Real Estate News & Market Trends

Ever wonder which things can affect your credit score the most when you’re applying for a mortgage loan? Here are some of the top factors that can dramatically lower anyone’s score:

• You’re 30 days late (or more) paying a bill. You could see a 60- to 110-point drop in your score by being a month late on a financial obligation. Expect more of a drop if you’re 60, 90 or 120 days late.
• You have gone through foreclosure, a short sale or bankruptcy. A typical drop after a foreclosure is 85 to 160 points. A short sale will result in a substantial drop in credit score, too. A bankruptcy could push down your score by 130 to 240 points.
• You’re maxed out. Being close to (or over) the credit limit on all your credit cards can definitely hurt your score.

Everyone’s situation is different, and how long these credit-score drops remain in effect vary. The key to rebuilding your credit is to pay your bills on time and avoid using all of the credit that’s available to you.

Although a “perfect” credit score can be over 800, remember that to get the best deal on your next mortgage, you’ll need a score of around 720 to 780. Want to learn more about your credit score? Read this article.

Closing quickly can give you the edge over competitors.

Contact us now to find out what we can help you achieve.

A home inspection checklist is essential when selling a home. While the inspection is an important part of the home buying process, it is equally as important for sellers to also prepare. What can you do as a seller to help the inspection process go smoothly? Here are five top tips from Realtor.com to keep in mind:

• De-clutter. You’ll want to make sure the inspector can easily access the area beneath your bathroom and kitchen sinks and the areas around your hot water heater, furnace and any major appliances.
• Clean your home. A clean and tidy home makes a better impression than one that’s a mess.
• Provide paperwork. Create a file detailing all maintenance and repairs you’ve completed on your home over the years, including any inspections of important components such as your furnace or chimney.
• Provide access. Make sure your inspector can get into any locked rooms or exterior storage buildings as well as the attic or other storage areas.
• Leave your home. Inspectors find it easier to do their work with the homeowners, children and pets around.

Ready to get in control? Consider combining other debt with your home mortgage. We have a great tool on our site that can help you manage your debt.

Try out our debt consolidation calculator here!

A recent study found that finding the right property within budget and understanding the home buying process are two of the biggest concerns of home buyers today. Fortunately, those are just two of the ways a Googain/MaxReal agent can help home buyers, especially those purchasing homes for the first time. You can feel confident knowing we won’t rest until we’ve helped you find the right property and you understand every step of the home buying process.

Source: www.car.org

No one likes to read mounds of paperwork when buying a home. But there’s one form you definitely don’t want to gloss over. The closing disclosure form is one of the most important documents you’ll review when buying a home. It explains the terms and costs of your mortgage.

Lenders must provide the closing disclosure form — CD for short — at least three business days before closing. The CD is the final report of the fees you will pay on your home loan. It’s a follow up to the good-faith estimate or loan estimate — LE for short — that was provided as an estimate when you first applied for your mortgage.

Here’s a sample of the closing disclosure form. Before August 1, 2015, the CD was known as the HUD-1 settlement form. The CD is designed to be a new and improved version of the HUD-1. It was created to be less confusing and easier to understand. It’s also required that it be provided to home buyers three days before closing, compared with the day of closing for the HUD-1.

It’s extremely important that you read your closing disclosure form carefully and compare it to what you saw on the loan estimate. In most cases, the fees and terms of your loan should be close or the same as when you first applied for your loan. In other cases, there will be some significant differences, which can be explained by your loan officer. Here are some other items the Consumer Financial Protection Bureau recommends you should review:

Loan amount: This is the total amount you’re borrowing.

Interest rate: Make sure the rate is the same as the rate you locked in.

Monthly Principal & Interest. This is the amount you’ll pay each month in principal and interest only. This amount does not include homeowners insurance, mortgage insurance, homeowners association dues (if applicable) and property taxes. Those are included in Estimated Taxes, Insurance & Assessments.

Estimated Total Monthly Payment: Your total monthly mortgage payment, with principal, interest, insurance and taxes.

Loan term: The term of your loan in years. The most common loan term is 30 years.

Loan type: Check to see that your loan type (fixed rate or adjustable) is correct.

Cash to close amount: This is how much money you need to bring on closing day in down payment and closing cost funds.

Closing costs: Generally, home buyers pay an estimated 3 percent to 4 percent of the home’s sale price in closing costs.

Estimated total monthly payment: Your monthly payment may change over time as your property taxes and homeowners insurance costs increase. If your loan has an adjustable rate, your monthly payment also can change when the loan rate becomes adjustable.

Once you’ve received your closing disclosure, it’s important to take the time to review it and ask any questions. Don’t hesitate to ask questions!