CENTURY 21 CUDDY



Posted by CENTURY 21 CUDDY on 7/15/2018

If you plan to buy a house, you'll want to apply for a mortgage before you launch your house search. That way, you'll have your finances in order and can narrow your home search accordingly.

Ultimately, there are several steps that you should take prior to applying for a mortgage, and these are:

1. Check Your Credit Score

A bank or credit union likely will analyze your credit score as it reviews your mortgage application. However, you can find out your credit score free of charge before you kick off the mortgage application process.

You are eligible to receive a free copy of your credit report annually from each of the three credit reporting bureaus (Equifax, Experian and TransUnion). Submit a request for your credit report today, and you can receive comprehensive insights into your credit history.

2. Examine Your Earnings and Debt

How much you currently earn and your outstanding debt could play pivotal roles in your ability to acquire a favorable mortgage. Thus, you'll want to examine these factors closely so that you can better understand how lenders will view your mortgage application.

Also, if you have lots of outstanding debt, there is no need to worry. If you allocate the necessary time and resources to learn about your debt and pay it off, you can increase the likelihood of obtaining a favorable mortgage.

3. Establish a Budget

Although a mortgage may prove to be essential to buy a house, it is important to consider various homebuying expenses as well.

For example, you may need to pay closing costs, home inspection fees and other expenses throughout the homebuying process. If you're worried about having the necessary finances to cover these costs, you may want to start saving money for them as soon as possible.

It often helps to account for the costs associated with cable, electricity, internet and other home must-haves too. The aforementioned homeownership expenses can add up quickly, but those who plan ahead can ensure they have sufficient funds available to cover these costs.

As you prepare to search for a house, it usually is a great idea to hire a real estate agent. This housing market can help you prepare for each stage of the homebuying cycle and ensure you can achieve your homebuying goals.

Typically, a real estate agent will meet with you and find out what you want in a dream house. This housing market professional then can keep you up to date about residences that match or exceed your expectations.

Perhaps best of all, a real estate agent understands that no one should be forced to overspend to acquire their ideal residence. As such, this housing market professional will make it simple for you to discover a terrific house at a budget-friendly price.

Lastly, don't hesitate to reach out to a real estate agent for guidance before you apply for a mortgage. With a real estate agent at your side, you can learn about lenders in your area and find one that can provide you with the financing that you need to purchase your dream house.




Tags: Mortgage   Buying a home  
Categories: Mortgage   Buying a Home  


Posted by CENTURY 21 CUDDY on 6/24/2018

When everything is online, it’s hard to discern when getting up, leaving the house, and checking out a home can be helpful. There’s so much information regarding real estate online; you probably want to pick and choose when and where you go to see a home. Even if you’re nowhere near being able to buy a home, you may want to check out open houses to help you in the future.


Looking at real estate is fun. You can dream of living in a neighborhood on the street you may never be able to afford. There are many advantages to checking out open houses. 


You’ll Understand How Far Your Dollar Will Stretch


The type of home that you can afford, and the type of home you want may not be in the same ballpark. If you take a look at different open houses, you may be able to see where your budget takes you. Even if the market changes, you’ll be able to match your expectations with your wallet. As you know what’s out there, you’ll be able to hone in on what you want in a home. 


From here, it will be easier to work with a real estate agent because you’ll be able to give them a better idea of what you want when the time does come to buy a home. 


It Will Be Easier To Hire An Agent


As you go to open houses, you’ll meet more real estate agents. These agents can become potential hires once you do get more serious about buying.


You’ll See The Market Firsthand


Besides understanding how much house you can get for your dollar, you’ll be able to get an idea of how many buyers are actually out there. If you’re seeing many other potential buyers at open houses, you may be facing quite a bit of competition when you head out to buy a home of your own. When the competition is high, you’re looking at offering above asking price for houses. You could even get into bidding wars. A lot of other buyers doesn’t mean you should back out of buying a home altogether, but just enter the market with caution. 


You Can Discover New Areas


By exploring open houses, you may find a neighborhood that you love that wasn’t on your list before. How can you get to know an area if you have never spent time there before? 


You’ll Learn Where You Need To Compromise


By looking at different houses, you can see the potential (or lack thereof) in many homes. If you can see where you’d be willing to compromise long before the home search is on, your search will be that much smoother   





Categories: Buying a Home   buying tips  


Posted by CENTURY 21 CUDDY on 6/10/2018

Most Americans dream of owning their own home. The size of that pictured house is often spacious. As the housing market gets tighter, the prices of homes go up. The bigger the home you wish to buy, the larger the price tag. Keep in mind that the bigger the house you buy is, the more everything else will cost. That means you have to look deep into your budget and far beyond the list price of a home to understand what you have to work with financially. Some things that a more prominent home might bring are:


Higher utility bills due to more space that you have to heat and cool

Increased property tax

Higher insurance premiums

More expensive repairs

More expensive renovations

Bigger yard to landscape


These are all additional costs that you should consider before you take the plunge to buy a larger home. The longer you live in the house, the more these expenses can add up. Many things like flooring, carpet, concrete, and roofing materials are priced by the square foot. While living large can be a great decision, the additional expenses can really add up.  


