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Posted: June 10th, 2009 at 9:28 am
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Buying a home is a big commitment and there are a lot of factors that go into making your purchase. One of the most important is the available interest rate at the time of purchase, which will factor into how much you owe each month for the rest of your mortgage. Buying a home during a time of economic turmoil is always a hard decision, but changes in the interest rates available for homes are starting to make a home purchase one of the best options available right now.
Home prices have been falling for some time, with home values at 40-50% of their peak in some markets. That means that right now you’re going to get the best deal available in years. Combine this with the recent drop in mortgage rates, and the prediction that soon rates will be at 37 year lows, you are sitting in one of the best buyers markets imaginable. The ability to get a home for a low price and not have to spend a great deal a month paying interest means you will pay off your home faster. As well, there are great incentives for buyers, ensuring you will not have to pay your closing costs in many cases, because the seller is so intent on moving the property.
The fact is, circumstances are unique, and its the perfect opportunity to get a great deal. Combine that with some of the incentives and other programs being offered by the government, more of which are likely to come with further bailouts early this year, and you couldn’t be more ready to make your home purchase. A good real estate agent can help you tap into the government programs, as well as help you find the best value at the moment, so start your search as soon as possible and have the chance to be involved in a uniquely good time to buy a home in America.
Posted: January 2nd, 2009 at 3:02 pm
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Financing a home purchase is a complicated process, and even someone who is in good financial shape may have difficulty with the details. When financing a home purchase, you will need to find out how much you can afford to spend, get together a down payment for your home, and get financing for the rest. In order to be ready for the home buying process, you will need to take a number of important steps, as detailed below.
First, you should look into your credit rating. Your Fico score is an analysis of each of the major credit monitoring companies numbers, and can be found through a number of services, including myfico.com. Your credit score is based on the amount of outstanding debt you have, whether you regularly pay bill late, etc. Your credit score will determine how much money you can borrow, as well as what interest rate you will be able to get. If your credit score isn’t good, the current loan climate isn’t exactly friendly for finding a loan, so keep that in mind when beginning your home purchase.
Once you know your credit status, you need to figure out what you can afford. This means you should start using online calculators, as well as calling credit organizations to determine what they would be comfortable loaning you. As well, you need to ensure you have a down payment ready. While you can get financing from Freddie Mac or Fannie Mae if you aren’t able to raise enough capital, it is extremely hard to get a good rate these days without a fairly high down payment. As well, you will have to pay insurance on your loan to insulate the provider from potential failure to make payments. By agreeing to such a condition, you will likely be paying a decent amount of money toward insurance each month.
Once you have cash lined up, and an estimate of what you can afford, you are ready to start working on your home purchase. Finding the right home is another matter altogether, but in the current market, altogether easier than a few years ago. The important thing is not to stretch your finances too far, after all, that’s what got the country into the mortgage crisis in the first place.
Posted: September 10th, 2008 at 2:50 pm
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Finding the right person to do work on your new property or on a home you are about to sell is a complicated process. Finding a contractor is easy, there’s probably a couple dozen in your local phonebook, and even more if you look around online. Unfortunately, the large number of contractors means there are plenty who aren’t worth what they charge and whom you do not want to hire. The question becomes, how do you determine if a contractor is up to muster? One of the keys is meeting them beforehand to discuss the details of the project; this will give you the opportunity to see first hand if you are dealing with the kind of professional you want. But even before this, you might want to check out your hire, look into references, etc.
If you already have one or two specialists you trust, say for roofing or plumbing, you should start with them. Ask if they know anyone reliable, because their recommendations are going to be made on a much more professional basis than your neighbors. If you are hiring someone, you should look into references, which most contractors will provide if you ask. See some of their work, ask how the experience of their reference was, and you will get a better idea of whether you want them working on your property. You should also make sure you can easily get in touch with them at a storefront, and that they have a cell phone to stay in touch. Anyone without a physical address or a cell phone is sending out warning signs.
When you go to meet your contractor, watch out for a few other things. You want to make sure they drive a recent truck, kept in good repair. This may seem superficial, but a contractor’s truck is an important part of their business, and if their vehicle isn’t in good shape, it’s a bad sign about their business in general. They should take payment by check or charge, never hire a contractor on a cash basis, as this is unprofessional and a sign you are hiring someone unreliable and potentially unqualified. Finally, make sure your contractor is going to handle the permit process for any large repairs. There is a lot of paperwork involved, and it is required that such papers are filed with local authorities. If the contractor asks you to do it, or suggests not getting a permit at all, you should immediately start looking for someone else, you don’t want to work with someone who doesn’t want their work reviewed by an inspector.
By following these guidelines, you are much more likely to get a reliable and professional worker for your home improvement needs. That means your repairs will be of higher quality and last a long time, exactly what any home owner is looking for when making repairs.
Posted: August 12th, 2008 at 1:35 pm
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