Showing posts with label first time buyer. Show all posts
Showing posts with label first time buyer. Show all posts
Monday, July 7, 2014
Monday, December 9, 2013
Thursday, October 24, 2013
Friday, February 10, 2012
Thursday, November 17, 2011
Costs for First-Time Buyers
Costs for First-Time Buyers
Buying a new home can be a huge, complex undertaking, especially when it’s your first time. That’s why it’s important to have an experienced real estate agent guiding you along the way.
In a survey conducted earlier this year by Prudential Real Estate and Relocation Services (PRERS), a Prudential Financial, Inc. [NYSE:PRU] company, 75% of respondents highlighted the importance of real estate agents in the process of buying or selling their home.
“Americans continue to see real estate agents as having a very important role in helping them price, buy and sell their homes,” said James Mallozzi, PRERS’ chairman and chief executive officer. “Although the data underscores the value real estate agents provide, it also shows that the industry needs to continue to work hard to meet clients’ unique needs.”
First-time buyers need to look at their financial situation and crunch the numbers to see if this is the right time to buy. Chances are the numbers they see today will be the best they will see for some time, which is why so many are considering homeownership.
Still, understanding the money that goes into a home purchase is important. The biggest mistake new buyers make is underestimating the costs of buying a house and maintaining it over time.
Homebuying requires more than a down payment as closing costs and future expenses will figure prominently. Many experts agree that homeowners should have 1%-3% of their homes’ purchase price in savings for improvements and surprise expenses. Mortgage experts also say it’s wise to have at least six mortgage payments in the bank after a closing.
While those numbers may not be feasible for everyone, if you are spending above your means on a new home, you may find yourself in financial trouble fast.
Inspections are important for the first-time buyer, as they list repairs that will be needed for the home. A buyer should put together a short-term and long-term plan based on the inspection so they know how much money they will need in the months and years ahead.
As renters, people are accustomed to paying rent and basic utilities. As homeowners, you’ll also pay for water, sewer and trash collection. Then there are property taxes, homeowner’s insurance and homeowner’s association dues, plus yard care, snow removal and other expenses unique to your location.
To be sure, buying a home is one of the largest investments you’ll make and when done wisely, it can be one of the best decisions of your life. Your real estate agent will help each step of the way, first helping you establish a realistic price point for your home purchase and a clear understanding of your monthly expenses.
Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity.
Buying a new home can be a huge, complex undertaking, especially when it’s your first time. That’s why it’s important to have an experienced real estate agent guiding you along the way.
In a survey conducted earlier this year by Prudential Real Estate and Relocation Services (PRERS), a Prudential Financial, Inc. [NYSE:PRU] company, 75% of respondents highlighted the importance of real estate agents in the process of buying or selling their home.
“Americans continue to see real estate agents as having a very important role in helping them price, buy and sell their homes,” said James Mallozzi, PRERS’ chairman and chief executive officer. “Although the data underscores the value real estate agents provide, it also shows that the industry needs to continue to work hard to meet clients’ unique needs.”
First-time buyers need to look at their financial situation and crunch the numbers to see if this is the right time to buy. Chances are the numbers they see today will be the best they will see for some time, which is why so many are considering homeownership.
Still, understanding the money that goes into a home purchase is important. The biggest mistake new buyers make is underestimating the costs of buying a house and maintaining it over time.
Homebuying requires more than a down payment as closing costs and future expenses will figure prominently. Many experts agree that homeowners should have 1%-3% of their homes’ purchase price in savings for improvements and surprise expenses. Mortgage experts also say it’s wise to have at least six mortgage payments in the bank after a closing.
While those numbers may not be feasible for everyone, if you are spending above your means on a new home, you may find yourself in financial trouble fast.
Inspections are important for the first-time buyer, as they list repairs that will be needed for the home. A buyer should put together a short-term and long-term plan based on the inspection so they know how much money they will need in the months and years ahead.
As renters, people are accustomed to paying rent and basic utilities. As homeowners, you’ll also pay for water, sewer and trash collection. Then there are property taxes, homeowner’s insurance and homeowner’s association dues, plus yard care, snow removal and other expenses unique to your location.
To be sure, buying a home is one of the largest investments you’ll make and when done wisely, it can be one of the best decisions of your life. Your real estate agent will help each step of the way, first helping you establish a realistic price point for your home purchase and a clear understanding of your monthly expenses.
Prudential Fox & Roach is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential company. Equal Housing Opportunity.
