Fixing up your home to sell is a big responsibility. The way you go about decorating your home can be a big factor in the selling power of the house, adding up to 20 percent to the selling value of your home, although you may not see that much yourself. A lot of newbies to the home selling business can be under the common misconception that making your home as "homey" as possible will make people want to buy your property. Supposedly, seeing a home the way you have it should cause them to wish that they lived in such an environment and this is not the case.
It is strongly recommended that you keep your decorating prowess to a bare minimum when fixing up your home to sell. One's natural impulse is to clean up the entire house, rearranging things and making everything look nice, and that is all well and good. When fixing up your property to sell, put yourself in the shoes of your prospective home buyers, who will be walking around your house and sizing it up for themselves. Most people are looking to purchase a home for themselves, to raise a family in and all that jazz. In that respect, while they may like you and your family just fine, they are not going to want to see your son's cement handprint hanging over the doorway, or your daughter's kindergarten art project framed over the mantel. It is to your benefit, as the seller, to remove as many visible personal items from the home as possible, especially the living room and dining room, or other areas where the prospective buyers, agents, or others may congregate to discuss your property. Take down your wedding pictures, and if you just can't bear to do such a thing make sure they are straight on the wall. Arrange sofa pillows, ottomans, and other objects neatly. Having too much clutter in the home when you are showing it to prospective buyers can hurt your chances of selling the property quickly. When your personal items are in the way, prospective home buyers may sometimes find it hard to envision their own belongings and their own family in the house.
It is also recommended that you bake cookies, a cake, a pie, or even just set potpourri dishes around the house. Aroma does a lot for the senses, and baking in particular brings a homey, personal effect to the property. Furniture placement can mean a lot as well. Less is more! Once again, give your prospective home buyers the opportunity to envision their own belongings in the home. A small sofa, loveseat, and table is more than enough in this case. Of course, if you are still living in the home you must be able to continue doing so, but grandpa's easy chair, the old out-of-tune piano, and the bean bag chair can all be temporarily stored in the basement or attic. Yes, parting with belongings like that, especially if you are a pack rat, can be such sweet sorrow, but it will pay off in the end when you sell your home for your asking price.
Birmingham Real Estate
Monday, November 21, 2005
Monday, July 11, 2005
How To Build A Lender-Friendly Credit Report
How To Build A Lender-Friendly Credit Report
The most important thing you can do when beginning to build up your good credit is to always pay your bills on time and to never, ever borrow more than you can afford to pay back. It sounds simple, but unfortunately, credit is enticing and it really quiet simple to get in over your head. And those no money down and pre-approved credit card offers can send us straight down the dark credit road! It’s essential when building a healthy credit report that you remember your long term goals, and resist that instant gratification.
Today, having good credit means more than ever. It has always had the ability to affect your ability to get a car, a house, rent an apartment, or be approved for personal loans or credit cards. However, now more employers are looking at credit reports as part of background checks, and insurance companies are considering them when deciding whether or not to extend coverage.
Having good credit means you have established credit, which stated simply means that you have borrowed money or used a credit card and then re-paid it in a timely manner and not extended your credit limits. Additionally, it means not overextending yourself and applying for credit that you won’t be able to pay back. One little tip; don’t “shop” for credit because every time you apply for a credit card it shows the action as an inquiry on your report. Too many of those make you look like a high risk to other lenders!
As a young adult, using a cellular phone and paying your bills on time is a good way to start building a good credit report. In addition, there are many special credit card offers for students and young adults specifically designed to get a credit history started, and using the card and paying it on time is one of the best ways to establish excellent credit. Paying more than the minimum payment, or even paying the full balance, is also a great idea.
An excellent way to further build strong credit is with a car loan. Most cars aren’t cheap, so by having a large balance and then paying it on time every month will do wonders for your credit. You’ll need to establish sufficient credit in order to be able to borrow money and finance the car, but making other payments on time – such as the ones mentioned above – and being sufficiently employed will allow you to do so.
Now that we have you buying things and spending money, it’s time to monitor your credit and make sure all is well. Request a copy of your credit report once a year, from each credit bureau. It’s important to know which of your accounts show up on which reports, and to make sure that they are all accurate. It’s fine to increase spending and credit as long you don’t overextend, and make sure to cancel any card you are not using immediately. If you find mistakes on your credit report, make sure to follow the bureau’s instructions to challenge it, in writing. If you follow these steps, you can get your credit rating up to an AAA status and keep it there.
