Financing

MULTIPLE OFFERS

April 24, 2019 by Beatrice Bloom

Princeton Town Topics – Let’s Talk Real Estate – April 24, 2019

MULTIPLE OFFERS

With limited inventory and many buyers, we are finding there are multiple offer situations happening in and around town. There are different ways for a seller to negotiate multiple offers. The terms considered are Price, Good Faith Deposit, Money Down, Financing, Closing Date and other contingencies such as inspections and financing commitment. Just because a person is willing to pay the highest price, does not necessarily mean they are the “best offer” Things to consider…

· They can accept the “best offer”.

· They can make a counter offer to one party letting the parties know they are awaiting a decision.

· They can ask for all buyers to put in there final and best offer at which time the owner will evaluate all of the terms and decide which is the best and most likely to make it to the closing table.

When you find that you are in this situation as a buyer, it is wise to go in with the strongest offer right from the start. This shows you are serious about getting the deal done.

WAYS TO SAVE FOR A DOWN PAYMENT FOR YOUR NEW HOME

March 27, 2019 by Beatrice Bloom

Princeton Town Topics – Let’s Talk Real Estate – March 27, 2019

WAYS TO SAVE FOR A DOWN PAYMENT FOR YOUR NEW HOME

The thought of buying home brings both excitement and uncertainty.

The first thing you need to do is understand where you stand financially. What type of loan do you want, what do you qualify for will help determine how much you put down.

Once you have determined what you can afford, set up a separate account where a percentage of your income automatically goes. Doing this keeps temptation at bay and creates a sense of accomplishment when you see the dollars compounding toward you goal of home ownership.

Sorry coffee shops…but, those daily $5 splurges add up. If you were to put your coffee money into your down payment account, you could easily save close to $2,000 in one year!

Reevaluate your credit card debt. Pay off debt with higher interest rates first, and be timely in those payments. This saves you money and increases your credit score, both of which lenders will be looking at when it is time to get your mortgage.

SIMPLIFYING THE HOME BUYING PROCESS INTO SIX STEPS

March 13, 2019 by Beatrice Bloom

Princeton Town Topics – Let’s Talk Real Estate – March 13, 2019

SIMPLIFYING THE HOME BUYING PROCESS INTO SIX STEPS

1. Determine your purchasing power by working with a mortgage advisor to determine your purchasing power.

2. Search for your home with a Realtor who has the knowledge of local markets and activity.

3. Pick the right mortgage by using a team to provide competitive and versatile lending products.

4. Insure your home, family and auto with the right coverage bundled into one for a substantial discount.

5. Protect your investment with a home warranty and home protection services.

6. Close on time. Consistent, persistence & quality service, ensures you close when you want to.

All under One Roof…

Real Estate, Mortgage, Insurance & Closing Services – Let us take you home.

Simplifying the home buying

process into Six Steps

1. Determine your purchasing power by working with a mortgage advisor to determine your purchasing power.

2. Search for your home with a Realtor who has the knowledge of local markets and activity.

3. Pick the right mortgage by using a team to provide competitive and versatile lending products.

4. Insure your home, family and auto with the right coverage bundled into one for a substantial discount.

5. Protect your investment with a home warranty and home protection services.

6. Close on time. Consistent, persistence & quality service, ensures you close when you want to.

All under One Roof…

Real Estate, Mortgage, Insurance & Closing Services – Let us take you home.

CLOSING COSTS RESPONSIBILITIES

February 6, 2019 by Beatrice Bloom

Princeton Town Topics – Let’s Talk Real Estate – February 6, 2019

CLOSING COSTS RESPONSIBILITIES

Buyers and Sellers need to take into consideration closing costs on both sides of a Real Estate Transaction, which run between 2-5% of the purchase price of a home.

Buyers are responsible for:

· Attorney Fees

· Title and escrow fees

· Inspection Costs

· Lender Fees

· Homeowners Insurance

Sellers are responsible for:

· Attorney Fees

· Commission

· Paying off existing loans

· Property Taxes & HOA fees

· Repairs from Buyer’s Inspections

Prior to closing, both Buyers and Sellers will get a chance to review the settlement statement and compare the final figures with their good faith estimate and anticipated closing costs.

WHICH TYPE OF HOME LOAN IS RIGHT FOR YOU?

January 30, 2019 by Beatrice Bloom

Princeton Town Topics – Let’s Talk Real Estate – January 30, 2019

WHICH TYPE OF HOME LOAN IS RIGHT FOR YOU?

A conventional loan has lower rates for borrowers with great credit. There are not any limits on your income, the area of your purchase, or occupancy type. It is any type of home buyer’s loan that is not offered or secured by a government entity but instead is available through or guaranteed by a private lender or the two government-sponsored enterprises, Fannie Mae and Freddie Mac.

FHA loans have some flexible guidelines and are a bit more forgiving on credit than a conventional loan and usually have a lower interest rate. As of 2019, you can borrow up to 96.5% of the value of a home with an FHA loan (meaning you’ll need to make a down payment of only 3.5%).

USDA loans require no down payment, no private mortgage insurance is necessary and they are flexible with credit. There are income restrictions and only certain areas are eligible for this type of loans.

VA loans require no down payment and have flexible credit guidelines. The one requirement for this type of loan is that you must be a Veteran. VA loans offer up to 100% financing on the value of the home.

INTEREST RATE CHANGES

January 16, 2019 by Beatrice Bloom

Princeton Town Topics – Let’s Talk Real Estate – January 16, 2019

INTEREST RATE CHANGES

Both Sellers and Buyers are benefiting from the continued low interest rates. Low interest rates make home buying more affordable and keeps mortgage payments down. That is good motivation for buyers to put an offer in on that special property before rates go back up. This is a win/win scenario for both the buyer and seller.

The current federal funds rate rose to 2.5 percent when the Federal Open Market Committee met on December 19, 2018. Despite this, mortgage rates slid down to 4.625% (4.797% APR) for a 30 year fixed loan. That’s down from a nearly nine-year high of 4.94% in November.

Even a single percentage point rise in mortgage rates can add more than $100 a month to a home. And unfortunately for buyers, that little rise can turn into extra tens of thousands of dollars over the life of a 30-year, fixed-rate loan.

Financing

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