Greater Hartford Home Prices Rise

Spring is normally the busiest time of the year in real estate. Sales in Greater Hartford are off to a solid start with the first increase in sales price in over a year. The median (where half of prices are below, and half above) price in the month of March rose nearly 5% to $207,500 from $198,000 of March 2014. Closed units rose to 639 from 627 in March which is a 2% increase. I’ve been seeing a lot of buyer activity lately and properties that are priced well moving very quickly. I’ve personally was in numerous bidding wars for properties in the month of March and just about every time the house went under contract for over list price. If you’re still on the fence about listing or buying a home, I highly recommend contacting me to discuss what would be in your best real estate interest. You cant afford to wait.   Marques Strickland Realtor/Buyer Specialist Email: mstrickland@kw.com Web: Homesbymarques.com Connect with me on Facebook Cell: 860-518-0304 Fax: 860-748-4945    ...
5 Common Mistakes That Delay Your Mortgage Approval

5 Common Mistakes That Delay Your Mortgage Approval

Once you’ve found the property you’ve been looking for and have an executed contract with the current owner, the actual mortgage application process happens. This can be a very smooth process or can be the worst stage of the transaction. Here are 5 common mistakes made during the mortgage process to avoid so your mortgage approval wont be delayed: Excluding details about your finances A good mortgage lender reviews all your information before hand and fits you with the amount that can comfortably be afforded monthly by you. They review your basic personal and contact information, employment and residence history, income, assets and debts. If you don’t provide absolutely every detail about your financial profile, it can throw off the entire loan process. Not providing every single piece of documentation Normal documents that will be requested are: 30 days of pay stubs Two years of tax returns and W-2s Year-to-date business financial statements if you’re self-employed Two months of statements for all asset accounts Explanations and paper trails of all deposits (and often withdrawals) above $1,000 A home insurance quote with adequate coverage Full financials on any other homes or businesses you own The lender will also run your credit, which can reveal employers, addresses, debts and other credit inquiries that you didn’t disclose. If new information comes to light, you’ll be required to explain and document all of it. Confusing Pre approval with approval Pre approval is when you’ve discussed with a lender and provided them with the information requested to forecast what you can afford and likely get approved for This is when you can actually begin home shopping with...
Connecticut foreclosures drop significantlly in March.

Connecticut foreclosures drop significantlly in March.

Foreclosures have been something that we’ve seen frequently in the last few years in Connecticut. With most of the country rebuilding from the 2007 recession, the numbers have usually haven’t been good since then. However in March, Connecticut saw a significant drop in foreclosures. The number of foreclosures in March 2015 (803) fell 58% as compared to March 2014 (1,895).  Connecticut’s sharp decline in overall foreclosure activity stood in contrast with a 4 percent increase nationally. There was one property with a foreclosure filing for every 1,852 properties in Connecticut in March, compared with one in every 1,082, the RealtyTrac report shows. By that measure, Connecticut ranked 31st highest among all states, a significant improvement from long being positioned among the top 10 in the ranking. As you can see, the market in Connecticut is turning around, and things are improving. Now is the time to buy and or get that property sold.  ...
Looking to improve your credit and buy your first home?

Looking to improve your credit and buy your first home?

Everybody wants to own their first home, but life happens and sometimes credit takes a hit. Credit really runs the world and is one of the biggest factors in you getting approved for a mortgage. Several people and past clients I have worked with have had this issue so I wrote a guide to get you in the position to achieve home-ownership. Its called “The 12 Month Guide To Buying Your First Home”. Follow the link below to get your free copy, and lets get you on the path to owning your first home.   http://homesbymarques.com/ebook/  ...
Great News!! FHA lowers mortgage insurance rate to attract new home buyers

Great News!! FHA lowers mortgage insurance rate to attract new home buyers

First time home buyers have just received some great news. FHA (Federal Housing Administration), the government insurer of home loans, will lower the insurance premiums from 1.35% to 0.85%. President Obama released a statement saying that this was done ” to expand responsible lending to creditworthy borrowers.” This is estimated to make home ownership more affordable for over 2 million people over the next two years. For the typical FHA applicant, the reduction in premiums means a savings of about $80 on their monthly payment. FHA had been the only low down payment product available, with a minimum 3.5 percent down, but recently Fannie Mae and Freddie Mac announced a new 3 percent down payment product that would also require private mortgage insurance. The product would compete directly with the FHA and could have offered some borrowers a cheaper option if they had a good credit score. Considering all of this, NOW is a great time to start the home buying process. Contact me today to get the process started.    ...
What’s the first step to buying a home?

What’s the first step to buying a home?

At some point in life everybody has the goal of home ownership. Though many people know what it takes, there are still many who don’t really know where to begin. The first step is and will always be to figure out how much house you can actually buy and afford, also know as the pre approval process. This is where you take your credit, income, and debt and figure what is comfortable monthly payment which will ultimately determine where your price point is for your home search. There are one of two places you can go to get a pre approval. You can try through your customary bank who you bank with, or you can go through a mortgage broker/lender. My advice would be to go through the mortgage broker/lender. Reason being, is they will shop you around and find the loan that works best for your individual situation. One bank can really only offer you their product, and you may not be specifically approved for theirs. If you are looking for a great lender, don’t hesitate to contact me today and I will put you in touch with one of the best. If you want to get on the road to improving your credit to get pre approved and need a solid plan to do so, click the link below to be directed for my free Ebook, “12 Month Plan to Buying Your First Home”....

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