Buying a Home – in 10 Years

Today’s college students are the next generation who will be buying homes, and if they are lucky they will be buying their first home in about 10 years. The average age of a first time home buyer is 33, which for most people is about 10 years after they graduate from college.

What will the housing market look like for our children and grandchildren? That depends on several factors, such as the economy, in addition to living a frugal lifestyle that builds a good credit score and enables them to save money every year for a substantial down payment. Mortgage rates from reputable companies like AmeriSave Mortgage that remain low will help make homeownership an attainable goal. A  good loan officer is as important as a good real estate broker when building a team to find a new home.

The housing market has become a regional situation, which is very different from the national housing market that our parents enjoyed. Cities with high unemployment and crime, extreme weather, large inventory of foreclosed homes and environmental problems make many major metropolitan areas undesirable. Detroit, Las Vegas, Chicago, Miami and Atlanta all have issues that affect their housing in a negative way, with no indications of improvement in the near future. However, some major metropolitan areas and secondary cities are seeing improvement from the recession, including Washington DC, San Francisco, San Diego, Austin and Dallas.

College graduates who can start their careers in a city with a healthy housing market will likely enjoy an advantage when they are ready to buy their first home. Predicting which cities will have a healthy housing market will include these factors:

Inventory. Look for an upward trend of the number of house sales over the most recent three year period and a stable inventory of available houses. Also, check the average length of time a property is on the market before it sells. In a healthy market, properties sell within 30-60 days of being listed with a real estate broker.

Foreclosures. Track the number of foreclosures over the past 10 years and whether that number has decreased. Laws for foreclosure and lender repossessions differ by state, but the numbers are public information and a good realtor can share that information with you.

Home Values. Check the Case-Shiller home price index and the Federal Housing Finance Agency (FHFA) index, which track home prices based on actual sales data.

Construction of New Homes. The U.S. Department of Commerce tracks constructions starts on single family homes. New homes help set the true market value of houses on the market.

Apartment Rents. If apartments are hard to find or they rent for the same (or higher) price as a typical mortgage payment, the housing market reflects that with lower property.

A home is still the biggest investment that most families make in their lifetime.  Putting together a team of professionals to help gather facts and search for the perfect home will still make the American Dream a possibility for the next generations.

 

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Mortgage Tips

If you are taking out a mortgage, whether you have never had one before or you are remortgaging, then it is a good idea to look around online for help. There are a lot of websites out there which can help you with your mortgage decision and it is a good idea to take a look at a selection of them. You want to not rely on just one site, as it may be just one persons opinion, but take a good look at a selection of sites.

It can be a good idea to start by getting helpful tips from emortgagecalculator.co.uk and then move on to other sites afterwards. Ideally you want to gather information like the differences between types of mortgages, what financial institutions offer mortgages and what they are like to deal with and what specific mortgages are worth taking. Obviously your personal circumstances and you mortgage needs will mean that you cannot take out just any mortgage, but it will give you an idea of what is available for you.

It may seem as waste of time doing this research, especially if you are busy. However, if you do not do any research, you could end up tied in to a mortgage that is expensive and possibly not flexible. This could mean that you pay too much interest and high fees for a long period of time and you may not be able to change the mortgage company that you are with. You may even find that you cannot move house either. This can make things extremely difficult and so you do not want to get in to this situation in the first place.

You also need to decide whether a fixed or variable rate will be better for you. Think about whether a tracker might suit as well. Then look at the rates and fees and work out who you think will be the cheapest. You could get help from a financial advisor, but remember that they are either tied to a financial institution and so will only recommend their products or they are independent but will tend to recommend products that they make most commission out of. However, they can be better than making a decision if you have done no research. It is better to do the research yourself though.

A little bit of knowledge can save you a lot of money and so it is well worth finding out more about mortgages so that you get a better chance of getting yourself a good deal.

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The Conveyancing Solicitor Does a Lot More Than You Think!

Trying to buy UK real estate on your own is definitely a bad idea. However, in order to know just how bad of an idea this really is you have to know what your conveyancing solicitor is actually going to do for you. Of course, we might be jumping the gun just a tiny bit — you have to know what conveyancing really is.

Conveyancing solicitors have quite a bit of work that they do, actually. Conveyancing is all of the research and execution steps involved with the purchase or sale of a property. If you’re going to buy or even sell a home in the UK, you really need to make sure that you have a solicitor on your side.

conveyancing_solicitor
If you’re selling a home, the first thing that you need to do is have the solicitor of your choice hold legal right to act on your behalf during the sale of your home. People forget that the solicitor really cannot do anything without your permission, and you have to give them the legal power to act in good faith. Yes, they are driven by ethics, so they’re not going to do something that’s going to lead to your harm — that’s the theory, anyway. You want to make sure that you’re actually doing enough research on your solicitor so that you know whether or not they’re going to actually look after your own interests.