Sunday, April 17, 2011
10 Ways to Protect Your Family From Fires
10 Ways to Protect Your Family From Fires
According to the National Fire Protection Association (NFPA):
In 2009 there were 1,348,500 fires reported in the U.S., resulting in over 3,000 deaths, 17,050 injuries and property damage of $12.5 billion. One home fire was reported every 87 seconds. Households can expect to average a home fire every 15 years, or five fires in an average lifetime.
Pretty sobering statistics, which suggest it’s just a question of time before the average household is faced with the task of dealing with fire. The good news is that fire deaths have slowly declined over the past decade, due in large part to greater fire prevention awareness. In case of fire, the difference between death and survival is often simple preparedness and practice.
Here then are 10 ways to protect your family from fires:
Fire Prevention Equipment
Install smoke detectors on every floor, place one outside each sleep area.
Check smoke detector batteries every 6 months, at the same time you’re re-setting your clocks for daylight savings.
Another option is hard-wired smoke detectors. The advantage of these is that you will hear the alarm throughout the house regardless of which individual unit detects smoke or fire.
Purchase several ABC- class fire extinguishers for various locations such as the kitchen, utility room, hallway, and garage.
Train each family member in their proper operation, and when to use them.
Residential fire sprinkler systems have become very affordable, and can enhance the market value of your home considerably. Check out some other advantages at FEMA.
Fire Escape Planning
Draw an escape plan for your home.
Discuss with each family member where the escape routes are.
Identify two exits for every room in your home.
Practice fire escapes, in daylight and at night, at least twice a year.
Establish a meeting place near the home for the family to gather after evacuating.
Have the phone numbers for emergency personnel and nearby contacts programmed into your home and cell phones. Make sure every family member knows who to call, and how to call them.
Home Heating Precautions
Have chimneys and wood stoves inspected and cleaned at least once a year.
Wood stoves should be installed near walls made of fire-resistant material.
Fireplaces equipped with glass doors should burn with doors open to avoid creosote buildup in chimney. Close doors when fire is out.
Stack firewood away from house.
Space heaters should be placed away from all objects, and have a tip-over shut-off switch.
Kitchen Safety
Never leave cooking unattended. This is the leading cause of fires in the kitchen.
Keep flammable items like oven mitts and potholders away from the stove top.
Avoid wearing clothing that can come into contact with cooking surfaces (long sleeves, loose-fitting clothes).
Never use metal objects or aluminum foil in microwave ovens.
If fire erupts in your microwave oven, unplug it and leave the door closed.
Stay Plugged-in (Electrical Issues)
Discard extension cords or electrical devices which have frayed or damaged wiring or plugs.
Install safety covers over electrical outlets in households with small children.
Never bypass or remove the grounding terminal on three-prong plugs.
Be aware of the maximum current rating for each circuit in your home; never exceed their limits.
Do not run electrical cords in traffic areas or under rugs.
Smoking Savvy
If you must smoke, take it outside.
Use ashtrays that are sturdy and deep-sided.
Consider switching to fire-safe cigarettes, which are made with paper that burns slower.
Try using ashtrays or buckets filled with sand to ensure those butts are extinguished, and
Make sure they are before emptying those trays.
Put Your Worries to Bed
Keep bedroom doors closed at night. In the event of fire, they offer protection and help limit the spread of fire.
Check that electric blanket for faulty wiring. Make sure it’s UL-approved.
Pre-2007 mattresses should be replaced with newer ones meeting the 2007 Federal Mattress Flammability Standard.
Candles in the Wind
Never leave burning candles unattended.
Candles should be placed in sturdy, non-flammable holders and positioned where they won’t be easily knocked over.
Keep matches out of children’s reach.
Keep candles away from drapes, which can blow into the flame or knock the candle over.
Car Care
Check vehicles regularly for fluid leaks or faulty wiring.
Examine exhaust system for excessive smoke plumes or leaks.
Avoid smoking in vehicles.
Keep a fire extinguisher in each of your vehicles.
Stormy Weather
Unplug electrical appliances during a storm.
Turn off air-conditioners.
Stay off corded phones.
Ensure outdoor antennae, electrical lines are properly grounded.
As you can see, fire prevention is 90% common sense. Preparedness, the other 10%, is really nothing more than putting that common sense into practice. Knowing what causes fires, or even how to prevent them, is a good start; but the difference between knowing and putting that knowledge to work, could be the difference between surviving and becoming another statistic.
