If you haven’t spoken with a mortgage broker or bank yet, it is important to contact one immediately in order to obtain a pre-approval letter prior to making an offer to purchase.

You will need to contact a local lawyer and let them know you are getting ready to purchase a house. Ask their fee for a closing and ask for an estimate of closing cost.

Your binder check is held by Century 21 Country Realty and not deposited until your offer is accepted. We will then deposit the check into our escrow account where it will be applied to your down payment. If your offer is not accepted it will be returned immediately.

Generally you would make arrangements at this time to have the future home inspected by a professional. They would look for item like termite damage, bad structural features, check the water quality, make sure the septic is working, check the heating system and generally assess the whole house. If you choose to waive this inspection, I will need you to sign a letter stating you will be waiving a home inspection.

Once your offer is accepted, the seller’s attorney will send out contracts to your attorney.

They will most likely make little changes then discuss the entire contract with you. Upon your approval of the contract, you will give your attorney a check for the remainder of the down payment. It will be placed in their escrow account till the closing. The attorney will then make arrangement for you to sign multiple originals. Once signed by you, your attorney will deliver them back to the seller’s attorney. The sellers will then approve the changes and sign the contracts also. Two signed copies go back to your attorney. At this point we then have what is called a fully executed contract.

A copy of the contract will go to your mortgage broker who will work with you to get the paperwork together for the approval of your mortgage. Simultaneously, the bank will order an appraisal of the property.

Your attorney will be ordering a title search and title insurance. They will check with local and state government to make sure there are no violations on the house and that it has a certificate of occupancy.

They will order a survey to be done, or if one was done in the last few years it can just be updated, which will cost less.

When all that is complete and your mortgage has been approved, a closing date will be set. On the day of closing you will do a walk through of the house and make sure it is in the same condition as when you agreed to purchase it. We will then go to the closing and you will write a few checks and sign a lot of papers. When it’s all done, we hand you the keys and
Congratulations!! YOU OWN A HOUSE!!

With a little research, homebuyers can find various assistance and incentive programs. Neighborhood, county and state housing programs provide low interest rates or funds to help make homeownership more affordable. Many programs are aimed at first-time homebuyers, while other programs are based on income or geographic criteria.

The assistance programs work in conjunction with and in addition to your mortgage loan and may help you qualify. Here are tips to help house hunters find and compare assistance programs as they look to buy a home:

• Do your homework. Look for online tools that can help you cull through all the information out there. Visit http://neighborhoodlending.bankofamerica.com to find specific information and tips on various assistance and incentive programs.

• Call state and local housing agencies. Some agencies still offer some type of tax credit, so contact them to find out if the home purchase qualifies.

• Ask a real estate agent. Many agents are well versed in all types of programs, including applying for government assistance through the Federal Housing Administration or Department of Veterans Affairs.

• Be persistent. Funding availability can be cyclical and tied to budget cycles, so stay in touch with local agencies to be ready to go when affordable housing funds become available.

• Ask a mortgage loan officer. Bank of America mortgage loan officers are able to identify programs a buyer may be eligible for from a database of more than 2,500 homeownership programs around the country and help secure funds from the housing finance agencies.

“Homebuyer assistance programs have been around for years as a way for local and state housing finance agencies to help their constituents into homeownership,” says Dottie Sheppick, Bank of America’s affordable housing authority. “These programs can be just the incentive a homebuyer needs to make a decision on where or when to buy a home.”

There’s no particular formula for determining how much is available or how funds are dispensed, and programs are constantly changing. For example, one program may give money toward a down payment while another might grant funds toward closing costs.

In some cases, income limits or first-time-buyer requirements are factors-but not the only considerations-that agencies use to determine who gets funding.

Learn More

For more tips and tools on the homebuying process, check out the interactive online home loan guide at http://myhome.bankofamerica.com.

You may be able to get money from state and local governments to help you buy a new home.

> ]]> http://www.katdeleon.com/blog/?feed=rss2&p=451 0 http://www.katdeleon.com/blog/?p=449 http://www.katdeleon.com/blog/?p=449#comments Wed, 28 Jul 2010 11:34:54 +0000 Kat DeLeon http://www.katdeleon.com/blog/?p=449

TIPS FOR REFINISHING A BASEMEN

Tips For Refinishing A Basement Yourself

The right vapor barrier can help keep a finished basement floor dry and odor free.

