POLYANA DA COSTA
NOVEMBER 29, 2017 in MORTGAGES
Thinking about buying your first home? Before you can unlock the door to homeownership, you have to take some important first steps. From finding the perfect location to financing your purchase, shopping for your first home has challenges that go beyond curb appeal and interior features.
Some of the important steps to homeownership include:
1. More to it than mortgage paymentsMany first-time homebuyers decide to buy when they feel ready for a mortgage. But just because they can afford the mortgage payments doesn’t mean they can afford to own a home, says New York attorney Rafael Castellanos, president of Expert Title Insurance.
“They have an idea of what their mortgage payment is going to be, but they don’t realize there’s much more to it,” he says.
Property insurance, taxes, homeowners association dues, maintenance, and higher electric and water bills are some of the costs that first-time homebuyers tend to overlook when shopping for a place.
“Keep in mind property taxes and insurance have a tendency of going up every year,” Castellanos says.
“Even if you can afford it now, ask yourself if you’ll be able to afford the increased costs later.”
2. Looking for a home first and a loan laterHomebuying doesn’t begin with home searching. It begins with a mortgage prequalification — unless you’re lucky to have enough money to pay cash for your first house.
Often, first-time homebuyers “are afraid to get prequalified,” says Steve Anderson, a broker and owner at Re/Max Benchmark Realty in Las Vegas. They fear the lender may tell them they don’t qualify for a mortgage or they qualify for a loan smaller than expected. “So they pick a price range out of the sky and say, ‘Let’s go look for a house,'” Anderson says.
And that’s not how it should be done. Yes, it’s more fun to go look at houses than to sit in a lender’s office where you have to expose your financial situation. But that’s a backward approach, says Ed Conarchy, a mortgage planner and investment adviser at Cherry Creek Mortgage in Gurnee, Illinois.
“You get preapproved, and then you find a home,” he says. “That way, you’ll make a financial decision versus an emotional decision.”
3. Not getting professional helpNew to the homebuying game? You’ll need a reputable real estate agent, a good loan officer or broker, and perhaps a lawyer.
Venturing into this process alone, without professional help, is not a good idea. While every rule has its exception, generally, first-time homebuyers should not try to deal directly with the listing agent, Anderson says.
“If you are getting divorced, are you going to go to your husband’s attorney for help? Of course not,” he says. “Same here. If you go to a listing agent, they are only going to show you their listings. You must find a buyer’s agent to help you.”
If you hire an agent without a referral from friends or family, ask the agent to provide references from previous buyers. The same goes for loan officers or mortgage brokers.
“It’s very hard for first-time homebuyers because they don’t know who they are dealing with,” Anderson says.
t’s crucial to find a professional who will give you “truly independent advice,” Conarchy says. Sometimes that means hiring a lawyer.
4. Using up savings on the down paymentSpending all or most of their savings on the down payment and closing costs is one of the biggest mistakes first-time homebuyers make, Conarchy says.
“Some people scrape all their money together to make the 20 percent down payment so they don’t have to pay for mortgage insurance, but they are picking the wrong poison because they are left with no savings at all,” he says.
Homebuyers who put 20 percent or more down don’t have to pay for mortgage insurance when getting a conventional mortgage. That’s usually translated into substantial savings on the monthly mortgage payment. But it’s not worth the risk of living on the edge, Conarchy says.
“I’d take paying for mortgage insurance any day over not having money for rainy days,” he says. “Everyone — especially homeowners — needs to have a rainy-day fund.”
5. Getting new loans before the deal is closedYou have prequalified for a loan. You found the house you wanted. The contract is signed and the closing is in 30 days. Don’t celebrate by financing another big purchase.
Lenders pull credit reports before the closing to make sure the borrower’s financial situation has not changed since the loan was approved. Any new loans on your credit report can jeopardize the closing.
Buyers, especially first-timers, often learn this lesson the hard way.
“They sign the contract and they want to go buy new furniture for the house or a new car,” Anderson says.
“I remember one case where, just before closing, the buyer drove to the office and said, ‘Look at my brand-new car.’ I told them, ‘You’d better go back to that dealership.'”
Luckily, the dealership agreed to wait a couple of days to report the loan to the credit bureaus, he says. Otherwise, it could have killed the deal.
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Berkshire Hathaway Home Services - Nevada Properties
The Roberts Team
By ALAINA TWEDDALE GOBANKINGRATES.COM
March 30, 2016 - 10:39 pm
Here’s a secret for first-time homebuyers: No two homebuying experiences are ever the same. Even with a Zillow sneak peak, a shopper never really knows what homes will look like until they see them in person or what snags they’ll encounter once mortgage lenders and home inspectors get involved.
For some people, it’s the unpredictability of the experience that makes it most exciting. Others prefer to go in armed with as much knowledge as possible. If you fall in the second camp, and you’ve been eyeing open houses, this nine-step guide can help you prepare for your first time buying a house.