If You Have Kids, Reconsider


Raising children is expensive. While you may want your child to have a large room and a lot of amenities right inside their home, there are so many other things that kids need. Consider your child’s hobbies. How much of your budget do you devote to those? Do your kids hope to attend college? How much extra money in your budget do you have for vacations and other activities that you may want to do as a family? Buying a bigger house could mean that you have less money in your budget for these things. Understand all the ways that you need to stretch your money before you have your eyes set on a larger home. 


Consider The Rest Of Your Needs


A more massive home means a more substantial monthly mortgage payment. That leaves less for you to save for things like retirement, rainy day funds, and other financial goals. Don’t let the fact that you have your eyes set on a big house shadow the rest of your life and your needs. A large part of buying a home is planning ahead. It will be a smart decision all around for you and your family to buy a home that’s affordable.            


Buying a larger home fulfills a dream for many homebuyers, but don’t let that idea become a singular goal.       





Categories: Buying a Home   finances  


Posted by CENTURY 21 CUDDY on 5/13/2018

Do you need to hire a real estate agent to help you find your dream home? The choice is yours, but ultimately, your decision to hire a real estate agent to guide you along the homebuying process may determine whether you're able to find your ideal house quickly and effortlessly. Your real estate agent can provide plenty of tips as you search for homes. In fact, there are many terrific reasons to listen to your real estate agent throughout the homebuying process, including: 1. Comprehensive Resources Although you may have a vast array of online resources at your disposal, your real estate likely can provide additional insights you won't find elsewhere. For instance, your real estate can collaborate with a home seller's real estate agent to better understand a seller's preferences. This may allow you to find out whether a seller is looking for a quick sale, how much this seller would accept for his or her residence and other "insider" information. Your real estate agent is happy to provide you with extra resources as well. This professional can send you regular email updates of home listings in particular areas, set up a home showing as soon as a new residence in a specific city or town becomes available and do whatever it takes to ensure you can find your ideal home immediately. 2. Extensive Negotiating Skills Don't enter a home negotiation without a real estate agent at your side. With a real estate agent who understands what it takes to handle a high-pressure negotiation, you should have no trouble striking a fair deal with a home seller. Your real estate agent likely understands how to stay calm, cool and collected in even the most stressful negotiation. Meanwhile, this professional can pass along tips to help you confidently submit an offer on a home and await a seller's response. Ultimately, the negotiating tips and support you receive from your real estate agent can make a world of difference in your efforts to buy a high-quality residence. And in the end, the guidance that your real estate agent provides may help you secure your ideal home. 3. Honesty and Reliability Sometimes, it can be tough to trust a real estate agent. But if you do your homework and hire a real estate agent who is both honest and reliable, you can enjoy consistent support throughout the homebuying process. Employing a first-rate real estate agent ensures you'll be able to receive unbiased feedback as you search for your dream home, too. For example, an honest real estate agent won't be afraid to point out both the pros and cons of a particular home. This feedback will enable you to make a more informed decision and may bolster your chances of purchasing a residence that you can enjoy for years to come. Listen to your real estate agent throughout the homebuying process – you'll be happy you did! By doing so, you can receive expert tips to ensure you're able to buy your dream house at a price that fits your budget.





Posted by CENTURY 21 CUDDY on 5/6/2018

FHA loans have long been a valuable resource for Americans who want to fulfill their goal of homeownership but who don’t have the benefit of a lengthy credit history and equity.

If you’re hoping to buy a home in the near future but want to explore all of your options in terms of financing, this article is for you.

Today we’re going to talk about FHA loans and how to know if you qualify for one.

What are FHA loans?

FHA loans are issued by private mortgage lenders across the country, just like regular mortgages. The difference, however, is that an FHA loan is “guaranteed” by the federal government.

Lenders decide your borrowing eligibility, and how much you can borrow, by determining risk. If you don’t have a sizable down payment (oftentimes 20% or more) and you have a low credit score, most mortgage lenders will see you as a risky person to lend to.

When you get an FHA loan, however, the federal government assumes some of that risk, allowing you to secure the loan anyway.

This means you can buy a home with a low credit score, a smaller than usual down payment, and save on some closing costs.

How do I qualify for an FHA Loan?

To find out if you qualify for an FHA loan, you’ll head to the same place as a traditional mortgage--a mortgage lender. Oftentimes, you can simply call or visit the website of lenders to get the process started.

As with all things, it’s a good idea to shop around for a mortgage lender. Their offerings will be largely similar, but there might be minor differences that make one better than another for your particular circumstances.

Down payment requirements

To secure an FHA loan, you will need to make a down payment of at least 3.5%. However, this low down payment comes with a price. You’ll typically be required to pay private mortgage insurance (PMI) fees on top of your accruing interest for your loan.

Credit score requirements

While you can often secure a mortgage with a lower credit score through an FHA loan, there are still some requirements. To secure a loan with the lowest possible down payment (3.5%), you’ll need a credit score of 580 or above.

Previous homeowners and FHA loans

A common misconception about FHA loans is that they are only for first-time homeowners. However, you can still qualify for an FHA loan if you’ve owned a home before as long as it has been three years since you’ve had a foreclosure or two years since filing for bankruptcy.

If you meet these three conditions, you should be able to secure an FHA loan through a traditional mortgage lender.




Categories: Mortgage   Buying a Home   FHA Loans  




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