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3 Tips for Aspiring First-Time Homebuyers

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After years of renting, you are more than ready to take the plunge into homeownership. You dream of having a cozy casa to call your own, and you cannot wait to start the house hunting process.

While looking for your first home is exciting, it can also be stressful as unexpected bumps in the road tend to pop up. To avoid as many negative curveballs as you can, keep the following cautionary tips in mind:

Get your finances in order

Many Realtors will not work with home buyers until they have been pre-approved for a loan. In order to be sure that you qualify for a decent amount, spend some time getting your financial house in order. As Bank Rate notes, start by checking your credit score and report, since it will be a key factor in how much you will qualify for, as well as determining your interest rate. You can use a free credit score checking service like CreditKarma, or if you have a credit card like Discover, you should be able to check your FICO score there as well.

In addition, get copies of the actual reports from these companies that show all of your lines of credit as well as the reasons for your score, and go over everything with a fine-toothed comb. Look for mistakes, unpaid accounts and any collections, and if there are any issues, start the repair process at least six months before buying a home. Having a high debt to income ratio may also negatively impact your FICO score; if this is true for you, do all you can to pay down your credit card bills and other debts before shopping for a home.

Choose your neighborhood carefully

Some first-time home buyers are so focused on getting a certain style of house, they may overlook the quality of the entire neighborhood. The surrounding area deserves as much consideration as the house. Research the local school system, even if you don’t have kiddos yet, because it can impact home values.

Check to see how close needed amenities are, like grocery stores, gas stations, coffee shops and hospitals, and do a practice commute to see how long it takes you to get to work. You can also check the local crime stats, and if you drive through it at different times of the day, you can check for unexpected noises and activity levels; like a busy fire station nearby or a sports field where high school bands go to practice.

Make sure technology is working

Once you start the actual home search, you may be pleased to see that some of the homes come with innovative features like a home security camera system, thermostats and other cool forms of technology. Rather than assuming that everything works, either check these gadgets yourself to be sure they are functioning properly or if you have made an offer on the home, ask your home inspector to determine that the tech is in good working order.

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Posted in: Wrappers

How Much Are Mortgage Fees? The Costs That Come With Your Loan

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When shopping for a home, it seems like there’s something to pay for at every step of the way. To get your mortgage approved—thereby allowing you to actually buy your house—you’ll have to pay mortgage fees. The most common mortgage fees also fall under the umbrella of closing costs, those expenses you pay when you close on your house that help facilitate the sale (i.e., the appraisal fee, the title search, and the processing fee).

Although it’s difficult to put an exact figure on the mortgage fees (they vary from state to state) you can expect to pay, there are some costs that almost every mortgage has in common. We spoke with Amy Bailey Oehler of PrimeLending about what they are and how much money a home buyer should plan on paying for the loan.

Mortgage fees you’re likely to pay

  • Appraisal ($450 to $650): An appraisal by a licensed appraiser will almost always be required by the lender. The price varies depending on the size of the property and the type of loan you’re getting. “A lot of lenders will require payment for the appraisal upfront,” says Oehler. “The appraisal fee goes directly to the appraiser. If the loan doesn’t close, but the appraisal was completed, then the appraisal fee is nonrefundable.”
  • Closing fee ($300 to $600): A representative from the title company will come to your closing to supervise the transfer of title, and you’ll have to pay for the service.
  • Credit report fee ($25 to $50): This is the fee to pull your credit report.
  • Inspection ($450 to $500): The inspection isn’t a requirement for the loan, but it is highly, highly recommended. This is another cost that is paid before you reach the closing table. Generally, you can negotiate either fixes, concessions, or a drop in sales price based on any problems the inspector finds.
  • Lender’s title insurance (usually 0.5% of the purchase price): This protects your lender if something was missed in the title search. The cost depends on the size of the policy and is set by the state.
  • Survey ($350 to $500): Most states require a survey of your property before you can get a loan. If a survey doesn’t already exist that can be used, you’ll have to pay someone to do it.
  • Title search ($300 to $600): Your lender will do a search to ensure there are no liens on the property or anything that could prevent you from purchasing it. Sometimes this will be bundled with other title fees in your closing document.

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Posted in: Wrappers

Top 5 New Bathroom Tech to Consider

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Installing bathroom tech is a great way to take your remodel or addition to the next level. Aside from adding extra comfort, bathroom tech will also improve the efficiency of your home. Here’s a look at five high-tech gadgets that will turn your bathroom into the ultra-modern — and ultra-convenient — space of your dreams.

1. High-Tech Toilet Fixtures

High-tech toilet fixtures may not sound too exciting, but they’re an important part of creating a clean and modern bathroom. Here’s a look at several high-tech fixtures and their benefits:

LED-lighted toilet seats. Seat illumination will allow you to find your toilet at night without turning on lights or walking in the dark.

Temperature-controlled seats. Temperature-controlled seats ensure your toilet is comfortable no matter the temperature inside your home.

Self-cleaning toilets. Self-cleaning toilets eliminate bacteria buildup in and on your toilet. These models also prevent unsightly mineral staining with automated cleaning.

