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Getting a home mortgage is not as easy as you think. In fact, this is a vital step in the home buying experience, and can literally determine if you are able to close or not. Traditionally, mortgage rates were considered too high for income-sensitive families to afford home ownership. The process of getting your home mortgage is the #1 pitfall for first time home buyers. Understanding the most critical aspects of successfully closing on a good rate, with minimal disruptions, is a critical part of the home buying process.
Getting the right mortgage rights is even more important than the price of the home in question.
As is the case with most home buying ventures, you need the right lenders to meet your needs across the board. These should be licensed mortgage lenders who have access to low-mortgage rates and affordable loans through a variety of lending institutions. The latter should also have convenient and flexible repayment terms, while helping you effectively make ends meet.
While there are countless lenders on the market, which ones should you consider for your first home? According to industry experts, there is no one answer to this question – and you may need to shop around to find a good lender with access to cost-affordable home loans and mortgages. Here are some of the home mortgage loans currently on the market that you should consider.
FHA Loans are some of the most common loans in the mortgage and home financing industry. These loans are governed and mandated by the Federal Housing Administration. These loans are primarily designed to help low-to-middle-income families’ secure timely and affordable mortgages.
FHA loans also help families take advantage of down payment benefits, as well as low closing costs and related expenditures. FHA loans, however, can only be approved if the home in question falls within a certain price range of category. These prices tend to differ – based on the current mortgage rates. Therefore, it is best to consult with an FHA loan specialist or mortgage adviser to understand your options.
The loans are designed for homeowners that plan to stay in their homes for a few years. This ensures your mortgage rate stays the same throughout the payment period. Adjustable rate loans (ARMS)also allow short-term home owners to save time and money on payments. However, the rates do change based on industry spikes or market fluctuations. The latter is perfect for homeowners that require steady payments each month.
with industry-low mortgage rates, you need to find the right loan to tap into these savings. Again, it is best to consult with a home mortgage or financial specialist to make a worthwhile and informed decision.
Getting a home mortgage can be a tumultuous process. However, you can ease the task by understanding all your available options. You can also check the Internet to review the current mortgage and financing – refinancing rates. This is truly a great time to invest in a home with industry-low mortgage rates across the industry and country.
Real estate business in the Greater Boston Area, is undoubtedly on the rise. Actually, it is booming more than any other place throughout America. With Amazon potentially looking at Boston as one of the locations to place their massive secondary home base – we anticipate a rise in demand for Boston and the suburbs of Boston. The demand for condos, homes, Brownstones and apartments is anticipated to hit its record high in the coming years.
But whether you are keen on selling or purchasing any property in South Boston or one of the many surrounding cities around Boston, there are some important real estate trends that you ought to be conversant with. Understanding these Boston real estate trends is crucial for both sellers and buyers. For sellers, these trends can help them know the perfect time to sell their property so as to get the highest value possible for their properties. For buyers, these trends are vital to helping them know the best time to purchase property, in order to get the best deal at the most affordable price. In addition, with the homes of Boston having some of the highest prices in the nation, we are seeing many people avoid the bidding wars of Boston and look to the surrounding cities such as Hingham MA, Quincy and Cohasset.
Property buyers are not just looking for ordinary property. Instead, they are keen on purchasing properties located within safe neighborhoods since security and safety is paramount to today’s average property buyer. Property developers, therefore, need to ensure their property is within safe neighborhood. On the other hand, property buyers are keen on knowing about crime activity in Boston, as a way of enabling them decide the safest location to purchase property.
Home buyers in Boston are using renovation as a decision making factor while purchasing homes. In fact, buyers are turning away from homes that are listed for sale yet they aren’t renovated. That means home renovation is no longer a luxury, but a necessity for home sellers. As such, sellers are left with absolutely no choice but to ensure their homes are properly renovated before listing them for sale with Realtors.
Again, home renovation in Boston is increasingly been perceived as the ultimate way of increasing the overall value of a home, meaning that sellers can expect to get more from their home sales in the future by renovating their homes prior to listing them for sale.
Property buyers and sellers alike are increasingly using real estate agents, thus making Boston real estate agents an integral part of real estate business. Real estate agents help buyers locate the property of their choice conveniently, while sellers are listing their properties with popular real estate agents to find ready buyers quickly and conveniently.
Even though real estate business in Boston is expected to boom in the future, it is important for both property buyers to understand the top real estate trends nationwide. This is crucial to enabling them figure out how they can benefit from these trends.
Buying a home is a dream for many people – they want to own a property that they can retire in. Buying a second home, however, is not something that many do. A second home comes with many advantages, and so long as you can afford it you should do it.
• It provides your family with a home away from home. The typically second home buyer is in their 40s or 50s, and by this time their parents have passed on and their children have flown the coop. A second home is a great way to keep family traditions alive – during the holidays everyone can gather there and get a much needed break.