According to the National Fire Protection Association (NFPA):
In 2009 there were 1,348,500 fires reported in the U.S., resulting in over 3,000 deaths, 17,050 injuries and property damage of $12.5 billion. One home fire was reported every 87 seconds. Households can expect to average a home fire every 15 years, or five fires in an average lifetime.
Pretty sobering statistics, which suggest it’s just a question of time before the average household is faced with the task of dealing with fire. The good news is that fire deaths have slowly declined over the past decade, due in large part to greater fire prevention awareness. In case of fire, the difference between death and survival is often simple preparedness and practice.
Here then are 10 ways to protect your family from fires:
Fire Prevention Equipment
Install smoke detectors on every floor, place one outside each sleep area.
Check smoke detector batteries every 6 months, at the same time you’re re-setting your clocks for daylight savings.
Another option is hard-wired smoke detectors. The advantage of these is that you will hear the alarm throughout the house regardless of which individual unit detects smoke or fire.
Purchase several ABC- class fire extinguishers for various locations such as the kitchen, utility room, hallway, and garage.
Train each family member in their proper operation, and when to use them.
Residential fire sprinkler systems have become very affordable, and can enhance the market value of your home considerably. Check out some other advantages at FEMA.
Fire Escape Planning
Draw an escape plan for your home.
Discuss with each family member where the escape routes are.
Identify two exits for every room in your home.
Practice fire escapes, in daylight and at night, at least twice a year.
Establish a meeting place near the home for the family to gather after evacuating.
Have the phone numbers for emergency personnel and nearby contacts programmed into your home and cell phones. Make sure every family member knows who to call, and how to call them.
Home Heating Precautions
Have chimneys and wood stoves inspected and cleaned at least once a year.
Wood stoves should be installed near walls made of fire-resistant material.
Fireplaces equipped with glass doors should burn with doors open to avoid creosote buildup in chimney. Close doors when fire is out.
Stack firewood away from house.
Space heaters should be placed away from all objects, and have a tip-over shut-off switch.
Kitchen Safety
Never leave cooking unattended. This is the leading cause of fires in the kitchen.
Keep flammable items like oven mitts and potholders away from the stove top.
Avoid wearing clothing that can come into contact with cooking surfaces (long sleeves, loose-fitting clothes).
Never use metal objects or aluminum foil in microwave ovens.
If fire erupts in your microwave oven, unplug it and leave the door closed.
Stay Plugged-in (Electrical Issues)
Discard extension cords or electrical devices which have frayed or damaged wiring or plugs.
Install safety covers over electrical outlets in households with small children.
Never bypass or remove the grounding terminal on three-prong plugs.
Be aware of the maximum current rating for each circuit in your home; never exceed their limits.
Do not run electrical cords in traffic areas or under rugs.
Smoking Savvy
If you must smoke, take it outside.
Use ashtrays that are sturdy and deep-sided.
Consider switching to fire-safe cigarettes, which are made with paper that burns slower.
Try using ashtrays or buckets filled with sand to ensure those butts are extinguished, and
Make sure they are before emptying those trays.
Put Your Worries to Bed
Keep bedroom doors closed at night. In the event of fire, they offer protection and help limit the spread of fire.
Check that electric blanket for faulty wiring. Make sure it’s UL-approved.
Pre-2007 mattresses should be replaced with newer ones meeting the 2007 Federal Mattress Flammability Standard.
Candles in the Wind
Never leave burning candles unattended.
Candles should be placed in sturdy, non-flammable holders and positioned where they won’t be easily knocked over.
Keep matches out of children’s reach.
Keep candles away from drapes, which can blow into the flame or knock the candle over.
Car Care
Check vehicles regularly for fluid leaks or faulty wiring.
Examine exhaust system for excessive smoke plumes or leaks.
Avoid smoking in vehicles.
Keep a fire extinguisher in each of your vehicles.
Stormy Weather
Unplug electrical appliances during a storm.
Turn off air-conditioners.
Stay off corded phones.
Ensure outdoor antennae, electrical lines are properly grounded.
As you can see, fire prevention is 90% common sense. Preparedness, the other 10%, is really nothing more than putting that common sense into practice. Knowing what causes fires, or even how to prevent them, is a good start; but the difference between knowing and putting that knowledge to work, could be the difference between surviving and becoming another statistic.
Friday, March 4, 2011
Good Faith Estimate Vs HUD-1
Good Faith Estimate Vs HUD-1
There are a couple of documents you will hear about when you are buying a home. One is the Good Faith Estimate and the other is the HUD-1 Settlement Statement. Aren't they the same thing you may ask? No they are not, although they are used for figuring the closing costs on the home you are about to buy. Let me explain the difference between these two documents.
