Are All Mortgage Rates the Same
Becoming a homeowner can be a drawn-out process that some people may find tiring and daunting. Looking over all those listings, reaching out to real estate agents, meeting with bank representatives, etc., etc.... The process involves many steps but the most important one is searching for and finding the best mortgage lender for you. If you’re going to be involved with this lender for years to come, it makes sense that you put in the hours to find the best one that will fulfill your needs.
What types of lenders are available to you
It’s All About Consumer Experienc
When a lender goes the extra mile to make sure you have all the information you will need at your disposal, the process will run a lot smoother. Sometimes a bit of hand-holding will make all the difference. Some lenders make themselves available over the phone for consultations, crunch numbers with you and even provide some of the information themselves. All these gestures contribute to smoothing out what could potentially be a bumpy ride toward becoming a homeowner.
Look Into a Lender’s Reputation
One key part of your research should include looking into any possible complaints filed against a lender you’re considering. Good thing there are nationwide organizations that keep consumers appraised of these complaints. This information is free of charge so you can look up any organization such as a bank and get a more solid image of the kind of company they are.
If they have a good standing among consumers, chances are you’ll have a pleasant experience. One thing to keep in mind is that the lending industry is so big that even if a company has some complaints filed against them, that shouldn’t necessarily be a dealbreaker. Look into them with an open mind and decide for yourself if they seem trustworthy enough to pursue a relationship that may last years.
The Final Word
Buying a home is never a simple process, so the first few steps you take are very important. Being well-informed goes a long way toward getting a mortgage with affordable monthly payments. Yes, it can be hard at times but if you push on through in a responsible and educated manner, you’ll get there soon enough. One step at a time will lead you to your new home sooner than you think. Best of luck!
fiscal responsibility: Living within your means.
YES. Its a thing. A VERY important thing.
So why it that Americans--consumers & organizations alike, are we so bad at it?
Take time & reflect on your fiscal responsibility. How are you doing? What could you change? And more importantly, stick to your plan.
real estate is about the house right?
Whatever the reason, having a nice place to work & play on your automobiles is handy.
And those woodworking projects that always seem to pop up. (That happens to everyone right? Not just me!?)
Things that are KEY to garage workspace while you are 'house' shopping:
1) in-floor heat!
3) size & storage options (or place to construct some yourself)
Although I LOVE my air compressor too....
For those that know me, you know I love things with wheels. My learning curve might be slow, but I love to learn about how stuff works.
Although I wish I was more mechanically inclined, I am more than most (come on, grinding prep for welding is fun!). PLUS, I have some amazing teachers--Alec, Tim, Gary & Don.
Maybe its because I want to know how crap works or maybe it's the do-it-yourself independent nature of mine.
The first property I sold was a shed with a living space included. I am not the only one that loves garage space.
On my wish list still....and will be for awhile probably:
Whatever your level of garage time, having a garage that fits your needs makes the home 'fit' you better....which can translate to making daily life run smoother for all occupants.
Finding the perfect house *MIGHT NOT* be just about the 'house'...but all about the GARAGE.
In 2017, the Average IOWA
Credits - Debits = Your Savings
If you want to save more, look at what expense you can
5. Build your credit score.
6. Saving for RENT
- rent should be LESS THAN 30% of your take-home pay (if its more, find a different place or get roomies)
- 30% of take-home pay will be living expenses (renter's insurance, utilities, internet, phone, water, garbage, etc.)
- ***Aim to save up at least your up-front costs & three months of rent + expenses before leaving the nest.
- putting 20% down on a loan means you do not have to pay PMI (Private Mortgage Insurance) every month.
- so, if you are looking at buying a $200,000 home, you need $40,000 for a down payment.
- concern automating your savings along with using an app like DIGIT to help you save.
save & learn to be frugal.
Have a great weekend peeps!
Depending on the market you live in, selling your home can be slow or fast. In NE Iowa, generally speaking, the market does not move very fast. For example, a BUYER could accept an offer that is contingent on the SELLER listing and selling their home.
Selling could take 1 day, or it could take longer (come on, we all know the houses that have been on the market for YEARS).
As a SELLER, how long do you want to wait to be rid of the house? If speed is of the essence, you might want to consider the 72-hour clause.
What is THAT you might ask....
The 72-hour clause is a common provision added to real estate contracts that allows a seller to continue marketing their property for a period of time after an offer is made
- Seller can accept a buyer's offer while still marketing their property.
- Seller receives another offer that they accept as a backup.
- With this backup offer in place, the seller's agent contacts the original buyer about the new offer, activating an escape clause.
- The original buyer then has 72 hours to complete their purchase or back out and allow the second offer to take first position.
- If the home is already on the market. If not, this is usually a red flag because it indicates the potential buyer is just thinking about buying and selling at this point.
- If it's listed at the correct price. A real estate agent can prepare comparables to make sure the house is priced to sell.
- How long it has been on the market. If it’s been a long time, the home may be priced too high, the showing procedure may be difficult, or the market could just be dry.
- The average time on the market for homes in the neighborhood. If the average time is 30 days or so, one could expect the home to sell. If it’s 90 days or more, the seller could be waiting with little chance that the buyer’s home will sell.
Hi, I am Summer, real estate agent in NE Iowa. This blog is about life, of which Real Estate is a part of. Happy reading!