RE/MAX Executive Realty



Posted by RE/MAX Executive Realty on 3/17/2019

Perhaps one of the most challenging things about buying a home is saving for the downpayment. Collecting such a large sum of money can be difficult. The truth is that most buyers actually think that they need more than they actually do to buy a home. The downpayment doesnít need to be a barrier to your path to homeownership. There are so many programs that offer low and even no down payment home loans. Read on to learn more about down payments and programs that can help you. 


First, letís look at what a down payment is and how it can help you. If you put 10% down on a $200,000 home thatís $20,000. The downpayment minus the purchase price of the home is $180,000, and that's how much your home loan will be. The more money you can put down on the house, the lower your home loan will be and the lower your monthly mortgage payments will be. A large down payment can indeed save you in the long term. If youíre looking to move into a home sooner rather than later, saving a considerable sum isnít always possible.  


Low Downpayment Mortgages


You need to decide what type of home loan you need by the amount of downpayment youíre willing and able to put down. Some benefits go along with making a down payment, but there are some negatives. 


By making a substantial down payment you may despite your savings, leaving little money for emergencies. Your mortgage rate may not be affected by a large downpayment either. It can be hard to decide what type of loan to get and just how much you really can afford.  


FHA Loans


FHA loans are among the most popular type of home loans. The downpayment thatís required is just 3.5%. The requirements are simple, and you donít have to be a first-time homebuyer to qualify. 


The drawback to an FHA loan is that you cannot cancel the monthly mortgage insurance that comes along with it unless you refinance the home. Traditional mortgage insurance is canceled when you have built up 20% equity in the house, but this isnít the case with FHA loans. 


Another positive about FHA loans is that your credit score doesnít have to be stellar in order for you to qualify. Some lenders approve FHA loans with credit scores as low as 580. 


VA Home Loans


Buyers who have current or former military service status can qualify for this zero down mortgage. These loans are benefits to veterans and current members of the Armed Forces. While no downpayment is required, buyers may put down any amount they wish. The only requirements are that buyers be members of the military either currently serving for 90 days or two years of active duty service if not an active member.   


The above options are great for those who canít afford or donít wish to put down large down payments but still hope to be homeowners. 





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Posted by RE/MAX Executive Realty on 3/17/2019

Making an offer on a home youíd love to buy is arguably the most stressful part of the buying process. Youíll be worrying about making the right offer, whether youíve presented yourself in the best possible light, and just how much competition youíre up against.

Today weíre going to help you alleviate that anxiety by giving you the most common real estate offer mistakes to avoid, and show you how you can increase your chances of getting the perfect home for you.

1. Do your research on the house

You have a lot of research to do before making an offer on a home. Youíll want to know the price the home formerly sold for and improvements that have been made and that will need to be made if you move in.

It also helps to know the sellerís situation. Are they on a deadline and moving out-of-state? If so, they might be tempted to take one of the earlier offers they receive.

2. Know your own financial limits

Before you ever make an offer youíll need to know how much you can spend. This isnít just a matter of offering the maximum amount youíre preapproved for. Youíll have to factor in moving expenses, final payments on your last rent or mortgage, changes in utility costs, and more.

3. Donít offer your full preapproval amount

Sellers who know that youíve offered your maximum preapproval amount may be wary of selling since they know you lack room to negotiate your budget and therefore might have a higher chance of backing out of the offer. They might favor other buyers who have room to negotiate and account for unexpected changes in their budget or of rising interest rates.

4. Avoid aggressive negotiation

We know the stakes are high for everyone involved in making a real estate deal. However, sellers are more likely to accept the offer of someone they trust and like over someone who seems to be trying to gain leverage.

Always be cordial with your offers and support them with numbers--explain to the seller why you chose the number you did, so that they can understand your reasoning.

5. Donít attempt to gain leverage by waiving a home inspection

By law, you are allowed to have a home professionally inspected before purchase. Waiving this right is sometimes misconstrued as a way to tell a seller that you trust them and donít want to cause them any unnecessary headaches.

The reality of the matter is that if you truly do want to own their home, sellers understand that you want to know what youíre buying.

6. This isnít the only house you can be happy in

Hunting for a home is hard work. Once you find one that seems perfect for you or your family, it can seem like everything depends on your offer being accepted.

However, the fact is there are endless houses on the market, and next week a new one could be put up for sale that is even better than the home youíre hoping for now.

If your offer isnít accepted and you donít feel comfortable committing to a higher price, move on to the next house knowing that you made the best decision under the circumstances.




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Posted by RE/MAX Executive Realty on 3/10/2019

Want to own a house? Enter the real estate market today, and you can take the first step to make your homeownership dream come true.

Ultimately, there are many reasons to launch a home search sooner rather than later, and these include:

1. You can search for houses in cities and towns across the United States.

There is no shortage of top-notch homes available in cities and towns nationwide. Regardless of whether you want to live in a small town or a big city, you should have no trouble discovering a great residence at a price that you can afford.

Of course, it often helps to establish homebuying criteria prior to starting a home search. With homebuying criteria in hand, you can accelerate the homebuying journey and find your ideal residence faster than ever before.

2. Many home financing options are available.

Although you've always dreamed of owning a home, money might have been a problem. Lucky for you, banks and credit unions offer many home financing options to make it easy for anyone to purchase a residence.

Lenders are happy to meet with you, explain different mortgage options and respond to your mortgage concerns and questions. Then, once you review all of your mortgage options, you can make an informed home financing decision.

