home is always exciting, but it can also be stressful and exhausting if you are not prepared. Giving yourself time to take the necessary steps can make your home buying experience a fun and relaxing endeavor. 

 

The first step in buying a new home is deciding on a realtor. It is extremely important to hire someone who knows what they are doing, especially when you are buying your first property. Look for a good realtor with lots of experience in the area that you are surveying. A realtor who knows the area can not only give you advice on your house but on the location and neighborhood you will be moving into. Interview a couple realtors before deciding on one; take time to get to know them a little bit since you will trust them with some big decisions.

 

Once you have a realtor, start looking into what type of house you want. Consider size, timeline, price, and location in all your decisions. You probably want a place that can be semi long term, so think about career, children and changes in your life while searching for your house. How big does your home need to be in order for your family to grow? What type of income will you be having over the next 10 years? Where will you be comfortable living, in the city or in the country? These are all questions to consider before you begin looking at listings.

 

Paying for your new home can become a stressful issue if you do not plan ahead. Hiring a mortgage broker to help you with you planning is always a good idea. Letting a professional look at your finances and guide you with your decisions usually sets you in a better situation down the road. Make sure that you understand all of the issues surrounding your loan. Don’t be afraid to ask questions about any of the numerous papers you will be asked to review and sign. Make sure you get detailed answers about the amounts you will be expected to pay monthly and over the years. It is VERY important to be comfortable with your mortgage broker and be willing to spend a lot of time asking questions and reviewing options with them.

 

Once you have your team of professionals and your budget clear it is time to start shopping for homes. This is the fun part so don’t be afraid to take your time and look at tons of places! Try to stay in price ranges and neighborhoods that you know you will be comfortable living in. Look at all types of homes. New homes and usually more expensive but come with warranties and usually have less repair problems than re-sale homes.  Weigh your options and think about how much time, money and effort you are willing to put into home renovations. Always keep in mind the option of buying a lot to build on. This can be a little bit more time consuming, but if you finance it right you can have your perfect dream home for the same price you would be buying a re-sale property. Whatever you decide to do, make sure you love your home before you sign the papers.

This article was produced by Eric Badgley; with REMAX Bellingham specializing in Bellingham Real Estate. http://www.bellingham-realestate.net

There are probably few things in life that are as exciting — or as nerve-racking — as the search for a house, especially finding a piece of Central Coast California real estate.

All the good emotions and the bad emotions seem to converge when the house hunting begins. Don’t worry, this is a normal reaction, and is found in seasoned home buyers also those first-time buyers. The emotions will be even more apparent if you are finding your perfect Central Coast California real estate house.

With an organized house buying plan, you can minimize a great deal of the emotional impact. But to do so, you will need some house buying tips and I am going to share with you 5 tips to finding your perfect central coast California real estate house at a bargain.

1. First time buyer jitters.

Your agent brought you to a house that matches your criteria, the price is right, it is a good neighborhood. Don’t get cold feet and start making up stupid little reasons not to buy just because you are scared. You could be missing out on your perfect central coast California real estate home.

2. Do not buy a house in an urgent rush

You need time to plan your purchase carefully, especially for central coast California real estate house. Never let a dealer know you are desperate for a house. If the sellers know this, they will not drop the price.

This little mistake can cost you thousands. Always make the sellers think you have plenty of time and resources to analyze each deal carefully. Make sure they know you are the one that they have to chase. Then the deal will proceed on your terms, not theirs.

3. Sellers do not set the price, it is the buyers who set the price

How many times have you sold or traded in a used car and not gotten anywhere near what you wanted for it? This is because you thought you could set the market, but the market told you otherwise. Whether it’s a house or a car, the market sets the price, not the seller.

4. The best time to buy a used house is…

Winter time because summer time has the most demand for houses, as it is always the best time for families who have kids to make a clean break from the old house and into a new one before the school season starts. I would bet that you will get some really good deals around Christmas time, because no one is looking at houses then.

5. Where to find a bargain

From people who have just inherited some sort of property. Often they settle for much less because they just don’t want to mess with it, as they are still dealing with other aspects of the estate and want quick money. Sometimes this can be a great way to pick up your piece of central coast California real estate property real cheap.

