Rich Ferretti ABR QSC Realtor/Broker Charlotte NC Mint Hill NC Relocation

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I have been working with homebuyers in the Charlotte area for a long time and I know that whether you've spent years saving and preparing to buy a home, or you're unsure if you can afford it, the questions surrounding home buying can feel endless. Sometimes other agents get caught up in all the exciting new incentives, rates, and opportunities - that they forget that not everyone who walks into their offices is an expert. I feel that part of my service to you as your Realtor is to help educate you, whether this is your first home or your fifteenth. Below are some basics, but feel free to contact me any time if you have any Charlotte area real estate questions.

Here are some tips to help you through first-time home buying:

Shop for mortgage rates and terms. A difference of even half a percentage point can mean a considerable savings over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that's $12,600.

Prequalify for a loan. Also early on, you'll want to get prequalified for a mortgage loan, which determines how much you can afford. It allows you to move swiftly when you find the right home, especially when there are other interested buyers. It also indicates to the seller that you are serious about home buying and can afford to buy the property.

Outline what you want. The next step in home buying is to create a realistic idea of the property you'd like to buy. What features are most important to you? Make two lists: one of the items you can't live without and one of the features you would enjoy. Refine the lists as you house-hunt. It is also helpful to search online to see what is currently available on the market. Your real estate professional can then show you houses that meet your expectations.

Visit properties. Now you're ready to visit houses. Ask your Realtor to help in your home buying process by arranging showings. Be sure to keep track of the properties you've seen--it is easy to get confused and forget things if you see too many similar homes in one day, or don't take good notes. Each time you venture out to see more properties, revisit your notes to immediately eliminate any that clearly do not meet your standards.

Know the features that help or hurt resale. Did you know that in some areas, a swimming pool actually detracts from a home's value and makes it harder to sell? In neighborhoods with two-car, attached garages, a single-car or detached garage may affect the home buying prospects and future value.

Rate the houses you tour. After touring each home, write down notes about what you liked and didn't like. Develop a rating system that will help narrow the home buying field. For example, pick the house you like best on day one and compare all other houses to it. When you find a better one, use the new favorite as the standard. Avoid trying to track more than four top choices at any given time since this can quickly become overwhelming.

Make an offer. Once you've pinpointed your dream house, it's time to get serious about the financial and contractual side of the purchase. Because you and the seller have different goals, rely on your agent's experience and expertise to bring order and calm to the process - and help both parties reach a favorable outcome.

Arrange for a home inspection. After your offer is accepted, set up a home inspection. It's common to find problems, including leaky roofs, cracked walls, insect infestations and foundation problems. Your real estate professional can help find a reputable inspector, and will negotiate to get you the most for your money once the inspector's report is final. If you negotiate repairs as part of the purchase, ask for a "walk through" before finalizing the home buying paperwork. Ask your real estate expert about home protection plans, which may save you money in the near future.

Close. Before your closing date, make sure you've made all necessary deposits and completed the paperwork - including mortgage, title, homeowner's insurance and any other paperwork required by local or state governments when home buying. Your agent will be there to help you complete that closing checklist and avoid any last-minute snags. You deserve to enjoy every moment of the home buying process.

Prepare for life in your new home. Before rolling out the welcome mat, consider some moving basics: arranging for an alarm company, turning on electricity, water and gas, cleaning or replacing the carpet, and notifying your local post office of your new address. The best time for renovations is often before you move in.

Feel free to contact me any time you have questions - we not only want to sell you a wonderful home, we want to ensure the entire move-in process is seamless!

Rich Ferretti
Mint Hill, NC Realty

Want more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out www.minthillrealty.com

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Posted By Rich Ferretti Charlotte NC to Mint Hill Homes: Charlotte NC Area Real Estate at 6/18/2009 03:00:00 AM

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Charlotte is an incredible city, and for the future home-owner, it is even better. Charlotte is town that is calling out to people, with 7,303 single-family permits in 2008. That makes Charlotte the 9th largest market in the country! Forbes named Charlotte as the third most undervalued real estate markets in the U.S. in 2007. Affordability is attracting buyers. The combination of reduced prices, attractive mortgage rates, and the government tax credit helped lure some buyers off the fence to shop for homes. But much of the country is experiencing these factors, so what makes Charlotte really special? After all, an excellent mortgage rate and an inexpensive home can happen anywhere - but that doesn't mean you want to pull up roots and move to Death Valley! The Jamison Realty team has worked hard to find some solid reasons for you to choose to move, or stay, in this wonderful city!

