Sandi Boucini & Michelle Granger - RE/MAX Executive Realty



Posted by Sandi Boucini & Michelle Granger on 5/27/2020

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Buying your first home is exciting and you will spend a lot of time working with your real estate agent. However, before you begin searching for the right agent, here are some helpful hints to help you get started off on the right foot and make sure you are ready to purchase a home.

Check Your Credit Report

One of the most important things you can do before you start the home mortgage process is to verify the information on your credit report. Errors in your credit can result in higher interest rates or denial of credit. You can access your credit report free from all three major credit agencies. Review all items for accuracy and if you find any errors, take the time to have them corrected.

Familiarize Yourself with Loan Programs

There are many loan programs to help first time buyers. Depending on your specific situation, you may be eligible for a loan guarantee from the Veteran’s Administration, the Federal Housing Administration or other loan programs. Before you meet with a loan officer for the first time, take the time to understand what loan options you may qualify for. Keep in mind, many states have first-time buyer programs, which can be of benefit to you as well.

What You Should Know About Down Payments

If you suddenly hit a windfall lottery winning or are considering borrowing money on your credit cards to fund your down payment, slow down. There are specific requirements for down payments including the “seasoning” of the funds. Before you apply for a mortgage, make sure you know about down payment gifts, how to document the funds you are using for your down payment and other rules, which may pertain to your specific situation.

Understanding Mortgage Application & Loan Terms

Your home will be the most substantial investment you make in your lifetime. Make sure you are being an informed consumer and familiarize yourself with the most common mortgage application and loan terms. The application form for a home mortgage is a Fannie Mae Form 1003 or Freddie Mac Form 65. Once you have filled out this application, you will also receive a good faith estimate (GFE) from the mortgage lender. You will also be learning other words like points, annual percentage rate, closing costs and escrow. Do not be afraid to ask your lender to explain what these all mean to you.

Loans are often quoted in years and term. For example, a 30-year fixed rate mortgage is exactly what it sounds like. You are accepting or applying for a mortgage, which will be paid over 30 years at the same interest rate as you see at closing. Other terms may be more confusing, for example an adjustable-rate mortgage may be quoted as 5/5, which means the rate is fixed for the first five years and adjusts every five years thereafter. Make sure you understand these terms before you sign any loan documents.

Preapprovals Increase Bargaining Power

Once you have determined what you can afford to pay for a home mortgage, which can be determined using any number of mortgage calculators found online, you should apply for a preapproval. Do not confuse a preapproval with a prequalification, they are not the same although oftentimes you will hear them used interchangeably. Here is the difference:

  • Prequalification — this process involves you providing the lender with information pertaining to your income and current expenses. You give the lender an idea of the strength of your credit and based on information provided, they can give you an estimate of how much you can borrow at what interest rate.
  • Preapproval — this process is significantly different because you will provide the same documents you would provide for a full mortgage application. The lender will request up to three years of your tax returns, bank statements, they will pull your credit, and they will verify your bank activity. Once this process is complete, the lender will give you a letter that tells you exactly how much of a mortgage you qualify for to use when shopping for your home.

The preapproval process gives you bargaining power because you are able to meet with your real estate agent knowing that provided there are no changes in your financial situation or your credit, you are guaranteed a mortgage in the amount of the preapproval at the terms listed.

When you start the home buying process, there is a lot to learn. Most first-time buyers will be required to take a first-time home buying course before their lender will move forward. Your real estate agent can also provide you with a lot of information you will need to get started on solid footing on the path to home ownership.




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Posted by Sandi Boucini & Michelle Granger on 4/15/2020

If you want to find and purchase a great house at a budget-friendly price, it helps to enter the homebuying journey with a plan in hand. Lucky for you, we're here to help you prepare for all stages of the homebuying journey.

Now, let's take a look at three tips so you can set yourself up for success as you search for your dream residence.

1. Make a List of Home Must-Haves

The definition of a dream home varies from buyer to buyer. To define your dream home, you should craft a list of house must-haves and use this list to streamline your quest to acquire your ideal residence.

Think about which home features you need. For instance, if you require a house that boasts multiple bedrooms, you can tailor your house search accordingly. Or, if you need a home that is close to your office, you can search for a residence that provides convenient access to your office.

