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Posted by Monica Kavanaugh on 7/9/2019

If you're on the fence about whether to attend an open house, there is no need to worry. Ultimately, it is always better to err on the side of caution, especially if you're on the hunt for your dream home. And if you attend an open house, you may be better equipped than ever before to determine whether a particular residence is right for you.

There are many reasons why you should attend an open house, and these include:

1. You can assess a house both inside and out.

An open house provides a stress-free opportunity to walk through a house and examine it on your own. As such, an open house is a can't-miss event, particularly for a homebuyer who is actively seeking the perfect residence.

Of course, an open house enables you to learn about a home's condition both inside and out. And if you find that you like a home after you attend an open house, you can always set up a one-on-one home showing with a seller's agent or submit an offer to purchase.

2. You can envision what life may be life if you purchase a particular home.

It's one thing to look at pictures of a home and imagine what it would be like to live there. However, homebuyers who want to do everything possible to find the right residence should attend an open house to fully capture what it may be like if they purchase a particular residence.

Remember, how a home makes you feel can have far-flung effects on your decision about whether to submit an offer. And if you attend an open house, you may quickly discover whether you can picture yourself as the owner of a residence. Or, if you find that you are uncomfortable with a home, you can instantly move on and pursue other houses.

3. You can obtain home insights that you won't necessarily find in a house listing.

A home listing often contains details about a home's age, recent house upgrades and other pertinent information. But a home listing alone rarely provides you with all of the insights you need to make an informed decision about whether to submit a homebuying proposal.

During an open house, you can ask a seller's agent lots of questions about a residence. This will enable you to obtain insights that you otherwise may struggle to discover in a home listing. And as a result, you'll be able to make the best-possible decision about how to proceed with a residence.

Clearly, there are many reasons to consider attending an open house. If you need extra help as you pursue residences and debate whether to attend open houses, you may want to hire a real estate agent. This housing market professional can offer expert guidance throughout the homebuying journey. By doing so, a real estate agent will make it easy for you to find your ideal residence in no time at all.




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Posted by Monica Kavanaugh on 7/2/2019

As the workforce changes and a growing number of companies seek out contractors and freelancers, many Americans find themselves in a gray area when it comes to their income. They may put in full-time hours, but on their taxes they work for themselves.

Mortgage lenders are cautious about who they lend to. They want to make sure you are a low-risk investment who has reliable, predictable income to ensure that theyíll earn money off of your loan.

This can sometimes make it difficult for freelancers, contract workers, or the self-employed. Not only might your taxes be unconventional, but your income could vary depending on the time of the year and the amount of business you receive.

Itís easy to see why many people would be anxious about applying for a mortgage under these circumstances. However, if youíre self-employed, thereís no need to worry. You can still get approved for a mortgage at a fair interest rate--you just need to do a bit of work to provide the right documents to your lender.

In this article, weíll show you what documents and proof of income youíll likely need and how to present it to a lender to make the process run as smoothly as possible to get you approved for your mortgage. Hereís what you need to do.

Organize your records

Before applying for a mortgage, itís a good idea to take a look at your record-keeping process. As a self-employed worker, youíre probably already used to tracking your own income. However, this will help the lender analyze your income easier and move the process along more quickly.

Having a master spreadsheet of your dated invoices, paid amounts, and the names of your clients is a good place to start. Youíll also want detailed, easy to read information for your previous employers, landlords, references, and any other information you think will be pertinent.

Next, gather your tax documents for the last three to five years. As a self-employed worker, you likely file a Schedule C (Form 1040) and a Schedule SE. Make sure you have copies of these forms.

Dealing with deductions

Many self-employed workers write off business expenses in their tax returns. Travel expenses, internet, and other costs associated with doing business are all ways to save by reducing your taxable income. Doing so can save you money, but it can also reduce your net income which is what lenders will see when you provide them with your information.

If youíre hoping to get approved for a bigger loan, one solution is to plan your taxes in the year prior to applying for a mortgage. Make fewer deductions than you normally would to increase your net income.

Be ready to clarify

When a mortgage lender is reviewing your information, make sure you are open and available to provide any information that can be helpful to them in considering your application. Being prompt and accurate with your responses will signal to your lender that you are willing to work with them.





Posted by Monica Kavanaugh on 4/23/2019

Buying a house should be a fast, simple process. However, problems sometimes can arise that prevent a homebuyer from discovering his or her dream residence.

Ultimately, there are many factors to consider before you purchase a house to ensure you can avoid myriad homebuying hurdles, and these factors include:

1. Your Home Needs

No two houses are identical, and much in the same vein, no two homebuyers have the same definition of the perfect residence. As such, a homebuyer should consider his or her dream home demands prior to kicking off a home search.

Making a checklist of home "must-haves" and "wants" is paramount. With this checklist in hand, a homebuyer will be able to refine his or her home search and map out the property buying journey accordingly.

It may be helpful to consider your day-to-day activities as you evaluate where you want to live too.

For example, if you work in the city, you may want to find a house that is located near public transportation. Comparatively, if you have kids, you may want to consider houses that are located close to top schools.

2. Your Budget

You know that you want to buy a house. On the other hand, you still have no idea how much money is available to ensure you can make your homeownership dreams come true.

When it comes to buying a house, it pays to meet with banks and credit unions. With pre-approval for a mortgage, you'll know precisely how much you can spend on a house.