Plan Ahead

Before you tackle any work, think about how you’ll be using your finished basement. If you’re going to have an entertainment center-complete with a flat-screen TV, DVD player, video games and music-be sure you have enough outlets to run your devices. Plan for plenty of overhead space if you are including a game room with a pool table, dartboard and minirefrigerator. If your basement will include a home office, you may need a wireless-Internet signal booster to maintain quick surfing speed.

Energy Smart

Basement windows are notorious for letting in plenty of outside air. One solution for cutting energy bills is sealing cracks and gaps with a silicone-based caulk. If splurging on replacement windows isn’t in the budget, consider heavy window coverings to help stop airflow. Additionally, put timers on basement lamps to be certain they’re turned off when the room is not in use.

Stay Warm and Dry

Water is the No. 1 enemy of finished basements, so make sure to use a waterproofing product such as Platon, available through CertainTeed Corporation, to guard against the moisture that can seep through a home’s concrete slab. The durable, easy-to-install dimpled membrane forms an impermeable moisture barrier and air gap, allowing the concrete to breathe while keeping the floor dry. A value-added bonus: Platon keeps the finished floor isolated from the cold, damp concrete, so it becomes room temperature, not slab temperature. This helps keep floors warmer in winter and odor- and condensation-free in summer.

Up To Code

Remember that basements are subject to the same building codes as the rest of a house. Depending on the size of the project, you might even need a building permit to begin work. Be certain to check with building officials before you begin renovations and, if required, bring in an expert to help with certain parts of your project. For more information, visit www.certainteed.com.

]]> http://www.katdeleon.com/blog/?feed=rss2&p=449 0 http://www.katdeleon.com/blog/?p=441 http://www.katdeleon.com/blog/?p=441#comments Wed, 28 Jul 2010 01:05:35 +0000 Kat DeLeon http://www.katdeleon.com/blog/?p=441

MANAGING YOUR MORTGAGE

Reverse Mortgages Can Save Seniors More Money

For example, some banks offer FHA-insured reverse mortgages with lower fees. With the reduced cost, senior homeowners may have access to more tax-free loan proceeds to help secure financial independence.

“This is great news for people who are retired and want to increase their monthly income. Reverse mortgage loans can help homeowners age 62 or over to improve their monthly cash flow and have real peace of mind,” said Tim McDonald, head of Wells Fargo’s Senior Products Group.

Reverse mortgage loan proceeds are paid to the senior homeowner in a lump sum, for a fixed-rate loan or a lump sum, monthly payment, a line of credit or a combination of the three for a variable rate loan.

Additionally, there are no credit, employment or income qualifications for the reverse mortgage programs. Homeowners must be at least 62 and own their house free and clear or able to pay it off with proceeds from the reverse mortgage.

Many seniors use the loan funds to supplement retirement income, meet unexpected medical expenses, or make much-needed improvements to their home.

“Social Security replaces only a fraction of preretirement earnings, so a reverse mortgage is a popular choice for retirees looking to secure financial independence,” McDonald said.

McDonald added that with the recent reduction in Wells Fargo’s origination and servicing fees, on average, customers can have up to $9,000 in additional reverse mortgage loan funds made available to them.

Reverse mortgages can be key to ensuring that seniors have the financial ability to age in place. Studies show that 85 percent of older Americans want to stay in their homes for as long as they can. Even modest homes have the potential to generate more than $600 in monthly proceeds from a variable-rate reverse mortgage-as long as the senior lives in the home as his or her primary home, keeps the taxes and insurance paid and maintains the house to FHA standards.

That amount of money can make a big difference in the lifestyle of someone in retirement.

The HECM is the most popular reverse mortgage in America today and is only available through an FHA-approved lender. The program has insured more than 580,000 reverse mortgages since 1989.

Wells Fargo attributes the growth of reverse mortgage loans to several factors, including that seniors have greater awareness and understanding of the reverse mortgage loan product, and the aging U.S. population-currently, more than 34 million Americans are over the age of 65.

By 2050, it is projected that 86.7 million Americans will be 65 or older.

The loan amount for a reverse mortgage is based on three factors: age of the youngest borrower, value of the home and current interest rates.

Numerous consumer safeguards are built into the program, including mandatory HUD-approved counseling, payment guarantees, capped interest rates and advanced disclosures.

A consumer-friendly website with a reverse mortgage calculator has been created by Wells Fargo to help seniors learn about reverse mortgages, download free educational materials, and calculate an estimate of how much a reverse mortgage could provide them in retirement. Visit www.wellsfargo.com/reverse.

Not all bank and mortgage companies originate reverse mortgages. Wells Fargo is the nation’s leading retail originator of reverse mortgages.

