Home Buyer Topics

There are currently 13 blog entries related to this category.

Potential Show Stoppers in Obtaining a Home Mortgage or Causes delays in the approval..

If you are selling or buying a home, there is nothing worse than at the 12 hour the whole deal goes down because the Buyer did not get the Mortgage.     So what are some potential show stoppers or items that cause delays when getting a Mortgage?

The Mortgage Broker / Bank Officer will usually obtain the following documents to start the ball rolling:
a quick checklist of common documentation types:
  • W-2 Forms
  • Bank statements
  • Pay stubs
  • Tax returns
  • Cancelled rent checks (for first-time home buyers)
  • Proof of citizenship or legal residency
  • Photo identification
  • Paper trail of funds
  • Proof of military service (if applicable)

Lenders look at

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Seven Ways to Cool House without using A/C





Summer is almost here and temperatures are soaring up.    What to do, you made it thru the winter with higher heat bills now you want to avoid higher electric bills.   So how can we keep the house cooler in the Summer without A/C.    Here are seven ways to make your home more comfortable and energy efficient without much trouble or expense.
  • Close windows and window coverings in the morning before the day heats up, then open them in the evening to flush your house with cooler air.     If you still need to see the outside world avoid direct sunlight shining in.Fans
  • Fans are a great tool to combat heat.   Adjust Ceiling Fans to rotate counter –clockwise.  Ceiling fans pull cool air from the ground
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Went camping Memorial Weekend.    My wife and I along with the youngest stayed high and dry in the camper.   However, the oldest kids stay in a tent.     Wife bought a new 2 room tent at a garage sale.    Looked great but  --- roof created a leak.    Still had fun with family.

When looking for a homes for sale, we need to have a look at the roof.    Does the roof leak or evidence of a leaking problem?    Squeamish about heights, -- you can do a thorough inspection from the ground using a pair of binoculars.     A walk around the home for sale, we can note potential problems:

Here’s some items to look for:

  • Shingles that are blistering, buckling or curling.
  • Broken or missing shingles.
  • Masses of moss – could signal the roof is
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It has rained all day.   What a perfect time to look at homes for sale.    What!!!   Let’s look at why.  

  • You  want to see if the basement leaks.    Look around the edges of the basement floor – does it appear wet or damp, may be a sign of trouble.

  • Puddles on the lawn or driveway.    This will help you visualize low spots.    Is this bad, not necessarily – you will know where low spots are and then you can decide whether you want to correct or not.     Is water flowing away from house or foundations?

  • Guttering working – water is always going away from house – not back towards house which may leak into basement.

  • Roof leaking – you may see evidence of dampness on ceiling, however a good look in the attic or between

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Buying a home -  Does it have a Solid Foundation.

A home’s value depends upon many variables when selling or buying a home. Foundation condition is a major one, but may be overridden by location, amenities and the uniqueness of the property.    When looking at homes the best thing a buyer can do is to get professional help with identifying if homes have a foundation problem.    However, that cost money, so let’s narrow down the playing field of potential homes to buy.

When viewing houses you can look for warning signs that a house for sale may have a foundation problem:

INDOORS:

Houses settle over time, and a little unevenness isn’t cause for panic. At the same time, you’ll want to be alert to these warning signs that more dramatic changes are

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Watching my daughter play indoor soccer made me think how it relates to Buying a House.    Like Soccer, you need a team to be successful.

Let’s talk about the “Real Estate” team.   On Defense we have the Appraiser and Home Inspectors.   They are protecting you on the value of your potential new home.    Home Inspectors find structural flaws in real estate that you are looking at.

Guarding the goal we have the Title Company making sure nothing slips by at closing.  

On offense we have you the buyer.   Assisting you score on buying the home of your dreams is the Mortgage Broker,

The Coach – coordinates the team.   Helps you with the plays  -- Provides you with Homes for Sale that meet you wants/needs, schedules showings.   As a Coach I can help

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A mortgage pre-qualification letter is a lender’s non-binding estimate of a mortgage that may or may not be backed by borrower documentation.  A pre-qualification can be based on a borrower’s verbal representations regarding income, debt to income ratios, credit scores, and net worth.  It merely estimates the amount of mortgage the borrower may be eligible to obtain if the information provided by the borrower is true.

Pre-approval on the other hand, means that the lender is ready to go forward with the mortgage based on all of supporting documentation provided.  Typically, the lender has obtained tax returns, financials, and credit scores and the borrower is pre-approved for a mortgage falling within a certain price range.    The lender’s pre-approval

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The Michigan State Housing Development Authority is offering up to $7,500 to homeowners who need help in moving into their next home. Jim Harger | jharger@mlive.comBy Jim Harger | jharger@mlive.com  Follow on Twitter 

on February 24, 2014 at 12:14 PM, updated February 24, 2014 at 12:47 PM
GRAND RAPIDS, MI – Cash-strapped homeowners who want to move into another home can qualify for up to $7,500 toward the purchase of a new or existing home through a program unveiled on Monday, Feb. 24 by the Michigan State Housing Development Authority.

The “MI Next Home” program is designed to kick-start the state’s real estate market, where many homeowners find they need help before they can move into another home, according to a group of MSHDA officials and local politicians

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The Michigan State Housing Development Authority helps homebuyers with down payment assistance to buy a new home of up to 4 percent of the purchase price or up to $7500! Based on income levels that vary by county - generally range from $70,000 for a household of two people to just under $100,000 for a household of three plus.
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