The solicitor will give you a letter that lays out all of the duties that they will perform for you throughout the sale of your home. The research and execution stage is pretty lengthy. You will receive fixtures and fittings, property information and even lease hold information sheets that you have to complete and return. The purchaser of your home is going to need all of that information before they make a decision one way or the other.

The solicitor will also be looking for copies of your title deeds from the mortgage provider as well as the land registry. This is a slow process, but if you have copies of your deeds already then things will speed up dramatically. If you know that you really want to sell your home, requesting a copy of the deeds from your mortgage provider will save you even more time — just ask them when you decide to put the house on the market.

Once your solicitor gets the title deeds and land registry details in their possession, they can actually make the draft contract and send it to the buyer’s solicitors — yes, the buyer will most likely have a set of solicitors of their very own.

At this point there might be issues that have to be ironed out, but the solicitors will go back and forth.

Once the buyer’s mortgage has been approved, final contracts are going to be set and a date for exchange will be agreed upon. That’s actually when you’ll get to swap signed contracts and hand over the keys to your home. The buyer deposit will be collected and retained, which is the sign that the buyer will actually act in good faith to close on the home.

As you can see, the conveyancing solicitor does a lot of work on your behalf. You might bristle a bit at the fee that the solicitor charges but as you can see — it’s definitely worth it to get a quality solicitor on your side!

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Mortgage Comparison Hunting in the UK – Easier Than You Think!

The days of being stuck with one mortgage lender are over. If you were looking around for more information on buying a home in the UK, you’re definitely in luck. It’s just a matter of planning ahead of time and getting your finances in order. But if you’ve already pulled your credit reference file and looked at your scores appropriately, then you already know what you need to do next: hunt for the actual mortgage!

Calculating how much mortgage you can afford is always good, but sometimes it’s good to get a number directly from the lender. They will look at your application and figure out how much money they’re willing to let you borrow from them. If you aren’t careful though, you could end up taking too much. So the lender will only meet you halfway here. You will know how much they’re willing to let you spend, but this number might be far higher than what you can comfortably afford. Remember that the lender isn’t going to know your hopes and dreams, nor your actual blueprint. They’re not going to really know what you want or don’t want. So you will need to make sure that you actually have a good idea of what you actually desire or don’t desire in your own home. This is a structure and property that you’re going to own for a very long time. So it’s really up to you to make sure that you have a good idea of what’s going on, one way or the other.

Mortgage Comparison
Comparison shopping is important in a lot of different arenas. If you were going to shop for insurance cover of any kind, you would want to make sure that you’re looking at multiple offers.

This is the age of the Internet, which means that if you want to know anything, going online is definitely the way to go. There’s really no time like the present to make sure that you’re looking around at all of your options and making the right decisions from the beginning.

A good mortgage is one that you can pay for not only today, but in the future. While it’s impossible to say what the future will bring for you, the last thing that you want to do is get into something that’s uncomfortable for you to repay now. If it’s uncomfortable for you now, what would happen if your job situation changed? Job security is growing less and less by the day, which means that you’re going to have to make sure that you really focus on making sure that you have everything already taken care of now while you still can. Good savings accounts also come in handy — you should always make sure that you’re working on saving as much money as you can without taking away from the day to day living expenses and pleasures that you enjoy. It might mean that you will have to change your lifestyle, but you will want to do that anyway if you’re going to become a homeowner. Homes come with a lot of expenses of their own, so this is not something that you should take lightly. It’s a very serious matter, no matter how you look at it.

So, when you go online you can actually request multiple home loan quotes. Someone will follow up with you and talk about your application. They may ask for more information to be faxed to them. Be prepared to show extensive proof that you have not only steady employment, but also steady income. You will probably also need to list any and all bills that you are paying.

If you rented a flat in the past, you might be used to giving this type of information. Buying a home or a flat is even more intense, because the information has to be more detailed. This is something that you will have for a long time, sot he lender will want to make sure that you truly can afford it for the long term, to the best of their ability.

Now is the perfect time to go online and shop for a mortgage. Check it out for yourself!

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The Real Importance of Seeking Out Current Mortgage Interest Rates

The time is right to get a good home for you and your family, but where do you begin? With strong research, of course! There’s really no time like the present to make absolutely sure that you’re going to be able to take care of you and your family’s needs. Sure, it’s tempting to just assume that you’re not going to have to really worry about the process. After all, it’s between your mortgage advisor, mortgage broker, estate agent and conveyancing solicitor, right? Actually, that’s not as true as you might think!