Many seniors who want to remain in their homes for as long as possible are finding out more about reverse mortgages.

]]> http://www.katdeleon.com/blog/?feed=rss2&p=441 0 http://www.katdeleon.com/blog/?p=206 http://www.katdeleon.com/blog/?p=206#comments Sun, 20 Jun 2010 23:31:33 +0000 Kat DeLeon http://www.katdeleon.com/blog/?p=206 (NAPSI)-In tough economic times, it seems one of the best investments homeowners can make is in their house.

From renovating kitchens and baths to upgrading windows and doors, realtors say the right projects could help boost the value of a home. Even simple steps, like adding landscaping, can help improve a house’s curb appeal-and a potential buyer’s first impression.

But whether you’re looking to sell or not, the smart money may be on floors. Money invested to upgrade replacement floor coverings in a home prior to its being resold can be expected to return “substantially more than 100 percent” of the cost of renovation, according to the World Floor Covering Association (WFCA).

In fact, Christopher Davis, the group’s president and CEO, says if homeowners invested $5,000 to replace worn-out floor coverings and then listed their home for sale, “they should factor in an extra $10,000 to $15,000 on the selling price.”

Davis adds that the value of new floors can be seen whether you’re buying a new home, selling, or improving the house you already have.

Indeed, when financed into a mortgage, upgrading floors can be quite affordable. For every $1,000 spent on floor covering and financed into the mortgage, the buyer’s payment usually increases about $10 a month, according to Davis. In addition, new floors can often be written off during the first few years of the mortgage.

“Adding $2,500 of upgraded floor coverings to the purchase price of a house would increase the mortgage payments about $23 a month, or $276 annually,” he explains.

Mortgage payments (especially during the first few years) are generally on the mortgage’s interest and are tax deductible. “That means the $276, instead of counting towards the principal, can be considered interest paid, thus creating tax savings for homeowners who itemize deductions,” says Davis.

In addition to being economical, upgrading floors can be easy. It’s a good idea to start by doing some basic research and to get a list of expert and reliable flooring retailers in the area from a site such as www.wfca.org.

A retailer can give tips on choosing the right floor for each room in the house and advise on the quality of different flooring types, including hardwood, tile, laminate, resilient and carpet. He or she can also explain the various brands that are available and help you choose a professional installer who can install floors.

The first two areas of a home buyers often look at are the kitchen and bathroom, so new resilient floors in the rooms can be an economical way to make a powerful first impression.

Kitchens can be patterned with inexpensive floor tiles for a customized effect. Similarly, adding rows of accent tiles in the bathroom can make it appear more finely detailed and expensive than it actually is.

New floors can also help enhance other rooms, such as bedrooms and master suites. For example, the right floor covering can add an element of sophistication and class that makes each room feel welcoming, familiar and more like home.

For more information, tips and ideas, visit www.wfca.org. You can also check out a new magazine from the WFCA, Meredith, and Better Homes and Gardens called Beautiful Flooring. It provides action-oriented information as well as the latest ideas in home flooring.

Upgrading floors in a home can be an affordable way to boost its value and improve its look.

]]> http://www.katdeleon.com/blog/?feed=rss2&p=206 0 http://www.katdeleon.com/blog/?p=49 http://www.katdeleon.com/blog/?p=49#comments Thu, 11 Feb 2010 00:57:04 +0000 Kat DeLeon http://www.katdeleon.com/blog/?p=49 (NAPSI)-As a long-term investment, homeownership is still one of the best investments for individual households.

“Why?” you may ask. After all, the headlines say the housing market is down and out, with defaults rising at an alarming rate, and mortgage markets so frozen that buyers can’t get a home loan at any price.

What buyers need to realize is that housing markets, like all markets, inevitably have their ups and downs. And homeownership has a track record that is virtually unmatched by any other purchase in terms of its real benefits.
Despite the turmoil in mortgage lending, if you have good credit, a job and steady income, you will find there is still plenty of mortgage credit to be had at good rates. For well-qualified buyers, rates are running at near historical lows.

Homeownership’s Real Value

Here are a few examples of why, dollar for dollar, homeownership is a solid stepping stone to a future of financial security and the single largest creator of wealth for many Americans.
Over the long-term, real estate has consistently appreciated, even through periodic adjustments in local markets in response to economic conditions. On a national level, home appreciation has historically increased 5-6 percent annually, report economists at the National Association of Home Builders.

