Home » Posts tagged "magazine"
Find Homes For Sale. Search real estate, recently sold properties, foreclosures, new homes, maps, schools and more ... www.DanielAndradeHomes.com

5 Factors That Decide Your Credit Score.

Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage.

The following factors affect your score:

1. Your payment history. Did you pay your credit card obligations on time If they were late, then how late Bankruptcy filing, liens, and collection activity also impact your history.

2. How much you owe. If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it s a good thing if you have a good proportion of balances to total credit limits.

3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer’s oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years.

4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly.

5. The types of credit you use. Generally, it s desirable to have more than one type of credit  installment loans, credit cards, and a mortgage, for example.

For more on evaluating and understanding your credit score, visit www.myfico.com.

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

What Not to Overlook on a Final Walk-through

It s guaranteed to be hectic right before closing, but you should always make time for a final walk-through. Your goal is to make sure that your home is in the same condition you expected it would be. Ideally, the sellers already have moved out. This is your last chance to check that appliances are in working condition and that agreed-upon repairs have been made. Here s a detailed list of what not to overlook for on your final walk-through.

Make sure that:
Repairs you ve requested have been made. Obtain copies of paid bills and warranties.
There are no major changes to the property since you last viewed it.
All items that were included in the sale price  draperies, lighting fixtures, etc.  are still there.
Screens and storm windows are in place or stored.
All appliances are operating, such as the dishwasher, washer and dryer, oven, etc.
Intercom, doorbell, and alarm are operational.
Hot water heater is working.
No plants or shrubs have been removed from the yard.
Heating and air conditioning system is working
Garage door opener and other remotes are available.
Instruction books and warranties on appliances and fixtures are available.
All personal items of the sellers and all debris have been removed. Check the basement, attic, and every room, closet, and crawlspace.

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

How Big of a Mortgage Can I Afford?

Not only does owning a home give you a haven for yourself and your family, it also makes great financial sense because of the tax benefits  which you can t take advantage of when paying rent.

The following calculation assumes a 28 percent income tax bracket. If your bracket is higher, your savings will be, too. Based on your current rent, use this calculation to figure out how much mortgage you can afford.

Rent: _________________________

Multiplier: x 1.32

Mortgage payment: _________________________

Because of tax deductions, you can make a mortgage payment  including taxes and insurance  that is approximately one-third larger than your current rent payment and end up with the same amount of income.

For more help, use Fannie Mae s online mortgage calculators.

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

Closing Documents You Should Keep

On closing day, expect to sign a lot of documents and walk away with a big stack of papers. Here s a list of the most important documents you should file away for future reference.

HUD-1 settlement statement. Itemizes all the costs  commissions, loan fees, points, and hazard insurance  associated with the closing. You ll need it for income tax purposes if you paid points.

Truth in Lending statement. Summarizes the terms of your mortgage loan, including the annual percentage rate and recision period.

Mortgage and note. Spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.

Deed. Transfers ownership to you.

Affidavits. Binding statements by either party. For example, the sellers will often sign an affidavit stating that they haven t incurred any liens.

Riders. Amendments to the sales contract that affect your rights. Example: The sellers won t move out until two weeks after closing but will pay rent to the buyers during that period.

Insurance policies. Provide a record and proof of your coverage.

Sources: Credit Union National Association; Mortgage Bankers Association; Home-Buyer s Guide (Real Estate Center at Texas A&M, 2000)

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

10 Questions to Ask Your Lender

1. What are the most popular mortgages you offer Why are they so popular
2. Which type of mortgage plan do you think would be best for me Why
3. Are your rates, terms, fees, and closing costs negotiable
4. Will I have to buy private mortgage insurance If so, how much will it cost, and how long will it be required (NOTE: Private mortgage insurance is usually required if your down payment is less than 20 percent. However, most lenders will let you discontinue PMI when you ve acquired a certain amount of equity by paying down the loan.)
5. Who will service the loan  your bank or another company
6. What escrow requirements do you have
7. How long will this loan be in a lock-in period (in other words, the time that the quoted interest rate will be honored) Will I be able to obtain a lower rate if it drops during this period
8. How long will the loan approval process take
9. How long will it take to close the loan
10. Are there any charges or penalties for prepaying the loan

Used with permission from Real Estate Checklists & Systems, www.realestatechecklists.com.

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

10 Questions to Ask the Condoboard

Before you buy, contact the condo board with the following questions. In the process, you ll learn how responsive  and organized  its members are. You ll also be alerted to potential problems with the property.

1. What percentage of units is owner-occupied What percentage is tenant-occupied Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.

2. What covenants, bylaws, and restrictions govern the property What grandfather clauses are in place You may find, for instance, that those who buy a property after a certain date can t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.

3. How much does the association keep in reserve Plus, find out how that money is being invested.

4. Are association assessments keeping pace with the annual rate of inflation Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. To determine if the assessment is reasonable, compare the rate to others in the area.

5. What does and doesn t the assessment cover Does the assessment include common-area maintenance, recreational facilities, trash collection, and snow removal

6. What special assessments have been mandated in the past five years How much was each owner responsible for Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board s fiscal policy.

