Pre-Approval Is a Critical First Step on Your Homebuying Journey

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October 25, 2022

If you’re planning to buy a home this year, one of the first steps on your journey is getting pre-approved. Especially in today’s market when mortgage rates are higher than they were just a few months ago, getting a mortgage pre-approval can be a game changer. Here’s why.

What Is Pre-Approval?

To better understand why pre-approval is key, it’s important to know what pre-approval is. The Mortgage Reports explains it like this:

“When you’re ready to take the leap into homeownership, your first step is mortgage preapproval. . . . A mortgage preapproval is when a lender determines you’re qualified for a home loan. Your preapproval letter shows the maximum loan amount you’re approved for (your home buying budget), as well as the specific interest rate and loan term you can expect.”

As part of the pre-approval process, a lender will look at your finances to determine what they’d be willing to loan you. From there, your lender will give you a pre-approval letter to help you understand your true price range and how much money you can borrow. That can make it easier when you set out to search for homes because you’ll know your overall numbers. And with mortgage rates rising and impacting affordability, a solid understanding of your numbers is even more important.

Pre-Approval Can Signal You’re a Serious Buyer

Another added benefit is that pre-approval lets the seller know you’re qualified to buy their house. A recent article from realtor.com notes:

“. . . getting pre-approved can actually improve your chances of falling into the sellers’ good graces, and you’ll want to get it done as early as you possibly can in the home-buying process.”

Even though bidding wars are easing this year as the market shifts, preapproval is still an important part of making a strong offer. It can help a seller feel more confident because it shows you’re serious about their home and that you’re a qualified buyer.

Bottom Line

Getting pre-approved for a mortgage is critical. It helps you better understand what you can borrow and shows sellers you’re serious about purchasing their home. Connect with a local real estate professional and a trusted lender so you have the tools you need to succeed as a homebuyer in today’s market.

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Rent Vs. Own [INFOGRAPHIC]

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Amazing Agent

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August 9, 2019

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Rent Vs. Own [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

Proudly owning your individual house vs. renting might result in some nice choices, similar to locking in your month-to-month funds and having the liberty to customise your dwelling area.
Whether or not you lease or personal, it’s important to cowl somebody’s mortgage prices. You might as nicely be doing so to construct your individual wealth, fairly than that of your landlord.
Renting and proudly owning each have up-front charges once you signal your lease or shut, respectively. Take into consideration placing that cash to give you the results you want!

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Top Days to List Your Home for Sale [INFOGRAPHIC]

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Amazing Agent

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May 17, 2019

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Top Days to List Your Home for Sale [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

ATTOM Knowledge Options carried out an analysis of greater than 29 million single household house and rental gross sales over the previous eight years to find out the highest days to checklist your own home on the market.
The highest 5 days to checklist your own home introduced in a 10% premium over market worth and are all in both Could or June!
“Households begin their house search once they know their children will likely be out of college and when the climate is right for house viewing and transferring, giving house sellers an higher hand in worth negotiations.”
There’s nonetheless time to checklist your own home earlier than these dates cross you by!

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3 Questions You Need To Ask Before Buying A Home

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Amazing Agent

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April 15, 2019

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3 Questions You Need To Ask Before Buying A Home | Keeping Current Matters

In case you are debating buying a house proper now, you might be in all probability getting loads of recommendation. Although your family and friends have your greatest pursuits at coronary heart, they is probably not absolutely conscious of your wants and what’s at present occurring in the actual property market.

Ask your self the next three questions to assist decide if now is an efficient time so that you can purchase in as we speak’s market.

1. Why am I shopping for a house within the first place?

That is really crucial query to reply. Neglect the funds for a minute. Why did you even start to think about buying a house? For many, the rationale has nothing to do with cash.

For instance, a study by realtor.com discovered that “73% mentioned shopping for in an excellent college district was “essential” of their search.”