==> The Rigor Group -Real Estate Lending Telecom
The most important thing you can do when beginning to build up your good credit is to always pay your bills on time and to never, ever borrow more than you can afford to pay back. It sounds simple, but unfortunately, credit is enticing and it really quiet simple to get in over your head. And those no money down and pre-approved credit card offers can send us straight down the dark credit road! It’s essential when building a healthy credit report that you remember your long term goals, and resist that instant gratification.
Today, having good credit means more than ever. It has always had the ability to affect your ability to get a car, a house, rent an apartment, or be approved for personal loans or credit cards. However, now more employers are looking at credit reports as part of background checks, and insurance companies are considering them when deciding whether or not to extend coverage.
Having good credit means you have established credit, which stated simply means that you have borrowed money or used a credit card and then re-paid it in a timely manner and not extended your credit limits. Additionally, it means not overextending yourself and applying for credit that you won’t be able to pay back. One little tip; don’t “shop” for credit because every time you apply for a credit card it shows the action as an inquiry on your report. Too many of those make you look like a high risk to other lenders!
As a young adult, using a cellular phone and paying your bills on time is a good way to start building a good credit report. In addition, there are many special credit card offers for students and young adults specifically designed to get a credit history started, and using the card and paying it on time is one of the best ways to establish excellent credit. Paying more than the minimum payment, or even paying the full balance, is also a great idea.
An excellent way to further build strong credit is with a car loan. Most cars aren’t cheap, so by having a large balance and then paying it on time every month will do wonders for your credit. You’ll need to establish sufficient credit in order to be able to borrow money and finance the car, but making other payments on time – such as the ones mentioned above – and being sufficiently employed will allow you to do so.
Now that we have you buying things and spending money, it’s time to monitor your credit and make sure all is well. Request a copy of your credit report once a year, from each credit bureau. It’s important to know which of your accounts show up on which reports, and to make sure that they are all accurate. It’s fine to increase spending and credit as long you don’t overextend, and make sure to cancel any card you are not using immediately. If you find mistakes on your credit report, make sure to follow the bureau’s instructions to challenge it, in writing. If you follow these steps, you can get your credit rating up to an AAA status and keep it there.
==> The Rigor Group -Real Estate Lending Telecom
Friday, July 08, 2005
Home Buyers - Facts You Need To Know
If you are considering buying a home or have spent many years saving in preparation of buying a home, the questions and process involved in buying a home can be extremely stressful. As exciting as it is to begin looking for your new home, there are many unexpected costs and details to be considered before contacting a real estate agent. Home buyers should be aware of every aspect involved in purchasing a home before they take that big step towards home ownership.
You will want to get the most value possible for your money. You should be aware of every detail in regard to the home you wish to purchase. Home inspections can reveal many hidden flaws and problems that could cost you thousands of dollars in repairs. Be aware of your right to a home inspection and contact a professional, licensed home inspector.
Compare the mortgage terms and interest rates offered by various mortgage lenders. Even a slight difference in your interest rate can add up to thousands of dollars over the length of your mortgage. A pre-approval from the lender of your choice will not only give you added confidence when shopping for a new home, but could give you added leverage when bargaining with the seller. A pre-approval will let you know the exact amount you are approved for and will save you time after your offer has been accepted by the seller.
Using a buyer agent is an excellent way to help protect your interests when shopping for a home. A buyer agent will be responsible for helping you get the best deal possible on your new home. While shopping for a home, be aware that certain features can adversely affect the resale value of the home. Detached garages and swimming pools can actually lessen the value of the property. Protect your investment by educating yourself on the home buying process and the way property is appraised.
You can make the home buying process fast and painless if you take some precautions along the way. Choose your lender carefully. Interest rates and closing costs vary from lender to lender and the difference could mean thousands of dollars over time. There are numerous flexible loan programs available. Finding the loan that will best suit your long term needs will be of great value to you when it is time to sell the home. Just a half point difference in your interest rate will translate into a lot of money over the years.
