First-time Homebuyers
Your decision to buy a home is both a sound financial decision and a commendable achievement. Below we have listed 12 things you must do to prepare.
1. Check the selling prices of comparable homes in your area. Web sites like Zillow and Homegain can give you a general idea of what you should expect to pay. You can also do a quick search of actual MLS listings in your area on a number of Web sites, including the National Association of Realtors. Also consider:
2. Use our mortgage calculators to get an idea of what your monthly mortgage payments would be if you bought today. You can also use my "Rent vs Buying" calculator to compare the costs of buying and renting. Just because a lender will give you the money doesn't mean you should take it. You know best what you can manage. Don't over-extend yourself. Also consider additional expenses that come with homeownership:
3. Find out what your total monthly housing cost would be, including taxes and homeowners insurance. In some areas, what you'll pay for your taxes and insurance escrow can almost double your mortgage payment. According to the Insurance Information Institute, the average yearly premium can range from $477 a year in Utah to $1,372 a year for Texans.
4. Find out how much you'll likely pay in closing costs. The upfront cost of settling on your home shouldn't be overlooked. Closing costs include origination fees charged by the lender, title and settlement fees, taxes and prepaid items like homeowners insurance or homeowners' association fees. We can not only help you determine likely closing costs, but also ensure you are getting fair terms for your profile, qualifications, and program.
5. Look at your budget and determine how a house fits into it. Fannie Mae recommends that buyers spend no more than 28% percent of their income on housing costs.
6. Talk to a reputable Realtor in your area about the real estate climate. Do they believe prices will continue falling or do they think your area has hit bottom or will rise soon? I can also assist you with some analysis to get a better feel of this in your specific market as well as recommend a Realtor.
7. Remember to look at the big picture. While buying a house is a great way to build wealth, maintaining your investment can be labor-intensive and expensive. When unexpected costs for new appliances, roof repairs and plumbing problems crop up, there's no landlord to turn to, and these costs and can quickly drain your bank account. So consider whether you're ready for the expense and effort of homeownership before pulling the trigger.
Prepare for the hunt
If the numbers in 1 thorugh 7 make sense for you, taking a few steps at the beginning of the homebuying process can save you time, money and aggravation.
8. Examine your credit. Right now, blemished credit or the inability to make substantial down payment can put the kibosh on your homeownership plans. That's why it pays to look at your creditworthiness early in the home-buying process. Get your free annual credit report at annualcreditreport.com and comb through it for errors and unresolved issues. If you find mistakes, contact the credit reporting bureau to make sure they are corrected. It's also a good idea to get your FICO score, which will cost you a small fee.
9. Get your documentss in a row. Collect pay stubs, bank account statements, W-2s, tax returns for the last two years, statements from current loans and credit lines, and names and addresses of your landlords for the past two years. Have them ready to show to the lender. This may seem like a lot, but in this age of tight credit, don't be surprised if your lender needs a lot in the way of documentation.
10. Find a lender and get preapproved. Getting preapproved for a mortgage helps you bargain from a position of strength when you are house hunting. Start by filling out a loan application so we can review your qualifications.
11. If at first you don't succeed, try, try ... the government? If you can't find a bank willing to lend to you -- and in the current tight credit market, it's possible you won't -- consider getting an FHA loan. The Federal Housing Administration has a program that insures the mortgages of many first-time homebuyers. As a result of this guarantee, lenders who might otherwise feel queasy about your qualifications will be more inclined to lend to you. As a bonus, the FHA only requires a 3.5 percent down payment from first-time homebuyers.
12. Finally, don't forget about the first-time homebuyer tax credit. Get your hands on Form 5405 ahead of time and send it in with your tax return immediately after your home purchase to ensure you receive the $8,000 credit as soon as possible. Also, many states are now piggy-backing on top of the federal tax incentive with their own incentives and grants.
Please contact me with any questions.
Karl Peidl
Lincoln Mortgage Company
251 Bellevue Avenue, Suite 102
Hammonton, NJ 08037
609-878-7013
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Pennsylvania: Licensed by the PA Department of Banking as a First Mortgage Banker and licensed pursuant to the PA Secondary Mortgage Loan Act. New Jersey: Licensed by the N. J. Department of Banking and Insurance Maryland: Authorized Mortgage Lender by the State of Maryland Commissioner of Financial Regulation. Florida: Licensed Mortgage Lender by the Florida Office of Financial Regulation. Delaware: Licensed Lender by the Delaware Office of the State Bank Commissioner. |
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Karl Peidl Accredited Loan Consultant Lincoln Mortgage Company 251 Bellevue Avenue, Suite 251 Hammonton, NJ 08037 609-878-7013
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Karl Peidl
Lincoln Mortgage Company
251 Bellevue Avenue, Suite 102
Hammonton, NJ 08037
© Copyright 2009. All About News, Inc.