The Good Faith Estimate
Very simply, the good faith estimate (also know as the GFE) is a list of estimated items and their fees to close on the mortgage. You use this to compare apples to apples in deciding which lender you want to go with. Once again it is just an estimate of the closing costs associated with the mortgage. You are to be given this estimate within three days of completing the loan application.
Now to compare apples to apples you will need another document. This document is called the Truth in Lending Disclosure Statement (TIL). This document discloses all the costs associated with making and closing the loan. This document is also to be given to you within three days of the loan application.
With both these documents you can now compare lenders to find the best deal for you.
The HUD-1 Settlement Statement
This is a form listing the FINAL settlement of those closing costs you will need to pay to close on your mortgage and buy that home you are looking forward to.
You should get a copy of this form a day prior to closing to inspect according to the Real Estate Settlement Procedures Act (RESPA). Now you can compare this final document with the estimate document and the TIL document. This gives you the opportunity to question your lender or broker about any differences you may find.
No one is perfect so errors do happen. That is why you want to look at this document closely. If you have any questions, ask the closing agent to explain the item to you. Unfortunately, you don't have a lot of time before the closing to do this. So ask away and be persistent to be sure your final settlement statement is accurate.
What items are on a HUD-1
You will find items like the commissions paid to the real estate agencies, your home closing costs, those items required by the lender, title charges, recording fees, the gross sale price of the home and the total amount due the lender to name just a few.
You will also see a section that lists the items paid outside of closing (POC). These particular fees can include what are sometimes called "junk fees." Take a close look at these charges to be sure they match what you agreed to on the Good Faith Estimate. Many times this is where you might find those "unnecessary" fees. Be sure you understand these.
Conclusion
Although both the Good Faith Estimate and the HUD-1 Settlement Statement are similar, their purposes are very different. Remember, one is an estimate of those fees you will need to pay to close on your loan and the other is a list of the actual final fees you must settle close on your mortgage.
Article Alley
There are a couple of documents you will hear about when you are buying a home. One is the Good Faith Estimate and the other is the HUD-1 Settlement Statement. Aren't they the same thing you may ask? No they are not, although they are used for figuring the closing costs on the home you are about to buy. Let me explain the difference between these two documents.
The Good Faith Estimate
Very simply, the good faith estimate (also know as the GFE) is a list of estimated items and their fees to close on the mortgage. You use this to compare apples to apples in deciding which lender you want to go with. Once again it is just an estimate of the closing costs associated with the mortgage. You are to be given this estimate within three days of completing the loan application.
Now to compare apples to apples you will need another document. This document is called the Truth in Lending Disclosure Statement (TIL). This document discloses all the costs associated with making and closing the loan. This document is also to be given to you within three days of the loan application.
With both these documents you can now compare lenders to find the best deal for you.
The HUD-1 Settlement Statement
This is a form listing the FINAL settlement of those closing costs you will need to pay to close on your mortgage and buy that home you are looking forward to.
You should get a copy of this form a day prior to closing to inspect according to the Real Estate Settlement Procedures Act (RESPA). Now you can compare this final document with the estimate document and the TIL document. This gives you the opportunity to question your lender or broker about any differences you may find.
No one is perfect so errors do happen. That is why you want to look at this document closely. If you have any questions, ask the closing agent to explain the item to you. Unfortunately, you don't have a lot of time before the closing to do this. So ask away and be persistent to be sure your final settlement statement is accurate.
What items are on a HUD-1
You will find items like the commissions paid to the real estate agencies, your home closing costs, those items required by the lender, title charges, recording fees, the gross sale price of the home and the total amount due the lender to name just a few.
You will also see a section that lists the items paid outside of closing (POC). These particular fees can include what are sometimes called "junk fees." Take a close look at these charges to be sure they match what you agreed to on the Good Faith Estimate. Many times this is where you might find those "unnecessary" fees. Be sure you understand these.
Conclusion
Although both the Good Faith Estimate and the HUD-1 Settlement Statement are similar, their purposes are very different. Remember, one is an estimate of those fees you will need to pay to close on your loan and the other is a list of the actual final fees you must settle close on your mortgage.
Article Alley
Thursday, March 25, 2010
Saturday, March 6, 2010
Make Sure Your Home Stands Tall in a Competitive Market
Make Sure Your Home Stands Tall in a Competitive Market
Home sellers today must convince a new era of buyers returning to the market that their homes stand for value and quality.