Keep in mind that there are additional costs involved in purchasing a home. Homeowners association fees, furniture, annual heating and cooling costs, and homeowners insurance need to be considered when planning to purchase a new home. Buying a new home does not have to be stressful and frustrating. Make sure you know the facts and your home buying experience will be quick and painless.
You will want to get the most value possible for your money. You should be aware of every detail in regard to the home you wish to purchase. Home inspections can reveal many hidden flaws and problems that could cost you thousands of dollars in repairs. Be aware of your right to a home inspection and contact a professional, licensed home inspector.
Compare the mortgage terms and interest rates offered by various mortgage lenders. Even a slight difference in your interest rate can add up to thousands of dollars over the length of your mortgage. A pre-approval from the lender of your choice will not only give you added confidence when shopping for a new home, but could give you added leverage when bargaining with the seller. A pre-approval will let you know the exact amount you are approved for and will save you time after your offer has been accepted by the seller.
Using a buyer agent is an excellent way to help protect your interests when shopping for a home. A buyer agent will be responsible for helping you get the best deal possible on your new home. While shopping for a home, be aware that certain features can adversely affect the resale value of the home. Detached garages and swimming pools can actually lessen the value of the property. Protect your investment by educating yourself on the home buying process and the way property is appraised.
You can make the home buying process fast and painless if you take some precautions along the way. Choose your lender carefully. Interest rates and closing costs vary from lender to lender and the difference could mean thousands of dollars over time. There are numerous flexible loan programs available. Finding the loan that will best suit your long term needs will be of great value to you when it is time to sell the home. Just a half point difference in your interest rate will translate into a lot of money over the years.
Keep in mind that there are additional costs involved in purchasing a home. Homeowners association fees, furniture, annual heating and cooling costs, and homeowners insurance need to be considered when planning to purchase a new home. Buying a new home does not have to be stressful and frustrating. Make sure you know the facts and your home buying experience will be quick and painless.
Wednesday, April 13, 2005
5 Common First Time Homebuyer Mistakes
1. They don’t ask enough questions of their lender and miss out on the best deal.
2. They don’t act quickly enough to make a decision and someone else buys the house.
3. They don’t find the right real estate professional who is willing to help you through the homebuying process.
4. They don’t do enough to make their offer look good to a seller.
5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.
Read more at Complete Real Estate.
2. They don’t act quickly enough to make a decision and someone else buys the house.
3. They don’t find the right real estate professional who is willing to help you through the homebuying process.
4. They don’t do enough to make their offer look good to a seller.
5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.
Read more at Complete Real Estate.
Saturday, April 09, 2005
7 Reasons To Own Your Own Home
1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, and some of the costs involved in buying your home.
2. Gains. Between 1998 and 2002, national home prices increased at an average of 5.4 percent annually. And while there’s no guarantee of appreciation, a 2001 study by the NATIONAL ASSOCIATION OF REALTORS found that a typical homeowner has approximately $50,000 of unrealized gain in a home.
3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Predictability. Unlike rent, your mortgage payments don’t go up over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will rise.
6. Freedom. The home is yours. You can decorate any way you want and be able to benefit from your investment for as long as you own the home.
7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
http://therigorgroup.com
2. Gains. Between 1998 and 2002, national home prices increased at an average of 5.4 percent annually. And while there’s no guarantee of appreciation, a 2001 study by the NATIONAL ASSOCIATION OF REALTORS found that a typical homeowner has approximately $50,000 of unrealized gain in a home.
3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Predictability. Unlike rent, your mortgage payments don’t go up over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will rise.
6. Freedom. The home is yours. You can decorate any way you want and be able to benefit from your investment for as long as you own the home.
7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
http://therigorgroup.com
Friday, March 11, 2005
10 Tips for First Time Homebuyers
1. Be picky, but don’t be unrealistic. There is no perfect home.
2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your downpayment and your closing costs.
4. Don’t wait to get a loan. Talk to a lender and get prequalified for a mortgage before you start looking.
5. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.
6. Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area?
7. Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that suit you best.
8. Don’t let yourself be “house poor”. If you max yourself out to buy the biggest home you can afford, you’ll have no money left for maintenance or decoration or to save money for other financial goals.
9. Don’t be naïve. Insist on a home inspection and, if possible, get a warranty from the seller to cover defects within one year.