To get pre-approved for a mortgage, set up consultations with several potential lenders. Then, you can learn about all of your mortgage options and select a mortgage lender that matches or surpasses your expectations.

3. Your Homebuying Timeline

Are you looking to buy a home as soon as possible? Or, can you afford to take a wait-and-see approach throughout the homebuying journey?

Examine your homebuying timeline and plan ahead as much as possible. By doing so, you can boost your chances of finding a terrific house and minimize stress as you browse the real estate market.

Regardless of your homebuying timeline, it always helps to work with a real estate agent. This housing market professional can take the guesswork out of searching for a residence and ensure you can discover a stellar house at a budget-friendly price.

Typically, a real estate agent will keep you up to date about new residences as they become available. He or she also will provide honest, unbiased homebuying recommendations and respond to any homebuying concerns and questions.

Let's not forget about the support that a real estate agent can provide during homebuying negotiations, either.

A real estate agent is happy to negotiate with a home seller on your behalf. That way, he or she can help you secure a great house without having to worry about paying too much.

Streamline the process of acquiring your ideal residence. Consider the aforementioned factors, and you can keep things simple as you proceed along the homebuying journey.




Categories: Uncategorized  


Posted by Monica Kavanaugh on 4/16/2019

Buying a home as a single individual comes with its own set of unique experiences and challenges. Some are to be expected, like financing with a single income. While others not so much, like a more competitive market.

You know that financing will be based on your sole income. However, the vast majority of homeowners are couples who have dual incomes. Your eligibility is going to be very different than that of a couple and for some home buyers when they receive a lower number this comes as a shock. Expect to see numbers that are on the lower side of those who apply as couples.

Since you are on a sole income you may want to look into various loan types such as those that offer low-interest rates and lower down payments. Two to look at are first-time buyers programs and FHA loans.

When comparing options watch the lenders fee in comparison to the interest rate. Where you may have low-interest rate it might come with a higher lender fee. Do the math on these ratios to get a true value of each.

Before applying for mortgage approval, clean up your budget and handle any existing debts, especially expensive ones. Pay off card balances, refinance student loans, and swap out expensive monthly car payments for one that is more reasonable.

Draw up a budget and get really clear on just how much house you can afford month to month. Include the cost of house ownership and maintenance in your budget in addition to the cost of future monthly mortgage payments.

As a sole earner having savings is incredibly important as you donít have a second income to rely on. In addition to setting aside your down payment (as close to the recommended 20% as you can), build up a nest egg of three to six months worth income should anything misfortune arise.

Start the buying process well prepared with the right mindset. Smaller houses make up a lower percentage of the housing market and cheaper homes are competitive when it comes to the buying process. Be ready for a search that might go a little longer and a buying process that needs you to move a little faster than traditional ones.

Bring a trusted friend or family member with you to home viewings to have a sounding board for your decision process. Itís easier to get swept away emotionally when you donít have a partner to hash out the gritty details with. Find someone who can come to each viewing with you so that you can compare the different homes proís and conís together.

Buying a home as an individual is a unique process but it doesnít have to be a difficult or lonely one. Ask for feedback from your realtor, bring a trusted friend and know what to expect from the buying process as a sole income earner.





Posted by Monica Kavanaugh on 3/12/2019

An ambitious homebuyer goes above and beyond the call of duty to find a great residence at an affordable price. As such, this individual is better equipped than others to streamline the homebuying journey.

Anyone can become an ambitious homebuyer. Now, let's take a look at three tips to help you seamlessly discover your dream residence.

1. Create Homebuying Criteria

Buying a home can be simple, particularly for those who establish property buying criteria. If you enter the real estate market with homebuying criteria in hand, you can hone your search to residences that match your expectations. Then, if you find a house you want to buy, you can move quickly to acquire this residence.

As you craft homebuying criteria, it often helps to evaluate your short- and long-term aspirations. For example, if you strive to live close to the beach, you may want to pursue residences near top beaches in various cities and towns. On the other hand, if you require a house that includes a central air conditioning system, you can search for residences that boast this feature.

2. Develop a Budget

A homebuying budget is essential, as it will help you search for houses that fall within your price range. Perhaps most important, a budget limits the risk that you will be tempted to spend beyond your means to purchase your ideal house.

Generally, it helps to meet with banks and credit unions before you launch a home search. These financial institutions can teach you about a variety of mortgage options and help you make an informed mortgage selection. Best of all, banks and credit unions can respond to any of your mortgage concerns or questions, at any time.

3. Collaborate with a Real Estate Agent

If you want to speed up your home search, you may want to hire a real estate agent. Because if you have a real estate agent at your side, you can get the help you need to discover a terrific home that can serve you well for years to come.

A real estate agent understands the importance of conducting a comprehensive home search. Thus, he or she will do whatever it takes to help you find a home that suits you perfectly. From setting up home showings to helping you craft a competitive offer to purchase, a real estate agent is prepared to assist you in any way possible.

Furthermore, a real estate agent will offer plenty of guidance as you get ready to close on a home. The weeks and days leading up to a home closing can be worrisome, but a real estate agent will provide tips to alleviate stress. As a result, a real estate agent will help you enjoy a stress-free homebuying experience.

Want to navigate the homebuying journey like an expert? Take advantage of the aforementioned tips, and you can become an ambitious homebuyer and find and purchase your dream house in no time at all.




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