House Hunting – Preapproval

The wishlist is complete, it’s time to go house hunting. There is still one more step, and that is mortgage preapproval. The mortgage preapproval is a determination of the price of home you can afford. Certain aspects of the preapproval are estimates, such as the amount of property taxes for a specific location Below is a video to explain the preapproval process, and information on downpayment assistance.

Downpayment Assistance

Preapproval Letter

If looking to buy or sell a home, contact me.

First Time Home Buying – the Wishlist

When a business puts together a budget for the next fiscal year, one of the first steps in the budget process is to put together a wishlist. The wishlist encompasses items that the business would like to purchase, or funding for new programs and initiatives. The same is true when buying a house. A wishlist can be created of all the desired features and amenities. Not all wishlist items in a budget for a business will be funded, nor will ever item on a first time home buyers wish list be fulfilled.

Endless hours can be spent debating the merits of each wishlist item amongst the prospective home buyers, but sometimes the process of house hunting is the easiest way to narrow the list. Budget and location often dictate the type of amenity or feature that is present within a house. If there are still many items on the wishlist not being fulfilled, a needs and wants assessment can be performed. A desire for a breakfast nook to sip coffee in the morning, when the person doesn’t drink coffee on a regular basis, could be easily crossed off of the wishlist.

Below are excellent videos for more information on effective wishlist creation.

First Time Home Buying Tips

More First Time Home Buying Tips

Do’s and Dont’s When Buying a Home

If looking to buy or sell a home, that meets your wishlist needs, contact me.

Mortgage Pre Approval

A Mortgage Pre Approval states the maximum amount that can be spent on a home by a buyer. There are more aspects behind the maximum amount that also need to be considered.

  • Monthly payment is more important than maximum budget.
  • What down payment amount is required.
  • Monthly payment also includes insurance and other costs

Lori Hiscock from Ruoff Home Mortgage in a blog post also offers greater detail on the mechanics of a mortgage pre approval.

If looking to buy or sell a home, within your maximum budget, contact me.

Is the low interest bubble about to POP!?!

So we’ve been spoiled for the last year in the housing industry. Things have been picking up and the low interest rates and low market value of many homes brought buyers to the table. Who wouldn’t want a house payment that’s way less than what you’re paying in rent? But it looks like the good times are nearing an end. Everyone’s been predicting this, but are we finally here? Buying a home is a daunting task, but it’s still a good time to purchase before the market value of homes get driven up even more and interst rates rise.