2. Chromotherapy Showers

These showers use color-changing LCD panels to create a restorative bathing experience. This can help you wake up in the morning or relax at night. Many chromotherapy showers come with lighting presets that will help you achieve your desired effect.

3. Soaking Tubs

Smaller, more efficient soaking tubs are replacing larger Jacuzzi tubs. Soaking tubs come in unique shapes and offer air-based massage jets. You can purchase soaking tubs in stone, copper and even some man-made materials. Some also employ energy-efficient technology that will help you reduce your utility costs. This is particularly helpful if you have a large family.

4. Waterproof Televisions 

Having a TV nearby can make bath time a lot more fun. Waterproof televisions are common in many renovation projects and come in a variety of price points. Some waterproof TVs also have internet connectability. This will allow you to check emails, stream your favorite shows or stay up to date with the news while taking a bath.

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Posted in: Wrappers

What Is a HUD Home? A Bargain With One Huge Catch

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If you’re hoping to score a deal while house hunting (and who isn’t?), one bargain basement option well worth exploring is a HUD home. So what is a HUD home? Simply put, it’s a place owned by the U.S. Department of Housing and Urban Development, but there’s some backstory here, so allow us to explain.

Long before a home becomes the property of HUD, it typically was owned by a regular homeowner who’d made this purchase with an FHA loan. FHA loans are easier to qualify for than a conventional loan because they require a low down payment (as little as 3.5%). However, if the owner ends up unable to pay his monthly mortgage, he ends up in foreclosure, which means the home goes to HUD, which then must figure out how to unload this home and make back its money. That’s where you come in!

The process of buying a HUD home varies from a conventional sale in a couple of ways, so here’s what you’ll want to know before you buy.

Benefits of a HUD home

The government doesn’t want to own these foreclosed homes any longer than it needs to, so HUD homes are priced to move, often below market value. Plus, HUD offers special incentives to buyers in certain markets to sweeten the deal.

For example, the HUD “Good Neighbor” program offers HUD homes in revitalizing areas at a 50% discount to community workers (e.g., teachers, police officers, firefighters, and EMS personnel) who plan to live in the property for at least 36 months.

Other perks: Low down-payment requirements or sales allowances you can use to pay closing costs or make repairs. So be sure to inquire about the possibilities; it could be an even better bargain than how it first seems. Another bonus for home buyers is that HUD gives preference to owner-occupants who intend to live in the home for at least one year, so odds are good you’ll beat out investors to boot!

How to buy a HUD home

HUD homes aren’t listed on conventional real estate websites, and can instead be found at hudhomestore.com, where you can shop for homes by state or ZIP code. You never know what you might find, in what location and at what price.

Listings typically contain photos, an asking price, and—here’s where things get different—a deadline by which you should submit your offer. HUD homes are sold through an auction process; once the deadline is past and bids are in, HUD reviews its options. If none of the bids is deemed acceptable (usually because it’s too low), HUD extends the auction deadline and/or lowers the asking pricing until a match is made.

All offers are considered, but in almost every case, the highest acceptable bid wins, says Mark Abdel, a real estate professional with Re/Max Advantage Plus in Minneapolis–St. Paul. Which begs the question: How much should you offer? Well, that all depends on how hot the local market is and the condition of the home (more on that next).

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Posted in: Wrappers

How To Buy A House: 5 Home Buying Mistakes To Avoid

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Knowing What You Shouldn’t Do

Owning a home is one of the most effective wealth-building tools available to the everyday consumer.

It’s no wonder that first-time home buyers are out in force. One-in-three home sales today are to first timers, and many more are queuing up to be homeowners in 2017.

But when you’ve never done something before, it’s difficult to know what you shouldn’t do. Sometimes, new buyers make mistakes.

Fortunately, the mistakes, even if made, don’t mean disaster. But if you can avoid them, you should.

Following are five common mistakes for first-time buyers — and experienced ones — to skip when you buy a home.

Click to see today’s rates (Oct 11th, 2016)

1. Jumping The Gun

Don’t go shopping for property before getting pre-approved for your mortgage. Mortgage pre-approval offers so many advantages. It’s fast, and can save you headache down the road.

  • Sellers and agents won’t take your offer seriously without a pre-approval letter
  • Pre-approval helps you determine what you can afford
  • Pre-approved mortgages close faster
  • Pre-approval minimizes financing problems during escrow

Note that mortgage pre-qualification does not usually go far enough. Until you complete an application package and get pre-approval from a mortgage underwriter, you’re not fully-prepared to close on a home purchase. This could result in embarrassment, wasted time, and lost money.

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Posted in: Wrappers

  These days, it’s all about saving energy. From energy-efficient utilities to insulation and preventative measures, there are many ways we can save a few dollars (or big buck) on our home housing costs and protect the environment.  One effective way to save energy is by renovating your windows and doors. These areas are the […]

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The Lockwood Team has represented buyers and sellers on over 175 properties in Walteria and Victoria Knolls alone. The Lockwood Team are proud Sponsors of the Annual National Night Out Walteria Block Party, which promotes the neighborhood watch and sense of community. It is the biggest block party in Torrance. Each transaction supports the Children’s Miracle Network and children in our South Torrance Schools.

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