Team Lopes - Arruda's Blog
136 North Ave, Rochester, MA 02770
When you’re ready to buy a house, it would be easy to just pick a house and sign the papers, right? Too bad it doesn’t work anything like that! Besides getting your finances in order, there are plenty of things that you should do ahead of time to get yourself ready to buy a home. Choosing a relator should be high on that list of priorities.
Do Your Research
There’s plenty of ways for you to search for a home before you even start in order to decide what you might like before you even set out with a realtor. Once you start working with a realtor, they’ll be able to set up alerts for you to get via e-mail where you’ll be able to see new properties that have just been listed and price changes to previously listed properties.
Let Your Realtor Do Their Job
Realtors are experts in homes. It is in their job description! Your realtor will do the research on prices and property details. An important aspect of the housing search is finding the price of similar homes in the area. This is key to making your offer. Your real estate agent has all of the information that you need.
Hang Out With Your Realtor During The House Hunt
When we say that you’ll have a close relationship with your realtor during the home search process, we mean it. Coordinate with your realtor to go to open houses. Your agent will either accompany you to the open house or make appointments for private showings of properties. Even if you have to bring your child and a carseat, your agent will be more than happy to accommodate you!
Mention Properties You See When You’re Out And About
The realtor has your criteria of what you’re looking for in a home. However, if you’re out and see a home for sale that intrigues you, write down the address and contact your agent about it. They can either arrange a private showing of the property or advise you otherwise. Many times, a property may be out of your price range or have strange circumstances. However, occasionally, agents and computer software miss things! It’s always good to be on the lookout and seek more information.
Don’t Hesitate To Really Look Around A Property
Although you may feel that you’re being a bit invasive by opening drawers, closets and doors in a home, it’s very important to! You need to see how you can make the best use of the storage space within the home for yourself. You’ll also want to make sure there’s no significant damage or hidden features that you’re missing out on.
Most importantly, remember that your realtor will be your ally throughout the house hunting process. You want to make the best use of the great resource that your realtor is!
Whether you’re a first time homebuyer or a seasoned homeowner, the terminology of mortgages can be confusing. Since buying a home is such a huge financial decision, you’re also going to want to make sure you understand every step of the process and all of the conditions and fees along the way.
In this article, we’re going to explain some of the common terms you might come across when applying for a home loan, be it online or over the phone. By learning the basic meaning of these terms you’ll feel more confident and prepared going into the application process.
We’ll cover the acronyms, like APRs and ARMs, and the scary sounding terms like “amortization” so that you know everything you need to about the terminology of home loans.
ARM and FRM, or adjustable rate vs fixed rate mortgages. Lenders make their money by charging you interest on your home loan that you pay back over the length of your loan period. Adjustable rate mortgages or ARMs are loans that have interest rates which change over the lifespan of your loan. You may start off at a low, “introductory rate” and later start paying higher amounts depending on the predetermined rate index. Fixed rate mortgages, on the other hand, remain at the same rate throughout the life of the loan. However, refinancing on your loan allows you to receive a different interest rate later down the road.
Amortization. It sounds like a medieval torture technique, but in reality amortization is the process of making your life easier by setting up a fixed repayment schedule. This schedule includes both the interest and the principal loan balance, allowing you to understand how long and how much money will go toward repaying your mortgage.
Equity. Simply state, your equity is the the amount of the home you have paid off. In a sense, it’s the amount of the home that you really own. Your equity increases as you make payments, and having equity can help you buy a new home, or see a return on investment with your current home if the home increases in value.
Assumption and assumability. It isn’t the title of a Jane Austen novel. It’s all about the process of a mortgage changing hands. An assumable mortgage can be transferred to a new buyer, and assumption is the actual transfer of the loan. Assuming a loan can be financially beneficial if the home as increased in value since the mortgage was created.
Escrow. There are a lot of legal implications that come along with buying a home. An escrow is designed to make sure the loan process runs smoothly. It acts as a holding tank for your documents, payments, as well as property taxes and insurance. An escrow performs an important function in the home buying process, and, as a result, charges you a percentage of the home for its services.
Origination fee. Basically a fancy way of saying “processing fee,” the origination covers the cost of processing your mortgage application. It’s one of the many “closing costs” you’ll encounter when buying a home and accounts for all of the legwork your loan officer does to make your mortgage a reality--running credit reports, reviewing income history, and so on.
Every home seller wants to enjoy a positive property selling experience. Yet ensuring your home selling strategy goes according to plan may be difficult, particularly for a seller who lacks property selling expertise. Lucky for you, we're here to provide the help you need to achieve the optimal results at each stage of the home selling journey.
Now, let's take a look at three tips to help you reap the benefits of a positive home selling experience.
1. Set an Aggressive Initial Home Asking Price
How you price your home will have a significant impact on how quickly your residence sells. If you establish an aggressive initial home asking price, you should have no trouble stirring up plenty of interest in your residence as soon as your home becomes available.
Check out the prices of available houses in your area that are similar to your own residence. Then, you can establish a price range for homes in your area and price your house accordingly.
Furthermore, it often helps to evaluate the prices of recently sold houses in your city or town. With this housing market data at your disposal, you can find out whether you're getting ready to sell your home in a buyer's or seller's market.
2. Remove Clutter
Clutter is problematic, particularly for a home seller who wants to streamline the property selling cycle. Fortunately, home sellers who identify clutter now can eliminate this problem before they list their houses.
Antiques, paintings and other excess items inside your home should be removed. You can always rent a storage unit, which will enable you to keep these items safe until you sell your house. Or, you can host a yard sale or sell excess items online prior to listing your residence.
Don't forget to remove lawn decorations and other clutter from outside your house as well. By doing so, you can instantly improve your house's curb appeal and increase the likelihood of a fast, profitable home sale.
3. Consult with a Real Estate Agent
A real estate agent is prepared to do everything possible to ensure you can enjoy a positive house selling experience. In fact, this housing market professional will offer plenty of support at each stage of the home selling journey.
Usually, a real estate agent will meet with you before you list your house. He or she then will craft a home selling strategy designed to help you accomplish your home selling goals. Next, a real estate agent will promote your house to dozens of potential buyers, set up home showings and open house events and keep you up to date about any offers to purchase your residence. And if you decide to accept an homebuying proposal, a real estate agent will guide you through the home closing process.
Ready to reap the benefits of a positive home selling experience? Take advantage of the aforementioned tips, and you can seamlessly navigate the home selling journey.
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