Credit Repair. How to do your own!
In days past, the transfer of goods, properties, or services involved nothing more than a direct exchange of bartered goods or currency. As time progressed, systems such as promissory notes and promise to pay contracts began to be used in place of cash transactions and transfer of goods became a bit more complex.
These days, anyone who meets certain qualifications can obtain credit with merchants, banks, etc. and while this offers greater flexibility, it brings with it a greater possibility that consumers can overextend themselves. Sadly, it has also opened a window of opportunity for things such as fraud and identity theft. This has led the government to respond by instituting laws that regulate certain aspects within the credit industry that protect not only the companies involved, but the consumer as well. For a more in depth look at these laws and regulations, websites such as http://consumer.georgia.gov/consumer-topics/credit-and-you offer a wealth of good information about rights, responsibilities, and credit repair options.
It seems that just about everyone has had at least one episode of financial troubles in their lifetime. Unfortunately even one mishap can drastically affect your credit score and prevent you from getting the financing that you need when you want to buy a home. In the event that you can get financing, you’ll most likely pay a much higher interest rate than someone with a good credit score. Credit repair companies offer to repair your credit for you, but as with anything, there is a usually a substantial fee involved. Taking on the task of doing your own credit repair may seem daunting, it isn’t necessarily a complicated procedure; it just takes some organization. Your first step of course is to get a copy of your credit report, which is available free of charge from each of the three agencies once per year.
Check for and correct any mistakes on the report – It is bad enough when you have made credit mistakes in the past so you certainly don’t need to be held responsible for those that you didn’t make. Nearly 70% of all credit reports contain at least one error so check yours carefully and have them corrected.
Get all of your late payments up to date – If you are having difficulties making payments, contact your creditors and set up a payment plan that is agreeable to both parties. In some cases a credit counseling agency can be consulted to negotiate a plan for you.
Be sure that debt payments and other bills such as utilities and rent are made on time – Payment history is perhaps the single largest factor in your credit score. If these payments are timely, they could possibly be used for references when applying for other lines of credit to further your credit repair.
Pay down any current credit card debt – The amount of credit that you use is the second most important factor in your credit score. Avoid closing credit cards because what is important is how much you owe as compared to your total credit line.
These are only a few of the things that can assist you in your personal credit repair. For more ideas as well as tips for buying a home, you can visit http://wwwstonemountaingeorgiahomes.blogspot.com/. When the time comes to purchase a home, a good credit score can smooth the way considerably. Looking online at the many real estate sites such as http://www.stonemountaingeorgiahomes.com/ can be a great incentive to get your credit score back in line and get you on your way into the home of your dreams.
Thursday, July 9, 2015
Wednesday, July 1, 2015
Looking for a homebuyer's downpayment assistance program?
Looking for a downpayment assistance program?
Go to:
http://downpaymentresource.com/
Go to:
http://downpaymentresource.com/
Wednesday, June 24, 2015
Best Online tool to search for Properties!
Best Online tool to search for Properties!
The age of technology has produced a barrage of online services that deal exclusively with real estate listings and forever changed the way in which Americans search for homes. Gone are the days when engaging a real estate agent and scouting neighborhoods like Stone Mountain, GA was the only way to find houses for sale. In today’s society you need only turn on the computer to find home prices, search for houses in a particular neighborhood, or take virtual tours of those that spark your interest. All of the main services offer mobile apps and some apps even offer suggestions based on homes that you’ve looked at in the past. Most of these services receive their data from any number of sources, including real estate agents, public record, tax assessors, and homeowners.
Zillow
Zillow is perhaps one of the most popular online real estate services. They gained fame with their Zestimates, which are estimates of home value that derive from their formula that includes public records of home sales. Over time, Zillow has gotten more data and their estimates have become more accurate, although it should be noted that they are still only estimates.
