5 Common First Time Home Buyer Mistakes

5 Common First Time Home Buyer Mistakes

1. They don’t ask enough questions of their lender and end up missing out on the best deal.
2. They don’t act quickly enough to make a decision and someone else buys the house.
3. They don’t find the right agent who’s willing to help them through the homebuying process.
4. They don’t do enough to make their offer look appealing to a seller.
5. They don’t think about resale before they buy. The average first-time buyer only stays in a home for four years.

Source: Real Estate Checklists and Systems, www.realestatechecklists.com.

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M & I Homes at Greenwood Station -- Be Represented!!

M/I Homes.

Fulfilling Dreams Since 1976.

M/I Homes has been building new homes of outstanding quality and superior design for more than 30 years. Founded in 1976 by Irving and Melvin Schottenstein, M/I Homes has fulfilled the dreams of over 83,500 homeowners. What started as a family business, M/I has grown into a national leader.

http://www.youtube.com/watch?feature=player_embedded&v=NiD14WFMjug

Quality. Value . Trust.

Since our founding, each home has been built with uncompromising quality, innovative design and enduring value in the best, most desirable locations possible. M/I Homes believes the more you know about the home building and buying process, the more comfortable you’ll be. Our Confidence Builder Program makes the process ofbuying a home as easy and enjoyable as possible.

Let me be the one to represent you if you decide to build a new home!!  Home builders build in a realtor fee in the cost of every home whether you use a realtor or not.  So, be sure to be represented and have someone on your side to look out for your needs !  GIVE ME A CALL!! Would love to help you in building your dream home.

What the New Mortgage Rules Mean for You

NEW YORK (CNNMoney)

New mortgage lending rules are going into effect Friday that aim to put an end to the worst mortgage lending abuses of the past.

The new rules are designed to take a "back to basics" approach to mortgage lending and lower the risk of defaults and foreclosures among borrowers, according to the Consumer Financial Protection Bureau, which issued the new rules.

"No debt traps. No surprises. No runarounds. These are bedrock concepts backed by our new common-sense rules, which take effect today," said CFPB director Richard Cordray in remarks prepared for a hearing Friday.

Related: Million-dollar housing markets

Mortgage lenders are being asked to comply with two new requirements: The Ability to Repay rule and Qualified Mortgages. Here's how they will impact borrowers:

Ability to Repay

• Lenders must determine that a borrower has the income and assets to afford to make payments throughout the life of the loan. To do so, the lender may look at your debt-to-income ratio, which is how much you owe divided by how much you earn per month, including the highest mortgage payments you would be required to make under the terms of the loan. To calculate your debt-to-income ratio, add up all your monthly obligations -- including student loan, credit card and car payments, housing costs, utilities and other recurring expenses -- and divide it by your monthly gross income.

Calculator: How much house can you afford?

• In an effort to put an end to no- or low-doc loans, where lenders issue risky mortgages without the necessary financial information, lenders will be required to document and verify an applicant's income, assets, credit history and debt. For borrowers, that means more paperwork and longer processing times.
• Underwriters must also approve mortgages based on the maximum monthly charges you face, not just low "teaser rates" that last only a matter of months, or a year or two, before resetting higher.

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Renting vs Buying??

DID YOU KNOW…

That your rent payment might be as much as a mortgage payment?

A $100,000 home can have a payment of $615 that is some pretty cheap rent to pay!

WHY RENT WHEN YOU CAN BUY?

A home is an investment. When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. This will save you a lot each year, because the interest you pay will make up most of your monthly payment for most of the years of your mortgage. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over the years. Finally, you’ll enjoy having something that’s all yours - a home where your own personal style will tell the world who you are.

Here is a mortgage calculator that might be helpful for you to see what a mortgage payment might look like for you: 

http://www.bankrate.com/partners/sem/mortgage-calculator-rates-tl.aspx?ec_id=m1027724&ef_id=Um5YSgAABUFtV0MO:20140116135000:s&MSA=3480

2013 Home Buyer and Seller Survey Report

The 2013 Home Buyer and Seller Survey from the National Association of Realtors shows some very interesting results.  Watch this short video to hear the results from the survey.

http://bcove.me/qmxj7abp

Events Happening at the State Fairgrounds this WEEKEND!

Saturday, January 18, 2014, 10:00 AM.
46th Annual Indy RV Expo at the Indiana State Fairgrounds.
In the West Pavilion, Jan. 11-19. Over 120,000 sq ft of RVs, parts and accessories, camping info, travel trailers, motorhomes, fifth wheels, and more. Mon-Fri 1-8, Saturdays 10-9, Sundays 11-5. $7 cash only. Info: 317-927-7500.
Location: Indiana State Fairgrounds, 1202 East 38th Street, Indianapolis, Marion County.
www.indyrvexpo.com/
[Ref #592098] | Remind Me

The Woodworking Show at the Indiana State Fairgrounds.
In the Marsh Blue Ribbon Pavilion, Jan. 17-19: Fri 12-6, Sat 10-6, Sun 10-4. $10 online, $12 at the door. Info: See Web site below or call 317-927-7500.
Location: Indiana State Fairgrounds, 1202 East 38th Street, Indianapolis, Marion County.
www.thewoodworkingshows.com/
[Ref #592803] | Remind Me