Saturday, July 25, 2015

First Time Home Buyer Mortgage Myths – Debunked!

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There seems to be a growing chasm between what the public believes to be needed and what is actually needed to qualify for a residential home loan. A recent survey by Ipsos reported that:Two-thirds of those surveyed believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780. Consumers overestimate the down payment funds needed to qualify for a home loan, with 36 percent thinking a 20 percent down payment is always required. However, according to American Enterprise Institute's International Center on Housing Risk’s May First-Time Buyer Mortgage Risk Index (FBMRI), reality is far from perception. The report reveals:70% of first-time buyer mortgages had a combined loan-to-value ratio of 95% or higher About 20% of first-time buyers taking out mortgages had a FICO score below 660 25% had total debt-to-income ratios above 43 percent The median first-time buyer with an agency mortgage made a down payment of only 3 percent, or $7200 in dollar terms. The median FICO score for first-time buyers with agency mortgages was 705 For first-time buyers with FHA-insured loans, the median FICO score was only 672 These numbers contradict the frequent claims that first-time buyers face difficulties in obtaining mortgages.Bottom Line Stephen Oliner, co-director of AEI’s International Center on Housing Risk explained the reality of the situation.“One hears all the time that first-time buyers have limited access to mortgage debt.  But this isn’t true. Many first-time buyers with low FICO scores and little money down are buying homes every month.” may also be of interest

Wednesday, July 22, 2015

The Cost Of Waiting To Buy A House

First-time homebuyers are flocking to the housing market in greater numbers than any time in the last few years. Renters who are ready and willing to buy are now realizing that they are also able to as well. Many first-time buyers are Millennials (born between 1981 – 1997).

If you are one of the many in this generation who sees your friends and family diving head first into the real estate market, and wonder if now is the time for you to do the same, keep reading!

The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time.

Let’s look at an example of what the experts are predicting for the upcoming year, and what that really would mean for you. Let’s say you’re 30 and your dream house costs $250,000 today. Right now mortgage interest rates are at or about 4%.

Your monthly mortgage payment (principal & interest only) would be $1,193.54.

But you’re busy, you like your apartment, and moving is such a hassle. You decide to wait until next year to buy. CoreLogic predicts that home prices will appreciate by 5.1% in the next 12 months; this means that same house you loved now costs, $262,750.

Freddie Mac predicts that over this same period of time, interest rates will be a full point higher at 5.0%. Your new payment per month is now $1,410.50.

The difference in payment is $216.96 PER MONTH!

That’s basically like taking $8 and tossing it out the window EVERY DAY!

Or you could look at it this way:

That’s your morning coffee everyday on the way to work (average $2) with $10 left for lunch!
There goes Friday Sushi Night! ($50 x 4)
Stressed Out? How about a few deep tissue massages with tip!
Need a new car? You could get a brand new car for $217 a month.
Let’s look at that number annually! Over the course of your new mortgage at 5.0%, your annual additional cost would be $2,603.52!

Had your eye on a vacation in the Caribbean? How about a 2-week trip through Europe? Or maybe your new house could really use a deck for entertaining. We could come up with 100’s of ways to spend $2,603, and we’re sure you could too!

Over the course of your 30 year loan, now at age 61, hopefully you are ready to retire soon, you would have spent an additional $78,105.60, all because when you were 30 you thought moving in 2015 was such a hassle or loved your apartment too much to leave yet.

Or maybe there wasn’t an agent out there who educated you on the true cost of waiting( a year. Maybe they thought you wouldn’t be ready. But if they showed you that you could save $78,000 you’d at least listen to what they had to say.

They say hindsight is 20/20, we’d like to think that 30 years from now when you are 60, looking back, you would say to buy now…

Wednesday, July 15, 2015

Home inspectors in Kansas City

Home inspectors in kansas city do a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. Home inspections are usually conducted by a home inspector in kansas city who has the training and certifications to perform such inspections. Home inspectors in Kansas City will prepare and deliver to the client a written report of findings. The client then uses the knowledge gained to make informed decisions about their pending real estate purchase. The home inspector in Kansas City describes the condition of the home at the time of inspection but does not guarantee future condition, efficiency, or life expectancy of systems or components.

Sunday, July 12, 2015

How To Generate Real Estate Leads Without Any Listings Using Listings To Leads

I'm going to show you how you can use Listings to Leads and generate tons of buyer leads without any listings of your own and on a very limited budget.

Many new real estate agents struggle to generate leads, especially if they don't have any listings of their own.  In this video I'm going to show you a way any agent can generate unlimited leads using a service called Listings to Leads.  Watch the video and you'll have a pipeline full of buyer leads in no time.

Home Ownership Is The American Dream

There was a survey done this past month from Ipsis that asked people what does home ownership actually mean to them. And people could pick from different answers or multiple answers. But here’s something interesting. Fifty five percent said it’s an achievement to be proud of, that home ownership is something to be proud of. Forty two percent said it’s a good way to acquire equity. And 32% said it’s a way to, home ownership is a dream come true. 

According to a Federal Reserve study done in the last thirty days, 81% of the renters indicate that they would prefer to own their home if they could do so.  More than eight out of ten would much rather own than they would rent.  And the Federal Reserve report broke down both the non‐financial and the financial reasons people felt that way.

Non‐financial reasons... They simply prefer to own. You know, they want to be the kind of their own castle or queen.  There are fewer rules. There’s no landlord telling them what they can, what colors they can paint the room and whether they can put a play set out in the back yard. And 23% say they just don’t like to move. When you own your home you have stability there. When you’re renting, you’re not sure at the end of that lease what’s going to happen. 

Now for the financial reasons, the top three are they allow you to build equity.  It’s cheaper than renting and people begin to realize that more and more now. And 20% even said it provides certainty of monthly payments. They know what their expenses are going to be.  And that’s important because they can budget and they can budget savings too.

As you can see, to most renters home ownership is the American dream.  If you dream of owning a home we would love to have a chat with you to see what your goals are and how we can help you achieve them.  Give us a call at 913-732-1247.  We are licensed in KS & MO

Friday, July 10, 2015

Find A Home Inspector In Kansas City by Crest Home Inspections 913-428-9586

If you’re looking for a qualified home inspector in Kansas City, then you’ve come to the right place.  As a certified InterNACHI home inspector I provide a thorough, top to bottom, and detailed inspection so you can feel comfortable about the decision you’ve made to purchase a home. Providing the best service to you, my client, is my number one priority.  Don’t get stuck in a money pit, let Crest Home Inspections Kansas City help you make the right choice with a thorough home inspection.

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Thursday, July 9, 2015

Real Estate Service for Kansas City

Our listing services set us apart from the competition by using professional photography for every house we list, a complimentary staging consultation if you desire, and both traditional and aggressive online marketing techniques.