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Posted by Joyce Torelli on 1/10/2018

When youíre buying a home, thereís a lot to think about. Your finances probably have the biggest impact in the entire home search process. The amount of a down payment you have and the amount of loan youíre approved for help decide what you can buy. 


When you hear about closing costs, what do they entail? How much will you need to cover these costs? Many people get to the closing table for their home purchase and feel unprepared. Youíll need a certain amount of cash on hand when you finally close on a home. Learn more about closing costs, so that you understand everything that you need to know about your home purchase.    


Closing costs are spelled out pretty plainly in just about every kind of real estate contract. These costs are the fees associated with the title companies, attorney, banks, lenders and everyone else who is involved in the purchase of a home. The closing table is also the time when you provide your sizable down payment. The closing costs that are being referred to are considered a separate expense independent of the closing costs.


Closing Costs Vary


Closing costs can range from anywhere between 2 and 8 percent of the purchase price of the home. You canít really ďchooseĒ whatís included in the closing, so youíll need to have an idea of how much money youíll need to write a check for. Lenders can give you an estimate of about how much closing costs will be. 


Negotiations 


Certain things like the realtorís commission fees can be negotiated and can be paid for by the buyer or the seller. The good news is that you can roll your closing fees in with your mortgage in some cases. You may also be able to negotiate with your lender to pay the closing costs for you in exchange for a higher interest rate. 


Whatís Included In Closing Costs?


Depending upon where and what type of home youíre buying, what the closing costs actually cover varies. Hereís just some of the things that closing costs cover:


  • Appraisal
  • Escrow fees
  • Credit reports
  • Title search
  • Title exam fee
  • Survey fee
  • Courier fee (Most transactions are done electronically, but in some cases this may be necessary)
  • Title insurance
  • Ownerís title insurance
  • Natural hazards disclosure
  • Homeownerís insurance (Your first year of insurance is often paid at closing)
  • Buyerís attorney fee
  • Lenderís attorney fee
  • Transfer taxes
  • Recording fees
  • Processing fees
  • Underwriting fee
  • Pre-paid interest
  • Pest inspections
  • Homeowner's association transfer fees
  • Special assessments


These fees vary widely by state and the type of property that youíre purchasing. Not every fee is required, but the above is just a list of many of the possible fees that could be included in on the closing of the home you choose.





Posted by Joyce Torelli on 1/3/2018

For first-time homebuyers, going from property buyer to property owner may seem virtually impossible. Lucky for you, we're here to help you take the guesswork out of buying a home.

Now, let's take a look at three questions that every first-time homebuyer needs to consider:

1. What is my "dream" residence?

One first-time homebuyer's definition of a "dream" residence may differ from another's. As such, you should consider what you'd like to find in a dream house before you begin your real estate search.

Creating a checklist of "must-haves" and "wants" in your house often serves as a great starting point for first-time homebuyers. This checklist will enable homebuyers to consider what they'd like to find in a dream home and plan accordingly.

Also, it is important to establish realistic expectations before you kick off a home search.

Many terrific houses are available in cities and towns nationwide, but no home is likely to have every feature that you desire in a dream residence.

Therefore, if you establish realistic expectations for your home search, you can avoid potential let-downs as you explore a broad array of high-quality houses.

2. How will I pay for a home?

Getting pre-approved for a mortgage is vital for a first-time homebuyer, and for good reason. With pre-approval for a mortgage, you'll know what you can afford to spend on a home before you enter the real estate market.

Many banks and credit unions are happy to meet with you to discuss your mortgage options. These lenders can outline the differences between adjustable- and fixed-rate mortgages, help you assess your credit score and ensure you can make an informed mortgage decision.

Furthermore, lenders can answer any mortgage questions that you may have. They can help you evaluate your current financial situation and enable you to obtain a mortgage that won't force you to revamp your day-to-day budget.

3. How do I begin searching for a house?

Beginning a home search is easy, particularly for first-time homebuyers who work with expert real estate agents.

An expert real estate agent understands what it takes to find a wonderful house at a budget-friendly price. In fact, he or she will do everything possible to help you navigate the housing market quickly and effortlessly.

Typically, an expert real estate agent will keep you up to date about new homes as they become available, set up home showings and submit home offers on your behalf. This housing market professional also will offer honest, unbiased recommendations throughout the homebuying journey to help you select a house that matches or exceeds your expectations.

When it comes to exploring the housing market, there is no need to work alone. Fortunately, you can hire an expert real estate agent who can help you get the best results possible during the homebuying journey.

Want to acquire your first home? Use the aforementioned tips, and you can move one step closer to owning a top-notch house.




Categories: Uncategorized  


Posted by Joyce Torelli on 10/25/2017

Ready to enter the housing market and find your dream residence? Ultimately, there are many signs that indicate now may be the perfect time to buy a house, including:

1. Your family is growing.

If you recently got engaged to the love of your life, tied the knot with that special someone or have kids on the way, now may prove to be an ideal time to buy a house.

A home offers plenty of space, ensuring that you and your entire family can reap the benefits of a superb living space. Plus, many affordable mortgage options are available, making it easy for you to purchase a house without having to worry about breaking your budget.

