Are you a Millennial? Are you a First Home Buyer? Are you thinking about moving up of downsizing? Is 2016 the year you’ve decided to get off the fence and buy that dream home?
Real estate professionals are always optimistic about the Spring Buying Season. Sellers have finished staging their home for sale; the grass is green, flowers are blooming and curb appeal is at its peak. The Super Bowl is over; buyers are out of hibernation and doing their on-line research to get prepared to make the biggest investment of their lives.
Spring is almost over, but it’s Not Too Late To Buy in 2016. Here are some facts to consider:
♠ Internet searches for real estate listings consistently peak in July.
♠ About half of all home sales occur between May and August making the summer months the busiest season nationally.
♠ About half of home sales occur in the “off” months of September through April. That’s a lot of traffic.
♠ Studies show that prices tend to peak in the busy Spring season. For Buyers, now is the time to buy..
The bottom line is this: The best time to buy is when it’s best for your scenario. But, please don’t think your opportunity has passed. Low interest rates make now a great time for millennials to be in the market for their First Home. Low financing costs make higher price points more affordable. Get Pre-Approved Now. Now is the time to buy!
If you use a credit or debit card, bank online or make any kind of electronic financial transaction, you face some risk that your personal information or money could be stolen. That means pretty much everyone is exposed to this threat.
Here are 10 Smart Moves To Protect Your Bank Account
1. Review bank statements for accuracy.
2. Never disclose a debit or credit card PIN (personal identification number) in email or on the phone.
3. Be suspicious of strangers who ask for personal information by email or phone.
4. If you’re asked to provide your Social Security number or other confidential information, make sure you know who wants the information and why.
5. Be wary of email attachments and “free” software.
6. Don’t use part of your Social Security number as a PIN.
7. Think before you download apps, click on links or reply to email that might be harmful or fraudulent.
8. Keep your laptop or mobile device’s operating system and Internet browser up to date.
9. Don’t store passwords, your Social Security or other sensitive information on your smartphone.
10. Be aware of your surroundings when you bank online in a public setting. Watch out for “shoulder surfers,” people who hover nearby and observe your information without your knowledge.
Lastly, Don’t sign into online banking on a public computer and always sign out when you’ve finished your transactions, even if you use your home computer or own mobile device
Changes in FNMA Guidelines Enables Norcom Mortgage to Close More Conventional Loans
Here’s What’s New …
1. Unreimbursed Business Expenses. Buyers earning <25% of their income from commission, bonus or overtime no longer have to account for a reduction in income due to unreimbursed employee expenses. That means tradesmen in particular may use their total gross income to qualify for a mortgage and not be penalized for taking advantage of legitimate business deductions.
2. Move Up Buyers. Buyers moving up to a bigger home and converting their current residence to investment property no longer need a minimum 30% equity position in the vacated property in order to use the rental income from the vacated property for debt service on the new home. All rental income from the former residence can now be used immediately.
3. Cash Reserves. Buyers using stocks, bonds, mutual funds and retirement accounts now can use 100% of their vested balances toward the asset reserve requirement. If those balances are >20% of the funds needed for the down payment and closing costs, buyers no longer need to show proof of liquidation for those funds. Less paperwork means faster closings.
Contact Me Today to Learn More! At Norcom, We Make Homes Happen!