Purchasing a home may be the single most important investment of your life, and possibly the largest purchase you will ever make. When you are dealing with hundreds of thousands of dollars, it may be a good idea to use a Realtor with experience, a fine knowledge of the area, education, and aggressiveness. An aggressive Realtor that knows how to negotiate the price of the home with you effectively may be the single most important factor when getting a good price on a home.
The first thing you want to do when purchasing a home in Arizona is to get pre-qualified for a home loan. This step does not take long, but is extremely necessary. In Arizona, you can not get into a contract with out getting pre-qualified for a loan. When you get pre-qualified for a loan, the lender the pre-qualifies you will produce a document called an LSR. Once you have a loan status report, you are able to write an offer on a home.
When purchasing a home, it is usually a good idea to see what has sold recently in the area. When you find the home that you want to purchase, a good Realtor will give you a comparative market analysis. This report will show you recently sold properties in your neighborhood. This will give you an indication of the market conditions in the area you are planning on buying in. You will be able to see if prices have been falling, rising, or remaining steady. This may or may not be an issue, but I do not believe anyone wants to over pay for a home.
Once your have made on offer on your home with your Realtor and the contract has been accepted by the seller, you move in to the inspection period. Generally, you have ten days to conduct inspections. It is a very good idea to have the home inspected by a professional home inspector. If you do not know one your Realtor should be able to recommend one. A home inspection will cost anywhere between three hundred dollars and five hundred dollars depending on the size of the home. This is money well spent because you will know exactly what is wrong with the home.
The inspectors will inspect the electric system, plumbing, roof, flooring, pool equipment, appliances, doors, showers, and several other items. After the inspections have been completed you then ask the seller to make repairs with a document called the Buyers Inspection Notice and Sellers Response. It is a contract within the contract. The buyer and the seller negotiate the terms of what is going to be fixed and what is not. The Realtors will quarterback the process, but again, it is imperative you have a Realtor that is aggressive so that you get more items fixed during the inspection period.
After the terms of the Buyers Inspection Notice and Sellers Response have been negotiated and agreed upon, it is usually smooth sailing until you go into the title company to sign your final loan documents. After the inspection period, you will want to obtain home owners insurance, and make sure all your utilities will be turned on in your name upon move in. Make sure you work with your lender so that there are no hiccups at the end of the escrow. The lenders job at the end of escrow is to deliver the loan documents to the title company so you can sign the documents. Once the documents have been signed the, title company will deliver the signed documents back to the lender so that they can fund your loan. Once the loan has been funded and recorded, you may now move in to your new home.
Again, it is of paramount importance to use a Realtor that knows what they are doing, that has ample experience, and makes sure you best interests are priority. Please visit the link below to get in contact with a professional, experienced, educated, and aggressive Realtor. You will get the quality representation you deserve.
Nick McConnell
Executive Sales Associate for Coldwell Banker Residential Brokerage in Scottsdale, Arizona. Lived in Arizona all his life, Graduated from Northern Arizona State University and has been a Realtor ever since.
http://ezinearticles.com/?Scottsdale,-Arizona-Real-Estate-Home-Buying-Tips&id=650742
Monday, July 30, 2007
5 Home Buying Essentials
Purchasing a home involves certain important, even essential, steps that every buyer should take before closing on a purchase. Let’s examine these “essentials” which, if properly implemented, can help you save valuable time and aggravation.
1. Determine What You Can Borrow. Sure, if you know your interest rate and the length of the loan you can pretty much determine your monthly payments, right? No! You must include your property taxes, homeowners insurance, and association or maintenance fees, if applicable. These “added” costs can significantly contribute to higher monthly payments. No lender will give you a loan without figuring these costs in.
2. Know Your Fees. Closing costs can add up to the tune of several thousand dollars. Title searches, realtor fees, loan applications, attorney fees, and legal fees must be taken into consideration. Many states require lenders to give to borrowers a ballpark figure of what these costs will be.