You really need to start out with looking at the current mortgage interest rates. Even though the rate that you’re offered is going to be base don your credit, you still need to figure out what the basic rates are. If you know that you have credit, then you’re going to be much closer to the posted rates than someone that does not have a good credit history. This is just the basic facts of the home purchase game.

Current Mortgage Interest Rates

In the past, looking in the newspaper was the best way to figure out the current mortgage interest rates. However, the paper can often be outdated. These rates change so much that it’s really in your best interest to make sure that you’re actually looking into the freshest information possible. That’s going to be online without a doubt, and there are plenty of different websites to choose from.

Yet you might wonder what the real importance of looking up this information is. Well, you want to try to estimate your costs as much as possible. You probably have already figured out the conveyancing solicitor’s costs, and you know that there is a deposit that has to be paid. However, you might not know what you’re going to pay for your mortgage. This is where an estimating calculator comes into play.

You can find calculators that will actually do all of the complex mathematical calculations without much assistance from you — all you do is just input the correct data for each field.

This means that you will be able to figure out how much you will pay each and every month. When it’s time to actually step forward and get the home of your dreams, you’ll be able to go forward knowing that you have true peace of mind! Check out current mortgage interest rates today!

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Remortgaging in the UK – A Smart Option After All!

Remortgaging in the UK is going through a massive revolution, and if you really pay attention you can actually save a lot of money. Think about it — when it comes to your monthly balance sheet, chances are pretty good that your mortgage is really what’s slowing you down and making you frustrated. There’s no reason to feel like you can’t save money and free up income that can be re-directed towards other financial goals. In fact, if you really want to get out of debt this may be a smart option for you.

However, one of the biggest reasons why people don’t think too highly of remortgaging is because it used to be a process that didn’t have a lot of details issued publicly. In other words, people couldn’t get enough information in order to make a smart and informed decision. While the process isn’t fee-free, it is a process that’s going to save you money over the long term if you really crunch the numbers.

remortgaging in the UK

One of the first things that you will want to do when it comes to remortgaging in the UK is that you will want to see what your house is worth. While it’s true that you will get an appraisal from an expert, there’s nothing wrong with getting one on your own to make sure that you know where you stand. Combined with a mortgage calculator, this will help you immediately know how much your monthly payments could be. Once you have the interest rate, the calculation is actually quite straightforward.

Another point that you will want to keep in mind is that you don’t have to rush around trying to find the right lender immediately. Give yourself time to really look over the fine print. While we think remortgaging in the UK is a smart idea, that doesn’t mean that we think you should abandon all reason and just jump into the first new mortgage that looks good. Keep in mind that because you’re going to need to pay some fees up front, you don’t want to just jump into anything that looks good. It’s still a matter of making sure that you really do have all of your bases covered.

As we mentioned before, remortgaging in the UK is definitely a smart option, so if you want to save money on your mortgage it’s definitely worth looking into!

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Estate Agents in Scotland – Buying Property

The would-be property buyer is well served judging by the number of solicitor estate agents Fife has to offer. There are so many to choose from. So, what should you be looking for in an estate agent? And what steps are involved in buying a house in Scotland? Both are really good questions.

The solicitor is more prominently involved in the buying and selling process than in the rest of the UK. Many solicitors are also estate agents and as such are also involved in the marketing of properties. Solicitors can represent either buyer or seller, but not both.

Citizens Advice is an extremely good source of information for anyone unsure of what’s involved in the buying of a property.

buying a house in Scotland

In almost all situations, says Citizens Advice, a solicitor should be used because of the legal work involved, adding, “You should approach local firms of solicitors and/or ask friends and relatives to recommend a suitable firm. Before making a choice of solicitor, you should ask for estimates of their charges for buying a house. It is important to contact more than one solicitor as there is no set scale of fees for purchasing a house and different solicitors will make different charges.”

The solicitor should:

  • discuss the buyer’s needs and explain the procedure for buying a house if required
  • explain the Home Report, the different types of survey and arrange a survey for the house
  • arrange a mortgage and advise on the different methods of loan repayment available
  • inform the seller’s solicitor that the client is interested in making an offer for the house
  • draw up and submit a formal offer for the house in consultation with the buyer
  • prepare mortgage documents
  • check the legal ownership of the property and prepare a deed confirming the buyer’s ownership
  • check the property certificate from the local councils provided by the seller to find out if they are planning any repairs or developments affecting the house
  • check that alterations to the house have had planning permission from the local authority
  • check the search of the official records carried out by the seller’s solicitor to see if there are any problems with the seller’s right to sell the property
  • receive the money to pay for the purchase and pay it to the seller’s solicitor
  • check that the house is insured
  • negotiate with the seller’s solicitor in the event of any dispute
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