5 QUESTIONS TO ASK YOUR MORTGAGE BROKER

Before you even start looking for a home the best thing to do is get pre-qualified for a mortgage. 
Pre-qualification will give you an accurate assessment of how much home you can afford and key numbers that will factor into your family’s budget. And when you working with your mortgage professional, here are some “must ask” questions.

Questions to Ask Your Mortgage Broker / Loan Officer

Which loan type is the best and what are the pros and cons for each?

What is the APR of the loan and any applicable lender fees? If the loan will be adjustable ask about the adjustment frequency, maximum annual adjustment, the Cap, Index, and margin.

Lenders are required by law to give you a GFE (good faith esitmate) within 3 days after applying for the loan, be sure to ask that all of these fees are included in the GFE: appraisal, credit report, lender’s title policy, pest inspection reports, escrow, recording fees, and taxes.

Are there any pre-payment penalties?

How long will it take the loan to process (i.e. time to fund)? This could take anywhere between three and six weeks.

Mortgage Pre-Qualification Keys

• Price range of homes you are interested in purchasing
• What your approximately monthly house payment will be
• How much down payment, if any, will your need or want to put down
• What are your approximate closing costs
• What kind of loan program is best for you based on your wants, needs, and desire

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Terry Naber, RE/MAX Properties, Inc, is an experienced real estate professional since 1990 having served hundreds of clients and helping them in the process and dream of home ownership.  Terry KNOWS the market in the Colorado Springs, CO. region.  Give her a call to discuss your plans to sell and list your home, gather information, and find out what Terry can do to get you the best market price with the least time on the market!  Call 719-590-4796.  

IS IT A GOOD TIME TO SELL YOUR HOME?

First, of course, we could note what others think. The recently-released May 2013 National Housing Survey by Fannie Mae showed that 40% of responders said that now is a good time to sell a home. That is up from only 16% in May of last year. At the same time, 76% of Fannie Mae's responders said that it is a good time to buy a home -- just a little more than the number of those who thought so last year. Redfin has surveyed real estate agents on the same issue. 82% said that now is a good time to sell, compared to 54% last year.

Probably the best reason for thinking that now is a good time to sell is because now is a good time to buy. "Wait a minute!", you say. "How can that be? Isn't it contradictory?" Well, no, it's not. Whether it is a good time to sell or a good time to buy isn't like a zero-sum game where what's good for one is necessarily not good for the other. Good conditions for buying can mean that there are more potential prospects to sell to. Moreover, just because the conditions for buying are good doesn't necessarily imply that prices must be low. Of course, if they are extremely high, then that won't be a good time to buy.

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The low interest rates that have recently been available have done two things for sellers. They have created a larger pool of potential buyers and they also have made it possible for prices to rise without shutting out those buyers. This will not, however, last forever. Even now we see occasional headlines that say things like "interest rates recently roared back up to 4%". (Who ever would have thought that 4% would seem high?) While they currently seem to be in a floating back and forth mode, some day the Fed will reverse course and they will begin to rise.

Another reason to think that now is a good time to sell is because inventory is still low, meaning there's less competition. To be sure, inventory is creeping up in many markets, but it is still historically low (60% of the peak in 2007). Why is inventory so low? There are disparate reasons, but certainly one of them is the belief that prices will continue to rise. Some people want to wait for that to happen. It is not just owners who think prices will rise. According to the same Redfin survey, 44% of agents thought that prices will rise "a lot" in the next twelve months. Only 11% thought that last year.

Whether it is a good time to sell is always, ultimately, an individual question. What would be the reason for selling? Would it entail another purchase?

So, is it a good time to sell? Sure is.

Terry Naber, RE/MAX Properties, Inc, is an experienced real estate professional since 1990 having served hundreds of clients and helping them in the process and dream of home ownership.  Terry KNOWS the market in the Colorado Springs, CO. region.  Give her a call to discuss your plans to sell and list your home, gather information, and find out what Terry can do to get you the best market price with the least time on the market!  Call 719-590-4796. 

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5 ESSENTIAL TIPS FOR BUYING A HOME

Looking To Buy a New Home? Here Are 5 Essential Tips To make the process a smooth one

Get your finances in order.

Start by getting a full picture of your credit. Obtain copies of your credit report. Make sure the facts are correct, and fix any problems you find. Next, find a suitable lender and get pre-approved for a loan. This will put you in a better position to make a serious offer when you do find the right house.

