How Can You Protect Yourself as a Buyer?

I’ll help you buy or sell your home in Louisville, KY. If you’re looking to buy a home, I’ll help you pick the right home for you. If you’re thinking about selling, call me and I’ll tell you what price your home is most likely to sell for. Click here to search all available homes on my website.

When making one of the most important financial decisions of your life, it's important to take certain steps to ensure you are protected. Here are 5 ways to make sure the home buying process goes just the way you want it to:

• Find an advisor: Work with a licensed Realtor so you have an experienced person working with your interests in mind. It's our job make the process as smooth as possible for you.

• Get an approval letter: Before you start your home search, you need to see a lender and get approved for a loan. We have some great lenders and programs we can get you familiar with if you're interested. Visit www.briancurlhomeloans.com and start your approval process. The worst thing we can do is show you a home you are unable to purchase. 

• Get a home inspection: It's common to have an inspector take a look at the home when writing an offer. Whether you're a first-time buyer or a seasoned pro, an inspection is a good idea because they will find things you won't. This will save you time, money, and energy down the road. Visit  www.haystackinspections.com and schedule an inspection!

• Buy title insurance: Like health or auto insurance, you never know if you're going to need it until something happens. Title insurance stays with you for the life of your purchase and, should you ever have to use it, the title company must defend you with their money.

•  Home warranty: This can protect you before you have to make a major homeowners claim. This, like a home inspection, will save you a lot of trouble down the road.

These are just a handful of the ways you can protect yourself as a buyer. If you would like more advice on how to ensure a smooth transaction, give us a call. We are always available to make your life a little easier.

How to get a Loan in Today's Market

I’ll help you buy or sell your home in Louisville, KY. If you’re looking to buy a home, I’ll help you pick the right home for you. If you’re thinking about selling, call me and I’ll tell you what price your home is most likely to sell for. Click here to search all available homes on my website.

Getting a Loan in Today’s Environment Is Easier Than Most People Think

We often get asked about the ease of getting mortgages and it’s an understandable question given the roller-coaster ride our industry has faced since 2007. But today, things are a lot different than they were just a few years ago. Banks are still particular but they are not afraid of lending. In fact, they have plenty of money to lend.

The real question is “how has the process changed?” and also whether or not it is actually difficult to obtain a mortgage. And the answers will surprise you. Not only is the process to obtain a mortgage easier than most people seem to think but also it is really not too much more a changed process than a few years ago.

Banks Are Simply More Cautious

It used to be that most people could walk into a bank, present their ID and almost literally walk out with a bank note and keys in hand. Well, ok not exactly but it was almost that easy and credit scores were not as important as they are today. What has changed is that banks now take extra precautions to ensure borrowers’ financial viability and ability to repay the loan. There has never been a more thorough documentation process involved and for good reason.

Today, a borrower must show that they are responsible citizens that are worthy of paying back their debts. They must have a credit score of 620 or higher and income must be proven with at least 2 months’ pay stubs, two yeas of employment on record and 2 years of tax returns to corroborate the financials. Bank statements are also required as part of the process.

The bottom line is this: if you pay your bills on time, can prove a reasonable income level and a low enough debt-to-income ratio that supports the mortgage you are looking to obtain, chances are you will be approved. Making payments on time is critical as it is the primary source of information that lenders will review when they look at your credit report.

Many Loans Offer Low or No Down Payment

As far as the ease of being able to actually obtain the home, a lot of people are unsure of lenders’ down payment requirements these days. The truth is there are many programs out there that allow buyers to put only 3%, 5% or even NO money down. Depending on which program and financing options you select, there are benefits offered to military veterans, people seeking homes in certain areas in the outskirts of the city and also income-based low down payment programs as well.

One of the most popular financing options that many buyers choose is FHA financing which requires just 3.5% down on the purchase of a home. Since this option is not limited just to first-time buyers it is a great choice for many buyers.

Buyers Can Contribute to a Smoother Process

Some of the things that buyers can do to prepare in advance and to help the financing process go as smoothly as possible include preparing two years of tax returns, employment pay stubs and the two most recent months of bank statements. In addition, retirement statements, divorce decrees and rental histories showing responsible repayment habits.

Now is a great time to buy a home! Don’t let the rumors out there discourage you from starting the process. Lenders are lending. Right now homeowners are able to function in a home for far less than it would cost to rent each month. In fact, it often costs less to move into a home than it does to move into a rental unit, considering the first and last month’s rent and security deposit.

If you would like to explore your options, we invite you to contact us today! We look forward to making your real estate dreams become a reality.