Posted by Peggy Farber on 1/3/2018

Dotting the I's and crossing the T's on a home loan application may seem like a daunting task, regardless of whether you're a first-time or experienced homebuyer. However, those who know what to expect when they fill out a home loan application may be better equipped than others to obtain a home loan that matches or exceeds their expectations.

When it comes time to fill out a home loan application, you'll need to provide a variety of information, including:

1. Personal Information

Allocate the necessary time and resources to provide as much personal information as possible on your home loan application. That way, you can make it easy for a lender to create a file for all of your home loan information.

Typically, your lender will ask for your Social Security number, date of birth, current housing information and school information. Provide accurate personal information at all times, and if you're uncertain about how to answer certain questions, consult with a home loan expert for additional support.

2. Employment Information

Where have you worked, and how much have you earned while you've worked for various companies in the past? As you complete your home loan application, you'll need to provide employment information to verify your current and past employment and income.

Usually, a lender will want you to provide the names, addresses and telephone numbers for any employers over the past two years. This will allow a lender to verify employment as part of the home loan application process.

You also will need to offer copies of your two most recent pay stubs to a lender. This will enable the lender to confirm your current income.

Lastly, if you are self-employed, you likely will need to provide a lender with a profit and loss statement for the past two years.

3. Financial Information

Tax forms, bank account information and asset details are some of the key parts of the financial information section of a home loan application.

Ultimately, the financial information section helps a lender verify if you have any outstanding credit lines, rental property and much more. This information will help a lender make an informed decision about your loan application and determine how much you are eligible to receive toward the purchase of a new house.

If you ever have questions at any stage of the home loan application process, don't hesitate to reach out to a home loan expert for help. This professional will be able to offer comprehensive insights to help you complete a timely, accurate home loan application.

In addition, your real estate agent may be able to put you in touch with various lenders in your area. With this housing market professional at your side, you can learn about different lenders and find one that can help you get the right home loan.

Finalizing a home loan application may seem like an uphill struggle. But if you act as a diligent homebuyer, you should have no trouble reviewing all sections of a home loan application. And as a result, you can provide a lender with relevant information and boost your chances of getting the perfect home loan.




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Posted by Peggy Farber on 12/27/2017

A condo offers a great opportunity to enjoy a comfortable living space without the hassle of home exterior maintenance. As such, many property buyers are exploring condos in cities and towns nationwide.

However, buying a condo sometimes can be tricky, particularly for property buyers who are unfamiliar with the real estate market. Lucky for you, we're here to help take the guesswork out of purchasing a condo.

Let's take a look at three questions that condo buyers need to consider before they purchase a property.

1. Am I ready for condo life?

Owning a condo and owning a home are two very different things, and perhaps it is easy to understand why.

Like a homeowner, a condo owner has a property to call his or her own. But a condo community usually has a homeowners' association (HOA) in place that manages exterior maintenance and other tasks. This association also establishes rules and regulations that all condo owners must follow; otherwise, property owners may face fines.

Before you purchase a condo, it is paramount to prepare for condo life as much as possible. To do so, you may want to consult with friends or family members who have resided in condo communities over the years. These loved ones can share their condo living experiences with you to help you better understand what life will be like as a condo owner.

2. How much can I afford to pay for a condo?

Although you know that you'd like to purchase a condo, you still need to find out how much you can afford to pay for a property. Fortunately, banks and credit unions are available to help you determine how much you can spend on a condo.

Consult with several banks and credit unions to explore all of your home financing options. Then, you can select a mortgage that matches your expectations.

In addition, you may want to get pre-approved for a mortgage before you start your condo search. If you enter the real estate market with a budget in hand, you can narrow your condo search and speed up the property buying process.

3. Do I need to employ a real estate agent?

Ultimately, a real estate agent is a must-have for any condo buyer, at any time. This housing market professional can teach you the ins and outs of real estate and ensure that you can make an informed condo purchase.

A real estate agent strives to provide you with an outstanding condo buying experience. To accomplish this goal, he or she will work with you, learn about your condo buying goals and help you plan accordingly.

Furthermore, a real estate agent is unafraid to be honest. He or she will offer condo buying recommendations and suggestions as you check out a variety of properties. This housing market professional is happy to respond to your condo buying queries as well.

Streamline the process of buying a condo – consider the aforementioned questions, and you can move closer to acquiring an outstanding condo at an outstanding price.





Posted by Peggy Farber on 12/20/2017

Purchasing a home in a buyer's market may seem like a fast, simple process. However, it is important to realize that homebuyers constantly compete for the best residences in cities and towns nationwide. And if you're not careful, you risk missing out on an opportunity to acquire your dream house.

What does it take to secure a home in a buyer's market? Here are three tips to ensure that you can do just that.

1. Study the Housing Market Closely

A buyer's market features a large assortment of top-notch residences and a shortage of property buyers. As such, this market heavily favors homebuyers, and property buyers who examine the real estate market closely may be able to boost their chances of purchasing a terrific house at a budget-friendly price.

For homebuyers, it is essential to establish criteria for your dream residence. With homebuying criteria at your disposal, you can narrow your search for the ideal residence and accelerate the homebuying process.

Don't forget to check out homes in-person, either. If you set up a home showing or attend an open house, you'll be able to envision what it's like to own a home and determine whether a residence is right for you.

2. Get Pre-Approved for a Mortgage

What good is shopping for a house if you cannot afford to pay for it? Fortunately, you can get pre-approved for a mortgage to understand exactly how much you can spend on a new house.

To get pre-approved for a mortgage, you'll want to meet with several banks and credit unions. These lenders will be able to offer insights into a variety of mortgage options, respond to your mortgage concerns and questions and help you select a mortgage that suits you perfectly.

