Panama City, FL

You might feel a bit intimidated at the thought of buying your first home. You might be a fairly young, recently married couple, and it’s important to you to feel that you aren’t making any big mistakes.

You want to go through this experience feeling like you asked the right questions and that you can trust the people who help get you through this big step. The two best qualified people to help you find the right answers and the right home are a great lender and your REALTOR®.

Some important FAQs to consider would be:

• 1. How much can you really afford to pay for your first home?
• 2. How will you know if you’ve found the right lender and what does it take to qualify for your first mortgage?
• 3. How much cash will you need “out of pocket” – 3%, 5%, or more?
• 4. What closing costs will you be expected to pay and how much will it be?
• 5. How much will your monthly mortgage payment be and will that include home owner’s insurance and county taxes?

These are all great questions … and there are a lot more questions that will come up along the way from “just looking” to actually closing on your first home purchase. However, if you can get clear and accurate answers to these 5 questions, you will be way ahead of most first time buyers and well on your way to your goal of home ownership. As an experienced full-time real estate agent, it is my job to answer these questions for you and to help you avoid making mistakes that you may not even know about yet.

Some answers to these 5 FAQs:

• 1. The absolutely best way to know how much you can afford to pay for your first home is to make an appointment with a mortgage lender or financial loan officer. I know you’ve heard it before, but it really is best to pre-qualify for a future purchase. A good lender will ask you some basic questions about your current income and debts, monthly expenses and obligations, and any past debts that you still pay. A great lender will talk openly with you about your debt ratio (your income vs your debt), and he/she will go over your credit report with you to make sure there are no surprises.

• 2. When you find the right lender you will go from feeling completely overwhelmed by the process to realizing that you are in a good place. When you find a professional loan officer, loan originator, or mortgage broker, you will get solid answers to the questions that usually trouble buyers the most. The right lender will take or return your calls in a timely manner and he/she will take the time to explain all the costs that come along with the loan. You need to ask how much they charge for the credit report, the appraisal, underwriting, and other closing costs. Ask for a closing cost estimate of the lender’s charges in writing! In order to qualify for your first mortgage, you will need to provide personal information including proof of your income, your social security number, and bank statements. You will need to give them permission to run your credit report.

• 3. The amount of “out of pocket cash” that you will need will depend on the kind of loan or financing you qualify for with that great lender you’ve found. The amount of down payment – 3% or 5% for example – will depend on whether you get an FHA, VA, or Conventional loan. The kind of loan you get will be decided between you and the lender based on your credit report, the condition of the property you are planning to buy, and the types of loans the lender has available.

• 4. There are some specific closing costs that are usually paid by the buyer, and these can vary depending on what is typical in the area where you plan to buy a home. Most of these costs have to do with your loan such as the appraisal, underwriting, and any other lender fees or state taxes on the new loan monies. In addition, you may be required to pay for inspections such as termite or home inspections, as well as a property survey. In some areas it is typical for the seller to pay for a termite inspection, but in others the buyer pays for any inspections he/she orders. The two most important people who will help you estimate the closing costs are the lender and your REALTOR®.

• 5. You know better than anyone else what you can realistically afford to pay each month. Chances are you’ve already made a budget based on your current income and monthly expenses. Go ahead and make a list of all your bills that you think will continue to stay with you after you buy a home, such as car payments, student loans, credit card monthly payments, and any other credit obligations. Your monthly mortgage payment (P/I or Principle and Interest) will depend on the amount of the loan and the interest rate the lender charges. Your lender should give you these numbers in writing! The taxes and insurance will depend on the value the local property appraiser assigns to the property you buy and the amount of home owners insurance required to sufficiently protect your home. Once you’ve found the right home, decided on a purchase price, and have qualified with a lender the next step is to find the right insurance agent. It doesn’t hurt to “shop” rates when considering home owner’s insurance costs. Don’t skimp! And if you are in certain areas, you may need flood, wind, or other forms of extended home owners insurance. Be sure to ask for any requirements and for written quotes on these as well.

Detailed answers to these FAQs and other important questions can and should be answered by the real estate professionals you choose to work with you on this most important first time home purchase. There are great programs available for first time home buyers through various lenders in addition to the federal $8,000 tax credit. There are limitations on all of these, so be sure you find a lender and a REALTOR® who will to spend the time necessary to answer your questions. You will be glad you asked these questions when you close on the purchase of your first home.

Education, experience, and expertise are the values I bring to every real estate transaction. You will feel confident when you have all your questions answered and you find the perfect first home to buy!

POSTED BY JAN EVETT, BROKER ASSOCIATE, CENTURY 21 RYAN REALTY, PANAMA CITY BEACH, FL

REMINGTON FINANCIAL GROUP, INC.

We have immediate access to capital for the following deals:

•· New construction, 70-90% complete, and the bank can't continue funding the project

•· Existing income producing properties where the bank loan has matured, the bank can't rollover or extend the loan, and the principal is unable to refinance the loan

Our investors and lenders require the following:

•· Solid developers and/or owner operators

•· Banks willing to accept payoffs at a discount of 20-50%

Typical deal structure:

•· Investor or lender will buy or payoff the loan from the current bank at a discount

•· They will take an equity position in the project and if new construction, provide the funds to complete the project

•· Current principal will retain an equity position in the deal and either finishes the development and/or operates the property

REMINGTON FINANCIAL GROUP, INC.

We have immediate access to capital for the following deals:

•· New construction, 70-90% complete, and the bank can't continue funding the project

•· Existing income producing properties where the bank loan has matured, the bank can't rollover or extend the loan, and the principal is unable to refinance the loan

Our investors and lenders require the following:

•· Solid developers and/or owner operators

•· Banks willing to accept payoffs at a discount of 20-50%

Typical deal structure:

•· Investor or lender will buy or payoff the loan from the current bank at a discount

•· They will take an equity position in the project and if new construction, provide the funds to complete the project

•· Current principal will retain an equity position in the deal and either finishes the development and/or operates the property

You know, it always feels good when you've helped someone find the perfect home. It also feels good when they acknowledge your efforts and time spent with them. I was working with a young couple recently, a referral from a previous client, that were the perfect customers. You know the ones that not only listen to your advice but actually follow it. They totally surprised me with this text one day:

Customer text message: Hey Lynn we were sitting here at lunch and just wanted you to know that we appreciate everything you have done and are doing for us. Thank you for keeping us up to date and informed on everything going on. We really owe you bunches for all that you're doing.

My response: Thank you! Y'all make my job easy!

Customer text message: I don't know about that! LOL! We can be difficult sometimes so just overlook us! Between us both we've bought a few houses here and there and having you as our realtor this time has been the best experience out of all our transactions! See you at 3!

Sometimes it's the little things like this that keep me going!

I admit I was playing around on Facebook ... late at night, should probably have been asleep. However, my niece made up one of those "How well do you know me?" quizzes, and it was kind of fun, so I thought I would make one up about me. I sent it out to a few people just for fun.

Suddenly, there's that little red flag in the bottom right corner! Sommer took your "How well do you know me?" quiz... click to see her results!! Sommer is in Alaska ... she's on FB now ... it's not late in Alaska!

Turned out to be one of my favorite TESTIMONIALS of all time!

Thank you, Sommer! That is just about the sweetest thing I could ever want to hear from one of my favorite military relocation families! I found their first home when they came to Tyndall Air Force Base and was honored to be asked to list and sell it for them when they got orders to Alaska. THIS is what makes real estate a very special profession and why I love what I do!

POSTED BY JAN EVETT, BROKER ASSOCIATE, CENTURY 21 RYAN REALTY, PANAMA CITY BEACH, FLORIDA