This report helps a examine by the Joint Heart for Housing Research at Harvard College which revealed that the highest 4 causes People purchase a house don’t have anything to do with cash. The precise causes are:

A very good place to boost youngsters and supply them with an excellent training
A spot the place you and your loved ones really feel protected
More room for you and your loved ones
Management of that house

What does proudly owning a house imply to you? What non-financial advantages will you and your loved ones acquire from proudly owning a house? The reply to that query must be the most important motive you determine to buy or not.

2. The place are residence values headed?

In accordance with the most recent Existing Home Sales Report from the Nationwide Affiliation of Realtors (NAR), the median worth of properties bought in February (the most recent information out there) was $249,500. That is up 3.6% from final 12 months. The rise additionally marks the 84th consecutive month with year-over-year features.

residence costs 12 months over 12 months, CoreLogic is forecasting a rise of 4.6%. In different phrases, a house that prices you $250,000 as we speak will price you a further $11,500 when you wait till subsequent 12 months to purchase it.

What does that imply to you?

Merely put, with costs rising, it could price you extra when you wait till subsequent 12 months to purchase. Your down fee may also must be greater in an effort to account for the upper worth of the house you want to purchase.

3. The place are mortgage rates of interest headed?

A purchaser should be involved about extra than simply costs. The ‘long-term price’ of a house will be dramatically impacted by even a small enhance in mortgage charges.

Freddie Mac, Fannie Mae, the Mortgage Bankers Association and NAR have all projected that mortgage rates of interest will enhance over the following twelve months, as you’ll be able to see within the chart under:

Backside Line

Solely you and your loved ones will know for sure if now could be the suitable time to buy a house. Answering these questions will aid you make that call.

The publish 3 Questions You Need To Ask Before Buying A Home appeared first on Keeping Current Matters.

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Want to Get the Most Money from The Sale of Your Home? Use These 2 Tips!

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Amazing Agent

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January 7, 2019

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Want to Get the Most Money from The Sale of Your Home? Use These 2 Tips! | Keeping Current Matters

Each house owner needs to ensure they maximize their monetary reward when promoting their residence. However how do you assure that you just obtain the utmost worth for your home?

Listed here are two keys to make sure that you get the best worth attainable.

1. Value it a LITTLE LOW

This may occasionally appear counterintuitive, however let’s have a look at this idea for a second. Many householders assume that pricing their houses a bit OVER market worth will depart them with room for negotiation. Truly, this simply dramatically lessens the demand for your home (see chart under).

As an alternative of the vendor attempting to ‘win’ the negotiation with one purchaser, they need to worth it in order that demand for the house is maximized. By doing this, the vendor won’t be preventing with a purchaser over the value however will as a substitute have a number of patrons preventing with one another over the home.

HGTV offers this recommendation:

“First impressions are every thing when promoting your property. Research have proven that the primary two weeks in the marketplace are probably the most essential to your success. Throughout these preliminary days, your property can be uncovered to all energetic patrons.

In case your worth is perceived as too excessive, you’ll shortly lose this preliminary viewers and end up relying solely on the trickle of recent patrons getting into the market every day. Markets are dynamic, and your worth has an expiration date. You might have one probability to seize consideration. Make certain your pricing helps you stand out on the shelf — in a optimistic approach.”

2. Use a Actual Property Skilled

This, too, could seem counterintuitive. The vendor could consider that she or he will make more cash with out having to pay an actual property fee, however research have proven that houses usually promote for extra money when dealt with by an actual property skilled.

Analysis by the Nationwide Affiliation of Realtors of their 2018 Profile of Home Buyers and Sellers revealed that,

“the median promoting worth for all FSBO houses was $200,000 final 12 months. Nevertheless, houses that had been bought with the help of an agent had a median promoting worth of $264,900 – practically $65,000 extra for the standard residence sale.”

Backside Line

Value your home at or barely under the present market worth and rent an expert. This may assure that you just maximize the cash you get for your home.