3. Shop For A Loan. The longer you plan on staying in your home, the more likely you will want a fixed rate mortgage. If you are planning on a short stay, a variable rate mortgage may work best for you. Consider an interest free mortgage if you basically plan on “flipping” the home in one or two years. Of course, you had better hope that your home appreciates significantly in that time otherwise you may find yourself owing more than what you originally paid for the house!
4. Get Pre Approved. Realtors and sellers will take you seriously if you are pre-approved for a loan. In some cases the pre-approval will not only swing a deal your way, but you could find the sellers are more receptive to lowering their price if they believe you are a serious shopper.
5. Negotiate. You may not be able to get the seller to drop the price of their home, but you may be able to get them to sweeten the deal by including certain extras. Air conditioners, refrigerators, washers, dryers, ceiling fixtures, and window treatments are some of the things that add value to your purchase. If extra items are included in the sale, then your later pay out for these items will disappear.
In all, if you are a thoughtful and savvy shopper you should be able to save money on the purchase of your home by following these five essentials.
Matthew Keegan is The Article Writer who covers topics from business to health to mortgages. You can view samples of his work at http://www.thearticlewriter.com
http://ezinearticles.com/?5-Home-Buying-Essentials&id=58466
1. Determine What You Can Borrow. Sure, if you know your interest rate and the length of the loan you can pretty much determine your monthly payments, right? No! You must include your property taxes, homeowners insurance, and association or maintenance fees, if applicable. These “added” costs can significantly contribute to higher monthly payments. No lender will give you a loan without figuring these costs in.
2. Know Your Fees. Closing costs can add up to the tune of several thousand dollars. Title searches, realtor fees, loan applications, attorney fees, and legal fees must be taken into consideration. Many states require lenders to give to borrowers a ballpark figure of what these costs will be.
3. Shop For A Loan. The longer you plan on staying in your home, the more likely you will want a fixed rate mortgage. If you are planning on a short stay, a variable rate mortgage may work best for you. Consider an interest free mortgage if you basically plan on “flipping” the home in one or two years. Of course, you had better hope that your home appreciates significantly in that time otherwise you may find yourself owing more than what you originally paid for the house!
4. Get Pre Approved. Realtors and sellers will take you seriously if you are pre-approved for a loan. In some cases the pre-approval will not only swing a deal your way, but you could find the sellers are more receptive to lowering their price if they believe you are a serious shopper.
5. Negotiate. You may not be able to get the seller to drop the price of their home, but you may be able to get them to sweeten the deal by including certain extras. Air conditioners, refrigerators, washers, dryers, ceiling fixtures, and window treatments are some of the things that add value to your purchase. If extra items are included in the sale, then your later pay out for these items will disappear.
In all, if you are a thoughtful and savvy shopper you should be able to save money on the purchase of your home by following these five essentials.
Matthew Keegan is The Article Writer who covers topics from business to health to mortgages. You can view samples of his work at http://www.thearticlewriter.com
http://ezinearticles.com/?5-Home-Buying-Essentials&id=58466
Saturday, July 28, 2007
What to Do Before You Start Shopping for a Home
Looking for a home can be stressful and daunting. But there are things you can do to decrease your stress level and make the home buying process easier.
Before you even think about what kind of home you want, you have to decide on what kind of home you need. Doing this will narrow down the number of houses you look at and will save you valuable time. At the same time, you should make a list of things you don't want in a home so that you don't waste time looking at houses that don't fit your needs or your budget.
To set your priorities, ask yourself these questions.
Where do you want to live?
Location is one of the most important elements to choosing the right home. So, not only are you looking for the right home, you're looking for the right neighborhood. Among all your decisions, you should consider things like: how far or near do you want to live to your other family members? If you have your own family, what kind of schools you want your children to go to? How important is it to you to be close to the highway or public transportation, shopping, work, hospitals, entertainment, community amenities?
How long do you expect to live in your new home?