1. Figure Out If Buying Is a Good Idea for You
Some first-time homebuyers don’t know that homeownership isn’t right for everyone. There are several scenarios in which renting might be a better option, according to certified financial planner and virtual fee-only financial planner Katie Brewer, such as the following:
2. Check Your Credit
Even the most meticulous bill payers can be surprised to find dings on their credit reports. Bills get sent to old addresses, and creditors sometimes make mistakes. You might find someone else’s credit mistakes commingled with your history if that person has the same name or a name similar to yours. Worse yet, you might unwittingly be the victim of credit fraud or identity theft.
“Make sure you don’t encounter any surprises when you’re applying for loans,” said Brewer. She suggested pulling your credit reports from AnnualCreditReport.com or directly from each of the three major credit bureaus — Equifax, TransUnion and Experian — to check for errors or other problems.
3. Fix Any Errors and Improve Your Credit Score
“Improving your credit score, even by just a few points, can help you get better financing terms when shopping for a mortgage,” said Ross Anthony, realtor with Willis Allen Real Estate in San Diego. “Interest rates, points and even city-funded first-time homebuyer assistance programs can all be influenced by your credit rating.”
To improve your credit score:
4. Find a Lender
Most buyers spend several months working closely with their chosen lender. You want to make sure you’ve picked someone who understands your financial vision and won’t push products that aren’t in your best interest.
“Many unprepared homebuyers wait until they find their perfect home before seriously sitting down with someone to work through the numbers,” said Anthony. This can be a huge financial mistake. If you haven’t lined up a lender, and you find the home of your dreams, you might feel rushed into picking a mortgage provider.
“Pick a person you trust after talking on the phone with them,” said Matt Oliver, senior loan consultant with the Lund Mortgage Team in Glendale, Ariz. “You can pick one person to do the prequalification and then shop rates and fees when you get a purchase contract.” It might require a couple of extra steps, but it’s the best way, he added.
Anthony suggested interviewing at least three lenders and getting a prequalification or even preapproval, which holds more weight, before starting your home search. “The more you’ve done upfront, the stronger your offer will be when you get to the negotiating table,” he said.
To get preapproved, you’ll need at least the following:
5. Set Your Homebuying Budget
“Most folks underestimate how much their costs will be until they meet with me,” said Casey Fleming, mortgage advisor with C2 Financial Corporation and author of “The Loan Guide: How to Get the Best Possible Mortgage.” Think about how much cash you have to pay the upfront costs, which will include your down payment and closing costs, as well as what you can afford to fork over each month in mortgage, tax and insurance payments.
“All of your fixed expenses — including the mortgage, student loans, car loans, utilities, cellphone, day care, subscriptions and any other fixed expenses — should be no more than 50 percent of your take-home pay,” said Brewer. “The mortgage company only looks at your income and your loan payments, and not at the rest of your expenses, to determine how much they will lend to you.”
In other words, it’s up to you, not your lender, to figure out how much mortgage you can comfortably afford.
6. Make a List of Your New-Home Must-Haves
Decide ahead of time what your ideal house includes, what your deal breakers are and where you’re willing to compromise. “At the risk of sounding pessimistic, it is highly unlikely you will find the perfect home with every feature you want in your ideal price range,” said Anthony. “It just doesn’t happen very often. There will be compromises.”
Anthony suggested each spouse or partner rank his or her top five needs, along with the reasons for each. “If you can establish the ‘why,’ you’ll find it’s often more important than the ‘what,’” he said.
When emotions run high during the home search, as they inevitably do, a prepared list can provide added clarity to your decision-making process.
7. Find a Real Estate Agent
When searching for a real estate agent, consider the agent’s industry expertise, of course, but also how willing he seems to jump in and help you when things get messy. First-time — and sometimes second- or third-time — homebuyers can get emotional and make mistakes, some of which can fracture a deal or cost a lot of money to correct.
“Realtors are usually compensated [by] the seller of a property,” said Brewer. Make sure you’re working with someone who can see past the compensation structure and keep your needs at the forefront of the home search.
Brewer suggested that homebuyers interview several real estate agents. Don’t settle until you find the one who’s a good fit for you.
8. Prepare for Emotional Ups and Downs
Home shopping online can be a blast. The reality of pounding the pavement in search of the perfect house can sometimes be a drag.
“You might not get the first house that you put an offer on,” said Brewer. “You might fall in love with a house online but find out that it doesn’t look as great in person.”
Even after a contract has been signed, there can be problems closing the sale. Your home inspector might find mold in the basement. The home might not appraise for the expected value. Your name could be spelled wrong on the title documents.
All of these glitches could delay your settlement date or even cause your deal to fall through. Get excited about buying your first home, but always remember that it’s not a done deal until you’ve been handed your new keys at the closing table.
