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1st Time Buyer
Home Buyers, Do You Remember Being in School?
February 29th, 2008 categories: 1st Time Buyer, Home Buyer, Real Estate Tips, Sacramento
Sacramento First Time home buyers often ask if their credit score is REALLY all that important.
The answer is a big, YES.
Your credit score is like the grade you received in school. The higher points you made on a test the better grade you got.
The higher your credit score, known as the FICO score, the better interest rate you will receive on a real estate mortgage loan, a car loan and credit cards.
Believe it or not, there are times when a job is not given to someone who would have qualified but unfortunately, they had bad credit.
Home Buyer Example: Five home buyers want to buy the same house. Each of the five 1st Time Home Buyers have different credit scores like the photo above.
Unfortunately, home buyers with D and F scores wont be able to buy a house until they budget and pay their bills on time.
Home buyer A will pay less on the home mortgage loan payment each month than home buyer B or C. And frankly, has better terms on the mortgage loan.
If you want the best loan with the best interest rate, it is important to pay your bills on time. Bankruptcy and home foreclosures affect your credit score for a long time.
Loaning money is getting harder and over this next year will get even harder, so its important to PAY YOUR BILLS ON TIME and BUDGET.
Be sure to read What are ABCs of Buying A House? before you buy a home.
Know what kind of mortgage loan you will have, if you dont understand your mortgage loan and the terms, ask questions. Dont just sign your name to something you dont understand, fully.
| Discussion: Comments »
When Should a First Time Home Buyer Buy a House?
October 16th, 2007 categories: 1st Time Buyer, Home Buyer, Real Estate, Sacramento
Home Buyers, are asking the question
When is the Best Time to Buy a House?
When is the Best Time to Buy a Condo?
Do you feel like this donkey?
Are you confused and wondering if you will buy a house or condo at the wrong time?
Do you think you will get stuck and pay too much for a home or condo? Do you think the Real Estate market will go down more?
These are just a few of the many questions that Home Buyers today in the Sacramento area are asking and wondering. The big question is, when is the BOTTOM of the Real Estate market?
Think of donkey tails. One side is going down 
and 
one side is going up. No one REALLY knows when the bottom is the REAL bottom until real estate prices change and start going up. Thats when everyone will be an expert and say, the Real Estate Market has changed last month was the official bottom of the Real Estate Market.
You cant pin the tail on the Bottom of the Real Estate Market until it has passed!
| Discussion: 8 Comments »
First-Time Homebuyers Should Take Advantage of the Buyers Market
October 10th, 2007 categories: 1st Time Buyer, Mortgage
Today, we have a guest on Sacramento Real Estate Voice…
Wendy Cutrufelli is a Certified Mortgage Planner who has her clients best interest in mind.
Not only does Wendy accomplish your goal of home ownership with the best possible loan for your circumstances but she actually takes the time to talk to you about your future goals to enhance your financial future.
Each person is an individual with Wendy and each loan is tailored to meet the Home Buyer’s needs.
I have personally worked with Wendy Cutrufelli and I was impressed with her and highly recommend her. The First Time Homebuyer that I represented also agrees that Wendy is the BEST!
We are pleased to have Wendy here today on Sacramento Real Estate Voice to let you know what is available especially for First Time Home Buyers.
Now, without further adieu, here’s Wendy…
The market has shifted from a Sellers Market to a Buyers Market. Why is this important to you as a First-Time Homebuyer?
In the past real estate frenzy, many First-Time Homebuyers were squeezed out of purchasing a home due to multiple offers with large down payments or another buyer’s willingness to waive property inspections and repair requests. For the first time in years, the market has shifted to your advantage.
$0 downpayment loans are still available up to a sales price of $532,000. Lenders still want to assist First-Time Buyers safely enter the community of homeowners. $0 down payment mortgages are still available and require verified employment, income, assets and a minimum credit score ranging from 620 to 680. A portion of the monthly payment applies toward your mortgage balance so you build your equity over time.
