Six Tips for Shopping for a Neighborhood

There’s more to shopping for a home than just looking for a house. A big part of the purchase is about the neighborhood and surroundings.

So before you move, know what to look for:

1. Where is it? The cardinal rule of real estate is location. Is the house close to schools, new jobs, parks, downtown or public transportation? Figure out the locations and distances that are most important to you.
2. Keep your budget in mind. Don’t let high-gloss brochures interfere with your bottom line. Luxury neighborhoods are beautiful, but make sure you’re financially comfortable buying a home in a fancy location before you commit.
3. Thriving or declining? Is your dream neighborhood improving, or settling into obsolescence? Are the neighbors keeping up their properties? Is there an abundance of ‘For Rent ’ signs?
4. Extra fees. If your dream neighborhood has a homeowner’s association (HOA), make sure you budget for monthly HOA dues.
5. Holding value. Shopping fixer-uppers? Remember not to improve the property beyond the rest of the neighborhood. Putting too much work into your house may mean you won’t recoup all your investment when you sell.
6. Go before you buy. Explore your new neighborhood outside of the open house times. Are the streets usually full of cars? Is there a drummer or noisy dog living next door? Talk to potential neighbors and get the scoop before you submit an offer.

Of course, you don’t have to find your dream house on your own. If you or someone you know is ready to buy a new home, call me today!

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What do you need to get a mortgage?

There is no getting around the amount of documentation needed to acquire a mortgage in a post-recession world. When you are applying for a mortgage you will face more paperwork than ever before. It is a good idea to go ahead and gather some of the essentials needed prior to submitting a mortgage loan application to help the process move along as smoothly as possible. Below is a list of documents that are usually required to complete a mortgage loan application. Your mortgage loan originator can tell you about any additional requirements or documents that may be needed to close on your new home.

• Social Security number
• Two forms of government identification
• W-2 forms from the previous two years if you collect a paycheck
• Profit and Loss statements or 1099 forms is you own a business
• Recent paystubs
• Most recent federal tax return and possibly the last two tax returns
• A complete list of your debts
• A complete list of assets
• Cancelled checks for your rent or mortgage payments

Why Buy in 2016?

Home Shopping? Get Preapproved First

In any type of market, it is always a great idea to pursue a preapproval from a lender in advance of beginning a home search. 

A preapproval verifies the borrower's information and documentation to determine exactly how much the lender would be willing to lend. This is great information to have as a buyer as this allows you to know exactly how much house you can afford. You know up front what your estimated monthly payments will be and can estimate closing costs that may be due. Also, having a preapproval can speed up the underwriting and loan approval process which can help you get into your new home much more quickly. 

Another reason that a preapproval is beneficial is that it allows the seller to know that you are a serious buyer. There are many times that a seller will require a preapproval prior to accepting any offer or contract on a home. This is especially true for bank owned properties and short sales. Having your preapproval in hand allows the seller to know they will be working with a qualified buyer during the process. Even if a seller doesn't require it, having a preapproval can separate you from other buyers who haven't taken the initiative to start the lending process. 

To-Do List for First-Time Buyers