Being ready to buy means much more than simply wanting a home. The process of buying a home is a complex series of events that will have a huge impact on your future and especially your finances. Being ready to buy a home is one thing but being financially ready is another thing altogether. Many people rush into the home buying market without proper preparation and end up heartbroken when they cannot afford the home they have already fallen in love with our after buying they find that the financial strain is too great and they have to sell or even worse, end up losing the home to foreclosure. This is a situation that nobody wants to find themselves in.
One of the main things that you can do to help your chances of success in the real estate market is to be realistic about what you can afford. Let's face the facts, if you make $50,000 a year for example then it is not a great idea to get tied into a $700,000 home or condo. Owning a home has a lot of hidden costs that while renting you don't experience. Think about what the property tax on such a large home will be, is that something you can afford? Financial planning is something that should be done far more frequently in the home buying market. Every year sees thousands of foreclosures due to the fact that people cannot pay for their homes. Of course there are some mitigating circumstances but a large percentage of these could likely have been avoided with proper planning in the early stage. What it comes down to is being able to define your needs and mesh them with your wants in a home and eventually find a comfortable middle ground. A middle ground where the home costs don't cripple you financially.
Another thing that one should take into account is the state of interest rates. Inflating interest rates can cause havoc with homes where the mortgage is based on a variable rate. For this reason fixed rate loans are always the best bet. They give you a fixed home payment every month that does not change. this is a huge asset when trying to maintain a monthly budget. If you have any questions about the home buying procedure or the loans procedure don't hesitate to contact a professional and talk things out. The more info you have the better your chances are of succeeding in the real estate market.
John West is the owner/broker of Specialists Real Estate. With over 25 years of real estate experience, John is the elite buyer's choice for Las Vegas real estate. For more information on homes and properties in Las Vegas, contact John & The Specialists team today!
http://www.articleclick.com/Article/Are-You-Ready-To-Buy-/915379
Tuesday, August 28, 2007
What to Know Before You Close.
You've done your shopping, found a beautiful, functional home close to everything you need, and your offer has just been accepted. Before you close the deal, here are a few things to consider.
Unlike renting in which you pay in advance for the upcoming month, a mortgage is paid "in arrears". This means you are paying back the past month's worth of your loan after the month has passed and the interest accrued during that month is included in the payment. Say, for example, you close a sale on June 29th. Your first mortgage payment will be due on August 1st. If, however, your close occurred in the middle of June, that half a month's worth of loan interest will be due at the time of close. Because of this, it can be advantageous to close a sale at the end of a month rather than the beginning. By closing later, you save yourself needing to have that extra money on hand right at closing. You don't really save money in the long run, but considering all the expenses involved in buying a home and moving, not having to pay half months worth of interest right then and there can really help.
There's another reason why closing later is a good idea. Let's take our example again, and the closing date has been set for June 15th. Knowing the sale is imminent, and that a payment isn't technically late until after the 15th of the month, the current owners of the home you are purchasing may decide not to make their June 1st mortgage payment. If this happens, you will have to pay not only for that half of June, but also May's mortgage payment as well, all at the time of close. While we hope that a seller wouldn't do this, it has been known to happen, and setting close date at the end of the month is a good way to prevent this.
Another thing to make sure of is that you don't take out another loan right before closing. Most lending institutions will do a second credit check right before finishing the closing paperwork, and another loan may jeopordize your mortgage loan. So as much as it might seem like a good idea to get a new car or TV to go along with that new house, resist the temptation, even if you think you can afford it. Waiting until after your real estate purchase is complete assures that the process will go smoothly and reduce the stress of the buying process.
Speaking of stress, it is common for buyers to get second thoughts or feel worried about the purchase they are about to make. To prevent this, a final walk through of the home is recommended. Check everything you may have overlooked in your initial excitment, such as electrical outlets and any appliances that will be included in the sale. Examine the foundation and the roof, turn on faucets and flush toilets. In short, make sure that everything is in complete working order, that no changes have been made to the home since your initial decision to buy it, and that any promised renovations or clean-up has in fact occured. Also, make sure you know what to expect in regard to any maintenance fees that may be included in the home, such as water, garbage collection or landscaping. If the home you are buying is being constructed, make sure the builder signs a contract that includes exactly what you expect to be built and when it will be completed by. In this way, you will know exactly what you're getting, and save yourself from any surprises at the time of moving in.
Another way to reduce the stress of the overall move is to assure that all your personal service providers have been notified of your move. Don't forget that all your mail will need to be redirected, and the utilities put into your name. If a house has been empty for a time, electricity, water and cable may need to be hooked up. And don't forget to hire movers and get an estimate on the cost so you know what your total moving expenses will be in advance. Arranging these things early on makes everything easier when you move.
Finally, make sure the money you will need for the closing process is deposited before coming to close. Your payment should be in the form of a direct transfer, money order or a certified check, not a personal check.
