Buying your first home is exciting and you will spend a lot of time working with your real estate agent. However, before you begin searching for the right agent, here are some helpful hints to help you get started off on the right foot and make sure you are ready to purchase a home.
One of the most important things you can do before you start the home mortgage process is to verify the information on your credit report. Errors in your credit can result in higher interest rates or denial of credit. You can access your credit report free from all three major credit agencies. Review all items for accuracy and if you find any errors, take the time to have them corrected.
There are many loan programs to help first time buyers. Depending on your specific situation, you may be eligible for a loan guarantee from the Veteran’s Administration, the Federal Housing Administration or other loan programs. Before you meet with a loan officer for the first time, take the time to understand what loan options you may qualify for. Keep in mind, many states have first-time buyer programs, which can be of benefit to you as well.
If you suddenly hit a windfall lottery winning or are considering borrowing money on your credit cards to fund your down payment, slow down. There are specific requirements for down payments including the “seasoning” of the funds. Before you apply for a mortgage, make sure you know about down payment gifts, how to document the funds you are using for your down payment and other rules, which may pertain to your specific situation.
Your home will be the most substantial investment you make in your lifetime. Make sure you are being an informed consumer and familiarize yourself with the most common mortgage application and loan terms. The application form for a home mortgage is a Fannie Mae Form 1003 or Freddie Mac Form 65. Once you have filled out this application, you will also receive a good faith estimate (GFE) from the mortgage lender. You will also be learning other words like points, annual percentage rate, closing costs and escrow. Do not be afraid to ask your lender to explain what these all mean to you.
Loans are often quoted in years and term. For example, a 30-year fixed rate mortgage is exactly what it sounds like. You are accepting or applying for a mortgage, which will be paid over 30 years at the same interest rate as you see at closing. Other terms may be more confusing, for example an adjustable-rate mortgage may be quoted as 5/5, which means the rate is fixed for the first five years and adjusts every five years thereafter. Make sure you understand these terms before you sign any loan documents.
Once you have determined what you can afford to pay for a home mortgage, which can be determined using any number of mortgage calculators found online, you should apply for a preapproval. Do not confuse a preapproval with a prequalification, they are not the same although oftentimes you will hear them used interchangeably. Here is the difference:
The preapproval process gives you bargaining power because you are able to meet with your real estate agent knowing that provided there are no changes in your financial situation or your credit, you are guaranteed a mortgage in the amount of the preapproval at the terms listed.
When you start the home buying process, there is a lot to learn. Most first-time buyers will be required to take a first-time home buying course before their lender will move forward. Your real estate agent can also provide you with a lot of information you will need to get started on solid footing on the path to home ownership.
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Do you love the idea of having fresh herbs available all year round but don't live in an area where it's possible to grow them outdoors in all seasons? You don't have to give up cooking with fresh herbs just because the weather outside is frightful — and you also don't have to install a complicated growing setup with special lights. If you've got a sunny windowsill, you can have fresh herbs even in the dead of winter. Following are just five of the many culinary herbs that you can have at your fingertips all year round with just a few indoor pots, some indoor potting soil, a sunny spot, and a little water.
Mint is a fragrant, prolific grower that thrives indoors when situated where it gets plenty of bright natural light. Use it in teas, cocktails, and as an aromatic garnish.
A pinch of thyme makes almost any meal better, from egg dishes to soups and stews to roasts and grilled seafood. Grow it on a windowsill where it gets plenty of sun, and you'll be rewarded with an extra layer of deliciousness in nearly everything you place on the dinner table.
Parsley is another easy-to-grow herb that fits just right on a bright kitchen windowsill. Use it in soups, stews, egg dishes, and, of course, its traditional use as a garnish to dress up plates with an added bit of greenery.
As a member of the mint family, oregano is as tough as it is aromatic. Always have fresh oregano on hand for Mediterranean-based cuisine will make all the difference between fair and fabulous.
Adding sage bumps up the flavor profile of any savory dish, but it goes especially well with roasted meats such as pork beef, and poultry. It's also a classic herb to use in stuffing when seasonal feasting is on the menu.
Culinary herbs are meant to be used, so don't be afraid of using yours every chance you get. Use a sharp pair of scissors to remove the part you want to use just below the node on the stem — this encourages new growth and helps ensure that you've got plenty of fresh culinary herbs in future weeks and months. For low-growing herbs such as thyme, you can just pinch off however much you need.
Always keep in mind that even though the flowers of many herbs have a diminutive, whimsical aesthetic, resist the urge to allow your windowsill sill herbs to flower unless you want to collect the seeds. Leaves tend to taste bitter after herb plants flower, and except for woody herbs such as rosemary and lavender, most herb plants are biologically programmed to end their lifecycle once they've finished setting seed.
Please feel free to reach out for more information on enjoying your home to the fullest.
Want to add your house to the real estate market? If you're operating in a seller's market, you may be able to generate plenty of interest in your house as soon as your residence becomes available.
A seller's market commonly features an abundance of homebuyers and a shortage of home sellers. As such, a home seller who lists a high-quality residence in a seller's market could earn a significant profit.
Operating in a seller's market offers many opportunities for home sellers who prepare accordingly. Lucky for you, we're here to ensure you can get the best price for your residence in a seller's market.
Now, let's take a look at three tips to help you optimize the value of your house in a seller's market.
1. Complete a Home Appraisal
A home appraisal will help you understand your house's strengths and weaknesses. That way, you can perform any home improvement projects before you list your residence. You may be able to boost your chances of a quick property sale too.
Typically, a home appraisal requires just a few hours to complete. A home appraiser will visit your residence and inspect it both inside and out. Then, this appraiser will provide you with a report that details your home's condition.
Review the results of a home appraisal report closely. By doing so, you can prioritize various home improvements and work toward transforming your ordinary residence into one that will stand out in a seller's market.
2. Analyze the Housing Market
How does your residence stack up against comparable houses that are currently available? Examine the housing market to find out.
Evaluate the prices of houses that are similar to your own. This may help you establish a realistic price range for your residence.
Also, look at how long recently sold properties were available before they were purchased. This may help you understand how long it might take for you to get the best price for your residence in a seller's market.
3. Collaborate with a Real Estate Agent
When it comes to selling a home, there is no reason to embark on the property selling journey on your own. Thankfully, real estate agents are available in cities and towns nationwide, and these housing market experts are happy to assist you in any way they can.
A real estate agent can provide details about what to expect before you add your residence to a seller's market. He or she will help you plan ahead and ensure your residence features an awe-inspiring exterior and flawless interior that differentiate your property from others.
Moreover, a real estate agent will help you alleviate stress throughout the home selling journey. This housing market professional can respond to your home selling concerns and questions and provide plenty of guidance to help you make informed decisions.
There is no need to leave anything to chance when you list your home in a seller's market. Instead, take advantage of the aforementioned tips, and you should have no trouble stirring up interest in your house.
