Monthly Archives: January 2011

First Time Home Buyer Tip #24

All lenders are not the same! Mortgage lenders tend to specialize in certain kinds of loans or with certain kinds of clients.  Be sure to ask friends and your Buyers Agent for a recommendation to the person that they would use personally if they were a first time home buyer.   Choosing the right lender […]

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First Time Home Buyer Tip #23

Want a huge tax writeoff? The US Government wants you to buy a home!  Years ago, they realized that homeownership was good for the country, local communities, and the economy.  So, they created tax advantages to entice you to own a home (as if there weren’t enough reasons already!)  Check out this example of how […]

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First Time Home Buyer Tip #22

Don’t even think about writing an offer without a preapproval letter! Most sellers (and all bank owned homes) now require that you have a preapproval letter from your lender at the time you submit an offer on a home.  Be sure you meet with your mortgage professional at least 3-4 weeks before you think you’ll […]

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First Time Home Buyer Tip #21

When estimating fixup costs, you’ll almost always want to double your estimate. We’ve found that most every project ends up costing about twice as much as your original estimate for 3 reasons: 1.  Underestimating costs in general. 2.  “While we’re at it”.  This one can often make quite a bit of sense and it goes […]

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First Time Home Buyer Tip #20

Using a variety of credit types will boost your credit score. By variety, we don’t mean 10 different credit cards!  Having a car loan, a credit card or two, some store credit accounts, a line of credit with your bank, etc creates a variety of credit and, if paid diligently, shows you have restraint and […]

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First Time Home Buyer Tip #19

How much should you budget for repairs on a typical home? Our veteran inspector of over 8000 home inspections says “About 1 to 2% of the purchase price.” That works out to be $1500-3000 worth of fixup after you buy for a normal $150,000 house. This work would not necessarily have to be done immediately, […]

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First Time Home Buyer Tip #18

Think you only need one kind of Home Inspection? Think again! You could easily have 10-12 separate inspections on a home.  The two inspections that we highly recommend for most every buyer is the general home inspection and a sewer scope to see if the sewer line is in good condition. You should think of […]

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First Time Home Buyer Tip #17

Do you know what stays and what goes?? Not positive whether something comes with the house you are writing an offer on?  Things like shelving, mirrors, lighting, etc are called Personal Property and are not necessarily part of the real estate being sold.  If in doubt, be sure to ask for it in your offer […]

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First Time Home Buyer Tip #16

Don’t transfer money around between accounts or credit cards during the loan process! We’ve created this YouTube video to illustrate our point… What Does Bob Know About Credit.  If you move money from one account to another or use one credit card to pay off a different card, it can affect your credit score negatively.  Many […]

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First Time Home Buyer Tip #15

Do zero down loans exist anymore? Yes, but nowhere near the number that did even a few years ago.  There are two primary zero down loans and they have some serious limitations.  First, if you’re a veteran there is the VA loan, and the second is the USDA Rural Housing Loan if you are buying […]

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