Posts made in March, 2014

Credit problems can seem like an insurmountable barrier to getting a home loan. It’s not an easy task, but with patience and some insight you can turn things around. Here are four ways you can get on the road to credit repair—and put yourself in a better position for homeownership. 1. Develop a budget Stop all credit transactions right now. It might sound harsh, but you should hide or destroy all of your cards if necessary! Now you can manage your inflow of cash and, more importantly, your outflow—money in and money out. Develop a flexible budget. Consider all necessary expenses such as housing, food, and healthcare. Then, eliminate expenses that can be trimmed such as entertainment and dining out. For more help, contact a nonprofit credit counseling agency, such...

Una casa de $200,000 cuesta más que una de $185,000, ¿verdad? Bueno pues si y no. Asumiendo el mismo tipo de financiamiento para ambas casas, la casa de $200,000 costará más incialmente. Pero existen muchos factores que contribuirán a que el costo de la casa se incremente a largo plazo. He aquí algunas cosas que hay que tomar en cuenta cuando trate de determinar el costo real de una casa: ¿Tiene piscina o jacussi que requiera mantenimiento? ¿Qué tanto mantenimiento require el jardín y quien se hará cargo de él? ¿Hay árboles que remover? ¿Cuales son los costos de la luz, el agua, etc.? Aunque sus costos no serán los mismos exactamente que el de los dueños actuales, se puede obtener las cuentas de servicios del año anterior a través de ellos o directamente con...

A $200,000 home costs more than a $185,000 home, right? Well, yes and no. Assuming the same type of financing for both homes, the $200,000 home does cost more initially. But many factors contribute to the overall long-term cost of a house. Here are some things to keep in mind when trying to determine the true cost of purchasing a particular home: Does it have a pool or hot tub that requires maintenance? How much yard maintenance is required and who will perform it? Are there trees that should be removed? What are the utility costs? Although your usage won’t be exactly the same as the current owners, you may be able to get their utility bills for the past year from them or directly from the utility company. How soon will the roof need to be replaced? Does the...

Save on homeowners insurance Here are seven ways to cut the cost of your home insurance from helpinsure.com, a Texas consumer-friendly Internet site: 1. Shop around – and do it early! Check with several different home insurance companies to get rate quotes. (An independent insurance agent can provide rate quotes from a variety of companies.) And definitely do it well before your policy expires, just in case you run into any snags along the way. 2. Raise your deductible The deductible is the amount of money you have to pay toward a loss before your insurance kicks in. Home insurance deductibles usually start around $250. However, if you increase your deductible to: $500, you’ll save up to 12% on your premiums $1,000? Save up to 24% $2,500? Save up to 30% $5,000?...

Hay tres elementos cruciales al comprar una casa: el depósito inicial, los gastos de cierre y calificar para un préstamo hipotecario. He aquí una lista rápida de lo que usted debe de saber: Pago Inicial Usualmente, los préstamos hipotecarios convencionales requieren un 20% de pago inicial, aunque es posible que usted pueda encontrar préstamos que requieran solamente un 5%, y a veces hasta menos. Con menos de un 20% como pago inicial, es probable que a usted le exijan un seguro de préstamo hipotecario. Esto le garantiza el pago a la institución hipotecaria en caso de impago. Las hipotecas aseguradas por la Federal Housing Administration (FHA) y los préstamos para veteranos de EE. UU. requieren un pago inicial muy bajo. Pregúntele a su agente hipotecario si usted...

Three elements are crucial to the purchase of a home—the down payment, closing costs, and qualifying for a mortgage. Here is a quick rundown of what you should know: Down payment Typically, conventional lenders will require a 20% down payment, although you may be able to find loans with down payments of as little as 5% (perhaps less in some cases). With down payments less than 20%, you likely will have to pay private mortgage insurance, which guarantees the lender will be repaid in case of default. Mortgages insured by the Federal Housing Administration (FHA) and those available to U.S. veterans often require very low down payments. Ask your lender if you can qualify for one of these loans. If you are having trouble coming up with the down payment, here are...

