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LOOKING FOR A SPECIAL HOME?
Is that special home now available for purchase? Whether you are relocating or moving locally, click here to fill out our form to find out! Your answer can be by way of email, fax, snail mail, or telephone! The search will include all real estate listed on the MLS and the response will be from a local real estate agent who knows the market! The more information that you provide, the more accurate the real estate search will be. Below is a list of resources for what you will need for the purchase of a new home. If you have any questions feel free to contact our office.
PREPARATION
It is not unusual for the process of getting
a mortgage to take several weeks. In part because you will
visit several institutions and mortgage brokers to ensure you
obtain the best possible financing, and in part because once
you find the best deal, you must file your application and
wait to see if it is approved.
As this can be the case, we recommend that
you get qualified before you start to look for a home. It will
dramatically reduce your search time. It is important to
understand your own financial situation and know your mortgage
capabilities. Therefore, in order to streamline the process
and improve your chances, please carry out the following:
1. Order a copy of your credit
report.
Your financial institution will order a
copy, but I recommend that you do it first. That way, you can
clear up any credit problems before you submit your loan
application. Order copies of your credit report from one of
the three national credit bureaus:
2. Collect your recent tax returns
and financial documents.
Your institution will need your financial
information to determine how much they can lend. If you don't
have all the paperwork, you can get copies by contacting your
tax-preparer and/or other individuals who deal with your
personal finances. If you are not self-employed or working on
a commissioned salary, find out who is authorized to release
information about your employment status. Be sure to provide
the correct contact name and telephone number to your lender
to avoid lengthy loan-processing delays.
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CHOOSE A FINANCIAL INSTITUTION
In setting out to obtain financing for your
home, your goal is to select the mortgage loan that is most
favorable to your situation.
In order to find the best financing, you
should plan to contact several mortgage lenders, including the
financial institution to whom you presently make your payments
(if applicable), to discuss the mortgages they have available.
When collecting mortgage information, be sure to get their
rates, closing costs and other fees. Be sure to draw up a
table to write down and compare the different lender's
information.
Mortgage financing is available
from:
- Mortgage companies;
- Savings and loan associations;
- Banks, and/or
- Credit unions.
To learn more about mortgage financing, please link to the Mortgage section our website.You can find a great deal of information about all aspects of mortgage financing online as well as the real estate section of your local newspaper, or in the yellow pages of your phone book under "Banks" and "Mortgages."
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HOME BUYER TIPS
(there is a link below to print this tip sheet)
Here are some things to keep in mind when in the market for a new home. One of the biggest mistakes that a home buyer can make is to continue to look for that "ideal" house while passing up perfectly good houses in the process. If
this is your first house, chances are it will not be the last one that you will buy. As you delay your purchase, home prices will probably continue to rise and quite possibly, interest rates will too.
Having stated that, you should not rush into the biggest financial transaction of your life without careful consideration. For this reason, we have highlighted most of the major items that you need to consider when looking to buy. With good planning, you can join the millions of other families who own their own homes and are taking advantage of the many benefits that are available to home owners.
Starting with the obvious: LOCATION, LOCATION, LOCATION.
What kinds of things are important to you? Will you be near stores, schools, parks, restaurants, theaters, supermarkets? Do you mind being on a busy street or would you rather be on a quiet cul-de-sac? Is the house near public transportation? How far is it to work?
PREFERENCES:
Rate each of the following as:
A - must have, B - high priority, C - medium priority, D - low priority.
___ Style of house - one story, two story, split level, etc.
___ Size of yard
___ Number of bedrooms
___ Number of baths
___ Bath in master bedroom
___ Eat-in kitchen
___ Separate dining room
___ Fireplace
___ Garage (1 car, 2 car)
___ Windows in the kitchen
___ Windows in the bathrooms
___ Plenty of sunlight in the other rooms
___ Maintenance free windows, gutters, trim, siding
___ Lots of closet space (walk-in closets)
___ Adequate storage (attic, crawl space, etc.)
___ Trees on the property and in the neighborhood
___ Children in the neighborhood
___ Air-conditioning
___ Type of heating system
___ Dishwasher, garbage disposal
___ Porch or deck
___ Pool
___ City water or well water
___ Septic system or sewers
___ Fuse Box or Circuit Breakers
EXAMINING THE HOME:
Note: If any of the following items are unacceptable, it doesn't necessarily mean that you should not buy the house. You can negotiate the cost of the repairs and/or negotiate the price.
Remember, there is no such thing as a perfect house. As any home owner will tell you, something is always in need of fixing or upgrading. What you want to do is protect yourself from any unexpected large expenses. You should also arrange for a home inspection to be made by a professional prior to your purchase.
OUTSIDE:
Do not just rely on your impression upon seeing the home for the first time. In looking beyond the "curb" appeal, you may be able to get a great deal on a home that can be enhanced with just a few improvements. Things like bushes that aren't trimmed or an unkempt lawn are two examples of improvements that can be made with a minor investment of time and money.
The home inspector will point out some of the following items, but it's a good idea to be aware of them before you make an offer on a home. (The home inspector is normally contacted after an offer is made.)
Ask the age of the roof and whether it leaks. An old roof or one that has several layers of shingles can mean an expensive repair in the near future. A properly ventilated attic or crawl space will extend the life of a roof. (A roof can usually have 2 to 3 layers of shingles before it needs to be completely replaced.)
Check the gutters. Are they pulling away from the house?
Check the foundation. Look for signs of water or wetness in the basement. Vertical or diagonal cracks in the foundation are not usually serious, but horizontal cracks can be.
Windows and doors should open and shut easily.
Check the caulk around the windows and doors.
What's the condition of the siding? Will it need to be replaced soon?
Are the outside steps pulling away from the house?
How is the driveway? (Unless they are new, blacktop driveways will usually have some cracks. Look for major cracks and large pieces of missing blacktop.)
Is the landscaping in good condition?
INSIDE:
What is the floor plan like? Is it suitable for your family?
How about the room sizes? Are they big enough ... or too big?
Check the water pressure by turning on several faucets at the same time, and flushing the toilet.
Check under the sinks for water leakage.
Check for signs of water on the ceiling and walls (stains and peeled paint).
Check the number and location of electric outlets.
Ask about insulation in the house.
Are there stains in the tub or sinks?
How old are the appliances and utilities (hot water heater, furnace, dishwasher, washer, dryer, stove, refrigerator, air-conditioner)? A furnace can last from 25 to 30 years. An air-conditioner will last for about 15 years. A hot water heater will last about 10 years. These are just estimates. The life span of any appliance depends on how well it was made and whether it has received proper maintenance.
Remember, if you like a home that is in need of repair, you can negotiate the cost of repairs and/or the cost of the home. Don't just walk away from a potentially good buy.
FINANCIAL:
What are the average monthly utility bills?
How much are the real estate taxes? Has there been an increase lately or is the area due for a reassessment?
Are there any major repairs needed in the near future?
Can you afford the monthly payments? Check the functions provided in this software program.
GENERAL:
Ask your real estate sales agent about a home warranty program. This will protect you, the buyer, if any of the major appliances breaks down within a given period of time.
Click here for a printer friendly version of Buyer Tips
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