10. Get help. Consider hiring a REALTOR as a buyer’s representative. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. And often, buyer’s reps are paid out of the seller’s commission payment.
Get free homebuyer software at Mortgage Solutions - download it today!
2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your downpayment and your closing costs.
4. Don’t wait to get a loan. Talk to a lender and get prequalified for a mortgage before you start looking.
5. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.
6. Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area?
7. Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that suit you best.
8. Don’t let yourself be “house poor”. If you max yourself out to buy the biggest home you can afford, you’ll have no money left for maintenance or decoration or to save money for other financial goals.
9. Don’t be naïve. Insist on a home inspection and, if possible, get a warranty from the seller to cover defects within one year.
10. Get help. Consider hiring a REALTOR as a buyer’s representative. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. And often, buyer’s reps are paid out of the seller’s commission payment.
Get free homebuyer software at Mortgage Solutions - download it today!
Monday, February 21, 2005
The Pros and Cons of Condos
Condominiums and townhouses offer an affordable option to single-family homes in most areas. But consider these facts before you buy.
1. Storage. Some condos have storage lockers, but usually there are no attics or basements to store belongings.
2. Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you hate yard work, this may be the perfect option for you.
3. Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.
4. Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home.
5. Security. Many condos have keyed entries and or even door attendants. Plus, you’ll be closer to other people in case of an emergency.
6. Reserve funds and association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees agreed to by the condo board, whether or not you’re interested in the amenity or not.
7. Resale. The ease of selling your unit is more dependent on what else is for sale in your building, since units are usually fairly similar. Single-family homes usually are more individual.
8. Freedom. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.
9. Proximity. You’re much closer to your neighbors in a condo or townhome. If possible, try to meet your closest prospective neighbors before making a decision.
http://therigorgroup.com
1. Storage. Some condos have storage lockers, but usually there are no attics or basements to store belongings.
2. Outdoor space. Yards and outdoor areas are usually smaller in condos, so if you like to garden or entertain outdoors, this may not be a good fit. However, if you hate yard work, this may be the perfect option for you.
3. Amenities. Many condo properties have swimming pools, fitness centers, and other facilities that would be very expensive in a single-family home.
4. Maintenance. Many condos have onsite maintenance personnel to care for common areas, do repairs in your unit, and let in workers when you’re not home.
5. Security. Many condos have keyed entries and or even door attendants. Plus, you’ll be closer to other people in case of an emergency.
6. Reserve funds and association fees. Although fees generally help pay for amenities and provide savings for future repairs, you will have to pay the fees agreed to by the condo board, whether or not you’re interested in the amenity or not.
7. Resale. The ease of selling your unit is more dependent on what else is for sale in your building, since units are usually fairly similar. Single-family homes usually are more individual.
8. Freedom. Although you have a vote, the rules of the condo association can affect your ability to use your property. For example, some condos prohibit home-based businesses. Others prohibit pets. Read the covenants, restrictions, and bylaws of the condo carefully before you make an offer.
9. Proximity. You’re much closer to your neighbors in a condo or townhome. If possible, try to meet your closest prospective neighbors before making a decision.
http://therigorgroup.com
Wednesday, February 02, 2005
10 Steps to Prepare for Home Ownership
1. Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop a wish list of what you’d like your home to have. Then prioritize the features on your list.
3. Select three or four neighborhoods you’d like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety.
4. Determine if you have enough saved to cover your downpayment and closing costs. Closing costs, including taxes, attorney’s fee, and transfer fees average between 2 percent and 7 percent of the home price.
5. Get your credit in order. Obtain a copy of your credit report.
6. Determine how large a mortgage you can qualify for. Also explore different loans options and decide what’s best for you.
7. Organize all the documentation a lender will need to preapprove you for a loan.
8. Do research to determine if you qualify for any special mortgage or downpayment-assistance programs.
9. Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.
10. Find an experienced REALTOR who can help you through the process.
http://lending.therigorgroup.com
2. Develop a wish list of what you’d like your home to have. Then prioritize the features on your list.
3. Select three or four neighborhoods you’d like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety.
4. Determine if you have enough saved to cover your downpayment and closing costs. Closing costs, including taxes, attorney’s fee, and transfer fees average between 2 percent and 7 percent of the home price.