Before you begin your home search, consult with a real estate agent Ė you'll be glad you did! Your real estate agent can help you determine exactly what you'd like to find in a home, ensuring that you can purchase a house that meets or exceeds your expectations.

2. You've secured a new job.

Now that you've landed your dream job, you may want to consider pursuing your dream house as well.

With a new, high-paying job in hand, you may be better equipped than ever before to make monthly mortgage payments on a residence. Also, you can work with a credit union or bank to secure a mortgage that matches your budget.

Furthermore, if you've landed a job that is several hours away from your current location, you may need to relocate. And if you hire an experienced real estate agent, you should have no trouble finding a great residence quickly and effortlessly.

An experienced real estate agent understands the ins and outs of the housing market. As such, he or she can help you narrow your home search and discover the perfect home.

3. You're ready to make a change.

Are you getting tired of your current neighborhood or living situation? Or, do you want to relocate from a cold-weather climate to a warm-weather region? If you're ready to make a change in your life, now may be a wonderful time to purchase a house in a new city or town.

Buying a house represents a life-changing decision and should not be taken lightly. However, those who are ready to make a change may want to buy a home in a new city or town so they can settle down and enjoy life in a different part of the country.

For those who are considering a change, meeting with a real estate agent is paramount. Your real estate agent can offer housing market data to ensure that you can secure a terrific house at a budget-friendly price. In addition, your real estate agent can serve as a housing market expert who will be able to answer your homebuying concerns and questions at any time.

Employing a real estate agent can make a world of difference for a homebuyer. Collaborate with a real estate agent today, and you can explore a wide array of homebuying options.




Categories: Uncategorized  


Posted by Joyce Torelli on 9/13/2017

If you know youíd like to buy a home in the future, youíve probably thought about saving money for all of the upfront costs that buying a home can bring. Saving the sizable amount of money that it takes for a down payment can be seemingly impossible to do. Itís impossible without making yourself seem miserable for a time, at least. You can save money creatively without sacrificing everything. Below, youíll find some tips for saving money that work for your life. 


Put Your Money Somewhere Safe


While investing in the stock market may seem like a good idea to put your savings on hyperdrive, itís risky. When it comes to your savings, try high interest savings accounts and CDs. The latter is a particularly good option because you wonít be able to touch the money for the time period that the CD will mature. Youíll also earn a bit of interest on the funds that are in there. 


If you plan to keep adding to your savings (which you should) a traditional savings account is best. You should have a dedicated account thatís solely for the house fund. Do some shopping around for the savings account that will have the best interest rate and be the easiest option for you. Remember that as boring as a savings account seems, itís a safe bet for your money. 


Apps Can Assist You


There are plenty of budgeting apps and apps that help you to set aside spare change. You should make use of these tools to help you reach your savings goals. Whether you need some help with budgeting or need to find ways to put your spare change to good use, thereís an app for that. You can even find apps that will reward you for good behavior. These apps may ďtipĒ you a few bucks for going to the gym or completing a project on time. Youíre saving money and doing good for yourself at the same time! Saving money for your future home can be fun if you find the right tools to help you.



Set Goals


One reason that many people donít save a lot of money is that they lack specific goals. If you sit down and look at your budget, youíll see where you can cut expenses. Then, youíll be able to have clear cut goals of how much you can save on a weekly or monthly basis. With your eyes on the prize of homeownership, you should be motivated to save where you can. Having specific numbers in mind can be a big help in reaching your long-term goals.




Categories: Uncategorized  


Posted by Joyce Torelli on 9/6/2017

Are you planning on buying a home by a certain date? Itís unfortunate that life canít go as we plan it all the time! With a bit of planning finding the right home at the right time is possible. Many times, families are looking to buy a home before the end of the summer. This allows them to get settled in and get the kids started in a new school before the start of the year in September. Just because there are more popular times throughout the year to move doesnít mean that the inventory of homes changes much as to whatís on the market. Whatever the reason for the short supply of homes, youíll need to be informed and creative in order to land a house in a high demand market when itís crunch time. Below, youíll find some tips to help you on your search.


Research Your Location Ahead Of Time 


Every housing market has a bit of a down time. You want to pinpoint that period. Does your location have a time of year where people flee the area for vacations? The holiday season can also be a great time to look. There may still be low supply, but there also will be less competition. Do a bit of research in order to find pricing trends. When the prices dip, youíll know thatís a time where competition for homes is lower.


Always Have Your Finances In Order


When youíre buying a home, no matter what time of year it is, you need to have your lender on call. Make sure that you have been preapproved and that your downpayment money is at your disposal. Sellers like serious buyers who are ready to pass paperwork.  


Know What Youíre Willing To Compromise On


When youíre buying a home on a timeline, you may not have the luxury of searching around endlessly to meet your wishlist. You should have a few musts, but there may be many things that youíll need to work with or compromise on in finding the right property. You may be able to find a home in the right neighborhood, but it might not have the granite countertops that youíre looking for. When time is of the essence, your home search priorities need to be set straight.  


Donít Look For Bargains


When youíre in a time crunch to land a home, you donít want to fool around with price. In order to land a home that you love, you might have to offer a bit more than the asking price. Thereís no space for a bidding war, a low offer, or an extended search when you need to buy a home fast.          

  




Tags: Buying a home  
Categories: Uncategorized