Find a house you can afford.

As with engagement rings, there’s a general rule of thumb when it comes to buying a home: two-and-a-half times your annual salary. There are also a number of tools and calculators online that can help you understand how your income, debt, and expenses affect what you can afford. Don’t forget, too, that there are lots of considerations beyond the sticker price, including property taxes, energy costs, etc.

Hire a professional.

While the Internet gives buyers unprecedented access to home listings and resources, many aspects of the buying process require a level of expertise you can’t pick up from surfing the web. That’s why you’re better off using a professional agent than going it alone. If possible, recruit an exclusive buyer agent, who will have your interests at heart and can help you with strategies during the bidding process.

Do your homework.

Before making a bid, do some research to determine the state of the market at large. Is it more favorable for sellers or buyers? Next, look at sales trends of similar homes in the area or neighborhood. Look at prices for the last few months. Come up with an asking price that’s competitive, but also realistic. Otherwise, you may end up ticking off your seller.

Think long term.

Obviously, you shouldn’t buy unless you’re sure you’ll be staying put for at least a few years. Beyond that, you should buy in a neighborhood with good schools. Whether you have children or not, this will have an impact on your new home’s resale value down the line. When it comes to the house itself, you should hire your own home inspector, who can point out potential problems that could require costly repairs in the future.

Terry Naber, RE/MAX Properties, Inc, is an experienced real estate professional since 1990 having served hundreds of clients and helping them in the process and dream of home ownership.  Terry KNOWS the market in the Colorado Springs, CO. region.  Give her a call to discuss your plans to sell and list your home, gather information, and find out what Terry can do to get you the best market price with the least time on the market!  Call 719-590-4796.  

Click Here and Get a FREE Report on What Your Home is Worth.         

Search More Properties Here

Helping The Dream of Home Ownership Happen

During the recession, sellers were holding onto their homes.  With that behind us now, sellers are listing their homes, and enjoying good sale prices. 

Here's Some Buyer "Eye Candy...."

Stunning Kitchen That Creates a Little "Envy?"

How About a Room "Bursting" With Bunks?  

What a Way To "Cook" It Up Outdoors!

Whatever your flavor, Terry Naber at RE/MAX Properties, Inc, Can help you find your next home. 
Give Terry a call at 719-590-4796 or visit online and FIND YOUR HOME HERE. in the Colorado Springs, CO. region!

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BTW...
The Hiring Outlook in Colorado Springs is The Best In Nearly 5 Years.
The outlook for the Colorado Springs job market for the third quarter is the best in nearly five years and among the best in the nation. We are back to a booming economy and thriving real estate market.  Come enjoy the life Colorado Springs has to offer.

Home Sale Prices Reaching Higher Ground

Buyers Push Home Sales Prices Higher For Sellers

Home prices continue to surprise, posting a double-digit annual gain in April. Much the same expected for May.

Home prices, including distressed sales, increased 12.1% year-over-year, representing the biggest annual increase since February 2006 and the 14th consecutive monthly increase,CoreLogic said Tuesday.

Additionally, home prices, including distressed sales, increased by 3.2% from March to April.

"Increasing demand for new and existing homes, coupled with low inventory, has created a virtuous cycle for price gains, most clearly seen in the Western states with year-over-year gains of 20% or more," said Dr. Mark Fleming, chief economist for CoreLogic 

Excluding distressed sales, home prices increased 11.9% on a yearly basis. While home prices, excluding distressed sales, also increased on a monthly basis to 3% in April compared to March.

Of the top 100 Core Based Statistical Areas, measured by population, 94 posted year-over-year increases in April, unchanged from March.

"The pace of the housing market recovery quickened in April as home prices rose across the U.S.," said Anand Nallathambi, president and CEO of CoreLogic.

He added "For the second consecutive month, all 50 states registered year-over-year home price gains excluding sales of distressed homes. We expect this trend to continue, bolstered by tight supplies and pent up buyer demand."

If you are interested in selling your Colorado Springs, CO. home, call Terry Naber @ RE/MAX Properties, Inc at 719-590-4796.  Find out what your home is worth and the best approach to maximize your sale price with minimum days on the market.  Let Terry's 23+ years experience, knowledge of the Colorado Springs Real Estate market, and marketing systems help you achieve your goals.
Visit our website at www.TerrySellsColoradoSprings.com 
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