Categories
Mortgage Process

What is a Home Inspection?

The Home Inspection should cover the structural and mechanical condition of the house, including the roof, heating, plumbing, air conditioning and wiring.

A Home Inspection protects you from buying a dwelling with serious, previously unknown problems. Your purchase offer should be contingent on the results of the home inspection, so that if you find major issues, you can walk away from the house with no penalty. And if minor problems are found, you may require the seller to fix them or adjust the price.

A Home Inspection typically costs between $250 and $500.

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Categories
Home Maintenance

Types of Moving Services To Help Move Into Your New Home

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You’ve found the right home, the loan has closed, and you have the keys. Now it’s time to move in. Here are some tips to help make the big step less stressful.

Moving is a very stressful time for anyone. However, hiring the right moving service should help to ease your mind, and make moving easier on you. There are various types of moving services available to tailor to your individual needs. To help you determine what moving service is right for you, we have provided a short list of options.

Full-Service Movers: Full service movers will do the majority of the heavy lifting. Their services include preparing your furniture for the move, moving it from your old home to your new home, and then unloading and organizing your furniture in your new home. Full-service movers also provide moving tools such as mattress bags, padding, moving blankets, shrink-wrap, and any other protective materials. Once you arrive in your new home, the movers will place the furniture exactly where you want it, they will remove all the plastic, bags, and padding, and will get rid of any garbage for you. They will also reassemble any furniture they had to take apart for the move.

Self-Service Movers: Unlike full-service movers who help to move your items and drive the truck, self-service movers just drive the truck. Some self-service movers will drive a truck to your location, while others might just drop off a large mobile moving container on your front lawn a few days before the move. With self-service movers, you are the one responsible for packing and loading the truck or large moving container. The movers will then move the container to your new home when you are ready, but you will need to unload and unpack the truck or container. This is an ideal option if you are looking to save money, and if you do not want to drive a moving truck.

Moving Labor: Hiring simple moving labor can help you to pack up your household items, load/unload a rented truck, and they can even drive your rented vehicle. However, before hiring moving labor you will need to gather more information about the movers and the company since not all moving labor is reliable.

Renting A Truck: If you are looking to save some money and aren’t afraid to drive a moving truck, your best bet might be just to rent a truck and have friends and family help you to move. Most moving trucks are easy to load, have a lot of space, and offer great protection for your household items.

To ensure safe transportation of all your items, you must compare the services of each moving moving vancompany. Take into account your budget and your needs while choosing one of these options.
Get an understanding of other customer experiences by looking at customer reviews online. Finding a moving company that satisfies all of your needs should guarantee that your move is easy and stress free.

Categories
Mortgage Process

What Not To Do When Buying Your First Home

referralDeciding to buy your First Home is not an everyday activity. There’s a steep learning curve, which explains why mortgage professionals see the same blunders over and over again. Here are six common — and costly — mistakes many First Home Buyers make.

1.  Believing the Listing Agent is Your BFF –  Unless you hire your own buyer’s agent, the agent selling that house works for the seller

2.  Setting an Unreasonable Time Table – Assuming you’ve been Pre-Approved for a mortgage and it’s a fairly simple deal, you may be able to close in 30 days, but 45 to 60 is more common,. Foreclosures may take 75 to 90 days and short sales have been known to take 6 to 9 months.

3.  Financing – One and Done – There should be a chemistry that develops between you and your loan officer. Educate yourself on the complicated mortgage process and the whole home buying experience

4.  Trash Talking as a Bargaining Technique – If you’re making an offer, you want to stress what you like about the place, Don’t forget: You’re a guest in someone’s home. Forgetting to be polite is a common home buying mistake.

5.  Believing You Can’t Afford Professional Advice – Sometimes the right professional advice from an attorney, home inspector, insurance agent saves far more than it costs. Do not hesitate to ask for it.

6.  No Reserve Fund – Many home buyers are tempted to stretch as far as possible – and drain all available savings just to buy their dream home. There are going to be some unforeseen circumstances that arise, either personally or with the house. Plan to keep an emergency fund available after closing to address those unforeseen situations that might arise, either personally or with the house.

Read more: http://www.bankrate.com/finance/real-estate/mistakes-homebuyers-make-1.aspx#ixzz3a7khAOUj

Categories
Select Properties

3 Kittredge Lane, Winsted CT For Sale – Eligible for 100% USDA Financing

3 Kittredge LaneOversize 4BR Cape is a must see for First Home Buyers!
It’s Eligible For up to 100% Financing with a USDA RHD mortgage. Closing costs can be included in loan amount. Low rates! Low MI! Beats FHA and CHFA any day!
http://www.trulia.com/property/3193893204-3-Kittredge-Ln-Winsted-CT-06098
Call Me at 860.945.9284 for details on the USDA Guaranteed Rural Housing Development Loan and to take advantage of my FREE  Mortgage Pre-Approval service
Then Call Toni Osterhout  at  Elite Realty 860.482.8394 to schedule a showing and be ready to make an offer.

