Real Estate Information Archive

Here is what the Real Estate Market is currently doing. Click here for more details. 

When working on a home loan, what factors affect the mortgage approval outside of credit and income?

-Employment History and length of employment – Has your income increased at all?  What is the likelihood of your employment continuing?

-Debt-to-Income Ratios – how much debt do you have compared to how much money you are bringing in?  Acceptable ratios vary for each loan product and for each buyer.

-Payment Shock – a significant increase in your monthly payment – IE $500 in rent and looking to get mortgage for $1,200.

-Asset Reserves – how much money do you have in the bank? In retirement accounts?  Are you able to save money each month?

-Credit History – outside of actual credit scores, we look at the credit history.  Is there a bad history? If so, is there an explanation for it?

Danielle Hifko of New American Mortgage

You are trying to get pre-approved for a loan only to find out that you don’t have any credit…what do you do?

- Get a credit card – Search around to find a credit card that works for you!  Start with a low limit so you don’t get overwhelmed!

- Secured loan – Contact your financial institution to try to get a secured loan – lower interest rates!

- Get a Co-Signer – Try finding someone who has already established good credit to co-sign a loan or credit card for you

- Department Store and Gas Credit Cards – Some gas cards are not revolving so they may be easier to get!  Also, department stores may offer a revolving credit card for a specific purchase.

Investing in real estate is a no brainer if you do it the right way. I have done so myself for over 15 years. In those 15 years I have never seen a better time to buy a home. In this post, you will find out why it is such a good time to buy.

Here is an awesome buyers guide that you can print out and show everyone why now is the right time to buy.

Click Here for guide   

When people find out I am a Real Estate agent, the first thing they ask is "How is the real estate market". Being an updated and savvy agent I tell them.

Here is the current state of the real estate market for September in written and video form.

Video

Newsletter

Please come join us in New Bern NC this weekend for an open house. It will be held in Indian Wood at 212 Bear Trail on this Saturday from 11 am until 2 pm.

Barbecue will be served at this event. For directions to this event click on here.

Indian Woods Community with New homes starting at $145,000 located between New Bern and Havelock off of HWY 70.

You Got it. The federal government is giving you money to buy a home.

See the tax credit rules and regulations: Click here

Check out the frequently asked questions related to the tax break.

http://federalhousingtaxcredit.com/faq1.php

Move up buyers or 2nd buyers

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don't know where the bottom is until you see it in the rear view mirror, meaning until you've missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.