Recent tallies show a third of U.S. credit scores fall below 649. While not impossible, acquiring a mortgage loan will likely be more difficult and more expensive at this level than with higher scores. READ THE FULL POST HERE
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There are many things to think about prior to starting the home-buying process
Following are several tips that may help in building a plan:
1. If you are not really planning on staying in the same place for at least a few years, then this most likely isn’t a good time for you to invest in a home. The transaction costs involved in the transfer of property are certainly not cheap, therefore the less time you own your home, the greater you risk losing profits should you sell. This may happen even during a rising market, and is a lot more possible in a regressing market.
2. Before you start shopping for residences, get pre-approved. That will keep you from considering residences you can’t afford, and definately will put you in a situation to be able to take action once you discover a house that is perfect for you. Do not confuse pre-approval with pre-qualification, as this is mainly based on a less-thorough look at your circumstances. A loan provider pre-approval is determined by your real income, financial debt and credit. Your mortgage company will also be able to help you with the following 4 guidelines listed below.
There is no shortage of fun to be had in Kokomo and the surrounding area! We’ve compiled a list of things to do in our great town.
Thursday, July 2
First off…what does the term “pre-approval” mean?
Pre-approval means that the lender is confident that you can make the necessary down payment and that your income is sufficient to cover the mortgage payments. At this stage, only one concern remains. The lender needs to make certain that the property’s value offers sufficient collateral in relation to the loan amount. In other words, the home must be appraised for an amount more than, or equal to, the purchase price.
When you’re ready to make a purchase offer, both your real estate agent and the seller will most likely want to see a pre-approval letter. This proves that you’re likely to be able to make the purchase and, therefore, you can be taken seriously. In a competitive housing market, sellers prefer a pre-approved buyer to those who, for all anyone knows, might be unable to close the deal. READ THE FULL POST HERE
You may have worked up an appetite working on your taxes all night. Following are some opportunities for savings or even free, yes FREE, food! Some coupons and deals are good for the week.
TAX DAY FREEBIES AND DEALS:
Office Depot is offering two pounds of free document shredding. Staples will do the same for up to five pounds of documents.
A Chicago based real estate development company plans an 88-unit duplex community to replace an aging mobile home park on Kokomo’s west side.
JCF Real Estate has purchased the mobile home park, known as Kokomo River Estates, located at 1500 W. Markland Ave. The company is redeveloping the thirteen acre site into a duplex housing community.
“This is a great example of a private investor redeveloping an older neighborhood,” said Kokomo Mayor Greg Goodnight. “This housing project by JCF is a strong indicator that our focus on quality of life improvements is paying off. We are excited to continue to grow Kokomo by encouraging new market rate housing to serve our increasing population.
The one and two-bedroom units are being designed by JCF Real Estate and will feature open, park like areas, professional landscaping, on-site storage facilities, and on-going responsive property management.