Most people end up moving within seven to nine years of living in a home and move for several reasons: job transfers, starting a family, needing a bigger home, don't like the area, etc. If you plan on living in your new home for only a few years, or if you don't have children, then proximity to schools may not be an issue, but resale value may be. On the other hand, if you have a family and plan on staying in the home for ten years or more, schools, as well as size of the home, will be priorities. How long you expect to stay in your home can have a large impact on which home you choose as well as what type of mortgage you choose.
Consider your lifestyle
Power Buyer - Get more bargaining leverage than a pre-approval!
As you make a list of your wants and needs (as well as what you don't want), it may also be important to consider the type of lifestyle you have. If you like to entertain a lot, then you'll want a spacious home that lends itself to that. If you work from home, or have your own business that you run out of your home, you'll need space for a home office. If you're a gardener, then lot size may be your priority.
Put these items on your list in order of importance. For instance, a large kitchen may be more important to you than a fireplace. Remember, your list should be somewhat flexible in case you can't find a home in your price range with all the amenities you need or want.
How much home can you afford?
Few things are more frustrating than falling in love with a home only to discover it's out of your price range. But, how do you figure out what you can afford? You should consider two major factors when determining how much home you can afford:
1. Your Credit Score
Your credit report determines your credit score, which is needed for qualifying for a home loan. Your credit score can help you qualify for a bigger loan amount and/or better interest rate .
It's important to check your credit report carefully for discrepancies and errors. You can order your credit report from the three major credit bureaus, Experian, TransUnion and Equifax. There are many other ways you can improve your credit score to get the best loan possible including paying your bills on time, paying off debt and keeping credit card balances low.
2. Mortgage Payment
It's possible you may qualify for a loan amount that would require a higher monthly mortgage payment, but you may not want to stretch yourself too far financially. If that's the case, you should calculate how much you'd be comfortable paying for your mortgage payment. Use the Quicken Loans Home Affordability Calculator to give you an idea of your potential monthly mortgage payment, and how much you'll be able to borrow.
Mortgage Basics
Once you've figured out what you want in a home, how long you plan on living there, and what you're comfortable paying each month, you need to shop for a mortgage.
A mortgage is a legal document by which real property (your house) is pledged as security for the repayment of a mortgage loan. You can think of a mortgage loan like an auto loan, but instead of getting a loan to finance the purchase of a car, you're getting a loan to finance the purchase of a home. It's a legal contract stating that you promise to pay back the loan on a monthly basis over a certain amount of time. Your monthly payment typically goes toward the loan principal , interest , taxes and insurance . Although there are hundreds of loan options, you only need to know a few basics to understand how they work:
* Fixed-rate mortgages have a fixed interest rate over the term of the loan. Most people opt for 30-year terms, but 15- and 20-year terms are available. The biggest advantage of a fixed-rate mortgage is that your interest rate and monthly payment do not change over the term of the loan. However, if interest rates happen to fall below your current fixed rate, you may be "locked in" to a higher rate and should consider refinancing .
* Adjustable-rate mortgages (ARMs) usually start with a lower interest rate than a fixed-rate mortgage for an introductory period—typically one, three, five or seven years. After that initial introductory period, the rate adjusts—usually annually—based on a pre-determined index . As a result, the interest rate on your loan and the monthly payment will rise and fall with increases and decreases in overall interest rates. An interest rate cap limits the amount by which the interest rate can change. An ARM is a good choice if you're expecting to live in your home for seven years or less and it may also allow you to borrow a larger loan amount.
* The down payment is the amount you plan to pay up front, in cash, when you buy a home. It is typically the difference between how much you borrow and the purchase price of your home. To avoid paying private mortgage insurance (PMI), a 20 percent down payment is usually required. However, lenders like Quicken Loans offer many low and no down payment loans.
https://www.quickenloans.com/mortgage/articles/home_loans_before.html?cm_ref=/mortgage/articles/smooth_home_purchase.html
Before you even think about what kind of home you want, you have to decide on what kind of home you need. Doing this will narrow down the number of houses you look at and will save you valuable time. At the same time, you should make a list of things you don't want in a home so that you don't waste time looking at houses that don't fit your needs or your budget.
