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10 Ways to Prepare for Homeownership

by Zac Pasmanick - The Zac Team @ RE/MAX Metro Atlant

 

10 Ways to Prepare for Homeownership

  1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
  2. Develop your home wish list. Then, prioritize the features on your list.
  3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
  4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees — average between 2 and 7 percent of the home price.
  5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
  6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
  7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
  8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
  9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
  10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.

 

 

 

We at The Zac Team will help you and guide you throughout the entire process w/out the stress!Contact us NOW!

 

 

A Good Time to Sell

by The Zac Team

 

 
The latest Fannie Mae National Housing Survey results showed that Americans are optimistic about the Real Estate Status right now as observed in the gradual but continuous homeownership climb followed by a series of mortgage rate decreases throughout the summer. The results of the survey last month exhibited that the largest percentage of Americans believed that it's a good time to sell a house, along with the expectation that home prices will increase an average of 1.5% in 2013 and 33% of the respondents believed that mortgage rates will increase in the next 12 months, which is 7% lower than the last survey. The survey also revealed that 19% of the respondents believed that now is a good time to sell which is by far the highest level in percentage since the survey began in June 2010. In fact, 69% of the respondents said they would buy (rather than rent) if they were going to move.
 
37% of those surveyed expect that home prices will go up in 2013, 33% of the respondents also believe that mortgage rates will go up next year, and 72% of the respondents believe that now is a good time to buy. Consumer optimism shows positive results in September as well, and 44% of the respondents expect their personal financial situation to improve over the next year.
 
In relation to this, 41% of the consumers now believe that the economy is on the right track as compared to last month's 33%, and 53% believed that the economy is on the wrong track, showing a significant decrease as compared to last month's result, which showed that 60% believed that the economy in on the wrong track. Both the right track and wrong track figures mark the highest and the lowest readings, respectively, since the survey began June 2010.
 
Source:http://www.realestateeconomywatch.com/2012/10/one-of-five-say-it%E2%80%99s-a-good-
time-to-sell/

Fannie Mae Launches 'Five Step' Guides to Help Home Owners and Future Homeowners

by the zac team @ RE/MAX Greater Atlanta

Hello neighbors,

Fannie Mae has recently released some very useful information for current home owners, those who are interested in purchasing a home, and those who have already purchased a home but may be experiencing some difficulties paying their current mortgage. The first three of a series of "Five Step" guides will educate owners and future owners on different topics and will provide five specific tips.

The first 3 guides launched will consist of subjects such as:

Actions to take before buying a home

As many may know, buying a home is just the beginning but actually keeping the home over a long period of time is another story. This is a very important part of homeownership. Fannie Mae can offer five important tips for those who are considering the purchase of a home and will provide information on how to choose the right home and improve understanding of affordable financing options.

How Housing Counselors Can Help

For current homeowners or future homeowners, Fannie Mae's second guide will highlight 5 key ways housing counselors can help you in becoming a successful homeowner. Housing Counselors can provide professional advice to owners and future owners on how to sustain your home over an extended period of time.

Protect Yourself from Mortgage Modification Scams

Normally, borrowers who are struggling to pay their mortgages are prone to these types of scams. Although these scammers promise to help those in distress they often times put in little to no work and charge outlandish fees. Within this guide, owners will find 5 key ways to protect themselves.

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Photo of Zac Pasmanick  Real Estate
Zac Pasmanick
RE/MAX Metro Atlanta Cityside
1189 S. Ponce de Leon Avenue
Atlanta GA 30306
Office: 404-564-7272

 

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