The Cost of Waiting In 2014
Based on prices, mortgage rates and soaring rents, there may have never been a better time in real estate history to purchase a home than right now. Here are five major reasons purchasers should consider buying:
1. Supply is Shrinking
With inventory declining in many regions, finding a home of your dreams may become more difficult going forward. There are buyers in more and more markets surprised that there is no longer a large assortment of houses to choose from. The best homes in the best locations sell
first. Don’t miss the opportunity to get that ‘once-in-a-lifetime’ buy.
Here are some things to avoid during the home buying process to assure your transaction goes smoothly:
-Don’t Make an Expensive Purchase
It’s best to avoid making major purchases like furniture, cars, appliances, electronic equipment, jewelry, or vacations until after the closing. Financing furniture with a credit card could jeopardize your credit worthiness during the time it means the most. Using cash to purchase big items can also create a problem because many banks take into consideration your cash reserve when approving your mortgage.
-Don’t Get a New Job
Lenders like to see a consistent job history. Generally, changing jobs will not affect your [...]
Challenge: It’s not just a word
My journey started with my brother. Over the past 20 years my brother has gotten to over 300 pounds. After many hours of discussions and motivational pep talks, my brother decided not only to join Lifetime, but also to commit to the Weight Loss Challenge. I wanted to be an example for my big brother. I believed in my heart I could transform as well. I had to make the decision to compete, the challenge with that was, I am 49 years old and I had never been an athlete, much less competed in anything [...]
We’ve all been there. In grade school, the kids put on their annual Christmas pageant each year. Each parent sits and listens proudly as his/her kid belts out Jingle Bells, frequently out of sync/tune with the rest of the class, and records every moment of it.
My father still holds a cassette of my brothers and me singing Jingle Bells for my grandmother when we were that young and I cringe each time I hear it, although my grandmother cherished it.
What options are available to you if you’re out of the country when you’re supposed to close on a mortgage loan??
I was recently asked a question about a borrower who was out of the country while in the process of refinancing his home. He was asking if the loan doc’s could be emailed to him, and could he just sign the documents and email them back… Surprisingly, this happens often… Either a borrower is out of town, or in this scenario, out of the country… So the short answer is NO!!… But Maybe!! Let [...]
How fitting is it that two of my clients, who happen to be US Veteran’s, closed on their loan exactly one week before Veteran’s Day?
In my opinion, it’s very appropriate and I am honored to be the one who helped them get a VA loan, provided by the Veteran’s Administration, to buy their house.
Lydia, a US Veteran, served in the Army starting in 2005. She has been honored with a number of awards including the National Defense Service Medal and an Army Service Ribbon. She continues to work with the Arizona National Guard and serves this country proudly.
As we approach a 5-6 month inventory level, we will see the housing market start to stabilize giving no advantage to either the buyer or the seller. In July 2013 Phoenix had only 6,000 homes listed on the MLS for sale. Now that number is 16,000! If you are a potential buyer who was frustrated with not having your offer accepted this summer because of the stiff competition then NOW is the time to be looking! Sellers still want to sell and buyers who are pre-qualified, ready to make an offer and out there looking are going to get some [...]
The federal government came out with a program in February of 2010 called the Hardest Hit Funds program. They have infused 19 different states with funds to help borrowers who are underwater, refinance their homes under the HARP refinance program, and the funds are to be used to reduce the principal balance. Each state has their own specific rules as to how they disburse the funds, however here in Arizona; the state has an amazing program. Here are the important bullet points:
Congratulations to Devan and Kristen, happy new homeowners!
Devan, Kristen and their son, Legend, recently purchased a home and I was fortunate enough to have them use my services for their financing.
Prior to looking for a house with their Realtor, Ben Graham, Devan, Kristen and I sat down and went over their finances, their assets and their options for buying a house. They wanted to make sure they were qualified to buy a house in their price range but also make sure that the house they bought would be one they would own; not one that would own them.