How To Buy A Home in 2016

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How To Buy A Home in 2016 – The new year is finally here! Are you planning on buying a home this year?  In addition to the tips and tricks that will help you get into your new home, there are also a number of things to keep in mind before you begin the process. Here are five things to remember throughout your search for a new home in 2016.

Choose the Right Agent

Having the right agent will help you in numerous ways. He or she will be able to help you identify things that are must-haves in your new home, and will do everything in his or her power to make sure those must-haves are obtained. Your agent will also have incredible knowledge about the homes in the area, providing you with the best resources for what to look for.

Where to Search

In addition to consulting with the proper agent, you can also check out websites like Zillow and Trulia. If you find something up your alley, talk to your agent about what you like and don’t like about the home. They will be able to take that knowledge, in addition to their knowledge of the market and community, and find the home that best suites you.

Save For A Down Payment

Saving for a down payment is one of the most important steps in the home-buying process. You may need to save between 10 – 20% of the cost of the home you’re trying to buy, depending on the type of loan you’re looking for. Knowing what you have saved and what type of home you’re looking for will also play a big factor when determining your budget.

Look For The Right Loan

Looking for the loan that works best for you and your family can become stressful, but be confident in knowing that you have plenty of resources to help you make an informed decision. Whether you choose to have a 30-year or 15-year mortgage, a fixed-interest or split, make sure to do your research thoroughly to determine which option is best for you.

Choose The Right Home

When you finally find the home you love, you will know. Whether it’s move in ready or you need to put some elbow grease into it, it will be worth it. Not only will you feel emotionally satisfied by your choice, but you will feel financially comfortable in your decision.

For more information about buying a home in 2016, visit here.

 

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I Have Bad Credit, Can I Buy A Home?

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I Have Bad Credit, Can I Buy A Home? – You’ve scrimped and you’ve saved and you are finally ready to purchase your very own home. However, you’re slightly worried about your credit rate. You’ve been working hard on bringing it up the past few years, but will it be enough? The answer could be… yes! Lately creditors are considering lower credit rates when lending, with some specific additional requirements from the buyer. However, it is always important to understand the ways in which your credit score effects your mortgage rate so that you can make the best choice for you and your finances when it is finally time to buy.

Qualifying With a Low Score:

A credit score is one of the most important factors that lenders consider before approving home loans. More and more, individuals or couples with low credit scores are qualifying with these creditors. According to www.fha.com, some can even qualify with a FICA Score as low as 580, but are required to pay a 10% down payment.

Luckily, lenders look at additional factors as well when approving loans. Proof of steady payment of utilities and rent for a full year can increase changes of loan approval. Additionally, companies like FHA, consider factors such as recession effects and job loss when reviewing lower credit scores from applicants.

How Credit Affects Mortgage Rates:

The higher the credit score, the lower your mortgage rate will be. The lower the credit score, the higher your interest rate will be. Interest rates variations such as one percent may seem trivial, but can dramatically affect your monthly payment. These small amounts will add up substantially over the length of your loan term.

Improving Your Credit Rates:

Always check your credit rates at least a year in advance from the time you wish to buy. Furthermore, www.bankrate.com recommends viewing your rates through reputable sites, such as Equifax, Experian and TransUnion. Thoroughly check each report to make sure all personal and credit information is accurate and then work diligently to increase your rate over the next year.

Creditors are looking for buyers with good scores, steady payments, a level of savings, and a combination of credit payments such as a student loans and few credit card uses.

With a little bit of saving and hard work you can qualify for the loan you need, or increase your credit score enough to get you the mortgage rate that you really want. So if your credit score is lower than you’d like, when it comes to buying a home, all hope is not lost.  You may be able to get what you need to make your dream home a reality.

 

Signs You Are Ready To Buy A Home

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Taking the leap from renting to buying a home? Buying a home is a big step and it’s important to make sure you set yourself up for the best experience. The first step is to find a real estate agent that can help you make this process as smooth as possible. If you are still on the fence of whether or not you are ready to buy a home, here are a few signs you might be…

You’re Financially Responsible

A number of things fit into this category including having a budget and sticking to that budget responsibly. Buying a new home is no walk in the part and you want to make sure you dot all of your i’s and cross all of your t’s before signing your name in ink.

You Have a Steady Income

If you don’t know where your next paycheck will come from, buying a house is probably not your best option at this point in time. In order to stay on top of your finances and all of the expenses that come along with buying a home, you must be able to bring home a consistent paycheck (which will also help you with your budget).

You Have Good Credit

Having good credit can help you in a number of ways, but one of the most important ways is helping you get a home loan. When you talk to lenders, checking your credit will be one of the top things they look for. If you have a history of bad credit or not paying your bills on time, you might have trouble locking down the loan.

Your Debts Are Under Control

This is another thing lenders will look for, and having a history of large amounts of debt will make it harder for you to secure a loan. Make sure all or most of your debts are paid off prior to talking with a lender about a loan for your new home.

