Consider These FAQ Before Purchasing a New Home

How do you know if owning a home is right for you? Buying a home is a big step. Here are some FAQs to consider before purchasing a home.
family financeHow would a buyer know if they are ready to buy a house?
A home is a lifestyle & commitment change, which may include many factors when deciding to purchase a home. Growing a family, relocating, an extended family living together, or low interest rates are all examples that can be the deciding factor when a new buyer is ready to purchase a home. Buying a home is a good investment in your future.
What are some ways to ensure a buyer’s finances are in order before they buy a house?
The first discussion that the agent will have with the buyer is if the buyer is Pre-Approved for a mortgage. They should always be Pre-Approved by a mortgage loanpre-approval 2 officer at a local lender whom they trust. Some of the factors that are taken into consideration to be Pre-Approved are to always maintain a good credit score, income and asset verification and employment status.
It is imperative that the buyer is educated on what they should or shouldn’t do while the mortgage is in the process. Also, the buyer should never over extend themselves with a mortgage payment. A little hand holding goes a long way!
If a buyer has found a house that fits their needs, what can they do to get more information about the neighborhood?
Before a buyer signs on the dotted line they should always educate themselves on the neighborhood. They should visit during the day, night, and weekends, check out local online forums, talk with neighbors, review crime stats, and the amenities that the town offers. Location, location, location is the most important factor when purchasing a home!
How can buyers better prepare themselves for the home buying process?
The home buying process should not be stressful or problematic. It should be a great and happy experience, but unfortunately not every buyer will agree. It is a team effort… the agent, the mortgage officer and the buyer.
cooperationThe agent and the loan officer should never pass any stress onto the buyer. The agent’s responsibility is to find the buyers a home. The agent should be knowledgeable in explaining the following steps to the buyer: contract, home inspection, mortgage commitment, and closing.
The loan officer’s job is to put all the pieces of the puzzle together. He is responsible for educating and guiding the buyer through the complicated mortgage process, He must understand the details of the transaction and the buyer’s needs. He assembles all relevant documents to support the mortgage application and submits them to his underwriter for approval.
The buyer’s job is to keep the agent and loan officer informed and comply immediately with any questions or concerns they may have. When the agent and the loan officer prepares the buyer, their buying experience should be pleasant and happy. The only thing that the buyer should be worried about is packing.
What are some important things that buyers should consider when buying a home?
It is the agent’s responsibility to keep an open dialogue with their buyers and explain to them what will sell and what may not sell in the future. Location is the number one factor when buying a home, try not to purchase a home that has less than 3 bedrooms, don’t purchase near or under a highway. These are some examples buyers should think about when purchasing a home. Don’t be afraid to ask your agent and loan officer the hard questions

Rick Cignoli

Then reach out to Me at 860.945.9284 to discuss the right mortgage option for your family and to take advantage of my FREE Jump Start Mortgage Pre-Approval service and be ready to make an offer on your dream home.

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188 Litchfield Street, Thomaston, CT For Sale –Eligible for 100% USDA Financing

Recently remodeled comfortable colonial tucked away from the crowds but convenient commute is Eligible for up to 100% USDA Financing.

The USDA Guaranteed Rural Housing Development Loan offers many benefits to qualified First Time Millennial Home Buyers
♦ No Down Payment Required! Up to 100% Financing of the home’s appraised value.
♦ Ability to Finance the Closing Costs into the loan when the appraised value is greater than the negotiated sales price.
♦ One 30 year fixed rate mortgage at today’s low interest rates.
♦ Reduced Mortgage Insurance is cheaper than PMI on Conventional and FHA loans
♦ No limit on Seller Contributions. No Limit on Gift Funds
♦ No cash contribution is required from buyer

 

https://www.zillow.com/homedetails/188-Litchfield-St-Thomaston-CT-06787/57820970_zpid/

Reach out to Rick Cignoli @ 860.945.9284 to find out if the USDA Guaranteed Rural Housing Development Loan is the right mortgage option for you and to take advantage of his FREE“Jump Start” Mortgage Pre-Approval with Rate Assurance service

Then call Sue Holway @ Keller Wiiliams 860.601.8217 to schedule a showing and be ready to make an offer

The Perfect Loan for the Almost-Perfect Home

203k 2Your Dream Home is Within Reach!

Did you know that when Purchasing or even Refinancing a home, buyers can include additional monies for renovations and repairs.
The FHA 203(k) Rehab Loan allows homeowners to purchase and/or renovate their home with just one loan…monies to purchase it and monies to renovate it.