Categories
Mortgage Process

3 Tips for Nervous First Home Buyers

ConfusedFirst Home Buyers are rightfully nervous about buying a new home. It’s a big decision, a big change and a big investment. But with rising rents, low mortgage rates, new loan programs targeted to First Home Buyers and an increase in the supply of quality homes, many wanna-be home buyers feel they can’t pass up the opportunity to take the big step in 2015.

Here are 3 Tips for Nervous First Home Buyers to quell your nightmares and help make your dream a reality.Get Pre-Approved
1.  Get Mortgage Pre-Approval – Talk to a professional mortgage officer. The time you spend documenting your financial fitness to buy a home is well spent if the lender gives you a “Pre-Approval” letter, an important tool as you negotiate for a property.

2.  Be Objective – Instead of thinking with your heart, think with your head when mulling over the decision to buy, Don’t be afraid to ask thoseyourself tough, practical questions that will help you make the best choice about buying your first home.

3. Take a Cautious Approach to Home Selection – Hire your own Real Estate Agent. Inventories are expected to rise this spring as snow-bound home sellers begin to put their homes on the market. Choose a Realtor who is working for you, not the seller. Get one that’s honest; one who understands your concerns and has the patience to guide you through the whole home buying process.

If your dream is to own your own home … you might kick yourself later if you let your fears get the better of you. Now is The Time to Buy!

Categories
Mortgage Process

Positive and Negative Affects on Your Credit Report in 2015.

While it is important to know what helps to build a good Credit Score, you also have to know what hurts your Credit Score.
Your Credit Score is a very important factor when it comes to your familygood-credit-vs-bad-credit finances.  Lenders use credit scores to determine the risk of lending money to a given borrower. It is important for getting approved for the best terms and interest rates on a Mortgage Loan. Insurance companies, landlords, and potential employers also look at your credit score to see how financially responsible you are.
Why not make a New Year’s resolution to improve your Credit Score in 2015?

Negative Affects on Your Credit
Payment History: There are many factors that can negatively affect your credit score; your payment history is one of them. Have you paid your bills late or missed payments? If you have, how late were you? The later you are with your payments, the worse it is for your credit score. Also, any charge offs, debt settlements, foreclosures, bankruptcies, wage attachments, suits, liens, or judgments against you are some of the worst things to have on your credit report.
 High Credit Card Balance: Using more than 80 percent of your total amount of available credit is another factor that lowers your credit score. Having a high credit card balance or maxing out your credit cards increase your credit utilization (the ratio of your credit card balances to credit limits listed on your credit report) and decreases your credit score.
  Requests for New Lines of Credit: If you have recently opened several new accounts, you could be a greater credit risk. People tend to open new lines of credit when they are experiencing cash flow problems or are planning to take on a lot of new debt.
  Closing Unused Credit Cards: The unused credit accounts are contributing to the amount of credit you have available. You will want to show that you are not using all your available credit. Pay them off, cut up the card, but don’t close the account. Once you close out those credit accounts, you will suddenly have less credit available.
  A Greater Number of Inquiries: The more times you apply for a credit card, shop for for a better deal on a car loan, even switch cell phone providers, the more inquiries will show up on your credit report, raise the question of financial responsibility and decrease your credit score.

Positive Affects on Your Credit
  Paying Bills on Time and in Full: Have you paid your bills on time for each and every account on your credit report? The longer you pay your bills on time, the more your score should increase. money management
  Using Less of Your Available Credit: Keep the balance you owe on your credit card to 25 percent or less of your available credit line. For example, you should carry a balance of no more than $2,500 if your credit limit is $10,000.
  Paying Off Debt: This is a lot easier said than done, but the more you pay your debt back, the more your credit score will increase.
  Steady Employment: People who have steady employment are viewed as being better at paying their bills on time.

Bottom Line: Your Credit Score plays an important role in your finances. As long as you are being responsible with your money, your credit score will reflect it.

Review Your Credit Report Annually
It’s smart to stay on top of your credit report, and to know what potential mortgage lenders will see. You can request a FREE Annual Credit Report from each of the 3 major credit reporting agencies – Equifax, TransUnion & Experian once a year at www.AnnualCreditReport.com

Categories
Market Updates

FREE MLS Training. Wednesday, January 7. Noon to 2:00 PM

FREE MLS Training. Wednesday, January 7, 2015. Noon to 2:00 PM

mlsPlease join us for FREE MLS (Multiple Listing Service) Training with Michele Benson of CT Real. 

Michele will discuss recent software changes to MLS. MLS has changed theirmls 2 operating system which effects how Realtors add, edit, search and pull comparable market analyses.

The training will be held in the Norcom Mortgage Training Room, 38 Security Drive, Avon, CT on Wednesday, January 7 from Noon to 2:00 pm.