Five percent may not seem much at first, but here’s an example that will put it into perspective: Say you put 10 percent down on a $200,000 house, for an investment of $20,000. At a 5 percent annual appreciation rate, that $200,000 home would increase in value $10,000 during the first year. Earning $10,000 on an investment of $20,000 is an extraordinary 50 percent annual return.
In contrast, putting that $20,000 down payment into the stock market and getting a 5 percent gain would only yield a $1,000 profit.

Compared to Stocks

Looking at it another way, over a longer period of time, if someone put $10,000 into the stock market in 1996, the average annual S&P return would make that investment worth $21,500 today-an increase of $11,500. The median home price in 1996 was $140,000. Today, that same home would have gained nearly $100,000 in value.
Homeownership is still by far the single-largest creator of wealth for many Americans.

(NAPSI)-Selling a home can be a daunting task for any homeowner and in a “buyer’s market” the process can feel overwhelming. While many sellers think that homebuyers have the upper hand, with a little patience and a few helpful tips, you can successfully sell your home.

The Price Is Right

The No. 1 factor in the sale of your home and one of the most critical elements of the sales process is setting the asking price. While you want to get the most appreciation from the sale of your home, you also want to be realistic when setting your price.
Sellers need to work with an experienced real estate professional who can help them establish a realistic value and price for their home. Setting a price that is unrealistic and too high can reduce agent and buyer interest, and can make other competing homes look like a better value.
On the flip side, it’s critical to not underprice your home when looking to sell. Your real estate agent will research and provide you with data on current market conditions in your area.

Remodel

Remodeling is a great way to increase your home’s value in a more challenging market. Remodeling a kitchen or bathroom generally offers the highest percentage return on your initial investment according to numerous industry surveys. Another rule of thumb is to decorate your home so it appeals to the broadest number of potential buyers. Buyers generally prefer neutral, mainstream designs, so avoid bold colors or patterns or out-of-date designs that can make it harder to sell. New paint, a nicely mowed lawn and attractive landscaping can go a long way in enhancing your home’s curb appeal.

Presentation Is Key

The presentation of your home when you are listing it plays an important role in attracting a buyer. As with choosing an asking price, look at the condition of your home through a buyer’s perspective.
Sellers need to understand the importance of how their home looks to prospective buyers and really need to put themselves into the shoes of the buying public. Potential buyers will examine every nook and cranny of your house as they begin to think about making a purchase.

Overall Marketing

Your real estate agent will prepare your listing for the multiple listing service as well as create an advertisement for the Internet and any materials that will be made available to those who visit your house. More and more, the first impression of your home that many potential buyers have comes from it being seen on the Internet. It is important to offer a wide variety of photos of both the inside and outside of your home. Also, the description of your house needs to be accurate and complete to grab the attention of the potential homebuyer.

When selling your home, remember that an experienced real estate professional can help you sell your home not only for the highest price but also in the shortest time. Your agent should serve as your trusted advisor, your skilled negotiator and your marketing coordinator every step of the way. From pricing to closing day, these professionals can make you seem like a pro at selling in a buyer’s market.
Call me today to show you how Century 21 Country Realty can meet your needs when selling your home.

Leading online real estate site Trulia.com assembled a panel of industry experts and asked them to come up with things every buyer should know before purchasing a foreclosed home:

• Prioritize your needs: Make a list of “must-haves” for your new home. The foreclosed house you choose should have an overall appeal as well as most of the items on your list.

According to Pete Flint, cofounder and CEO of Trulia, providing guidance from foreclosure experts combined with comprehensive information on foreclosed homes across the country can help potential homeowners take full advantage of this market while avoiding the kind of risks that might otherwise make them hesitate.

Trulia, Inc. is a residential real estate search engine and one of the fastest growing U.S. real estate sites. Trulia helps approximately 5 million unique visitors per month find information on homes for sale using custom search criteria. The site also provides market trends and neighborhood data, as well as Trulia Voices, a real estate Q&A community that enables consumers and professionals to exchange information about their local markets.

For more information, visit www.trulia.com.

A growing number of homebuyers are thinking of purchasing a property that’s in foreclosure. If you are one of them, it’s wise to start the process by talking with an expert.

Winter can be a great time to find a home. Sellers are often discouraged that their property still hasn’t sold and with the winter months here may be more flexible on their bottom line price. Some seller have already moved south and the hassle of worrying about an empty home can be motivation to negotiate.

For the seller, the people looking at their home are often more serious about purchasing quickly. They are not just shopping because the weather is nice but are instead interested in finding a home soon.

Please contact me if I can be of any assistance in either buying or selling your home.

email: katdeleon@century21.com