Lynne Eliopoulos
ERA Key Realty Services | 508-832-1032 | [email protected]


Posted by Lynne Eliopoulos on 9/29/2019

Want to make your homeownership dream a reality? Get pre-approved for a mortgage, and a first-time homebuyer can move closer than ever before to acquiring his or her ideal residence.

Ultimately, there are many reasons to receive pre-approval for a mortgage, including:

1. You can establish a realistic homebuying budget.

Entering the housing market for the first time can be challenging. In fact, many first-time homebuyers struggle to establish realistic expectations before they begin their home search. And as a result, these homebuyers may end up spending too much for a house.

Fortunately, getting pre-approved for a mortgage enables a homebuyer to enter the real estate market with a budget in hand. This ensures a homebuyer can avoid the temptation to overspend on a residence.

Pre-approval for a mortgage also allows a homebuyer to map out his or her homebuying journey. With a plan in place, this homebuyer may be better equipped than others to acquire a top-notch residence that matches or exceeds his or her expectations.

2. You can speed up the homebuying journey.

Although a first-time homebuyer can always submit an offer on a home without a mortgage in hand, doing so may be tricky. In some cases, it may even slow down the homebuying process, especially if a homebuyer has to allocate significant time and resources to find a mortgage lender.

On the other hand, a homebuyer who gets pre-approved for a mortgage should have no trouble accelerating the property buying cycle. This homebuyer will know exactly how much money is at his or her disposal, and as a result, can speed up the homebuying journey.

3. You can gain a competitive advantage over rival homebuyers.

In many instances, a home seller may be more likely to accept a proposal from a first-time homebuyer who has been pre-approved for a mortgage versus an offer from a buyer who still needs to obtain a mortgage.

A homebuyer who has a mortgage likely won't have to wait too long to acquire a house. Conversely, a homebuyer who needs to apply for a mortgage after an offer has been submitted may need to wait many weeks or months to complete a home sale.

Clearly, there are many great reasons for a first-time homebuyer to receive pre-approval for a mortgage. For homebuyers who want to ensure the best results possible, it certainly helps to collaborate with an experienced real estate agent too.

An experienced real estate agent understands the ins and outs of the housing market and will do whatever it takes to help a homebuyer streamline the property buying journey. This housing market professional will set up home showings and negotiate with a home seller on a property buyer's behalf. Plus, he or she is happy to provide honest, unbiased recommendations to help a homebuyer make his or her homeownership dream come true.

Take the next step to acquire your dream residence – get pre-approved for a mortgage today, and a first-time homebuyer can get the necessary financing to purchase his or her ideal house.




Categories: Buying a Home   buying tips  


Posted by Lynne Eliopoulos on 9/1/2019

Obtaining a mortgage can be overwhelming, particularly for a first-time homebuyer. Lucky for you, we're here to help you streamline the process of analyzing various mortgage options and choosing one that matches or exceeds your expectations.

Now, let's take a look at three tips to help first-time homebuyers secure the ideal mortgage.

1. Assess All of the Mortgage Options at Your Disposal

Both fixed- and adjustable-rate mortgages are available, and homebuyers who understand the pros and cons of these mortgage options may be better equipped than others to make the right mortgage decision.

A fixed-rate mortgage ensures a homebuyer will pay the same amount each month. For example, a 30-year fixed-rate mortgage enables a homebuyer to budget for monthly home payments over the course of three decades. And in many instances, a homebuyer may be able to pay off a fixed-rate mortgage early without penalty.

On the other hand, an adjustable-rate mortgage may start out with a lower monthly payment that escalates over the course of a few years. An adjustable-rate mortgage, for instance, may allow a homebuyer to acquire a home that surpasses his or her initial budget thanks to a lower initial monthly payment. However, after the first few years, the monthly mortgage payment may increase, and a homebuyer will need to plan accordingly.

Assess your mortgage options closely – you'll be glad you did. By doing so, you can boost your chances of selecting a mortgage that works well based on your current and future financial needs.

