Homefinding Book

The First Time Homebuyer’s Tax Credit is an amazing opportunity!
There is an $8000 tax credit for
first time home buyers! LET US CLEARLY EXPLAIN all the details — and yep, you guessed it, the Veenstra Team has prepared an easy to read and understand explanation of the program.
Call us at 269-216-9148 to get started with our FREE home buyer program.  (That is right!  When you hire the Veenstra Team to help you buy a home–there is no fee!)
In our explanation we will tell you:

• The Definition of a First Time Home Buyer
• The income levels that fully qualify
• The income levels that partially qualify
• When the program is available
• What the program provides

Þ And then we get into all the nitty gritty details as well…..
(For example, we will explain: what is a modified adjusted gross income, how is a partial tax is calculated, how this tax credit is different from the tax credit Congress enacted in July 2008, how the tax credit is claimed, what types of homes qualify for the credit, what it means when it says the tax credit is “refundable”, whether it is possible to claim the $8000 tax credit if the $7500 tax credit was already claimed, whether new construction qualifies, whether property financed with a mortgage revenue bond qualifies, whether a non-resident alien can claim the credit, whether the tax credit is the same as a tax deduction, whether homes purchased in 2008 qualify, whether you can get the money before the filing of your 2009 tax return, whether the tax credit for 2009 can be applied to the 2008 tax return, and whether a home purchased in 2009 can be treated as a purchase for 2008 or 2009. )  Call the Veenstra Team at 269-350-5514 and we will send you the full details…or visit www.VeenstraTeam.com for the rest of the story!

Whatever may be the economy status Real Estate Appraiser job will never affected in anyways. Frankly speaking it is one of the jobs that provide immediate cash. For becoming Real Estate Appraiser you need not complete a graduation course. If you are not a graduate also you can do this job very coolly. But there should be proper measures taken to become the best appraiser in the market. Until and then these measures are taken you cannot survive in the tough competition among appraisers.

Here are some of the tips for you:

1. The updated list of recent costs of the land and the improvements taking place in the market should be done
2. Spending more time on your business.
3. Be the best one to give perfect value in the market.
4. In the start of your career work for less commission rate. Once you get famous your commission rate will rise automatically.
5. Your career rating depends on the total number of works completed. So try making up the number.
6. Your first job is to get a license to be an appraiser.
7. Gain full knowledge regarding what the industry is all about.
8. For gaining full knowledge don’t step back in getting trained from some reputed person in the market.
9. Be the first to offer what the customer expects from the appraiser.
10. Check all the documents to deal a business correctly. One failure may affect your career.
11. If you like to work for some company take a wise decision in selecting a reputed company.
12. You are responsible for your expenses. So try giving more appraisals and get more commission fee.
13. If you are new to this industry then try to attain some goals which make you famous.
14. Get your payment hourly as you can earn more here.
15. Your personality and communication skills matters a lot.

If you follow these basic steps then you will soon become the king among Real Estate Appraisers. If you work for some company that employs appraisers remember then you will be paid depending on the number of works you have completed. Your value in company gets raised depending on your success stories.

Many people while appraising their property will ask the appraiser to step down to their places on some specified date. So be sure that you will reach them in time as this helps you increasing number of clients. You may feel all these tasks little bit tough. But these are the compulsory steps to get success. Make a clear idea of how much the other appraisers charge for one appraisal. Try getting fixed to the same rate or in some cases go for low income as this may increase number of jobs. If you get less income in one deal then that amount can be compensated with the increase in number of deals.

Not all Real Estate Appraisers are same in the market. So when there is some difference between you and others you can succeed in this career.

Buying a land without having minimum knowledge regarding real estate business may create serious issues. Some foolish acts before fixing a deal to buy land also cause serious issues to you. So be sure you will never make silly mistakes before the start of the process.

If you are a bad credit holder then make sure that you will not make any costly purchases before fixing the deal. Because when you go for loans to buy the land, the lender will check your entire profile. If any pending bills are found then they create huge problem regarding loan amount.

Many banks in the process of approving loans check the transactions of the borrower for the past 12 months. So the borrower being a bad credit holder should not open multiple accounts in the past 12 months. Never create new debts before applying for a land loan as there are chances that interest rate will be increased.

Before fixing a deal to buy land never move your money around many places. Because moving your debts or money in the process of consolidating your funds creates confusion to buyer and the process gets slow down. The lender before granting loans to you will check the source of your funds which you are giving as down payment. So don’t rotate your money around in many banks.