Other bargain distress sales might be a buyer who is about to be foreclosed, a couple with marital problems, a corporate relocation seller, or someone who is upside down on their mortgage.

FACT: No real estate agent even in Central Coast California real estate area, no matter how good they are, will work as hard as you at finding a property. There is simply too much to do and they have other clients as well. You need to spend hours yourself on the best web sites to find listings also. You’re about to spend over $100,000. Don’t just leave it in the hands of the person who makes a commission by selling you that house. But if you are buying a house instead of selling, you really do not need a real estate agent.

Need to search for real estate yourself? Try out this new free search to access fresh comprehensive real estate listings and have exclusive ability to buy directly from banks or any institutions, for up to 90% off the actual market value of any property.

1) Before You Begin, Ask Yourself One Question

Will you live in your next home for at least 3 years? If the answer is “Yes,” you should probably purchase, rather than continue renting. With average appreciation, you’ll break even on your closing costs after 2 years, and start making money at year 3. Every year after that will put more money in your pocket! The most expensive aspect of real estate is buying & selling, so the longer you can live in the home the better. However, purchasing makes sense if you can make as little as a 36 month commitment.

2) You Don’t Need a Down Payment!

It always surprises me how many people want to purchase a home, but don’t because they believe that a hefty down payment is required. Zero down programs are very common, and are quickly becoming the norm, rather than the exception to the rule. Because your new home is collateral for the loan, there are many banks that will jump at the chance to loan you 100% of its value. Perfect credit isn’t a requirement, either. Because real estate typically appreciates in value, it’s often easier to be approved for a 100% mortgage than it is to borrow 100% for a car!

3) Get Pre-Qualified

Pre-qualification is a very important step, and the step that first time home buyers dread the most. Qualifying to buy a home is pretty easy and requires relatively little work for you. Pre-qualification is what gives you buying power and allows you to make an offer on your dream home when you’ve found it. More importantly, pre-qualification will let you know how much your new home will REALLY cost – in monthly payments. A $150,000 or $300,000 home doesn’t mean a lot to most buyers – but $1200 per month and $2500 per month are tangibles that everyone can understand. After your lender pre-qualifies you, ask them for a “payment table” that shows you a rough estimate of TOTAL monthly payment based on purchase price. Pick your payment, and you know the price range to shop in.

4) Consult a Realtor ASAP

Many first time home buyers avoid contacting a Realtor because they dislike high pressure sales. However, Realtors have an advantage over traditional salespeople because they have access to the Multiple Listing Service, which is a database that lists roughly 99% of the homes for sale in a given market. This means that your Realtor doesn’t have to sell – he/she merely presents your options. The most important qualities to look for in your Realtor are his/her knowledge of your specific market and their willingness to help. Interview a few agents and choose one that will help guide you through the process. You’ll find the help & insight will be invaluable – and you’ll be glad you contacted your Realtor sooner, rather than later.

5) Make a List of “Must Haves” & “Wants”

Many new home buyers mistakenly think that they will “just know” when they “walk into the one.” While some buyers DO fall instantly in love with a home, this is not the norm. You’ll find your search is easier, and you will be more confident in your decision, if you take a systematic approach to your search. The best way to organize your search is to make two lists: Your “must haves” and your “wants.” Your “must haves” are the absolute necessities in your new home – in fact, you don’t even need to view a home if it doesn’t have every “must have.” Great examples of your “must haves” are price, school district, size, etc… Your “wants” are the qualities that you would like for your new home to have, but it’s not a necessity. Great examples of “wants” are color, flooring, kitchen appliances, surround sound, and type of exterior. By taking the time to articulate what you need and want in your new home, you will know exactly what to look for when viewing prospective homes.

6) Pick Your Favorite Neighborhoods

You can always make changes to your house, but you can never change its location. Most home buyers already have a good idea of where they would like to live because of school districts, work, or other factors. However, neighborhoods can be pretty different, even in the same area of the city. Ask your Realtor to email you a list of homes in the specific area of town you’re interested in. Take a drive through the different neighborhoods on the list your Realtor sends you, and choose your favorites. Pay attention to area amenities, how well the yards & common areas are kept, and if you see a lot of “for lease” signs – which can be an indication of a heavy rental area, and lacking in “pride of ownership.” After you have picked your favorite neighborhoods, and you know your “must haves” and “wants,” you can literally make a list of EVERY home available that meets your criteria, and view those homes.

