Credit affects all people; young, old, rich or poor. Credit reports and scores can impact all aspects of our lives; loans, credit card offers, renting an apartment and even job opportunities. Because of this, it’s critical that you understand how credit works and what factors create your credit score.
First Time Home buyer
The cooler autumn months are here. Football season is in full swing, the kids are back in school, and the holidays are right around the corner. But perhaps one of the least known advantages at this time of year is the ability to claim a deal on a home. Those looking to buy a home in the fall have many factors in their favor.
New England temperatures are cooling down and we switch from vacation mode, trips to the beach and care-free living to settling into our children's school schedules, new jobs or perhaps empty nest living. Take this opportunity to assess your current housing situation and should your thoughts turn to selling your current home then now is best time to start planning rather than later. To determine the best time to put your home on the market you may wish to contact your local real estate agent. He or she will help you with strategies to get the highest and best sales price. And speaking of agents, it’s strongly suggested to interview a few Realtors, experience and personalities are important to determine who will be the most successful in coordinating your transaction. Click here for some questions to ask when choosing a Realtor to list your property with.
While NH real estate sales rose from April to May by 3.7%, year-to-date, they are down 1.2%. The reality is there are just not enough homes on the market for the number of buyers looking to make purchases and that’s a serious problem. The most desirable homes, the ones that are selling, tend to be smaller, and more affordable, slowing the median increase.
When some people decide to buy property outside that state in which they currently live, they may be doing it with a lot of knowledge already. They could have the resources of friends and family already living there, or the experience of having visited and spent significant amounts of time in the state.
For others, however, the choice to buy real estate- whether it’s a commercial property, single home, a condo, or even bare land- can seem daunting without some knowledge of the new state.
Of course, there is some research you can do for yourself. You'll have to narrow it down to the state and maybe a county or region on our own. But when you get down to choosing a city or town, the best source of information is going to be a well-qualified real estate broker.
You may know the phrase “Grandfathered” from the recent short-run TV sitcom, but for years the term has been given to real estate properties that wouldn’t, under current regulations, be allowed to be constructed upon. In many (but not all) cases that can be a good thing when a property comes up for sale. For example, in the case of waterfront real estate, many restrictions have been imposed on new construction dealing with setbacks, site clearing and size of structure, sometimes to the point of making a previously designed building site unbuildable under the new guidelines.
Yankee values may have started on the east coast and being frugal has its place at the grocery store or car dealership, but not always when it comes to real estate. While there’s real estate for sale everywhere, the search for a great deal is not unique to one geographic area in the United States of America - but there are limits.
Is it time to stop thinking you should always be offering less than asking price?
Know which loan conforms to the property before you apply to a lender.
Question: Are you all set with your financing?
Answer: My buddy has me all set with a great rate.
NOT SO FAST… will the property conform to the type of loan you have been assured you’ll be approved for, at this great rate?
Here is where your Realtor comes in and guides you through the process in determining if you will get that loan or waste three weeks thinking it’s a breeze only to find out the property: Type, Location, Association, or occupancy doesn’t allow the loan you are “pre-Approved” for.
Many subdivisions have strict by-laws to prevent owners from pitching a tent on their site and camping out. This Covenant comes in the form of “no” a temporary shelters provision. One step further we often see no mobile homes, or a minimum square footage requirement. These guidelines were intended to ensure a homogeneous design and value of homes in a given neighborhood. They were and are still a good idea in most cases.
Your Mortgage lender analyzes these five “steps” when considering your loan application and you can help the likelihood of being approved for a loan by knowing them.
#1) Payment History: The Good can outweigh the Bad… pay your bills on time. Pay even if you are late – do not wait until it goes to collections. The older a delinquent payment is the less it impacts your score.
The highest Credit score rate is 850. The best interest rates are given to those with scores above 740; a score under 620 is not
likely to get approved through a traditional mortgage lender.
You think you’re getting a great deal when you purchase a For Sale by Owner (FSBO) property, but buyer beware – things aren’t always as rosy as they seem. Here’s a real-life example of just one of the many things that can go wrong.
I had a seller on the sale of a condo in the White Mountains. My seller listed their property with me and during the normal disclosure reported that they had no mortgage on the property. As the transaction moves forward and it comes time to close, we should expect a simple transaction and no lender to chase for a discharge, right? Wrong!
“Many times, in the past buyers have called about properties they want to view and potentially buy, only to find out that a financing option was not available due to the fact the access is on a private road. We have informed the sellers a solution which is to get everyone on the road to sign a joint maintenance agreement. This would state who would take care of the plowing, and general upkeep of the common road, and the financial responsibility. This document would need to be recorded and run with the property deed. The problem is not everyone is willing to do that, after all, why put yourself on the hook for this expense if your neighbor is willing to plow for free because that individual has a truck and plow?”
This spring's home shoppers expect less competition overall as more inventory continues to hit the market nationwide, but will struggle with affordability as home prices continue to rise, according to new survey data released today by realtor.com®, the Home of Home Search?. The survey also found, nearly half of shoppers this spring are looking for homes at or under $200,000, which despite less competition will prove difficult to find, as this one segment of housing has actually experienced the largest inventory decline year-over-year.
Real estate tax assistance is real and you should see if you qualify! The Low & Moderate Income Homeowners Property Tax Relief program offered by the New Hampshire Department of Revenue was created to decrease the economic burden of the State Education Property Tax on certain at-risk taxpayers.
You learn an awful lot in high school and even more if you go on to college or a trade school; all this knowledge is important and will help you get a job and begin life as an adult. But, during all those years of education did anyone ever teach you how to create a household budget, manage your money and establish credit? Some folks are lucky enough to have parents that taught them these skills, but most people simply learn as they go – and make mistakes. Now imagine the time has come to purchase your first home – who taught you how that process works or even where to begin? Jumping into the process by looking at homes first is usually the first move, but a wrong one.
This is the year! The year you stop paying rent and become a homeowner. To help you achieve that goal, keep these New Year’s resolutions and you’ll be on the track to homeownership.
There are many myths surrounding homeownership and many of them prevent some individuals from even considering the possibility of ever owning their own home. I’m here to tell you – there are homeownership opportunities for almost every situation.
If you’ve set a goal to purchase a home before the end of 2018 and are discouraged as the holidays approach, don’t quit yet! Although the summer months are the hottest for home buying, holding out for your dream home as the leaves fall and snowflakes fly have some great advantages.
You’ve finally made the decision that this is going to be the last summer you’ll be a renter. You’ve started to stash away some funds so you can buy your own home at last; but wait, do you know what your credit rating is? Knowing exactly where you stand as far as creditworthiness is an essential step. If you haven’t done so already, you should sign up for a free service like Credit Karma to view and monitor your credit. Often times consumers find there are things on their credit report that come as a complete surprise to them. Sometimes those things are legitimate like the credit card you got in college and never paid for or a medical bill that’s been turned over for collection, but sometimes, negative information can be an error that will continue to hurt you until it’s addressed.
You finally find a home that’s right for you and have a signed Purchase and Sales agreement, now what? Hopefully before you signed the contract you made sure to include an inspection clause that makes your transaction contingent on the findings of a professional home inspection. This clause should include the terms and conditions to which both the buyer and seller are obligated.