Also, it may be beneficial to get pre-approved for a mortgage. If you receive pre-approval for a mortgage, you'll know exactly how much you can spend on a house before you start a home search. Plus, you can tailor your home search based on your budget and speed up your quest to acquire your ideal home.

3. You can receive expert help throughout the homebuying journey.

One of the biggest challenges for a homebuyer is figuring out exactly what to do at each stage of the property buying journey. Fortunately, if you hire a real estate agent, you can receive comprehensive assistance as you go from homebuyer to homeowner.

A real estate agent understands the challenges associated with buying a house. As such, he or she will do everything possible to identify and address these challenges before they escalate.

Typically, a real estate agent will learn about you and your homebuying goals. He or she next will teach you about the local housing market and help you craft a homebuying strategy. And when you're ready, you and your real estate agent can work together to find your dream house.

After you discover your dream residence, your real estate agent will help you put together a competitive offer to purchase this house. If the offer is accepted, your real estate agent will help you navigate the final steps of the homebuying journey. Best of all, if you ever have homebuying concerns or questions, your real estate agent will respond to them immediately.

Take the guesswork out of finding and buying your ideal residence Ė reach out to a real estate agent today, and you can begin your quest to find your dream house.




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Posted by RE/MAX Executive Realty on 3/10/2019

Let's face it Ė if you plan to relocate, you may need to reserve a moving truck. However, many moving truck providers are available, and finding the right one may prove to be a long, arduous process.

Lucky for you, we're here to help you streamline the process of evaluating moving truck companies so that you can make the best possible decision.

Now, let's take a look at three questions to consider before you book a moving truck.

1. How much stuff do I need to move?

If you own a wide range of antiques, books, DVDs and other items, you may need a medium or large moving truck to transport all of your belongings from Point A to Point B. Comparatively, if you rent a studio apartment, you may only need a small moving truck to help you bring your items to your new house.

Take a look at all of your belongings and put together an inventory. Then, you'll be better equipped than ever before to select a moving truck company that provides a vehicle that matches your moving needs.

2. How far do I need to go?

Distance is an important factor to consider as you evaluate moving truck providers, as most of these companies will require you to pay for the fuel costs associated with a moving vehicle.

For example, if you need to move out of state, you may need to account for the cost of renting a moving truck, along with several hundred dollars in fuel charges. Or, if you are moving just down the road from your current address, the fuel costs associated with a moving truck probably will be minimal.

When it comes to determining which moving truck company to use, it pays to look at how these businesses account for fuel expenses. By doing so, you can budget accordingly.

3. How long will it take to complete my move?

In many instances, a moving truck provider will bill you based on how long you keep a vehicle. This means someone who needs a moving truck for just a few hours may pay significantly less than someone who requires a moving vehicle for several days.

Plan ahead for moving day as much as possible. That way, you can find ways to streamline the moving cycle and cut down on the amount of time that you will need a moving truck.

Lastly, if you need help finding the right moving truck company, you may want to consult with a real estate agent. This housing market professional is happy to provide recommendations about various moving truck companies in your area. Perhaps best of all, a real estate agent can take the guesswork out of buying or selling a house and ensure you can enjoy a seamless move.

Make an informed decision about a moving truck provider Ė use the aforementioned tips, and you can select a moving truck company that will meet or exceed your expectations.





Posted by RE/MAX Executive Realty on 3/3/2019

Many homeowners have a difficult relationship with their homeowners association. On the one hand, the HOA helps your community stay safe, clean, and makes it a desirable place to live which improves the property value of your home. But, on the other hand, homeowners associations can be a problem if you want to make a change to your property that they disagree with.

 In this article, weíll talk about some common issues that homeowners face in their dealings with homeowners associations and give you tips on how to handle them so that youíll have the best possible outcome.

 Study the rules carefully

It may seem like a nuisance, but your best defense when dealing with the homeowners association is to understand whatís expected of you. Not only will it help you stay on good terms with the HOA, but it will also make it easier to understand what your options are.

Itís a good idea to understand these rules and bylaws before you ever move into the neighborhood, but itís never too late to learn them. It might help you later on down the road should you want to paint your house or build a new structure in your yard.

Introduce yourself to the members

Itís best to get off on the right foot with the other members of your homeowners association. You donít want your first meeting to be a complaint against you, nor do you want to introduce yourself to someone only to make a complaint against someone else.

It will also give you a chance to ask questions about the community and to get an understanding of how easy or difficult it is to deal with the regulations of the homeowners association.

Donít assume ill-will

If you find that a complaint has been raised against you, donít act immediately. Take some time to compose your response and be sure to acknowledge the complaint. Odds are that the other members of the HOA arenít there just to give you a hard time.

Choose your battles

There are some things worth fighting for when it comes to your home. However, you donít want to be repeatedly challenging the HOA on small issues. Stick to the rules on the things that arenít hugely important, that way other members wonít come to expect issues from you.

Follow protocol

When youíre required to get permission from the board before making a change to your property, be sure you follow the steps laid out in your agreement. Doing so will avoid any unnecessary conflict.

Pay all dues and fines on time

Even if you are in the middle of a disagreement with the HOA, itís better to continue paying your dues and fines that to leave them outstanding. If you donít pay, you risk further penalty, including fees.

Plan ahead if you want to change the rules

If youíre dissatisfied with some or man of the rules of the homeowners association, odds are youíre not alone. First, start by talking with other neighborhood members. If they have similar views on the rules in question, you can bring them up collectively at the next meeting.

Your second option would be to run for the board and try to enact the changes yourself. However, you should never seek a position out of spite or anger. Only volunteer your time and effort if you want to lend a hand in your community and make life better for all of the inhabitants.

 




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