Charlotte is the crown jewel and the largest city in North Carolina and the seat of Mecklenburg County. By 2007, Charlotte features the luxuries of a metropolis, without the drawbacks of an over-crowded and under-appreciated mega-city. Nicknamed the Queen City, Charlotte is named in honor of the German Princess Charlotte. A second nickname derives from later in the 18th century. During the American Revolutionary War, British commander General Cornwallis occupied the city but was driven out by residents, prompting him to write that Charlotte was "a hornet's nest of rebellion," leading to another popular nickname: The Hornet's Nest. Charlotte has capitalized on that tradition, and remained an important city to the United States. Whether in higher learning, the arts, finance, or any form of big business - Charlotte is a pivotal and beautiful East Coast city.

But enough history...Why do people LIVE in and around the Queen City?.... In 2008, Charlotte was chosen the "Best Place to Live in America" by relocate-America.com in its annual ranking, based on factors including employment opportunities, crime rates, and housing affordability. It was also named #8 of the 100 "Best Places to Live and Launch" by CNNMoney.com - cities picked for their vibrant lifestyles and opportunities for new businesses. Lifestyle was also noted when Prevention Magazine rated the Queen City 4th in the nation and the best "Walking City" in North Carolina in 2007 and Self Magazine named Charlotte one of "Five Cities with Big Outdoor Appeal" for features like its Public Art Walking Tour, accessible museums such as the Mint Museum of Craft + Design, and nearby outdoor excursions like the U.S. National Whitewater Center.

Combine all these statistics, awards, and history into one nice bundle, and you can see that Charlotte is a spectacular city for anyone to call home. Some people say, that you only visit Charlotte once....Because after that first visit, you end up moving there.

Rich Ferretti
Mint Hill Realty
Charlotte, NC

Want more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out www.minthillrealty.com

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Posted By Rich Ferretti Charlotte NC to Mint Hill Homes: Charlotte NC Area Real Estate at 6/10/2009 09:42:00 PM

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The mortgage loan application process is one of the biggest financial decisions you'll make in your life. Like any momentous decision, you need to do some prep work before you apply for a mortgage. Once you have done the background, you will find the whole mortgage process is a lot less stressful and mysterious.

Before applying for a loan, you should check the current interest rates, (at an all-time low at the posting of this entry!) review your credit report for accuracy, and begin shopping for a lender. When comparing mortgage lenders, consider such factors as lock-in policies, fees and loan options.

Interest Rates
In a turbulent economy, Interest rates are constantly in flux. It is even possible that the interest rates will change between the time you start your mortgage application and the time you are approved. Even with a changing economic landscape, a smart shopper will compare the rates offered by different lenders before they apply for a mortgage. Find the lowest, and get locked in...

Mortgage Application
After you've chosen a lender or broker, you'll fill out the mortgage application. It might seem that this is a never-ending mountain of paperwork to read, sign and turn in. But, all the information is necessary and you should be diligent in filling out every form. I also caution you to complete the application honestly and completely. If you inadvertently (or intentionally) put false information on your mortgage application, it could seriously hurt your chances of getting approved. Be honest with your broker and lender, and there will probably be very few problems they cannot help you surpass. (FYI : If you are denied a mortgage due to a falsified application, you might lose your down payment. So take your time when filling out the paperwork, and be sure to get all your questions answered by the mortgage lender.)

Providing Documents
During the mortgage loan application process, you will be asked to provide a variety of documents to the mortgage lender. Always ask the lender whether or not they need the original document or a duplicate. If they need the original, be sure to copy each document for your own records when you apply for a mortgage. You might be asked to turn over canceled checks, copies of leases, bank statements, and such. Make sure you note what you have turned over in your records, and again - KEEP COPIES OF EVERYTHING!

Approval with Conditions
In most cases, mortgage approval comes with certain conditions. These conditions may include a satisfactory appraisal, home inspection, etc. Ask your lender what conditions and requirements you need to meet, and be aggressive about completing them on time. The quicker you provide your lender with paperwork, the quicker they can turn your mortgage around...

Making Changes to Your Application
If anything significant changes during your mortgage application process (changing jobs, marital status, etc.), tell your lender as soon as possible. On closing day, you will be certifying that no significant changes have occurred, so it's important to address changes as they arise.
Now keep in mind that everyone wants you to be approved for the mortgage loan as much as you do. Nobody is working against you in this process, everyone is working for you. It's in every one's interest to see the process through to successful completion. Be honest and helpful, and things will work out in the end.

Rich Ferretti
Jamison Realty
Mint Hill and Matthews


Want more information about the Mint Hill, Matthews and Charlotte area real estate market?
Check out www.minthillrealty.com