5. Get your credit in order. Obtain a copy of your credit report.
6. Determine how large a mortgage you can qualify for. Also explore different loans options and decide what’s best for you.
7. Organize all the documentation a lender will need to preapprove you for a loan.
8. Do research to determine if you qualify for any special mortgage or downpayment-assistance programs.
9. Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.
10. Find an experienced REALTOR who can help you through the process.
http://lending.therigorgroup.com
Wednesday, January 26, 2005
Tips on Buying in a Tight Market
Increase your chances of getting your dream house instead of losing it to another buyer, with these easy steps.
1. Get prequalified for a mortgage. You’ll be able to make a firm commitment to buy and make your offer more desirable to the seller.
2. Stay in close touch with your real estate sales associate to find out first about new listings that come on the market. And be ready to go see a house as soon as it goes on the market.
3. Scout out new listings yourself. Look at Internet sites, newspaper ads, and drive by the neighborhood frequently. Maybe you’ll see a brand-new “for sale” sign before anyone else.
4. Be ready to make a decision. Spend lots of time in advance deciding what you must have 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 try to 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 anything. And even though you want to make your offer attractive, don’t neglect inspections that help ensure that your house is sound.
--->>>
Richard here... I am in expansion mode for my mortgage business and I need your help. I'm looking for professionals who would like to get started in this lucrative industry. Set your own hours and be your own boss. We will train. I need to expand my team to EVERY state (NY and HI still pending licenses). If you would like to build a 2nd income that can eventually replace your current income, we need to talk.
Conference Call Schedule: Monday - Thursday
1(580) 474-3600 x 222317# 6pm PST [9pm EST]
24 Hour Information Line: 1(580) 431-3131
Direct Line: 1(719) 201-3141
Richard Rigor
1. Get prequalified for a mortgage. You’ll be able to make a firm commitment to buy and make your offer more desirable to the seller.
2. Stay in close touch with your real estate sales associate to find out first about new listings that come on the market. And be ready to go see a house as soon as it goes on the market.
3. Scout out new listings yourself. Look at Internet sites, newspaper ads, and drive by the neighborhood frequently. Maybe you’ll see a brand-new “for sale” sign before anyone else.
4. Be ready to make a decision. Spend lots of time in advance deciding what you must have 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 try to 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 anything. And even though you want to make your offer attractive, don’t neglect inspections that help ensure that your house is sound.
--->>>
Richard here... I am in expansion mode for my mortgage business and I need your help. I'm looking for professionals who would like to get started in this lucrative industry. Set your own hours and be your own boss. We will train. I need to expand my team to EVERY state (NY and HI still pending licenses). If you would like to build a 2nd income that can eventually replace your current income, we need to talk.
Conference Call Schedule: Monday - Thursday
1(580) 474-3600 x 222317# 6pm PST [9pm EST]
24 Hour Information Line: 1(580) 431-3131
Direct Line: 1(719) 201-3141
Richard Rigor
Tuesday, January 18, 2005
Tips for Finding the Perfect Neighborhood
The neighborhood you choose can have a big impact on your lifestyle—safety, available amenities, and convenience all play their part.
1. Make a list of the activities—movies, health club, church—you engage in regularly and stores you visit frequently. See how far you would have to travel from each neighborhood you’re considering to engaging in your most common activities.
2. Check out the school district. The Department of Education in your town can probably provide information on test scores, class size, percentage of students who attend college, and special enrichment programs. If you have school-age children, also consider paying a visit to schools in the neighborhoods you’re considering. Even if you don’t have children, a house in a good school district will be easier to sell in the future.
3. Find out if the neighborhood is safe. Ask the police department for neighborhood crime statistics. Consider not only the number of crimes but also the type—burglaries, armed robberies—and the trend of increasing or decreasing crime. Also, is crime centered in only one part of the neighborhood, such as near a retail area?
4. Determine if the neighborhood is economically stable. Check with your local city economic development office to see if income and property values in the neighborhood are stable or rising. What is the percentage of homes to apartments? Apartments don’t necessarily diminish value, but they do mean a more transient population. Do you see vacant businesses or homes that have been for sale for months?
