Buying or Selling in 2010 – Here’s What You Need To Know!

If you’re planning to Sell or Buy a Home in 2010 here are a few key recommendations to remember.

Sellers:

1. Review your existing mortgage agreement with your mortgage specialist. If you’re in the first year of a five-year term, the payout penalty might be so high that you decide to wait until at least the mid-point, if not the end of that term.

2. Assess the selling costs, which may include repairs, home appraisals and inspections, legal and Realtor’s fees so that you can budget and save for them.

3. Crunch the numbers and look forward. Will your home’s proceeds cover your next home purchase? Do you plan to invest part of the proceeds?

4. Purge and de-clutter six or more months in advance, because over-stuffed storage areas suggest a lock of space rather than reflecting on the homeowner’s organizational skills and hoarding tendencies.

5. Identify items that are worn, outdated or don’t work, then repair or replace them.

6. Get a referral for a Real Estate Agent. Your Mortgage Specialist works closely with many realtors and can steer you in the right direction.

Buyers:

1. Have your mortgage professional pull your credit report. If necessary, you can commit to improving your rating by paying off credit cards and/or loans before you look for mortgage financing.

2. Crunch the numbers to see if you can really afford it. Your mortgage specialist can help you calculate your net worth, current household budget, monthly debt payments and how much you can afford to spend on a home purchase. Remember you will need a minimum down payment of five percent.

3. Get your mortgage and financing documentation in order. You will need to prove your personal information, your net worth, income, employment and the source of your down payment.

4. Get pre-approved for a mortgage to determine the amount you can afford based on the lender’s review of your finances. This will also provide written confirmation on the interest rate that can be held for up to four months.

5. Search online for homes in your desired location and price range. Get a feel for what’s out there before contacting a realtor.

Remember your TMG Mortgage Agent can help you through the entire home buying process. If you have any questions please call today 1-877-933-8383.