To set your priorities, ask yourself these questions.
Where do you want to live?
Location is one of the most important elements to choosing the right home. So, not only are you looking for the right home, you're looking for the right neighborhood. Among all your decisions, you should consider things like: how far or near do you want to live to your other family members? If you have your own family, what kind of schools you want your children to go to? How important is it to you to be close to the highway or public transportation, shopping, work, hospitals, entertainment, community amenities?
How long do you expect to live in your new home?
Most people end up moving within seven to nine years of living in a home and move for several reasons: job transfers, starting a family, needing a bigger home, don't like the area, etc. If you plan on living in your new home for only a few years, or if you don't have children, then proximity to schools may not be an issue, but resale value may be. On the other hand, if you have a family and plan on staying in the home for ten years or more, schools, as well as size of the home, will be priorities. How long you expect to stay in your home can have a large impact on which home you choose as well as what type of mortgage you choose.
Consider your lifestyle
Power Buyer - Get more bargaining leverage than a pre-approval!
As you make a list of your wants and needs (as well as what you don't want), it may also be important to consider the type of lifestyle you have. If you like to entertain a lot, then you'll want a spacious home that lends itself to that. If you work from home, or have your own business that you run out of your home, you'll need space for a home office. If you're a gardener, then lot size may be your priority.
Put these items on your list in order of importance. For instance, a large kitchen may be more important to you than a fireplace. Remember, your list should be somewhat flexible in case you can't find a home in your price range with all the amenities you need or want.
How much home can you afford?
Few things are more frustrating than falling in love with a home only to discover it's out of your price range. But, how do you figure out what you can afford? You should consider two major factors when determining how much home you can afford:
1. Your Credit Score
Your credit report determines your credit score, which is needed for qualifying for a home loan. Your credit score can help you qualify for a bigger loan amount and/or better interest rate .
It's important to check your credit report carefully for discrepancies and errors. You can order your credit report from the three major credit bureaus, Experian, TransUnion and Equifax. There are many other ways you can improve your credit score to get the best loan possible including paying your bills on time, paying off debt and keeping credit card balances low.
2. Mortgage Payment
It's possible you may qualify for a loan amount that would require a higher monthly mortgage payment, but you may not want to stretch yourself too far financially. If that's the case, you should calculate how much you'd be comfortable paying for your mortgage payment. Use the Quicken Loans Home Affordability Calculator to give you an idea of your potential monthly mortgage payment, and how much you'll be able to borrow.
Mortgage Basics
Once you've figured out what you want in a home, how long you plan on living there, and what you're comfortable paying each month, you need to shop for a mortgage.
A mortgage is a legal document by which real property (your house) is pledged as security for the repayment of a mortgage loan. You can think of a mortgage loan like an auto loan, but instead of getting a loan to finance the purchase of a car, you're getting a loan to finance the purchase of a home. It's a legal contract stating that you promise to pay back the loan on a monthly basis over a certain amount of time. Your monthly payment typically goes toward the loan principal , interest , taxes and insurance . Although there are hundreds of loan options, you only need to know a few basics to understand how they work:
* Fixed-rate mortgages have a fixed interest rate over the term of the loan. Most people opt for 30-year terms, but 15- and 20-year terms are available. The biggest advantage of a fixed-rate mortgage is that your interest rate and monthly payment do not change over the term of the loan. However, if interest rates happen to fall below your current fixed rate, you may be "locked in" to a higher rate and should consider refinancing .
* Adjustable-rate mortgages (ARMs) usually start with a lower interest rate than a fixed-rate mortgage for an introductory period—typically one, three, five or seven years. After that initial introductory period, the rate adjusts—usually annually—based on a pre-determined index . As a result, the interest rate on your loan and the monthly payment will rise and fall with increases and decreases in overall interest rates. An interest rate cap limits the amount by which the interest rate can change. An ARM is a good choice if you're expecting to live in your home for seven years or less and it may also allow you to borrow a larger loan amount.