You can also view information from old listings on Zillow, which is a plus if there are no photos included in a listing. There is also data available for homes that aren’t on the market and you can view properties near those that interest you to view old listing data, sales history, as well as satellite maps that allow you to see what amenities are nearby. For example, if you want to buy a home in Stone Mountain, GA, but want to know what hospitals are in the area, all you need to do is look at the satellite map.
Trulia
Trulia is another popular portal that gets information from various sources. It has all the perks of the other services, with the addition of its unique “heat maps.” These allow you to easily check out crime, commute times, schools, and other amenities such as grocery stores and banks in your neighborhood of choice. You can even view the probability of natural disasters like earthquakes or tornados. Some of these stats are available with other services, but not in Trulia’s unique formatting.
Trulia also allows you to make a map of the vicinity in which you want to search in addition to searching for houses by city or ZIP code. It also suggests houses based on individual search history and sends alerts for new listings as well as homes that you’ve followed.
These are just two of the many search tools that can be used when searching for homes online. One thing that they all have in common however is that they lack that personal attention that your real estate agent can give you. There are a myriad of small search sites such as http://cliffj2007.listingbook.com that offer a more one on one approach to your search. Local sites such as these, along with localized real estate sites, such as wwww.stonemountaingeorgiahomes.com , can help you get a more personalized search from an agent who is familiar with the area. While statistics and satellite photos may give you an overall view of the area, speaking with someone who has first- hand knowledge of the neighborhoods, people, and amenities is something that you can’t find with the larger online services.
The age of technology has produced a barrage of online services that deal exclusively with real estate listings and forever changed the way in which Americans search for homes. Gone are the days when engaging a real estate agent and scouting neighborhoods like Stone Mountain, GA was the only way to find houses for sale. In today’s society you need only turn on the computer to find home prices, search for houses in a particular neighborhood, or take virtual tours of those that spark your interest. All of the main services offer mobile apps and some apps even offer suggestions based on homes that you’ve looked at in the past. Most of these services receive their data from any number of sources, including real estate agents, public record, tax assessors, and homeowners.
Zillow
Zillow is perhaps one of the most popular online real estate services. They gained fame with their Zestimates, which are estimates of home value that derive from their formula that includes public records of home sales. Over time, Zillow has gotten more data and their estimates have become more accurate, although it should be noted that they are still only estimates.
You can also view information from old listings on Zillow, which is a plus if there are no photos included in a listing. There is also data available for homes that aren’t on the market and you can view properties near those that interest you to view old listing data, sales history, as well as satellite maps that allow you to see what amenities are nearby. For example, if you want to buy a home in Stone Mountain, GA, but want to know what hospitals are in the area, all you need to do is look at the satellite map.
Trulia
Trulia is another popular portal that gets information from various sources. It has all the perks of the other services, with the addition of its unique “heat maps.” These allow you to easily check out crime, commute times, schools, and other amenities such as grocery stores and banks in your neighborhood of choice. You can even view the probability of natural disasters like earthquakes or tornados. Some of these stats are available with other services, but not in Trulia’s unique formatting.
Trulia also allows you to make a map of the vicinity in which you want to search in addition to searching for houses by city or ZIP code. It also suggests houses based on individual search history and sends alerts for new listings as well as homes that you’ve followed.
These are just two of the many search tools that can be used when searching for homes online. One thing that they all have in common however is that they lack that personal attention that your real estate agent can give you. There are a myriad of small search sites such as http://cliffj2007.listingbook.com that offer a more one on one approach to your search. Local sites such as these, along with localized real estate sites, such as wwww.stonemountaingeorgiahomes.com , can help you get a more personalized search from an agent who is familiar with the area. While statistics and satellite photos may give you an overall view of the area, speaking with someone who has first- hand knowledge of the neighborhoods, people, and amenities is something that you can’t find with the larger online services.
Saturday, June 6, 2015
Buy a Home this Summer!
Buy a Home this Summer!
