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Posted by CENTURY 21 Annex Realty on 10/4/2019

After a seller accepts your offer to purchase his or her house, it likely will be only a few weeks before you can wrap up your home purchase. And if you understand exactly what to expect during the homebuying process, you should have no trouble eliminating potential hurdles along the way.

Now, let's take a look at three tips to help you accelerate your journey from homebuyer to homeowner.

1. Conduct a Home Inspection

A home inspection is paramount for a buyer. Because if you encounter home problems during an inspection, you still have an opportunity to back out of a house purchase.

Hire an expert home inspector Ė you'll be glad you did. This inspector will assess a house both inside and out and offer comprehensive insights into a residence's condition.

Of course, you should always review a home inspection report closely too. This will enable you to analyze a house and determine whether to move forward with a home purchase or reconsider your options.

2. Perform an In-Depth Home Appraisal

Oftentimes, a lender will require an appraisal before you can close on a house. Lucky for you, there are many home appraisers available in cities and towns nationwide, and these property experts can perform an appraisal at your convenience.

Spend some time looking for the top appraisers in your area. By doing so, you can find a home appraiser who will go above and beyond the call of duty to provide an accurate appraisal.

3. Prepare for Closing Day

As closing day approaches, your stress levels may rise accordingly. However, a homebuyer who plans for closing day can stay calm, cool and collected as the homebuying journey reaches its conclusion.

Generally, it is a good idea to prepare any documentation that you'll need for a home closing. If you have all of the necessary documents ready in advance, you can avoid the risk of potential delays when you close on a house.

If you need additional assistance in the weeks or days leading up to a house closing, you may want to collaborate with a real estate agent as well. In fact, a real estate agent can offer extensive support as you navigate the homebuying journey.

Initially, a real estate agent will help you narrow your house search and ensure you can find your ideal residence. He or she then will help you prepare a competitive offer for this home. And once your offer is accepted by a seller, a real estate agent will provide plenty of guidance as you get ready to finalize a house purchase.

A real estate agent also will respond to any concerns or questions that you may have throughout the homebuying journey. That way, you can make informed decisions as you pursue your ideal residence.

Get the help you need to wrap up a home purchase Ė collaborate with a real estate agent, and you can streamline the homebuying journey.




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Posted by CENTURY 21 Annex Realty on 9/20/2019

Buying a home is a process that can seem daunting and even a little scary to most first-time buyers. After all, being a homeowner is a huge financial and personal responsibility.

To make this lengthy process a bit more approachable, weíre going to break it down into five steps. While these five steps may be somewhat different for each person, depending on their own unique situation, they do comprise most home buyerís experience.

If youíre interested in learning the steps youíll need to take before owning your first home, read on.

Step 1: Know your long-term goals

Before you buy a home, youíll want to have a clear understanding of what you, your spouse, and your family want from the next five or more years. Youíll want to make sure the area youíre moving to can provide things like career advancement and opportunity, good schools for your children, and so on.

These questions may seem obvious, but itís an important conversation to have before making the long-term commitment of owning a home.

Step 2: Your budget and your needs

It might be tempting to hop online and start shopping for houses, but first you should get a clear idea of the size and cost of the house youíre looking for. This involves determining your budget, thinking about your credit and planning for your down payment.

Step 3: Mortgage pre-approval

Getting preapproved for a mortgage can be a great way to gauge the interest late and loan amount youíll be approved for. Youíll need to gather paperwork, including income information (pay stubs), tax returns, and W-2 forms.

Be aware that lenders will run a detailed credit report. Since credit reports count as an inquiry, they can temporarily lower your credit score by a few points.

Applying to several lenders within a short period of time can make a significant impact on your score. However, it will start to rise again within a few months if you donít open any new credit accounts or take out other loans.

Step 4: Get an agent

Real estate agents know the ins and outs of the home buying process better than anyone else. Theyíll be able to guide you through the process and provide you with information that you canít get anywhere else.

Step 5: Pick the right home for you

Now itís time to start home shopping. However, before you begin, remember that getting approved for a loan doesnít mean you must or should seek to spend the full amount on a home.

Plan for your needs, and keep the future in mind. Someday you might decide to upgrade, but in the meantime you can be building your credit and building equity in a smaller or more frugal home.





Posted by CENTURY 21 Annex Realty on 9/6/2019

Youíve never owned your own home and your thinking about buying. Transitioning mentally from renter to owner can be confusing at times. As a renter, you haven't had to deal with the ins and outs of owning your own home, and as you examine the reality of ownership, it can seem like it involves more cons than pros. You have to take care of all maintenance, repairs, insurance, upgrades and more. With all the added work to maintain only to one day resell your home, it might not seem worth it. So why is buying a good idea? Hereís why!

Consistent monthly payments

As a renter, you constantly are subject to rent increases. Depending on your city or neighborhood, this might be a small percentage annually (if your rental unit is under rent control), or an annual increase determined in your rental agreement. In many cases, your rent is subject to your landlordís discretion at the end of each term of your lease, and if the property value and quality of living go up in your neighborhood (as you hope it does), it could price you out of your favorite living space. When you choose to purchase a home, you make a longer commitment, but your monthly payments are guaranteed to be the same throughout the repayment of your fixed-rate mortgage. Living with no surprise changes allows you to set budgetary and lifestyle goals further into the future, and the certainty to achieve them.