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Buying a Home in Hammonton, NJ
The Federal Reserve constantly evaluates the US economy and, when necessary, takes steps to address inflationary concerns and avoid economic recession or depression. The mass media, in turn, reacts by providing a wide range of opinions and interpretations of the Fed's monetary policy. This can make it very difficult for consumers to decipher how such actions will influence interest rates in general and mortgages in particular. If media reports have led you to second guess whether it's a good time to purchase a new home, give me a call. We'll analyze your financial situation together and create a plan that's right for you. |
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Quick Tips for Getting Started on Your Home Purchase
Karl Peidl Accredited Loan Consultant Lincoln Mortgage Company 251 Bellevue Avenue, Suite 102 Hammonton, NJ 08037 609-878-7013
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Karl Peidl
Lincoln Mortgage Company
251 Bellevue Avenue, Suite 102
Hammonton, NJ 08037
© Copyright 2009. All About News, Inc
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Mortgage Rate Update
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Mortgage Interest Rates* |
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*Rates are subject to change due to market fluctuations and borrower's eligibility. Karl Peidl Accredited Loan Consultant Lincoln Mortgage Company 251 Bellevue Avenue, Suite 102 Hammonton, NJ 08037 609-878-7013
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Karl Peidl
Lincoln Mortgage Company
251 Bellevue Avenue, Suite 102
Hammonton, NJ 08037
© Copyright 2009. All About News, Inc.
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Buying a Home in Hammonton NJ How Much Money Should You Borrow?
While it might be tempting to borrow whatever amount of money your lender is willing to give you, it's important to think carefully about how much you'll actually need to borrow in order to purchase a new home. From the down payment to taxes to insurance and interest rates, there are many factors to consider when making this important, life-changing decision. If you or someone you know could benefit from this type of free consultation, give me a call. I would be happy to assist you! Quick Tips For Getting Started On Your Home Purchase Karl Peidl of Lincoln Mortgage Earns Advocate Lender Status
Karl Peidl 609-878-7013 http://karltalksmortgages.com/
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Karl Peidl
Lincoln Mortgage Company
251 Bellevue Avenue, Suite 102
Hammonton, NJ 08037
© Copyright 2009. All About News, Inc.
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I am an Accredited Loan Cosultant with Pleasant Valley Home Mortgage Corp. I understand that each individual has their own needs and goals. My job is to find and recommend the best solution for you.
As a mortgage consultant, my job is to provide my customers with what is likely to be the largest debt they will ever have in their lives. I believe that this obligates me to personally ensure they have the proper understanding and resources to effectively manage this debt. I do this by spending a portion of each and everyday using resources such as the Mortgage Market Guide and the Loan Toolbox to make sure I am at the top of my game.
My responsibility starts by evaluating each individuals needs and goals to determine the best way to structure their mortgage. From time of pre-qualification through the day of closing, my customers and realtor partners know that I will be with them every step of the way. Communication and education are the most important pieces of the puzzle. These basic ideas ensure that we will be at the closing table on time and that everyone has a smile on their face on day of settlement.
Watching my customers be handed the keys to their new home is only the first step in my journey with them. Through the use of newsletters, market updates, and annual mortgage reviews, my clients know they can count on me to be here for them should their situation or market conditions change. Whether they are in need of stepping up to a bigger home, refinancing their existing mortgage, or enrolling in a mortgage acceleration program, I will guide them through the maze of options and assist them in making the right decisions.
Pleasant Valley Home Mortgage Corp.... Our staff have been fulfilling customers' real estate financing needs for 25 years. Using today's advanced automation systems, we provide our borrowers with tools and resources to make obtaining a mortgage loan from us a fast and efficient process. Offering a wide selection of products, great rates and flexibility, we tailor mortgage solutions to meet our borrower's needs.