* The down payment is the amount you plan to pay up front, in cash, when you buy a home. It is typically the difference between how much you borrow and the purchase price of your home. To avoid paying private mortgage insurance (PMI), a 20 percent down payment is usually required. However, lenders like Quicken Loans offer many low and no down payment loans.
https://www.quickenloans.com/mortgage/articles/home_loans_before.html?cm_ref=/mortgage/articles/smooth_home_purchase.html
Tuesday, July 24, 2007
Buying a Home With Resale Value
There are many things that should be considered when buying a home. Since most homebuyers expect to buy a bigger and better home someday in the future, resale value is an important factor in decision-making. You use the proceeds from selling one home to buy the next one.
While no one can guarantee that your home will grow in value, there are steps you can take that maximize your potential gain.
"Location, Location, Location"
"Location, location, location," is a common and almost hackneyed phrase in real estate literature. Your agent may even throw it at you when you ask for advice about buying a home. However, what does "location, location, location," actually mean? Why repeat it three times?
Mostly, "location" is repeated to emphasize that it is extremely important to the resale value of your home. The idea is to buy a house that will appeal to the largest number of potential future homebuyers. A careful choice of location can minimize potential negative influences on future resale value, and maximize positive influences.
Focusing on resale value requires you to make several different "location" choices. The first choice you have to make is "which community?" At the very least, you should narrow your choice down to just a few local communities.
http://www.realestateabc.com/homebuying/resale.htm
While no one can guarantee that your home will grow in value, there are steps you can take that maximize your potential gain.
"Location, Location, Location"
"Location, location, location," is a common and almost hackneyed phrase in real estate literature. Your agent may even throw it at you when you ask for advice about buying a home. However, what does "location, location, location," actually mean? Why repeat it three times?
Mostly, "location" is repeated to emphasize that it is extremely important to the resale value of your home. The idea is to buy a house that will appeal to the largest number of potential future homebuyers. A careful choice of location can minimize potential negative influences on future resale value, and maximize positive influences.
Focusing on resale value requires you to make several different "location" choices. The first choice you have to make is "which community?" At the very least, you should narrow your choice down to just a few local communities.
http://www.realestateabc.com/homebuying/resale.htm
Monday, July 23, 2007
Scottsdale, Arizona Real Estate Home Buying Tips
Purchasing a home may be the single most important investment of your life, and possibly the largest purchase you will ever make. When you are dealing with hundreds of thousands of dollars, it may be a good idea to use a Realtor with experience, a fine knowledge of the area, education, and aggressiveness. An aggressive Realtor that knows how to negotiate the price of the home with you effectively may be the single most important factor when getting a good price on a home.
The first thing you want to do when purchasing a home in Arizona is to get pre-qualified for a home loan. This step does not take long, but is extremely necessary. In Arizona, you can not get into a contract with out getting pre-qualified for a loan. When you get pre-qualified for a loan, the lender the pre-qualifies you will produce a document called an LSR. Once you have a loan status report, you are able to write an offer on a home.
When purchasing a home, it is usually a good idea to see what has sold recently in the area. When you find the home that you want to purchase, a good Realtor will give you a comparative market analysis. This report will show you recently sold properties in your neighborhood. This will give you an indication of the market conditions in the area you are planning on buying in. You will be able to see if prices have been falling, rising, or remaining steady. This may or may not be an issue, but I do not believe anyone wants to over pay for a home.
Once your have made on offer on your home with your Realtor and the contract has been accepted by the seller, you move in to the inspection period. Generally, you have ten days to conduct inspections. It is a very good idea to have the home inspected by a professional home inspector. If you do not know one your Realtor should be able to recommend one. A home inspection will cost anywhere between three hundred dollars and five hundred dollars depending on the size of the home. This is money well spent because you will know exactly what is wrong with the home.