You only have one chance to make a first impression. Here are several ways to make your property shine, inside and out.
Start with the outside. Do a visual check of the front of the house from across the street. Does your property have curb appeal? It should look inviting, with a trimmed lawn and flowerbed and a freshly painted front door. Polish door handles and knockers and replace worn items such as a rusty doorbell. Consider adding a new doormat and flowering plants at the entrance. Don’t forget to wash your windows and clean any oil or rust spots from the driveway.
Be sure to inspect the side and back yards. Add some flowering plants to the back as well. Clean and rearrange the outdoor furniture to look inviting. Put away gardening tools, and tidy around the grill area.
Now focus on the inside of the home where cleanliness, space, smell and lighting are vital. First get your house in tip-top condition by cleaning and clearing away clutter. Steam clean and vacuum the carpet. Make sure your floors are waxed and shiny. Touch up nicks on walls and make sure the porcelain sinks and tubs and metallic fixtures shine.
Be conscious of any lingering odors such as smoke, pets or strong-smelling foods. You may need to air out your home prior to your open house event. Consider grinding fresh lemons in the garbage disposal. And don’t forget to empty all trash containers.
Look at your countertops in the kitchen and bathrooms and the tops of your bureaus. Do they seem cluttered? Clear away and store as much as possible. You want your home to seem spacious.
Next, set the mood. Let your prospective buyers picture your home as their own. Rearrange the furniture so that rooms look more spacious, or consider removing furniture and accessories.
Lighting is also important to creating a desirable atmosphere. Bright lights provide a cheerful environment and make a small space appear larger. Pull back all the drapes and open the blinds. Turn on all the lights. Make sure all light sockets have fresh bulbs. Use softer lights for rooms in which you want a warm, cozy feeling.
Don’t forget little touches such as fresh flowers, lighted candles in the bathrooms, new logs in the fireplace, or a bowl of fresh fruit on the kitchen counter. You may even want to set your dining-room table with color-coordinated table settings.
Home buying is steeped in emotion. Sellers shouldn’t rely on buyers to use their imagination; they must capture buyers’ imagination. Remember that buyers may see seven or eight homes in a single day. The most memorable home will be the one that seemed the brightest, the most spacious and the most cheerful.
Home sellers today must convince a new era of buyers returning to the market that their homes stand for value and quality.
You only have one chance to make a first impression. Here are several ways to make your property shine, inside and out.
Start with the outside. Do a visual check of the front of the house from across the street. Does your property have curb appeal? It should look inviting, with a trimmed lawn and flowerbed and a freshly painted front door. Polish door handles and knockers and replace worn items such as a rusty doorbell. Consider adding a new doormat and flowering plants at the entrance. Don’t forget to wash your windows and clean any oil or rust spots from the driveway.
Be sure to inspect the side and back yards. Add some flowering plants to the back as well. Clean and rearrange the outdoor furniture to look inviting. Put away gardening tools, and tidy around the grill area.
Now focus on the inside of the home where cleanliness, space, smell and lighting are vital. First get your house in tip-top condition by cleaning and clearing away clutter. Steam clean and vacuum the carpet. Make sure your floors are waxed and shiny. Touch up nicks on walls and make sure the porcelain sinks and tubs and metallic fixtures shine.
Be conscious of any lingering odors such as smoke, pets or strong-smelling foods. You may need to air out your home prior to your open house event. Consider grinding fresh lemons in the garbage disposal. And don’t forget to empty all trash containers.
Look at your countertops in the kitchen and bathrooms and the tops of your bureaus. Do they seem cluttered? Clear away and store as much as possible. You want your home to seem spacious.
Next, set the mood. Let your prospective buyers picture your home as their own. Rearrange the furniture so that rooms look more spacious, or consider removing furniture and accessories.
Lighting is also important to creating a desirable atmosphere. Bright lights provide a cheerful environment and make a small space appear larger. Pull back all the drapes and open the blinds. Turn on all the lights. Make sure all light sockets have fresh bulbs. Use softer lights for rooms in which you want a warm, cozy feeling.
Don’t forget little touches such as fresh flowers, lighted candles in the bathrooms, new logs in the fireplace, or a bowl of fresh fruit on the kitchen counter. You may even want to set your dining-room table with color-coordinated table settings.
Home buying is steeped in emotion. Sellers shouldn’t rely on buyers to use their imagination; they must capture buyers’ imagination. Remember that buyers may see seven or eight homes in a single day. The most memorable home will be the one that seemed the brightest, the most spacious and the most cheerful.
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