What We Offer:
A Simple Mortgage Process Our borrowing process is fast, simple and hassle-free. We have eliminated much of the paperwork involved in applying for a mortgage loan in the traditional manner. With Pleasant Valley Home Mortgage Corp., you can inquire about a loan through the Internet, over the telephone or by fax. If you have any questions, our dedicated loan consultants will be happy to assist you.
Fast Credit Decisions and Closings Our online mortgage approval system expedites the loan approval by accessing national underwriting guidelines and confirming the conditions required for loan approval. You no longer need to provide the excessive information and documentation that was required under the traditional application process. As a result, it is possible for a loan to close within 14 days of receipt of the completed loan application and documentation (although we can't guarantee that every loan will close that quickly).
Big Savings Our automated systems and streamlined mortgage process have created an extremely cost-efficient mortgage operation. We produce big savings for borrowers by eliminating the high-commissioned loan officer, acquiring loan sources with low rates, origination fees, points, and other charges, as well as negotiating reduced fees for escrow, title insurance, appraisal, credit reporting and other mortgage services.
Personal Service After submitting your loan application, a loan officer will personally assist you through each step of the mortgage process by helping you meet your loan approval conditions through coordinating the signing of your closing documents.
"Someday, I will personally come to say to you thanks for helping me out all along the process of mortgage approval to closing. I am very happy for the rate you offered me and the highest level of customer service you provided me and wish you great success in every walk of life. I will certainly wish to recommend any body in my circle who would be interested to get a home mortgage.
Thanks."
- Mohammad
"We hope this email finds you well.
We truly appreciate all the hard work you put into helping us get approved for our loan- and making our dream of owning our first home a dream come true. The exceptional service and advise provided by you should be commended. You can definitely count on our recommendation for your services to everyone we know!
Kind Regards,"
Yris & Antonio
"Everything was handled very well... Open communication and always available."
-Michael & Michele Hetzel
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"Karl was excellent. He was very responsive and knowledgeable."
- Cristina Vacca
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Dear Karl,
"Just a note to say a huge THANK YOU for your help in securing my new townhome. I move in tomorrow and want you to know how much I appreciate your help in getting me to this point.
Thank you for guiding me through this process in such great detail. You were careful to explain everything to me in "layman's" terms to make sure I understood, and thanks to your careful eye on what was happening with the economy I was able to get that monetary break from FHA! I always felt that you were working in my best interest, and cared that you were doing the best job possible to meet my needs.
I could not have had a more positive experience, and within the next few days I will report my experience online via my subscription to Checkbook.org which is used heavily in our area for referrals. I am very glad I came to the ACC the day Superior was here!
As I mentioned to you, I always noticed the tag line in your emails that said if I felt I was not receiving five star service to contact Mr. Cors. Well I am pleased to report to Mr. Cors that the service I received from your office exceeded my expectations.
It was a pleasure doing business with you.
Kind regards,"
Lauri Nichols
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"As a first-time home-buyer I was a little uneducated on certian terms & principles, but Karl did an excellent job of making a very stressful situation more bearable to handle. An asset to the company."
Erin Sweeney
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"We appreciated his knowledge in the program that was able to get us into our 1st home. We appreciated his constant in contact attitude. Thank you!!!"
Cristina Trejos
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"Karl was wonderful. He was always one step ahead. He made himself completely accessible. He was extremely knowledgable. Well spoken & very thoughtful."
Michelle Dougherty
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"Karl's customer service is exceptional!! Very attentive and knowledgable. Also, Anton & Lillie are especially helpful, knowledgable, pleasant & efficient.
A great team!
Thank you"
James and Lucinda Reilley
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"He was always prompt to respond and was on top of everything. It was a stressfree experience, as much as getting a mortgage can be."
Erik & Susanne Spence
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"It was a pleasure working with Karl. He did everything in a timely manner for my clients and they were very pleased with his services. I was quite happy with all the updates and informative emails that I recieved from him. I was especially surprised to see him at closing. He made my job so much easier! Thank you Karl!"
Cindy Cori (Cardinal Real Estate Services)
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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Stocks, bonds, and mortgage-backed securities compete for the same investment dollars on a daily basis. There is literally only so much money to be invested. When the Federal Reserve feels that interest rates need to be decreased in an effort to stimulate the economy, this reduction in rates can often cause a stock market rally. When the market becomes bullish, the money to invest in stocks comes from the selling off of other investments, including mortgage-backed securities.
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.
