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Buyer Tips

There are currently 13 blog entries related to this category.

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Do You Need Title Insurance?

Friday, June 10th, 2016 at 11:14am. 222 Views, 0 Comments.

Title insurance is a means of protecting yourself from financial loss in hte event that problems develop regarding the rights to ownership of your property. There may be hidden title defects that even the most careful title search will not reveal.  In addition to protecting from financial loss, thtle insurance pays the cost of defending against any covered claim.

How will Owner’s Title Insurance protect me?

Some common examples of problems covered by an Owner’s Title Insurance Policy include:

• Improper execution of documents

• Mistakes in recording or indexing of legal documents

• Forgeries and fraud

• Undisclosed or missing heirs

• Unpaid taxes and assessments

• Unpaid judgments and liens

• Unreleased…

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Buyers Waiting for Improved Credit

Wednesday, May 18th, 2016 at 6:56pm. 266 Views, 0 Comments.

A lot of potential home buyers—especially first-time home buyers—are holding off on taking the mortgage plunge, in hopes they can get a better rate once they improve their credit scores.

That’s the finding of a new Experian survey about home buying and credit, which found that 34% of prospective buyers say their credit score might hurt their ability to purchase a home and that 45% have delayed a purchase to improve their credit scores.

“Your credit profile is one of the factors that can have a substantial impact on securing a home loan, because it is used by lenders as an indicator of your financial health,” said Rod Griffin, director of public education at Experian, in a press release. “Consumers planning to purchase a home…

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Take Advantage of Low Interest Rates

Friday, April 17th, 2015 at 3:09pm. 1101 Views, 0 Comments.

The average 30-year fixed-rate mortgage dipped to 3.66% this week, down from 3.7% last week, and new-construction home buyers lapped up the savings.

Mortgage applications rose 17% in March from February, according to the Mortgage Bankers Association Builder Application Survey.

“Overall, applications for new-home purchases during the first quarter of 2015 increased 20% relative to the first quarter of last year,” Lynn Fisher, MBA’s vice president of research and economics, said in a statement. “Continued strength in builder applications raises the likelihood that housing starts will be strong over the next few months.”

“Housing starts” is industry lingo for when a builder actually breaks ground on a new home. It’s a good…

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Fannie Mae First-Time Buyers Assistance.

Friday, April 17th, 2015 at 3:04pm. 1025 Views, 0 Comments.

If you’re a first-time home buyer just entering the market, you’re in for a springtime treat: Fannie Mae will now pay your closing costs, up to 3% of the price of the home—provided you take the mortgage giant’s home-buyer counseling course first.

The new HomePath Ready Buyer program, announced on Wednesday, allows first-time buyers (defined as those who have not owned a home in the past three years) to take an online course, get certified, and become eligible for what could amount to significant savings. For instance, on a $150,000 home, Fannie Mae could contribute up to $4,500 toward your closing costs—which typically range from 2.5% to 3% of a home’s price—and even reimburse you for the $75 online course.

“This could actually…

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FHA Seller Concessions to Buyers 6%

Thursday, March 5th, 2015 at 3:46pm. 986 Views, 0 Comments.

FHA loans are one of the most popular financing programs among home buyers today. They are especially popular among first-time buyers who have limited funds for a down payment and closing costs. Borrowers who use this program can enjoy the benefit of a low down payment, as little as 3.5% of the sale price.

Another benefit is that sellers are allowed to make contributions toward the buyer’s closing costs. Put simply, the seller involved in the transaction is allowed to chip in to help the home buyers pay some, or all, of their loan-related closing costs. In real estate lingo, this contribution is referred to as a “concession.”

But there are limits to how much the homeowner can contribute toward the borrower’s costs. In 2015, seller…

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Can You Buy a Home if I Have Bad Credit?

Thursday, January 31st, 2013 at 12:14pm. 1374 Views, 0 Comments.

Your biggest issue will be your loan options... depending on your credit score.

The FHA has their own guidelines for loans they will accept and may be your best bet. Keep in mind that FHA is not a bank; it’s a government agency that insures loans from FHA approved lenders. While the FHA will have its rules, a bank will also have its own rules as well. Most banks today are only willing to finance FHA loans with credit scores of 640 and above. The FHA however will allow loans with credit scores as low as 540 with 20% down. Additional requirements are as follows:

• 2 Years of steady employment, preferably with same employer. Last 2 years Income should be the same or increasing.
• Credit report should have less than two 30 day late payments in…

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High Credit Score = Low Mortgage Rate

Tuesday, September 4th, 2012 at 3:35pm. 1189 Views, 0 Comments.

Credit scoring was developed in the 1960s as a means to determine whether or not consumers were
likely to repay their loans. The score ranges from 350 to 850 with a higher score being extremely favorable. Essentially, a high credit score translates into lower interest rates for the borrower.

There are five factors that comprise the credit score. Payment history accounts for 35% of the score; outstanding credit balances have a 30% impact; credit history makes up 15%, type of credit factors at 10%; and inquiries influence the score by 10%. This gives the lender a snapshot of an individual's sense of
financial responsibility and ability to pay back loans.

There are many quick tricks to improve the credit score.  If a borrower has to pay a higher interest rate…

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Augmented APP Now Available!

Sunday, August 26th, 2012 at 3:03pm. 901 Views, 0 Comments.

The Twin Cities- based JimBergTeam.com at Re/Max Results has launched a new mobile search app, ResultsRadar, for iPhone, iPad and Android devices that incorporates augmented reality technology.

ResultsRadar overlays property information such as pictures and property description when the phone's camera is pointed at a property, and indicates the location and proximity of other properties for sale nearby.

In addition to retreiving MLS-derived property information, the app pulls additional property details that the brokerage may have about the property.

The ResultsRadar app is available to consumers and agents.

The app is available for iPhone, iPad and devices running on the Android operating system -- the first time an augmented reality…

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BPO? CMA? Appraisal? What's the Difference?

Saturday, May 19th, 2012 at 6:37pm. 797 Views, 0 Comments.

BPO, CMA, Appraisal -- what is the difference?  These are all various methods of valuing real estate, (properties, homes, houses, commercial property, investment property, and vacant land).

Appraisal = formal valuation by a licensed appraiser.  An appraisal is a subjective opinion of a real property's value.  Most appraisers are highly skillled, with many years of experience.  Besides single-family homes, some appraisers specialize in niche areas, such as rural acreage, estate homes, commercial/industrial property, apartment rentals.  In order to appraise property for an FHA loan, the appraiser must be experienced in the FHA loan procedures and requirements.  Appraisals are required as part of the underwriting process for mortgage lenders when they…

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#1 Satisfaction Award by Home Buyers and Home Sellers: J. D. Power & Associates

Monday, December 5th, 2011 at 2:05pm. 711 Views, 0 Comments.

We're proud to be part of the nation's #1 Top Rated Real Estate firm by J. D. Power and Associates for this year!  Study was based on over 3800 evaluations and measures opinions of home buyers and sellers.

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