2. Evaluate Your Credit Score

Believe it or not, a first-time homebuyer's credit score may impact his or her ability to get the right mortgage. Fortunately, a first-time homebuyer can analyze his or her credit score without delay.

You can request a free copy of your credit report annually from each of the three credit reporting agencies (Equifax, Experian and TransUnion). Then, with your credit report in hand, you can better understand how potential lenders may view your mortgage application.

Of course, if you receive a copy of your credit report and find glaring errors, be sure to let the credit bureau know immediately. This will enable you to get any mistakes corrected and ensure these problems won't slow you down as you pursue your dream residence.

3. Consult with Potential Lenders

Although getting a mortgage may seem like an uphill climb at first, consulting with potential lenders may prove to be exceedingly valuable, especially for a first-time homebuyer.

Banks and credit unions employ friendly, knowledgeable staff who are happy to educate you about assorted mortgage options. These lenders can teach you about the ins and outs of various mortgage options at your convenience.

Lastly, if you need extra help in your search for the perfect mortgage, real estate agents may be able to offer assistance. These housing market professionals can provide honest, unbiased recommendations about lenders in your area so you can move one step closer to securing your ideal mortgage.

Ready to get a mortgage for the first time? Use these tips, and you can accelerate the process of obtaining a mortgage that suits you perfectly.




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


Posted by Lynne Eliopoulos on 7/28/2019

Buying a house may prove to be a long, complex journey, especially for a first-time homebuyer who decides to pursue a residence on his or her own. Fortunately, many real estate agents are available to help first-time homebuyers make their homeownership dreams come true.

Now, let's take a look at three tips that first-time homebuyers can use to find the right real estate agent in any housing market, at any time.

1. Go Beyond a Web Search

In many instances, it is easy to conduct a web search of real estate agents in a city or town. However, a diligent first-time homebuyer will know to look beyond a simple web search to discover the ideal real estate agent.

Take a look at a real estate agent's website. By doing so, a homebuyer can learn about a real estate agent's industry accomplishments and experience.

Also, don't hesitate to contact a real estate agent's office directly. This enables a homebuyer to have a brief conversation with a real estate agent and find out exactly what this housing market professional is all about.

2. Host a Face-to-Face Meeting

A face-to-face meeting may prove to be exceedingly valuable for both a first-time homebuyer and a real estate agent, and for good reason.

During a face-to-face meeting, a homebuyer can ask questions and learn about a real estate agent's industry expertise. Plus, a homebuyer can receive comprehensive insights into what it will take to acquire a top-notch residence at a budget-friendly price.

Meanwhile, a face-to-face meeting helps a real estate agent learn about a homebuyer's goals. A homebuyer can provide information about what he or she wants in a dream home, and a real estate agent can offer details about what a homebuyer should expect at each stage of the property buying journey.

3. Receive Client Referrals

Although a first-time homebuyer may feel comfortable with hiring a real estate agent after a face-to-face meeting, it is always better to err on the side of caution. Thus, a homebuyer who requests client referrals from a real estate agent ensures that he or she can make the best possible decision.

A real estate agent should have no trouble providing you with multiple client referrals. Then, you can reach out to this housing professional's past clients to find out how he or she has helped homebuyers achieve their desired results.

Spend some time reaching out to a real estate agent's past clients – you'll be happy you did. With additional client insights at your disposal, you can improve your chances of choosing the perfect real estate agent.

Lastly, it is important to remember that a real estate agent should be available to guide you along the homebuying journey. This housing market professional boasts in-depth industry experience, and as such, can share deep insights to help you make informed decisions as you go from homebuyer to homeowner.

Take advantage of the aforementioned tips, and a first-time homebuyer can employ a first-rate real estate agent and gain unparalleled support throughout the homebuying cycle.




Categories: Buying a Home   buying tips  


Posted by Lynne Eliopoulos on 6/23/2019

Buying a home is the mark of an important milestone in your life. While you’re very excited, you need to be prepared for all of the costs that are associated with buying a home. There are a few different costs that go into buying a home that are often overlooked. Before you dive into the home buying process, you’ll want to be prepared.



