The importance of getting pre-qualified

Buying a home can be a mystery for some people; especially first time homebuyers. Many people get frustrated with the all the paperwork, forms, questions, and legal issues involved in purchasing a home. In addition to getting through the mountains of paperwork, is also important to understand how you can be a big help to your broker. Many first time homebuyers do not realize that the home buying process actually starts before you even take a tour of that first home. In order to make the process go a little smoother, it is important that you first go to visit your lender to get pre-qualified. 

To pre-qualify you for a loan, a lender calculates a loan amount you can receive based on information that you provide. Information includes your income, expenses and debts. If you add the earnings of a spouse or parent as a borrower, your pre-qualifying amount will be higher. The lender verifies your information via a credit report. The credit reporting agency acts as a neutral third party. Consider this a firm estimate of a certain loan amount.
Final approval depends on whether the property also meets requirements for a loan. Different loan types have different guidelines for qualifying ratios. Your lender usually will not recommend a loan product until you complete a loan application. However, once lenders determine qualification ratios, they have a preliminary idea of which loan types to recommend, and you now have a better idea of what types of homes to look for. This also ensures that you and your broker are not wasting your time looking at properties that you are unable to purchase.

Once you have made the decision to purchase a home, it is essential that you go over your credit history with a fine toothed comb. Many of us are unaware of our credit scores, and the items that appear in the report. Often times people find that many of the items listed on their credit report are inaccurate, or should be removed. Here are a few tips to maintain good credit and ensure that you are able to go through with the purchase of your new home:

1-Pay all of your bills on time. This sounds simple, right? Well, in these uncertain economic times, it may be a little more difficult for some people to do. If you expect that you may have problems paying your bills on time, then wait until you are more financially stable to apply for a loan. Lenders want to see consistent bill payments over a substantial period of time. If you find yourself having a hard time paying bills, be sure to talk with the lender or company you owe. They may have programs or suggestions that will help you avoid having your bill sent to collections
2-Don’t open new lines of credit while you are in the process of applying for a new loan. Wait until the home buying process is over with. Opening new lines of credit will potentially reduce your credit score, and if you do this before finalizing your mortgage, you many find yourself stuck with a higher interest rate.
3-Monitor your credit report. It is absolutely essential to approach your credit reports with eyes open wide. There are many times when people realize that information reported may be inaccurate. If you find items that are reported inaccurately or do not belong to you, contact the creditors and get the situation resolved as soon as possible.
4-Reduce your credit card debt. While credit cards help establish the history of your ability to pay, they can also hurt you if you are not careful. When applying for your mortgage loan, be sure to try and pay down your debt as much as possible. The more you pay down, the more credit you have available.

The best loans and mortgages are available to borrowers with FICO scores 700 and above. Experian, one of the major credit reporting agencies, reports that the average credit score is 693. To ensure that you do not miss out on the home of your dreams, be sure to pay attention to detail and protect your credit. Contact us today to find out how you qualify for the home of your dreams.

Preparing to sell: Taking care of your home during the winter months

Spring is right around the corner, and consumers are ready to pound the pavement looking for the next Open House. If you are thinking about listing your home for sale in time for the spring rush, it’s a good idea that you get prepared now. There are small things that you can do now in order to get your home ready to show. Just a few simple things each week can save you from being bombarded and strapped for time once showing season gets into full swing.

Winter lawn care: One of the things that buyers look for is a picture perfect yard. If your grass is dry or discolored if gives off the impression that the home has been abandoned, or that the owners have not taken care of their investment. One of the simplest things that you can do is to pick up any leaves that are in the yard. Leaves that are left in the yard for long periods of time can create unsightly dead spots in your lawn.

It is also important that you let your lawn “breathe”. Leaving clutter such as toys and equipment on the lawn will prevent the lawn from being able to breathe and absorb sunlight. 

Cosmetics: The first impression that a buyer gets is when they first drive through your neighborhood. You want to make sure that you never give them a chance to turn around and drive away without stopping to see the inside of your house. While small cosmetic changes may not dramatically increase the financial return on your sale, they may in fact have an impact on how fast you sell your home. Replace any broken or discolored shutters or overhangs, fix the screens in all of the windows, and make sure that your mailbox is in decent shape. By spending a few dollars at the hardware store, you could possibly change how fast your home is sold. 

Clear out that clutter:  It’s a good idea to go ahead and prepare your house for the first showing appointment. Depending on how long you have lived in your home, you may have amassed a great deal of clutter. Instead of going through the house and boxing up everything to go in the attic or in the garage, separate it and prepare to have a yard sale at the first sign of spring. Buyers who tour your home will want to see how much space you have. Filling up your garage or attic with tons of boxes does the buyer no good when they are trying to judge how large of a space you have. Do yourself a favor, and make sure that your garage and your attic are just as clean and neat as the rest of your house. Buyers will appreciate the extra time and attention that you put into showing off your space.

