Tag: buyer

How to Prevent Buyer’s Remorse

Forty-four percent of homebuyers end up regretting their purchase, according to a recent study by Trulia, a residential real estate website. The biggest regret? Not buying a larger home. If you’re entering into the home-buying process, you may be tempted to settle for less, especially if your budget doesn’t allow for a larger place. But keep these considerations in mind so you can prevent buyer’s remorse:

What should I consider when buying a house?

Don’t go into the buying process without doing some research and making a wish list. On average, Americans have been staying in their homes for 13 years, according to the National Association of Home Builders.

With that in mind, think about what you might be doing over the next 13 years: Will your family grow? Will you need space for an office? Will you need a larger yard for your children to play in? Will your kids be going off to college? Will you be retiring and needing less space? Will you need a one-floor setup for easy accessibility?

Your home is a long-term investment, so don’t just think about what you need now. Buy your home with the future in mind.

How much will my home appreciate?

When you find a home you love that meets your current and future needs, the next step is to calculate its appreciation over the next decade or so. You want a home that’s going to build your net worth, not depreciate over time.

Not sure how to predict whether a home will appreciate? First, consider its location. Choose a home that’s in a growing community and has a reputable school district. Second, consider the house itself and the property it’s on. Is the land desirable and without major issues? Does the house have sound structure (roof, walls, foundation)? Fixer-uppers can actually appreciate more than newly constructed homes if you’re up for the task of renovating, providing they don’t become a money pit in the process.

Did I get the best home loan?

When you buy a home, there are several types of home loans that you can consider.  If you have a large down payment over 20%, you may have selected a Conventional Mortgage to avoid PMI. Conventional loans typically have the lowest overall payment if you have higher credit scores and a large down payment. If you purchased using FHA financing, you may want to consider refinancing in the future to drop the Mortgage Insurance. Most FHA loans do not automatically drop this extra insurance premium.

Another consideration would be to confirm that you picked the best rate and cost combination for your home ownership goals.  Many lenders allow you to pay discount points to get a lower than market interest rate. If you consider this your “forever home”, then having a lower rate may save you a significant amount of interest over the term of your loan. Conversely, if you plan on selling your home within a few years you may want to select a loan option with the lowest amount of closing costs so you save money immediately on your purchase. Selecting the wrong home loan may cost you thousands and leave you regretting the extra costs.

See our Mortgage Amortization Calculator to estimate interest paid over the life of your loan.

How much will it cost to sell my house?

In looking toward the future, consider how much it will cost to sell your house. You may need to make repairs and upgrades to make your home more desirable. You’ll also need to pay your realtor commission (unless you’re selling by owner), which is usually 5% or 6% of the home price, and closing costs if the buyer doesn’t foot the bill (especially in a buyer’s market). As long as you plan ahead with these costs in mind, you won’t be surprised when it comes time to sell. If you buy a better house at the start, you may save a lot in the end.

Learn about our Home Renovation Loans to increase the value of your home.

For more information on how you can choose the best home for your needs, contact Riverbank Finance at (800) 555-2098 to schedule a meeting with one of our mortgage professionals.

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How to Find the Best Real Estate Agent in Michigan

Find the best Real Estate Agent in MichiganWhen you’re out on the hunt for a new home it’s very likely you’ll encounter situations that could be best assessed with a professional real estate agent.  As a buyer, you have full-access to an agent at no cost to you.  For those of you who don’t know, the seller of the home pays real-estate agents commission once the sale is made.  How things work in today’s market is the listing agent, the one who listed the home on the market, generally receives half of the commission.  The remaining commission is transferred to the agent that YOU hired for your home-hunting needs.  So why stress yourself even more when you could use an agent free-of-charge?

Agents will help you in countless ways with the expertise they bring to the table.  They’ll be sure to note your “likes” and “dislikes” of certain homes and what things you consider “essential” for the ultimate home you decide to select.  Agents aren’t limited to note-taking of course.  A good agent can give you a plethora of information about the house; surrounding neighborhood, school system, the home’s best features and so on.

Besides being your own personal assistant, your agent will also take the position as a personal financial advisor when it comes to placing an offer on a home.  Agents negotiate on your behalf thus saving you even more time.  They’ll go over what a “proper” offer would be that could potentially save you thousands.  Not to mention all other variables that come into account when selecting a home like expenses for appliances.

There are countless agents out there and every-single one of them is chomping at the bit to help anyone they can in today’s current housing market.  With so many options how can you be sure you’re selecting the correct agent?  That’s something we here at Riverbank Finance can help you out with!  Give us a call at 1-800-555-2098 or fill out the contact form below to be contacted via email and we will help you choose the best real estate agent in Michigan.

Help finding the best real estate agent for your needs?

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