Erika Sullivan Realty Group



Posted by Erika Sullivan Realty Group on 3/10/2019

You know that you want to buy a house, but you may have only a limited amount of time to conduct a home search and discover your ideal residence. Luckily, there are many things that you can do to speed up your homebuying timeline.

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

1. Refine Your House Search

A list of homebuying criteria is a must-have, particularly for a property buyer who wants to enjoy a quick, seamless house search. In fact, with homebuying criteria in hand, you can refine your house search and move one step closer to finding your dream residence.

As you craft a list of homebuying criteria, think about where you want to reside too. That way, you can further narrow your house search and focus exclusively on homes in your preferred cities and towns.

2. Get Pre-Approved for Home Financing

At first, it may seem like a lot of work to get pre-approved for a mortgage. But if you receive pre-approval for a mortgage, you may be able to avoid time-consuming home financing hurdles down the line.

Oftentimes, it does not take long to get the financing you need to buy a house. Banks and credit unions are available across the United States, and these financial institutions are happy to teach you about a variety of mortgage options. Then, you can select a mortgage that matches your financial needs and kick off your homebuying journey with a mortgage at your disposal.

3. Collaborate with a Real Estate Agent

If you face a time crunch to purchase a house but don't know how to start the homebuying journey, there is no need to stress. By hiring a real estate agent who can offer in-depth homebuying guidance, you can find your dream house in no time at all.

A real estate agent will do everything possible to ensure you can speed up the homebuying journey. First, he or she will learn about your homebuying goals and help you create a homebuying strategy. A real estate agent next will help you search for residences and assess houses in the cities and towns of your choice. And if you discover a house that you want to buy, a real estate agent will help you craft a competitive offer to purchase your ideal residence.

Let's not forget about a real estate agent's housing market expertise, either. A real estate agent understands how to navigate a buyer's or seller's market. As a result, he or she will make it simple for you to review houses that match or exceed your expectations. If you have concerns or questions as you pursue your dream home, a real estate agent is ready to respond to them as well.

Ready to streamline the homebuying journey? Use the aforementioned tips, and you can quickly and effortlessly find a great house and make your homeownership dream come true.




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Posted by Erika Sullivan Realty Group on 1/20/2019

Anyone can buy a home Ė all it takes is hard work and diligence to evaluate your home financing options. Fortunately, we're here to help you streamline the process of finding the financing that you'll need to pay for a residence.

Now, let's take a look at three tips to help you determine how you will afford a house.

1. Take a Look at Your Current Financial Situation

Put together a monthly budget that outlines your current spending patterns. This will enable you to review how much you earn, what you're paying for housing and other pertinent financial information.

After an in-depth review of your current financial situation, you'll be better equipped than ever before to determine how much you can pay for a house. Then, you can create a homebuying budget to help you move closer to acquiring your dream residence.

2. Get a Copy of Your Credit Report

In all likelihood, a lender will receive your credit score to determine whether you are a viable candidate for a mortgage. If you request a copy of your credit report today, you can learn about your credit score and take steps to improve it before you apply for a mortgage.

The three major credit reporting bureaus (Equifax, Experian and TransUnion) provide one free copy of a credit report annually. If you submit a request for your credit report, you can gain unprecedented credit insights in no time at all.

Furthermore, if you find errors on a credit report, don't hesitate to contact the reporting bureau. This will enable you to fix any credit report mistakes prior to applying for a mortgage.

3. Reach Out to Local Lenders

Banks and credit unions are happy to meet with you and discuss a variety of mortgage options. These lenders are available in cities and towns nationwide and can teach you everything you need to know about home financing.

Ultimately, lenders can explain the home financing process and ensure you can avoid any potential pitfalls along the way. And if you ever have mortgage concerns or questions, lenders are available to respond to them at any time.

If you need extra help prior to kicking off a home search, you may want to contact a real estate agent as well. This housing market professional understands the ins and outs of purchasing a house and can help you plan accordingly.

Oftentimes, a real estate agent will meet with you and learn about your homebuying goals. This housing market professional then can ensure you won't have to break your budget to afford a terrific residence.

If you want to buy a home but have limited finances at your disposal, a real estate agent is happy to assist you. Or, if you are searching for a mortgage but don't know where to begin, a real estate agent can put you in touch with top lenders.

Work with a real estate agent, and you can improve your chances of acquiring a first-rate house at an affordable price.





Posted by Erika Sullivan Realty Group on 1/13/2019

If buying a home is something youíre considering, you might be curious about the different types of mortgages that are available to you. After all, the interest rate on your loan could have a huge impact on your finances over time, saving you thousands of dollars.

In todayís post, Iím going to demystify the home loan by explaining the most common types of mortgages. That way, youíll be able to approach a lender with a bit of context and knowledge to help make the best mortgage decision for you and your family.

Fixed-rate mortgages

The most common types of home loans in the United States today are fixed-rate mortgages. A fixed-rate mortgage has the benefit of stability in terms of its interest rate--year after year, or the lifetime of your loan, you know exactly what percent of interest youíre going to pay.

Fixed-rate mortgages most frequently come with repayment terms of 15 or 30 years. However, some lenders offer different repayment periods.

As with any debt, paying off a mortgage in a shorter term typically amounts to paying less interest over the lifespan of the loan. For this reason, buyers who can afford higher monthly mortgage payments often opt for a 15-year fixed-rate mortgage.

If you canít afford higher monthly payments, a 30-year loan will typically have lower mortgage payments, but at the expense of paying more interest over the life of the loan.

