Roofing
Just like if your roof needs to be taken care of, you want to first consult a professional. Most people buying a home think they have to do it alone. There are many organizations and companies willing to help you if you take the first step. My goal is to educate the borrower and give them insight. I have been in the mortgage and finance business for about 5 years. I worked with one of the largest retail banks in the country. I then began to realize that there are so many people that want homes but do not have the resources to obtain financing. So I decided to do my part in educating and consulting. The mortgage business is an ever changing and A great way to add useful content to this newsletter growing field. Having a knowledgeable professional on your side lightens the stress. Mortgage brokers can offer you insight as well as many options in obtaining a mortgage. Real estate agents can offer you the same insight in finding a home and negotiating a contract. Mortgage brokers not only have more mortgage options they have a higher acceptance percentage than traditional banks. I have seen someone with a credit score as low as 580 get 100% financing. Keep in mind that 100% financing is for the loan amount. This means you may need money for closing costs. A lot of people think about government loans with 100% financing but fail to realize that many requires the borrower to bring in at least 3% to closing out of pocket. Unfortunately, I can’t go into great detail on every situation but I can give you the tools and resources and offer my services to you. I will say this again, buying a house is the most important investment you can make. Don’t cheat yourself but educate yourself so you can make the best possible choices and keep your roof from leaking.
Tuesday, May 29, 2007
Building Your Home Buying Skills
Putting Up The Walls
Ok, you are almost there. So far we’ve laid the foundation. Also we’ve did the framing. Now we have to put up the walls. The walls are going to be something that each individual will have to deal with. When you get ready to buy a home somehow you come in contact with home buying professionals. Let me clarify that home buying opinionators. Basically, you’re going to hear all the dos and don’ts as well as the pros and cons. Some advice you get may be good and some may be bad. The key is to keep those walls up and not be discouraged from your goal. Everyone that purchases a home has a different experience whether good or bad. But hey, if everything was easy it wouldn’t be worth it. My advice would be to not discuss your situation with a lot of people. This will filter out any negative or impeding information Surely you’re thinking what if I have questions, and you will? What if I need some direction in what types of loans or what direction I should go? The best thing to do is write down your questions as you can. Don’t rob yourself of information. Ask as many questions as you can. Don’t ever feel embarrassed. This is a major part of your life and having the knowledge can alleviate some of the stress.
Ok, you are almost there. So far we’ve laid the foundation. Also we’ve did the framing. Now we have to put up the walls. The walls are going to be something that each individual will have to deal with. When you get ready to buy a home somehow you come in contact with home buying professionals. Let me clarify that home buying opinionators. Basically, you’re going to hear all the dos and don’ts as well as the pros and cons. Some advice you get may be good and some may be bad. The key is to keep those walls up and not be discouraged from your goal. Everyone that purchases a home has a different experience whether good or bad. But hey, if everything was easy it wouldn’t be worth it. My advice would be to not discuss your situation with a lot of people. This will filter out any negative or impeding information Surely you’re thinking what if I have questions, and you will? What if I need some direction in what types of loans or what direction I should go? The best thing to do is write down your questions as you can. Don’t rob yourself of information. Ask as many questions as you can. Don’t ever feel embarrassed. This is a major part of your life and having the knowledge can alleviate some of the stress.
Building Your Home Buying Skills
FRAMING
The saying “Knowledge is Power” is very true. Understanding the mechanics of buying a home is the first thing you want find out. As you know credit and cash play a major role in buying a home. Yes, nothing makes home buying less stressful than having cash on hand. So go to your piggy bank and count how much you have. And last but certainly not least is collateral. More than likely the home you are buying will be sufficient collateral. Now that you have the blueprint you can start putting up the frame.
Credit oh credit! We all have it, some better than others but don’t worry, there is loan for all of us. The key is knowing what is on your credit. If you don’t know then how can you make an informed decision on anything dealing with it? The first thing, if you haven’t already done so, is get a copy of your credit reports NOT REPORT but REPORTS. Your credit is recorded by 3 major credit reporting agencies. Equifax, Experian, and Trans Union. These are the folks who report how credit worthy you are. So think about that hospital bill you didn’t pay because you thought they over charged you. Well it may be on there. The good news about obtaining this information is now simple and free. You can now go to http://www.annualcreditreport.com/ and receive a credit report from all three bureaus. Cash, yes this is an easy One either you have or you don’t. Don’t sweat it. Focus on the positive. Many of today’s home buyers do not have a lot of cash to put towards their home purchase. Knowing what you do have however can prepare you for things ahead and out of pocket expenses that can occur before the big day. Now let me specify what cash really is or should I say what it isn’t. Cash isn’t that $2000 under your mattress or that $500 your uncle said he will give you when you need it. It is verifiable monies. That is money that you and the IRS know about. So if you don’t have a checking and savings you need to get them. That is one thing lenders will look for. Bank accounts show stability. Also you should start tracking your spending habits. Even if you just write down your day to day purchases it gives you an idea of where your money is going. Now the last thing is the most important the reason for everything. Collateral or better know as the house you are buying or the house you are selling to buy another house. Either way, go for it find that house. Even if it’s not the best house on the block it will be yours. The key is to understand that your home will grow in value and from that you can sell it and buy a better home. Begin building your portfolio and start with your most important asset your home!
