Marc Williams

Just gave a bit of money to Joe Michelini for his 100 mile bike ride in September. He is out for a CANCER CURE. so many people i know had ( like me ), have (like Chris, marilou, Bonnie, Rob...) or WILL have C. It's a nasty thing- IF you can give some. maybe we will get a cure.

Having good credit and a steady job just does not seem to be good enough in today’s credit world when it comes to getting your home loan approved. You need to make an impression. Below are some great tips I would like to share with you.

Today’s lenders are a picky bunch when it comes to the loan approval. Even well-qualified borrowers are expected to jump through some pretty high hoops to qualify for financing.

Have no fear. The tips below and suggestions can help you make the best possible impression on the lender of your choice.

Just as job hunters may wonder what top employers want to see on a resume, prospective borrowers may be curious about what lenders look for on a loan application.

The four C's - The answer may be summed up with a mnemonic called "The four C's,"

• Capacity, which refers to the adequacy of the borrower's income to cover the interest and principal due on the loan, plus property taxes and homeowners insurance.
• Character, which refers to the borrower's track record of paying debts, as evidenced by his or her credit history and credit score.
• Capital, which refers to the borrower's down payment (or equity) as a percentage of the current value of the home.
• Collateral, which refers to the safety and soundness of the home and the value of the home as determined by an appraisal relative to the agreed-upon purchase price.

Today’s mortgage broker might use a quadrant with "income," "credit," "assets" and "property" in the four corners, but his point is the same as that of the four C's: What lenders like to see is strength and stability in all four areas.

Maybe your credit score has some dings or you need a stated-income loan. Borrowers who are qualified but whose down payment will be less than 20% of the purchase price of the home must withstand a second level of scrutiny. That's because mortgage insurers also have to approve such loans, and they have "completely different qualification ratios”. Borrowers in this situation should discuss their options with a loan officer who is familiar with lenders' and insurers' guidelines.

Have paperwork in order

Lenders rely not on the borrower's say-so but on a pile of paperwork to verify and document the borrower's financial position. At a minimum, most borrowers are required to submit the following:

• One month of paycheck stubs.
• Two years of W-2 forms.
• Three months of bank account statements.

Additional paperwork also may be required:

• If you're self-employed or earn more than 25% of your income from commissions or bonuses, you'll need to hand over two years of income tax returns.
• If you're divorced, the lender will want a copy of your settlement to ascertain how much alimony or child support you're obligated to pay or are entitled to receive and the duration of those payments.
• If you've filed for bankruptcy protection within the past seven years, you'll need to show your bankruptcy papers.
• If you've deferred repayment of student loans, you should provide your deferral agreement as well.

"If (borrowers) have student loans that are going to be deferred for at least 12 months, that may help them qualify, so they would want to bring the account numbers for those loans. Student loans are counted as debt, but deferral of repayment may strengthen the borrower's application.

Of course, negotiating is a huge part of the homebuying process. I will negotiate on your behalf, bringing to the table years of experience and local expertise. There are some principles that are universal, though.

You’re in a strong bargaining position if:

• You’re an all-cash buyer
• You’re already preapproved for a mortgage
• You don’t have a home that needs to be sold before you can buy

These circumstances give you a little more leeway in negotiating. However, even if you are in a strong position, in a "hot" market, you may want to make your offer more desirable by offering more than asking price. When the market is "soft," homes tend to sell more slowly, creating a larger pool of homes from which to choose. On the other hand, when the market is "hot," there may be a limited number of homes to visit and the demand for them may be high.

Overall, here are some suggestions:

• Enter into negotiations with the maximum amount you are willing to pay for the property firmly in mind.
• Keep in mind (and add to the contract) some terms you can live without – then you can make concessions without compromising the items that are important to you.
• Always have a few alternative homes in mind – knowing you have other options will help you stay objective during bargaining and may encourage the seller to be more reasonable.
• Try to ascertain what the seller wants and needs. If, for example, the seller’s new home is not ready by the closing date, you might consider allowing the seller to rent back the home for a short time, provided your schedule permits.
• Terms may be negotiated as well as price, and the changes can result in financial savings.

As the seller, you can control three factors that will affect the sale of your home:

* The home's condition
* Asking price
* Marketing strategy

However, it's important to note that there are numerous other factors that influence a buyer, and you need to understand these consumer trends when you enter the sellers' market. The more your home matches these qualifications, the more competitive it will be in the marketplace. Your real estate agent can advise you on how to best position and market your home to overcome any perceived downsides.

Location
Unfortunately, the most influential factor in determining your home's appeal to buyers is something you can't control: its location. According to the National Association of REALTORS(r), neighborhood quality is the No. 1 reason buyers choose certain homes. The second most influential factor is commute times to work and school.

Size
While some buyers want to simplify their lives and downsize to a smaller home, home sizes in general have continued to increase over the decades, nearly doubling in size since the 1950s. Smaller homes typically appeal to first-time home buyers and "empty nesters," or couples whose children have grown up and moved out.

Amenities
Preferences in floor plans and amenities go in and out of fashion, and your real estate agent can inform you of the "hot ticket" items that are selling homes in your market. If your home lacks certain features, you can renovate to increase its appeal, but be forewarned: That's not always the right move. Using market conditions and activity in your neighborhood as a gauge, your agent can help you determine whether the investment is likely to help or hinder your profit margin and time on the market.

When searching for a home, it’s easy to get overwhelmed with information and to forget the details of each particular home you’ve viewed - that’s why I’ve created this list to help you keep track of all the information you need to help you in this important decision.
When you view a home, keep in mind this checklist:
• Is there enough room for both the present and the future?
• Are there enough bedrooms and bathrooms?
• Is the house structurally sound?
• Do the mechanical systems and appliances work?
• Is the yard big enough?
• Do you like the floor plan?
• Will my furniture fit in the space? Is there enough storage space? (Bring a tape measure to better answer these questions.)
• Does anything need to repaired or replaced? Will the seller repair or replace the items?
• Imagine the house in good weather and bad, and in each season. Will you be happy with it year 'round?
• Take your time and think carefully about each house you see. Ask your agent to point out the pros and cons of each home from a professional standpoint.
• There isn't a set number of houses you should see before you decide. Just be sure to communicate often with your agent about everything you're looking for. It will help focus the search.
• Take detailed notes, take pictures, and make a video – anything to help you remember as much as you can. (Be sure to first secure the permission of the owner before photographing or taking video, though.)
• If the owner or the owner’s agent is present during your viewing of the home, don’t say too much about your likes or dislikes.
• Which items require ongoing maintenance (paint, roof, heating and air conditioning systems, appliances, carpet)?
• What about the neighborhood and the quality of life it affords?
• Does the home’s style, features and amenities conform to the neighborhood?
• Are there any potential problems with the home’s electrical or mechanical systems?
• Does the home appear to have any structural problems?
• Does the home appear to have any drainage or foundation problems?