When First Time Home Buyers Feel Intimidated. .

There are very few instances in ones life that is as important as buying your first home. 

You don't have to do it alone, there are real estate professionals willing to help you achieve this dream. 

Just be sure that you are motivated to be a homeowner and hire an agent whom you feel comfortable with.

Remember, when you are buying a home, the seller has their own agent representing them....you need a buyer's agent to represent your best interests when buying a home

A first time home buyer is defined as an individual, who has not had an ownership interest in a home prior and has little or no experience in the home buying process

The National Board of Realtors advice to these buyers is to take your time and not rush. There are lots of steps and you need professional help.

One of the first steps to being a first time home buyer is to get their financial house in order, your Real Estate Agent will help you make sure your credit scores are compliant with all the new mortgage lending guidelines. You need a mortgage loan and that is the first focus in the home buying process. 

You need to be aware that the actual cost of buying home is usually much higher than the cost of the home itself, as it includes taxes, interest, and closing costs etc. 

But one thing you should not pay is your own Real Estate Agent, they are paid from the commissions offered by the seller. 

In general, the purchase of any real estate is contingent upon the contract price being at or below a fair market value determined by an appraisal. 

This will assure you that you will not overpay a penny over what the house is worth. 

Your lender send a third party appraiser to make sure the sales price in your contract is exactly what the house is worth or MORE.  

What happens if the house is valued less than the purchase price previously agreed with the seller? 

In this case the lender will not fund the loan to you. If the house's value is less than what your contract with the seller says..the lender will not give you a loan and subsequently  there will be no sale. 

The seller then will have to reconsider and they have the option to drop the price to the appraised value of dispute it by using another appraiser

This is when your real estate agent comes handy...to protect your best interests and advice you accordingly. 

Dowload Your Benefit Programs for First Time Home Buyers in Maryland and see how much you can save as a First Time Home Buyer

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Help For First Time Home-Buyers in Maryland

301-246-0001

Originally published http://www.reallynicehomes.com/blog/when-first-time-home-buyers-feel-intimidated/

Five Weird Spooky Facts About Buying a Home

5 Weird Spooky Facts About Buying a Home 

 

Read original article here:http://www.reallynicehomes.com/blog/5-weird-spooky-facts-about-buying-home/

 

As you know, when you really think about it...the world is a big scary place with lots of danger and little spooky things crawling all around us at all times. To make matters even worse, you may have to also include real estate among all your fears.

With Halloween rapidly approaching, we are going to analyze the " Top Five Weird Spooky Facts About Buying a Home"

Sometimes what we fear is not real

Will Smith said it better...

“Fear is not real. The only place that fear can exist is in our thoughts of the future. It is a product of our imagination, causing us to fear things that do not at present and may not ever exist...danger is very real but fear is a choice.”

So what are the 5 things people fear the most when buying real estate? 

FEAR #1 : 

I need at least 20% Down Payment to buy a house.

Most loans are are under 10% down, with FHA loans going as low as 3.5% down..even less!

Some lenders are now even lending with as little as 2% down on some special cases.. 

FEAR #2 : 

I need at least 780 Credit Score to buy a house.

The average credit score on approved loans is 723.

I have a loan officer that helps my clients fix their credits and can get them started in the 600's credit score range. .

 

FEAR #3 : 

Getting Approved for a Mortgage is HARD and a lot of work!

Did you know that 71% of all loans applications get approved....all you have to do is try it by contacting your trustful professional..Too many people are disqualifying themselves by thinking erroneously...don't fall under this trap.. .you need someone else to disqualify you.

FEAR #4 : 

There is not enough money out there for banks to lend.

The mortgage credit availability to obtain a mortgage loan has increased SUBSTANTIALLY just in the last 7 months. More banks and lending institutions are relaxing their requirements because the money they have to lend is accumulating and sitting around waiting for more applicants.

FEAR #5 : 

I'm afraid I lose my job and not be able to pay for my mortgage

You have to live somewhere anyways... and besides, a landlord is LESS forgiving than a mortgage holder when you have a temporary setback like losing a job or getting sick. 

"A landlord will evict you 10 times faster than a bank foreclosing your house"

 

Buying a house is scary by itself, specially if you are a first time home buyer -- Make it easier for you by contacting a real estate professional.

Be clear on your fears by knowing the buying process inside out ...with the help of your Realtor.

 

If you are looking to buy a home in MD, DC or VA let us guide you.

We know the process and our agents are ready to help you.

Give us a call 301-246-0001

Happy Halloween!

 

301-246-0001

Maxus Realty Group

www.ReallyNiceHomes.com

 

 

 

Are you in the fence to buy real estate?

Originally Published : http://www.reallynicehomes.com/blog/are-you-fence-buy-real-estate/

Are you in the fence to buy real estate?

Why this may be the best of time to buy Real Estate

Take Three PILLS and call us in the morning. . 

#1 Bigger Down Payments Are Coming. ..

Currently, borrowers can try to get a mortgage from a bank with just 3.5% down by taking on mortgage insurance mostly because that mortgage is then guarantee as an FHA LOAN - The Federal Housing Administration is your ticket to a lower down payment right now. . 

But what about after the elections?

There are talks about a gradual increase of down payments in the future mostly because the Government can not afford it any longer and they also want homeowners to have a higher vested interest in the property they buy and slowly take the Federal Government away from insuring riskier loans.

#2 Interest rates are at an all time low.. .

With lower interest paid on mortgages, it also means you can get more house for the amount you can afford to pay each month. If you lock in for a 30 year term at today's interest rates, when interest rates rise, as they surely must, your interest rate will remain low. 

Just know that Mortgage Lenders now have plenty of money to lend on Real Estate. 

#3 Prices are still at 2003 levels. .

You are back in time to 2003

You are riding around looking for homes listening to Michael Jackson in your car radio.

Your re paying the same prices people paid nearly 10 years ago!

But beware of  the signs everywhere pointing to a resurgence of the housing market as never seen before.

Prices could go quickly from 2003 to 2013 quickly!

It's time for service with a cherry on top.

If you're serious about buying a new home, then you'll need true real estate professionals to help you find the perfect home on the market for the best price while selling your existing house for the most profit. Thankfully, you've come to the right place.

Our experienced team of agents use a combination of the most advanced online real estate tools in the market today with tried and true techniques that consistently help to make your house sell for more and ensure you find your dream home for the best possible price.

START HERE