Why you should not make any Major Credit Purchases***
Don't go on a spending spree using credit if you are thinking about buying ahome, or in the process of buying a new home. Your mortgage pre-approval issubject to afinal evaluation of your financial situation.
Every $100 you pay per month on a credit payment could cost you about$10,000 in home eligibility. For example, a car payment of $300/month
Even if you have accumulated enough savings, you should consider not making any large purchases until after closing. The last thing you want is to know that youcould have purchased a new home had you curbed the urge to spend.
Making a Good First Impression
If you want buyers to be interested in your home, you need to show it in its best light.
A good first impression can influence a buyer into making an offer; it influences a buyer emotionally and visually. In addition, what the buyer first sees is what they think of when theyconsider the asking price.
A bad first impression can dissuade a potential buyer. Don't show your property until it'sall fixed up. You do not want to give buyers the chance to use the negative first impression they have as means of negotiation.
Ask around for the opinions others have of your home. Real estate agents who see houseseveryday can give solid advice on what needs to be done. Consider what architects orlandscape designers have to say. What you need are objective opinions,and it's sometimes hard to separate the personal and emotional ties you have for the home from the property itself.
Typically, there are some general fix ups that need to be done both outside and on the inside. As aseller, you should consider the following:
*Landscaping - Has the front yard been maintained? Are areas of the house visible to the street in good condition?
*Cleaning or Redoing the driveway - Is your driveway cluttered with toys, tools, trash etc.?
*Painting - Does both the exterior and the interior look like they have been well taken care of?
*Carpeting - Does the carpet have stains? Or does the carpet look old and dirty?
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HOME SALE DATA FOR DECEMBER 2015
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Interest rates are still holding around 4.0% for government loans.Interest rates are creeping up but still a good rate compared to a few years ago when they reached 18%.
New applications for a mortgage Fannie Mae wants lenders to verify that borrows have not created any new debt while the loan package is being underwritten.
If any changes to the credit report occurs, such as a new credit card account, the loan will have to be resubmitted to the underwriter.
Then there is a possible denial of the loan.
Underwriters will pull a last minute credit report checking for current credit card bills and minimum monthly payments.
The second report will be compared to the first credit report for any changes. They also will be looking to see if there have been any inquires about your applying for additional credit.
These inquires will lower the credit score and could put you below the minimum score to qualify for the loan.
Points, fees,adjustable rates,fixed rate, amortization, down payment,good faith estimate, escrow and refinancing.. If you are brand new to the home buying arena, then mortgage terminology can be overwhelming until you know what they all mean. Click on the link and you will have new knowledge that can be very helpful to you. realtytimes.com
And yet another change to FHA. This new "tax" will increase the buyers payments on a $200K house by $43. As FHA sees fit to increase the tax, the amount can reach as high as $152 per month. Looks like FHA needs more money so easing up on the guidelines will allow 1st time home buyers to be able get FHA loans.
This video explains it all in easy terms we can understand.
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