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Articles Tagged "finding a mortgage"

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November
21

Mistakes to Avoid When Buying Your First Home

Making the decision to buy your first home is a rewarding emotion most Americans dream of experiencing. This new chapter in life should be a positive experience with learning curves along the way, and is worth investing time to research this new transition. It's important to not get wrapped up in the excitement of this big purchase, as the last thing you should worry about are small, yet frustrating mishaps. Avoid these mistakes when buying your first home to save yourself extra time and money.

Emptying Your Savings

If you are buying a previously-owned home, chances are you will need to make repairs and renovations. The last thing you should worry about it using all of your savings for a down payment or new furniture, leaving you with no safety net in a last minute emergency. Saving enough money for a down payment, closing costs and moving expenses while still having back-up money will bring a sense of peace knowing unavoidable repairs can be managed.

Only Getting One Loan Quote

Shopping for a mortgage loan is similar to that of a car or other large purchase, it pays to compare prices. Mortgage interest rates vary from lender to lender, along with added fees such as closing costs. Applying with multiple mortgage lenders will help you get a sense of prices throughout the area, where you can then choose the lender you are most comfortable with.

Not Checking Your Credit

Taking time to focus on your credit is a key point when buying a home. Mortgage lenders will scrutinize your credit history when making the decision of approving your loan and at what interest rate. If your credit report contains errors, you risk a chance of being quoted an insurance rate higher than you deserve.

Miscalculating Repair and Renovation Costs

It's common for first time homebuyers to feel overwhelmed with repairs and renovations a house may need. Just as you shop and compare rates from mortgage lenders, one should do the same when hiring a contractor. It's important to seek more than one estimate for extensive repairs, such as roof replacements or room add-ons.





Choice Properties offers you a chance to find the home of your dreams. We work with your budget and ideas in mind to support your ultimate vision. Call us if you are ready to check out the available inventory or to speak with a reputable agent who can assist you with your home buying needs.

July
23

 

What's the Difference Between a Fixed Rate and an Adjustable Mortgage Rate?

Taking on a new journey of buying a home is an exciting time, but also comes with creating a budget and researching loan options. You may be asking yourself, what's the difference between a fixed rate and an adjustable mortgage rate? While the marketplace offers a wide variety of loans within these two categories, the first step when researching mortgage options is determining which of the two main loan types fit your needs.

Fixed Mortgage Rate

A fixed rate mortgage is a well-known loan option, especially for those looking to buy their first home. During this loan option, the interest rate is set for a certain amount of time, ranging from 10, 15, or 30 years. During that time, the interest rate does not change giving homeowners a state of certainty.

Adjustable Mortgage Rate

The second loan option is an adjustable mortgage rate. Unlike a fixed rate, this option means your interest rate can change periodically meaning monthly payments could go up or down. Adjustable rates typically start with a low interest, but will rise as time goes on, also rising your house payments.

One of the most difficult decisions most homebuyers will deal with is choosing between a fixed loan or adjustable loan. At Choice Properties, we understand each buyer situation is different, motivating us to ensure your home needs and desires are met.





Choice Properties understands your needs and desires when it comes to the home search. We are here to help you define what you want, seek the best property and move forward feeling educated and able to make good decisions throughout the process. You can trust us to help you navigate it with the best real estate agents working for you. Call us to get started on your dream home search today.

December
20

Indian Lake Ohio real estate agent

Questions to Ask Your Indian Lake Ohio Real Estate Agent

You have a great home in Indian Lake that you're looking to sell. Your logical first step if you want to be successful is to speak with an Indian Lake Ohio real estate agent. What do you ask them? Most sellers don't go beyond asking how much will they get for the property, and what the commission will be. That should only be the first of many questions you should be asking any real estate agent, before you choose to list your property with them. Here are some questions to get you started.