Real estate can be a tricky market and knowing when to buy can ensure that you get the home that you want at the lowest possible price. There are many factors that come into play when buying a home and the help of a real estate agent can be invaluable. Whether you are searching websites, such as www.stonemountaingeorgiahomes.com or simply looking through listings in the local paper, your real estate agent can offer sound advice with your best interest in mind. One of the things that you agent will most likely point out is that while spring has traditionally been seen as the best time of year to buy a home, buying during the summer months has some distinct advantages. Typically, people begin the process of buying a home in the spring. By the time summer arrives, the “house hunting” mindset has eased off and results in a quiet period in real estate. Here are a few of the advantages of buying a home during the summer months:
Curb-Appeal is at its Best
As spring marches on and summer looms, homes are shown in their best light. Hedges take on their summer foliage, grass turns green and lush, and what was a slushy, barren landscape becomes a cheerful and welcoming property. This is true of not only Stone Mountain, Georgia homes, but those around the country. By viewing a home when it is at its best, you can assess the property’s potential as well as getting a better idea of what improvements are needed and whether or not they are within your means. During fall and winter, sellers can excuse any unfinished repairs on weather, but during the summer months, those needed repairs can give your real estate agent valuable leverage for price negotiations.
Summer often means Better Prices
Homes are generally put on the market at the start of the new year. Spring months tend to be the busiest for real estate agents, with both buyers and sellers flooding the market. At a certain point, when most of the reasonably priced homes have been purchased, the activity reaches its peak and begins a steady decline.
Summer however, is often the cusp at which the sellers of homes that were overpriced begin to rethink their options. Houses that were priced too high and didn’t move, begin to drop in price. Homeowners who are desperate to sell their home begin to be more open minded toward negotiation and bargaining. This is the perfect opportunity for buyers to make their move and perhaps get a great house that would previously been beyond their price range. Websites like www.stonemountaingeorgiahomes are a great place to begin searching out these incredible bargains.
Less Competition
One of the best things about summertime house shopping is that the competition is much less fierce. With a fairly open market, buyers have more time to make decisions without the worry that their dream house will be sold out from under them.
The fact that the life of a real estate agent is quite hectic in spring means that it becomes more relaxed during the summertime. By this time, most buyers are concentrating more on summer vacations and plans for July 4th than they are on buying a home. Barbecues, family reunions, and weekend getaways are occupying the thoughts of most people in the summer and rushing to place an offer on the table takes less precedence.
Sellers, on the other hand, are more willing to negotiate than ever. The thoughts of upcoming vacations and holidays tend to create a sense of urgency in sellers who want to finish up the stressful business of selling their home. This often results in buyers getting a better deal than they thought possible.
There are many other reasons to continue your search for a home into the summer months. Among other things, you’ll have a better chance of meeting your potential neighbors. Summer is a beautiful time of year in Stone Mountain, Georgia. Homes are surrounded by flowers and residents are outside enjoying the weather. Getting to meet those people who may become your neighbors is often an important factor in whether or not you buy a particular home. While that may not seem like an important factor, more homeowners are dissatisfied with their neighbors than their actual home.
Whether you are a first time buyer or experienced in the ups and downs of real estate, knowing when to shop is at least as important as knowing where. Buying during the summer slump can save you money as well as relieving some of the stress involved. Stone Mountain, Georgia homes, as well as homes around the country, are often at their lowest prices of the year during the summer months.
Websites like www.stonemountaingeorgiahomes.com are a great way to get an idea of what is available in your chosen area. While summer is the time for fun, postponing that day at the beach to look at houses may be worth it if you find the home of your dreams at a price you never would have imagined.