The 30-year option is the most often in the United States, where first-time buyers typically have too many other monthly bills to afford a high mortgage payment.

Adjustable-rate mortgages

Adjustable-rate mortgages (ARMs) were once an ideal option for first-time buyers who could purchase a home at a very low interest rate and then refinancing once that rate was set to rise. However, after the housing crisis of 2007, trust in the housing market drastically declined.

In recent years, ARMs have begun to make a comeback. However, they currently still only account for around 5% of home loans.

Adjustable-rate mortgages come with one important advantage and one huge disadvantage over fixed-rate mortgages. The upside is the ability to borrow money for a home at a lower interest rate than other mortgage types. The down side? Your interest rate isnít locked in for the length of the loan, meaning your rate could, in theory, rise dramatically before you sell or pay off the home. This is exactly what happened to borrowers during the subprime mortgage crisis.

Guaranteed loans

There are a number of special loan programs that have been sponsored by the government over the years. Among them are USDA rural development loans, VA loans for veterans and their spouses, and FHA loans offered by the Federal Housing Authority.

All of these loans make it easier to buy a home with little or no down payment or a credit score thatís less than perfect. That makes these options great for first-time homeowners.




Tags: Buying a home   Mortgage  
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Posted by Erika Sullivan Realty Group on 12/30/2018

The yearís end brings a lot of joy, a lot of stress, and hope for the new year. One thing that you may not consider at the end of the year is buying a house.


There are pros and cons to buying a home at the end of the year. The positive being that you can get a home for a better deal. The negative is that there is often a limited selection of homes. Thereís much more to this. 


Sellers Avoid The End Of The Year


Sellers tend to avoid listing at the end of the year. It could be because of wintry conditions, short days, or the notion that buyers wonít bite at this time of year. People who are selling at the end of the year are highly motivated. They need to move their property fast for one reason or another. Life circumstances like a death in the family, a job change, or divorce can lead to the need to sell at this time of year. As a buyer, you can take advantage of the need for these sellers to get a property off their hands. 


Limited Supply


The limited selection of homes is perhaps the most significant downside to searching for a home over the holidays. The limited supply problem is where your real estate agent will come in handy. Your agent can access expired listings. These are homes that were formerly for sale and have faded off the market. The seller may have decided not to sell, were lacking offers, or just didnít pay enough attention to marketing their listing and let it fall by the wayside.


Your real estate agent can also contact other agents who tend to work in a preferred neighborhood or area. Your agent can get the inside scoop on homes that arenít listed for sale yet but are being prepped to go on the market. These properties are known as ďcoming soon.Ē 


Less Competition


Another significant advantage to buying a home during the holiday season is that thereís not a lot of competition. This means you can possibly avoid bidding wars, get a home at a better price, and even find sellers who have their homes on the market for less than you would during a peak season.


Easy Access To Realtors


Another advantage to buying during the holiday season is that of easy access to real estate agents. These professionals are less busy during this time of year, meaning they have more time to spend with each client. You can often get an agentís undivided attention. Open access to an agent means that you can get to see more home showings with the listings that are available and be able to look at the homes in detail.   

              





Tags: Buying a home   Holiday  
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Posted by Erika Sullivan Realty Group on 12/2/2018

Ready to enjoy a successful homebuying experience? Ultimately, becoming a resourceful homebuyer will make it easy to transform your homeownership dream into a reality.

A resourceful homebuyer possesses the skills and know-how needed to streamline the property buying cycle. Plus, this homebuyer will be better equipped than others to maximize the time and resources at his or her disposal and speed up the process of going from homebuyer to homeowner.

Now, let's take a look at three tips that you can use to become a resourceful homebuyer.

1. Know What You Want from a Home

You know that you'd like to own a house, but what are you looking for in your dream residence? As a resourceful homebuyer, you'll know exactly what you'd like to find in the perfect home. That way, you can narrow your home search.

Creating a checklist of dream home "must-haves" usually is a great starting point for a resourceful homebuyer. This checklist will enable you to determine what features you want in your ideal residence.

In addition, keep in mind that every house has its pros and cons. And if you set realistic homebuying expectations from the get-go, you'll be able to boost your chances of finding a home that can serve you well for years to come.

2. Take Advantage of Housing Market Data

There is no shortage of housing market data available. With this information in hand, you should have no trouble entering the housing market with the resources that you need to succeed.

Examine the prices of available houses in cities or towns where you'd like to live. By doing so, you can better understand how much it will cost to acquire your dream residence.

Also, check out the prices of recently sold houses in areas that you're considering. This housing market data will help you differentiate between a buyer's market and a seller's one and ensure you can map out your homebuying journey accordingly.

3. Collaborate with a Real Estate Agent

Even a resourceful homebuyer knows his or her limitations. Luckily, real estate agents are available nationwide, and these housing market experts can help homebuyers fill in the gaps along the property buying journey.

A real estate agent understands the ins and outs of purchasing a great home at an affordable price. This housing market professional will set up home showings for you, keep you up to date about new residences as they become available and negotiate with property sellers on your behalf. Furthermore, he or she is happy to respond to any homebuying concerns and questions at any time.

Let's not forget about the confidence that a real estate agent provides to a homebuyer, either. A real estate agent will help you seamlessly navigate the property buying journey. Thus, he or she will simplify the process of acquiring a top-notch residence that matches or exceeds your expectations.

Start your homebuying journey today Ė use these tips, and you can become a resourceful property buyer.




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