Tag: first time home buyer

Can You Still Buy A Home With A Zero Down Mortgage?

Posted on by Mike

Are you considering buying a home this year? Most would have you believe that you need at least a 3.5% down payment to get a mortgage. But there are actually a few ways you can get a home with a zero down mortgage.

Here’s what you’ll need to get the keys: a good credit score — a 640 or better with a clean payment history; consistent income, with a solid work history for at least the past two years; and an ability to afford a mortgage payment.

Conventional Loans

What it is: In order to buy a house with a conventional loan, you’ll need at least a 5% down payment. The 5% down payment can come in the form of a gift, and you no longer need to have a minimum contribution to the down payment. The entire down payment can be a gift as long as you’re buying a single-family home. And single-pay mortgage insurance is a little-known benefit that simply allows you to pay a portion of the future years’ PMI payments upfront in one lump sum at close of escrow. Typically, you’re required to have private mortgage insurance (PMI) when you have less than 20% equity on a refinance or less than a 20% down payment when buying a home. Continue reading “Can You Still Buy A Home With A Zero Down Mortgage?” →

The Ten Step Home Selling Process

Posted on by Mike

It is important to set out in writing the reasons that are motivating you to sell your current home. You might ask yourself, “Why am I selling my home and what do I expect to accomplish?” If you have a growing family and you need more space you may be under less pressure to get your house ready to sell than if you were, let’s say, moving to a new city due to career opportunity.

Explore your short and long term goals and decide how selling your house fits into those goals. Your agent will identify all of the variables within your individual goals and how best to achieve them in your local real estate market. Your real estate agent will apply his or her expert knowledge to your particular needs and set a realistic time frame for the process to proceed. This will help you to establish a time management path for selling your home.

 
 
Step 1 / Step 2 / Step 3 / Step 4 / Step 5 / Step 6 / Step 7 / Step 8 / Step 9 / Step 10
Janet Shawgo
Realtor®
mobile – 704-657-0838
office – 704-235-3076
fax – 704-799-3702

 

Copyright © 2012 LakeNormanNCRealEstate.com. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. Questions and comments should be sent to [email protected]. Click here to view our Privacy Policy.

The Ten Step Home Buying Process

Posted on by Mike

Congratulations on your decision to purchase a new home! Your first step toward buying your new home will be to analyze your needs. Your real estate agent can assist in analyzing your needs so that you will be able to get a clear picture of exactly what you want your new home to look like and how it should function for you and your family.

First, you should write down why you are looking for a new home. For example, are you currently renting and would like to have a home where you can begin building equity? Maybe you recently married and have outgrown your current residence. Or, maybe you have just gotten a promotion, which requires you to move to a new city. These factors will all have a bearing on how you approach your home search.

Second, establish a time frame that you would like to stay within for buying your home. Depending on your reasons for wanting a new home and the current state of the market in the area you are looking to buy, you should be able to come up with a rough guideline, which you can finalize at a later time.

Last, you most likely have a mental picture of what you would like your house to look like and what features it should have. It’s very important to write these ideas down to avoid any ambiguity later in your home search. You should make at least two lists: one should be a list describing your dream home and the other should list the features of the home that are an absolute must have in order to buy it. In a perfect world, your new home would fulfill both lists 100 percent. It is more likely that you will end up blending the two lists into a schedule of prioritized items as you progress through the buying process. This is a natural and evolutionary process as you get clearer about what you want and what is available.

 
 
Step 1 / Step 2 / Step 3 / Step 4 / Step 5 / Step 6 / Step 7 / Step 8 / Step 9 / Step 10
Janet Shawgo
Realtor®
mobile – 704-657-0838
office – 704-235-3076
fax – 704-799-3702

 

Copyright © 2012 LakeNormanNCRealEstate.com. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. Questions and comments should be sent to [email protected]. Click here to view our Privacy Policy.