What information do you need when applying for a mortgage? So you have found the home of your dreams and you made an offer. After a little negotiation your offer has been accepted. Congrats! But now what? Most contracts that are dependent on financing have a timeframe in which a formal loan application must be made, typically five to seven days. Here's a simple check list of the items needed. Here is a simple check list:
* Copy of sales contract.
* Personal information including: Social Security number, date of birth, number of years in school, marital status, number and age of dependents, current address and telephone, current housing expenses (rent or mortgage, insurance, taxes), name and address of landlord or mortgage holder for past 2 years, copy of valid photo I.D.
* 2 years of employment history and income.
* Record of assets including retirement funds, vehicles you own or real estate you own.
* Liabilities and debts.
* Credit report and appraisals. Fees may be associated with this requested information.
Your credit score is a number that reflects your credit risk level. Typically the higher the number the lower the risk. Your credit score is a fluid number and there are 3 simple ways to keep your credit score healthy.
1. Pay your bills on time. This is the single most important factor to a good credit score. Even if the debt is small it is crucial that you make payments on time.
2. Minimize outstanding debt and avoid overextending yourself by applying for credit needlessly. Use the credit you already have to prove your ability to manage credit responsibility.
3. If you have negative on your credit report (late payments, bankruptcy, or too many inquiries) your best bet is to pay all your bills and wait. Time heals all wounds.
Let's face it in today's market most people need a loan to buy a house and one of the hurdles many face is having enough downpayment to qualify. Well Happy New Year! 3% down conventional financing is here for first time home buyers who qualify.
Here are some key features: * 3% down payment with 97% Loan To Value ratio * 30 year fixed rate mortgage loan to 417,000 only * No income limit * 3% down payment and reserves (if required) may be supplied by gift funds * No home buyer counseling required; but a 640 score is required * 1-unit primary residences eligible * 1 borrower must not have owned any residential property in the previous 3 years
This new loan options offers a few advantages over the FHA loan: * No upfront PMI * PMI factors are lower * PMI can be dropped once the equity position is 80% and 2 years has passed, if the buyer requests an appraisal (PMI will drop automatically at 78% by way of amortization) * No FHA minimum property requirements
Some Disadvantages over FHA: * Rate is higher than FHA * Seller contribution is lower than FHA * Down payment is slightly more than FHA
Heidi Gage from Movement Mortgage said, "Ultimately, FHA will have a lower payment when comparing them side by side, BUT the conventional loan has more long-term flexibility."
The important thing to understand is that all loan options have pros and cons and anyone considering buying a home should consult a lender that can help educated them further so they can make the decision that is right for them, but with interest rates STILL at an all time low home ownership is even more possible.
When you buy a Baltimore home, you need to know exactly what you’re buying. Imagine how frustrated you’d be to find out that the hot water heater wasn’t working—in the middle of a shower! This is why you should have a home inspection before you buy your home. A home inspection is an important part of buying your home. Before you hire a home inspector, ask candidates a few questions to make sure you hire a trustworthy inspector.
What does your inspection cover? Not all inspections are the same. Ask for copies of previous home inspections so you can see exactly what they will check inside the home. If you are concerned about something specific, like a leaky faucet in the bathroom, mention that to the inspector so they can check it out.
Are you licensed or certified? If you live in a state that licenses home inspectors, ask to see their license. At the very least, choose a home inspector who belongs to American Society of Home Inspectors. This shows a level of professionalism and education that you can trust.
What kind of report will you give me? You should expect a written report detailing what the inspector found. Most inspectors will give you a typed report within a week of the inspection. Make sure the inspector will be available to explain anything on the report that doesn’t make sense to you.
Will I be able to attend the inspection? If the inspector refuses to let you be present during the home inspection, find someone else. This is your chance to know exactly what you are buying and what potential repairs you or the seller will have to make.
As your real estate agent, I will guide you through the home buying process. Let me help you find your new Baltimore home. Call me today at 443-854-4190 or email me at firstname.lastname@example.org KEYWORD: Baltimore home LINKS:
Home inspection - http://en.wikipedia.org/wiki/Home_inspection
American Society of Home Inspectors. - http://www.ashi.org/
You’ve got a new job offer across the country and you are planning to pack your things, buy a Baltimore home and make the big move. However, when you tell your 17 year old daughter your plans, she lets out a mournful wail and cries that it is not fair. How can you possibly take her away from all of her friends, her favorite hangout spots and the cute boy she just started seeing?
Moving house is a difficult transition and it is even more traumatic for teenagers. The teenage years are an important stage where young adults establish their individuality and independence and during this time their social circle is extremely important to them. Being removed from that against their will can make any teen feel sad, confused, angry and resentful. Also, fitting into a new social scene in a different location can be a challenge for a teen that might be singled out as the “new kid”.
How can you help your teen during this transition so that the experience will be easier on them?
Give them as much notice as possible so that they have time to adjust to the idea of moving. They will feel like they have enough time to say goodbye to their friends and close a chapter of their lives.
Try to schedule the move around the school calendar, as moving in the summer is much less disruptive to your teen’s life than relocating in the middle of the school year.
Make sure that they have ample time to spend with their close friends before they leave and once you arrive, understand that they might go through a grieving process of missing their old pals.
When you get to your new home, make sure that your teen has plenty of ways to keep in touch with their old friends, such as an internet connection and a cell phone plan.
Encourage your teen to get involved in the community of your new hometown, such as joining sports clubs or attending events. This can help them to [make new friends].
Can They Stay Behind? In some situations, the better option might be to let your teenager stay behind. If they are in their older teens, they will have finished high school, maybe have a job and be independent people of their own. Perhaps they could stay with a family member or parents of a friend for a while until they are old enough to move out on their own. This might make them a lot happier in the long run, rather than taking them along with you if they really don’t want to move.
For more advice on moving to your new Baltimore home, feel free to contact me at email@example.com or phone me at 443-854-4190.