Real estate can be a tricky market and knowing when to buy can ensure that you get the home that you want at the lowest possible price. There are many factors that come into play when buying a home and the help of a real estate agent can be invaluable. Whether you are searching websites, such as www.stonemountaingeorgiahomes.com or simply looking through listings in the local paper, your real estate agent can offer sound advice with your best interest in mind. One of the things that you agent will most likely point out is that while spring has traditionally been seen as the best time of year to buy a home, buying during the summer months has some distinct advantages. Typically, people begin the process of buying a home in the spring. By the time summer arrives, the “house hunting” mindset has eased off and results in a quiet period in real estate. Here are a few of the advantages of buying a home during the summer months:
Curb-Appeal is at its Best
As spring marches on and summer looms, homes are shown in their best light. Hedges take on their summer foliage, grass turns green and lush, and what was a slushy, barren landscape becomes a cheerful and welcoming property. This is true of not only Stone Mountain, Georgia homes, but those around the country. By viewing a home when it is at its best, you can assess the property’s potential as well as getting a better idea of what improvements are needed and whether or not they are within your means. During fall and winter, sellers can excuse any unfinished repairs on weather, but during the summer months, those needed repairs can give your real estate agent valuable leverage for price negotiations.
Summer often means Better Prices
Homes are generally put on the market at the start of the new year. Spring months tend to be the busiest for real estate agents, with both buyers and sellers flooding the market. At a certain point, when most of the reasonably priced homes have been purchased, the activity reaches its peak and begins a steady decline.
Summer however, is often the cusp at which the sellers of homes that were overpriced begin to rethink their options. Houses that were priced too high and didn’t move, begin to drop in price. Homeowners who are desperate to sell their home begin to be more open minded toward negotiation and bargaining. This is the perfect opportunity for buyers to make their move and perhaps get a great house that would previously been beyond their price range. Websites like www.stonemountaingeorgiahomes are a great place to begin searching out these incredible bargains.
Less Competition
One of the best things about summertime house shopping is that the competition is much less fierce. With a fairly open market, buyers have more time to make decisions without the worry that their dream house will be sold out from under them.
The fact that the life of a real estate agent is quite hectic in spring means that it becomes more relaxed during the summertime. By this time, most buyers are concentrating more on summer vacations and plans for July 4th than they are on buying a home. Barbecues, family reunions, and weekend getaways are occupying the thoughts of most people in the summer and rushing to place an offer on the table takes less precedence.
Sellers, on the other hand, are more willing to negotiate than ever. The thoughts of upcoming vacations and holidays tend to create a sense of urgency in sellers who want to finish up the stressful business of selling their home. This often results in buyers getting a better deal than they thought possible.
There are many other reasons to continue your search for a home into the summer months. Among other things, you’ll have a better chance of meeting your potential neighbors. Summer is a beautiful time of year in Stone Mountain, Georgia. Homes are surrounded by flowers and residents are outside enjoying the weather. Getting to meet those people who may become your neighbors is often an important factor in whether or not you buy a particular home. While that may not seem like an important factor, more homeowners are dissatisfied with their neighbors than their actual home.
Whether you are a first time buyer or experienced in the ups and downs of real estate, knowing when to shop is at least as important as knowing where. Buying during the summer slump can save you money as well as relieving some of the stress involved. Stone Mountain, Georgia homes, as well as homes around the country, are often at their lowest prices of the year during the summer months.
Websites like www.stonemountaingeorgiahomes.com are a great way to get an idea of what is available in your chosen area. While summer is the time for fun, postponing that day at the beach to look at houses may be worth it if you find the home of your dreams at a price you never would have imagined.
Saturday, January 17, 2015
Obama Lowers PMI
Obama Lowers PMI
FHA (Federal Housing Administration) authorities have been under pressure from President Obama, U.S. senators, and bankers, to reduce the PMI rate, which they say is sidelining many potential buyers. President Obama has announced that the rates will drop by ½ of a percentage point, from 1.35 to 0.85 a change that will save the borrower an average of $900 dollars each year. The FHA is a major provider of mortgages for first time buyers and middle or lower income families due to its low down payment requirements (as low as 3.5% of the purchase price).