The put up Want to Get the Most Money from The Sale of Your Home? Use These 2 Tips! appeared first on Keeping Current Matters.

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Top Renovations to Complete Before You Sell Your House [INFOGRAPHIC]

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Amazing Agent

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January 4, 2019

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Some Highlights:

In case you are planning on itemizing your home on the market this yr, listed here are the highest 4 home improvement projects that can internet you essentially the most Return on Funding (ROI).
Minor toilet renovations can go a good distance towards enhancing the standard of your on a regular basis life and/or impressing potential consumers.
Upgrading your landscaping or curb attraction helps get consumers within the door. These upgrades rank as the two^nd and 4^th finest renovations for returns on funding.

The publish Top Renovations to Complete Before You Sell Your House [INFOGRAPHIC] appeared first on Keeping Current Matters.

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Why You Should Not For Sale By Owner

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Amazing Agent

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December 31, 2018

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Why You Should Not For Sale By Owner | Keeping Current Matters

In at the moment’s market, as residence costs rise and a scarcity of stock continues, some householders could contemplate making an attempt to promote their houses on their very own, identified within the business as a For Sale by Proprietor (FSBO). There are a number of explanation why this won’t be a good suggestion for many sellers.

Listed here are the highest 5 causes:

1. Publicity to Potential Consumers

In response to NAR’s 2018 Profile of Home Buyers and Sellers, 95% of patrons searched on-line for a house final yr. That’s compared to solely 13% of patrons taking a look at print newspaper adverts. Most actual property brokers have an Web technique to advertise the sale of your house, do you?

2. Outcomes Come from the Web

The place did patrons discover the houses they really bought?

50% on the Web
28% from an actual property agent
7% from a yard signal
1% from newspapers

The times of promoting your home by placing out a garden signal or placing an advert within the paper are lengthy gone. Having a powerful Web technique is essential.

3. There Are Too Many Individuals to Negotiate With

Here’s a list of among the individuals with whom you should be ready to barter in the event you determine to For Sale by Proprietor:

The client who desires the perfect deal potential
The client’s agent who solely represents the perfect pursuits of the client
The client’s legal professional (in some elements of the nation)
The house inspection corporations, which work for the client and can nearly at all times discover some issues with the home
The appraiser if there’s a query of worth

4. FSBOing Has Grow to be Extra And Extra Troublesome

The paperwork concerned in promoting and shopping for a house has elevated dramatically as business disclosures and laws have change into obligatory. This is without doubt one of the causes that the share of individuals FSBOing has dropped from 19% to 7% during the last 20+ years.

5. You Web Extra Cash When Utilizing an Agent

Many owners consider that they will save on the true property fee by promoting on their very own, however they don’t understand that the principle purpose patrons take a look at FSBOs is as a result of in addition they consider that they will save on the true property agent’s fee. The vendor and purchaser can’t each save the fee.

A study by Collateral Analytics revealed that FSBOs don’t truly save something, and in some instances could also be costing themselves extra, by not itemizing with an agent. One of many most important causes for the value distinction on the time of sale is that,

“Properties listed with a dealer that could be a member of the native MLS shall be listed on-line with all different collaborating dealer web sites, advertising and marketing the house to a a lot bigger purchaser inhabitants. And people MLS properties usually supply compensation to brokers who symbolize patrons, incentivizing them to indicate and promote the property and once more probably enlarging the client pool.”

If extra patrons see a house, the better the possibilities are that there could possibly be a bidding battle for the property. The examine confirmed that the distinction in worth between comparable houses of dimension and site is at the moment at a mean of 6% this yr.

Why would you select to record by yourself and handle all the transaction when you’ll be able to rent an agent and never must pay something extra?

Backside Line

Earlier than you determine to tackle the challenges of promoting your home by yourself, sit with an actual property skilled in your market and see what they’ve to supply.

The submit Why You Should Not For Sale By Owner appeared first on Keeping Current Matters.

