August 3, 2017
As the events of the last few years in the real estate industry show, people forget about the tremendous financial responsibility of purchasing a home at their peril. JayJay Levine suggests a few tips for dealing with the dollar signs so that you can take down that “for sale” sign on your new home.
Get pre-approved. Sub-primes may be history, but you’ll probably still be shown homes you can’t actually afford, says JayJay Levine. By getting pre-approved as a buyer, you can save yourself the grief of looking at houses you can’t afford. You can also put yourself in a better position to make a serious offer when you do find the right house. Unlike pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history. By doing a thorough analysis of your actual spending power, you’ll be less likely to get in over your head. “Having a pre-approval letter or proof of cash” is essential in this marketplace, says JayJay Levine.
Choose your mortgage carefully. Used to be the emphasis when it came to mortgages was on paying them off as soon as possible. Today, the debt the average person will accumulate due to credit cards, student loans, etc. means it’s better to opt for the 30-year mortgage instead of the 15-year. This way, you have a lower monthly payment, with the option of paying an additional principal when money is good. Additionally, when picking a mortgage, you usually have the option of paying additional points (a portion of the interest that you pay at closing) in exchange for a lower interest rate. If you plan to stay in the house for a long time—and given the current real estate market, you should— JayJay Levine believes that taking the points will save you money. With JayJay Levine you will get the inside track as to who are the top expert Mortgage Bankers are for pricing, not just want the internet is promoting. Getting the best financing rates and pricing is extremely important to JayJay Levine. Don’t go through the headache of interviewing all seven major banks and not knowing their ability to get you the home you want. JayJay Levine has done all that footwork for you. He has built a first-class team of experts to seamless help you through this exciting process. JayJay Levine has his top 3 mortgage bankers in line with the high expectations of his clients.
Do your homework before bidding. Before you make an offer on a home, do some research on the sales trends of similar homes in the neighborhood with sites like Zillow. JayJay Levine wants you to especially consider similar sales of homes in the last three months. For instance, if homes have recently sold for 5 percent higher than the asking price, your opening bid should probably be about 8 to 10 percent higher than what the seller is asking.