You may want to make a list of preferred cities and towns, too. This list will enable you to focus on available houses in cities and towns that match your expectations.

2. Create a Homebuying Budget

Learn about different types of mortgages you'll be glad you did. Because if you make an informed mortgage selection, you can begin your home search with a budget at your disposal.

Generally, it is a good idea to meet with banks and credit unions before you launch a house search. Banks and credit unions are happy to teach you about myriad types of home financing. Then, you can select a mortgage that can help you make your homeownership dream come true.

If you are unsure about how various mortgage options work, there is no need to stress. Banks and credit unions employ courteous, knowledgeable mortgage specialists, and these professionals can teach you everything you need to know about home financing.

3. Collaborate with a Real Estate Agent

A real estate agent is a homebuying expert who is happy to share his or her housing market insights with you. By doing so, a real estate agent will help you achieve your desired homebuying results as quickly as possible.

Typically, a real estate agent takes an in-depth approach to the homebuying journey. He or she first will learn about you and find out what you want to find in your dream residence. Next, a real estate agent will help you narrow your house search to residences that satisfy your needs and keep you up to date about available homes that may suit you perfectly. If you find a home you want to buy, a real estate agent then will help you craft a competitive offer to purchase this residence. Finally, if your offer to purchase a house is accepted, a real estate agent will help you complete the homebuying journey.

Want to acquire your ideal residence? Take advantage of the aforementioned tips, and you can put yourself in position to succeed as you pursue your dream home.




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Posted by Sandi Boucini & Michelle Granger on 3/11/2020

If you intend to find your dream house, it helps to establish a homebuying strategy. That way, you can enter the real estate market with a plan in place to accomplish your desired goals.

Now, let's take a look at three tips to help you craft an effective homebuying strategy.

1. Create Homebuying Criteria

If you know where you want to reside, you can narrow your house search. As a result, you may be better equipped than other buyers to accelerate the homebuying journey.

Creating a list of home must-haves and wants usually is a great starting point for homebuyers. This list typically forces homebuyers to think about what separates an ordinary residence from a dream house. And once a homebuyer crafts a list of home must-haves and wants, this buyer can search for residences that meet his or her expectations.

2. Budget for a Home

In most instances, homebuyers lack the necessary financing to buy a house. Luckily, lenders are available that can help a homebuyer assess mortgage options and get pre-approved for home financing.

Budgeting for a home is a major part of the homebuying process. Because if you know exactly how much you can spend on a residence, you could speed up your house search.

To get pre-approved for a mortgage, you should meet with a variety of banks and credit unions. Then, when you find the right mortgage, you can enter the real estate market with a budget at your disposal.

3. Hire a Real Estate Agent

There is no requirement to hire a real estate agent before you pursue your dream house. Yet the advantages of hiring a real estate agent can be significant, and perhaps it is easy to understand why.

For homebuyers, a real estate agent takes the guesswork out of finding the right house at the right price. A real estate agent also collaborates with a homebuyer and will go above and beyond the call of duty to ensure a buyer can achieve the optimal results.

If you want to purchase a house as quickly as possible, it may be a good idea to hire a real estate agent sooner rather than later. Oftentimes, a real estate agent will meet with you and learn about your homebuying aspirations. He or she next will work with you to craft a homebuying strategy and launch a successful house search.

Furthermore, a real estate agent is a housing market expert who will help you overcome any potential homebuying hurdles. A real estate agent understands the challenges associated with purchasing a house and will help you identify and address such issues before they escalate. And if you ever have concerns or questions as you search for your ideal residence, a real estate agent will respond to them.

Enter the real estate market with a plan in hand take advantage of the aforementioned tips, and you can create an effective strategy to streamline your search for your dream residence.




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Posted by Sandi Boucini & Michelle Granger on 3/4/2020

Buying a house should be a fast, seamless process. However, problems sometimes may arise that prevent you from acquiring your dream house in a timely fashion.

Ultimately, it is important to be proactive to minimize the risk of encountering time-consuming hurdles during the homebuying process. Fortunately, we're here to help you identify and address such problems before they can slow you down.

Let's take a look at three tips to help you avoid delays as you pursue your dream residence.

