it less stressful and more productive!  And when you’ve found the one that’s right for you, it’s time to make the offer.

Buying a Home, (Part 2) Not so fast….

Everything!, Real Estate | Posted by Cheri Diehl

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YOU WANT A HOUSE AND YOU WANT IT NOW!

So you’re ready to buy a home.  Do yourself, your Realtor and the seller a favor and get pre-approved before you even start looking.  One of the worst things for a buyer is to fall in love with a house and find out that you don’t qualify.  For the seller, it can be very disheartening to think you have your home sold and you can get on with things, and then find out it isn’t going to happen.   Do I need to mention how your agent will feel after after spending time showing property, writing and presenting an offer, only to find out that everyone is disappointed?

Step one should be to make sure your credit is what you think it is.  The Fair Credit Reporting Act allows you to obtain one free credit report every 12 months.  Visit the site or call 877-322-8228.  This will only take a few days to do and it’s worth waiting for.

Okay, you’ve found out that there are no surprises with your credit report.  Maybe it’s even better than you thought!  It’s time to find a lender.  There are  options: traditional lenders such as the local bank or credit union and mortgage brokers who have access to many different lenders with different loan programs.  Traditional lenders may not be able to work with you if you have an issue with your credit or maybe your income reporting.   Bottom line – shop around for the best loan package (and interest rate) for your unique situation.

The amount you have available for a down payment will be a big consideration when talking to a lender.  Whether you have the traditional 20% to put down or are looking for VA, FHA, USDA low or no down loans, don’t give up if the first lender you talk to isn’t able to help.  And don’t forget the tax credit for first time home buyers!  While the financing crisis (fiasco) has many people convinced there is no money to borrow or that they would never qualify, that may not be the case.  There are some great loans out there and you need to be pro-active to find them!  (by the way, I can help you!)

There are two rules of thumb normally used to determine how  much you can afford:

1 – your maximum monthly mortgage payment should not exceed 28% of your gross or pre-tax income

2- your maximum debt (including that mortgage payment) should not be more than 30% of your gross income

Normally, you will first get “pre-qualified” where a lender or mortgage broker will tell you how much of a mortgage you can afford.  “Pre-approval” is the written guarantee from the lender that they will grant you a loan up to a specified price (subject of course to appraisal and other conditions that will be written out).

Once your loan is approved and the interest rate is guaranteed (“locked in”) for a specific period of time, it’s time to call your Realtor and start shopping!



Making Home Affordable

Everything!, Real Estate | Posted by Cheri Diehl

March is already here!  Don’t forget to turn your clocks ahead one hour on the 8th.  That means Spring is on the way!

This post is going to be a little rambling, so please stick with me.  There’s just so much going on with the economy, real estate, and life in general, that I don’t know what to write when.  Watch this site for new innovations!  Coming soon is an interactive map that I’m sure you’ll enjoy.  What else would you like to see here?  Please let me know!

If you’re having trouble making your mortgage payments, you’ll want to check this website to see if you might qualify for some assistance: http://www.financialstability.gov/makinghomeaffordable/refinance_eligibility.html

Reverse Mortgage lending limits was just increased to $625,000.  Remember when I wrote about the fact that you can buy a home using a reverse mortgage?  Now you can buy a really nice home!  They’re not just for the house you’re in now – you can sell your home and use a reverse mortgage to buy a new home.  Interested?  Contact me!

Are you a first time homebuyer?  Maybe you don’t have much to put down?  Your credit is less than perfect?  An FHA loan might be just what you need to get you into a home.  Check out FHA Loans and then contact me to help you find a home.  And I’ll pay your half of the escrow fees if you purchase a home through me between now and June 1, 2009.

Now for a cat break:

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Jake & Elwood in a rare, brotherly moment……

Don’t forget about the huge price reduction for Coastal Ridge.  $425,000 for a luxury 2 bedroom, ocean view townhome high on the hill of Discovery Heights in Ilwaco. Subject to bank approval, this is over $100K less than the asking price just a few days ago!

NEWS FLASH:

Beach Clean up sets records for Volunteers and Garbage Collected. Be a part of the solution!   Grass Roots Garbage Gang

CLAM DATES ANNOUNCED!

Fishery managers have tentatively scheduled three razor clam digs on morning tides in late March, with additional digging opportunities planned for April.

The Washington Department of Fish and Wildlife (WDFW) will open four beaches for clam digging if the Washington Department of Health certifies that razor clam samples tested for marine toxins are safe to eat.

If approved, Twin Harbors and Mocrocks will open March 27-29, while Long Beach and Copalis will open March 28-29 only. All digging on those beaches must be completed by noon.

Even though thousands of diggers came out for the February opener, enough clams remain for several more digs, said Dan Ayres, coastal shellfish manager for WDFW.

And finally, news from the Long Beach Visitors Bureau about yet another scam.

WASHINGTON – The U.S. Small Business Administration issued a scam alert today to small businesses, warning them not to respond to letters falsely claiming to have been sent by the SBA asking for bank account information in order to qualify them for federal tax rebates.
The fraudulent letters were sent out with what appears to be an SBA letterhead to small businesses across the country, advising recipients that they may be eligible for a tax rebate under the Economic Stimulus Act, and that SBA is assessing their eligibility for such a rebate.  The letter asks the small business to provide the name of its bank and account number.
These letters have not been sent by or authorized by the SBA, and all small businesses are strongly advised not to respond to them.
The scheme is similar in many ways to e-mail scams often referred to as “phishing” that seek personal data and financial account information that enables another party to access and individual’s bank accounts or to engage in identity theft.
The SBA is working with the SBA Office of Inspector General to investigate this matter. The Office of Inspector General asks that anyone who receives such a letter report it to the OIG Fraud Line at 1 (800) 767-0385, or e-mail at OIGHotline@sba.gov.
That’s all for this time.  I’d love to have you follow me on Facebook and Twitter!