Friday, August 30, 2013
Thursday, August 29, 2013
Wednesday, August 28, 2013
5 big home mortgage mistakes to avoid
NORFOLK, VA, Aug 28, 2013—Applying for a mortgage can be a daunting task. It
takes many hours, lots of paperwork, and possibly a headache or two. Below are
several mistakes to avoid when on the hunt for a mortgage.
Not checking your credit. “This should be your first step in applying for a mortgage,” says Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty. Check your score months before applying for a mortgage so you know where you stand, and have time to make any changes if necessary.
Not getting pre-approved. A mortgage pre-approval is one of the best things you can do to ease the home-buying process. During pre-approval, your bank checks your credit and examines your income, assets, and employment. “Before shopping for a home, get pre-approved,” advises Eisenberg. “Many sellers won't take you seriously otherwise.”
Applying for new credit AND a new mortgage. “Do not apply for a new line of credit before or during the mortgage application process – it hints at financial instability, and you're seen as a greater risk,” says Eisenberg.
Changing jobs. If you're thinking about switching jobs, then hold off on the mortgage application, or stick out your current position for longer. “While a change in the same field doesn't necessarily mean you will be rejected, a big change - like a brand new career - can be a red flag,” notes Eisenberg.
Not seasoning your assets. Uncle John is giving you $10,000 to put toward your mortgage? Terrific. Make sure it's in your account months before you apply for a mortgage. New funds do not equate to financial stability, and your underwriter will catch on.
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
Not checking your credit. “This should be your first step in applying for a mortgage,” says Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty. Check your score months before applying for a mortgage so you know where you stand, and have time to make any changes if necessary.
Not getting pre-approved. A mortgage pre-approval is one of the best things you can do to ease the home-buying process. During pre-approval, your bank checks your credit and examines your income, assets, and employment. “Before shopping for a home, get pre-approved,” advises Eisenberg. “Many sellers won't take you seriously otherwise.”
Applying for new credit AND a new mortgage. “Do not apply for a new line of credit before or during the mortgage application process – it hints at financial instability, and you're seen as a greater risk,” says Eisenberg.
Changing jobs. If you're thinking about switching jobs, then hold off on the mortgage application, or stick out your current position for longer. “While a change in the same field doesn't necessarily mean you will be rejected, a big change - like a brand new career - can be a red flag,” notes Eisenberg.
Not seasoning your assets. Uncle John is giving you $10,000 to put toward your mortgage? Terrific. Make sure it's in your account months before you apply for a mortgage. New funds do not equate to financial stability, and your underwriter will catch on.
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
Sunday, August 25, 2013
Thursday, August 22, 2013
Wednesday, August 21, 2013
Projected home price appreciation
It is a good time to buy. Home mortgage interest rates are still low and home prices are rising. Residential real estate is a good investment. Note: Home price percentage appreciation in Hampton Roads is higher than the graphics National Average. (Graphic Courtesy of KCM BLOG)
Tuesday, August 20, 2013
Buying a home? First check for these costly problems
NORFOLK, VA, Aug 20, 2013—Buying a home is a hefty task, and with so many
things to consider (do I need that extra bedroom? How important is a big
yard?), it is easy to get a little lost in the process. There is nothing worse
than purchasing a home only to find out you need to sink thousands of
unexpected dollars into your new place, all because you weren't sure what to
look for.
Below are a few tips to make sure you're focusing on the right home features, so you can enjoy your new home AND still be able to afford that new dining room set.
Hire a home inspector. “Getting a home inspected is the No. 1 way you can avoid surprises after closing,” says Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty. However, it's still important to know what to look for on your own, as it can save you precious time and energy expenditure. For instance, if you know you can't afford a new foundation, then you can skip over making offers on homes that are clearly in need.
Check the basement. After you ooh and ah over the walk-in closets, head on down to the basement. Check out the plumbing, examine building materials, and check out insulation. “Can you see daylight peeking through cracks in the walls? That spells high heating bills, as the home may have some insulation issues,” suggests Eisenberg. Basements are not a big issue in Hampton Roads, but some older homes, especially in Ghent, have them.
Scope out the foundation. “Big cracks or corrosion can spell big trouble down the line,” notes Eisenberg. “Foundation is an expensive repair, so make sure the home is sound.”
Look for water damage. Check for discoloration and rings around pipes, windows and doors, as well as kitchen and bathroom fixtures.
Eye the roof. “You definitely aren't going to climb up to the roof while visiting a potential home, but you can scope it from the outside,” says Eisenberg. Can you see any visible missing tiles or discoloration? “And feel free to ask the agent when the roof was last replaced.”
For more information on buying a home, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com
Below are a few tips to make sure you're focusing on the right home features, so you can enjoy your new home AND still be able to afford that new dining room set.
Hire a home inspector. “Getting a home inspected is the No. 1 way you can avoid surprises after closing,” says Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty. However, it's still important to know what to look for on your own, as it can save you precious time and energy expenditure. For instance, if you know you can't afford a new foundation, then you can skip over making offers on homes that are clearly in need.
Check the basement. After you ooh and ah over the walk-in closets, head on down to the basement. Check out the plumbing, examine building materials, and check out insulation. “Can you see daylight peeking through cracks in the walls? That spells high heating bills, as the home may have some insulation issues,” suggests Eisenberg. Basements are not a big issue in Hampton Roads, but some older homes, especially in Ghent, have them.
Scope out the foundation. “Big cracks or corrosion can spell big trouble down the line,” notes Eisenberg. “Foundation is an expensive repair, so make sure the home is sound.”
Look for water damage. Check for discoloration and rings around pipes, windows and doors, as well as kitchen and bathroom fixtures.
Eye the roof. “You definitely aren't going to climb up to the roof while visiting a potential home, but you can scope it from the outside,” says Eisenberg. Can you see any visible missing tiles or discoloration? “And feel free to ask the agent when the roof was last replaced.”
For more information on buying a home, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, leisenberg@prudentialtownerealty.com, (757) 572-7244, or www.LouisEisenberg.com
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