The Closing Costs


Many homebuyers have gone smoothly through the process of buying a home until they get to the closing table. They suddenly realize that they need a bit more cash than they anticipated. You probably were more than prepared with your down payment, but there’s other costs that are associated with buying a home. Some costs that you should be prepared for include:


  • The home appraisal
  • Attorney’s fees
  • lender’s fees
  • Underwriting fee
  • Processing fees
  • Inspection fees



You’ll receive a disclosure up front to help you understand all of the charges and cash that you must present when your signing the final documents for the purchase of the house. Keep in mind that many of these fees can be negotiable. 


Decorating Your New Home


Once you move into a new home, you’re going to want to decorate the space. You may need a some new furniture. Perhaps you own no furniture and need to furnish the entire house. You’ll want to budget for this. The good news is that there are plenty of ways to fill up your home with items that won’t break the bank yet look good in the home. Places that you can shop include online sources like Craigslist or Facebook Marketplace. You can even check out local second hand stores for some great deals on furniture and decor that is in good condition. The important thing is that you understand how much you’ll need to buy as you move into the home.   



Escrow Accounts


The escrow account typically holds the insurance and taxes for the home. Funds are withdrawn as premiums and payments are due. Not every lender has these set up, but you should be prepared to have the money up front for the home insurance and even the taxes at the closing table.  


Improvements Around The Home


There will be plenty of things that you’ll want to do around your new home to spruce up the place and make it your own. From planting bushes in the front to flower gardens outside to fresh coats of paint, you’ll quickly discover how expensive it is to be a homeowner. 

     

If you’re preparing to buy a home, now you understand why saving is so important! Investigate all the costs that you’ll need to pay up front while you’re in the midst of buying a home to avoid any surprises.





Posted by Lynne Eliopoulos on 6/16/2019

Buying a home is a big financial endeavor that takes planning and saving. Aside from a down payment, hopeful homeowners will also need to save for closing costs and moving expenses.

When it comes to the down payment amount you’ll need to save, many of us have often heard 20%, the magic number. However, there are a number of different types of mortgages that have different down payment requirements.

To complicate matters, mortgages vary somewhat between lenders and can change over time, with the ebb and flow of the housing market.

So, the best way to approach the process of saving for a down payment is to think about your needs in a home, and reach out to lenders to start comparing rates.

However, there are a few constants when it comes to down payments that are worth considering when shopping for a mortgage.

In today’s post, we’re going to talk about some characteristics of down payments, discuss where the 20% number comes from, and give you some tips on finding the best mortgage for you.

Do I need 20% saved for a down payment?

With the median home prices in America sitting around $200,000 and many areas averaging much higher, it may seem like 20% is an unattainable savings goal.

The good news is that many Americans hoping to buy their first home have several options that don’t involve savings $40,000 or more.

So, where does that number come from?

Most mortgage lenders will want to be sure that lending to would be a smart investment. In other words, they want to know that they’ll earn back the amount they lend you plus interest. They determine how risky it is to lend to you by considering a number of factors.

First and foremost is your credit score. Lenders want to see that you’re paying your bills on time and aren’t overwhelmed by debt. Second, they will ask you for verification of your income to determine how much you can realistically hope to pay each month. And, finally, they’ll consider the amount you’re putting down.

If you have less than 20% of the mortgage amount saved for your down payment, you’ll have to pay for private mortgage insurance (PMI). This is an extra fee must be paid in addition to your interest each month.

First-time buyers rarely put 20% or more down

Thanks to FHA loans guaranteed by the federal government, as well as other loan assistance programs like USDA loans and mortgages insured by the Department of Veterans Affairs, buying a home is usually within reach even if you don’t have several thousands saved.

On average, first-time buyers put closer to 6% down on their mortgage. However, they will have to pay PMI until they’ve paid off 20% of their home.


So, if you’re hoping to buy a home in the near future, saving should be a priority. But, don’t worry too much if you don’t think you can save the full 20% in advance.




Categories: Buying a Home   down payment   saving