Due to the amazing tax deductions from homeownership, you can legally take money you normally pay toward income taxes and apply it to your new house payment! The best news is that you don’t have to wait until your tax refund to get the benefit. As soon as you close on your home purchase you can adjust your W-4 Withholding form with your employer and immediately receive more net take-home pay. If you would like to review specific examples, visit the Rent vs Buy section of my website at www.WendyCutrufelli.com.
Sellers are offering incentives to buyers which could represent thousands of additional dollars in savings. The additional costs to purchase a home (credit report, appraisal, lender fee, title insurance, escrow fee, etc.) are approximately 1.5% - 2% of the sales price - even with a $0 down payment mortgage. Many sellers are willing to pay these costs at closing and, in some cases, even more to “buy” a lower interest rate (resulting in a lower payment) for qualified home buyers. Let’s put this in perspective. If you are house-hunting in the $300,000 price range and negotiate a 3% seller credit toward your costs and to lower your interest rate, the seller will pay $9,000 on your behalf. How long will it take you to save that amount of money?
Should you wait for the prices to drop even more? This is the burning question on everyone’s mind and “timing the market” is very tricky. Think of it like the sale rack at a department store. You can wait for further price reductions, but the choices become fewer and fewer as the inventory decreases and the bargains may be on the houses that don’t really “fit”. That being said, it is vitally important to choose a Realtor with experience, one who knows the local market (what are the neighborhoods that tend to hold their value? What are the price trends in each localized area?), knows how to negotiate the best possible price and terms and knows when to tell you to walk away because it isn’t in your best interest.
Gena Riede demonstrated all of these qualities (and more!) for one of my First-Time Homebuyer clients. I encourage you to call Gena if “home” is more than a place to hang your hat. You don’t have to wait to open the door of your new home.
Wendy Cutrufelli Certified Mortgage Planner
| Discussion: 2 Comments »
New Home Buyer Information You Need to Read
October 8th, 2007 categories: 1st Time Buyer, Home Buyer, Real Estate, Real Estate Tips, Realtor, Sacramento
A Midtown Downtown Home Buyer who recently bought his house is the focus on todays Sacramento REAL Estate article.
Let’s call the new First Time Home Owner, Joe. I dropped by to see how Joe was getting along in his new house in Midtown last week and I think he is very glad I did.
Joe suggested that we have dinner at Waterboy at 2000 Capitol Ave which was positively delicious. Waterboy changes their menu each month and uses fresh local produce during the meal preparation…yum and it’s good for you, too!
During dinner Joe told me that he had received his tax bill that need to be paid by October 10th. As a new First Time Homeowner, I was surprised that he would receive his Supplemental tax bill that soon and thought it quite unusual. So, I pressed the conversation, more.
Joe repeatedly told me that the tax bill he received was called Transfer Tax and not Supplemental. I asked if he was sure about the name TRANSFER TAX. Joe was certain that this bill was called Transfer Tax and it was in the amount of $1300 +. The amount was a dead give away…Joe was correct it was the Transfer Tax.
| Discussion: 6 Comments »
First Time Home Buyers in Sacramento-Congratulations!
August 27th, 2007 categories: 1st Time Buyer, Elk Grove, Home Buyer, Natomas, Real Estate, Real Estate Tips, Sacramento
Congratulations to all of the First Time Home Buyers!
This past week, Tabitha and Jacob moved into their new Beazer home in Natomas. It was a pleasure working with you both and getting the very best deal for the two of you. Who says you don’t need a Realtor to represent you when dealing with a Builder? That statement wouldn’t hold water with the two of you, would it?
And to Cheryl and David, enjoy your new home in Elk Grove, CA. It was a long time coming but it is yours and the excitement I saw in both of your faces was exhilarating. It was my pleasure to help find just the right home for the two of you and to introduce you to your new neighbors. It was fun taking that photo of you carrying Cheryl across the threshold… have you recovered???
Mark, I think we saw every house on the Real Estate market for sale. Mid-town is a great place and within walking distance to all of your shopping, restaurants and coffee shops. What a great old home you have with a full basement…not just one of those wanna be basements. You have a lot to live up to after finding out your front porch is the meeting place for all of the near-by neighbors to congregate. You’ll do great! And yes, I’ll pop-in for my special chair on your porch every now and then. Thank you so very much for the beautiful array of Shari’s Berries you sent to the office. I love them!