Never apply for loans in multiple banks or lending associations because the reviewer who checks your loan approval will check the entire history of your loan applying process.  Once he comes to that you have tried to apply for multiple loans he will delay the process to confirm that you didn’t get loans from other places with the same security.

Never sell a liquid asset before applying for a land loan. Because when you go for a loan which needs security, you can show your asset as security and get high amounts of loan. This reduces the interest rate to a good level. Thoroughly check all the documents of the land you are going to purchase. Because on fraud case will create such situation that it will take your life time to come out of bad credit rating. If possible consult an attorney to check all the documents as he knows very well what all the precautions to be taken are.

If you are not a real estate agent or don’t have sound knowledge in the real estate field then don’t hesitate to contact some reputed real estate agent who makes your work smoother at low costs. Never be uncertain to contact an appraiser to calculate the land value which you are going to purchase. Because the owner of the land will give an approximate value and obviously it will be high price to you. Once an appraiser decides the cost of land then there will no chance that you will get cheated in the deal of the land.

Don’t neglect to check that there are no government restrictions in the sale of the land which you are going to purchase. If unchecked they may create serious issues later. When these minimum measures are taken the deal of your land becomes smoother.

When you decide to invest in real estate, you have two options: either to buy a home or to rent one. People usually say it’s better to buy a home than to rent because this way you can build equity and save costs in the long run. However, it’s not always the case. First off, buying a property requires a great deal of homework and many overhead charges are involved in addition to the actual price of the house. You need to have a good credit score and arrange for financing to pay property insurance, taxes, monthly interest on mortgage, and maintenance charges. So, before finalizing your decision, do ask yourself if it’s actually the right decision.

Experts would tell you that by renting a home you are not throwing your money away. Although you are not building equity this way, you are not dropping it either. For those who have to (or wish to) move elsewhere after a few years, this might prove to be the best option available. Otherwise you may lose a great deal of money when selling your home at a time when the market is down. By renting a home you can also save the monthly mortgage payments and invest them somewhere else.  

Moreover, when you rent a home or apartment you don’t have to pay a huge amount as up-front payment. Building equity by buying a home may not prove to be beneficial for you if you end up paying more than the house was worth or paying extra interest rates in the case of fixed-rate mortgage when you could avoid them. Furthermore, when you buy a home you are bound to live in it for at least the next 10 to 15 years. This is a long period of time and nobody can tell what might happen during this phase that will force you to sell your home and move elsewhere.

But of course there are certain advantages of owning property especially when you can easily afford one. First of all, if you have the time and resources to get involved in the real estate business you can sell your home when the prices go up and gain huge profits. Furthermore, if you decide to stay in the house with your family you have the liberty to decorate and furnish it the way you want. Homeowners are able to enjoy several tax breaks and advantages as opposed to renters who have to handover all these benefits to their landlords.

Even if you decide to go for a 30-year mortgage plan, the interest rate will remain the same for fixed-rate mortgage when you buy a home. On the other hand, the rent would go up with the passage of time and when you can no longer afford it you will have to move to a new place. Furthermore, homeowners are not liable to pay income tax on the profit they gain through selling their property and this is indeed a great advantage.  

So, consider all these points when you make your mind up to buy a new home and see if you have made the right decision.

Finding your dream house in a suitable neighborhood and hiring a real estate agent to handle the transaction is only the first step in buying a new home. The major work starts when you actually have to handover the payment to the seller and go to settlement. In addition to a Realtor you may also need the services of an escrow agent who will handle the details and paperwork involved in the deal. The importance of escrow arises from the fact that you cannot trust anyone blindly. A trustworthy escrow company keeps your money till the closing on your new home so that you can be sure that your money is in safe hands.      

Escrow is beneficial for both parties – the seller and the buyer. The seller is assured by the third party escrow agent that they will receive payment on closing and the buyer knows that the loan they acquired to pay for the house is out of harm’s way. You are not the owner of a house if you have not gone to settlement on it. The settlement or closing is handled by the escrow agent who has a few roles to play in this context. This agent has to get in touch with all parties involved: the buyer and the seller, the title insurance company, and the lender.  

The role of an escrow agent is to ensure that all parties are satisfied by the end of the day. The lender is able to get a good mortgage, the buyer ends up with a clean title, and the seller is able to pay off their mortgage. All funds accumulate in the escrow account until everything is settled and all parties agree on the terms and conditions. During this time the seller performs any repair work or fulfills other responsibilities agreed upon in the purchase contract.  

