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The Department of Housing and Urban Development recently released a series of how-to videos to help potential homeowners shop for a home, shop for a loan and close the deal.
Here is the first in the series of three videos, “Shopping for Your Home”. This goes over what a real estate agent is, the different types of real estate agents and who you go to about putting an offer in on a home.
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1. Find the right person to work with
“A lot of buyers start on the Internet, which is very convenient,” said Steven Slotnick, a mortgage broker with Prospect Mortgage in Maplewood, N.J. “You can do the calculations yourself, and you can play out some what-if scenarios, and get an idea of what you can afford. But it’s impersonal. And if you have anything other than the most basic financial situation — been in the same job for several years, one savings account, one checking account — then you might have issues you don’t even know about that could hold up a loan.”
Slotnick said that the best recommendations for a mortgage broker or loan officer will come from someone who has successfully obtained a mortgage. “If they were successful, someone did something right,” he said. “Ask them who they used.” Realtors and real estate attorneys also can provide recommendations. The important thing, said Slotnick, is to find someone who’s asking the right questions.
“If they’re asking the important questions that go beyond what your income is — what kind of work do you do, how many children do you have, how long do you intend to stay in your house — then they probably have your best interests at heart.”
Those questions, he said, help the mortgage broker or loan officer understand what your monthly expenses are and how much of a mortgage you can really afford, which is the first step toward pre-approval.
2. Assemble the correct paperwork
Once you find someone whom you can work with, you will need to start gathering all the pertinent financial information. You can actually start pulling this together before you’re ready to go through the pre-approval process. The important thing is to know where all the information is.
According to Slotnick, at minimum you will need to be able to produce these documents to start the pre-approval process:
• One month of paystubs
• Two years of W-2s, or two years of tax returns if you’re self-employed
• Bank statements from the last two months
• If you are currently renting, proof of the last 12 months of rent payments
“With these documents, I can pull a credit report and get the complete picture of someone’s financial situation,” he said. “If they have a more complicated financial situation, as when someone is involved in a business partnership, the process gets more complicated. Then, we will start asking for more documents.”
3. Create a budget
Your loan officer or mortgage broker should also help you create a budget. “A good mortgage broker will look not just at your income, but your expenses, and find out how much you can really spend on a home,” said Huettner. “When we go through the finances, I ask the buyer what they feel they can afford each month. And I make sure they understand what they will need for closing costs and escrow, based on the mortgage they want. All of this will help a buyer determine how much of a mortgage they really can afford.”
4. Get more than one quote
You should definitely shop around for a mortgage, advises Slotnick. “The borrower should get two or three reputable quotes,” he said. However, there is no need to go through the entire scenario more than once. Instead, a buyer can contact other lenders with the information that they were pre-approved at a certain rate for a certain amount, and ask how other lenders compare. “Ask for their rates and closing costs, and see if there is a difference,” said Slotnick. “And if there’s a big difference among lenders, make sure you have those quotes in writing before you commit to one over the other.”
Slotnick says that a buyer can expect pre-qualification within 24 hours and a full mortgage commitment in about 10 days, he said. In the end, though, it’s the ability of the borrower to produce the right documents and answer all the questions that need to be answered. “The borrower’s thoroughness determines the length of the process,” he said.
“Even for people who have a very straightforward financial situation, it’s the fine details that can trip you up,” said Huettner. “You have to work with someone who is knowledgeable enough about the process that they will ask the right questions and be able to identify red flags before they get to the underwriter.” By Patricia Orsini
By: G. M. Filisko
A solid game plan can help you narrow your homebuying search to find the best home for you.
When looking for your new house, make sure to take into consideration how long you plan to stay there. Image: Thinkstock Images/Comstock/Getty Images
House hunting is just like any other shopping expedition. If you identify exactly what you want and do some research, you’ll zoom in on the home you want at the best price. These eight tips will guide you through a smart homebuying process.
1. Know thyself
Understand the type of home that suits your personality. Do you prefer a new or existing home? A ranch or a multistory home? If you’re leaning toward a fixer-upper, are you truly handy, or will you need to budget for contractors?
2. Research before you look
List the features you most want in a home and identify which are necessities and which are extras. Identify three to four neighborhoods you’d like to live in based on commute time, schools, recreation, crime, and price. Then hop onto REALTOR.com to get a feel for the homes available in your price range in your favorite neighborhoods. Use the results to prioritize your wants and needs so you can add in and weed out properties from the inventory you’d like to view.
3. Get your finances in order
Generally, lenders say you can afford a home priced two to three times your gross income. Create a budget so you know how much you’re comfortable spending each month on housing. Don’t wait until you’ve found a home and made an offer to investigate financing.