The saying “Knowledge is Power” is very true. Understanding the mechanics of buying a home is the first thing you want find out. As you know credit and cash play a major role in buying a home. Yes, nothing makes home buying less stressful than having cash on hand. So go to your piggy bank and count how much you have. And last but certainly not least is collateral. More than likely the home you are buying will be sufficient collateral. Now that you have the blueprint you can start putting up the frame.
Credit oh credit! We all have it, some better than others but don’t worry, there is loan for all of us. The key is knowing what is on your credit. If you don’t know then how can you make an informed decision on anything dealing with it? The first thing, if you haven’t already done so, is get a copy of your credit reports NOT REPORT but REPORTS. Your credit is recorded by 3 major credit reporting agencies. Equifax, Experian, and Trans Union. These are the folks who report how credit worthy you are. So think about that hospital bill you didn’t pay because you thought they over charged you. Well it may be on there. The good news about obtaining this information is now simple and free. You can now go to http://www.annualcreditreport.com/ and receive a credit report from all three bureaus. Cash, yes this is an easy One either you have or you don’t. Don’t sweat it. Focus on the positive. Many of today’s home buyers do not have a lot of cash to put towards their home purchase. Knowing what you do have however can prepare you for things ahead and out of pocket expenses that can occur before the big day. Now let me specify what cash really is or should I say what it isn’t. Cash isn’t that $2000 under your mattress or that $500 your uncle said he will give you when you need it. It is verifiable monies. That is money that you and the IRS know about. So if you don’t have a checking and savings you need to get them. That is one thing lenders will look for. Bank accounts show stability. Also you should start tracking your spending habits. Even if you just write down your day to day purchases it gives you an idea of where your money is going. Now the last thing is the most important the reason for everything. Collateral or better know as the house you are buying or the house you are selling to buy another house. Either way, go for it find that house. Even if it’s not the best house on the block it will be yours. The key is to understand that your home will grow in value and from that you can sell it and buy a better home. Begin building your portfolio and start with your most important asset your home!
Friday, May 25, 2007
Building Your Home Buying Skills
Foundation
Tired of renting? Sure you are! No one wants to throw their money away, right? (If you are not tired of renting disregard that last statement) But for the rest of us who are tired of paying someone else’s mortgage, car payment and child’s private school tuition. Just incase you didn’t know, that is where your money goes every month you write your check or money order and give it to your land LORD.
Now seriously, think back to your days in school. I will give some of you a little more time to think…. If you can recall, we were taught History, Math Science, English, and the most important, physical education (P.E.). Now these subjects help us greatly but they lacked one thing. They didn’t teach us about life and life’s challenges. Well this is where I come in. I want to educate the community about one of life’s most important subjects. HOME BUYING! Why does it seem so hard for some and so easy for others? Well there are a lot of factors to that answer. Unfortunately, I can’t explain every last one. However I can give you insight and the information on how to get those answers. What you do with the information is your up to you.
Tired of renting? Sure you are! No one wants to throw their money away, right? (If you are not tired of renting disregard that last statement) But for the rest of us who are tired of paying someone else’s mortgage, car payment and child’s private school tuition. Just incase you didn’t know, that is where your money goes every month you write your check or money order and give it to your land LORD.
Now seriously, think back to your days in school. I will give some of you a little more time to think…. If you can recall, we were taught History, Math Science, English, and the most important, physical education (P.E.). Now these subjects help us greatly but they lacked one thing. They didn’t teach us about life and life’s challenges. Well this is where I come in. I want to educate the community about one of life’s most important subjects. HOME BUYING! Why does it seem so hard for some and so easy for others? Well there are a lot of factors to that answer. Unfortunately, I can’t explain every last one. However I can give you insight and the information on how to get those answers. What you do with the information is your up to you.
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