Work with your Realtor to see that everything is handled properly and nothing is overlooked. Normally the purchase contract has a closing date until that day the escrow agent remains involved in the process. On the closing date everything has to be settled, documents have to be signed by both parties and money has to be handed over to the seller. In case there is a dispute between the two parties, this date may be postponed. It is also mentioned in the sales contract when exactly the buyer can move in the newly-bought home and this is not necessarily the same as the closing date.

Mortgage settlement costs vary from location to location and they can be fairly high in certain circumstances. The total fee is calculated by adding the charges for transfer of ownership, amount that has to be paid to local and state governments, and costs associated with getting a mortgage. At closing, you get different disclosure statements to determine the actual cost of the loan transaction and to deposit just the required amount in escrow accounts for payment of property insurance and taxes.

An escrow agent is not an attorney; however, there are some attorneys who offer escrow and settlement services.

Many dream of living in a Home with acreage, in the trees, surrounded by mountain views.  But too often such locations are too remote for year around living.   Look no farther, the Boise County area is a short drive to Boise Idaho & offers the best of both worlds.  Where as an everyday occurrence, the beauty of nature is right in your backyard.  Boise County Homes offers a number of Subdivisions and communities to choose from.  Some premier Subdivisions are Wilderness Ranch, Duquette Pines, Osprey Meadows, Elk Run, Elk Meadows, Timber Mountain & Robie Creek.  Some of the communities are idaho City, Placerville, Centerville, & Clear Creek.  Please contact Paul Heim for Boise County Home Information (208) 344-5700. Read more »

When looking for a new home, people have different requirements in mind. Some look for cozy and comfortable setting, while others want a swimming pool and spacious bedrooms. Other factors also come into play like price and neighborhood. An author once wrote that people usually look for four characteristics of a house when buying it: cost, condition, convenience and capacity. These attributes can also be called the 4 C’s. So, all the requirements can be broadly divided into 4 categories: price of your new home, the condition it is in, such as brand new, renovated, remodeled, and so on, how suitable and well-located the home is, and how spacious and properly furnished it is.

Price plays an important role in determining whether a particular house is suitable for you or not. When setting your budget, don’t forget to add the overhead charges including taxes and many other settlement fees that you have to pay in addition to the cost of the house. Maintenance costs and insurance should also be considered at least for the next 5 to 10 years. You can make use of some online calculator to determine the true cost of a home. The total cost would include mortgage payment, annual maintenance, property tax, annual utility costs, and annual insurance.   

Then comes the condition of the house you are about to buy. Even if you are buying a brand new home, some parts may still need your attention if they have not been constructed according to your requirements. Similarly, limited space does not allow having more than one or two bathrooms. If you have a big family this would mean that you have to check out more houses. Even if you have to make changes, make sure you do not require a complete makeover, otherwise the maintenance costs will go skyward. Up to $20,000 to $30,000 worth of repair work is normal when you move in a new home.   

Capacity and location are two factors that may have a great impact on your decision of buying a particular home. If you entertain guests on a regular basis you might be in need of a spacious home with many bedrooms. Make sure to discuss this aspect of the new house with your family to find out what they want. Many people sell their old houses because they want to upgrade to a large or luxurious setting. Some people also look for lavishly furnished kitchens with many cabinets and a sub-zero refrigerator.

The location or neighborhood of you new home may influence your decision. You might be looking for a quiet environment or a neighborhood which is close to the shopping mall. Some people want a home which is close to the place where they work. Keep these points in mind when looking for a new home.     

Some other factors should also be considered to find a dream home which is right according to your requirements and criteria. Market value of a property keeps on changing and if you want to find an affordable home you may want to deeply study the market trends. In addition to this, current interest rates should also be found out in order to make sure that you are financially capable of buying a new home. Although these decisions are part of the cost factor, but people usually overlook them. Advice of your mortgage agent also plays an important role in coming to a final decision. If you know how long you will be staying in your new home, this may also be a deciding factor in buying a home. People normally settle on old and poorly furnished houses if they don’t intend to stay in them for a long period of time.  

Before you qualify for a decent mortgage loan, some requirements have to be fulfilled. There are many types of loans and to know which type of mortgage you will be offered largely depends on your credit score. Not obtaining a credit report before applying for the loan is a mistake many first-time homebuyers make. Let’s discuss the different types of mortgages before proceeding with the credit score. There are basically four types of loans: fixed-rate, adjustable rate, balloon loan, and government loans. Fixed-rate mortgage can be obtained for 15, 20 or 30 years. If your credit score is good, you can get a lower interest rate and it will stay the same over the years for this type of mortgage. The 30-year fixed-rate mortgage is often the easiest to obtain.    