5. See if you’ll make money. Ask a local REALTOR or call the local REALTOR association to get information about price appreciation trends in the neighborhood. Although past performance is no guarantee of future results, this information may give you a sense of how good an investment your home will be. A REALTOR or the government planning agency also may be able to tell you about planned developments or other changes in the neighborhood—like a new school or highway—that might affect value.
6. See for yourself. Once you’ve narrowed your focus to two or three neighborhoods, go there, and walk around. Are homes tidy and well maintained? Are streets quiet? Pick a warm day if you can and chat with people working or playing outside. Are they friendly? Are their children to play with your family?
1. Make a list of the activities—movies, health club, church—you engage in regularly and stores you visit frequently. See how far you would have to travel from each neighborhood you’re considering to engaging in your most common activities.
2. Check out the school district. The Department of Education in your town can probably provide information on test scores, class size, percentage of students who attend college, and special enrichment programs. If you have school-age children, also consider paying a visit to schools in the neighborhoods you’re considering. Even if you don’t have children, a house in a good school district will be easier to sell in the future.
3. Find out if the neighborhood is safe. Ask the police department for neighborhood crime statistics. Consider not only the number of crimes but also the type—burglaries, armed robberies—and the trend of increasing or decreasing crime. Also, is crime centered in only one part of the neighborhood, such as near a retail area?
4. Determine if the neighborhood is economically stable. Check with your local city economic development office to see if income and property values in the neighborhood are stable or rising. What is the percentage of homes to apartments? Apartments don’t necessarily diminish value, but they do mean a more transient population. Do you see vacant businesses or homes that have been for sale for months?
5. See if you’ll make money. Ask a local REALTOR or call the local REALTOR association to get information about price appreciation trends in the neighborhood. Although past performance is no guarantee of future results, this information may give you a sense of how good an investment your home will be. A REALTOR or the government planning agency also may be able to tell you about planned developments or other changes in the neighborhood—like a new school or highway—that might affect value.
6. See for yourself. Once you’ve narrowed your focus to two or three neighborhoods, go there, and walk around. Are homes tidy and well maintained? Are streets quiet? Pick a warm day if you can and chat with people working or playing outside. Are they friendly? Are their children to play with your family?
Wednesday, January 12, 2005
5 Factors That Decide Your Credit Score
Credit scores range between 200 and 800. Scores above 620 are considered desirable for obtaining a mortgage. These factors will affect your score.
1. Your payment history. Whether you paid credit card obligations on time.
2. How much you owe. Owing a great deal of money on numerous accounts can indicate that you are overextended.
3. The length of your credit history. In general, the longer the better.
4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay 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.
Attention Houston Home Buyers! If you're looking for new builds, visit:
htp://houston-texas.homebuyersreview.com
1. Your payment history. Whether you paid credit card obligations on time.
2. How much you owe. Owing a great deal of money on numerous accounts can indicate that you are overextended.
3. The length of your credit history. In general, the longer the better.
4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay 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.
Attention Houston Home Buyers! If you're looking for new builds, visit:
htp://houston-texas.homebuyersreview.com
Sunday, January 09, 2005
8 Steps to Getting Your Finances in Order
1. Develop a family budget. Instead of budgeting what you’d like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent.
2. Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt—car loans, student loans, revolving balances on credit cards—down to between 8 percent and 10 percent of your total income.
3. Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You’ll probably see some great ways to save.
4. Increase your income. It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want. (Residual Income info... )
5. Save for a downpayment. Although it’s possible to get a mortgage with only 5 percent down—or even less in some cases—you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent downpayment.
6. Create a house fund. Don’t just plan on saving whatever’s left toward a downpayment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.
7. Keep your job. While you don’t need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.
8. Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills. Pay off the entire balance promptly.
2. Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt—car loans, student loans, revolving balances on credit cards—down to between 8 percent and 10 percent of your total income.
3. Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You’ll probably see some great ways to save.
4. Increase your income. It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want. (Residual Income info... )
5. Save for a downpayment. Although it’s possible to get a mortgage with only 5 percent down—or even less in some cases—you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent downpayment.
6. Create a house fund. Don’t just plan on saving whatever’s left toward a downpayment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.
7. Keep your job. While you don’t need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.
8. Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills. Pay off the entire balance promptly.
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