Hopefully, with carefull planning, the process of buying will be fun!
http://www.articleclick.com/Article/What-to-Know-Before-You-Close-/915597
Unlike renting in which you pay in advance for the upcoming month, a mortgage is paid "in arrears". This means you are paying back the past month's worth of your loan after the month has passed and the interest accrued during that month is included in the payment. Say, for example, you close a sale on June 29th. Your first mortgage payment will be due on August 1st. If, however, your close occurred in the middle of June, that half a month's worth of loan interest will be due at the time of close. Because of this, it can be advantageous to close a sale at the end of a month rather than the beginning. By closing later, you save yourself needing to have that extra money on hand right at closing. You don't really save money in the long run, but considering all the expenses involved in buying a home and moving, not having to pay half months worth of interest right then and there can really help.
There's another reason why closing later is a good idea. Let's take our example again, and the closing date has been set for June 15th. Knowing the sale is imminent, and that a payment isn't technically late until after the 15th of the month, the current owners of the home you are purchasing may decide not to make their June 1st mortgage payment. If this happens, you will have to pay not only for that half of June, but also May's mortgage payment as well, all at the time of close. While we hope that a seller wouldn't do this, it has been known to happen, and setting close date at the end of the month is a good way to prevent this.
Another thing to make sure of is that you don't take out another loan right before closing. Most lending institutions will do a second credit check right before finishing the closing paperwork, and another loan may jeopordize your mortgage loan. So as much as it might seem like a good idea to get a new car or TV to go along with that new house, resist the temptation, even if you think you can afford it. Waiting until after your real estate purchase is complete assures that the process will go smoothly and reduce the stress of the buying process.
Speaking of stress, it is common for buyers to get second thoughts or feel worried about the purchase they are about to make. To prevent this, a final walk through of the home is recommended. Check everything you may have overlooked in your initial excitment, such as electrical outlets and any appliances that will be included in the sale. Examine the foundation and the roof, turn on faucets and flush toilets. In short, make sure that everything is in complete working order, that no changes have been made to the home since your initial decision to buy it, and that any promised renovations or clean-up has in fact occured. Also, make sure you know what to expect in regard to any maintenance fees that may be included in the home, such as water, garbage collection or landscaping. If the home you are buying is being constructed, make sure the builder signs a contract that includes exactly what you expect to be built and when it will be completed by. In this way, you will know exactly what you're getting, and save yourself from any surprises at the time of moving in.
Another way to reduce the stress of the overall move is to assure that all your personal service providers have been notified of your move. Don't forget that all your mail will need to be redirected, and the utilities put into your name. If a house has been empty for a time, electricity, water and cable may need to be hooked up. And don't forget to hire movers and get an estimate on the cost so you know what your total moving expenses will be in advance. Arranging these things early on makes everything easier when you move.
Finally, make sure the money you will need for the closing process is deposited before coming to close. Your payment should be in the form of a direct transfer, money order or a certified check, not a personal check.
Hopefully, with carefull planning, the process of buying will be fun!
http://www.articleclick.com/Article/What-to-Know-Before-You-Close-/915597
Irving Real Estate
Estates in the Irving area are some of the most dynamic in the state of Texas making it one of the hottest selling areas when it comes to the real estate market. We have been in the real estate business for so long that we have housed and sold houses for many residents. The testimonials page is evidence of our expertise and commitment in providing unsurpassed service not only in the area but the state. Our staff are the best of the best and our goal is to put that expertise at your service. Give us a call so we could help you to get the property you aim for or even dream about. Irving is not only a nice place to live in but it is also regarded as prime business location having some major companies in close proximity. Being near the Metroplex makes it not only convenient but pleasurable having the best both worlds have to offer.
Irving Homes for Sale
Irving homes are considered to be some of the most pleasing due to the close proximity to Dallas/Fort Worth. So may you be a business man looking for a place to raise your family, or an elderly couple who needs a home wherein to retire and spend the rest of your days in peaceful bliss, Irving homes have all that you need in terms of a balance between pleasure and business. Students have easy access to the city’s many schools making it good for the family and economical at best. To see what we have to offer, check out the listings in the following sections to find out the specific properties that are for sale in the area you might be considering from which to select your future home.
Irving Realtors
VIP Realty has the best Irving realtors in the area that we always get the property you wish to have. We ensure you get a home and not just a house and this is our guarantee. We will work with you in your drive to the best possible homes for your needs. Our people are true professionals and we do not do the go around others do, we stick to the point, and that is to get you the property you want when you need it. Didn’t get the house you wanted, we have a complete list of alternates that are sure to have almost similar specifications with the home you have been wanting to own.
So what are you waiting for, give us a call or explore the other pages to see how we can help you better. Need a home quick, let us know and let our people work for you. Not only will their expertise ensure a higher probability of success but their hard working nature always gets it right the first time. So give us a call or fill out the information request form so we could get in touch with you to see how we can be of service to you. VIP Realty, the best of the best in the state.
Richard Soto is the author of this article. Check Irving Realtors for more on Irving real estate.
http://www.articleclick.com/Article/Irving-Real-Estate/920909
Irving Homes for Sale
Irving homes are considered to be some of the most pleasing due to the close proximity to Dallas/Fort Worth. So may you be a business man looking for a place to raise your family, or an elderly couple who needs a home wherein to retire and spend the rest of your days in peaceful bliss, Irving homes have all that you need in terms of a balance between pleasure and business. Students have easy access to the city’s many schools making it good for the family and economical at best. To see what we have to offer, check out the listings in the following sections to find out the specific properties that are for sale in the area you might be considering from which to select your future home.