The inspectors will inspect the electric system, plumbing, roof, flooring, pool equipment, appliances, doors, showers, and several other items. After the inspections have been completed you then ask the seller to make repairs with a document called the Buyers Inspection Notice and Sellers Response. It is a contract within the contract. The buyer and the seller negotiate the terms of what is going to be fixed and what is not. The Realtors will quarterback the process, but again, it is imperative you have a Realtor that is aggressive so that you get more items fixed during the inspection period.
After the terms of the Buyers Inspection Notice and Sellers Response have been negotiated and agreed upon, it is usually smooth sailing until you go into the title company to sign your final loan documents. After the inspection period, you will want to obtain home owners insurance, and make sure all your utilities will be turned on in your name upon move in. Make sure you work with your lender so that there are no hiccups at the end of the escrow. The lenders job at the end of escrow is to deliver the loan documents to the title company so you can sign the documents. Once the documents have been signed the, title company will deliver the signed documents back to the lender so that they can fund your loan. Once the loan has been funded and recorded, you may now move in to your new home.
Again, it is of paramount importance to use a Realtor that knows what they are doing, that has ample experience, and makes sure you best interests are priority. Please visit the link below to get in contact with a professional, experienced, educated, and aggressive Realtor. You will get the quality representation you deserve.
Nick McConnell
Executive Sales Associate for Coldwell Banker Residential Brokerage in Scottsdale, Arizona. Lived in Arizona all his life, Graduated from Northern Arizona State University and has been a Realtor ever since.
http://ezinearticles.com/?Scottsdale,-Arizona-Real-Estate-Home-Buying-Tips&id=650742
The first thing you want to do when purchasing a home in Arizona is to get pre-qualified for a home loan. This step does not take long, but is extremely necessary. In Arizona, you can not get into a contract with out getting pre-qualified for a loan. When you get pre-qualified for a loan, the lender the pre-qualifies you will produce a document called an LSR. Once you have a loan status report, you are able to write an offer on a home.
When purchasing a home, it is usually a good idea to see what has sold recently in the area. When you find the home that you want to purchase, a good Realtor will give you a comparative market analysis. This report will show you recently sold properties in your neighborhood. This will give you an indication of the market conditions in the area you are planning on buying in. You will be able to see if prices have been falling, rising, or remaining steady. This may or may not be an issue, but I do not believe anyone wants to over pay for a home.
Once your have made on offer on your home with your Realtor and the contract has been accepted by the seller, you move in to the inspection period. Generally, you have ten days to conduct inspections. It is a very good idea to have the home inspected by a professional home inspector. If you do not know one your Realtor should be able to recommend one. A home inspection will cost anywhere between three hundred dollars and five hundred dollars depending on the size of the home. This is money well spent because you will know exactly what is wrong with the home.
The inspectors will inspect the electric system, plumbing, roof, flooring, pool equipment, appliances, doors, showers, and several other items. After the inspections have been completed you then ask the seller to make repairs with a document called the Buyers Inspection Notice and Sellers Response. It is a contract within the contract. The buyer and the seller negotiate the terms of what is going to be fixed and what is not. The Realtors will quarterback the process, but again, it is imperative you have a Realtor that is aggressive so that you get more items fixed during the inspection period.
After the terms of the Buyers Inspection Notice and Sellers Response have been negotiated and agreed upon, it is usually smooth sailing until you go into the title company to sign your final loan documents. After the inspection period, you will want to obtain home owners insurance, and make sure all your utilities will be turned on in your name upon move in. Make sure you work with your lender so that there are no hiccups at the end of the escrow. The lenders job at the end of escrow is to deliver the loan documents to the title company so you can sign the documents. Once the documents have been signed the, title company will deliver the signed documents back to the lender so that they can fund your loan. Once the loan has been funded and recorded, you may now move in to your new home.
