Posted by Rebecca
Mon, 25 Jun 2007 19:40:00 GMT
What is every first-time home buyer dying to know about the mortgage process? Well, Casey Wells of First Carolina Mortgage (Daniel’s lender on his first home purchase) is here to give us some answers. As you read the interview I conducted with him, if you have any questions or comments for Casey, please feel free to post them in the comments section, and I’ll get an answer for you.
Rebecca: What does a buyer need to do to find out if they can afford a certain home?
Casey: If a buyer is interested in buying a home, a mortgage officer such as myself can qualify the customer and let them know exactly what amount they qualify for.
R: How do you go about helping a buyer decide what price range of home they can afford?
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Tags appraisal, credit, loan, mortgage | 2 comments
Posted by Rebecca
Thu, 14 Jun 2007 15:27:00 GMT
We’re rejoining my brother-in-law Daniel as he buys his first home. If you didn’t read Part I yet, you’ll want to do that now.
He’s already
- Decided on the type of home he wanted
- Found the particular home he wanted to purchase
We’ll pick up here with the third step in the home buying process:
3. Find a great mortgage lender.
If you don’t know any mortgage lenders that you’d like to work with, your Realtor will be able to give you several reputable names. You need to find a lender that you feel comfortable with, whose company can offer the best loan programs to meet your needs and who will go the extra mile to stay on top of your paperwork and get you to closing smoothly and with no stress on your part. Your lender should never talk down to you and should be ready to explain the loan process in easy-to-follow terms.
I gave Daniel the names and numbers of three local lenders whom I have worked with and know to be trustworthy.
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Tags condo, Downtown, Homes, Mercer, mortgage, Point, realtor, savannah, Tybee, Whitemarsh, Wilmington | no comments
Posted by Rebecca
Wed, 13 Jun 2007 15:04:00 GMT
Thinking about buying your first home, but have no idea where to begin?
I’m willing to bet that a lot of first-time home buyers feel the same way. That’s why I’ve asked my brother-in-law, Daniel, if he’ll allow me write a detailed account of his first home purchase. Join me during my next few posts as I take us step-by-step through buying a house.
1. Figure out what exactly you are looking for in a home.
Decide, for starters, on your ideal price range, home size, yard size, number of bedrooms and bathrooms and location of the home. This is a good time to find a Realtor you can trust. Your Realtor can help you decide exactly what you’re looking for in your first home.
Note: the first step for some buyers may be to find a good lender and have him prequalify you. This is very helpful, and if you have no idea what you can afford, the lender will help you find out.
In Daniel’s case, he wasn’t even planning on buying for another year or so, but he had already begun thinking about what he’d like in a home. To help with this process, I’d been sending him e-mails, complete with photos, of houses currently on the market. This helped him get an idea of how property in Savannah is priced, and what types of homes are available in the different local neighborhoods.
Click here to sign up to receive e-mails with Savannah property information and photos.
It didn’t take Daniel long to figure out that he’d like to live on Whitemarsh or Wilmington Island. (He wanted to be close to downtown Savannah, a reasonably short drive to I-16, close to the beach and near his friends.) He also wanted at least three bedrooms.
2. Find your perfect home - the home that most closely meets your needs.
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Tags home, mortgage, Move, Property, realtor, savannah, Whitemarsh, Wilmington | 1 comment
Posted by Rebecca
Tue, 02 Jan 2007 19:31:00 GMT
Mortgage Insurance Is Now Tax Deductible
If you’re a first-time home buyer, you probably can’t afford to put 20% down on a home loan. In most cases that means you’re stuck paying mortgage insurance, which can cost you around $100 a month. That’s the last thing you need in addition to your new house payment.
The good news is that on December 20th, 2006 President Bush signed a new bill into law that makes mortgage insurance tax deductible. Those who purchase their homes in 2007 and have an annual household income of $100,000 or less can deduct the full amount of their mortgage insurance premiums paid this year. So, you still have to pay it, but hey - at least you get it back, right? It’s like forced savings. This could be good.
Read the news release from the Mortgage Insurance Companies of America.
Tags downpayment, mortgage, PMI, taxes | no comments