Pre-approval for a mortgage is vital for homebuyers, particularly in a buyer's market. If you have a mortgage in hand when you explore available homes, you may even be able to avoid the temptation to overspend on a residence.

3. Collaborate with a Real Estate Agent

When it comes to navigating a buyer's market, a real estate agent can deliver outstanding support.

A real estate agent can teach you about the intricacies of buying a home and help you streamline the homebuying process. He or she also will be available to respond to your homebuying questions, ensuring you can make informed decisions as the homebuying journey moves forward.

Perhaps best of all, a real estate agent can help you alleviate stress as you search for your dream home. This housing market professional will keep you up to date about new properties as they become available, set up home showings and negotiate with home sellers on your behalf. By doing so, a real estate agent enables you to focus on what's important – purchasing a first-rate house at a price that matches your budget.

Buying a home can be challenging, even in a buyer's market. But with the aforementioned tips, you can simplify the homebuying process and move closer to securing a house that meets or exceeds your expectations.




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Posted by Peggy Farber on 12/13/2017

Stopping by local garage sales in search of bargains and treasures is a lot like panning for gold. Some days you'll be sifting through a lot of rubble before you discover the hidden gems. Other days, you'll hit the mother lode, right away! Whether you're looking for cheap books, antique furniture, unique jewelry, retro clothing, statues, gardening tools, or gently used toys, you can expect to stumble upon some very interesting and worthwhile items -- usually at extremely low prices. Keys to Bargain Hunting Success Many people who attend garage sales on a regular basis seem to have developed a system to ferret out what they're looking for, spot bargains, and negotiate the lowest possible prices. They often don't even get out of their cars if the items displayed fail to catch their interest. Yard sales attract a wide variety of people, but the ones who find the best stuff at the lowest prices know the value of persistence, getting an early start, and advance planning. Many are quite adept at surfing the Web, clippings ads, and using social media to find promising yard sales to check out. The Seasoned Garage Sale Hunter In addition to a natural curiosity about the unexpected treasures they might find in their travels, they recognize the following underlying truths about garage sales.

  • There are two main reasons that people hold garage sales: to make extra money and to get rid of things they no longer need or want. In most cases, they're highly motivated to make sales and do not expect to rake in boatloads of money. If they happen to be in the process of selling their house and getting ready to move, they should be especially motivated to clear out all their garage sale inventory. The last thing they want to see is an interested customer with a wad of cash in their hands walk away because the price wasn't right. If you make a reasonable offer, chances are they'll either accept it or make a counteroffer. By cultivating some basic negotiating skills and learning to have fun with it, you can pick up some amazing deals in your neighborhood.
  • At first, going to garage sales may seem like a hit-or-miss proposition. However, persistence pays off. Good timing, a little bit of luck, and being in the right place at the right time will eventually work in your favor. It's sort of a "numbers game," so if you plan to visit a few different yard sales in one morning, you're bound to find all kinds of worthwhile treasures and bargains.
  • If you know what you're looking for and have a pretty good idea of what its worth, you'll be in a good position to make reasonable offers and walk away with exceptional deals.
Whether you're looking for a used guitar, an inexpensive desk for a college student, or some hard-to-find first-edition books, you never know what you're going to discover when you dedicate a Saturday or Sunday morning to some serious garage sale shopping!





Posted by Peggy Farber on 12/6/2017

Although a home seller has already accepted your home offer, you'll want to employ a diligent home inspector to examine a residence before you finalize a purchase agreement. By doing so, you can identify any potential home problems that you might have missed during an initial house showing. Plus, a home inspection will allow you to find out if a home requires extensive repairs or maintenance and if you'll need to modify or rescind your original offer.

Hiring the right home inspector can make a world of difference for homebuyers. However, finding the ideal home inspector sometimes can be difficult, particularly for homebuyers who want to speed through the homebuying process.

So what does it take to employ the right home inspector? Here are three tips to help you do just that:

1. Review a Home Inspector's Qualifications

Learning about a home inspector's experience and skills is paramount. And if you devote the necessary time and resources to understand a home inspector's qualifications, you'll be able to find out if this individual is the right person to assess a residence.

Typically, you should try to find a home inspector who boasts construction and building maintenance expertise. Depending on where your home is located or your residence's condition, you also may need to find a home inspector who understands how to deal with asbestos, lead-based paint and other potentially hazardous conditions.

Be sure to conduct an in-depth evaluation of several home inspectors before you make your final decision. This will enable you to hire a top-notch home inspector who can help you identify and resolve any home issues before you conclude your home purchase.

2. Evaluate Sample Reports from a Home Inspector

Ask a home inspector to provide samples of past home inspection reports – you'll be glad you did! By getting copies of past home inspection assessments, you can better understand how an individual approaches a home inspection.

For example, does a home inspector provide clear information in his or her reports? And does the inspector offer notes that highlight home problems? Take a close look at a home inspector's past reports, and you can find out whether this individual takes a basic or comprehensive approach to his or her work.

3. Get Home Inspector Insights from Your Real Estate Agent

Your real estate agent may prove to be your best resource throughout the homebuying process. As such, your real estate agent can put you in touch with home inspectors who have your best interests in mind and will do everything possible to conduct a thorough inspection of a property.

In many instances, your real estate agent may be able to offer multiple home inspector recommendations. This professional also can provide details about what to expect during a home inspection and how to handle any home problems that you might encounter as part of a home assessment.

A home inspection may seem like a tall task, but with a great home inspector at your disposal, you can improve your chances of obtaining the ideal residence.