Posts from March 2013
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27
4 Ways to Impress Your Lender
Lending is tight, and with the way the market is moving, it may be getting even tighter. But that doesn't mean your dreams of that three bedroom colonial should be dashed to pieces. According to Michael Litzner, Broker of Century 21 American Homes, it just means you need to impress your lender. Below are Litzner's top tips:
Maintain job security. "If possible, you should stay at your current job while building up your credit and zeroing in on that mortgage," says Litzner. Your lender will want to analyze your work history, and make sure you are reliable and have a steady stream of income. If you know you need to switch jobs soon, put off your home purchase until you are securely in your new position.
Fluff your credit. Your...
9
Price, Proximity to Work and Design Are Key Concerns for Home Buyers
Price and proximity to work are key concerns for first-time home buyers, while trade-up buyers tend to be most focused on the design of the home and the neighborhood, according to "Characteristics of Home Buyers," an analysis of the recently released 2011 American Housing Survey (AHS) by the National Association of Home Builders (NAHB).
The biennial survey, which is conducted in odd-numbered years by the Census Bureau, covers about 6.8 million home sales that occurred in 2009 and 2010. NAHB's analysis additionally compares the homes that buyers purchased with what they say they want using results from "What Home Buyers Really Want," a new consumer
preference survey published by the association.
"Among first-time home buyers, price was the most frequently cited reason for selecting a particular house, with a 38 percent share. At 30 percent, pro...
5
Learn Your Loans: Construction Loans
Those interested in buying a home know that a mortgage may be involved. But what about if you plan to build your new home? The majority of us can't afford the costs of building a new home outright, and getting a mortgage for a home that doesn't technically exist yet can be a difficult process. This is where a construction loan comes in.
"A construction loan is a short-term loan that you can use to front the cost of building your home," says Michael Litzner, Broker of Century 21 American Homes. "These loans are set for a specific length of time, typically around one year."
When construction on your home is complete, the homeowner then refinances by applying for a new loan to pay off the initial construction loan. "These second loans are called 'end loans,'" Litzner explains.
While construction loans are helpful, they can be difficult to get. Below are some of the strict qualifying requirements that must be met before you can be considered.
5
What do Home Buyers Really Want?
Many in the housing industry are wondering not only what today's home buyers really want, but also what they are ready to leave behind in light of current economic realities. A new study recently released by NAHB, What Home Buyers Really Want, was designed to answer these questions, and more specifically, to provide the most current and accurate information on buyer preferences so that NAHB members can deliver the home (and community) that today's buyers want and are willing to pay for.
So what do home buyers really want? The first answer is energy efficiency. Four of the top most wanted features involve saving energy: 94 percent of home buyers want energy-star rated appliances, 91 percent... 1
Avoid These Common Home Improvement Blunders
Consumer complaints and lawsuits regarding home improvements are on the rise according to Ripoff Reports; a homeowner that does not do their homework before embarking on a project could find themselves with poor workmanship, inferior products, health and safety issues or even legal problems.
So what's a homeowner in need of a fix up to do?
"Start by reviewing the three most common mistakes people make when embarking on a home improvement project," says Dave Harrison, chief marketing officer of Champion Windows, Sun-rooms, Roofing and Home Exteriors, one of the nation's leading home improvement companies.
No.1: Buying Only on Price
Your home is probably one of the most expensive items you own, so making improvements is not the place to budg...