Whether you’re buying a new home or refinancing an existing mortgage, shopping around for a good interest rate might save you money. At the very least, rate shopping can help you confirm you’re getting a good deal.
But there’s an art to shopping for a mortgage if you want to protect your credit scores at the same time. You should limit your rate shopping to a short window of time — ideally two weeks or less. Otherwise, your credit scores might suffer because of too many credit inquiries.
Credit Inquiries and Your Credit Scores
Anytime a credit bureau lets someone access your credit information,...
Most of the time, if you think about taking out a loan to purchase real estate, you’re likely picturing a single-family home. Depending on your needs and the properties available in the area you’re searching, though, you may find that other property types are actually a closer fit for you. Multi-family properties such as duplexes and similar units might end up being a better choice, or you could wind up shopping for a condo. You might even be in the market for a property that contains both commercial and residential aspects. Regardless of what you’re looking for, though, you should have options for financing your purchase.
Borrowing Differences
None of these property types are exactly rare, but they are outnumbered in the market by single-family dwellings. As such, the loans that you’re likely most familiar with are geared more toward those properties than properties for multiple families or dual-zoned use. Because of this, you need to be prepared for...
When you put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales. There’s rarely a perfect apples-to-apples comparison, so a pricing decision often relies on comparisons to several recent sales in the area.
Here are five criteria to look for in a sales comparison.
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Location: Homes in the same neighborhood typically follow the same market trends. Comparing your home to another in the same neighborhood is a good start, but comparing it to homes on the same street or block is even better.
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Date of sale: It varies by location, but housing markets can see a ton of fluctuation in a short time period. It‘s best to use the most recent sales data available.
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Home build: Look for homes with similar architectural styles, numbers of bathrooms and bedrooms, square footage, and other basics.
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Features and upgrades:...
Negotiation is a subtle art in real estate, but skilled negotiators can usually find some common ground that satisfies all parties. On the other hand, using the wrong negotiation tactics can sink a deal pretty quickly. Here are some negotiation tactics buyers (and real estate professionals) should avoid:
- Lowball offers: Going far below market value when you make an offer damages your credibility as a buyer and can be insulting to the seller. The seller has a range in mind that they’ll accept, and if you’re not even approaching the low end of that range, they won’t even consider the offer.
- Incremental negotiations: Don’t continue to go back to the seller with small increases in your offer ($2,000 or less). The constant back-and-forth can grow tiresome and lead the seller to consider other opportunities.
- “Take it or leave it”: Try not to draw a line in the sand with your initial offer. The seller can get defensive and consider other...
What's the number one hurdle for renters making the leap to homeownership? That pesky down payment. Even with an FHA loan that only requires a minimum of 3.5% down, the thought of setting aside several thousand dollars is daunting (and for some, darn near impossible).
A survey from Apartment List highlights the struggle for millennial renters, with 62% citing a lack of down payment savings as their reason for delaying homeownership. 48% have zero down payment savings, and just 11% have saved $10,000 or more.
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Why is there so much paperwork mandated by the lenders for a mortgage loan application when buying a home today? It seems that they need to know everything about you and requires three separate sources to validate each and every entry on the application form.
Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.
There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history.
1. The government has set new guidelines that now demand that the bank proves beyond any doubt that you are indeed capable of paying the mortgage.
During the run-up to the housing crisis, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can’t...
Use these 10 tips to increase your home’s curb appeal and find out how an attractive and well-maintained landscape can add as much as 10 percent to its value!
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It’s almost time for school to start up again. Are you in a great school district?
Find out your schools’ scores here: https://bit.ly/2sxHyDX
If you have school-age children, it’s important to be sure that you are in a highly rated school district before school starts. Here’s why:
- If you move before school starts, your child will not have to deal with the stress of moving schools, making new friends, meeting new teachers, etc.
- Moving to a higher-ranking school district opens the door for a better education for your child. You are not only investing in a home, you’re investing in their future.
- Once your child is no longer in school and it is time to sell, you will have an excellent selling point for your home, because everyone wants the best for their kids.
If you are looking to move for access to better schools, here are a couple...
In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their homes on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for the vast majority of sellers.
Here are the top five reasons:
1. Exposure to Prospective Buyers
Recent studies have shown that 94% of buyers search online for a home. That is in comparison to only 16% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?
2. Results Come from...
Charles Schwab, Toyota and Jamba Juice are three very different companies with one thing in common: They moved out of their California headquarters to make a new home in North Texas.