Thursday, October 23, 2014

The Cost of Buying a House - Extra Expenses Besides the House Itself

When you are crafting a budget with which to buy a house, you have probably thought about how much the house itself is going to cost. You've reviewed what your mortgage plus interest will cost you, and how much your down payment will need to be. But did you know there are other costs to consider? Here are some of them to keep in mind.

First there are the closing costs on the purchase. These can include all of the application, document preparation and filing, and notary fees, as well as any appraisal costs to see if there is any insect damage or other damage to the house. If a real estate attorney is involved, there are his or her costs to cover as well.

Often you will have title and deed registration fees when the information gets recorded by the county and these are most often charged by the number of pages. Closing is a very important step, however, since this is what finalizes the sale.

Closing costs might be able to be negotiated with the seller, particularly if they are anxious to make the deal. Expect these costs to run you between two and five percent of the overall cost of the home. These fees can be estimated using some of the free tools available on real estate websites.

Title insurance may also be required, particularly in cases where the house does not already have a clean title. Unlike other insurance policies, this is usually a one-time cost.

Other typical fees include origination costs, discount points (if you got a discounted interest rate), a credit report fee, and a court courier fee. Some more unusual ones include a tax service fee that makes sure your property tax payment was recorded properly. There is also a flood certification fee to see if your house is located inside a historic flood zone.

Then there is the homeowners' insurance. This is often required by the lending institution since the house is its own loan collateral. Many times this is factored into the amount of escrow you have to put up. You might also have to carry mortgage insurance if you took out a loan with a low down payment.

If the area you are moving to is subject to flooding, you will have to take out federal flood insurance. Regular homeowners' policies do not cover damage done by floodwaters. If your house is in a flood plain, this can be very costly if you do not take out coverage and water damages or destroys your home.

Don't be surprised if your lender asks you to come up with six months of the estimated property taxes. These monies will usually go into your escrow account which will later be paid to the county assessor's office.

It can seem like you are being nickel and dimed when you buy a home, but really it's just a reflection of the complex nature of buying a home. This is why having a Realtor on your side can be the smartest move you make. Your Realtor will help you navigate the process and explain things to you along the way.

Please contact us at Tazar If you looking for a MLS listings MA or if you're looking for a Boston apartments. Thank you for reading. P.S. If you like this article please give us a tweet!
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Monday, October 20, 2014

The Most Common Regrets of First Time Home Buyers

Are you a first time home buyer? Sometimes, after closing the deal, home buyers report several regrets which probably could have not occurred if precautions and proper preparations are made. Here are some of the common regrets of first time home buyers which we hope you could avoid if you are pursuing your dream of owning your very first house.

34% wished they negotiated more

Negotiating with the seller is an integral part of the home buying process. First time home buyers are usually delighted with the price tags such that when they offer the price they want and the seller agrees - they give in and agree to close the deal. Yet, after the closing 34% wished they negotiated more to obtain lower prices.

40% wished they should have cashed out more for the down payment

Buying a house for the first time involves shelling out significant amount of money for its down payment. However, 40% of the first time home buyers usually pay down payment as what is the convention. This percentage wished they should have cashed out more because it will lower their monthly dues.

38% found it costly to maintain a home

As soon as the first time home buyers move in to their purchased homes, 38% found out that home maintenance is costly. There are a lot of things involved to make the house appealing, functional, and stylish as the owners wanted the house to be. Apparently, many first time homebuyers are not prepared with these kinds of tasks. Their budgets aren't prepared to for such maintenance processes.

25% found out they don't like the neighborhood

After moving in to the house, a quarter of the first timers wished they looked for a better neighborhood. The beauty of a house is not just the sole factor that home buyers, especially first timers should look upon and evaluate. The neighborhood is also a critical value. The quality of the neighborhood and the kinds of people living there will constitute a great part of your daily life.

24% revealed regrets with regards to their yards

The yard, although an outside part of the house, is essential because it can serve as playground to the children. It can also become part of the recreation of adult family members especially the garden part. Despite this, 50% of those with regrets wished for a smaller yard because of the difficulty associated with its maintenance. The other 50% wished for a larger space because of more plants they wanted for their garden. Some of them also want to put outside furniture.