With all of the new First Time Homebuyers, I thought it might be important to reaffirm how important it is to treat your new home like a new born baby. Here are some helpful hints:
| Discussion: 6 Comments »
Home Buyer in Sacramento Buying in Granite Bay Speaks Up
May 16th, 2007 categories: 1st Time Buyer, Granite Bay, Home Buyer, Mortgage, Real Estate, Real Estate Tips, Realtor, Sacramento
I am currently working with a Home Buyer who is an investor, Matt Teiken. Matt has graciously offered to write an article on Sacramento Real Estate Voice to you.
It is nice to hear the perspective from the eyes of a current Home Buyer. Thank you Matt, for taking the time to share and help other Home Buyers.
Now, I would like to introduce…Home Buyer, Matt Teiken…
Hi, my name is Matt Teiken and I would like to share my First Time Home Buying experience with you. Until just recently I have been waiting around to hear back on a short sale I placed an offer on. This process had been dragging on for three weeks and I was running out of patience, and second-guessing myself on the deal in the first place.
It was at this time that I did a search for Real Estate information on the Internet, and came across Gena’s blog. Gena’s writings struck a chord with me and I decided to ask her to look for property. Gena was very responsive and was able to show me properties on very short notice.
This was not the case with my previous agent, who had me searching the MLS myself, didn’t give me the personal attention I need, and wasn’t flexible with regard to showing homes.
I noticed a new MLS listing that seemed almost too good to be true, and I told Gena I needed to see it right away. She met me at the property and after looking at it I decided to make an offer. Gena asked if I had someone working on my loan and I did; but mentioned that she had a good loan guy. I ignored the suggestion and later that night when Gena was about to send the offer, she noticed that the guy I was working with didn’t give me a proper pre-approval and that there were discrepancies in the document as well.
I called my guy, who I was referred to through a friend, and he said he would get to me in the morning. I called Gena back and asked if her loan guy was available, and she called him up. Even though it was 9 pm, within fifteen minutes I was on the phone with him. He pre-approved me and even called the listing agent to brag about how strong of an applicant I was. The next day my offer was accepted after my interview process.
I am impressed with Gena and also it goes without saying, “birds of a feather flock together.”
Thanks Gena!
Thank you, Matt. 
This article, I hope helps other Home Buyers see the importance of having an experienced Realtor who can help the Home Buyer with the entire process of Home Buying. Now, let’s get ready for your Home Inspection on your new house in Granite Bay.
Bad mortgage loans are loans the Home Buyer is stuck with for a long time and can cost the Home Buyer a lot of money. We see the results of that right now, with the short sales on the market.
Experienced Realtors have and know good professional Lenders who will listen to the Home Buyer and offer the right loan package for the Home Buyer’s specific Real Estate needs. Not all loans fit everyone’s needs. You need someone that will listen to you.
As I always say…Experience Doesn’t Cost…It Pays!
Related Articles:
Why is Buying A House Stressful?
Why Should A Seller or Buyer Choose Remax?
First Time Home Buyers Check-off List – Part I
First Time Home Buyers Check-off List – Part II
What Does A Realtor Do When I Want To See A House or Condo?
| Discussion: 6 Comments »
Important Buyer Information
March 5th, 2007 categories: 1st Time Buyer, Home Buyer, Mortgage, Real Estate, Real Estate Tips, Realtor, Seller
While looking at some of the You Tube videos, I found this particular one, I feel is EXTREMELY important for anyone thinking of Buying a home.
It is vital to have a good Lender that thinks about long-term clients, meaning YOU.
What some of the Lenders don’t get… is the quick gratification that they get in payment for doing loans, can not only do the Buyer harm but also will end up leaving them with no return clients. Some Lenders right now and in the past few years, especially those just getting into the business and wanting to make that “quick buck“, put Home Buyers into HORRIBLE loans. Those Buyers who are now homeowners are suffering and some are losing their house.
