Gilbert Homes For Sale – Five Helpful Tips Before Buying a House

September 2, 2010 by admin  
Filed under Buying A House

For most, buying a house is a dream come true. Finally, they get the chance to have their very own place.

However, buying a house is unlike buying any commodity in the store. It does not only involve picking a brand, paying for it and taking it with you. Although the concept is the same, purchasing a house can be very difficult. You have to pay attention to details and make your research about the house.

To help you acquire one of those Gilbert Homes for sale with ease check out these tips:

1. It is important that you determine your budget first. How much are you going to pay for the house? How much mortgage are you going to get? Determining your financial capacity will prevent you from checking houses you cannot afford. You can rest assured that the houses you will see are within the price range suitable for the kind of income you are generating. This will also allow you to manage the expenses better to avoid foreclosure in the future.

2. Once you have your price range, you can consult a sales agent. Having a sales agent to assist you will make your search for a house easier. They are aware of various houses on sale and they can present you with the properties that are within your budget. If you are unsure with the first house, they can immediately present a new option for you.

3. When you finally see a house that you like and within your budget, do not get too excited and close the deal. Make sure that you check the neighborhood first. Will the neighborhood provide security? How long will it take you to reach your office? How far is it from the kids’ school? Is water a problem, how about power? It is important that you know these things because these factors will help you have a more comfortable life.

4. If the location appeals to you, ask a professional to inspect the house. Many skip home inspection because they say that it is just an added expense. However, inspecting the house can save you from a lot of trouble. The inspector will check all areas of the house. He will be able to uncover any problems. You can settle this with the seller by either adjusting the price or asking him to repair it. Home inspection is applicable even to new houses. Therefore, even if it were from Gilbert Homes for sale, it would be better to have a home inspector check it.

5. Finally, finish all the paper works needed for the transfer of ownership. You do not want to have problems concerning these documents in the future.

In order to avoid having problems when you purchase a house, make sure that you know what you are buying. Check the house that you can afford. You can ask a sales agent to help you find the right house however, do not forget to check its environment and the house itself before you close the deal.

Chris Turley is an expert and professional real estate agent that will help you to find the perfect home that better fits your needs. For more information on Gilbert homes for sale, please go to

Real Estate Financing – What You Need to Know About Home Mortgages Before You Commit

September 2, 2010 by admin  
Filed under Real Estate Financing

One of the first steps before you start looking for your dream home is to ask yourself what you can afford to spend on a monthly house payment. Real estate financing has its secrets and you’ll gradually learn them by continuing to research everything you can find online and offline about home mortgages, mortgage loans, commercial mortgages or investment mortgages, current interest rates; get quotes too. If you have monthly obligations such as car payments, credit card payments, personal loan payments, student loan payments, etc., make sure to take all these into account when you’re determining your bottom-line affordability figure.

A fixed-rate mortgage means the interest rate and principal payments remain the same for the life of the loan but the taxes may change. Most adjustable rate mortgage programs offer “rate cap” protection, which limits the amount the rate can be increased, both each year and over the life of the loan; all adjustable rate mortgages are amortized over 30 years. 30-year fixed-rate mortgages offer consistent monthly payments for all of the 30 years you have the mortgage; if the market is good, you can benefit from locking in a lower rate for the full term of the loan.

15-year mortgages are an ideal option if you think you can handle the higher monthly payments and if you’d like to have the loan paid off in a shorter period of time, for example, if you plan to retire. Loan programs for down payments of 20% or less require you to buy Private Mortgage Insurance (PMI). The disadvantages of a fixed-rate mortgage include a possibly higher cost; these loans are usually priced higher than an adjustable-rate mortgage.

If you’re buying a second home or property, you will need to identify the sources for your down payment, since you’ll not be selling your current house and using the proceeds, and you’ll need to expect larger monthly payments for housing or any other expenses too. Check with your CPA or accounting professional, you may be able to deduct the interest you pay on the mortgage loan and some of the financing costs of the home, such as points on your income tax return. The interest rate for an adjustable rate mortgage may be adjusted up or down at predetermined times; the monthly payments will then increase or decrease.

15-year fixed-rate mortgages mean consistent monthly payments for all 15 years that you have the mortgage; you build equity even more quickly than with a 30-year or 20-year loan, and paying less in interest, you save money in the long run. The 30-year loan is your best choice if you’re looking for a long-term stable loan; for instance, if you’re planning to stay in your house for a long time. A mortgage application can be resubmitted several times; it’s not uncommon for this to happen either, I’ve seen it many times.

Be careful when working on your real estate financing; if you make too many loan inquiries, with applications, it may look like you’re shopping for credit; this can be a glaring red flag for many lenders. Borrowers can submit information about income, assets and equity to determine how much a down payment should be, which is usually processed through an automated underwriting system. The real estate financing situation for each buyer is unique.

If you’re a first-time home-buyer it’s possible that you may qualify for a lower down payment or lower interest rate; check with mortgage brokers, online mortgage companies, your county housing department or your employer to see if they know of any programs available. Advantages of adjustable rate mortgages include: lower costs – because they are usually priced lower than fixed-rate mortgages so you can increase your buying power and lower your initial monthly payments and if the interest rates go down, you’ll have lower payments.

You have to be careful to not assume you can cut back on your expenses and stretch yourself into a house payment; you don’t want to be cutting into good, healthy eating habits by eating fast food or junk food for a house that you may not be well enough to live in for a long time; make sure to consider this when you first start out searching for the best real estate financing. You also have to feel comfortable with the reality of the amount of the monthly payment on your house or other real estate. Try not to get overwhelmed with all the different investment, commercial and home loan and mortgage choices available.

For more information on bad credit real estate financing and finding the best home or commercial loan or mortgage go to a real estate broker’s website specializing in real estate financing tips, help, quotes and resources including refinancing and creative financing