What is your mortgage IQ?

Posted At : May 10, 2011 4:21 PM | Posted By : Coach Realtors
Related Categories: Buying, mortgage, First time buyer, Credit

When it comes to your knowledge of home financing, do you feel there may be something you are missing? According to a recent survey published by Zillow.com, 44 percent of homebuyers admitted they are not confident in their knowledge of mortgages or the mortgage process.

 

The Zillow® Mortgage Marketplace survey, also stated "more than half (55 percent) of prospective home buyers in the study do not understand that mortgage rates vary throughout the day."

 

To read the report's complete findings, please click here.

 

At Coach Realtors, our team of more than 600 real estate sales professionals is backed by our home finance partner Residential Mortgage Division, an affiliate of Wells Fargo Home Mortgage.

 

Our mortgage partner provides our buyers, sellers and sales agents with the expert information needed whether financing a first home, next home, newly built house, or refinancing a current mortgage, lowering monthly payments, or turning equity into cash.

 

Residential Mortgage Division is dedicated to providing you with top customer service and assistance in finding the tailored solution that meets your home buying or refinancing needs. Their innovative financing programs can help you buy your very own piece of the American Dream, and establish long-term financial security for you and your family.

 

Comments Comments (0) | Print Print | Send Send | 224 Views | Bookmark and Share

What to Do Before You Start House Hunting

Posted At : April 25, 2011 7:44 PM | Posted By : Coach Realtors
Related Categories: Buying, First time buyer

Now is a great time to consider buying a home. Whether you're relocating, purchasing a vacation house or looking to become a homeowner for the first time, there are certain things you need to do before you even begin to look for a new home. Doing your homework before plunging into the house hunt can save you valuable time and energy.

Before you begin looking at homes, determine what you can afford to spend. "This may seem obvious," says Lawrence, Finn, Jr., CEO of Coach Realtors, "but it's a step that can lead to disaster if overlooked, causing you to waste time with homes you can't afford, or sparking arguments with family members about what your budget looks like."

Before you begin looking, sit down with all parties involved and set a realistic price range, including the amount of money you can afford to put down.

Once your budget is determined, make a list of what you're looking for. What type of neighborhood do you have in mind? Do you want to be able to walk into town, or are you looking for a private setting with lots of land?

Make a detailed list of the absolute necessities, like good local school systems, versus things you simply want, such as a modern kitchen for the chef in the family or a guest room for relatives. Finn, notes that "while both wants and needs are important, knowing the difference will help guide you in your decision making process. " Finn, stresses the importance of planning and talking about important details in advance, enabling you to weed out any possible homes that don't meet your criteria.

After listing your wants and needs, Finn, suggests talking to mortgage lender about your mortgage rate and figuring out an affordable monthly payment. "When looking at a monthly payment, you should always take into account unexpected expenses, such as medical bills or a job loss. Make sure you have enough emergency money saved to cover a few months' payments, should something go awry," suggests Mr. Finn.

It's also important to keep your credit in mind before you begin hunting. "There is nothing more heartbreaking than finding your dream home only to have the bank refuse to give you a loan due to credit," says Finn. If your credit isn't where it needs to be, spend a few months building it up before you begin hunting. "If your credit has really fallen, it can take up to two years to build it back up again. This is something you want to know before you begin searching for a new home," notes Finn, Jr.

Comments Comments (0) | Print Print | Send Send | 182 Views | Bookmark and Share

For Buyers:The Financial Opportunity of a Lifetime?

Posted At : March 15, 2011 8:26 PM | Posted By : Coach Realtors
Related Categories: Buying, mortgage, First time buyer, Credit

Today's blog post is an informative (and borrowed) article regarding the opportunity facing today's buyers.

 

The following article is from KCMBlog.com:

 

We often point out that a buyer should be more concerned about the COST of a home rather than the PRICE. Price obviously is a component of cost. However, unless you buy all-cash, you must also be concerned about the financing of the purchase. The price and the financing together determine the cost of a home. Today, we want to look at only the financing piece.

 

An opportunity exists today because of recent government involvement; an opportunity that may never again be available in our lifetimes. There has been much discussion about what role the federal government should have in supporting homeownership. We will leave our opinions on the debate for another time. However, we want to alert you to two advantages available to a purchaser today that may disappear in the future:

 

Historically low interest rates.

 

The ability to lock in these rates for thirty years.

 

Interest Rates:

Because of the financial crisis, the government stepped in and instituted a series of programs which pushed mortgage interest rates to historic lows. If we look at 30 year mortgage interest rates before and after government intervention we see the impact these programs had (see chart below). Click here to read the full article

 

Comments Comments (0) | Print Print | Send Send | 206 Views | Bookmark and Share

Why It Makes Sense to Buy a Home Now

Posted At : November 2, 2010 12:41 PM | Posted By : Coach Realtors
Related Categories: Buying, First time buyer
Many of the critical factors for a recovery in housing prices are in place. The drop in housing prices, coupled with the current low mortgage interest rates, has brought affordability back into alignment with historical ranges in most markets. Unemployment levels appear to have bottomed out, and a growing number of real estate economic indicators also suggest that, on a national level, we're also at, near, or just past the bottom of housing prices. Mortgage interest rates remain near all time lows. In many areas, today's buyers have the best opportunity to choose from a very large home inventory at the lowest prices. Nonetheless, there is a great variance among local housing markets, and some may be looking at further declines in home values, perhaps even double digit drops, before prices hit bottom.

Consumer confidence will play a big role in any housing recovery. According to a June and July survey by Fannie Mae, 70% of Americans think it is a good time to buy a house, an increase of 6% responding to the same question in a similar survey conducted in January 2010. Not surprisingly, 83% also think now is a bad time to sell. Those surveyed are also becoming more optimistic about home values;78% think that home prices will either remain stable or increase next year; a 5% increase over the January survey.

Mortgage rates will also play a big role in the housing recovery. They are very low by historic standards today. Importantly, Federal Reserve policies intended to prevent a double dip recession are helping to keep mortgage interest rates low, and are likely to remain in place for some time. The slow recovery of the business sector, while not encouraging from an employment standpoint, also means that there will be less upward pressure on interest rates in the near future.

To read the complete article: http://rrein.rismedia.com/items/view/3941/85441/10878

Comments Comments (0) | Print Print | Send Send | 225 Views | Bookmark and Share

66 Gilbert Street, Northport NY, 11768p: 800.321.RELOf: 631.262.0854

© 2010 Coach Realty Website by liQuidprint