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December 2015

Found 4 blog entries for December 2015.

elderly man walking on winter beach

Think about your financial, work, and personal situations. Buying a house requires you to be financially independent, on a career track, and ready to support changes in your personal life. Consider the following:

  • Do I have regular income from a reliable source? Have I been receiving income for at least 2 years with promising future prospects?
  • Have I saved enough money to make a decent down payment on a house?
  • Am I regular and on-time when paying bills?
  • Do I have debts like car payments and student loans?
  • Can I afford a mortgage and any other home buying costs without compromising my financial security?

Think honestly about the answer to each question. Without a definitive yes or no answer, you may not be in a position to buy a

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modest cityscape at sunset

 

Yes, you should hire a real estate agent. Leave the hassle of saving money, dealing with legal issues, and consolidating closing costs in the hands of a professional. Real estate agents handle communications, organize and file paperwork, balance costs, and handle the details of your real estate transaction. Their job is to make the home buying process simple while saving you time and money.

 

Why Should I Hire a Real Estate Agent?

Your agent is only successful when his or her combined set of social and professional skills generate results. In general, a real estate agent must possess these skills:

  • Independence
  • Leadership
  • Market Expertise
  • Self-Motivation
  • Social Skills

Independence

New and veteran agents alike

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15-year-vs-30-year-mortgage-banner

 

For those who are buying a house, banks and lenders that offer home loans give borrowers the option to pay their mortgages over the course of either 15 years or 30 years and anywhere within that range. A 15-year mortgage allows you, the borrower, to pay off the principal on your new house quickly without accruing 15 extra years of interest. A 30-year loan lowers your payments so you can live comfortably while paying off your home loan.

 

Which mortgage is better?

For the average home buyer, neither the 15 nor the 30-year mortgage is better than the other. Advantages that come with paying off your home loan faster with a 15-year mortgage are offset by the advantages of saving money on a monthly basis over the life of a 30-year mortgage.

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hands holding paper house

 

Besides the final purchase price of your new house, you'll have to consider the costs associated with setting up and moving in. Buying a house with a realty company includes such expenses as:

  • Deposit
  • Down Payment
  • Mortgage Loan Insurance
  • Real Estate Transfer Taxes
  • Home Appraisal and Inspection
  • Homeowner's Insurance
  • Legal Fees
  • Moving Expenses
  • Utilities Connections

Some of these expenses can be added to your mortgage or negotiated out of the purchase price of the house you are buying. Others must be paid cash before closing on your home.

 

Deposit

About $1000

The deposit is the first expense you'll encounter once you're ready to make an offer to purchase a house. After you have viewed and chosen a

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