Equity and future cash flow

Yes, you will likely need to take out a loan to purchase your own home. The upside to ownership is that every mortgage payment you make increases the percentage of equity you have in your home. When you rent, you are only paying toward the term of your lease and the owner of the rental property gains all the equity. Investing in your own property helps your financial stability for the future. The more equity you have, the better your net worth and the more you can invest in other properties or goods. The more stake you have in your home, the more valuable it becomes to you when you want to sell your property in the futureóto create cash flow, or to invest in a new home, other property, or your retirement lifestyle. 

Apart from the personal value of owning your own homeótaking care of it, raising a family there, or starting a new life in your placeóthe investment can add even more value to your life. If youíre considering your first home purchase and arenít sure about the commitment or investment value, speak with your local real estate agent for the best advice for you. Review your current means, your interests and abilities, and your life goals and let them help you make the right decision.





Posted by CENTURY 21 Annex Realty on 6/21/2019

When you are ready to buy a house, it pays to plan ahead to conduct a successful house search. That way, you can quickly and effortlessly navigate the real estate market and make your homeownership dream come true in no time at all.

Ultimately, you don't need to be a real estate expert to navigate the housing market like a pro. To better understand what it takes to complete a successful house search, let's take a look at three tips to ensure you can seamlessly go from homebuyer to homeowner.

1. Create Homebuying Criteria

If you plan to purchase a house in the foreseeable future, it helps to establish homebuying criteria. By doing so, you can enter the real estate market with a plan.

Think about where you want to reside. For example, if your goal is to live in the same small town as your family members and friends, you may want to hone your house search to properties in this town. Or, if you want to own a house that is close to your office in the city, you may want to pursue residences in or around the city itself.

Consider what differentiates your dream house from an ordinary home too. Thus, if you want to own a home that boasts an in-ground pool, dazzling garden or other distinct features, you should include these criteria in your homebuying strategy.

2. Get Pre-Approved for Home Financing

Lenders can help you get pre-approved for a mortgage prior to launching a home search. Then, you can establish a budget for the homebuying journey.

There is no shortage of mortgage options available, regardless of your credit score, income and outstanding debt. If you meet with banks and credit unions, you can learn about different mortgage options and select a mortgage that is sure to serve you well.

Of course, when you meet with lenders, don't hesitate to ask questions. Lenders employ friendly, knowledgeable mortgage specialists, and these professionals are happy to help you make an informed mortgage selection.

3. Hire a Real Estate Agent

A real estate agent can help you simplify your home search. In fact, with a real estate agent at your side, you can boost the likelihood of finding a terrific house at a budget-friendly price.

Generally, a real estate agent understands what it takes to pursue a home in any city or town, at any time. If you employ a real estate agent, you can get the help you need to accelerate your quest for your dream residence.

A real estate agent usually learns about a homebuyer's goals and maps out a homebuying plan. He or she sets up home showings and keeps a homebuyer up to date about new residences that fit a buyer's criteria. And if a homebuyer wants to submit an offer to purchase a residence, a real estate agent will help this buyer craft a competitive proposal.

Ready to buy a house? Use the aforementioned tips, and you can streamline your search for your ideal residence.





Posted by CENTURY 21 Annex Realty on 6/7/2019

Buying a home is a big financial endeavor that takes planning and saving. Aside from a down payment, hopeful homeowners will also need to save for closing costs and moving expenses.

When it comes to the down payment amount youíll need to save, many of us have often heard 20%, the magic number. However, there are a number of different types of mortgages that have different down payment requirements.

To complicate matters, mortgages vary somewhat between lenders and can change over time, with the ebb and flow of the housing market.

So, the best way to approach the process of saving for a down payment is to think about your needs in a home, and reach out to lenders to start comparing rates.

However, there are a few constants when it comes to down payments that are worth considering when shopping for a mortgage.

In todayís post, weíre going to talk about some characteristics of down payments, discuss where the 20% number comes from, and give you some tips on finding the best mortgage for you.

Do I need 20% saved for a down payment?

With the median home prices in America sitting around $200,000 and many areas averaging much higher, it may seem like 20% is an unattainable savings goal.

The good news is that many Americans hoping to buy their first home have several options that donít involve savings $40,000 or more.

So, where does that number come from?

Most mortgage lenders will want to be sure that lending to would be a smart investment. In other words, they want to know that theyíll earn back the amount they lend you plus interest. They determine how risky it is to lend to you by considering a number of factors.

First and foremost is your credit score. Lenders want to see that youíre paying your bills on time and arenít overwhelmed by debt. Second, they will ask you for verification of your income to determine how much you can realistically hope to pay each month. And, finally, theyíll consider the amount youíre putting down.

If you have less than 20% of the mortgage amount saved for your down payment, youíll have to pay for private mortgage insurance (PMI). This is an extra fee must be paid in addition to your interest each month.

First-time buyers rarely put 20% or more down

Thanks to FHA loans guaranteed by the federal government, as well as other loan assistance programs like USDA loans and mortgages insured by the Department of Veterans Affairs, buying a home is usually within reach even if you donít have several thousands saved.

On average, first-time buyers put closer to 6% down on their mortgage. However, they will have to pay PMI until theyíve paid off 20% of their home.


So, if youíre hoping to buy a home in the near future, saving should be a priority. But, donít worry too much if you donít think you can save the full 20% in advance.




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