Advice on Purchasing Your New Home

2009 is a new year and we are starting to see marked improvement in the Atlanta home sale market. If you are considering purchasing a home, there will never be a better time. Rates are low and there are great values in homes in Atlanta and surrounding areas. As you begin your home buying adventure, let me offer some advice to make this process a pleasant and rewarding experience.

A home purchase is possibly the largest financial transaction to date, so it is important to make good decisions and to be well informed. Your Real Estate Agent and your Loan Officer will be valuable assets to you as you begin to research the area. Whether you are looking at Atlanta new homes for sale or you are looking at the Atlanta home sale market, in general, surround yourself with knowledgeable, helpful real estate and mortgage professionals. They are the keys that will make this a happy, memorable event in your life. Your Real Estate Agent and your Loan Officer will work together to help you buy the home of your dreams.

Where do you begin? Your first step is to meet with a reputable, knowledgeable Loan Officer for your pre-qualification. Your Loan Officer will help you find the best loan program to meet your personal situation and needs. Once your pre-qualification is complete, you will meet with your Real Estate Agent and starting looking for the home of your dreams in the Atlanta home sale market. With your pre-qualification letter in hand, your Real Estate Agent can negotiate the best deal for you. Work closely with your winning Realtor/Loan Officer team and you will be celebrating the purchase of your new home before you know it. In the Atlanta home sale market, there are many beautiful homes for you to choose from so start looking for an Atlanta new home today. Ask your friends to refer a Loan Officer or realtor they were happy doing business with.

Good Luck in your search and enjoy your new home!

Is There Still Profit in Wholesaling Phoenix Homes?

Phoenix, AZ was widely considered one of the first housing markets to start turning around in the U.S. and became the epicenter of a new real estate investment surge. So is there still any room for the city’s home prices to grow and profits for those wholesaling homes?

Last year real estate investors from all over the country and in fact all over the world descended on Phoenix to scoop up bargains on single family homes to be converted to rental properties. This has led to some incredible growth, in the region of over 30% per year.

However, the increased competition has also driven many to other locations since early 2012. Giant private equity firms and individual investors alike have turned to the likes of Detroit and Atlanta in search of more distressed properties.

So is Phoenix’s growth sustainable and should you still consider wholesaling homes there?

A panel of experts and report from the Phoenix Business Journal quizzed on the city’s status, not only concluded that Phoenix doesn’t just still have potential but hasn’t even really gotten into full recovery mode yet, let alone a new boom phase.

Local business analysts point to the fact that despite, apparently sporting some impressive digits in home price growth recently the city still has to regain 60% of the jobs lost in the crisis before really kicking into high gear.

This is in addition to local property ownership still resting 20% below previous highs and the springboard point needed to be reached before really launching into a new boom phase.

In summary the report predicts another 40-50% growth in Phoenix housing prices to go. Based on historical housing cycles and an estimated 10-15 years of upward movement to go it could easily well surpass this.

Even the pessimists can’t deny the additional boost the returning jobs will provide. This is on top of the fact that around 40% of locals simply can’t qualify for a mortgage today due to credit issues. However, many are already well on the way to mending their finances and credit scores and will provide additional kindling for the housing market once they can get home loans.

39% of Arizona home owners are also still underwater but as more opt for short sales and others see equity return more homes will go up for sale, fueling the market with new transactions and providing more upward momentum in home prices.

Let the competition head off to Detroit or Atlanta, there is plenty of room for growth here and rising rents. Those wholesaling homes, rehabbing and flipping houses and even continuing to expand rental portfolios will all find plenty of opportunity in the Phoenix market and perhaps even more bargains as others keep heading off to the latest ‘hot spot’ in the media.

5 Steps to Improving Your Credit Score for a Better Home Loan

Buyers, make sure you are on a solid credit score footing in order to obtain a home loan. You can do this by understanding and practicing these five healthy home-buyer’s habits.

Review your credit report at least once a year. Inaccuracies aren’t uncommon, and it takes time to set the record straight. Each of the three major credit reporting agencies–Equifax, Experian, and TransUnion–provide one free credit report per year. Go to freecreditreport.com . You will be charged about $15 to see the actual score, but you’ll see the cost is worth it.

Stay consistent with your spending behavior. A surprisingly good credit score can tempt you as a prospective home buyer to open credit card account or take out a loan for a new car. Such actions can damage (lower) a credit score during a critical time, making it harder to obtain the loan you want.

Apply for the best mortgage loan you can find and remember that other factors besides credit score, like the size of your down payment, come into play when applying for a loan.

When you have determined your intent to buy, know that there is a difference between “prequalification” and “pre-approved.” Prequalification means very little in terms of a consumer’s ability to obtain a mortgage. Go ahead and get pre-approved, a process in which the lender checks your employment history, income and bank funds and reviews your credit report.

After closing on your new home, remember to continue to practice the above habits in case you decide to refinance or move again. It’s a good idea to always keep your credit score in mind as you anticipate the prospect of home buying, or with the expenses of being a new home owner