Posts with tag 'First-time buyers'
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22
Buyers: Is a Busy Road Right for You?
When you're looking for Atlanta homes for sale, location is one of the most important aspects to look into. Buying a home on a major thoroughfare is often considered highly undesirable, but as with many things, it actually has some silver linings. The drawbacks don't have to deal breakers, but you should be a little more cautious before buying on a road that sees a lot of traffic. To help with your decision, we've highlighted the pros and cons of buying a home on a busier road.
Pros of Buying a Home on a Busier Road
- Close to Public Transportation and Recreation
Living on a busier road provides easy access to main recreation spots and mass transit that would typically take longer to get to when living in a quieter street. If access to local attractions, bus stations, bike paths, and train stations means a lot to you, living on a busy road could be a real advantage.
11
Stay Safe: Use These 5 Moving Tips
Moving is stressful under the best of circumstances, and it can cause even more anxiety during the COVID-19 outbreak. Keeping your family and others safe is paramount as you go through all the tasks associated with a move, and this may take a little more work and planning during these unusual times.
Our real estate agents suggest the following five moving tips to help you stay safe during the COVID-19 pandemic:
- Research your movers and minimize contact
In a pre-coronavirus world, you'd probably want to be present as much as possible when movers are giving you an estimate or packing and loading your belongings. Now, however, minimizing contact is best for everyone's health. When you're choosing a mover, ask about contactless moving. Many companies are utilizing technology to do everything from seeing customers' belongings and providing quotes to showing customers the loaded truck.
17
Why You Should be Earnest with Earnest Money
You've looked at many Atlanta homes for sale and finally found one that you love. You probably can't wait to get started with the purchasing process. But you have to make an offer to show to make sure the seller takes the house off the market as you work on different closing aspects. Accepting an offer is a big commitment for a seller. If the buyer backs out of the deal, the seller loses a significant amount of money and time finding another buyer. This is where sellers request earnest money. Read on to learn what earnest money is, when to offer it, and steps you can take to protect your upfront investment.
Understanding Earnest Money
Earnest money is a deposit made to a seller as a good-faith gesture that you mean business when it comes to buying the house. It's a way of you showing the seller that you're serious about closing the deal. Sellers tend to favor these deposits because it gives them peace of mind to proceed to the next steps of the transaction. Earnest money doesn't go to the seller right away. Instead, it is held in an escrow account with an escrow company until closing.
13
5 Reasons You Were Denied a Mortgage Loan—And How to Fix Them
The mortgage loan application process is quite rigorous - one or several strikes against you and the loan officer decides that you don't qualify. There are many reasons why your request for a loan may have been rejected. Receiving a rejection letter can certainly be a disappointment. But rather than dwell on the unfortunate outcome, use it as a valuable learning experience and correct the problem. Our real estate agents share five possible causes for a mortgage loan denial and what you can do to improve your chances moving forward.
- Down Payment is Too Small
A down payment shows lenders that you're capable of saving money, and you're serious about investing in your future home. So, a small down payment does little to put their minds at ease. Conventional loans require a down payment anywhere between 5% and 20% of the total value of a home. If you come up with anything less than 20%, chances are very high that you'll receive a denial or be required to pay private mortgage insurance.
How to fix: Start saving early enough so you reach the 20% threshold when submitting your application or wait and give yourself time to save up the funds. You can also use a gift from a relative as long as no repayment is expected. Ensure you're transparent in documenting the source of the money. Finally, you can have the seller pay some of the closing costs.
30
Buy a Home: How Soon Should I Get Pre-Approval?
Getting pre-approved for a mortgage is a crucial step on the path to buying a home, and one that every shopper should look into when they get serious about making a purchase. Pre-approval allows you to get a strong idea of the funds you'll have available to spend on your home, makes it easier to plan your budget, and shows sellers that you're a serious buyer. But it's important to be prepared before speaking with lenders, so when is the right time to get pre-approved? Our real estate agents are here to help, with a guide to planning for mortgage pre-approval when shopping for a home.
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Why Pre-Approval Is So Important
When you're competing with other buyers for Atlanta homes for sale, you want to do everything that you can to make your offer stand out from the pack. Getting pre-approved for a mortgage shows sellers that you have the necessary funds available to back your offer, and gives seller's agents a reason to take your offers seriously. From your perspective, pre-approval provides a firm range for how much home you can afford and allows you to start planning for your purchase with confidence. Overall, a buyer with pre-approval is in a much better position to close the deal.