Monday, September 23, 2013
Friday, September 20, 2013
Monday, September 16, 2013
Want to buy a home in the near future? Here is what you do now
NORFOLK, VA, Sep 16, 2013—Perhaps you're several years away from buying a
home. However, whether you plan to make a move in one year, or five, there are
steps you should be taking now to get ready for homeownership on the horizon.
Gather good credit – “From gaining credit to keeping a close eye on it, credit is a huge deal when it comes to applying for a mortgage,” notes Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty. Things like credit cards, car payments, student loans and even phone bills can establish credit, so you may already be well on your way. If you haven’t built up credit yet, don't worry. Open a line of credit and use only what you can pay off each month.
“Another way to establish credit and prove you're a responsible potential homeowner is to have your current home rental—if you have one—in your name,” suggests Eisenberg. This works for utilities like electric and even cable, as well.
Save – From down payments to closing costs, purchasing a home is a pricey process, and that's before you factor in any needed repairs and that new dining room set. “Don't count on that check your parents promised you for your first home,” says Eisenberg. “Lenders look at how long funds have been in your account when considering you for a mortgage, so be sure to start saving now.” Set up an automatic transfer that saves a little of your monthly paycheck to bolster your savings account.
Educate – No matter how financially prepared you may be for your first home, hunting for and buying a home is still a lengthy and often arduous process. Start researching the mortgage process now so that by the time you're ready to make a move, you have a wealth of knowledge, and resources.
For more information on obtaining a mortgage, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, leisenberg@prudentialtownerealty.com, 757-572-7244, or www.LouisEisenberg.com
Gather good credit – “From gaining credit to keeping a close eye on it, credit is a huge deal when it comes to applying for a mortgage,” notes Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty. Things like credit cards, car payments, student loans and even phone bills can establish credit, so you may already be well on your way. If you haven’t built up credit yet, don't worry. Open a line of credit and use only what you can pay off each month.
“Another way to establish credit and prove you're a responsible potential homeowner is to have your current home rental—if you have one—in your name,” suggests Eisenberg. This works for utilities like electric and even cable, as well.
Save – From down payments to closing costs, purchasing a home is a pricey process, and that's before you factor in any needed repairs and that new dining room set. “Don't count on that check your parents promised you for your first home,” says Eisenberg. “Lenders look at how long funds have been in your account when considering you for a mortgage, so be sure to start saving now.” Set up an automatic transfer that saves a little of your monthly paycheck to bolster your savings account.
Educate – No matter how financially prepared you may be for your first home, hunting for and buying a home is still a lengthy and often arduous process. Start researching the mortgage process now so that by the time you're ready to make a move, you have a wealth of knowledge, and resources.
For more information on obtaining a mortgage, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, leisenberg@prudentialtownerealty.com, 757-572-7244, or www.LouisEisenberg.com
Friday, September 13, 2013
Thursday, September 12, 2013
How to refinance your home without perfect credit
NORFOLK, VA, Sep 12, 2013—Are you hoping to refinance, but nervous because your credit is not where it should be? Unlike what you may have heard, it's still possible to refinance your mortgage without great credit. Below, Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty provides us with several tips how.
Start with clear expectations. You may be hearing about great refinance rates. However, without great credit, these will probably not be available to you. “Although you won't be applicable for the best rates, you can still refinance.” says Eisenberg. “Just be ready for higher interest rates.”
How is your equity? “Your equity may be more important when refinancing than your credit,” Eisenberg cautions. If you have a scant amount of equity, this could be your greatest challenge. “Try applying for an FHA-backed loan, as they're easier to secure.”
Show your best assets. If your credit history is shady, show your lender that you are, in fact, improving. Show how you're working hard to pay off your debt. Highlight that you have a long-standing, steady and secure job. Provide any bank statements that show a full savings account, and highlight that you haven't made any risky purchases—new car? That's a red flag right there.
“While securing a refinance is more difficult with bad credit, it isn't impossible. Be sure to put your best financial foot forward and you can most likely still find a lender,” says Eisenberg.
For more refinance information, please contact Louis Eisenberg Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com .
Wednesday, September 11, 2013
If you are considering selling your home, the time is now
As
more inventory comes on the market, buyer urgency will wane and price increases
will slow and even decline seasonally in many areas this winter.
Tuesday, September 10, 2013
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