- Be a First Time Buyer in 2012!
First Time Buyer Specialists Gretchen and Alan Pagnotta
1. We have over 25 years experience in North San Diego County.
2. We will educate you and guide you every step of the way.
3. We will treat you with respect and not pressure you in any way. We have raised 2 children who became homeowners and understand all the fears and anxiety associated with buying your first home!
4. We work with reputable lenders and home inspectors. Our entire team of title, escrow, home warranty, lawyers (as needed) are the best in the business.
5. We will listen to your wish list and not waste your time showing properties that do not fit your requirements.
6. We will help you purchase "good real estate" and not just "a deal."
7. We understand short sales and bank owned properties and guide you in the process of purchasing this type of property.
8. We show all listings on the MLS and have an excellent networking system with other agents.
9. We will review closed sales with you carefully so we negotiate for you and you get the best value available.
10. We have years of successful sales experience and skills necessary to help you make one of the most important financial decisions. Let's get started!
The Home Buying Process
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Homebuyer Preference Checklist
To help you identify exactly what you want and need in your first home, here is a checklist of many different home attributes that you might want to consider when home shopping. Make a list of the things you absolutely need, things you wants, things you don't care about, things you don't really want, and things that you definitely do not want. Here's the list:
Your maximum monthly payment is how much?
|
Mortgage summary |
| Loan amount: |
$250,000.00 |
Monthly payment: |
$1,944.75 |
| Start date: |
Jan, 2007 |
Pay-off date: |
Dec, 2036 |
| Loan term: |
30 year(s) |
Periods: |
360 |
| Interest rate: |
6.5 % |
Total interest: |
$318,861.22 |
| Property tax: |
1.25 % |
Total tax: |
$93,750.00 |
| PMI rate: |
0.5 % |
Total PMI: |
$37,500.00 |
|
|
Monthly payments |
Bi-weekly payments |
| Payment: |
$1,944.75 |
Payment: |
$972.38 |
| Pay-off date: |
Dec, 2036 |
Pay-off date: |
Jan, 2031 |
| Time saved: |
5 year(s)
11 month(s) |
| Total interest: |
$318,861.22 |
Total interest: |
$245,383.31 |
| Interest saved: |
$73,477.91 |
|
|
|
|
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Does this include property taxes and HOA dues or insurance?
-
How long do you expect to live in the property?
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Do you expect you income to increase significantly while you are living in this property?
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Type of home (house, condo, townhouse)
-
Number of levels (single, 2 story or split level, 3 or more levels)
-
How many people will be in your household?
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Minimum number of bedrooms
-
Minimum number of bathrooms
-
Other indoor amenities (fireplace, hardwood floors, Central heat/AC, walk-in closets, vaulted ceilings)
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Other rooms (formal dining room, family room, den)
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Age of home
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Garage ( one or two car garage)
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Other outdoor amenities (large yard, pool, jacuzzi, patio)
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Appliances (washer/dryer, dishwasher, electric stove, gas stove, refrigerator, ceiling fans, garbage disposal, microwave)
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Do you have any preference of neighborhoods that you would like to live in?
-
What is the maximum distance that you are willing to live from your work?
-
Do you need quick access to any major modes of transportation (highways, train, bus, trolley)
-
What type of atmosphere do you like the best (urban, suburban, country)
-
Do you need to be close schools? What kind of schools?
-
When do you plan on making your purchase?
-
Are you currently working with a real estate agent?
-
Do you have any unusual requirements for your new home?
Price Range?
Type of home?
Size of home?
Bedrooms?
Bathrooms?
Desired school nearby?
Age of house?
When to purchase?
Need to sell your present home?
Prequalified by lender?
More information on financing?
When should I contact you?
What would be the best time(s) to reach you?
Are you currently working with another Realtor®?
Any extra comments, or specifics you would like to add:
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Enter the code in the field below:
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© 2013 Cable News Network LP, LLLP.
Thu, 16 May 2013 10:00:56 EDT
Home appraisals no longer derailing sales
Posted: Wed, 15 May 2013 09:14:02 EDT
Read full story for latest details.
Apartment construction slows sharply
Posted: Thu, 16 May 2013 09:42:25 EDT
A sharp pullback in apartment and condominium construction led to a big decline in overall home building in April, even as single-family home construction remained strong, according to government data released Thursday.
96,000 borrowers shortchanged
Posted: Thu, 09 May 2013 19:27:46 EDT
Due to a processing error, borrowers received checks for less than what they were owed under a mortgage settlement reached with 13 mortgage servicers, the Federal Reserve said.
Where the mortgage deduction really pays
Posted: Fri, 10 May 2013 06:27:02 EDT
The mortgage interest deduction is one of the most expensive tax breaks on the books, but its benefits are distributed unevenly across the country, according to a new report by the Pew Charitable Trusts.
Homebuyers clueless about mortgages
Posted: Thu, 09 May 2013 00:25:02 EDT
The housing market is heating up, yet many house hunters are not prepared to take on the biggest purchases of their lives.
Sentiment shift: Home prices to rise
Posted: Tue, 07 May 2013 14:00:46 EDT
A majority of Americans forecast home prices will rise over the next 12 months for the first time in three-year old survey by Fannie Mae.
Secret 'pocket listings' return in hot housing markets
Posted: Thu, 02 May 2013 11:48:19 EDT
Read full story for latest details.
Hidden fees for homebuyers
Posted: Fri, 03 May 2013 10:38:31 EDT
FHA will generate $10 billion by locking middle-class borrowers into high fees for decades.