These are some of the common regrets that first time home buyers have. With the information discussed herewith, it is hoped that you will avoid them by taking into big consideration what you really want in a house.

Desare Kohn-Laski is a proud realtor and experienced Military Relocation Professional in Florida. She is a real estate broker who is knowledgeable and familiar of the South Florida real estate market. Her areas of services include Broward County, Palm Beach County & Miami-Dade County. Stop the chase for your dream house with her professional and expert assistance. For more information, hop on to
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Friday, October 17, 2014

How to Find Homes for Sale That Fit Your Needs

When looking for homes for sale that fit your budget, you may think that the amount of research you need to do is overwhelming. Granted, you will have to put in quite a bit of work. However, in the long run, you'll find the effort will be well worth your time.

Location, Location, Location

One of the first things you need to do, of course, is to define what type of deal would be the best for you. For example, you need to decide whether a great location or a low price is more of a priority. On the other hand, be careful that you don't focus too much on money. Many people make this mistake and ignore several other important aspects as a result. You need to not only be aware of cost but also what type of neighborhood you want to live in and, if you have children, the quality of schools in the area.

The more desirable the neighborhood, of course, the more you can expect to pay. You'll need to know the prices of nearby houses in addition to the one in which you're interested. If you see one in a great neighborhood that has a price too good to be true, you need to be leery. Odds are it could be what is known as a "distressed property," and it may need so much upkeep that it won't be worth the investment.

This doesn't mean, however, that you can't find homes for sale in a great neighborhood that will fall within your price range. There will likely be many emerging areas that are well designed and well maintained, and these areas have the potential to make you happy for several years. Just make sure that you ask the right questions if you're considering a neighborhood that is still under construction. You'll want to know, for instance, how long it will take for it to be completed. This will play a huge role in how much the house will appreciate in future years.

You may also be looking for homes for sale that are made of materials that are easy to maintain and energy-efficient. While it could be difficult to find them on your own, calling a realtor could be a big help. A professional can help you locate a house that not only meets strict building codes but also has a wiring system that is equipped to meet the demands of modern appliances and electronics.

Love at First Sight

It may be difficult not to fall in love with a property based on the way it looks in a photo, but it's really important that you fight the urge. Even great photos can hide significant problems, either with the land on which the structure sits or with the house itself. Also, don't forget pictures can easily be enhanced. Don't make any sort of decision until you see the house for yourself and you have it inspected inside and out.

If you keep your cool and put in the work, you'll find a house you and your family will love for a very long time.

For residents of Ludington MI, homes for sale are available using the following resource:
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Tuesday, October 14, 2014

Wednesday, October 8, 2014

Financial Stability - Porter Report

This weeks Porter Report covers long term strategies to build your financial stability, save money and work toward your long term financial goals.

Sunday, October 5, 2014

News Flash about Fannie Mae HomePath!

Effective October 6th 2014

That's right people! Effective Oct. 6, both the HomePath Mortgage & HomePath Renovation Mortgage products are being discontinued.  The Homepath programs offered owner-occupant buyers and investors special financing arrangements on foreclosed homes in the Fannie Mae inventory but with the number of homes in foreclosure being the lowest we have seen in 6 years Fannie Mae is laying it to rest next week.

New alternatives offered:

In their place, Fannie Mae is introducing what it calls three new "financing flexibilities." 

 1. Interested Party Contributions (IPCs):

For principal residences with LTV/CLTVs greater than 90%, Fannie Mae allows up to 6% interested party contributions (rather than the 3% standard per the Selling Guide). 

 2. Multiple Financed Properties:

For borrowers owning 5-10 financed properties, a maximum LTV/CLTV ratio of 75% for 2-4 unit investment properties is permitted (rather than the standard 70% per the Selling Guide) on fixed rate mortgage transactions only. LTV/CLTV ratio limits for ARM transactions and High Balance Loans are per the Selling Guide. All other eligibility requirements for borrowers with Multiple Financed Properties continue to apply. 

 3. Resale Restrictions:
In the event the mortgaged property is subject to any resale restriction imposed by Fannie Mae as the property seller, the mortgage is eligible for sale to Fannie Mae, notwithstanding any Selling Guide restrictions on properties subject to resale restrictions.

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