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Posted by New Age Real Estate on 4/19/2019

Applying for a mortgage may seem like a long, stressful process at first. Fortunately, we're here to help you take the guesswork out of submitting a mortgage application.

Now, let's take a look at three tips to help you streamline the mortgage application process.

1. Ask Questions

A bank or credit union likely will ask you to provide a wide range of information as part of the mortgage application cycle. And as you complete a mortgage application, you may have questions along the way too.

Remember, a lender is happy to help you in any way possible. If you ever have concerns or questions as you complete a mortgage application, you should reach out to a lender for expert support. That way, you can reduce the risk of potential problems down the line that otherwise could slow down the mortgage application process.

Even a single mistake on a mortgage application may prevent you from getting a mortgage. Perhaps even worse, a delayed mortgage application may force you to miss out on an opportunity to acquire your dream house. But if you reach out to a lender as you complete your mortgage application, you can gain the insights you need to quickly and effortlessly finalize the necessary documentation to obtain a mortgage.

2. Be Thorough

A mortgage application may require you to look back at your financial and employment histories and provide information that a lender will use to determine whether to approve or deny your submission. Meanwhile, you should be ready to provide a lender with any requested information to ensure a seamless application process.

As a homebuyer, it is your responsibility to include accurate information on your mortgage application. In fact, failure to do so may cause a lender to reject your mortgage application. If you allocate the necessary time and resources to dot every I and cross every T on your mortgage application, you can boost the likelihood of a fast approval.

3. Shop Around

For homebuyers, it is crucial to check out all of the mortgage options that are available. If you meet with a variety of banks and credit unions, you can review myriad mortgage options and select a mortgage that complements your finances.

Banks and credit unions generally provide a broad array of fixed- and adjustable-rate mortgages. If you learn about all of the mortgage options at your disposal, you can find one that enables you to purchase your dream house without breaking your budget.

Of course, once you are approved for a mortgage and are ready to launch your house search, you may want to hire a real estate agent as well. A real estate agent will offer plenty of guidance at each stage of the homebuying journey. In addition, a real estate agent can make it easy for you to find a top-notch residence at a budget-friendly price in any housing market, at any time.

Start the mortgage application process today, and you can move one step closer to acquiring your dream residence.




Tags: Mortgage   Buying a home  
Categories: Uncategorized  


Posted by New Age Real Estate on 4/12/2019

Buying a new home is a big decision and one that many wonder if they are truly ready for.

Use this guide to determine if you are ready to start house hunting:

  1. Thirty percent of your income can cover a mortgage payment for your ideal home

The ability to afford month to month payments is incredibly important. Staying within the recommended percentages when it comes to budgeting helps you failsafe your finances from potential future hardship. At the very least you want your mortgage payment to be as close as possible to the thirty percent marker of your income.

  1. You’re in a secure job.

In addition to having an income that can sufficiently support the month to month payments you also want to ensure that that income is a reliable source. Signs of a reliable income are that you have been with your current company for longer than two years with several months at the same pay rate.

  1. You have a great credit score

This one shouldn’t come as any surprise to you. A great credit score will not just increase your eligibility for financing but also for a great interest rate. If your score falls in the “good” region you can take steps to bring up your score fairly quickly, as far as scores go,  before applying.

  1. You have a down payment saved up

A down payment is a big savings goal to tackle. So if you’ve already done the math and saved up a sizeable sum for the downpayment on your dream house you are most certainly ready! Ideally, this amount should be around twenty percent of the sale price.

  1. You’ve prepared a prospective budget

If you already have a down payment saved you at the very least have part of this step taken care of! Knowing your future homeowners budget doesn’t just include your typical expenses plus a mortgage payment. You also want to factor in homeowners insurance, potential HOA (Homeowner Association) fees, and maintenance costs.

  1. You’re ready to build equity - or it’s your next financial goal

For those scratching their heads, equity is the amount of your home that you actually own. This is the ratio between your homes value, the amount you have paid and the amount you owe. As you continue to make payments on your home your equity grows. Equity can also increase if the value of your property increases.

  1. You’re ready for stability

If you’re ready to settle down in one place for at least the next five years you’re looking for stability. Perhaps you’re ready to put down some roots and start a family or become a part of a local community. Owning your own home provides you a steady living expense, builds equity and gives you (almost) complete control of your lifestyle.






Posted by New Age Real Estate on 4/5/2019

House hunting can be time-consuming. With so many houses currently on the market and so little time to spend visiting homes, it’s important to narrow down your search as much as possible before attending a showing.

Fortunately, in today’s digital world, it’s possible to learn a great deal of important information right from your phone or computer.

In today’s post, I’m going to give you some advice on researching the homes you’re thinking about making an offer on. We’ll talk about researching the neighborhood, and--of course--the house itself.

Putting together all the stats on the home

Let’s start with, arguably, the most important thing to research: the house itself. When you want to learn about a home, the best place to look is usually the real estate listing. Since most of us discover homes through listings, odds are you’re already on this page. However, there’s a lot of information in a listing, so take the time to go through it and gleam whatever you can from the home’s description.

Next, Google the house address and click on listings from other real estate sites. Oftentimes, a house that has been sold before will have multiple listings across the internet with different data.

Once you’ve scoured the listings, head over to the county assessor’s website to look at records of the home’s ownership. This will tell you who bought and sold the home and when. There’s much you can learn from this data, especially if a home is being sold frequently. You can also use this information to contact previous owners to ask them questions about the home that the current owner might not know the answer to.