In a competitive market, it’s always good to stay one step ahead of the rest. Taking these small steps can make a world of difference, and potentially put more money in your pocket than you bargained for.

Historic interest rates give buyers hope

As we move into 2011 interest rates continue to remain low. The National Association of Realtors' Pending Home Sales Index reports that pending homes sales rose in November by 3.5 percent. With interest rates as low as 4.6%, what better time than the present to purchase a new home?

Buyers across the country are taking advantage of the opportunity to lock in low monthly payments that are sometimes lower than your average monthly rental fees. This also gives buys a chance to improve upon their credit history will building up equity in their home. However, many homebuyers are still skeptical due to the economic downturn in the US. But the coming year offers the promise of the creation of new jobs which will help stabilize the economy. For homebuyers who are still hesitant due to fear of losing their jobs or defaulting on their loans, economists suggest that homebuyers purchase a home that is equivalent to one week’s salary. This prevents the homeowner from getting in over their head in the case of unemployment or financial crisis. Homebuyers also need to take into consideration other bills such as taxes, insurance, and monthly maintenance fees when setting their budget for their new home.

Low interest rates also allow current homeowners to take advantage of the equity they have built up in their homes. Instead of relying on credit cards or emptying out savings accounts, many existing homebuyers have found that initiating a refinance or home equity loan at a fixed rate is a much better move. New homebuyers can add this advantage to the list of reasons why homeownership is a smart investment.

What many of the skeptics don’t realize is that there are many reasons why buyers sometimes default on their loans. Having a clear understanding of how much you can afford before buying a home can determine whether or not buyers default on their home loans. Having a Realtor that is well versed in current market trends can take the fear out of buying a home, and allow you to take advantage of the low monthly payments now available.

For more information on how you can take advantage of these historically low rates contact David Lever at 252-714-8827

http://www.davidhlever.com/

Why you should list your house TODAY!

As the weather gets colder and people retreat indoors, many homeowners are questioning whether or not this is a good time to sell. Putting your house on the market can be a scary experience, but with the right Realtor and a positive attitude the process of selling your home does not have to be a daunting task.
One of the many issues that many homeowners have is that they are too concerned about what Naysayers believe in. If you listen to the masses online and on the news, you’ll find that many are adopting the ‘gloom and doom’ attitude. This is the segment of our population who has watched the real estate market suffer tremendously in their area. But what they don’t tell you is that the rise and fall of residential real estate is dependent on the area in which you live. Many of the smaller cities in Eastern, NC have not suffered as much as other cities around the country due to the surge of development in these Eastern NC cities. Cities such as Greenville, NC have experienced a surge in population due to the growth in business and industry. With that growth comes the need for affordable housing. Sellers in this area may be surprised to find that putting their house on the market right now is a better idea than they thought.
Another misconception that homeowners believe is that putting a house on the market in the winter months is a bad idea. While people may not be running in droves to go house hunting every weekend in December, there are still some buyers in need of finding a home for the holiday season. With the beginning of a new year, many people are starting fresh at a new job or a new school for their children. The change in seasons does not affect these potential buyers because their need for housing is greater than their desire for convenient house hunting weather.
What’s also great for homeowners to consider is the surge of new properties on the market for the spring. Warmer weather tends to result in a flood of new listings. For people who really need to sell, you do not want to get lost in the sea of new listings and Open Houses. You want to make sure that you and your Realtor have taken care of all the necessary steps to getting your house sold before the rush starts.  Getting your house on the market in the winter months may be the best thing for you to do right now.
For more information on how to get your house sold, or to list your house with one of our specialists, contact David Lever at252-714-8827 or by email at dlever@leverandrussell.com

Welcome

Welcome to David Lever Exclusive Properties! Thank you for taking the time to stop by and check out our page.We specialize in providing superior customer service for clients selling or buying homes. 

We have a team of experienced real estate professionals who know the community and the area. Our agents aptly provide continuous feedback with up-to-date market trends and insightful guidance throughout the entire purchase or sale process. Our trustworthy and knowledgeable agents will guide you through your purchase or sale with an exceptional degree of customer service. 

Thank you for visiting David Lever Exclusive Properties. We hope the information presented here will be useful during your purchase or sale. We invite you to contact us to discuss how we can help. We'd love to arrange a time to meet you and your family, and plan a special time for showings of our extraordinary properties. We look forward to helping you with your home purchase decisions.

Sincerely,


David Lever