A Quick Primer on Closing Costs

Closing costs are fees incurred from obtaining a mortgage loan for your home purchase.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

Today I want to share a quick message about closing costs. Closing costs are fees incurred from obtaining a mortgage loan for your home purchase, and they can range from 2% to 5% of the overall purchase price. You don’t always have to pay closing costs, though. There is a rural development loan that doesn’t require any closing costs if you qualify for it. You can also negotiate with the seller for them to pay your closing costs. If you’d like to know more about closing costs, don’t hesitate to reach out to me. I’d love to help you.

Consider These 3 Tips Before Buying That Remodeled Home

Are you planning on buying a remodeled property? Before doing so, be sure these three things are on your checklist of things to consider.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

There are three things all buyers should take into account before purchasing a remodeled home: 

1. Make sure all mechanical systems in the home are in order. 

2. Make sure the flooring is level and straight. 

3. Make sure the kitchens and bathrooms have been fully updated. 

If you’d like to hear any more tips on buying a remodeled home or if you have any other questions related to real estate, give me a call at 231-856-4456, visit our website at www.peacockrealestate.com, or email me at Mary@PeacockRealEstate.com. 

What Financing Options Are Available for Homebuyers?

Buying a home is a huge step. Here’s what you need to know to finance the purchase.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

I was delighted to be joined recently by our preferred lender, Melissa Rau, to go over the different types of loans available to homebuyers, how to qualify, and pretty much everything else you need to know about home financing. Here’s a quick summary of what we talked about, with timestamps so you can skip ahead to the spot that most interests you:

0:30- What are FHA loans?

0:50- The 203(k) FHA loan, a great option for buying a property that needs a bit of work.

2:00- A quick overview of conventional loans and the different down payment options available to buyers based on their qualifying criteria.

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There are even no-money-down options, like rural development and VA loans.

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3:20- No-money-down homebuyer programs like VA and rural development loans.

4:20- The perfect loan for a buyer who is looking for a manufactured home and solutions to some possible title or inspection issues.

7:30- The process of qualifying for a VA loan.

8:10- A few additional tips Melissa wanted to share with all potential homebuyers out there.

10:45- The 2-2-2 rule and how it helps you determine the necessary documents so that you can qualify for a mortgage.

11:30- A quick look at mortgage insurance and who exactly needs to have it.

It was great to be able to talk to Melissa and go over a lot of this information. Every good agent should know what makes a good lender. If you have any lending-specific questions for her, give Melissa a call at (616) 956-0208. 

If you have any additional questions for me, you can always give me a call or send me an email. I look forward to hearing from you soon.

How Homebuyers Can Minimize Closing Costs

Today I want to explain what closing costs are and a few ways you can keep them to a minimum if you’re a homebuyer.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

Today I want to talk to you about closing costs and a few options you have as a homebuyer to keep them as low as possible. Closing costs are fees incurred from obtaining a home loan. They can range anywhere from 2% to 5% of the overall purchase price, depending on what you pay for the home.

You can negotiate with the seller to get them to cover your closing costs.

There is, however, a loan program called Rural Development that allows you to pay 0% in closing costs if you qualify for it. You can also negotiate with the seller as part of their seller’s concessions for them to cover your closing costs as part of your purchase agreement. If you’d like to know more about the financing options that are available to you when it comes to closing costs, please feel free to reach out to us. We’d be happy to assist you.

Keep Your Credit Clean With These Tips

Your credit score is the most important factor in obtaining a mortgage. Avoid doing these things that could affect your score during the process of buying a home.

Buying a home? Click here to perform a full home search

Selling a home? Click here for a FREE Home Price Evaluation

There are a number of key things you need to consider when you’re buying a home, and the No. 1 thing is your credit score. There are a few things you want to avoid that can negatively affect that score during the process.

For example, you want to avoid opening new accounts or closing any existing accounts. You should also look at your current credit card balances and usage because lenders will look at that quite a bit.

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Don’t open or close any bank accounts
during the home buying process.

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You also need to be aware of debt ratio and make sure it’s strong. You also shouldn’t switch jobs during the process of buying a home. Lenders look for stability first and foremost.

Remember that even though you’re buying a home, don’t go out and buy new furniture. Just wait until you close on that beautiful new home, then you can go buy new furniture.

You want to make sure all these little things are in order so the process goes smoothly. If you have any questions about how to do this, I’d be happy to speak with you. Just give me a call or send me an email soon and let’s keep this conversation going. I look forward to helping you!

Why Should You Get Pre-approved?

There are many great Morley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (231) 856-4456 for a FREE home buying or selling consultation to answer any of your real estate questions. 

One of the most common questions we get from our clients is, "Why should I get pre-approved?" Well, there are a number of reasons getting pre-approved is the right thing to do.

If you speak with a lender before beginning your home search, you are going to save yourself a lot of time and stress. When you find that perfect home, you'll be ready to make an offer instantly because you'll have your pre-approval letter in hand. Sometimes, those who don't get pre-approved will find a home they love and then go to get approved by a lender; by the time they come back with their approval letter, the home has been sold to someone else. Don't let that happen to you!

Having a pre-approval letter in hand also aids you during the negotiating process. If the seller can see you're financially prepared to go forward with the offer, they will favor you over those who don't have proof.

It also protects the Realtor - they will be able to do a better job on your behalf if they know you are serious about your purchase.

If you have any questions about the importance of getting pre-approved, don't hesitate to reach out to us. We would love to help prepare you for the buying process!

You Can Make Your Home Search a Smart One

There are many great Morley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (231) 856-4456 for a FREE home buying or selling consultation to answer any of your real estate questions.

People use the internet for just about everything - searching for real estate is no exception. In fact, 95% of people begin their home search online. Since you're likely to start there, we thought we'd offer some advice to help you avoid the pitfalls others fall victim to.

• Use your local Multiple Listing Service (MLS).

• The MLS is the most up-to-date and accurate online resource available.

• It's the site professional real estate agents subscribe to in order to stay informed.

• Be careful with Zillow, Trulia, and Home Search.

• Because these sites don't get their feed directly from the MLS, they often have houses listed that are either sold or under contract.

• They sell your information to local agents and lenders, so the person you call may not always be the listing agent.

Ultimately, if you want the best real estate experience, there is no better option than working with a professional agent. No website has all the information and resources that a local Realtor does. If you have further questions about using online search tools, or are interested in buying or selling a home in the Morely area, feel free to give me a call. I'd love to help.