HOME BUYER HANDBOOK – Page 3 – The skinny on Steamboat Springs real estate.

11Dec 2017 by Olson | Tolan Team Blog

HOW IMPORTANT IS YOUR CREDIT HISTORY?

When you apply for a mortgage loan, you expect your lender to pull a credit report and look at whether you've made your payments on time. What you may not expect is that they seem to be more interested in your "FICO" score. FICO actually stands for Fair Isaac and Company, which is the company used by the Experian (formerly TRW) credit bureau to calculate credit scores. Trans-Union and Equifax are two other credit bureaus who also provide credit scores. Each time your credit report is pulled, it is run through a computer program with a built-in scorecard. Points are awarded or deducted based on certain items such as how long you have had credit cards, whether you make your payments on time, if your credit balances are near maximum,…

01Dec 2017 by Olson | Tolan Team Blog

ANY IDEAS ON HOW TO RAISE THE MONEY?

HOME BUYER HANDBOOK

Okay so now you know you really want to purchase a home. If you still don't have enough money saved to cover your down payment and closing costs, below are some ideas on how to come up with the money. Always check with your lender about great down payment assistance programs which you may qualify for. (more…)

29Nov 2017 by Josie Tolan

BUDGETING TO BUY PART 2

HOME BUYER HANDBOOK

What does it Cost to Buy a Home Once your contract has been accepted, here are some costs that you will have to pay between now and closing. Some of these costs must be paid before closing, others are paid at closing, and some may be financed at closing. Costs that must be paid up front before closing (more…)

26Nov 2017 by Josie Tolan

BUDGETING TO BUY PART 1

HOME BUYER HANDBOOK

If you want to buy a house, start by estimating what you can afford and making a budget to buy. Many prospective buyers find it difficult to accumulate enough cash for a down payment, especially if they are saddled with heavy debt. With some discipline and creative strategies, you can probably come up with more cash than you think. Check your current finances and investigate ways to save and raise extra funds. Write down your monthly income, savings, and spending. If you have a lot of high-interest credit debt, try to move your balances to cheaper cards and plan to spend a year paying off as much of that debt as possible. (more…)

21Nov 2017 by Josie Tolan

THE ADVANTAGES OF OWNERSHIP

HOME BUYER HANDBOOK

The Best Investment As a fairly general rule, homes appreciate about four or five percent a year. Some years will be more, some less. The figure will vary from neighborhood to neighborhood, and region to region. Five percent may not seem like that much at first. Stocks (at times) appreciate much more, and you could easily earn over the same return with a very safe investment in treasury bills or bonds. But take a second look… Presumably, if you bought a $200,000 house, you did not pay cash for the home. You got a mortgage, too. Suppose you put as much as twenty percent down – that would be an investment of $40,000. (more…)

13Nov 2017 by Josie Tolan

REASONS TO DELAY BUYING A HOME

HOME BUYER HANDBOOK

Assuming you have the financial resources and the desire to eventually own your own home, there are very few good reasons to put off the purchase. You can miss out on years of appreciation if you do. The main thing you want to avoid when buying a home is being put in a position where you will have to sell it too soon. If you have to sell a home before it has appreciated enough to cover the costs and commissions of selling, you could find yourself in a financial bind. Real Estate commissions traditionally run around six percent of a home’s sales price. The seller’s closing costs generally come to about one and a half percent. You can see how this can easily exceed the first year’s appreciation. If…

11Nov 2017 by Josie Tolan

DETERMINING WHAT YOU CAN AFFORD

HOME BUYER HANDBOOK

Use this Balance Sheet as an example of how to determine generally what you can afford to pay for housing. See your lender for a more exact figure or to confirm your findings. This is just a very general idea of how to prepare a Balance Sheet. Your Balance Sheet should be much more detailed and include all of your monthly expenditures. (more…)

10Nov 2017 by Josie Tolan

WHEN BUYING A HOME IS A GOOD IDEA

HOME BUYER HANDBOOK

Purchasing a home is one of the most important decisions of your lifetime. It is easy to become overwhelmed at the idea of finding, purchasing and finally owning your own home. You may feel that you are comfortable renting. Following are some good reasons why owning your home can be one of the best investments in your future you will ever make! Instead of paying someone else’s mortgage you can build equity in your own future! It will be yours. The freedom of owning your home cannot compare to the restrictions that renters experience. You can paint the walls any color you like, hammer a nail in any wall, decorate a nursery, landscape the yard, anything you like! (more…)

07Nov 2017 by Olson | Tolan Team Blog

BUYER AND SELLER REPRESENTATION

HOME BUYER HANDBOOK

Many consumers are unaware that in many instances, the real estate agent showing them property is not representing their best interests. In fact, quite the opposite is true; they are representing the sellers, and are legally obligated to pass ANY information along to the sellers which you might provide to them...information which could dramatically adversely impact your ability to negotiate a good deal. (more…)

30Oct 2017 by Olson | Tolan Team Blog

Title Insurance: What is it and Why You (Probably) Need It

HOME BUYER HANDBOOK

Title Insurance: What It Is and Why You (Probably) Need It Title insurance: It’s another one of those mysterious fees buried inside the pile of paperwork you’ll receive at your loan closing. Who knows what it’s all about? All you’ve figured out is that lenders require a policy for their protection, and either you or the seller will have to pay for it — and then you’ll be asked if you want an owner’s title policy, too. Here’s how title insurance works, how to decide whether you need your own policy, and how much you can expect to pay. What is title insurance? Title insurance protects the insured from a financial loss related to the ownership of a property. There are two policies in the mix at a home loan closing: the…