America's Best Places to Live
Posted: Mon, 15 Oct 2012 13:43:35 EDT
These terrific small cities offer what American families care about most -- strong job opportunities, great schools, low crime, quality health care, and plenty to do. And they're true communities too
BofA, Wells Fargo sued for mortgage settlement violation
Posted: Mon, 06 May 2013 13:42:22 EDT
New York has announced plans to sue Bank of America and Wells Fargo over their alleged failure to comply with last year's National Mortgage Settlement.
15-year mortgage rate hits record low
Posted: Thu, 02 May 2013 11:51:55 EDT
Read full story for latest details.
Builders hold lotteries for eager new homebuyers
Posted: Tue, 30 Apr 2013 10:41:34 EDT
Read full story for latest details.
Home price rise continues to pick up speed
Posted: Tue, 30 Apr 2013 11:31:31 EDT
Read full story for latest details.
Lawsuit seeks to halt Empire State Building IPO
Posted: Mon, 29 Apr 2013 14:58:22 EDT
Some shareholders in the Empire State Building are in court this week seeking to block plans for a trust and subsequent IPO for the landmark building and other Manhattan properties.
Credit Scores: What You Need to Know Now
Tighter Lending Makes Cracking the System Vital; Benefits of Paying on Time
Are you keeping score?
Credit scores have been getting a lot of attention lately, as lenders tighten credit standards and contend with new legislation that has, among other things, reined in how credit-card issuers can raise rates.
Meanwhile, several firms, preying on our insecurities, are pushing credit scores and credit-score-tracking services for a monthly fee.
For all the attention they generate, though, credit scores are largely misunderstood. For instance, your precise score matters only when you're in need of new debt, like a home, auto or education loan or a new credit card, which should be a fairly rare occurrence.
You don't have just one score, but many. Your FICO score, the one developed by Fair Isaac Corp. that runs from a low of 300 to a high of 850, will vary depending on which credit bureau is reporting it and the kind of lender that requested it.
So the score that costs you $15.95 at MyFico.com may not be the score your lender sees. Beyond that, the three credit bureaus - Equifax, Experian and TransUnion - sell their own proprietary scores.
Confused about what to believe? Here are some common myths about credit scores:
My credit score is a good reflection of my financial smarts and good behavior.
Not really. Your score doesn't reflect your income, employment history or your assets, which should be a part of your overall financial picture. It also doesn't show whether you pay your rent or utilities on time. As a result, a credit score is less like a report card and more like an SAT score-your results on a particular date that seek to predict your future credit success or failure.
I pay my card off every month, so I must be a low credit risk.
True, your financial habits are excellent. But they won't affect your score. That's because the credit bureaus don't have a clue whether you pay your bill in full or carry a balance on your cards each month. All they know is the amount you owed on your most recent statement.
Taking advantage of reward cards shouldn't affect my creditworthiness.
Unfortunately, about 30% of your FICO score is based on "credit utilization," a broad term that includes how much you've used of each credit limit, how much you've borrowed as a percentage of your total available credit and even how big the dollar balances actually are.
Luckily, there's an easy solution: Cut back your credit-card use for two or three months before you plan to seek a car loan or mortgage so that your balances will be more modest.
I was late on a payment, but the debt is now paid off. So I'm good, right?
Afraid not. The single most important factor in your score, accounting for 35% of the total, is whether you have paid your bills on time. One late payment will ding your score for up to a year, very late payments can hurt you for two or three years, and collections and bankruptcies can sting for up to seven years.
What counts as late? In theory, one day. But because credit-card companies know that people move, get sick or misplace their bills, they commonly wait to report your late payment to credit bureaus until about 30 days have passed, or you have missed two due dates. (You will likely be assessed a late fee right away, however.)
If you have missed a payment, pay it as soon as possible and consider calling and doing the honorable thing: groveling. Many companies will waive or reduce fees the first time a good customer makes a mistake, and they may even agree to withhold reporting the infraction to the credit bureau.
Information stays on my credit report for no more than seven years.
That's largely true for bad news, including late payments. But good news hangs around - and pays dividends - a lot longer.
In addition, closed accounts in good standing will stay on your record for a decade, says Barry Paperno, FICO consumer-operations manager. Both old and closed accounts can help your score because the length of your credit history is another, if smaller, piece of the formula.
I haven't gotten a loan in a while, which should boost the "new credit" part of my score.
You don't have to get new credit to show a so-called hard inquiry on your credit report. If you have opened a new checking account, the bank may have checked your score.
For that reason, Curtis Arnold, founder of Cardratings.com, suggests you ask up front if a bank, insurer or car dealer plans to check your credit record. Luckily, shopping around for a car or education loan or mortgage counts only as one inquiry as long as you do it within a few weeks. Otherwise, multiple inquiries may knock your score back for a year.
That said, when you check your score, when your current card company keeps tabs on your credit or when someone pre-approves you for a credit-card-all so-called soft inquiries-your score won't be affected.
The score I pay for or get for free is my real score.
Most free scores are not the FICO scores that lenders request. You can buy FICO scores from Equifax and TransUnion-but not Experian-on MyFico.com for $15.95 each, but even then, they may not be the exact score the lender actually sees. You can, however, see each of your three credit reports-which include all the activity that is used to determine your score, but not the score itself-for free once a year by going to AnnualCreditReport.com. Because your scores aren't likely to vary by much, ongoing tracking services are usually unnecessary.
I should aspire to a score above 800.
Sadly, a score of 800 or more-the holy grail for "high achievers" on online FICO forums-won't make you thinner, smarter, richer or more attractive to lenders or anyone else. True, every 20 points in your score can mean a slightly lower mortgage rate or better car loan, but only up to the mid-700s.
That means it's worthwhile to take steps to improve a score in the 600s or low 700s, and in the high 700s, you'll have plenty of room for score fluctuation. Beyond that, a higher score is meaningless.
Information taken from Karen Blumenthal, Wall Street Journal