It’s FREE and all Realtors are invited to attend. Lunch will be served.
RSVP to rick.cignoli@norcom-usa.com  by Friday, January 2, 2015

Categories
Select Properties

65 East Street, Watertown, CT For Sale

I live around the corner would be happy to be the first to welcome you to your new home that’s For Sale at 65 East Street, Watertown, CT.

65 East Street, Watertown, CT

So much potential! Ideal for First Home Buyers. Great location, quiet neighborhood.
Owners never finished second floor. Second floor ready for expansion with an FHA 203K Rehab Loan.
Large rooms, nice yard. Newer replacement windows, public water and sewer. Yes, Needs some updating but well worth the effort.

Call Me at 860.945.9284 to discuss the right mortgage option for your family and to take advantage of my FREE Mortgage Pre-Approval service.

Then call Peg Durkee at Westview Properties to schedule a showing and be ready to make an offer.

http://www.trulia.com/property/3165720415-Single-Family-Home-Watertown-CT-06795#photo-1

Categories
Uncategorized

Vive La Liberation! Happy Bastille Day!

Storming of the Bastille, 1789

Bastille Day, the French National Holiday, commemorates the storming of the Bastille on July 14, 1789. It marked the beginning of the French Revolution.

The Bastille was a prison and a symbol of the absolute and arbitrary power of King Louis XVI. By capturing this symbol, the people signaled that that the king’s power was no longer absolute; power should be based on the Nation and be limited by a separation of powers.

My Mother was born in France and experienced the absolute and arbitrary power of the Nazis during WWll. During the French liberation, she met and married a handsome GI Lieutenant in Marseille and followed him to the USA. It was a great adventure and a great love story.
As kids, Mom made sure we celebrated her love of family and the blessings of her new country on July 4th.  And on July 14, we celebrated her love for her home country. This time the colors of the cake and ice cream were Blue, White and Red; the French tri-color.

Vive Les Etas Unis! Vive La France! Happy Bastille Day!

Categories
Mortgage Process Uncategorized

Your Credit Score and Your Mortgage Application

Your Credit Score is the most obvious factor in your ability to getting your Mortgage good-credit-vs-bad-creditApplication approved. The higher your score, typically the less risk you pose to lenders and the lower your mortgage interest rate. So how is your credit score determined? And how can you improve it?

Your Credit Score is based on the following 5 factors:
1. Your Payment History. (35% of your score)
♦ Your payment history shows whether you make your monthly payments on time, how often you might miss making your payments, how many days past due the due date you eventually make your payments, and how recently your payments have been delinquent.
♦ How To Improve It: Make all your monthly payments on time. The more payments you pay     promptly, the higher your score. Each time you miss a payment, you risk losing valuable points on your score.

2. Amount Owed on Loans and Credit Cards.(30% of your score)money management
♦  Your score is also based on the entire amount you owe, the number and types of credit accounts you have, and the proportion of money owed compared to how much credit you have available.
♦  How To Improve It: Smaller balances on your credit cards can raise your score – if you pay on time. High balances and maxed out credit lines will lower your score. Keep your credit card balance to less than 30-50% of your credit line.
New loans with little payment history may drop your score temporarily because your report will show the recent inquiry into your report to obtain the new debt.
Loans that are closer to being paid off can increase your score because you have a longer track record of paying the installments on time.

3. Length of Credit History. (15% of your score)
♦  The longer you can show a history of meeting your obligations in a timely manner, the higher your score will be.
♦  How To Improve It: This simply takes time. No credit or no no recent credit is not necessarily a good thing. It may seem wise to avoid using credit, or to avoid applying for credit, but it can actually hurt your score if mortgage lenders have no credit history to review.

4. Types of Credit Accounts.(10% of your score)
♦  A mix of credit accounts is best.
♦  How To Improve It: If you only have one type of credit account, add another type when it makes financial sense to do so. A mix of car loans, personal loans, retail store accounts and major credit cards will improve your score – if you manage them wisely and make the payments on time.

5. Recent Credit Activity. (10% of your score)
♦  Steady credit activity is best.
♦  How To Improve It: If you’ve opened a lot of accounts recently, or applied to open new accounts, it suggests potential financial trouble and can lower your score. The lender will see the inquiry on your report and require a letter of explanation as to why you opened these accounts and whether there are balances  that haven’t shown up on your report yet.
However, if you’ve had the same accounts for some time and you repay them on time – even after some payment troubles – your score will eventually go up.

Review Your Credit Report Annually
It’s smart to stay on top of your credit report, and to kow what potential mortgage lenders will see. You can request a FREE Annual Credit Report from each of the 3 major credit reporting agencies – Equifax, TransUnion & Experian once a year at www.AnnualCreditReport.com

Review your reports carefully, as each one may contain inconsistent information or inaccuracies. You have the right to dispute any error by contacting the agency with in 30 days of receiving your report.

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