Caroline Bianchi - RE/MAX Acclaim



Posted by Caroline Bianchi on 11/24/2017

When you’re buying a home, there’s a lot to think about. Your finances probably have the biggest impact in the entire home search process. The amount of a down payment you have and the amount of loan you’re approved for help decide what you can buy. 


When you hear about closing costs, what do they entail? How much will you need to cover these costs? Many people get to the closing table for their home purchase and feel unprepared. You’ll need a certain amount of cash on hand when you finally close on a home. Learn more about closing costs, so that you understand everything that you need to know about your home purchase.    


Closing costs are spelled out pretty plainly in just about every kind of real estate contract. These costs are the fees associated with the title companies, attorney, banks, lenders and everyone else who is involved in the purchase of a home. The closing table is also the time when you provide your sizable down payment. The closing costs that are being referred to are considered a separate expense independent of the closing costs.


Closing Costs Vary


Closing costs can range from anywhere between 2 and 8 percent of the purchase price of the home. You can’t really “choose” what’s included in the closing, so you’ll need to have an idea of how much money you’ll need to write a check for. Lenders can give you an estimate of about how much closing costs will be. 


Negotiations 


Certain things like the realtor’s commission fees can be negotiated and can be paid for by the buyer or the seller. The good news is that you can roll your closing fees in with your mortgage in some cases. You may also be able to negotiate with your lender to pay the closing costs for you in exchange for a higher interest rate. 


What’s Included In Closing Costs?


Depending upon where and what type of home you’re buying, what the closing costs actually cover varies. Here’s just some of the things that closing costs cover:


  • Appraisal
  • Escrow fees
  • Credit reports
  • Title search
  • Title exam fee
  • Survey fee
  • Courier fee (Most transactions are done electronically, but in some cases this may be necessary)
  • Title insurance
  • Owner’s title insurance
  • Natural hazards disclosure
  • Homeowner’s insurance (Your first year of insurance is often paid at closing)
  • Buyer’s attorney fee
  • Lender’s attorney fee
  • Transfer taxes
  • Recording fees
  • Processing fees
  • Underwriting fee
  • Pre-paid interest
  • Pest inspections
  • Homeowner's association transfer fees
  • Special assessments


These fees vary widely by state and the type of property that you’re purchasing. Not every fee is required, but the above is just a list of many of the possible fees that could be included in on the closing of the home you choose.





Posted by Caroline Bianchi on 11/10/2017

Searching for a new house that will meet your needs without breaking your budget can sometimes feel overwhelming! There are dozens of factors to consider and countless details to handle at any point in time.

Fortunately, there are strategies for getting it all done, maintaining your sanity, and being satisfied with the final outcome.

If you feel like you're getting off track (or can't even find the train station), here are a few tips for getting organized:

Create a priority list. If you haven't clarified and discussed with your spouse what you want and what's important to both of you, then there's a good chance you won't get it. You do not have to go it alone, though! A top-notch real estate agent can help you create a working list of priorities and preferences that you can use as a measuring stick when evaluating homes for sale. Better still, once you develop this list with your agent, he or she will have the information they need to efficiently locate properties that conform to your wish list and requirements. Your priority list will be based on a lot of criteria, including your desired lifestyle, the size of your family, and proximity to good schools, recreation, and shopping centers. If may also be important to you to live within a short drive to work, childcare facilities, or houses of worship. One of the best ways to organize your wants and needs is to get a copy of a homebuyers' "wish list" from your Realtor or the U.S. Department of Housing and Urban Development (HUD). Key factors to consider when developing your list may include items like architectural style, the amount of remodeling you're prepared to do, and the size of the yard. Privacy, space between neighboring houses, and distance from busy highways are also important factors to weigh.

Choose the right real estate agent: The ideal way to find a real estate agent you'll be pleased with is to get recommendations from family, friends, and trusted business associates. If someone you know well has had a favorable experience with a specific real estate agent, chances are good that your experience would be similar. Since most real estate agents value referrals, a smart agent will strive to make a positive impression on both you and the person who referred you. It's often advisable to talk with more than one real estate agent before making your final decision, though. That way you'll be in a position to compare qualities like experience, knowledge, personality, rapport, and energy level. It's vitally important that you feel comfortable with the agent you decide to work with, and that they're responsive to your questions, concerns, and requirements.

While a "wish list" and a "must have" list are essential components of a successful real estate search, the process unfolds much more smoothly when you remain open minded, flexible, and realistic.





Posted by Caroline Bianchi on 9/22/2017

Looking to put together an offer on a house? Ultimately, you'll want to submit a competitive first offer. By doing so, you can speed up the process of acquiring your dream residence.

When it comes to submitting a competitive home offer, however, it is important to understand what differentiates a "fair" proposal from a subpar one.

To better understand how to submit a competitive proposal, let's take a look at three best practices that every homebuyer needs to consider before making an offer on a house.

1. Evaluate the Housing Market

If you plan to buy a house, you'll want to examine the real estate market closely. That way, you can identify housing market patterns and trends and plan accordingly.

For example, if you find there is an abundance of high-quality houses available, you may be entering a buyer's market. In this market, there likely is a shortage of homebuyers, which means a competitive offer at or near a home seller's asking price is sure to grab this individual's attention.

On the other hand, if you notice that homes are selling quickly in a city or town, you may need to prepare for a seller's market. If you pursue houses in a seller's market, you may need to act quickly due to the sheer volume of buyers competing for the same residences.

