Preparing for Homeownership
10 Ways to Prepare for Homeownership
1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15- year fixed mortgages or ARMs — and decide what’s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.
Source: http://realtormag.realtor.org/ sales-and-marketing/handouts-for-customers/for-buyers/6-creative-ways-afford-home
The above article can be found in the consumer, handout section on Realtor.org.
I hope you find this information helpful, and please call me if I can assist with your real estate needs.
Filed under Uncategorized
Housing Remains Highly Affordable…
According to the latest statistics, the home price-to-income ratio (percentage of family income required for mortgage payments on median-priced home) remains well below historical average of 25 percent. Stabilizing home prices are beginning to draw affordability back up to more normal levels, meaning NOW is an excellent time to buy a house. The ratio now stands at 14.9% as of August 2010. Contact your Realtor to find a great property now!!
Filed under Real Estate
Apollo Beach, Florida Market Statistics:
Apollo Beach, Florida local markets stats as of September 11, 2010:
Active Homes on Market = 142 ($60k to 2M)
Pending Sales Under Contract = 42 … ($50k to 550K)
SOLD within last 30 days = 7 ($45K to 475K)
Call me for more info… or to get the market value of your Florida home… Or to gain access to the local Multiple Listing Service with my FREE ListingBook account that enables you to search for properties just like a real estate professional!
Filed under Uncategorized
Realty Times – Real Estate Outlook: Experts Weigh In
Filed under Economy, Investment, Local info, Money, Real Estate, real estate market, tampa homes
Mortgage Interest Rates Predicted To Remain Low for 2010
Analysts Say Rates Should Remain Low
Projections about where credit rates will go in the next year vary widely, but most mortgage analysts think the effect of the Federal Reserve’s move away from the market won’t be dramatic.
Analysts at Credit Suisse and FTN Financial Capital Markets predict that mortgage rates will stay between 5 percent and 5.25 percent for the rest of the year. Moody’s Economy.com projects about 5.7 percent, and Barclays Capital says 6 percent.
“There is a lot of private money on the sidelines waiting to buy mortgage securities once the Fed stops gobbling most of them up,” says Laurie Goodman, senior managing director at mortgage-bond trader Amherst Securities Group.
Source: The Wall Street Journal, James R. Hagerty (03/13/2010)
Filed under Economy, Investment, Money, Real Estate, real estate market
Home sales up, prices down nationwide | Real Estate and Technology News for Agents, Brokers and Investors | Inman News
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Filed under Uncategorized
Short Sale – Is It An Option for You?
If you are a struggling homeowner in the Tampa Bay area who is upside down on your mortgage by owing more on your loan that what your home is actually worth, you may want to consider the possibility of a short sale. A short sale is an agreement between you and your lender to sell your home at the current fair market value, even if that amount is less than what you owe on your mortgage. If you would like to find out more about the possibility of a short sale for your property, contact Lynn Seevers with The REAL Team of Keller Williams Realty.
With a short sale: You sell your home for less than what you owe on your loan
- You avoid foreclosure but do not receive any funds from the sale
- Your lender accepts a ”short” payoff amount as payment on your loan
- Your lender does not report a foreclosure to the credit bureaus
A short sale may be your answer to sell your home and get a fresh start when you are facing difficult possibilities like foreclosure or bankruptcy. Lynn is an experienced short sale Realtor with expertise in handing short sale transactions and she works closely with a negotiator to get your property approved for the short sale process and then sold as quickly as possible. The REAL Team is currently helping many other Tampa area homeowners and families needing knowledgeable professional real estate advice and assistance.
As your Tampa Short Sale Realtor, Lynn Seevers can explain to you the ways a short sale may be able to:
- Sell your home without you having to pay anything out-of-pocket
- Eliminate negative cash flow caused by rising mortgage payments
- be eligible to buy another home much sooner than if you had foreclosed on your property
- Release you from your mortgage obligation
- Avoid foreclosure and/or bankruptcy and preserve your credit standing
The real estate market decline in the Tampa Bay area may have significantly reduced the value of your home and it could take years before your home’s value catches up to the amount you owe causing you great hardship. Plus additional factors that might lead to the short sale option include salary cutbacks/reductions, divorce, unemployment, medical bills, and adjustable rate mortgages that have reset to a higher monthly payment.
If you would like more information about the possibility of a short sale for your home, please contact Lynn for a confidential consultation at your convenience.
Filed under Foreclosure, Real Estate, Short Sale, tampa homes