What exactly is PMI? It is also referred to as Primary Mortgage Insurance and is the bank’s (or other lender’s) safeguard in the event that the borrower defaults on the primary mortgage, isn’t able to continue making payments, and the home ends up in foreclosure. Most lenders will generally require an applicant to provide a 20% down payment when applying for a loan to purchase a home. If the prospective buyer is unable to make that down payment, the lender often views that loan as a high risk investment and requires that the borrower pay the premium for PMI.
The PMI premium is generally added to the monthly mortgage payment that the homeowner makes. Over a period of several years of payments, the borrower may have paid enough towards the principal of the loan that they can have the PMI payment removed. Many homeowners don’t even know, or may have forgotten that this insurance premium can be removed once an acceptable level of payment has been achieved.
The lowered PMI rates have the potential to bring between 90,000 and 140,000 additional home purchases per year according to the National Association of Realtor’s estimates. Chris Polychron, president of the NAR, stated that they were optimistic that the more affordable loans by the FHA would positively impact many first time buyers entering the market and that while some critics condemned the move as premature, the NAR applauded it wholeheartedly.
FHA (Federal Housing Administration) authorities have been under pressure from President Obama, U.S. senators, and bankers, to reduce the PMI rate, which they say is sidelining many potential buyers. President Obama has announced that the rates will drop by ½ of a percentage point, from 1.35 to 0.85 a change that will save the borrower an average of $900 dollars each year. The FHA is a major provider of mortgages for first time buyers and middle or lower income families due to its low down payment requirements (as low as 3.5% of the purchase price).
What exactly is PMI? It is also referred to as Primary Mortgage Insurance and is the bank’s (or other lender’s) safeguard in the event that the borrower defaults on the primary mortgage, isn’t able to continue making payments, and the home ends up in foreclosure. Most lenders will generally require an applicant to provide a 20% down payment when applying for a loan to purchase a home. If the prospective buyer is unable to make that down payment, the lender often views that loan as a high risk investment and requires that the borrower pay the premium for PMI.
The PMI premium is generally added to the monthly mortgage payment that the homeowner makes. Over a period of several years of payments, the borrower may have paid enough towards the principal of the loan that they can have the PMI payment removed. Many homeowners don’t even know, or may have forgotten that this insurance premium can be removed once an acceptable level of payment has been achieved.
The lowered PMI rates have the potential to bring between 90,000 and 140,000 additional home purchases per year according to the National Association of Realtor’s estimates. Chris Polychron, president of the NAR, stated that they were optimistic that the more affordable loans by the FHA would positively impact many first time buyers entering the market and that while some critics condemned the move as premature, the NAR applauded it wholeheartedly.
Sunday, December 7, 2014
Buying Luxury Home Foreclosures
Buying Luxury Home Foreclosures
Foreclosure homes present buyers with amazing opportunities for purchase properties that they wouldn’t otherwise be able to afford, and none more so than luxury homes foreclosures. Homes that would ordinarily be out of reach for the average person can be bought at a fraction of the listing price, but beware the pitfalls that could turn a potentially sweet deal sour. When dealing with foreclosure homes, particularly luxury homes, the deals tend to be a bit more complicated than an ordinary real estate transaction, but there are some tips that can help smooth the way.
Hire a real estate agent who has experience in distressed properties. Working with a reputable agent who is knowledgeable in this area is one of the best things that a potential buyer can do. Interview two or three prospects and inquire about their history in dealing with foreclosure sales.
Do some research of your own. Search around and find out what similar properties are selling for in order to determine whether or not you are really getting a bargain price. Real estate agents can also help by providing reports that allow you to view comparable home sales for the previous year or two. If you want to start your research before you contact an agent, searching real estate sites online can give you a good idea of pricing.
