Wednesday, November 1, 2023 / by Lance Kelehan
As a real estate agent, one of the most common questions I receive from potential homebuyers is "When is the perfect time to make a home purchase?" While there is no one-size-fits-all answer to this question, there are several factors to consider that can help you determine the best time to buy a home.
Market conditions: The state of the housing market can have a significant impact on your decision to buy a home. In a buyer's market, there are more homes for sale than there are buyers, which can give you more negotiating power and potentially lead to a lower purchase price. In a seller's market, there are more buyers than there are homes for sale, which can make it more challenging to find the right property and result in higher prices.
Interest rates: The interest rate on your mortgage can significantly impact the amount you pay for your home over time. When interest rates are low, you may be able to secure a more favorable mortgage rate, which can save you thousands of ; ...
Sunday, October 1, 2023 / by Lance Kelehan
When it comes to buying a home, your credit score plays a critical role in your ability to secure a mortgage and ultimately purchase your dream home. Your credit score is a numerical representation of your creditworthiness, and lenders use this information to determine how likely you are to pay back your loan on time.
Here's what you need to know about understanding your credit score and how it affects your home buying ability:
The Importance of Credit Scores in the Home Buying Process
Your credit score is one of the most important factors that lenders consider when evaluating your mortgage application. A higher credit score typically translates to a lower interest rate and more favorable loan terms, which can save you thousands of dollars over the life of your mortgage. Most lenders use the FICO credit scoring model, which ranges from 300 to 850. A score of 700 or higher is generally considered good, while a score below 650 may make it more difficult to secure a mortgage.
Thursday, June 1, 2023 / by Lance Kelehan
As a buyer, one of the most crucial steps in the homebuying process is the home inspection. A home inspection is a thorough examination of the home's structure, systems, and components to identify any defects or issues that may need to be addressed. Here's what buyers can expect during a home inspection and what to look for when hiring a home inspector.
The Home Inspection Process:
A home inspection typically takes a few hours to complete and involves a comprehensive examination of the home's interior and exterior. The inspector will examine the roof, foundation, electrical system, plumbing, heating and cooling systems, and other structural components of the home. They will also check for any signs of water damage, mold, or pest infestations.
After the inspection, the inspector will provide a report outlining their findings. This report will include a list of any issues or defects they found, along with recommendations for repairs or replacements.
What to Look for When Hiring a; ...
Monday, May 1, 2023 / by Lance Kelehan
As a buyer, one of the most important aspects of buying a home is securing financing. There are many different financing options available for homebuyers, including mortgages, and it's important to understand these options and how to qualify for the best rates. Here's a breakdown of some of the most common types of financing options for homebuyers:
Conventional Mortgage: A conventional mortgage is a home loan that is not guaranteed or insured by the government. These loans typically require a higher credit score and down payment than other types of mortgages, but they also offer some of the lowest interest rates available.
FHA Loan: An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. These loans are designed to help lower-income and first-time homebuyers qualify for a mortgage. FHA loans typically require a lower down payment and credit score than conventional mortgages, but they also require mortgage insurance premiums.
VA Loan; ...
Wednesday, February 1, 2023 / by Lance Kelehan
As a realtor, I understand that the homebuying process can be overwhelming, especially for first-time homebuyers. However, with the right preparation and guidance, it can also be an exciting and rewarding experience. Here are some tips and advice for those looking to purchase their first home:
Start saving early: One of the biggest hurdles for first-time homebuyers is coming up with the down payment. Start saving as early as possible, and consider using programs like FHA loans, which require lower down payments. There are also state and local down payment assistance programs available in some areas.
Determine your budget: Before you start shopping for a home, it's important to determine your budget. Consider your monthly income and expenses, and factor in additional costs like property taxes, homeowners insurance, and maintenance expenses.
Get pre-approved for a mortgage: Getting pre-approved for a mortgage can help you determine how much you can afford to spend on a home; ...