Experience

This may seem like an obvious initial question, but surprisingly a lot of sellers don't ask agents about their experience in the market. When you first start talking to an Indian Lake Ohio real estate agent, go ahead and ask them how long they've been in the business, how many listings they typically handle. Selling your home in Indian Lake is an important and expensive transaction, so you should find an agent with enough sales under their belt to comfortably handle your needs. Choice Properties real estate agents are award-winning pros that have been in the Indian Lake market for years.

Marketing

Any agent you pick should come up with a marketing plan for your listing. Homes don't sell themselves, they need to be marketed. Ask your agent what their philosophy is for selling, and what steps will they take once they've accepted your listing. Don't be shy to ask about their previous marketing campaigns. Do they work with a professional photographer to take quality photos? How about a virtual tour? These things are increasingly important when buyers shop around.

Both Sides Of The Transaction

Some agents work with both the buyer and the seller, and others will rep either the buyer or the seller but not both. You can find out what the agent prefers, and what would happen if they repped both sides of the transaction. It's not always a conflict of interest, but clients can end up feeling like they don't know whose interest the agent is really looking out for.  Ask questions and be honest so that you develop a trustworthy relationship with your real estate agent.

Home Loans

Does your Indian Lake Ohio real estate agent have a good grasp of home financing issues? A buyer will likely need a loan and any issues that arise from the process of seeking financing can make or break a transaction. A good agent might be able to salvage the deal if issues pop up at the last minute.

 

At the end of the day, most sellers hire an agent on their gut feeling. And of course it's important for you to feel comfortable with your Indian Lake Ohio real estate agent. Taking the approach of treating your first meeting with them as an initial interview and asking all of these questions will help you reach the right decision on who to pick.

For more information about our award winning real estate agents at Choice Properties, give us a call!

October
19

 The Basics of Qualifying for a Home Loan

Looking to purchase a new home or refinance requires an understanding of the basics of qualifying for a mortgage. It helps to know some basic steps can help prepare for what is ahead. Learn how to be in a position ahead of time to get the best deal available.

 

Credit

A credit report is required from three major credit bureaus to document payment histories for auto loans, personal loans, credit cards, debt collections or other negatives. Credit scores are considered a predictor of lending risk. The higher a score, the better it looks to a potential mortgage lender. The following factors may also play a role in credit scores:

  • Debt payment history, including late payments can influence credit score

  • Credit card balances of more than 30-50 percent of credit limit can have a negative impact on a credit score

  • Collections can damage your credit score but can be negotiated with the agency

  • Bankruptcies and foreclosures have a general waiting period of around 2-4 years following insolvency prior to qualifying for new mortgage financing

 

Capacity

A mortgage lender wants to know an individual has the financial ability to repay a home loan. W2 income (working for somebody) is considered the most stable source of income which varies little from month to month. Self-employed income is riskier in a lender's eyes as it can vary widely month to month in terms of generating revenue to pay a loan. Some helpful hints include:

  • Document income with W2s, paystubs and tax returns to demonstrate financial stability

  • Self-employed individuals will be required to document income on tax returns and should be prepared to show the documents to potential lenders

  • Debt-to-income ratio is important as it shows what proportion of income goes to debt payoff and risk for lending. Typical DTI should be lower than 45%-50% going to debt.

 

Collateral

The property being purchased will serve as collateral for the mortgage. A lender will look at the value of the property as one of the most important factors. A full appraisal may be required to verify the value and condition of the property.

 

Getting Started

The following are some great next steps to take when looking to take out a mortgage for a property:

  • Check credit and make sure any issues are cleared up ahead of time.

  • Pay off outstanding debt before applying for a loan. The lower the DTI ratio, the easier it is to get desirable financing terms. This can save money in the long run.

  • When refinancing, take care of necessary repairs before having an appraiser come out. This will help the home value.

 

Having a financial portfolio that looks solid, has low debt and high credit scores can greatly increase the chances for getting a mortgage with better financing terms. Understanding how lenders think and preparing the portfolio will help individuals prior to applying for a loan search for a great deal and support a smoother process overall.

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