Program Benefits:
Eligible for 1 -4 Unit Owner-Occupied Properties and Mixed Used Properties too.
♦ Mortgage Based on after-improved value
♦ One closing and then the repairs begin
♦ Perfect solution to problems with older homes
♦ Enables borrowers to buy short-sales and foreclosed property when they don’t have the cash to do the needed repairs

Eligible Repairs:
♦ Modernize Plumbing, Heating , Ac And Electrical Systemshome repair 2
♦ Roofing, Gutters and Downspouts
♦ Weatherization (Storm Windows, Doors and Insulation
♦ Interior or Exterior Painting and  Remodeling
♦ Update Appliances, Kitchens and Bathrooms
♦ Flooring, Tiling and Carpeting
♦ Handicap Accessibility
♦ Basement Remodeling and Water Proofing

Many of the homes on the market today are functionally obsolete because they are older and don’t have the amenities today’s buyers are looking for in a home.
The answer is this: You can get a mortgage to buy a house and fix it up at the same time using the same loan. Smart Home Buyers are buying properties in need of attention and turning them into their dream home with the help of the FHA 203(k) Rehab loan.

Reach out to Me @ 860.945.9284 to discuss the right mortgage option for your family and to take advantage of my FREE Mortgage “Jump Start” Pre-Approval service.

 

 

 

 

5 Tips for Millennial Home Buyers

MillennialsThe Millennial generation has a considerably more challenging road to homeownership in large part to increased student debt and challenges with credit. Oftentimes, Millennials looking to buy their first home are under the impression that it’s not possible and choose to rent instead. However, by following these 5 buying tips, the Millennial generation can make the goal of owning a home a reality.

1.) Stay Within Budget
It can be easy to get caught up in a passionate bidding war when you think you’ve found your dream home. Unfortunately, this often happens to First Time Home Buyers who forget to stick to their budget. Once Pre-Approved for a mortgage and a down payment is calculated, it’s imperative to stick to those numbers and not offer more. A real estate agent can run comparables of homes in the area you are looking at and help determine a reasonable offer.

2.) Save!Family Finances
This might seem like an obvious tip, but for Millennials, it’s crucial. With surmountable student debt, high credit card bills, and the overall cost of living, saving is often easier said than done. However, by determining the cost of your potential down payment, even setting aside a small amount each month over time will help you reach your goal of owning a home within your set budget.

3.) Get the Help of Professionals
It might seem tempting to take on the home buying process on your own, perhaps with the idea of saving a little money in mind. In reality, enlisting the help of a loan officer and a real estate agent can save you a lot of headaches down the road. When it comes to any complicated closing issues, or language in contracts that might be confusing, you’ll be thankful that you have the help of people familiar with the process.

4.) Find Who You Like and Who You Know
Building off of the last tip, there are many professionals you can choose from to help you. Make sure that you are comfortable with who is helping you buy your first home. Take the time to find somebody you can trust and can communicate well with so that your needs and goals are being met throughout the entire process.

5.) Consider Doing it Yourself
It is a great idea to have an idea of what home repairs and projects you are willing to take on yourself as a new homeowner, and which you would want a professional for. In addition, which projects would give you more return on your investment should you decide to sell later on. By doing this, you’ll be sure you are submitting the best offer on the home you want and hopefully will minimize and surprise expenses down the road.

pre-approval-2As they say, “where there’s a will, there’s a way.” And today’s Millennials are proof of that. Do you have questions about buying your First Home?
Reach out to Me to discuss your mortgage options and to take advantage of my FREE JumpStart Mortgage Pre-Approval service.

https://rickcignoli.norcommortgage.com/

 

How To Buy a Home Even With Student Loan Debt

Student Loan Debt may be at all-time highs, but Millennials aren’t letting that stop them from buying a home. In fact, a recent report shows that 27 percent of all First Home Buyers have student loan debt. And First-Time Buyers? A whopping 40 percent have student loans.

Family FinancesSo how do they do it? How do they keep making monthly loan installments while saving for a down payment or paying a mortgage at the same time? Here’s how today’s buyers are making it happen.

They’re choosing the right loan programs. For buyers with student loan debt, an FHA loan can be a great option. And both Fannie Mae and Freddie Mac have made favorable changes to how student loan debt factors into the mortgage qualification.

They’re getting gifts and co-borrowing. Many buyers are choosing to use gift money from family members to pay their down payment or other costs, while others are choosing to co-borrow their mortgage with a significant other or roommate. Both of these help lower the costs of home buying at the outset.

They’re taking advantage of down payment assistance programs. Saving for a down payment is often the hardest part when you’ve got student loan debt on your shoulders. Fortunately, there are hundreds of down payment (and closing cost) assistance programs that can help cover these expenses and more. Check your state, city and county to find out if there are any you qualify for.

They’re working on their credit. A great credit score means a great mortgage rate — and less money paid monthly and over the life of the loan. Today’s buyers are boosting their scores by paying down their debts, avoiding late payments and watching their credit reports carefully.

As they say, “where there’s a will, there’s a way.” And today’s Millennials are proof of that. Do you have questions about buying a home while dealing with student loan debt?
Reach out to Me to discuss your mortgage options and to take advantage of my FREE  JumpStart Mortgage Pre-Approval service