That is why it is essential for you, as a Buyer to take a moment and listen to this video. If you have a Realtor who cares and is not in the business to make the “quick buck,” then the Realtor can give you Lender names, that they have worked with in the past, where the Home Buyer’s best interests are looked out after.
But, it is imperative that you, as a Home Buyer know what you are getting into before signing a loan. Make sure that you know what the terms are and what they mean. A Home Loan will make you or break you. Please take the time to become educated on your loan PRIOR to signing any loan papers.
There’s more to home loans than just the interest rate. Just like there’s more to selling Real Estate than just showing houses, writing offers or just putting a For Sale sign in the front yard.
| Discussion: 1 Comment »
What Does A Realtor Do When I Want to See A House or Condo?
January 17th, 2007 categories: 1st Time Buyer, Home Buyer, Real Estate, Real Estate Tips, Realtor
Some may think that there is nothing to showing homes or condos. Let me take a minute to let all Buyers know what a Realtor does when they are working for you and what you need to do when you are working with a Realtor.
You, the Home Buyer are interested in buying a home. First thing that your Realtor will ask you to do is to get with a Lender and get qualified for a loan.
Yes, I know you dont even know what house youre buying yet. But, if you think about it, you dont really know how much you can afford to buy without first speaking with a Lender. And your Realtor doesnt know which homes you can actually afford.
| Discussion: 5 Comments »
First Time Homebuyers Check- Off List - Part II - Write An Offer
December 22nd, 2006 categories: 1st Time Buyer, Home Buyer, Mortgage, Real Estate, Real Estate Tips
First Time Home Buyers, here is Part 2 of successful home buying tips.
Stress is less with the knowledge of knowing what should be occurring during your home buying experience. As I always say, knowledge is empowerment! You wont know if someone is doing their job correctly if you dont know how the job should be done. I see way too many home buyers, that are not being represented correctly. Take the time, to find out what you should expect from your Realtor. Do you have a full-time Realtor working for you? Have you Googled their name? Or are you using someone who is a part-time agent who may not even own their own home?
| Discussion: 22 Comments »
First Time Homebuyer’s Check-off List - Part 1
December 14th, 2006 categories: 1st Time Buyer, Home Buyer, Mortgage, Real Estate, Real Estate Tips
First Time Homebuyers need to know a few things before setting off to buy a home. This is a great time, a fun time, an anxious time. You want to find the right house, not make any mistakes, you have a lot at stake.
This is also a time that can be very stressful but if you know what to expect and you plan properly it will be a wonderful experience. I just love First Time Home Buyers, the energy, the excitement and the thrill of it all makes it feel like drinking hot chocolate in front of the fireplace on a cold winter night or skiiing down the slopes in Lake Tahoe while overlooking the Lake. Can you tell I just love First Time Home Buyers!
Part I of series for First Time Homebuyers. Now for the meat
First, you want to align yourself with a full time Realtor that is experienced and that you feel comfortable with. Its important to be honest with your Realtor and communicate with them so that they know what it is that makes-up your dream home. Write down what you would like your home to look like or have.
Your Realtor should be someone who listens and provides you with the best service. If they arent listening then you need a different Realtor.
Your experienced full time Realtor will have a list of ethical, qualified professionals to help you during the home buying process.
The first professional that your Realtor will suggest is a Mortgage Lender. Nothing can happen until you are PreQualified for a Loan. You dont know how much of a home you can afford and neither does your Realtor. Personally, although I have a Brokers license and can do loans, I choose not to. I feel that is a conflict of interest and focus on being the best Realtor instead of having my hands in too many other professions.
This is a good time to discuss something that I feel very strongly about.
There are Realtors who dabble in loans, I suggest that you dont go in that direction. It is my opinion that this is a conflict of interest. When I use the word dabble, thats exactly what I mean. You dont want someone who dabbles. Loans are a very important aspect of the home buying process that you will be stuck with. It is vital that you make a good decision and go with a qualified full time Mortgage Broker who focuses on Loans on a regular full time basis and doesnt dabble. Ask your Realtor for a referral…they know who does a good job and who to avoid.
