Real Estate Information Archive

Blog

Pages:

Displaying blog entries 21-24 of 24

Five Mortgage Closing Terms And What They Mean

Monday, June 8, 2020

by Nancy Heim-berg

Five Mortgage Closing Terms And What They Mean

Real estate terminology can really throw you for a loop, especially if you are a first-time home buyer and haven’t dealt with the home buying process before. If you can relate, then we are sure you will enjoy (and benefit from) today’s blog post!

Below we are going to be talking about five common mortgage closing terms and their meaning. Our hope is to simplify these phrases so you can not only understand things a little better as you navigate, but further enjoy the home buying process. Let’s dive right in!

1.) Down Payment:

A home buyer must provide money up-front in order to secure the amount that is being borrowed, and that money is referred to as a down payment. Most mortgage lenders require a cash down payment ranging from 3%-20% in order to be approved for a home loan.

2.) Annual Percentage Rate (APR):

APR is a broad measure of the cost you, as the borrower, have when taking out a loan and could refer to costs such as broker fees, interest rate, points, etc.

3.) Private Mortgage Insurance (PMI):

If you are planning to put less than 20% of the home’s value down (for your down payment – see first bullet), you typically will be required to pay private mortgage insurance when you take out a conventional home loan. This insurance serves as protection for lenders in the event you end up in foreclosure.

4.) Loan Estimate (LE):

The loan estimate refers to the details of the agreed upon terms of your loan, in addition to the estimated closing costs.

5.) Closing Costs:

Both parties (the buyer and the seller) are responsible for paying closing costs. These costs can include things such as property fees, application fees, title insurance, title examination, attorney charges and settlement documents.

Are you interested in hearing what our amazing clients are saying about us? Be sure to check out the Testimonials page here!

Is A Homeowners Association Right For You? Breaking Down The Pros And Cons Of An HOA

Monday, April 20, 2020

by Nancy Heim-berg

Is A Homeowners Association Right For You? Breaking Down The Pros And Cons Of An HOA There are a number of factors to consider and questions to pose when figuring out if a home is right for you – is the neighborhood safe, what is the school district rated, how far of a commute will it be to work, is it central to local amenities, etc. One other important item to consider is whether or not you want your house to be located within a Homeowners Association (HOA).

In today’s blog post we are going to discuss the pros and cons of living in a community with a Homeowners Association. But before we dive into the meat and potatoes, we want to make sure you first understand exactly what an HOA is:

An HOA is an organization that is created to help run, maintain and manage a community, subdivision or condominium. The residents residing within the community are responsible for monthly or annual dues which the HOA uses to maintain shared spaces, as well as carry out other duties such as meeting management, rule enforcement and financial planning.

What are the pros of an HOA?

-A pro of living in a community with an HOA is that the organization typically is in charge of handling community maintenance. This could include things such as snow removal, landscaping and the upkeep of roads within the planned community.

-Neighborhoods with an HOA typically offer (and will therefore manage/maintain) community amenities. These can include areas such as pools, parks, tennis courts, community centers, etc. and are all assessable to community members.

-The organization will ensure that all members are abiding by the rules and set standards of the HOA, including the appearance of the exterior of properties. These standards can help protect the value of your home.

-The HOA will make sure that the neighborhood and/or building is kept clean and neat.

-Lastly, you can lean on the HOA to step in on your behalf if you were to have an issue arise with a neighbor.

What are the cons of an HOA?

-The main issue many people have with an HOA is the cost to be part of the community. It is important to note that the cost can vary from neighborhood to neighborhood and is based on things such as property and access to amenities.

-Another downside is the unexpected fines and fees that can potentially arise if you were to do something that goes against the rules and regulations that have been set by the HOA. You, the homeowner, are expected to know, understand and abide by the standards of the community.

-Lastly, there is a potential for things to become political within an HOA which turns some people off.

From new, modern homes to old fixer-uppers - whatever your taste let our experienced team help you find your dream home in Omaha, NE. Be sure to sign up for our listing alerts here!

Nancy Heim-Berg Omaha Real Estate Homeowners Associations Is A Homeowners’ Association Right For Y Is a HOA right for you? What is an HOA? Pros of an HOA Cons of an HOA Omaha HOA

Two Terms To Understand When Buying Your Omaha, NE Home - Pre-qualified Vs. Pre-approved

Monday, April 13, 2020

by Nancy Heim-berg

Two Terms To Understand When Buying Your Omaha, NE Home - Pre-qualified Vs. Pre-approved If you are a first-time home buyer you may come across words or phrases during the buying process that you are unfamiliar with, thus causing a level of confusion and unnecessary stress. Two of those terms may be pre-qualified and pre-approved – and while they sound similar, it is crucial that you understand the differences.

And as you may have guessed, that is exactly what we are going to be covering in today’s blog post. We want to ensure you are equipped with all the knowledge possible to make the home buying process as enjoyable as possible. Because after all, it’s an exciting and wonderful time! Let’s jump in:

For home buyers, one of the first steps in the mortgage process is to get pre-qualified for a home loan. Essentially this step allows you to provide the lender with an overview of your financial picture and can typically be done online or over the phone. You can expect to provide things such as debts, assets, income, etc. The lender will then evaluate your information and provide you an estimate of the mortgage that you may qualify for.
*It is important to note that this is not a complete assessment of your ability to purchase a home, but simply will provide you an idea of what you can potentially be approved for. This also does not take into account your credit report.

The pre-approval process, on the other hand, is more in depth and a much more involved process. This process requires the home buyer to complete an official mortgage application, in addition to providing items such as credit reports and bank statements. The lender will then do a very thorough assessment of your provided information and can submit an exact mortgage amount that you are approved for. Being armed with this information is crucial when starting your home search as you will understand exactly how much home you can afford and not waste time on properties out of your price range.

Be sure to check back each week for more real estate and Omaha, NE community information! Also, are you following us on Facebook? If not, be sure to check us out here!

Nancy Heim-Berg Omaha Real Estate First Time Home Buyers Two Terms To Understand When Buying Your NE Home - Pre-qualified Vs. Pre-approved First time home buyer tips What does pre-qualified mean What does pre-approved mean Differences in pre-approved and pre-qual

A Guide For First Time Home Buyers In Omaha, NE

Monday, April 6, 2020

by Nancy Heim-berg

A Guide For First Time Home Buyers In Omaha, NE If you are looking to purchase your first home in Omaha, NE then you won’t want to miss today’s blog post!

The home buying process for first time buyers is very exciting, yet also can seem daunting and overwhelming at times. That is why we have outlined the process in a few simple steps below in hopes that you can familiarize yourself with what to expect. Ready to find your first home? Let’s dive in!

-The first thing you want to do is get an idea of the type of property you are looking for. This will help you effectively communicate your wants and needs to your realtor and keep you from wasting your time at showings that ultimately will not interest you.

-Next, find a great real estate agent. This step is crucial because not only will you be spending a lot of time with your realtor, but you want to find someone that has extensive knowledge of the area, is hard working and will work in your best interest. Your relationship with your real estate agent will be the foundation of your home buying process, so make sure you find someone you can trust.

-Find a lender and work with your loan agent to figure out which mortgage is right for you. You will then follow the application process and submit all required material.

-This is where the fun starts – find your dream home! Your agent will begin setting up showings with potential properties that fit your criteria and budget.

-Once you find a property that you love you will work with your real estate agent to craft an offer on the home. The offer will have specifics such as price, proposed settlement date and contingencies.

From new, modern homes to old fixer-uppers - whatever your taste let our experienced team help you find your dream home in Omaha, NE. Be sure to sign up for our listing alerts here!