• A second home is an excellent place to retire. If there is somewhere you have always wanted to live but haven’t been able to do so you should consider buying a home there. Once you retire it becomes easier to transition, and before retirement you have the opportunity to establish roots in the community.
• Buying a home also has financial advantages – over time property values increase, and many people use second homes to finance their children’s university education. If you buy a house and rent if you can also make money every month – just make sure that it is empty during the holidays so that your family can still gather there.
• Buying a second home is a great way to increase your financial portfolio. For many people, their home is the most important asset that they have. If you buy a second home you will increase the value of your real estate portfolio and give you financial stability.
• Buying a home in an exotic location is a good way to learn about the way of life of people from another part of the world. You may find that many of the exotic locations end up being the more affordable places to live also. Many people, for example, buy a home in South American countries because it gives them the chance to enjoy the rich culture of the people and learn the language.
These are not the only benefits of buying a second home – there are significant tax advantages as well.
The biggest obstacle to buying a second home is that it is harder to get a mortgage – you will need a bigger down payment, a good credit score and the lender will charge higher interest rates. You should not let these things stop you – people buy second homes all the time and so long as you are working with the right real estate agent they can help you buy your second home. A second home will also require maintenance, so don’t foregt to factor that in as a long term cost.
Selling a home is a daunting task but it can be exciting and rewarding if you get certain things right. Even if you are in a super competitive real estate market, where the homes go under contract the moment they get listed and there are only 7 homes for sale – there are still major downfalls to not getting everything right.
Here are the tips for selling your home fast;
First impressions are important and that is what curb appeal helps you with. Ensure that the exterior of your home is as attractive as possible. Wash the walkways and siding with a power hose, mow the lawns, plant fresh grass and flowers, wash the windows, and stain or repaint the porch floor. You can also repaint the front door if it looks outdated. Investments into the curb appeal will insure that the first look of your home, by a potential buyer, sees a well kept, property.
A kitchen is an important part of any house. It can either make or break a sale. You want to ensure that it appeals to the buyers. A kitchen remodel can be one of the most cost effective home improvements when selling your home. Once recent study had shown up to a 182 percent return on investment from a kitchen remodel. The most crucial renovations are to replace the counter-tops, repair the plumbing system, and buy new faucets and cabinet doors.
Do not over spend when doing the renovations because you might not recover the money from the sale. Over upgrading can potentially loose you money. Only do the renovations that are extremely necessary such as repairing leaking pipes, repainting the walls, buying new curtains, cleaning the house thoroughly among other things.
Having a home that is full of clutter can quickly remove your house from the homes a buyer wants to write an offer on. A cluttered home seems smaller and not as well maintained. Remove as much of your belonging from the house as possible. This is crucial because it will create the illusion of space. Remove half the clothes in your closet and put away your children’s toys.
Pricing plays a key role in ensuring a fast sale of a house. Most homes that get sold, sell within the first 45 days after they get listed. If your home has not sold within the first 60 days, you have a good chance of your listing expiring without a sale. Many people attempt to overprice a home at listing, with the intent of reducing the price later. This is terrible strategy as most active homebuyers – are desperately seeking out the newest listings. A home gets the most buyer attention the first 2 weeks it is listed. It is critical that your home is NOT overpriced during this critical time.
Research around and find out the market value of houses that are similar to yours and cut of about 15% when pricing your house. This strategy will make buyers to come running and they will end up biding for your home and eventually you will sell it at a higher price than you could have imagined. All in all you should avoid over pricing the house because it might end up stalling in the market which could send a wrong message to buyers because they will start to think that there is something wrong with it.
Agents are helpful especially if you are selling a house for the first time. Find a real estate agent who is technology savvy and will have the mind to scour the internet and keep track of the MLS or the multiple listing service and the market value of houses. A Realtor will come in handy also when it comes to pricing the house because they have a lot of experience in the industry.
Find out the correct value of your house on your own. You can go the extra mile and get a pre-listing appraisal. There are several sites online where you can get that information. Also find out how much it will cost you to sell the house.
With the recent winter storms hitting the US, many states not used to living in frigid temperatures are dealing with extended periods of extreme cold weather. Unlike residents of the Northern cities such as Boston, many people in the south are scrambling to keep warm. With energy cost soaring, and winter blowing in on North Carolina and even the most southern states, homeowners are looking for ways to save on their heating and cooling bills.
Although most real estate sales take place in the warmer months, people are still purchasing homes in the Winter. If your home is on the market during the winter months, its important that all of your systems be up to par and functioning well. If you are selling your home – it is best practices AS THE SELLER – to get a home inspection BEFORE your home is put on the market.
Weather is a funny thing and you never really know what Mother Nature is going to do. As a homeowner, you want to be sure that you are prepared for anything from a hot summer sun to an unexpected snow storm.
Many of these tips were taken from the Consumer Guide to Home Energy Savings. For additional information on home energy conservation/efficiency measures, visit the Consumer Energy Center and the Home Energy Saver Answer Desk