Monthly Archives: September 2015

Sep 25

An Update on Good Faith Estimates

By Gladiator | Blog

Tuesday night was our bi-weekly meeting at J&A Realty and it was an action-packed one. Not only was it Mrs. Johnson’s birthday but Donte Harris, the branch manager for Primary Residential Mortgage, stopped by to give a talk.  Mr. Harris talked extensively about the new changes that have taken place with the GFE or Good Faith Estimate.  These are changes that you the consumer should be aware of because they directly effect your home buying experience in what we believe to be a positive way.  Before these changes the GFE was a complicated document that did not clearly or effectively communicate information to the home buyer.  Now the GFE is a standardized 3 page document with clearly labeled items. The two images shown here are an examples of the old GFE and the new GFE forms. The old GFE form is on the left and the new GFE form is on the right.  Without even looking at the numbers it should be clear that the new GFE forms are much less obscure and much easier for the average consumer to understand.  These factors will make understanding your loan estimate much easier and remove some of apprehension that is commonly associated with home buying.

Sep 03

Buying a New Home: A Step-By-Step Process

By Gladiator | Blog

home buyersBuying a new house is one of the most exciting milestones in a person’s life. However, many potential home buyers are new to the home buying process, and have no idea how to even begin looking. Approximately 43% of home buyers believe the first step is to look online for property, but many are unaware of the other steps that should be taken first. Here is a simple, step-by-step guide for the home buying process. Check Your Credit Credit scores are important because they affect the kind of home loans you can qualify for. Credit scores range from approximately 300 to 850, and the higher a home buyers credit score, the more likely they’ll be able to qualify for an agreeable loan. According to law, every person is allowed one free copy of his or her credit report, and there are many online sites that can conduct the check for you. When checking your credit score, look for any errors that you can dispute, which may help raise your score. Get Pre-Approved Unless you have thousands of dollars in cash laying around, you will most likely need to take out a loan to pay for your new home. A study of home buying in 2013 showed that home buyers typically finance 90% of the home price through a mortgage. Before you are able to look at new homes for sale, apply to several lenders to get pre-approved for a loan. This will allow you to get a more complete picture of what you can afford, before you start talking to local Realtors. Shop For a Home Before conducting a search for a new home, take a minute to think about what kind of house you want to look for. Think about what kind of space you need, the neighborhood you want to live in, and any other factors that might affect your decision. Once you know what you want, it’s time to turn to the Internet. Ninety-two percent of home buyers use the Internet is some way during their home search process. If you’re not comfortable using the Internet, contact a real estate agent and ask them for their listings. Make an Offer Once you’ve found the perfect house, it’s time to make an offer. Sellers tend to price their homes higher than they are willing to sell, in case haggling is involved. Base your offer on other comparable houses in the market. Once the price is agreed upon, a contract will be written up with all the terms of the sale.