A good Mortgage Broker will sit down with you and go over your plans for the next few years to determine the type of loan that would be best suited for you. At this appointment, the Mortgage Broker will ask that you bring with you the following:
- 2 years Residence History
- 2 years Employment History
- Check or credit card payment for any up front fees (maybe credit check, appraisal)
- Latest 2 months bank statements on all accounts
- W-2 (2 years) and current month pay stubs
- Self employed “ last 2 years tax returns
- Open loans/Current debts “ addresses, account numbers, balance & monthly payment
-
Real Estate owned “ loan number, addresses, balance & monthly payment (not for 1st Time Homebuyer)
When you provide this information to the Mortgage Broker, they will have you fill out an application. This application must be filled out truthfully since any false statements are considered fraud and can result in a prison sentence. So remember, to fill out this application truthfully.
Once the application is submitted to your Mortgage Broker, they will run your credit history where three credit reporting bureaus will provide a report on how well you have paid all of your bills in a timely manner. You will be given a credit score by all three companies, Equifax, Experian and TransUnion (Let your Mortgage Broker pull your credit). The score that is in the middle range is the one that is used to determine your overall score.
This score is very important, it will be the result of whether or not you qualify for the best loan with the best terms. Paying your bills on time will never have been more important than it is now!
As a side-note that is important for you to know that within hours of your credit being pulled, the bureau sells your vital information on lists that are called Trigger Lists. Check out the article by Realty Times, the credit bureaus are selling your personal information to any Lender on the internet that is willing to pay for your information.
Be sure to Opt Out by calling 888.567.8688 or you may go on-line and opt out. You will have the option to opt out for 5 years or a lifetime. Remember, there are predators out there and they have a good sales pitch to try and get your business but you end up paying for it over and over and over. Remember, if it walks like duck, and smells like a duck and quacks like a duck, its a duck! Stay away from them!!!
Stick with the professional who doesnt lower themselves to pay for your information in order to convince you to do business with them. Now, you are ready and armed with your Qualification letter from your Mortgage Broker who has met with you and has explained the process of the loan as well as how much money will be needed in order to buy a house.
Depending on the type of home loan, will depend upon how much money you will need to have in order to buy a home. For further information regarding loans and some of the terms that are used as well as educating yourself on the type of loans be sure to read all the articles. Know the difference between an adjustable rate and a fixed rate, when to pay points and leveraging your money all these things are important and you need to understand them.
Awareness is Empowerment be empowered.
Oh, now that you know how much you feel comfortable spending and you have your letter of approval it is finally time for you and your experienced full-time Realtor to begin narrowing down your choices of neighborhoods. If you have a computer, your Realtor will send you homes via your email for you to look through and make choices on what you like. It is best to limit the amount of houses to look at in a day.
Otherwise you start mixing up the houses and it gets very confusing. Typically, you should look at 3“5 homes a day and then if there are more that have peeked your interest and fall into your dream home category, save them for another day. Dont over do. This way when you make your decision, it will be a good decision that has come about because you have taken the time and made notes at each home visit.
Sometimes, the first house is actually the best house. I cant tell you how many times, Ive heard a home buyer say, I hate to choose the 1st one without seeing all the rest. I understand that statement but I also understand and have watched home buyers who wanted the first house but by the time they got back to it, someone else had already made the decision to buy it.
Its a very sad moment when that happens. So, I would suggest that if you fall in love with the first house, dont delay it may not be there when you come back. If it was that great when you saw it the first time, other home buyers will probably feel the same way. Even if you write an offer on the first house, you have 17 days to change your mind. But, if someone else made an offer, you are ought of luck on that one.
Be sure to read First Time Homebuyers Part 2 Writing an Offer part of a series for First Time Homebuyers.
Related Articles:
Why is Buying A House Stressful?
Why Should a Seller or Buyer Choose Remax?
First Time Home Buyers Check-Off List Part II “ Write An Offer
What Does A Realtor Do When I Want To See A House or Condo
| Discussion: 16 Comments »
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