Patience is a virtue that you will need in plenty. When dealing with luxury homes foreclosures, be prepared for a lengthy waiting time. It takes time for the offer to be accepted (sometimes months), as well as to sort out the various entanglements that the previous owners may have left. Things such as unpaid loans or other debts that the previous owners have can delay things even further.
Get A Home Inspection. Before you purchase any home, an inspection is wise (if not required by the bank). Don’t assume that just because a house is high priced that it has been well cared for. Go through the home with a home inspector or a knowledgeable contractor and make a list of any repairs that will need done and how much they will cost. This will give you a better idea of whether or not it is worth even a bargain price.
Have your Financing in Order. Getting financing for any foreclosure can be difficult, but luxury homes foreclosures can be even trickier. If you don’t have your financing planned ahead, it could take months for the approval to come through. While you can view other homes during this time, another buyer could come in and buy the home during the interim.
There are many things that make purchasing a luxury foreclosure home different than your run of the mill real estate deal, but the bargain may make it well worth the effort. Competition is stiff for these properties and many investors will work out a deal with the banks before the foreclosure is even final. Knowing what you want and how to get it, along with having everything in order ahead of time can help to ensure that you get the home that you want at the price that you want.
Foreclosure homes present buyers with amazing opportunities for purchase properties that they wouldn’t otherwise be able to afford, and none more so than luxury homes foreclosures. Homes that would ordinarily be out of reach for the average person can be bought at a fraction of the listing price, but beware the pitfalls that could turn a potentially sweet deal sour. When dealing with foreclosure homes, particularly luxury homes, the deals tend to be a bit more complicated than an ordinary real estate transaction, but there are some tips that can help smooth the way.
Hire a real estate agent who has experience in distressed properties. Working with a reputable agent who is knowledgeable in this area is one of the best things that a potential buyer can do. Interview two or three prospects and inquire about their history in dealing with foreclosure sales.
Do some research of your own. Search around and find out what similar properties are selling for in order to determine whether or not you are really getting a bargain price. Real estate agents can also help by providing reports that allow you to view comparable home sales for the previous year or two. If you want to start your research before you contact an agent, searching real estate sites online can give you a good idea of pricing.
Patience is a virtue that you will need in plenty. When dealing with luxury homes foreclosures, be prepared for a lengthy waiting time. It takes time for the offer to be accepted (sometimes months), as well as to sort out the various entanglements that the previous owners may have left. Things such as unpaid loans or other debts that the previous owners have can delay things even further.
Get A Home Inspection. Before you purchase any home, an inspection is wise (if not required by the bank). Don’t assume that just because a house is high priced that it has been well cared for. Go through the home with a home inspector or a knowledgeable contractor and make a list of any repairs that will need done and how much they will cost. This will give you a better idea of whether or not it is worth even a bargain price.
Have your Financing in Order. Getting financing for any foreclosure can be difficult, but luxury homes foreclosures can be even trickier. If you don’t have your financing planned ahead, it could take months for the approval to come through. While you can view other homes during this time, another buyer could come in and buy the home during the interim.
There are many things that make purchasing a luxury foreclosure home different than your run of the mill real estate deal, but the bargain may make it well worth the effort. Competition is stiff for these properties and many investors will work out a deal with the banks before the foreclosure is even final. Knowing what you want and how to get it, along with having everything in order ahead of time can help to ensure that you get the home that you want at the price that you want.
Saturday, December 6, 2014
Tips On Buying New Construction Homes
New construction homes offer buyers many advantages, the first being that you start off with a blank canvas. You needn’t worry about inheriting the previous owner’s tastes in paint, carpeting, or appliances. Likewise, you already know that everything in the home is new so you don’t have to worry about making repairs. All of these things are reasons why new construction homes are so popular. When buying a newly constructed home however, there are some things that can help ensure that your new home is everything that you dreamed it would be.