Again, it is of paramount importance to use a Realtor that knows what they are doing, that has ample experience, and makes sure you best interests are priority. Please visit the link below to get in contact with a professional, experienced, educated, and aggressive Realtor. You will get the quality representation you deserve.
Nick McConnell
Executive Sales Associate for Coldwell Banker Residential Brokerage in Scottsdale, Arizona. Lived in Arizona all his life, Graduated from Northern Arizona State University and has been a Realtor ever since.
http://ezinearticles.com/?Scottsdale,-Arizona-Real-Estate-Home-Buying-Tips&id=650742
Thursday, July 19, 2007
Credit is Key to Home Buying
Early on in the home buying process, you should review your credit situation. That way, if you need to improve your credit score, you can start right away.
Improving a credit score takes time, so you want to find out where you stand by (A) obtaining your credit report and score, (B) comparing yourself to the national average, and (C) working to improve your credit score if necessary.
Here are some resources to get you started:
10 Ways to Boost Your Credit Score
This excellent article is written by a mortgage expert, and it provides specific advice on how to improve your credit score in advance of buying a home.
Improving a Credit Score
Here we have gathered advice from BankRate.com, CNN Money, and a wealth of other expert sources.
All About Your Credit Report
Your credit report is different from your credit score. Banks use your credit report to create your credit score, which determines how likely they are to loan you money. This article explains the credit report in more detail, also providing instructions on how to request and review your credit report.
Remember, the better your credit score, the better your chances of qualifying for a mortgage at a good interest rate. So be proactive in maintaining good credit. Start early and focus on the long-term.
Happy home buying!
http://homebuyingtips.statesmanblogs.com/
Improving a credit score takes time, so you want to find out where you stand by (A) obtaining your credit report and score, (B) comparing yourself to the national average, and (C) working to improve your credit score if necessary.
Here are some resources to get you started:
10 Ways to Boost Your Credit Score
This excellent article is written by a mortgage expert, and it provides specific advice on how to improve your credit score in advance of buying a home.
Improving a Credit Score
Here we have gathered advice from BankRate.com, CNN Money, and a wealth of other expert sources.
All About Your Credit Report
Your credit report is different from your credit score. Banks use your credit report to create your credit score, which determines how likely they are to loan you money. This article explains the credit report in more detail, also providing instructions on how to request and review your credit report.
Remember, the better your credit score, the better your chances of qualifying for a mortgage at a good interest rate. So be proactive in maintaining good credit. Start early and focus on the long-term.
Happy home buying!
http://homebuyingtips.statesmanblogs.com/
Subprime Mortgage Loans - A Borrower's Guide
Subprime mortgage lending and loans have certainly been in the news a lot lately. They usually tag along with a news story about the current spike in home foreclosures. In fact, I saw a story about it just a few days ago on KVUE.
There are many reasons that people default on mortgage loans and go into foreclosure. So it's not really possible to blame any one factor. But one thing is perfectly clear -- there is a connection between subprime mortgage lending and the number of foreclosures in the Austin area (and beyond).
Adjustable rate mortgages (ARMs) are aother piece of the puzzle. I call it the subprime-ARM-foreclosure triangle, and it's partially responsible for the current spike in home foreclosures.
So what are subprime mortgage loans, and how do they relate to foreclosures? And if you find yourself in a subprime lending situation, how can you protect yourself from becoming another foreclosure statistic?
http://homebuyingtips.statesmanblogs.com/
There are many reasons that people default on mortgage loans and go into foreclosure. So it's not really possible to blame any one factor. But one thing is perfectly clear -- there is a connection between subprime mortgage lending and the number of foreclosures in the Austin area (and beyond).
Adjustable rate mortgages (ARMs) are aother piece of the puzzle. I call it the subprime-ARM-foreclosure triangle, and it's partially responsible for the current spike in home foreclosures.
So what are subprime mortgage loans, and how do they relate to foreclosures? And if you find yourself in a subprime lending situation, how can you protect yourself from becoming another foreclosure statistic?
http://homebuyingtips.statesmanblogs.com/
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