Clearly, a comprehensive housing market analysis can make a world of difference for homebuyers. With in-depth housing market insights at your disposal, you'll be better equipped than other buyers to submit a competitive first offer on any residence, regardless of the current real estate market's conditions.

2. Get Your Finances in Order

What good is a competitive home offer if you cannot afford to buy a residence? If you secure a home loan, you can narrow your home search to properties that you can afford. Then, you'll be able to submit a competitive offer that ensures you won't have to break your budget to purchase your dream residence.

Also, if you're unsure about how your financial situation will impact your ability to buy a house, you should consult with banks and credit unions in your area. These financial institutions can help you get pre-approved for a home loan, establish a homebuying budget and much more.

3. Collaborate with a Real Estate Agent

When it comes to submitting a competitive home offer, it pays to receive expert homebuying support. Fortunately, you can hire a real estate agent who is happy to help you put together a competitive home offer.

A real estate agent can provide housing market data that you may struggle to obtain elsewhere. Plus, this housing market professional can offer unbiased home offer recommendations to ensure you can get an instant "Yes" from a home seller.

Collaborating with a real estate agent is a great option for homebuyers in all cities and towns. Reach out to local real estate agents today, and you can get the help you need to submit a competitive offer on any residence.




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Posted by Caroline Bianchi on 8/4/2017

When it comes to home buying a home, there’s a ton of different information available out there. A lot of what has been presented as “fact” actually is quite false. These misconceptions could keep you away from achieving the very real dream of home ownership. Below, you’ll find some of the most common myths that you’ll find about home buying.


If Your Credit Score Isn’t Up To Par, You Can’t Buy


To get good mortgage rates, having a good credit score doesn’t hurt. You can still buy a home if you don’t have amazing credit. A low credit score means that your mortgage rates will be higher than the average. There are loans like FHA loans, that allow for you to get a loan with a credit score as low as 580. Don’t let a lower credit score discourage you from buying a home. If your credit score is low, there are plenty of things that you can do to help you fix the score in a short period of time.  


You Need 20 Percent Down To Buy A Home


This is a long-standing myth about home buying. While putting down 20 percent on a home purchase saves you the extra expense of Private Mortgage Insurance (PMI), you can still be in the running to buy a home if your down payment is less than 20 percent. There are even some home loan programs that allow buyers to put as little as 0-3 percent down for the purchase of their home.


You Have To Make A Lot Of Money To Buy A Home


Your monthly income is one of many aspects of your financial life that’s considered when you’re buying a home. Home loans can be denied to those who make a large income just as easily as to those who have lower incomes. What matters is the debt-to-income ratio, which tells lenders how much debt a buyer has compared to the amount of income the buyer makes each and every month. Keep your debt down, and you’ll be in good shape to buy a home. 


You Don’t Need To Be Pre-Approved To Get A House


Being pre-approved gives you an upper hand in the home buying process. Being pre-approved allows your lender and you to go through the entire process of getting a mortgage. When you find a home that you love, you’re able to breeze through the process of making an offer if you’re pre-approved. The pre-approval process is one of the most important aspects of buying a home. 


If you’re prepared with knowledge, buying a home isn’t such a daunting process after all. Find a realtor you trust, understand your finances, and the rest will fall into place!




Tags: Buying a home   finances  
Categories: Uncategorized  


Posted by Caroline Bianchi on 7/14/2017

With 24 hours before you finalize your home purchase, you might feel a mix of anxiety and excitement.

What will it be like to finally own a home? How will the home closing process go? And what will I need to do to ensure everything goes seamlessly as you wrap up your home purchase? These are just some of the common questions that homebuyers consider in the hours leading up to a home closing.

It is important to prepare as much as possible before you complete a home purchase. Lucky for you, we're here to help you do just that.

Let's take a look at three tips that you can use to get ready to finish a home purchase.

1. Get Your Paperwork in Order

You may need multiple forms of identification and other essential documents when you close on a home. Thus, you should put together a folder of any must-have documents at least a day in advance.

If you find that documents are missing, retrieve them as quickly as possible. Also, try to get multiple copies of important documents if you can.

When it comes to getting ready for a home closing, it usually is better to over-prepare. Therefore, if you plan ahead as much as you can, you'll have all of the documents you need to complete the home closing process without delay.

2. Finish Any Last-Minute Packing

After you finalize a home purchase, you'll be ready to move in to your new home. As such, you should ensure that all of your belongings are packed up and ready to go.

If you're vacating an apartment, ensure that you've notified your landlord and provided sufficient notice about your upcoming move. That way, you'll be able to finish your rental agreement on good terms with your landlord.

Also, if you need extra help for your move, be sure to reach out to a moving company or family members and friends. And if you require a moving truck, don't forget to rent one in the days leading up to your move.

3. Consult with Your Real Estate Agent

The day before a home closing can be stressful, particularly for first-time homebuyers. If you have any concerns about the home closing process, be sure to consult with your real estate agent.

Your real estate agent likely has been a life-saver throughout the homebuying process thus far and will continue to assist you in any way possible. If you have questions about the home closing cycle, your real estate agent will respond to your queries immediately.

In addition, your real estate agent can teach you the ins and outs about what will happen before, during and after a home closing. He or she will explain what to look for during a final home walk-through, what home closing forms that you'll need to sign and what to expect after a home purchase.

Streamline the home closing process – use these tips, and you can get take the guesswork out of finalizing a home purchase.




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