¿Cómo decidir cual prestamista es el mejor para usted? Hay mucho más en el proceso hipotecario que obtener una buena taza de interés. Los altos costos y un servicio deficiente le pueden dar una muy mala sorpresa. A continuación le sugerimos una lista de preguntas que puede hacer a su prestamista: ¿Qué tan grande es su compañía y cuanto tiempo lleva operando? ¿Es usted una empresa de hipotecas con licencia o un prestamista en Texas? ¿Es su compañía una hipotecaria de banco o un agente hipotecario? (el banco presta de sus propios fondos, mientras que un agente busca opciones hipotecarias y arregla para que usted reciba financiamiento de esta entidad de préstamos) ¿Cual es el nombre, teléfono y correo electrónico de la persona que estará procesando mi solicitud de...

How do you decide which lender is best for you? There is a lot more to the mortgage process than getting a good rate. High costs in fees and poor service can come as very unhappy surprises. Here’s a list of suggested questions you might ask a lender: How large is your company, and how long has it been in business? Are you a licensed mortgage broker or loan officer in Texas? Is your company a mortgage banker or a mortgage broker? (A banker lends its own funds; a broker searches mortgage sources and arranges for you to receive financing from the lending entity.) What is the name, phone number, and e-mail address of the person who will actually be processing my loan application? How accessible is that person? Tell me about all loan fees. What fees must I pay up...

…Deje las emociones en su hogar Frecuentemente, los compradores de casas se dejan llevar por una corazonada, y tal vez deban seguir haciéndolo, porque muchas veces, la intuición es la mejor guía. Pero a la hora de hacer la inspección, es importante apartar las emociones y darle paso al buen juicio analítico de las condiciones de la propiedad. No hacerlo, puede convertir la casa de sus sueños en una hemorragia económica. Aunque siempre es aconsejable adquirir los servicios de un inspector profesional antes de completar sus tramites de compra/venta, usted puede darse cuenta de los problemas más obvios, si sabe donde buscar. Hay cinco áreas claves que usted debe revisar para darse cuenta si la propiedad tiene problemas serios. Tejado. Un tejado nuevo puede...

…Leave your emotions at home Homebuyers often follow their hearts, and they should. Sometimes just going with a gut feeling is the best indicator. But when it’s house-touring time, it’s important to set those emotions aside and replace them with clear-headed thinking and a critical eye. Otherwise, your potential dream house might just turn into a money pit. Although you should always hire a professional inspection before you complete the sale, you can spot the more obvious trouble signs early in the process simply by knowing what to look for. You can quickly check five key areas to determine if the home has serious problems. Roof. A new roof can cost between $5,000 and $15,000 depending on the type. A quick method to determine if the roof is leaking is to...

A home inspection is well worth the cost When buying a home, how do you know what you’re getting? Most people probably only think of one or two questions to ask a home inspector: “How much is your fee?” and “When can you be there?” But these only scratch the surface. Here’s a list of suggested questions you might ask: What types of licenses do you hold What kind of training do you have? Do you belong to a professional inspectors’ association? How long have you been licensed in Texas? Are you a full-time home inspector? How much do you charge? Do you also perform repairs? (If the answer is yes, that may indicate a conflict of interest) What will the inspection include? (Get specifics. It should include the electrical, heating, and central air-conditioning...

Is now a good time to buy a house in Texas? As a Texas REALTOR®, I can assist you with this important decision. Buying a house is a big step. The right time to take this leap depends on your financial and personal goals. If you are considering buying a house now, here are some strong reasons why the timing could be right: Housing prices in Texas have been steadily rising at a moderate pace for many years, even while other states have experienced wild price fluctuations. There are Texas-specific programs that can lower your interest rate or provide additional tax-credit incentives. Interest rates are at or near record lows. Even small reductions in the interest rate can significantly boost the purchase price you can afford when buying a home. Texas has one of the...