September 2015

Found 9 blog entries for September 2015.

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Flickr / Got Credit / CC BY-NC 2.0As a mortgage broker, you can be the bridge between a future homeowner and the home of their dreams. Unfortunately, since the mortgage crisis of 2008, certain fraudulent practices that lead to speculative lending were revealed, affecting the entire industry.

While many of the offenders are now out of business, regulations have gotten tougher for those of us that remain. The first hurdles to a satisfying career are obtaining your mortgage broker bond and license, and this is what we’ll look at in this article.

For people with bad credit, the licensing and bonding process can be a bit complicated, but don’t let that discourage you. As long as you understand how surety bonding with bad credit works, you have great chances of getting bonded.

If

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Buy a Cheap House, Do my Own Repairs, Save Money?

buy a cheap house, buying a foreclosure, buying a fixer upperAh, so many have dreamed it; buying a cheap house with potential and fixing it up themselves.

That would be ideal for some, for others it can possibly mean biting off more than one can comfortably chew. There's another common problem inherit with that idea for most, however.

Unless you can purchase in cash, you cannot do the repairs yourself. The FHA (Federal Housing Authority) doesn't allow buyers to perform their own repairs if they are financing any portion of the sale and work must be done by FHA certified contractors. It doesn't matter what lender you use either, the rules are the same.

Before you get saddened by this fact, understand a couple of things and there's good news too. First,

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Is September a Prime Month for Buyers? 

best time to buy a home, buying a home, first time buyersWith summer ending, the fervor of home buying is dying down, which can be a good thing for buyers. A recent article in Daily Real Estate News noted that homebuyers looking to purchase during the off-season, particularly September, could have the upper hand.

Jonathan Smoke, chief economist for realtor.com, reported that supply rises in the late summer, providing buyers with more choices. In the third week of August, national inventory was at 1.91 million units, an increase of 21 percent since January.

“Normally inventory peaks in August and begins to slow as the nights grow longer,” Smoke says. “But this year the typical seasonal decline will start a bit later. There will be more choices in September than

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Avoid Homebuyer's Remorse

first time buyer, buying a home, first time home buyingBecause big purchases are tied to big expectations, you want to be sure you aren’t setting yourself up for disappointment when buying a home. A majority of homebuyers end up regretting at least one thing after moving into their new home. Most of the time, those regrets could have been avoided. For example, the most common complaints include the home not being big enough, the home not having enough closet space or enough bathrooms, being in a bad school district or having unpleasant neighbors. To help you avoid homebuyer’s remorse, here are a few tips to keep in mind when looking for a new home.

1. Take the time to research. Get online and research the neighborhood you are considering moving in to. Check out the schools, the

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Buying a Home - Concerns About the Economy

buying a home, buying a home safely, buying a home wiselyHello, back again with some more tips on buying a home and preserving your finances.

Don't we all get excited about the prospect of buying something new? More so when it's a big-ticket item? A house becomes a home and I'll be the first to admit the temptation to go all-out is huge. Even greater for those with families and children. 

A lot of real estate agents would like you to buy as much home as you can afford, as their commission check is naturally bigger. However, agents that genuinely care about their clients place their commission amount on the back-burner in favor of giving sound guidance to buyers when it comes to finances.

Most personal bankruptcies are filed over as little as a $300 per

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Sweeping Changes In Lending 

Time For ChangeAs promised, your in-depth look at the CFPB changes and our new buddy.....TRID. For those of you who don't know, TRID is the ridiculously long acronym that rivals weatherman Liam Dutton's pronunciation of the (now) infamous 58 letter Welsh town. No really. T=Truth In Lending. R=Real Estate Settlement Procedures Act (RESPA). I=Integrated. D=Disclosures. In short, TRID is designed to leave no stone unturned, and no question unanswered in the lending process. 

Two brand new, hot off the press disclosures, The Loan Estimate & 5pg Closing Disclosure. When meeting with your loan officer and shopping for lender in particular, the moment of loan application consummation will no longer be in question, as has been the case in the

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Strategies for Buying a Home in a Competitive Market

first time home buying, first time home buyers, home buying processYou are in the market to buy a new home. Congratulations. More than likely you will spend a considerable amount of time and energy finding your dream home. So, once you’ve found it, you don’t want to lose it in a bidding war and then have to start over. If you're a Realtor working with buyers, feel free to share these tips with your clients. Here are a few strategies for making an offer that sellers can’t refuse.

1. Put together a great team of professionals. You will want to have a real estate agent, your mortgage lender, and a home inspector. Having your team assembled will enable you to act quickly when you find the home of your dream. Professional buyer's agents will have a small army of good

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Simple Home Buying Advice

buying a home, home buyingBuying a home will likely be the biggest purchase of your entire life. When looking to buy a home, small mistakes or oversights on your part can end up costing you a lot of money. To help you navigate the often murky waters of home buying, I’ve put together a few tips.

1. The more you can put down, the more competitive your interest rates. If you are only able to put 5% down, your financing options will be limited. If you can manage to pay 10-15% down, you will find much broader options. If you are able to pay 25% down, you are going to find the best interest rates and be in a much better position to negotiate with potential lenders.

2. Know that you will be paying more than the cost of the house. There are several other

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Staging Your Home for a Quicker Sale

selling a home quickly, sell my home fastIf you are planning to sell your home, you probably want to sell it quickly. It is common knowledge that a well-staged home is more likely to appeal to potential buyers. At the same time, if your home isn’t staged well, you could give the wrong first-impression and delay the sale of your property. So, when staging your home for sale, here are a few tips to follow. You may want to check out more Seller Topics.

Have you ever heard the expression "It's 20% product and 80% marketing"? This is true to a large degree in real estate sales too. Besides having to meet a prospective buyer's needs with space, bedrooms, bathrooms etc. the home must be marketed effectively.

That includes several good pictures (we recommend

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