9. Get Ready for Settlement
Settlement is when your new home becomes yours officially. You’ll sit down with your title agent or attorney — or possibly both — and sign a mountain of paperwork. Be prepared with a cashier’s check for the down payment, said Oliver. “It will need to match the bank name from the statements you provided to your mortgage lender. It can’t come from an account that’s been undisclosed.”
Finally, settlement is when you’ll be handed the keys to your new house. It’s time to break open a bottle of champagne and celebrate — but probably not in the title agent’s office. Do that in the comfort of your new home, instead.
From GoBankingRates.com: Step-by step guide for first-time homebuyers
November 20, 2017 By Chrisie Yabu
At Nevada Business Magazine
Program to cover pet adoption fees at participating shelters
Reno, Nev.– Home At Last™ (HAL), a program of the Nevada Rural Housing Authority (NRHA), has launched its HAL Pals Program, which aims to help new homeowners achieve the next dream on their list: having a pet.
An exclusive benefit for Home At Last™ Down Payment Assistance program participants, homebuyers will receive a certificate to present at a participating shelter (listed below) within 60 days of their home purchase, and Home At Last™ will cover the adoption fees*.
“We believe everyone deserves to find a home, even our furry friends,” Diane Arvizo, NRHA director of Homebuyer Services, said. “You pick your new friend and we’ll pick up the adoption fee. Nevada Rural Housing Authority is happy to sponsor the adoption so you can focus on what’s most important: turning your new house into a home.”
Homebuyers interested in the Down Payment Assistance program should visit nvrural.org/find-a-lender-realtor to use the Home At Last™ lender search tool and connect with a certified lender in their area or email HAL@NVRural.org. For more information about the HAL Pals program, visit HALPals.org.
Northern Nevada Humane Society Reno
2825 Longley Ln, Reno, NV 89502
Hours: Monday-Sunday from 11:00 am-6:30 pm
Northern Nevada Humane Society Carson City
549 Airport Rd, Carson City, NV 89701
Hours: Sunday-Friday from 8:00 am-6:30 pm and Saturday from 10:00 am-6:30 pm
City-County Animal Shelter (Humboldt)
The City-County Animal Shelter is located on Bengochea Circle, above the City & County Yards, the Poke & Peek and Sonoma Industries Thrift Stores, and the Veterans Building.
Hours: Daily from 8:00 am-4:00 pm
Nevada SPCA (Las Vegas)
4800 W Dewey Dr, Las Vegas, NV 89118
Hours: Monday-Thursday from 10:00 am-4:00 pm and Friday/Saturday from 10:00 am-5:00 pm
Desert Haven Animal Society (Pahrump)
1511 Siri Ln, Pahrump, NV 89060
Hours: Monday– Saturday from Noon-5:00 pm (Closed Wednesday and Sunday)
*You understand that NRHA does not guarantee or warrant that the pet you adopt, with the HAL Pals certificate, is an appropriate pet for your home or family. You assume total responsibility and risk for any damages the pet may cause to you, your family or third parties. NRHA does not make any implied warranties, representations or endorsements, as to the pet you choose to adopt, said pet will be your sole responsibility. NRHA shall not be liable for any cost or damage arising directly or indirectly from your adoption of the pet. The HAL Pals certificate does not guarantee adoption, as each shelter has specific terms in order to adopt. The HAL Pals certificate covers up to $125 in adoption fees. If adoption fees are less, there is no cash value for the remainder of the limit.
About the Nevada Rural Housing Authority
The Nevada Rural Housing Authority creates hope for the future by providing a full range of housing programs that help build and sustain independent communities. They provide an innovative home financing program, rental support, and needs assessments to Nevada's fifteen rural counties and the rural portions of Clark and Washoe counties, with a coverage area including 110,000 square miles and more than 1.3 million people. For more information, visit www.nvrural.org.
Filed Under: Press Release Wire Tagged With: Home At Last, Las Vegas business, Nevada business, Reno business
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Hello, everyone! This is this week's open house.
For more information of the listing, please give us a call at (702) 602- 8882, or drop a line at firstname.lastname@example.org
10264 Cherry Brook St., Las Vegas, NV 89183
Date: 7/29/2017 (Sat) 1:00PM - 4:00PM
7/30/2017 (Sun) 1:00PM - 4:00PM
We are hosting this open house to the public. This is a well layout, fully functional home whose space is well utilized which makes a 1735 sqft home feel like a over 2000 sqft home. Great amenities such as community park, swimming pool, etc., you can enjoy with just a little monthly HOA fee. Come check out this home and you won't regret!
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The Lakes is an affluent 2-square-mile planned community located within the city limits of Las Vegas, Nevada. It is located in the western part of the Las Vegas Valley near the Spring Mountains and Red Rock Canyon National Conservation Area.
Click on the pictures to see the listing detail:
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