1. Enter the Housing Market with a Plan in Hand

An informed homebuyer is better equipped than others to enjoy a successful homebuying journey. In fact, this buyer should have no trouble narrowing his or her homebuying criteria to speed up the homebuying cycle.

When it comes to purchasing a house, it helps to consider what you want to find in your dream residence. That way, you can enter the housing market with a list of homebuying criteria in hand and tailor your house search accordingly.

Remember, it is your duty as a homebuyer to do everything possible to find your ideal residence. If you narrow your house search, you can focus on finding a home that matches your expectations. And once you discover your dream house, you can quickly submit a competitive homebuying proposal.

2. Get Your Home Financing in Order

Getting pre-approved for a mortgage can make a world of difference for a homebuyer. If a homebuyer receives pre-approval for a mortgage, this individual will know exactly how much he or she can spend on a residence. As a result, this buyer can explore residences that fall within a specific price range, increasing the likelihood of a fast homebuying journey.

To obtain a mortgage, a homebuyer should meet with several banks and credit unions. These financial institutions can teach a homebuyer about a broad array of mortgage options. Perhaps most important, each lender can help a homebuyer weigh the pros and cons of assorted mortgage options and ensure a buyer can make an informed mortgage decision.

3. Collaborate with an Expert Real Estate Agent

There is no need to let problems escalate that otherwise could slow down the homebuying journey. Fortunately, if you hire an expert real estate agent, you can get the help you need to accelerate the homebuying cycle.

An expert real estate agent understands the ins and outs of buying a house, and as such, will make it simple for you to streamline the homebuying process. He or she will offer lots of recommendations as you pursue your dream house. Plus, when you discover your ideal residence, a real estate agent will help you submit a competitive offer right away.

The homebuying journey can be long and complex, particularly for a homebuyer who chooses to work alone. But if you employ an expert real estate agent, you can receive plenty of support as you navigate the homebuying journey.

Ready to acquire your ideal residence? Use the aforementioned tips, and you can reduce the risk of encountering time-intensive obstacles as you search for your dream home.




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Posted by Sandi Boucini & Michelle Granger on 2/5/2020

A home is one of the biggest purchases that an individual can make in his or her lifetime. It also may prove to be expensive, particularly for those who fail to plan ahead for the property buying journey.

There is no need to break your budget to acquire your dream residence. In fact, there are many quick, easy ways to guarantee you can keep you finances in check and avoid the risk of spending too much to purchase your ideal house.

Now, let's take a look at three tips to ensure you can buy a quality house at a budget-friendly price.

1. Get Pre-Approved for a Mortgage

You want to buy a home, but you still have no idea how much you can spend on a residence. Thankfully, if you get pre-approved for a mortgage, you can enter the real estate market with a budget in hand. As a result, you will know exactly how much you can spend on a house and can plan accordingly.

Banks and credit unions employ friendly, knowledgeable mortgage specialists who are happy to meet with you. These mortgage specialists can review your income, credit score and other relevant financial data. Then, they can provide you with mortgage options based on your finances.

2. Narrow Your Home Search

Although most people want to buy a mansion, it is important to establish realistic homebuying expectations. Because if you narrow your home search to properties that fall within your price range, you can speed up the property buying journey. Perhaps most important, you can shop around to find a terrific home that corresponds to your budget.

Don't forget to consider homes in a variety of cities and towns too. In some instances, it may prove to be more cost-effective to purchase a house in a small town than a residence in a big city.

3. Evaluate Your Short- and Long-Term Plans

Think about your short- and long-term plans, and you may be better equipped than ever before to map out your home finances for the foreseeable future.

For instance, if you plan to raise a family in the years to come, you may want to consider the costs associated with childcare and other child expenses. This will allow you to budget properly as you search for your dream home.

On the other hand, if you recently accepted a work promotion, your income soon may rise. In this situation, you may be able to increase your homebuying budget due to the fact that extra income will be coming your way.

Lastly, as you get ready to search for a house, you may want to hire a real estate agent. In addition to helping you find a home that matches your budget, a real estate agent will offer expert guidance throughout the property buying journey. He or she will help you prepare for a home inspection, closing and other important steps during the homebuying process. By doing so, a real estate agent will help you seamlessly navigate the homebuying journey and achieve the optimal results.




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