Irving Realtors
VIP Realty has the best Irving realtors in the area that we always get the property you wish to have. We ensure you get a home and not just a house and this is our guarantee. We will work with you in your drive to the best possible homes for your needs. Our people are true professionals and we do not do the go around others do, we stick to the point, and that is to get you the property you want when you need it. Didn’t get the house you wanted, we have a complete list of alternates that are sure to have almost similar specifications with the home you have been wanting to own.
So what are you waiting for, give us a call or explore the other pages to see how we can help you better. Need a home quick, let us know and let our people work for you. Not only will their expertise ensure a higher probability of success but their hard working nature always gets it right the first time. So give us a call or fill out the information request form so we could get in touch with you to see how we can be of service to you. VIP Realty, the best of the best in the state.
Richard Soto is the author of this article. Check Irving Realtors for more on Irving real estate.
http://www.articleclick.com/Article/Irving-Real-Estate/920909
Coppell Real Estate
Named after the man who brought the railroads, George Coppell, the small farming community has boomed into one of the best communities in the state wherein to live. It is considered to be the best bedroom communities in the Dallas/Fort Worth Metroplex, it offers the best of convenience with all one needs and wants just a stone throw away. Presently home to 38,000 residents it is one of the fastest growing communities in the state and it just keeps getting better with the many developments in the real estate market.
Coppell Homes for Sale
Being close to the airport the conveniences of the area keeps adding up that development just keeps going at a fast pace. From townhouses to condominiums and even properties, we have them all and not just the good ones but the best. Need to sell your home? Give us a call so we could work with you in selling your property for the best prices that will ensure you get your money’s worth. Our people are some of the best in the business that we have a 98% success rate when it comes to the business. Our highly motivated tem of realtors are some of the best in the state and are accredited nationwide. Need to get a home fast, fill out the information request form and check out the many properties in our listings to get a general idea of what we can offer you.
Coppell Realtors
Need help in selling or buying the home, condo unit or townhouse you desire, we can also help you. Our realtors work hard to get you what you want, when you need it. We employ some of the best in the state and that ensures your success whether you are buying or selling. With the recent home prices going up and down at an unpredictable rate, we will do our best to provide you the best service we could. Need a fast quote, fill in the form so we can send you an email or call you. Our highly professional pool of people will get you what you want, when you need it come rain or shine. We have people on call during the day and even in the wee morning hours to answer all the questions you may have. After business hours, log on to our site and chat with one of our realtors to discuss your needs as you download your favorite movie. Prefer to speak with us personally, come into our offices and we will be glad to assist you. Don’t have time to come to our offices, we’ll come to you. Just send us the information on when and where and we’ll be there.
So what are you waiting for, call us now or simply fill in the form below to allow us to contact you and see what we can do for you. VIP Realty, the best realty company in the state. We will get in touch with you whichever way you choose so we can offer you the best services on the market to date. VIP Realty, where we get you the home and not the house you have been dreaming of.
Richard Soto is the author of this article. Check Coppell Realtors for more on Coppell real estate.
http://www.articleclick.com/Article/Coppell-Real-Estate/920921
Coppell Homes for Sale
Being close to the airport the conveniences of the area keeps adding up that development just keeps going at a fast pace. From townhouses to condominiums and even properties, we have them all and not just the good ones but the best. Need to sell your home? Give us a call so we could work with you in selling your property for the best prices that will ensure you get your money’s worth. Our people are some of the best in the business that we have a 98% success rate when it comes to the business. Our highly motivated tem of realtors are some of the best in the state and are accredited nationwide. Need to get a home fast, fill out the information request form and check out the many properties in our listings to get a general idea of what we can offer you.
Coppell Realtors
Need help in selling or buying the home, condo unit or townhouse you desire, we can also help you. Our realtors work hard to get you what you want, when you need it. We employ some of the best in the state and that ensures your success whether you are buying or selling. With the recent home prices going up and down at an unpredictable rate, we will do our best to provide you the best service we could. Need a fast quote, fill in the form so we can send you an email or call you. Our highly professional pool of people will get you what you want, when you need it come rain or shine. We have people on call during the day and even in the wee morning hours to answer all the questions you may have. After business hours, log on to our site and chat with one of our realtors to discuss your needs as you download your favorite movie. Prefer to speak with us personally, come into our offices and we will be glad to assist you. Don’t have time to come to our offices, we’ll come to you. Just send us the information on when and where and we’ll be there.
So what are you waiting for, call us now or simply fill in the form below to allow us to contact you and see what we can do for you. VIP Realty, the best realty company in the state. We will get in touch with you whichever way you choose so we can offer you the best services on the market to date. VIP Realty, where we get you the home and not the house you have been dreaming of.
Richard Soto is the author of this article. Check Coppell Realtors for more on Coppell real estate.
http://www.articleclick.com/Article/Coppell-Real-Estate/920921
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