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How to Save Thousands of Dollars in Interest on Your Mortgage

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Amazing Agent

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December 26, 2018

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How to Save Thousands of Dollars in Interest on Your Mortgage | Keeping Current Matters

One of the vital frequent loans you may get to purchase a house is a 30-year mounted charge mortgage. If the considered paying in your dwelling over the course of 30-years appears daunting, listed here are some straightforward methods to shorten that time period which can truly find yourself saving you cash over the lifetime of your mortgage.

Any additional payments to the principal quantity (the unique sum of cash borrowed in a mortgage), helps to chop down the quantity of curiosity that you’ll pay over the lifetime of your mortgage and may also assist to shave years off the mortgage as properly.

If you make ‘additional’ funds towards your mortgage, the secret is to let your lender/financial institution know that you really want the additional funds to go towards your principal stability as they won’t routinely do that for you.

You don’t need to double your mortgage fee to make a giant distinction both!

When you’ve got a 30-year mortgage on a median-priced dwelling ($250,000) with a 5% rate of interest, you’ll be accountable for a $1,342.05 month-to-month principal and curiosity fee. Over the course of the mortgage, should you pay your actual month-to-month fee, you’ll have paid $233,133.89 in curiosity alone!

Paying a Little Additional Can Pay Off Large

1. Pay an extra 1/12^th of your mortgage fee each month

Profit: Within the instance above, including $111.84 to your month-to-month mortgage fee won’t look like lots, however annually you’ll have paid one additional month’s value of funds which can shorten the time period of your mortgage by four years and eight months, all whereas saving you $42,000 in curiosity!

2. Pay an extra $50 per thirty days in the direction of your mortgage

Profit: Fifty {dollars} won’t look like sufficient to make a distinction on the time period of your mortgage, however that small quantity will prevent over $21,000 in curiosity and can take over 2 years off the tip of your mortgage. Twenty-eight years from now, you’ll be glad to repay your mortgage that a lot sooner!

3. Make one-time lump sum funds when you’ll be able to

Profit: If you end up with a bit of more money after a yearly bonus, a tax return, or from funding dividends, paying that cash in the direction of the principal can reduce your prices. This feature, nonetheless, is much less predictable than the additional month-to-month funds.

When you’ve got greater curiosity money owed, like bank cards, think about using any additional funds it’s a must to pay these money owed down earlier than making use of that cash in the direction of your mortgage. Additionally, if you don’t plan on staying in your house for greater than 10 years, paying additional towards your mortgage won’t make sense.

Backside Line

In the event you’re questioning what methods would work greatest so that you can shorten the time period of your mortgage, seek the advice of an area actual property skilled who can reply your questions or join you with somebody who can.

The publish How to Save Thousands of Dollars in Interest on Your Mortgage appeared first on Keeping Current Matters.

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Home Find GuruHelping Finding Buyers and Sellers

Yoram Roy KaldesHome Find Guru

What Is Pre-Approval?

Pre-Approval Can Signal You’re a Serious Buyer

Bottom Line

Some Highlights:

Some Highlights:

1. Why am I shopping for a house within the first place?

2. The place are residence values headed?

What does that imply to you?

3. The place are mortgage rates of interest headed?

Backside Line

Backside Line

Some Highlights:

1. Publicity to Potential Consumers

2. Outcomes Come from the Web

3. There Are Too Many Individuals to Negotiate With

4. FSBOing Has Grow to be Extra And Extra Troublesome

5. You Web Extra Cash When Utilizing an Agent

Backside Line

Paying a Little Additional Can Pay Off Large

1. Pay an extra 1/12th of your mortgage fee each month

2. Pay an extra $50 per thirty days in the direction of your mortgage

3. Make one-time lump sum funds when you’ll be able to

Backside Line

Five Keys to Selling Your Home Sooner

Yoram Roy KaldesHome Find Guru

404.642.6193Helping Find Buyers and Sellers

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1. Pay an extra 1/12^th of your mortgage fee each month