Once you have made the decision to begin looking for homes on the Ulster County real estate market there are certain things you should definitely know first to avoid added stress and complications down the road. At Taft Street Realty, we protect our buyers and make every effort to give them all the tools and resources they need as they begin their house hunting journey, wherever it may be in the Hudson Valley region of Upstate New York. Although we focus primarily on the Ulster County NY home search, we know our tips and advice will help buyers pretty much anywhere! So without any further delay, here are 5 MUST KNOW tips for homebuyers and yet another Ulster County real state blog post authored by Taft Street Realty! Enjoy!
Loan Programs 101 | Pros and Cons
It’s very important early on to know where you stand as a buyer and what your purchasing power is. Getting in touch with a mortgage or loan specialist in Ulster County NY will help you figure out what different loan programs may be available to you. There are pros and cons that come with each loan program so knowing your options and narrowing down the best program for you will set you apart from many other buyers in the market. Getting pre-qualified before house hunting will have you ready to go should a good deal present itself. Not all loan programs are created equal. Knowing upfront which program is best for you allows for better planning between offer and closing.
Translate Price Into Monthly Payment
Another important thing that Ulster County NY mortgage professionals can help with is translating a home’s price into a monthly payment. Of course there are many online “mortgage calculators” but they won’t give you the most accurate picture of what your monthly payment would look like. The calculators on most websites won’t calculate precise insurance and tax numbers, specific closing costs, as well as other variables affecting the monthly payment. Ask for a loan scenario worksheet or good faith estimate so that you have the clearest representation of the numbers. Start with a local bank or credit union; buyers will find comfort in the good service they will receive.
Interest Rate Options
In addition to loan programs and monthly payment information, knowing your interest rate saves you from having to guess. Rates being advertised may not be what you qualify for. Using too low or too high of an interest rate when you crunch numbers could drastically impact what’s comfortable and affordable for you in terms of price range or monthly payment. And as rates inch up in 2013, qualifying early on allows buyers to lock in a rate when the time is right. You can’t lock a rate until you have been qualified and if a hot property comes on the market and you are not ready you could potentially lose out on the dream home. Knowledge is power and the more a buyer knows the better off they are. The more prepared a buyer is the better the deal they will likely get. At Taft Street, we don’t “sell” buyers; we prepare, help, and guide them.
Estimated Closing Costs | Assistance Programs
Along the same lines as interest rate and loan programs are closing costs. They can vary from state to state, county to county, but buyers should clearly understand what will be required of them in order to complete the purchase. Closing costs may include, but are not limited to, insurance costs, title and other filing fees, appraisal and attorney expenses, pre-paid taxes, real estate commissions, loan down payment, deed recording fees, rate buy down costs, and other bank fees, etc. Not knowing what you’re responsible for as a buyer will only have you frustrated and stressed when the time comes to make an offer. If a buyer gets this info early on and they can’t afford the closing costs, then perhaps the mortgage pro can offer special down payment or closing cost assistance programs that may be available.
Ways to Fix and Repair Your Credit
This is one obstacle that buyers may need to face should they not qualify for a mortgage. Just another reason to see an Ulster County home loan specialist (before serious house hunting) because they can help show buyers the best ways to repair their credit and pay off any debt that might be required. When home buyers start searching on real estate websites too early or seeing homes in person with an agent before they even know if they’re qualified, doing so could cause unnecessary frustration or heartbreak. The best real estate agents and mortgage pros can be a very helpful resource that buyers should utilize early and often when looking for ways to fix credit issues so that qualifying for a home loan is easier.
Real Estate Tools & Resources for Ulster County Buyers
Taft Street Realty makes every attempt to give buyers the tools and resources they need to better manage the purchase process. We know a prepared buyer is a strong and happy buyer! Homes for sale in Ulster County are easy to find, but what’s not always easy to find are the tips and tricks and other important things for buyers to remember along the way. We cover all the important real estate FAQ’s and it’s easy to find the Taft Street Realty blog, just search Google for the Best Real Estate Blog in Ulster County! We look forward to connecting with you soon!