How To Buy a House

How to Buy a House

Tips for Buying a House

Buying a house is a big deal! Here are a few tips you may find useful as you embark on your home buying adventure!

1. Check your credit.

Most people need a mortgage to buy a house. Since the terms of your mortgage loan will be dependent on your credit history, make sure you know what condition your credit is in. You’ll want to make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Consult a licensed mortgage originator to discuss your credit and to determine your best course of action moving forward. Inlanta Mortgage originators can offer practical advice on credit repair and refer you to reputable credit repair specialist if necessary.

2. Look for a home you can really afford.

Utilize our How Much Can I Borrow Calcuator to get an idea of what you can afford. For a more accurate assessement, we recommed you contact a licensed mortgage originator for a pre-approval. Use our Branch Locator to find an Inlanta lending professional near you and submit your application for pre-approval.

3. If you can’t put down the usual 20 percent, you may still qualify for a loan.

Inlanta Mortgage offers mortgage loan programs that do not require a 20 percent down payment. Inlanta currently offers conventional mortgage loans that offer as low as 3% down payments. Eligible veterans can take advantage of the VA Mortgage Loan program which offers a no down payment option. Review our mortgage loan programs or contact a licensed loan orginator for a free, no obligation consultation.

4. Buy in a district with good schools.

Don’t have kids? In most areas, this advice still applies. When it comes time to sell, you’ll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values. A Realtor can advise you on school districts, neighborhoods and more.

5. Get professional help.

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional Real Estate Agent. Buying a house is a big decision –  best made with the assistance of a professional.

6. Before house hunting, get pre-approved.

Getting pre-approved will you save yourself the grief of looking at houses you can’t afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, a pre-approval from a lender is based on your actual income, debt and credit history. Read Get Mortgage Pre-Approval Before House Hunting for more information.

7. Hire a home inspector.

A home inspection is not the same as an appraisal. An appraisal is a written estimate of a property’s market value. Lenders require appraisals to determine the appropriate loan amount. A home inspector will check the home’s roof, basement, heating system, water heater, etc. A home inspector will be able to point out potential problems that could require costly repairs down the road. The home inspector’s report will help you make a more informed decision regarding a real estate purchase.

Buying a home is the largest single investment that most Americans will make. Trust a professional to help you with this decision. Contact an Inlanta Mortgage loan officer near for more information on qualifying, available loan programs, the loan process, and more. Use our branch locator to find an Inlanta Mortgage office near you.

Inlanta Mortgage is proudly celebrating twenty years in business. Learn more about Inlanta’s twenty year history here.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

When is Owning Better Than Renting?

 

Rent or Buy a House

When is owning better than renting?

According to a new analysis by Zillow, buying is a better financial decision than renting for most buyers who intend to live in a home for at least three years.

Zillow analyzed the “breakeven horizon” in more than 200 metropolitan areas and 7,500 U.S. cities to determine how many years it would take before owning a home becomes more financially advantageous than renting the same home. In more than 75 percent of the metro markets analyzed, a homeowner would break even after three years or less of owning a home.

All possible costs associated with buying and renting were incorporated into the analysis, including downpayment, mortgage and rental payments, transaction costs, property taxes, utilities, maintenance costs, tax deductions and opportunity costs, while adjusting for inflation and forecasted home value and rental price appreciation.

In some metro areas where home values fell dramatically during the housing recession, homebuyers break even after less than two years of owning a home. The Miami-Ft. Lauderdale metro is among the most favorable for buying, with homeowners breaking even after only 1.6 years of living in the home. However, in the San Jose metro area, where home values are among the highest in the nation, a buyer must commit to living in their home for 8.3 years before they will break even.

“Across most of the country, historic levels of affordability make buying a home a better decision than ever, especially considering rents have risen more than five percent over the past year,” said Stan Humphries, Zillow chief economist. “This is the first analysis of metros and cities that presents the buy versus rent decision in an intuitive way, by telling consumers how long they must live in the home before buying breaks even with renting financially. It’s much more understandable, and therefore useful, than the abstract notion of a simple ratio of prices to rents. If we want consumers to act on market information, we have to align it with how they think about the issue and make it straight-forward to grasp.”

Original Sources: Zillow, Forbes

Are you looking to make the leap from renting to home ownership? Here are some additional links regarding the benefits of home ownership that you may find useful:

Are you ready to discuss your home financing options with a licensed mortgage professional? Contact an Inlanta Mortgage loan professional near you.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products,  as well as a full suite of jumbo and portfolio programs. The company is  fully delegated HUD-FHA including FHA 203K, VA, and USDA approved.  Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Home Ownership Matters!

Home Ownership Matters
Why does home ownership matter? Here are a few reasons to consider taking the leap from renting to home ownership:

JOBS &  ECONOMY

  • For every two homes sold one job is created in the United States.
  • According to the National Association of Realtors, home sales in this country generate more than 2.5 million private section jobs in an average year.
  • According to the National Association of Realtors – housing accounts for 15% of GDP, making it a key driver in our national economy
  • Every home purchase pumps up to $60,000 into the economy over time for home improvements, furniture, etc.

TAX INCENTIVE

  • Your mortgage interest is currently tax deductible
  • In many cases, interest accrued on home equity lines of credit is also deductible

OTHER BENEFITS – According to HouseLogic and the National Association of Realtors, home ownership tends to provide these additional benefits:

  • Higher academic achievement
  • More cohesive communities
  • Better connected families
  • Improved health and safety

Click here for a more comprehensive list of Social Benefits of Home Ownership and Stable Housing.

To get pre-approved for your mortgage and experience the dream of home-ownership, please contact an Inlanta Mortgage Loan Consultant near you!

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016.

This article provides general information about tax decutions, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.