Hire an Agent of Your Own – Regardless of what may be said, builder’s sales agents are paid by the builder to represent their best interests. Hiring a buyer’s agent to work on your behalf will negate any of the high pressure tactics used by many builder’s agents in order to get you to sign the contract. Since they are being paid by the builder, a representative who is working for your best interests can save you money.
The Builder’s Lender Isn’t Always The Best Option – Many builders prefer that you use their lender because they can then be kept fully aware of your progress, but their lender may not offer the best deal. Consider other sources when seeking out a lender, such as your personal credit union or bank. In many cases they will offer attractive rates and terms based on your history with them. Your agent may also be able to provide you with a list of lenders.
Get Verification for Extra Options and Upgrades – Builders usually offer various upgrades and options, but bear in mind that these extras often make up the highest profit margin for builders. Some builders are able to sell their homes at nearly a bare construction cost due to the fact that the bulk of their profit is made in upgrades. Once you’ve decided what you want, find out whether your lender will finance all of your selections. If you know a handyman, it may save money to purchase the upgrades and install them yourself. Also ask the builder if you are held liable for items that cannot be returned to the supplier.
Look Into The Builder’s Reputation – Word of mouth spreads rapidly and talking to neighbors and previous clients can tell you a lot about how the builder operates. You can also check with the BBB to see if there have been previous complaints about workmanship, etc. Lastly, look at the construction yourself. If the workmanship looks sloppy or haphazard, think twice before signing anything.
Hire a Reputable Home Inspector – This is a must whether you are purchasing a new construction home or a centuries old farm house. Having an inspector go over all the details can save time, money, and headaches in the long run.
New construction homes are wonderful and purchasing one is exciting, but they aren’t without their pitfalls. Going into the transaction with your eyes open to potential problems will ensure that your new home is just the way you want it.
New construction homes offer buyers many advantages, the first being that you start off with a blank canvas. You needn’t worry about inheriting the previous owner’s tastes in paint, carpeting, or appliances. Likewise, you already know that everything in the home is new so you don’t have to worry about making repairs. All of these things are reasons why new construction homes are so popular. When buying a newly constructed home however, there are some things that can help ensure that your new home is everything that you dreamed it would be.
Hire an Agent of Your Own – Regardless of what may be said, builder’s sales agents are paid by the builder to represent their best interests. Hiring a buyer’s agent to work on your behalf will negate any of the high pressure tactics used by many builder’s agents in order to get you to sign the contract. Since they are being paid by the builder, a representative who is working for your best interests can save you money.
The Builder’s Lender Isn’t Always The Best Option – Many builders prefer that you use their lender because they can then be kept fully aware of your progress, but their lender may not offer the best deal. Consider other sources when seeking out a lender, such as your personal credit union or bank. In many cases they will offer attractive rates and terms based on your history with them. Your agent may also be able to provide you with a list of lenders.
Get Verification for Extra Options and Upgrades – Builders usually offer various upgrades and options, but bear in mind that these extras often make up the highest profit margin for builders. Some builders are able to sell their homes at nearly a bare construction cost due to the fact that the bulk of their profit is made in upgrades. Once you’ve decided what you want, find out whether your lender will finance all of your selections. If you know a handyman, it may save money to purchase the upgrades and install them yourself. Also ask the builder if you are held liable for items that cannot be returned to the supplier.
Look Into The Builder’s Reputation – Word of mouth spreads rapidly and talking to neighbors and previous clients can tell you a lot about how the builder operates. You can also check with the BBB to see if there have been previous complaints about workmanship, etc. Lastly, look at the construction yourself. If the workmanship looks sloppy or haphazard, think twice before signing anything.
Hire a Reputable Home Inspector – This is a must whether you are purchasing a new construction home or a centuries old farm house. Having an inspector go over all the details can save time, money, and headaches in the long run.
New construction homes are wonderful and purchasing one is exciting, but they aren’t without their pitfalls. Going into the transaction with your eyes open to potential problems will ensure that your new home is just the way you want it.
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