There are many factors that influence your home buyer's approval. The first few years of your new home buying experience can make or break your efforts. Here are 5 tips to help you get the best price for your home purchase. Down payment: Your down payment need not be large, but must be substantial enough to make a significant difference to the total cost of a property. In today's buyers market, most traditional mortgages aimed at first time home buyers with good to excellent credit allow only 3% down. However, even a modest down payment can sometimes be difficult to come by. For this reason, it is always a good idea to work with a seasoned real estate agent who will do the legwork on your behalf to find the best mortgage offers in your area. Property features: While it is true that the price of the home features heavily in the minds of home buyers, just because it is priced at an average cost does not mean it is a bad deal. Most buyers today want to own homes that have additional property features. Do some research and find out what your prospective buyers actually desire. Are they looking for easy maintenance, curb appeal, or ample space? Work with your real estate agent to find out what those features might be and make sure to include them in your mortgage offer. You can click here for top mortgage providers or check out URB Chicago for more details. Credit Score: Home buyers are always concerned with how their credit score will affect their ability to qualify for a loan. It is important to remember that a higher credit score will not automatically secure a better mortgage rate or a better interest rate. Most lenders take into consideration a borrower's credit history when setting the interest rate on a loan. But as your credit score rises, so will your lender's willingness to lend you money. Your real estate agent can help you get preapproved or prequalified with a local lender on a particular home feature or type, and can also provide information on pre-foreclosure options. Working with a lender before shopping for a home, can make the experience easier and more profitable. FHA Mortgages: Did you know that there are HUD mortgages available to home buyers with lower than average credit scores? If you are currently in the process of improving your credit scores, you should consider applying for an FHA mortgage. This program is set up to help homeowners that may be at risk for bankruptcy or foreclosure. With an FHA mortgage, you can save thousands of dollars on mortgage costs over the life of the loan. Lenders have a variety of programs available to home buyers. You need to work with your lender to find out what your unique situation is and what kind of program might fit your needs. Working with your lender will also help you avoid common pitfalls such as adjustable rate mortgages or high-interest loans. Before shopping for a new mortgage, take the time to speak with your lender. Let them know how you would like to shop for the best possible rates and terms. Continue reading more on this here: https://www.huffingtonpost.ca/entry/mortgage-approval-tips-canada_ca_60099f45c5b62c0057c43681.
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If you have been looking for a home, and haven't found one that suits your needs, you may be wondering whether it's a good idea to take a home equity loan. When you are in the market for a house, it can seem like an overwhelming experience. There are so many different factors to keep track of: how much you need; how much money you have saved; what you can afford in a house... Before you begin looking for a house, you should consider one important thing: how much you can afford to pay for a home! Down payment: The down payment required will be based on the kind of mortgage you opt for and the specific bank. Some traditional mortgages aimed at first time home buyers with good credit allow as low as 3%. However, even a modest down payment can be difficult to come up with. You can click this link for top guides for buying your first home or sell your house fast now at https://www.urbchicago.com/sell-a-house-fast-in-chicago/. All homeowners will have to qualify for a mortgage, but potential home buyers should take time to compare interest rates and loan types offered by lenders. Lenders will often offer several loan options to potential homeowners, so take time to review the details. You may find that a traditional mortgage is not the best choice for you. Annual Percentage Rate: It is important for you to understand the APR of any mortgage offer you are considering, which is the annual percentage rate, or the interest rate over the long-term. Do not simply choose the lowest APR; rather, use a calculator to estimate the savings you could realize through the chosen mortgage term. Also, keep in mind that a higher APR will mean a higher monthly payment. Homebuyers should evaluate both aspects before making a final decision. Home Buyers' Association Insurance and Home Features: Many buyers mistakenly believe that they are required by law to purchase homeowner's insurance and home features from the seller. Although you should definitely purchase coverage from a reputable insurance provider, you should also consider the additional benefits of the policy will provide. For example, some policies will pay your repair costs in the case of a devastating fire, for example. On the other hand, most policies will offer replacement value for the property covered by the policy, should the dwelling be destroyed. In short, you may need to learn a few things before purchasing a new house. Be sure to consult with a real estate agent who has experience dealing with first-time home buyers, before purchasing a house. The real estate agent will be able to provide you valuable information about your house buying options, and should be able to guide you to make the best decision for your needs. Homeowners may need to do some research on their own, or consult an experienced real estate agent who is familiar with the home buying market. You can read more on this here: https://www.huffpost.com/entry/five-tips-to-sell-your-ho_b_11693042. The Best and Worst Times of Year for Selling a House Fast. Sorting out the best times to sell a house can be a tricky process. However, reports have shown that in some instances, certain times of a year can yield more cash for sellers and better rates for buyers. The best time of year to sell a house fast varies greatly by region. For example, it is best in the Spring. According to local real estate experts, the weather is warmer during this time of year due to the warming of the Gulf Stream and Atlantic Ocean. Buyers are also looking for homes that are closer to their homes. As a result, homes that are located in the warmer parts of a local economy tend to sell faster and for a better price than those located further away from town. In addition, local economies tend to be balanced by seasonal tourism revenue so selling houses fast is not adversely affected by the weather. Check out URB Chicago for top home buyers or read more house selling tips at https://www.urbchicago.com/sell-a-house-fast-in-chicago/. Another great time of year to sell a house fast is after the holidays when everyone who needs to buy gifts is on vacation. Christmas decorations are often the most expensive among all other holiday expenses. In fact, many local areas offer special incentives such as mullion greens for home owners who list their property during the Christmas shopping season. Mullion greens, are used to make mullion bread and have been used as the currency of many ancient civilizations. By listing your property in the best season to sell it, you can enjoy greater incentives from your real estate agent and a brisk sale at the end of the holiday season. Is it a buyer's market when it comes to selling your house fast? Not necessarily. In today's lending market, many lenders are willing to take a chance on home buyers. Because more mortgage loans are granted in this economy, you may find that there are better offers available to buyers during this time. It is important to understand the current trends before listing your house so you will know when to expect a higher price. Are you concerned about home selling costs? You should not be. Statistics show that it takes several months for your house to appreciate in value enough to sell it for what you need to get out of your mortgage. This is why you must plan ahead and start researching current trends to know when it is the best time of year to sell a house. The information in the above article should help you decide whether now is the best time of year to sell a house. For additional housing market information, I strongly recommend you visit a website where I gained some valuable insight by using a data solutions package. This software tool will provide you with accurate real estate market statistics and trends, which you can easily interpret. This data will tell you when the best times to sell a house are and how much you will pay. Best of all, it is completely free. You can read more on this here: https://www.huffpost.com/entry/five-tips-to-sell-your-ho_b_11693042. |