Gather your financial records and meet with a lender to get a prequalification letter spelling out how much you’re eligible to borrow. The lender won’t necessarily consider the extra fees you’ll pay when you purchase or your plans to begin a family or purchase a new car, so shop in a price range you’re comfortable with. Also, presenting an offer contingent on financing will make your bid less attractive to sellers.
4. Set a moving timeline
Do you have blemishes on your credit that will take time to clear up? If you already own, have you sold your current home? If not, you’ll need to factor in the time needed to sell. If you rent, when is your lease up? Do you expect interest rates to jump anytime soon? All these factors will affect your buying, closing, and moving timelines.
5. Think long term
Your future plans may dictate the type of home you’ll buy. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in the home for five to 10 years? With a starter, you may need to adjust your expectations. If you plan to nest, be sure your priority list helps you identify a home you’ll still love years from now.
6. Work with a REALTOR®
Ask people you trust for referrals to a real estate professional they trust. Interview agents to determine which have expertise in the neighborhoods and type of homes you’re interested in. Because homebuying triggers many emotions, consider whether an agent’s style meshes with your personality.
Also ask if the agent specializes in buyer representation. Unlike listing agents, whose first duty is to the seller, buyers’ reps work only for you even though they’re typically paid by the seller. Finally, check whether agents are REALTORS®, which means they’re members of the NATIONAL ASSOCIATION OF REALTORS®. NAR has been a champion of homeownership rights for more than a century.
7. Be realistic
It’s OK to be picky about the home and neighborhood you want, but don’t be close-minded, unrealistic, or blinded by minor imperfections. If you insist on living in a cul-de-sac, you may miss out on great homes on streets that are just as quiet and secluded.
On the flip side, don’t be so swayed by a “wow” feature that you forget about other issues—like noise levels—that can have a big impact on your quality of life. Use your priority list to evaluate each property, remembering there’s no such thing as the perfect home.
8. Limit the opinions you solicit
It’s natural to seek reassurance when making a big financial decision. But you know that saying about too many cooks in the kitchen. If you need a second opinion, select one or two people. But remain true to your list of wants and needs so the final decision is based on criteria you’ve identified as important.
G.M. Filisko is an attorney and award-winning writer who has found happiness in a brownstone in a historic Chicago neighborhood. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate
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Not all real estate practitioners are REALTORS®. The term REALTOR® is a registered trademark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics. Here’s why it pays to work with a REALTOR®.
1. Navigate a complicated process. Buying or selling a home usually requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multipage settlement statements. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes.
2. Information and opinions. REALTORS® can provide local community information on utilities, zoning, schools, and more. They’ll also be able to provide objective information about each property. A professional will be able to help you answer these two important questions: Will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?
3. Help finding the best property out there. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your REALTOR® to find all available properties.
4. Negotiating skills. There are many negotiating factors, including but not limited to price, financing, terms, date of possession, and inclusion or exclusion of repairs, furnishings, or equipment. In addition, the purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.
5. Property marketing power. Real estate doesn’t sell due to advertising alone. In fact, a large share of real estate sales comes as the result of a practitioner’s contacts through previous clients, referrals, friends, and family. When a property is marketed with the help of a REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.
6. Someone who speaks the language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with a professional who is immersed in the industry and knows the real estate language.
7. Experience. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. Even if you have done it before, laws and regulations change. REALTORS®, on the other hand, handle hundreds of real estate transactions over the course of their career. Having an expert on your side is critical.
8. Objective voice. A home often symbolizes family, rest, and security — it’s not just four walls and a roof. Because of this, homebuying and selling can be an emotional undertaking. And for most people, a home is the biggest purchase they’ll every make. Having a concerned, but objective, third party helps you stay focused on both the emotional and financial issues most important to you.
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With low interest rates and home prices, a new report from Beacon Economics finds that buying a home is more affordable than it has been in roughly two generations.
Using median incomes and home prices, the company said that an average family would only need to spend 16.9 percent of their income on the mortgage payments for an average home. That’s the lowest level since the data used became available in 1969.
With affordability so high, researchers said that soon more buyers would enter the housing market, buying up surplus inventory and helping prices to recover from their recent declines.
“While prices may fluctuate modestly over the next several months, we believe the worst of the housing crisis is behind us,” adds Beacon Economics research manager Jordan G. Levine. “We expect prices to stabilize around current levels and likely be higher in the next twelve months.”
That trend of slowly stabilizing prices may already be taking place. According to the National Association of Realtors, median home prices in August were higher than the year before in more than half of the major cities tracked.
