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Value in Expertise

When you, the consumer team up with professional REALTOR’s who excel at what they do you really won’t be able to truly understand all that we do. Here is a condensed summary of the value in expertise when you hire a REALTOR.

 

  1. We shop properties for you online, spending several hours everyday searching new listings, price reductions, multiple MLS’s, and even further outside the box. We know all the websites and brokerages to check with tailored to your unique needs.
  2. We Prospect! From checking out new listings in person, to reaching out to potential buyers and sellers on behalf of our clients we know how to go after whatever it is you’re looking for.
  3. Classes & Continuing Education As Real Estate Professionals we are required to take certified continuing education classes every two years, but we also attend marketing classes, town meetings, chamber of commerce events, and reading articles on the local and larger economies. Real Estate is a never-ending learning experience and we always have our ears to the ground.
  4. We Pay upfront! The beauty for you is that we pay for all the marketing upfront, and we don’t make anything if we don’t make a sale with you. So it’s always in our best interest as well as yours to see a sale through.
  5. Offers & Counter Offers. Consistency is key to a smooth transaction, we are well versed in contracts and know how to negotiate to get you, our client, the very best deal.
  6. Inspections & Contingencies. You may think once you’ve got a contract it’s smooth sailing. Honestly you just finished with the easiest part. Inspections and tests can be the biggest hurdles in buying a home. A good agent is preset for home inspections and appraisals to ensure all questions get answered and nobody is mis-informed. Then if there are repairs needed, we renegotiate a second time for you.
  7. Putting out Fires. It’s not very often a transaction has little to no drama. Part of our job is to take care of the little things so you don’t have to.
  8. Keep Calm & Carry On. When some of those dramatic moments involve you and the pressure is on, we flip our hats and become your therapist until the light at the end of the tunnel appears!

– Now just think, with us, you get double the support!

 

This content was in part a condensed version of information provided by realtor.com 

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Different types of Mortgages?

There are 4 basic types of mortgages. And they all depend on several factors such as income, credit score, down payment, geographical location, etc.

*DISCLAIMER* Each lender is different and Realtors are by no means professionals on this topic. The laws are constantly changing and you need to speak to a licensed mortgage officer to have accurate up-to -date information.  So PLEASE call your bank, lender, credit union, etc.

Conventional- This type of mortgage requires good credit and a decent down payment. Conventional appraisal guidelines are less strict. This type of loan carries PMI (Private Mortgage Insurance) but can be eliminated after 20% of the principle has been paid. Conventional mortgages are not backed by any government agency.

FHA-  This type of mortgage requires only 3.5% down. The appraisal guidelines have more regulations, and PMI (Private Mortgage Insurance) is also required. This is a 1.75% fee and carries for the life of the loan (Unlike Conventional Mortgages where the PMI can be eliminated). It’s a great opportunity for first time home buyers who may not have much of a nest egg or possibly struggling with credit. Concessions of up to 6% are allowed. Beware if your credit is too low, you may have to put more than 3.5% down, or pay points.  FHA mortgage’s are backed by the Federal Housing Agency.

VA- This is for active or retired military and their families. There is a o% down payment (unless you want to put more down).VA appraisal guidelines are similar to FHA, and you can ask for up to a 4% concession.

USDA-  The USDA will fund  mortgages for specific income ranges based on county, in rural areas and requires 0% down. Appraisal guidelines are similar to VA and FHA.  Concessions of up to 6% are allowed on this type of loan as well. Check the USDA website to search geographically for eligibility.

 

Factors that determine what kind of mortgage a person qualifies for are

  • Credit Score
  • Down Payment
  • Debt to Income Ratio
  • Type of Income
  • Length of Job History
  • Geographical Location
  • Military Experience

Mortgage Lenders cannot discriminate against a borrower based off any of the protected classes as per the Fair Housing Act.

 

There are other factors and sub types of mortgages such as Fixed vs Adjustable, Conforming and Non-Confirming, Balloon loans, etc. The 4 above descriptions provided are a crash course in Mortgage’s 101.  And please remember the mortgage industry is constantly evolving and changing, Realtors are not Mortgage Professionals, so please consult your local lender.

 

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