Are You Ready For a Long Term Commitment?

If you answered yes to this question, that will be your answer when thinking about buying a home. A home is a long term commitment, it is an investment, and should be treated as such. If you plan on moving to a different location after a few months, not might not be the best time to purchase a new home.

Get The Best Deal On A Home: 4 Tips

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When buying a home, there are different situations you might run into. Multiple offers, fast paced, bank owned, and stubborn sellers are just to name a few. Look to your real estate agent to help guide you through any situation. Before you get to that point, here are 4 tips to help you negotiate the best deal…

  1. Do your homework before you start shopping. Know what size home you need and how much you can afford, and then search and negotiate fairly. Every seller is going to think that their house is special and immune to the market and ever buyer is going to think the house is about to be lost if they don’t make a crazy low offer, be smart about what you decide to go with.
  2. Research recent sales that are comparable to the home you’re buying. This way you can make an offer that is reasonable and makes sense for the type of home and area.
  3. Find out about the seller’s motivation to sell. Are they looking to move quickly or are they waiting for the perfect price? The better you get to know their motive the easier it is to find an offer that works for both of you, while getting you the best deal.
  4. Closing costs? In a tighter market, it’s not too much to ask the seller to add the closing costs to the price of the home. Talk to your agent about this topic as there are many options for different situations.

Every situation is different and the way you put together and present your offer will vary as well. In some situations you may be able to ask for a better price or more closing costs, but in other situations that’s just not the case. Talk to your real estate agent about these options.

What would you rather have, a better deal on a home or having your closing costs paid?

I Have Bad Credit, Can I Buy A Home?

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Do you have bad credit but still want to buy a home? This is more common than you think. If you have bad credit, there are a few things you need to know and that you can do in order to buy a home this year.

Check Your Credit Score

Check your credit score before making any major decisions about buying a new home. When obtaining a loan, your credit score is one of the first things a lender will look for. Request a credit report to verify that everything is up to date. If you see something that isn’t quite right or may be the wrong information, notify the credit company to ensure that your score is updated to reflect the positive change.

Build or Repair Your Credit

If you have bad credit, you can always work to build or repair it. Get a credit card with a low interest rate and keep it paid off. Additionally, if you already have credit cards, make sure you are making the payments on time to keep them paid off as well. If you can’t get a credit card, visit a bank to determine if you can get a secure credit card, which will allow you to build credit on a card wherein the amount you deposit onto the card is the amount you are allowed to spend.

Apply For a “Bad Credit Home Loan”

If you do not have the time to wait until you build your credit to obtain a loan, then apply for a bad credit home loan, or subprime loan. One thing you should definitely watch out for with these types of loans if the mortgage rate, it is extremely high, so make sure you will be able to make the monthly payments on time.

Price Reduced! 26504 Carronade Dr. in Perrysburg, Ohio

26504 Carronade Drive, Perrysburg, OH 43551

$239,000

Single Family Home
4 Bedrooms
2 Bathrooms
1 Partial Bathroom
Interior: 2,572 sqft
Lot: 0.40 acre(s)

More Photos and Additional Info

Interested? See more information or schedule showing

For more information, contact (419) 283-3409

Agent photo Pamela Strassner

RE/MAX Masters
Phone: (419) 283-3409Listing agent/broker:
Pamela Strassner with RE/MAX Masters

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Who Pays Closing Costs When Buying a Home?

When purchasing a home, there are many costs you might not be prepared for…

  • Home Inspection

  • Appraisal

  • Loan Application Fee

  • Down Payment

  • Closing Costs

  • Moving Fees

  • New Furniture

  • Paint and Updates to the new home

The list goes on, right? So what costs can be covered by someone else? In most real estate markets, closing costs are part of the negotiation process. When you write an offer, you might be able to negotiate part or all of your closing costs to be paid for by the seller. How? It just depends on the situation, the terms of the offer, the amount you are asking for, etc. If you do not negotiate for the seller to pay your closing costs, you will then be responsible for them.

So what are closing costs?

Closing costs are a mix of fees from the lender, title company, real estate agent, etc. Depending on your situation, what is included in your list of closing costs might be different. In some cases you can add these fees into your purchase offer, asking the seller to pay some if not all of your closing costs. Talk to your real estate agent about how this will work in your specific situation.

So do sellers always pay closing costs for the buyer?

No, not always. But what it typically comes down to is the bottom line number. This means the seller takes your offer and all of the conditions, plugs it into a formula that will tell them what they will net or in some cases what the will owe. If that number is where they need to be and you asked them to pay for your closing costs, you might get them paid for by the seller. Again, it just depends on the situation, the market, the seller, your offer, etc.

So, now what?

Talk to your real estate agent about closing cost. When you go to write an offer make sure you think about closing costs. Do you want that to be something that is negotiated in? Having more money in your pocket after purchasing a home can be great to update, decorate, and fix things in your new home.

If you have any questions please don’t hesitate to contact me. I am happy to answer any questions you may have.