4 Things To Do While Saving To Buy A Home

by mstrickland | Jul 31, 2018 | CT Real Estate News

Being a first time home buyer, you do have some homework to do outside of just choosing a realtor. The realtor can explain and direct you to the best of their abilities in purchasing your home. Aside from the obvious step of saving money, here are 5 things you can do to make the process that much easier. Understanding the full cost of home ownership When you rent, the one payment covers just about everything (utilities excluded). You’re not fixing the broken sink, appliance, or any taking care of the grounds, its the owners responsibility. These are things as a new homeowner you need to brace and prepare for. Luckily, in most first time home buyer situations, taxes and insurance are included in your monthly mortgage due to the type of loan product most popular with first timers. If you’re pursuing a condo, you’ll have to factor in that condo fee (HOA) as an additional expense. These are all things you need to factor in and decide if you will be able to afford as well as the new mortgage. Know the Buy Vs Rent Pros and Cons Renting may actually be a better option for some individuals. Maybe somebody that isn’t completely set on living in a certain area due to career or personal factors. Some people aren’t able to own a home because they don’t have the time or funds to maintain it. Buying is becoming cheaper than renting in most areas of the country due to the tax breaks at the end of the year set for homeowners. This is something that you and a realtor...

First Time Home Buyer Frequently Asked Questions

by mstrickland | Jul 24, 2018 | CT Real Estate News

Buying your first home can be a tough process and be confusing. Knowing the ins and outs of whats needed and what you have to do as a home buyer is vital to the process. Whether you’re in the process, thinking of beginning it, or in the middle you should know the answers of whats going on next. Here are some popular questions and their answers: What Credit Score Do I Need To Buy A Home? In recent years things have changed and lenders are a little more lenient on credit scores. I personally work with lender whom can get you into a home loan with as low as a 620 credit score (no active collections). How Much Money Do I Need To Buy A Home?  There is really no right answer to this question as its a case by case basis. Some loans require no money down on loans and some buyers put down 20% of the purchase price on the loan. It will all depend on which route you choose to go but most first time buyers typically go between no money down or 3.5% of the purchase price down. How Long Do I Have To Be Employed To Buy A Home? Most lenders like to see 2 years of consistent employment at the same job or same field. What Documentation Do I Need To Buy A Home? 2 years tax returns, 2 years W2s, 60 days bank statements and paystubs When Is The Best Time To Buy A Home? Most will say that the best time to buy a home is the spring. Reason being is...

7 Things That Will Scare A Buyer Away From Buying Your Home

by mstrickland | Apr 10, 2018 | CT Real Estate News

When one buys a home, they usually want the most for the least. Whether its the first time buyer that maybe cant afford to do the repairs, or somebody just looking for the best value, buyers are usually inclined to select the turn key property. As a seller, once you list your home, you’re entering into a competition. What about your house is gonna make the buyer choose yours? What value do you give the buyer that makes them not want to look at anything else after yours. A good buyers agent will showcase those things and let their clients know which home is the best investment. Here are 7 things that will likely scare a buyer away. Aged or Damaged Roof One of the biggest repairs and upgrades is the roof. On average a roof can be at least about $6000 to replace (depending on size of the home). Roof issues are responsible for about 40% of the insurance claims in the US. Typical lifespan on a roof is between 21-30 years. Damaged or Missing Gutters Gutters and downspouts are critical in keeping water away from pooling up around the house. Water pooling up can cause major foundation issues and water seepage into the basement and causing further damage. Old Windows and Doors Windows are another major expense that can cost you money monthly in heating and cooling costs. Broken windows may also stop a buyer from buying the house due to financing rules. Window replacement can bring 50%-80% return on your investment. Old and Outdated Appliances Most buyers usually replace their appliances anyways, but old and outdated...

4 Most Common Mistakes First Time Buyers Make

by mstrickland | Mar 27, 2018 | CT Real Estate News

Buying your first home can be a very exciting, nerve wrecking, and rewarding process without the right direction. So much rests on this transaction and if not done right it can cost you thousands of dollars and lots of stress. Being a first time home-buyer specialist, I make it my priority for every client to know what the process entails and how to make it easier. Here are the 4 most common mistakes First Time Home Buyers make. Not Listening to or Seeking Professional  As soon as you mention your buying a home, all your friends and family will give you their horror stories. While I wont say don’t listen, I will say that’s not exactly your fate. Being in the business long enough, I will say every deal has a bump and no two are the same. As soon as you think to begin the process, your first call should be to a trusted area Realtor (Me, lol). Reason being, we know the best ways and programs you can utilize to get the most out of your purchase. We can also send you to the best loan officers in the area and likely save you a lot of money and frustration. Not Learning the Process If you fail to plan, plan to fail. Knowing what you’re getting into step by step, will save you lots of time as well. What we call a buyer consultation is where we sit and go over the process and make sure you know what is going to happen. Again, no two deals are the same and there will always be issues that...

The Guide To Getting a Mortgage

by mstrickland | Mar 15, 2018 | CT Real Estate News

Buying a home is no easy task, but being informed and having the right professionals helping you will make all the difference in your experience. I pride myself on educating all my clients on the entire process and what they need to do to make it happen.  If you are unfamiliar as far as what to do to get the ball rolling on obtaining a mortgage, here are a few simple steps to make it happen: DETERMINE YOUR AFFORDABILITY Before you even start working with a Realtor or house hunting, you want to determine exactly what you can afford. This will greatly help you and your agent find and target what your options are. This is a big purchase, and you want to make sure that you will get a payment that you can comfortably afford, along with your normal household expenses. You can figure this out by using an affordability calculator and also a payment calculator to determine your buying power. GET STARTED ON THE MORTGAGE PROCESS The next step will be actually speaking with a lender/loan officer. I suggest speaking with a mortgage company rather than an individual bank. Companies have more flexibility and resources for different situations, as they work with more banks. You will need the following to get the process started in working with a lender/loan officer. Personal Info– Name, DOB, Marital Status Residence History– Rent payment or all mortgage, insurance and tax figures for at least the past two years. Employment and income– Documentation showing wages and employment history for at least two years. If you receive commissions or bonuses, you’ll need two years of...

What are the requirements to get started in the home buying process?

by mstrickland | Mar 9, 2018 | CT Real Estate News

Owning a home is the American dream, that most people want to achieve at some point in life. Do most people know what the basic steps are to begin? Here they are. 1. Decide if owning is for you Owning is a big difference as compared to renting. You have all the responsibility for maintenance and costs that go with owning a home. Whether you go single family or multifamily, the responsibility is there. What i would advise doing is using a online calculator to determine what a mortgage and if you can cover those costs. 2. Sit and discuss with Myself/Lender Once you decide to pursue owning a home, meeting with a Realtor (me, lol) should be your next step. I will paint the picture and let you know what will be needed to make this happen and answer the many questions a first time home buyer would have. I work with several reputable lenders who can get you the best loan product for your particular situation. You are more than welcome to contact your own lender and/or bank, but working with a lender that has a relationship with your Realtor will ensure the process is as smooth as possible. 3. Get Pre approved Once you speak to the lender and they check your finances and credit, they’ll  be able to supply you with a pre approval. Most cases they will give you a maximum amount, that fits what you’re comfortable paying monthly. Once you have this, we can start home shopping. Here are the basics needed to get a mortgage pre approval. -Credit score of above a...