Many Real Estate Closing Costs ARE negotiable. A proper bid program can save thousands of dollars in both the long and short run.
The role of the HBE Mortgage Advisor is:
1. Has a second informational meeting to discuss your OTHER purchase. (We at HBE feel that your mortgage loan is also a purchase, and a very important one at that)
2. Review your financial situation.
3. Help you determine your ability to achieve financing.
4. Helps make clear the tax effects of your home purchase.
5. Determines the affordable home cost.
6. Helps identify your ideal home features.
7. Bids out your mortgage to different lenders.
8. Assists in lender selection.
9. Helps you get pre-qualified.
10. Helps with final mortgage lock.
11. Available to help understand final HUD statement.
12. Annual review of financing options.
HomeBuyer Experts does not own a mortgage company we have built relationships with some of Northeast Ohio's best lenders and use a bidding process to make sure that our clients (The Real Estate Buyer) get a mortgage that fits them not one that fits the company.
Home Buyer Experts (HBE) is a buyers only agency with 100% of it's team working for the Real Estate Buyer.
If you are buying a home in the next 6 months and want to learn more about the process from an Exclusive Buyer Agent (EBA). Call HomeBuyer Experts at 330-328-3170 or you can email us.
Don’t wait, buy now!
I know it sounds like a pushy salesman trick taught on every car lot in the country…”It might not be here tomorrow!” But when it comes time to making a home purchase, there is never a better time than right now!
Let’s preface that with a couple of things.
1. You must get your credit in line
2. You must have income
3. You must be able to get qualified for a loan
I guess what I am trying to say is that if it is your time to buy then you need to be ready to buy.
What I am talking about in this post is the mentality of “I’m waiting for the bottom of the market to buy” or “I haven’t found the right house” or “I’m scared!”
All of these stall tactics or procrastination can end up costing you more than you realize.
Here are just a few of the areas where you could lose; interest rates could rise, area home prices could rise, you will miss out on the tax deduction and the right home for you could be purchased by someone else.
Lets look at real numbers. If rates increased by ½ of a percent on a $300,000 loan, your payment will go up $100 per month. That’s $36,000 over the life of the loan. That hundred sure could buy a nice dinner every month for you. I'm still looking for the millionaire that doesn’t own some real estate!
Home Buyer Experts (HBE) is a buyers only agency with 100% of it's team working for the Real Estate Buyer.
If you are buying a home in the next 6 months and want to learn more about the process from an Exclusive Buyer Agent (EBA). Call HomeBuyer Experts at 330-328-3170 or you can email us.
Be aware of the costs associated with purchasing a home!
Think it's bad to pay tax when you eat out? Wait until you're paying closing costs, which
can run 2 to 7 percent of the home's purchase price.
A mortgage lender should provide you with a good faith estimate of what costs will be. Keep in mind that it should include such things as origination (points) on a loan, escrow fees, title and homeowners insurance, legal costs, property taxes, fees to record your deed and notary fees.
Too many people come out from closing in shock, and they don't have too.
Home Buyer Experts (HBE) is a buyers only agency with 100% of it's team working for the Real Estate Buyer.
If you are buying a home in the next 6 months and want to learn more about the process from an Exclusive Buyer Agent (EBA). Call HomeBuyer Experts at 330-328-3170 or you can email us.
The following was taken from an email received directly from OHFA.
OHIO FIRST-TIME HOMEBUYER PROGRAM
Effective 03/02/2009 @ 12:01am
Mortgage Rates
5.625% for loans without 2.5% assistance grant
6.125% for loans with 2.5% assistance grant
5.375% for Ohio Heroes without 2.5% assistance grant
5.875% for Ohio Heroes with 2.5% assistance grant
30-year fixed rate FHA/VA/USDA-RD/conventional loans are eligible
2-1 buy downs are permitted, please see the Underwriting Guidelines for
specific product
Fees
1% origination fee
$150 transfer fee to Servicer (US Bank fee)
$79 tax service fee (US Bank fee) (not to exceed $90)
.25% Adverse market fee (conventional loans only)
Qualified Borrowers
Non-target areas: First-time buyer (persons not owning and occupying their principal residence in past three years)
Target areas: Anyone may purchase, but must reside in the property
Everyone must meet certain household income limits
Acreage Limitation
Up to two acres inside a municipal corporation
Up to five acres outside a municipal corporation
(Unless additional acreage is required by local health or safety code)
Qualified Properties
Existing house: one-unit single-family dwelling and duplex up to four units, please see the Underwriting Guidelines for specific product
Spec/Nearly completed house: one-unit single-family dwelling
Modular/Manufactured house: one-unit single-family dwelling, please see the Underwriting Guidelines for specific product
Properties must meet certain sales price limits
Critical Dates
March 2, 2009 to September 2, 2009- Origination period: Loans must close during this period.
September 16, 2009- Deliver mortgage file to master servicer by this date.
Note: The recapture tax provision applies to all loans in this program. View this IRS link for an explanation on recapture of federal subsidy.
Home Buyer Experts (HBE) is a buyers only agency with 100% of it's team working for the Real Estate Buyer.
If you are buying a home in the next 6 months and want to learn more about the process from an Exclusive Buyer Agent (EBA). Call HomeBuyer Experts at 330-328-3170 or you can email us.
We are in historic low times for interest rates. There have been few if any markets that were this attractive to buyers in terms of both selection and housing prices.
Warren Buffett says “the rear view mirror is always clearer than the windshield.”.
And if you are a first time buyer add together great selection, low interest rates, lower housing prices, and the new $8,000 tax credit available for homes purchased after Jan 1st, 2009 and before Dec 1st, 2009 it all adds up to a great time to get off the sidelines and see if its your time to buy!
If you are buying a home in the next 6 months and want to learn more about the process from an Exclusive Buyer Agent. Call HomeBuyer Experts at 330-328-3170 or you can email us.
Exclusive Buyers Agents serving Summit, Medina, Wayne, and Cuyahoga Counties.
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