7. How much turnover occurs in the building This will tell you if residents are generally happy with the building. According to research by the NATIONAL ASSOCIATION OF REALTORS , owners of condos in two-to-four unit buildings stay for a median of five years, and owners of condos in a building with five or more units stay for a median of four years.

8. Is the condo building in litigation This is never a good sign. If the builders or home owners are involved in a lawsuit, reserves can be depleted quickly.

9. Is the developer reputable Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer s report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren t in good repair, they become your problem once you buy.

10. Are multiple associations involved in the property In very large developments, umbrella associations, as well as the smaller association into which you re buying, may require separate assessments.

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

Tips for Buying in a Tight Market

Increase your chances of getting your dream house in a competitive housing market, and lower your chances of losing out to another buyer.

1. Get pre-qualified for a mortgage. You ll be able to make a firm commitment to buy and your offer will be more desirable to the seller.

2. Stay in close contact with your real estate agent to find out about the newest listings. Be ready to see a house as soon as it goes on the market  if it s a great home, it will go fast.

3. Scout out new listings yourself. Look at Web sites such as REALTOR.com, browse your local newspaper s real estate section, and drive through the neighborhood to spot For Sale signs. If you see a home you like, write down the address and the name of the listing agent. Your real estate agent will schedule a showing.

4. Be ready to make a decision. Spend a lot of time in advance deciding what you must have in a home so you won t be unsure when you have the chance to make an offer.

5. Bid competitively. You may not want to start out offering the absolute highest price you can afford, but don t go too low to get a deal. In a tight market, you ll lose out.

6. Keep contingencies to a minimum. Restrictions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing. In a tight market, you ll probably be able to sell your house rapidly. Or talk to your lender about getting a bridge loan to cover both mortgages for a short period.

7. Don t get caught in a buying frenzy. Just because there s competition doesn t mean you should just buy it. And even though you want to make your offer attractive, don t neglect inspections that help ensure that your house is sound.

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

How to Get an Offer on Your Home

1. Price it right. Set a price at the lower end of your property s realistic price range.

2. Prepare for visitors. Get your house market ready at least two weeks before you begin showing it.

3. Be flexible about showings. It s often disruptive to have a house ready to show at the spur of the moment. But the more amenable you can be about letting people see your home, the sooner you ll find a buyer.

4. Anticipate the offers. Decide in advance what price and terms you ll find acceptable.

5. Don t refuse to drop the price. If your home has been on the market for more than 30 days without an offer, you should be prepared to at least consider lowering your asking price.

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

Does Moving Up Make Sense ?

These questions will help you decide whether you re ready for a home that s larger or in a more desirable location. If you answer yes to most of the questions, it s a sign that you may be ready to move.

1. Have you built substantial equity in your current home Look at your annual mortgage statement or call your lender to find out. Usually, you don t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you ve owned your home for five or more years, you may have significant, unrealized gains.

2. Has your income or financial situation improved If you re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.

3. Have you outgrown your neighborhood The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you d like to be closer to your job or live in a better school district.

4. Are there reasons why you can t remodel or add on Sometimes you can create a bigger home by adding a new room or building up. But if your property isn t large enough, your municipality doesn t allow it, or you re simply not interested in remodeling, then moving to a bigger home may be your best option.

5. Are you comfortable moving in the current housing market If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you ll have more selection and better pricing as you seek your new home.

6. Are interest rates attractive A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

Your Property Wish List

What does your future home look like Where is it located As you hunt down your dream home, consult this list to evaluate properties and keep your priorities top of mind.

Neighborhoods

What neighborhoods do you prefer

Schools

What school systems do you want to be near

Transportation

How close must the home be to these amenities:
Public transportation
Airport
Expressway
Neighborhood shopping
Schools
Other

Home Style

What architectural style(s) of homes do you prefer
Do you want to buy a home, condominium, or townhome
Would you like a one-story or two-story home
How many bedrooms must your new home have
How many bathrooms must your new home have

Home Condition

Do you prefer a new home or an existing home
If you re looking for an existing home, how old of a home would you consider
How much repair or renovation would you be willing to do
Do you have special needs that your home must meet

Home Features

Front yard
Back yard
Garage ( __ cars)
Patio/Deck
Pool
Family room
Formal living room
Formal dining room
Eat-in kitchen
Laundry room
Finished basement
Attic
Fireplace
Spa in bath
Air conditioning
Wall-to-wall carpet
Wood floors
Great view

Other notes:

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

Find Homes For Sale. Search real estate, recently sold properties, foreclosures, new homes, maps, schools and more ... www.DanielAndradeHomes.com

This site is protected by Comment SPAM Wiper. Find Homes For Sale. Search real estate, recently sold properties, foreclosures, new homes, maps, schools and more ...
www.DanielAndradeHomes.com


Click for Privacy Policy

Daniel Andrade, REALTOR® DRE #: 01849983
Century 21 My Real Estate Co
7825 Florence Avenue, Downey , CA 90240
call today 323-215-9836
daniel@mynewhouses.com

Each Office is Independently Owned and Operated © 2012 Century 21 Real Estate Corporation. CENTURY 21® is a registered trademark owned by Century 21 Real Estate LLC. An Equal Opportunity Company. Equal housing Opportunity. Each office is independently owned and operated. Copyright © %current-year% %home% - All Rights Reserved