If you plan to sell your home in the near future, variable or adjustable rate mortgage will be best suited to your requirements. This is because the first interest rate that you pay is usually lower than the subsequent installments. Balloon loan refers to the type of mortgage in which you have to pay small installments for a period of five to ten years and after that the remaining amount has to be paid at once.

Many parts of your credit report are scrutinized by the lender in order to see whether you quality for the loan or not. One of these aspects is your debt-to-income ratio. The lender will need to know how efficiently you have paid back your past loans. If your debt-to-income ratio is bad, you should first consider paying off at least some amount of the debt before proceeding with your decision of buying a new home.        

Your credit score also reveals the total amount of money you owe as debt. If it is a huge amount, you might not qualify to get loan for your new home. However, there are ways to improve your credit rating either by paying off the debt or attempting to correct the mistakes that might make your credit score look bad.

Many people ask the question what should be the credit score to qualify for a mortgage loan. Normally, a credit score of 750 or above is considered excellent. Even if your score falls in the range of 600 to 650, you have pretty high chances of securing the loan. But if it is lower than this, you may want to reconsider your decision of buying a new home.

Always try to keep your credit history clean by regularly inspecting your credit report for correctness. Opening new credit car accounts when you are not going to use them can also have a negative effect on your credit rating. If you cannot afford something, don’t plan on buying it through credit. Always pay your bills on time instead of piling them up. Your credit score is also affected by the degree of delinquency on your report. Even after you have paid off the bills, delinquencies will stay on your credit report for an indefinite period of time. So, it’s a good practice to shell out all due payments on time.

For those who have a low credit score, there are several options available in the government loans category, one of which can be availed to buy a new home. In fact if you are a first-time homebuyer, the government FHA loan might prove to be the best available option for you. There are many advantages of this type of loan. Although the interest rate in a FHA loan is dependent on your credit history, it’s still not very difficult to secure this type of loan for home buying.

Get your credit report today and see which option best suits you.            

For the first time homebuyers, settlement or closing on the new home can be daunting. You are not only required to sign a lot of documents but also have to ensure that everything stated in those documents is correct and not ambiguous or misleading. A whole new vocabulary has to be mastered to understand the technical lingo of real estate. Before going to settlement, it is advisable to acquire as much knowledge as possible about the settlement costs so that you are well-prepared to cover those costs. Settlement costs can be up to 6% of the price of your new home. This can be very high so the first thing to so is to negotiate properly with your settlement agent and the seller.   

Getting your credit report is an important step involved in going to settlement on your new home. Mortgage pre-approval is guaranteed if you have a high credit score. Furthermore, the interest rate will be low. Nowadays it is possible to obtain a free credit report and credit score online. In addition to this, financial assistance is also given in order to help you improve your credit score before you apply for a loan. Earnest payment or a good-faith deposit has to be paid when you make the offer to buy a home. This money has to be returned to you if you decide not to proceed with the transaction, so make sure your money goes to safe hands. After the seller accepts your offer, you can proceed with getting an appraisal.    

The settlement costs are also dependent on your credit score. So, it will be better if you rely on the estimate provided by your lender instead of doing calculations on your own. The terms found in the contract include appraisal fee, credit report, earnest money, loan origination fee, and property survey fee among many other costs. A certified appraisal is required by your lender to get an estimate of the home you are about to buy. The appraisal fee is different in different circumstances but can be up to $300 or more. Location is the most important factor in determining the market value of a property. Familiarize yourself with different types of value, such as investment value, liquidation value and insurance value before proceeding with the settlement.

Origination fee is charged by the lender to handle your loan application. This fee is usually 1% of the total loan amount. However, it is also dependent on the loan points. Your aim is to locate a deal with the lowest interest rate and the least number of loan points, as each point increases your origination fee by 1%. In addition to these costs, you are also required to buy a Homebuyer’s Report and a Full Structural Survey before buying a home. Full Structural Survey is more expensive than the other report and covers many aspects of the overall condition of the home you are about to buy. Choose a reliable and reputable company to survey your home. The cost of a survey depends on many factors including shape and size of property, accessibility, time of year, and some others.     

So, you see many documents have to be studied and signed, reports have to be ordered, and fees have to be paid before you can finally step into your new home. Follow the steps carefully in order to avoid paying more than you had to. You need to familiarize yourself with the terms and conditions and only proceed after thorough investigation. Make sure you are maintaining a file with all the documents including sales contract, tax payment receipts, booklets from the lender and the manufacturers of equipment in the house, and all other copies of signed forms.