Browsing articles from "October, 2011"

Prep your house for winter

With autumn’s arrival, homeowners may be thinking about getting their houses ready for the winter. Consider the following weatherproofing projects.

Install a new walkway and maintain current ones — fill in cracks before they worsen.
Light up the path with low-voltage landscape lighting.
Prep your lawn and start composting. According to This Old House landscape contractor Roger Cook, grass roots continue to grow until the ground temperature dips to 40 degrees. Applying a high-phosphorus (12-25-12) mix can encourage roots so that the grass is greener in the spring.
Freeze-proof exterior faucets.
Maintain the front entry door by sealing leaks. Decorate the entry and be prepared for friends and family who visit over the holidays.
Service the furnace and change out the filter.
And since you’ll be spending more time indoors, maximize efficiency of rooms by utilizing storage solutions.

For more information, check out This Old House’s “Easy Fall Prep for a Warm and Cozy Home.”

How to Negotiate a Home Purchase

There is much give and take involved in negotiating a property purchase. That’s why it’s important to have a checklist of what you want to get out of the deal as a buyer. Bear in mind, the home must be appraised and the lender will be looking at the fair market value on a given property. Since property values fluctuate, your Real Estate Agent should do a comparative market analysis so you are aware of the trends in the area you are shopping. This will give you an idea as to whether the seller’s asking price is realistic. You will also want to know how long the property has been on the market, and if any price reductions have occurred during that time.

Find out if the seller has a deadline. Perhaps they have already purchased their new home, or have to relocate because of a commitment to a new employer. Find out what the seller’s current mortgage balance is and use this to your advantage.

On the other hand, if the seller wants to move because they can’t manage upkeep on the home, or don’t want to invest in repairs, these problems will be passed on to you. If you are prepared to go into a deal that involves a fixer-upper, there is an FHA financing program designed to provide funds for both purchase and repair. My team and I can provide you with more information on FHA loan programs and secondary financing.

You would also want to know if the seller is planning this move because there are problems in the neighborhood. Take a walking tour of the area and ask the residents what the neighborhood is like. You can also ask the local police department about the crime rate, or check the local newspaper for crime listings. Don’t be afraid to ask questions.

When the seller is intent on getting their way on a certain point, make sure you are getting something in return. Typically the built-in amenities such as the dishwasher and garbage disposal will stay with the home. You can negotiate other items in exchange for something that ranks high on the seller’s wish list. Be prepared to split the difference so everyone involved is satisfied with the negotiation. A win-win situation for both the buyer and the seller is critical to a smooth close.

Make sure your Real Estate Agent is on the same page with you so he/she is able to represent you properly. You also want to know that you are working with an agent that is experienced in representing the buyer. Not all few agents have the ability to provide strong representation for both a buyer and a seller. If you have not yet selected a Real Estate Agent to represent you, my team and I can provide you with contacts that have a proven track record of success with our clientele.

Remember, a good deal is mutually beneficial.

The seller will also have a wish list of what they want out of the negotiation. Listen attentively to determine what their hot buttons are. At some point along the way, you should use this information to leverage what you want out of the deal.

Trigger Leads

Did you know that the major credit bureaus sell your personal information? It’s true! Known as “trigger leads”, the files of borrowers applying for a home loan are immediately flagged, packaged, and sold by the credit bureaus to the highest bidders.

For about $25 to $100 or more, your name and certain specifics about your credit report, including your address, phone number, mortgage history, and even your FICO score range, are sold to unscrupulous mortgage companies which then blindly solicit your business. This results in numerous unwanted phone calls and junk mail offers which are in no way associated with your real estate agent or loan professional.

Unfortunately, no legislation presently exists to prevent the credit bureaus from profiting at your expense. As a trigger lead, you are simply at the mercy of any number of too-good-to-be-true offers designed specifically to try and discredit the mortgage professionals you know and trust.

As you embark on what could be the largest financial transaction of your life, it’s important to not be fooled! Ultimately, there are only a limited number of sources where lenders may turn to obtain mortgage money, and it’s unlikely that you will find an unbelievably low rate without an unbelievably high cost. That’s why, prior to taking an application for any loan program, I always encourage my clients to opt-out of credit bureau solicitations by visiting www.optoutprescreen.com.

For new home buyers, this is the simplest way to avoid the problem altogether.
Have a professional mortgage specialist on your team who has your best interests at heart.

Bob and Jamie

The Home Front Mortgage team went above and beyond the normal call of duty to intervene on our behalf. We literally couldn’t have done it without their help.

Michael and Deborah

Home Front Mortgage didn’t pressure us into a decision. They provided the options and recommendation, but allowed us to make the ultimate decision.

Jerrie

This was a comfortable process. We were well informed at all times on the status of the loan. Everyone was friendly and helpful.

Divina

There was a great difference from my previous mortgage company. Mike and his team were efficient and very informative. Very consumer friendly.

Chad

Home Front Mortgage took the time to explain every aspect of the loan process and I truly felt secure in my purchase because of this.

Elizabeth

Home Front Mortgage is extremely dedicated to their clients. They are very professional, courteous, and understanding of the complexities of difficult situations.