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Millie Gil, Broker-Relocation Specialist

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Step-By-Step Guide In Obtaining A Home Loan

07-17-10
Millie Gil, Broker-Relocation Specialist

Now that you've decided to purchase a new home, it's important to know what to expect throughout the loan process. With the right knowledge, the road to home ownership is just ahead.

Choose A Home

Some lenders may offer a pre-approval, but others require that you have a specific home chosen before they will discuss loan options. Therefore, the first step to obtaining a home loan is to first select a home. Some sellers may require you to provide an earnest money deposit, which secures the home while you obtain financing and have the necessary inspections completed in order to finalize the purchase.

Check Your Credit

Before you even think about applying for a mortgage, it's important to know where you stand from the lender's point of view. Checking your credit report is a good idea for many reasons, but it's an essential step in your journey toward buying a home.

Every 12 months, you can request a free copy of your credit file from each of the three major credit reporting agencies - Equifax, TransUnion and Experian. Look for inaccuracies, outdated information or anything that requires your attention. If you spot anything, file a dispute right away to get the information corrected. A free credit report does not include your FICO score, which is available from the credit bureaus for a small fee. Most lenders use this number in determining your interest rates and creditworthiness, so it may be a good idea to check it out for yourself first.

Gather Your Documentation

When you apply for a loan, you will be asked to provide certain documentation and/or information relating to your current financial status, employment, assets (including both real and personal property) and liabilities. Before meeting with your lender, make sure to have your current paystubs, bank statements, tax returns for the two years preceding your application and information relating to any debts that you currently owe. If you are self-employed, you will also be asked to provide a year-to-date profit/loss statement, which is also known as an income statement.

Meet With Your Lender

Now that you have your documentation together, it's time to meet with your lender. At this point, you will complete a mortgage application and submit it for approval. Depending on the lender, it may take anywhere from several hours to several days before learning whether or not you are approved. In most cases, however, a lender can provide you with an answer within 24 hours.

Last Minute Details

If your loan is approved, it's time to move forward to the next step in the mortgage process. Your lender will order an appraisal and inspection to be completed on the property. This is just as much for your own protection as it is for the lender because it may reveal hidden problems within the home. The inspection and appraisal can take up to 30 days, at which point the results will be forwarded to the lender. If all goes well, you will close on the loan and get ready to move into your new home.

About the Author: Millie Gil is a licensed Real Estate Broker and Vice President of Bold Real Estate Group. For more information please forward email to milliegil@comcast.net

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The Top Ten Professional Home Staging Tips Every Homeowner Should Know

07-17-10
Millie Gil, Broker-Relocation Specialist

1. Create the illusion of space by rearranging the furniture. Try different combinations or remove and store pieces that make it feel crowded.

2. Arrange the furniture in living areas into intimate groupings that suggest entertaining and ideal conversational settings.

3. Consider rental furniture, especially when the pieces you have don't match, are badly worn, or are in any state of disrepair.

4. Add decorative pillows and slipcovers in warm neutral tones to hide flaws and make pieces blend.

5. Eliminate clutter. Store or get rid of appliances, gadgets, newspapers, mail or anything that takes up space or distracts attention.

6. De-personalize your home so buyers can imagine living in it. Store pictures, awards, trophies, collectibles, and other personal keepsakes.

7. Paint walls in inviting neutral colors to cover flaws and freshen rooms.

8. Add small luxurious touches to bathrooms and bedrooms. Think plush towels, fresh flowers, high-end bed linens, and pretty bath soaps.

9. Eliminate unpleasant odors and smells that can kill a sale. Fragrant candles, plug-ins, and home sprays can help, but nothing smells better than clean.

10. Plants add an aura of softness and warmth to any room. Large or small, real or silk-they're a favorite of professional stagers.

About the Author: Millie Gil is a licensed Real Estate Broker and Vice President of Bold Real Estate Group. For more information please forward email to milliegil@comcast.net

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Buying Verses Renting A Home

07-15-10
Millie Gil, Broker-Relocation Specialist

When it comes to a home, you have two options: buy or rent. What is right for one person may not be right for another, which is why it's important to know which is the best option for your individual situation.

Why People Rent

There are a number of reasons why someone may either choose or be forced to rent, including sporadic or unpredictable income, a high debt-to-income ratio, a bankruptcy or foreclosure within the last six months, unpaid collection accounts or judgments, frequent relocating for employment or the inability to save enough money for a required down payment on the purchase of a home.

Maintenance Matters

As a homeowner, you will be responsible for any maintenance or repair issues that arise. This is a big consideration when choosing whether to rent or buy. When you rent, the property owner is responsible for repairs and it may not always be obvious that these issues can be very costly.

How To Know When It's Time To Buy

If you have steady income with a good employment history, can provide a down payment of at least 5-10 percent of the purchase price and are current with all debts, it may be time to consider buying a home instead of renting. In some cases, the cost of rent may even exceed that of a typical mortgage payment.

When deciding to buy, job stability is a big factor. If your job does not require frequent relocation and you plan to live in the home for at least 5-10 years, you may want to consider making the purchase. If you need to relocate after that, you may have enough equity from the sale to use as a down payment on another home.

Home Buyer's Checklist

If you can answer yes to the following questions, you may be ready for home ownership. Your REALTOR® can help you to find the perfect home based on your individual needs.

· Have you been steadily employed for at least one year, but preferably two years?

· Do you plan to live in the home long enough to build equity?

· Can you provide a down payment and still have enough money left to pay for closing costs, utilities and home furnishings?

· Are you current on all debts, including auto loans, credit cards, etc.?

· In addition to any current debts that you may have, can you afford a monthly mortgage payment which will likely include property taxes and insurance?

· Do you have the time to devote to shopping for a home and comparing interest rates from various lenders?

· Have you checked your credit reports for inaccuracies and disputed anything that needs correction with each of the three major credit reporting agencies?

The decision to buy or rent is a very personal one that can only be determined after a careful evaluation of your situation. A REALTOR® can show you the perfect home and a lender can tell you whether or not you can afford it, but it's up to you to make the choice as to whether or not you are ready to make the move.

About the Author: Millie Gil is a licensed Real Estate Broker and Vice President of Bold Real Estate Group. For more information please forward email to milliegil@comcast.net

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Bold Real Estate Group new location!

04-23-10
Millie Gil, Broker-Relocation Specialist

Dear Friends:

Well, it finally happened. To serve you better Bold Real Estate Group just moved to St Lucie West, a short distance from exit 121 off I-95. So if you plan to visit soon, please call first we might be out in the field assisting our clients. We look forward to seeing you! Please note new office address: 1850 SW Fountainview Blvd., Suite 201, Port St Lucie, Florida 34986 or contact us at communityinfo@comcast.net

Servicing St Lucie, Martin, Indian River & Palm Beach County www.BoldRealEstateGroup.com

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