buying

Finding the right agent for your home search is very important.

Posted by jaclynnelson

Hi ! –

Finding the right agent for your home search is very important. A great agent will not only show you properties, but will also make the whole process more successful and painless.
Here are some of the many services you can expect from me, Jaclyn Nelson as your agent:

  • Accessing every home on the market (and some that aren’t yet!)
  • Viewing properties that are inaccessible without an agent
  • Referring you to qualified professionals (insurance, mortgage, legal, etc.)
  • Successfully negotiating the best price and terms
  • Representing you through the contract, escrow and closing process

Questions to ask Loan Officer

Posted by jaclynnelson

Hi LEAD_NAME –

The mortgage loan process can be very confusing and stressful, so I_WE_LC thought I_WE_LC might take this opportunity to share some good questions to discuss with your lender when applying for a home loan:

 

  1. What kind of fixed-rate and adjustable mortgage loans available?
  2. How long can I “lock-in” the financing at the current interest rate and what is the lock-in policy?
  3. Is a float down lock available in case rates drop after I have locked-in?
  4. What are the other fees a lender may charge me in conjunction with my loan?
  5. Are funds for a second mortgage available?
  6. Is there a pre-payment penalty clause? This involves extra charges for paying off the loan before maturity. About 80% of all mortgage loans are paid off early.
  7. What is the “grace” period?
  8. How late can a monthly payment be made before a late charge is assessed?
  9. What will happen if a payment is missed?
  10. If you sell your house, will the new buyer (if he/she qualifies) be able to assume your mortgage at the same interest rate?
  11. Do you have to pay “points” to get your new mortgage? Usually lenders charge points for the cost of giving you a mortgage loan. A “point” is 1% of the loan.
  12. Will the lender require mortgage insurance?
  13. Is the loan serviced locally or is the servicing sold?
  14. What will the total closing costs be?

 

Questions on adjustable rate mortgages:

  1. How often will the interest rate be adjusted?
  2. Is there a maximum limit on each rate change?
  3. How often will the monthly payment be adjusted?
  4. Is there a ceiling on payment adjustments?
  5. Can the term of the loan be extended?
  6. What is the maximum rate that can be charged over the life of the loan?
  7. Is there any potential for negative amortization?
  8. What is the annual percentage rate?

Sincerely,

Jaclyn Nelson

516-757-8585

Home Buying Steps

Posted by jaclynnelson

Buy

New car smell has nothing on the feeling you get when unlocking your home’s front door for the first time. But the process of reaching that euphoric moment? Well, it can feel like you’re navigating an obstacle course designed by the producers of “Survivor.” So we’ve mapped out the steps to buying a house — and enlisted seasoned homeowners and real estate pros to share tips for finding the right home at the best possible price.

Buying a Home That Needs Work

Posted by jaclynnelson

Buying a Home That Needs Work

September 5, 2017

When you’re shopping for a new home, you may come across properties that require repairs or renovations. Are these houses worth the added expense? Will you get your money back if you decide to sell the house in the future?

According to market studies, certain renovations and repairs do add more value to a home than the repairs typically cost. These include kitchen and bathroom renovations, new or improved landscaping, and electrical and plumbing repairs.

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Reducing The Stress Of Moving Day

Posted by jaclynnelson

Reducing The Stress Of Moving Day

October 16, 2017

Moving day is traditionally such a hectic and emotionally charged experience that there are even reality TV shows about it.

Does it have to be that way? Is it possible to ensure that moving day goes smoothly?

Picking a good moving company, or making similar arrangements to transport your belongings, is the obvious place to start. But here are some other tips you might not have considered:

Put pets in a kennel for the day. Pets may get excited by all the activity and tend to get in the way, or may hide where you can’t find them.

Have healthy snacks available. Vegetables, fruit, nuts, juices and water are all natural energizers.

Hire a babysitter for the kids. It’s going to be a long day for them.

Call your mover the day before. Confirm exactly when they will be arriving and be sure they’ll be bringing a large enough truck.

Clearly mark boxes that contain items you’ll need immediately. Think about the clothes, cookware, computer accessories, toys and other items you’ll want to find easily during the first week in your new home.

Plan ahead to make your moving day drama-free. Unless, of course, you want to be on a reality show!

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Is It A Mountain? Or A Molehill?

Posted by jaclynnelson

Is It A Mountain? Or A Molehill?

November 13, 2017

There’s an old expression: Don’t make a mountain out of a molehill. It refers, of course, to putting a problem or issue in the right perspective. Some things just aren’t worth worrying that much about – the molehills. However, there are other things that you do need to be concerned about – the mountains.

What does all this have to do with buying a home?

It’s difficult to find a property on the market that is absolutely perfect and has no issues whatsoever. Even if you find a home that you fall in love with and that meets all your requirements, there are bound to be one or two areas of concern. That’s normal.

The trick is to determine whether a particular concern is a mountain or a molehill. For example, say you want a home with four bedrooms, but find one with three. That may seem like a big problem. But if you look closer, you may find that one of the rooms in the finished basement can easily be converted into a comfortable spare bedroom.

That particular issue is really a molehill, and shouldn’t prevent you from putting that home on your shortlist.

On the other hand, say you want a home in an area with local parks for your kids and a sidewalk out front. If a property you’re considering doesn’t have those features, you might not think it’s a serious issue. But consider how difficult it will be to take young kids for a walk and decide where you think they’ll play. You may actually have a mountain in front of you.

So, when shopping for a home, you need to understand which are minor issues that can be easily dealt with, and which are major issues that will seriously impact your enjoyment of the home.

5 TIPS FOR BUYING A HOME

Posted by jaclynnelson

5 TIPS FOR BUYING A HOME

 

Looking to buy a home? Here are five essential tips for making the process as smooth as possible.

Get your finances in order.

Start by getting a full picture of your credit. Obtain copies of your credit report. Make sure the facts are correct, and fix any problems you find. Next, find a suitable lender and get pre-approved for a loan. This will put you in a better position to make a serious offer when you do find the right house.

Find a house you can afford.

As with engagement rings, there’s a general rule of thumb when it comes to buying a home: two-and-a-half times your annual salary. There are also a number of tools and calculators online that can help you understand how your income, debt, and expenses affect what you can afford. Don’t forget, too, that there are lots of considerations beyond the sticker price, including property taxes, energy costs, etc.

Hire a professional.

While the Internet gives buyers unprecedented access to home listings and resources, many aspects of the buying process require a level of expertise you can’t pick up from surfing the web. That’s why you’re better off using a professional agent than going it alone. If possible, recruit an exclusive buyer agent, who will have your interests at heart and can help you with strategies during the bidding process.

Do your homework.

Before making a bid, do some research to determine the state of the market at large. Is it more favorable for sellers or buyers? Next, look at sales trends of similar homes in the area or neighborhood. Look at prices for the last few months. Come up with an asking price that’s competitive, but also realistic. Otherwise, you may end up ticking off your seller.

Think long term.

Obviously, you shouldn’t buy unless you’re sure you’ll be staying put for at least a few years. Beyond that, you should buy in a neighborhood with good schools. Whether you have children or not, this will have an impact on your new home’s resale value down the line. When it comes to the house itself, you should hire your own home inspector, who can point out potential problems that could require costly repairs in the future.

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