Home Buying

Working with a Buyer's Agent

   Why would I work with a buyer's agent?

     Buying a home is likely the biggest purchase you will make in your lifetime (except for the people lining up for a spot aboard Space X), so you should treat it that way. You need someone who experiences the industry daily to represent your interests in such a large transaction. Regardless of how many times you have bought and sold a home, the real estate market is changing every day. Time and time again there will be hiccups. When these hiccups arise, you will want someone in your corner and only your corner. Time, money & stress can all be saved by using a Realtor when you buy a home!

     Did you know that using a Buyer’s Agent when buying your home will not cost you a commission? 9 times out of 10, when...

HOW LONG DOES IT TAKE TO GET A MORTGAGE?

HOW LONG DOES IT TAKE TO GET A MORTGAGE?

As you begin shopping for a new home, one question will weigh heavily on your mind: “How long will it take to get a mortgage?” For an extremely tiny minority of home buyers, it will take a few days to apply for a mortgage, get approved, and finalize the contract on a new home.

For the vast majority of home buyers getting a mortgage may take four to six weeks or even longer, if there are negative marks on your credit report or small debts you'd like to pay off before applying for a home loan. It can be very hard to be patient with the process.

Applying for a mortgage may seem mysterious (and even dangerous!), but the process is usually straightforward. Here's what generally happens, in the simplest terms possible.

First Step: Apply for a New Home Loan 

First, you'll talk to a mortgage...

Seven Steps for First Time Home Buyers

SEVEN STEPS FOR FIRST-TIME HOME BUYERS

 

Home buying is exciting and the joy one feels walking into their first home is incomparable. First time homebuyers need to follow certain steps to get on the pathway to homeownership. Following these steps will make your dream of becoming a homeowner in Louisville, Kentucky (or surrounding area) a smooth process.

 

1               Get Pre-Approved? The first step is to talk to a lender.  If you are serious about buying a house, get pre-approved instead of just pre-qualified, that will show buyers that you are serious.  Your lender should be able to tell you what you need to do, give you advice on your credit score, and explain all the details. If you do...

In lieu of Black Friday and Cyber Monday, check out these great 'deals' on Louisville homes!

Many people love the holidays because of the great deals that they can find while shopping, especially on Black Friday and Cyber Monday. These deals usually pertain to hot ticket items such as TVs, appliances, movies, etc. Does real estate cross your mind when you think of deals during the holidays? Probably not...but that's because there are deals on homes for sale in Louisville KY nearly every day of the year!

Louisville homes experience price reductions all the time, which is a great opportunity for you to find the perfect home at a great value. Below are 10 of the most recently price reduced homes in the Louisville area...give my team a call at (502) 509-6812 when you would like to schedule a private showing!

    1. 9106 Terry Rd, Louisville, KY 40258 - $109,900

    ...

    Are You a First Time Home Buyer?

    Are You a First Time Home Buyer?

    As of 2013, according to the U.S. Census Bureau, 64.5% of Americans own their own home. However, only 29% of those people own their home "free and clear," meaning they no longer owe the bank, or anyone else, for a home mortgage. According to Real Estate ABC, average home costs range from $159,500 to $282,000, depending on the region you are looking to settle in. Wherever you go, it is clear that buying a home will be a huge financial decision that will affect decades of your life. If you are looking for first time home buying tips, here are three of the best.

    • Do Not Bite Off More Than You Can Chew

    One of the contributing factors to the economic collapse beginning in 2007, now known as the Great Recession, was unfair and predatory lending practices on the part of banks to...

    The Time Is Nigh. Have You Considered Buying a House Yet?

    Your First HouseThe time has never been better for buying a home first time. Rates are at historical lows. And prices still remain 30% below peak from before the crash. With how cheap things are, and all of the first time home buyer assistance programs available, first home buying steps can be short and sweet. To make things easier, all one need do is follow a few first home buying tips.

    Of course, before you should even be looking for first time home buying tips, you should be saving money for a deposit. The deposit is often one of the most important things to have, because it is necessary for the buying process. The more that you put down, the less you need to borrow, which means the less you pay interest on.

    Before you begin looking at homes, and getting your hopes up, visit a few banks. Talk to them about how much you can get, how much they...

    Always Check the Permit History of Your New Kentucky Home

    When purchasing a new home, you want to always protect yourself from unwanted surprises. Yes we think we do everything possible like a home inspection, title searches, etc., but few of us ever think about going into the building department and asking about old permits that may have been taken out on the property that we are looking at to buy. You always want to find out as much as you can about the property before the closing.

    I always suggest that the offer should include an inspection contingency even if you're making an offer in any kind of competition. The contingency wording should be broad enough for you to inspect whatever you deem necessary, so you will have the confidence that the home will satisfy your housing needs within a budget you can afford. You should always have the option to withdraw from...

    Facts About Buying Your Louisville Home

    If you are like most people, when you decide to buy a new home, you will make a down payment and get a mortgage loan on the balance.  If that amount falls short of 20% of the homes value, and you are going to get a conventional loan, be aware that you will most likely have to pay for 'private mortgage insurance' (PMI). Most lenders go by the old rule that the more a person puts into the purchase then the lower is the risk.

    Private mortgage insurance (PMI) is a policy that protects the lender against financial loss if you should default on your loan. Lenders always will seek to minimize their risk by asking for a substantial down payment, usually 20% or more, or will want insurance that will guarantee them the principal amount if they have to foreclose.

    The lender benefits from the PMI insurance but the borrower has to pay for it. The premiums...

    BANKS AND CREDIT UNIONS..WHAT'S THE DIFFERENCE

    I am often asked by my customers about what the difference is between a bank and a credit union especially when one of my Louisville buyers is looking for a mortgage loan source. I am probably asked the same question several times in a month.

    To be as brief as possible:
    Bank and Credit Unions are more alike than they are different. The key philosophy behind them are different in that banks operate with the goal of generating profits and credit unions are community based institutions that are non profit. In credit unions, you must have a membership and it requires that you have an account with minimum deposits, and each member is a part owner in the credit union. The higher the deposits, or shares, the higher the share of profits.

    The credit union has a Board of Directors who makes the major financial decisions. A bank is owned...

    Credit Reports Do Not Tell Everything About You

    To most of us, it seems like the credit reporting agencies are constantly spying on everything we do and every move we make. Our names, address and social security number along with our birthdate appears on our credit reports. There are some things though that don't appear on credit reports, and the lenders, or banks, can't see when they run a credit report on any of us.  Here are 7 secrets that your credit report won't reveal:

    1    YOUR SALARY
    Salaries stopped being on credit reports in the early 1990s. They had been up to then but it was decided that there were too many variables involved for them to be accurate. Other reasons are that income really isn't a measure of credit worthiness, it is just a measure of capacity. A credit report and your credit scores are meant to tell a creditor whether or not you are going to make a...