Snooping around the neighborhood

If the house is nearby, simply driving through the neighborhood can tell you a lot. You can visit the neighborhood during rush hour to see what the traffic is like, for example.

However, it isn’t always practical to take the time to visit a house that you aren’t sure you’re interested in. So, what’s the next best thing? Google Maps.

Visit the neighborhood on Google Maps to see what’s in the area. Are there a lot of closed businesses? That could be a sign of a neighborhood in decline. Check for nearby things like parks, grocery stores, and other amenities that could influence your buying decision.

Next, use Google’s “street view” feature and explore the neighborhood. You can see what kind of shape the other homes are in, and find out the condition of infrastructure like roads and sidewalks.

Note addresses of comparable homes in the neighborhood and look up their purchase prices. This will give you an idea of whether the home is being priced appropriately.

If you’re having trouble finding information on a home, such as sale records, try contacting the local assessor. They should be able to point you to a database that will help you in your search.





Posted by New Age Real Estate on 3/8/2019

As a homebuyer, it is important to set high expectations. At the same time, a homebuyer must act reasonably, or he or she risks missing out on a golden opportunity to acquire the perfect residence.

Ultimately, becoming a reasonable homebuyer can be quick and easy – here are three tips to help you do just that.

1. Establish Realistic Expectations for the Homebuying Journey

The homebuying journey sometimes can take weeks or months to complete, and a homebuyer should plan accordingly. By doing so, a homebuyer can prepare for any potential homebuying pitfalls.

For example, a homebuyer may submit an offer on a home and receive a "Yes" from a home seller. But if a home inspector discovers myriad problems with a residence, a homebuyer may need to walk away from the house and restart the homebuying journey.

In the aforementioned scenario, a homebuyer may become frustrated and annoyed, and for good reason. Conversely, if a homebuyer understands the challenges associated with buying a house, he or she can plan for the best- and worst-case scenarios.

2. Search for Homes That Fall Within Your Price Range

Have you established a budget for your home search? If not, you may wind up focusing on houses that you won't be able to afford.

Get pre-approved for a home loan – you'll be glad you did. With a home loan in hand, you can enter the real estate market with a homebuying budget. Then, you'll be able to narrow your home search to houses that fall within your price range, thereby speeding up your search for the ideal residence.

It won't take long to get pre-approved for a home loan, either. In fact, if you meet with local banks and credit unions, you can instantly learn about a variety of home loan options.

3. Collaborate with a Real Estate Agent

Although you know that you want to buy a house, you have no idea what to expect during the homebuying journey. Fortunately, if you hire a real estate agent, you can learn what it takes to stay calm, cool and collected as you search for a house.

A real estate agent is a housing market expert who takes pride in his or her work. As such, a real estate agent will be available to respond to your homebuying concerns and questions, ensuring that you can make an informed home purchase.

Perhaps best of all, a real estate agent will go above and beyond the call of duty to eliminate homebuying hurdles.

For instance, a real estate agent is happy to negotiate with a seller's agent on your behalf, guaranteeing that you can avoid the stress of negotiating a home price. Or, if you need help finding a qualified home inspector, real estate attorney or other local professionals, your real estate agent can provide honest, unbiased recommendations.

Be reasonable as you kick off your search for your dream residence. That way, you can seamlessly navigate the homebuying journey and improve your chances of acquiring a house that matches or exceeds your expectations.




Categories: Uncategorized  


Posted by New Age Real Estate on 1/25/2019

Personal financial in your twenties comes with a steep learning curve. One minute you’re studying for your finals and the next you’re expected to suddenly know about APR financing, 401(K)s, and fixed-rate mortgages.

If you’re in your twenties and are facing these new challenges, you’re probably equal parts terrified and excited for the future. And, although it can be anxiety-inducing to step into the world of personal finance, you have one tool to your advantage that your parents and grandparents didn’t have: the internet.

So, in this article, we’re going to give you some tips about buying a home and managing your finances in your twenties.

Have an emergency fund

You probably have a lot of things you want to save for. Down payments on mortgages and auto loans, saving money for traveling, beginning your retirement funds, and maybe even starting a family; they’re all important investments that will take time and financial planning to achieve.

However, one thing that many young people neglect when they first start saving is an emergency fund. There are any number of things that can throw a wrench in your plans in your twenties. You might lose a job and have to live off of savings while hunting for a new one. Maybe something goes wrong with your car and it costs hundreds to repair. Or, you could have unforeseen medical expenses that aren’t covered by your insurance. Regardless of the reason, having an emergency fund will help you stay out of unnecessary debt.

It’s recommended to have at least 6 months of living expenses saved in your emergency fund. Once you have this amount saved, it’s a good idea to keep it in a separate account to avoid spending it on things that aren’t exactly an emergency.

Don’t live above your means

We all know that buying a house, going to college, and even buying groceries are all exponentially more expensive than they used to be. However, it’s still important to try to adjust your lifestyle to the things you can afford.

This includes the vehicle you drive, the first home you buy, and even smaller purchases you make.

Avoiding lifestyle creep

Related to our last point about living above your means, lifestyle creep is the phenomenon that occurs when you get a raise or a higher paying job: the more we make, the more we spend. However, it’s possible to avoid this trend by keeping your finances in check.

The next time you get a raise, make sure that money is put to use in either your retirement fund or savings account. This method is based on the goal of “giving every dollar a job.” When every dollar you earn has a purpose, you’re less likely to spend it on new video game consoles every six months.