7) Make Your Decision!!!

Home buyers often hesitate after they’ve found the right home because they’re not confident about their decision, or their decision-making process. Your home is probably the largest investment of your life, and it’s normal to feel butterflies in your stomach before putting your first home under contract. However, if you do your due diligence – and you have if you followed the steps above – then you will have your bases covered. If you’ve found a home that meets all of your “must haves,” most of your “wants,” is in the right neighborhood, and in your budget – it’s the home for you! Don’t wait and let another buyer take YOUR home!

Buying your first home can seem very intimidating, but can be extremely exciting. If you think that buying a home is right for you, it probably is. Make sure and follow these important tips and you’ll know you made the right decision when you find your first home.

Eric Bramlett is the Broker and co-owner of One Source Realty in Austin Texas. Visit Eric’s Steiner Ranch Guide, visit his Austin Real Estate company’s website, & his Austin Condos Guide. Eric has seen considerable success in real estate, and looks forward to many more years in the business. Eric currently invests, renovates, and develops real estate in the Greater Austin Texas Market. He spends his time working with select clients, helps his new agents get started in their real estate careers, helps his experienced agents progress their careers to the next level, & when he has time…he takes his dogs to the lake.

If you’re looking to take out a refinancing loan and are living in Arizona, you could take advantage of the good mortgage rates currently on the table.  In December 2008, the average going rates for 30-year FHA refinancing mortgages dipped nearly 20 basis points, landing at a friendly mortgage rate of 5.73%.  Compare that with the average mortgage refinance rate of about 6.4% to 6.6% just recently.  Since it’s a good time to consider having your mortgage refinanced in Arizona, here are some tips on finding the best mortgage rates around:

Consider what matters to you.

Determine the factors that will make a mortgage refinance rate advantageous for you.  After all, your goal is to find the one that: a) you can afford and b) give you significant savings over the long term.  Once you get a quote, do a few calculations to determine if the mortgage refinance rate is a good deal for you.

Consider mortgage type and shorter payment periods.

If you have the resources, it would be advantageous for you to shorten the life of your loan.  If you choose a 15-year payment program, for example, you will get lower mortgage rates than if you took out a loan for a 30-year period loan.  

Use your equity.

If you take care of your home now, you will be able to reap the rewards later.  Your home’s equity will increase as its market value increases.  You could help this along by making sure that the home is well cared for.  Doing a few maintenance repairs here and there can mean the world of difference in the future.  

Furthermore, you could raise your equity and enjoy low mortgage refinance rates later once you’ve paid up a good amount of your current mortgage balance.  This decrease will get you a good deal on your rates.

Your current credit standing could also be very useful in helping you get good mortgage refinance rates in Arizona.  If you haven’t had any problems with your credit in the past, your lenders are more than inclined to offer you a good deal.

Always compare lenders.

In Arizona, as in everywhere else, make sure you talk to multiple lenders.  The idea is to find the best rate possible for your type of loan and credit history.  Look for locally advertised mortgages in Arizona from at 3 or 4 different lenders.

Remember that refinancing does cost money over the long term and if you don’t get good rates, you could end up paying higher payments each month.

Find out about closing costs.

Getting refinanced means going through the loan process all over again.  You will have to pay for fees, certain charges and closing costs.  If you’re taking out a mortgage refinance loan in Arizona, find out how much you’ll be paying because this could significantly burden your finances – at least temporarily.

Got good credit standing?  You could take advantage of low advertised rates.

The low, low figures you find advertised on a lender’s website or classified ads are meant for borrowers who have above average credit standing.  If you fall below this category or have less than the ideal credit score, you might not be offered these borrower-friendly mortgage refinance rates.

If you’re borrowing for refinancing in Arizona, check your credit first.  The more reliable you are as a payer, the more likely you will be rewarded with great mortgage refinance rates.

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