Getting a Mortgage in Today’s Environment

Getting a Mortgage in Today’s Environment
Thank you, Sandy Melton of Century Mortgage Co.

Divorce your rate campaign!  When shopping for a mortgage, you need to know that you will be able to “perform” per the terms and conditions of your contract.  I have been originating for over 30 years, and I have worked with the largest banks in the country, owned my own company, and I must say, I am thrilled to be with Century Mortgage Company, which is the largest originator in this region.  I can say with confidence and experience that Century Mortgage has been the best decision I have made as far as my industry.  Remember, rate is one thing, but the APR (annual percentage rate) is what you are really paying.   If you got this fantastic rate with a huge bank, but you can’t close, what good did this do you.

Mortgages are a good kind of debt, and one of the only that are tax deductable.  Many of you only do this every 5 or 7  years, and remember, what you read on the internet is not gospel.  If so, we would ALL lose 30 lbs in 30 days, guaranteed.  You want to depend on someone that does this every day of their life!

Speaking of divorce, if you are finding yourself in this situation, call me and we can go over the options of refinancing.   Many folks in Kentucky qualify for “first time homebuyers” mortgages that offer down payment assistance, even though you may have just sold a house, or had to quit claim it over to an ex spouse, so don’t panic if you have the  money for a down payment, there are programs designed for your needs….as long as your credit score is over 640 and you have a steady job, you can get into a home.

Credit scores are a tricky, frustrating requirement that lenders require, and typically it must be 620 or greater.  If you or a child are trying to build a credit score, we can guide you in the right direction with the tools to accomplish your needs.  You must have three trade lines that have been active for typically a year.  A trade line is revolving credit such as a VISA card, and an installment loan such as a car loan.  Do not close your revolving credit cards, this will lower your score!

Sandie Melton
Loan Originator
Century Mortgage Company

502-753-4162 (Office)
http://cmcloans.com/smelton

Century Mortgage, Bruce Moore Realtor Louisville

 

 

 

 

Which Home Remodels Give You the Most Value?

This is a great graphic showing the value of various home remodeling projects. Interestingly, replacing the front door and adding a deck to your house give you the greatest return on your investment.

(Disclaimer:  I would love to give credit to someone for this graphic, however, the link was broken. If you know who created it, let me know and I’ll be happy to post the credit)

Home remodel values, Bruce Moore, Realtor in Louisville

 

Bruce Moore, Realtor
RE/MAX First
Louisville, Kentucky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

True story…

Bruce Moore’s assistant, Annette here.

Years ago we bought a great home in the country. Closed the deal, moved in, all was great. Until about a month later. It’s early November and the temp had dipped enough to turn on the furnace. Heard it kicking on and it just ran and ran but it never actually started blowing. We looked at the furnace – didn’t really know what we were looking at but you know, go kick the tires and see if that helps.

Finally, I hand my husband the flashlight and send him in the yard to check out the propane tank. I see the light bouncing around in the bushes and finally he comes back out and says ‘Where’s the tank? I thought it was over there.’  I go in and look, sure enough, no propane tank.

Turns out that neither Realtor in our transaction had much experience with propane. (No, Bruce was not one of them). Our Realtor thought the gas went with the house, the listing agent assumed it belonged to the Sellers. The Sellers canceled their account with the gas company and there went our tank and our heat.

Moral of the story….. don’t assume anything! And keep electric heaters (and a flashlight) on standby.

Bruce Moore, Realtor
RE/MAX First
Louisville, Ky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

Home buyers willing to pay more than asking price?

Have ya heard?  According to an Inman News article, home buyers are now willing to pay more than the house’s asking price. That’s great news if you’re in the market to buy a house!

What’s more, “1 in 4 buyers would pay seller’s closing costs”.

Sell a home,Louisville Realtor, Bruce Moore

The reason?  People are ready and willing to buy a house but the inventory of available houses is still very low. There simply are not as many homes for sale as there are buyers.

What does this mean for you?  If you’ve been thinking about selling your house, now is the perfect time! The combination of still-low mortgage rates, fewer homes on the market and more buyers out there ready to buy means a faster sale and higher price for you!

Call me to sell your home quickly!
Bruce Moore, Realtor
RE/MAX First
Louisville, Ky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

 

Should you buy a Short Sale Home? Here are some pros & cons to consider

With the flood of real estate foreclosures on the market, many sellers are considering the alternative of a short sale. What is it? In a nutshell, if a home owner owes more on their mortgage than the house is worth, their lender may agree to sell the house for less. In some cases, the remaining balance is forgiven, however, this is not always the case.

Louisville Realtor Bruce Moore, REMAX First

What does this mean to you, the buyer?

The good news is you can usually get a better price. Since the lender is agreeing to accept less money, you, the buyer may be able to get the house at less than market value.

The bad news…. time. Short sales take much longer to close than traditional real estate deals. The seller’s mortgage holder – in most cases a large bank – is involved in the process and has final approval. All that red tape means a lengthy closing time.

The bottom line, if you love the house and have the time, go for it! The extra time spent may translate to money saved. Just make sure you are working with a real estate agent who has experience dealing with complicated short sales.
Bruce Moore, Realtor
RE/MAX First
Louisville, Ky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

Are you overwhelmed by all the Realtors out there? How do you choose the best one for you?

Let’s face it…there are tons of Realtors in every market so how do you choose the one that’s best for you when you are ready to buy or sell a home? Buying or selling a home is a huge step for most of us. Do yourself a big favor… don’t trust this decision to Joe Schmoe, Realtor who happens sells real estate on the side. Here are some tips for choosing a real estate professional.

Louisville Real Estate, Realtor Bruce Moore1. Ask for referrals. Don’t be afraid to ask your prospective Realtor for a list of past clients. Those are the people who were in your shoes at one time and chose this particular Realtor. Find out what their experience was. Were they happy with the service?

2. Check the local real estate board. Does this agent actually have a real estate license?  Are there any disciplinary actions or complaints?

3. The Award goes to…. Has your potential real estate agent won any awards? Peer awards speak volumes. Call your local real estate association to find out.

4. Is this agent certified? The real estate profession offers many different certifications. Is your agent an ABR (Accredited Buyer’s Representative) who specializes in helping home buyers? Is he or she a residential or commercial specialist?

5. Is the Realtor Internet savvy?  With the majority of house searches beginning on the Internet, Realtors today must be actively promoting their listings online. Make sure you choose a Realtor who knows the best sites to market your home.

6. Ask lots of questions. How long have you been a full time agent?  How many houses do you sell on average per year? Where do you plan to market my home? Don’t be afraid to ask!

When you are ready to buy or sell a house in the Louisville area, call me!

Bruce Moore, Realtor
RE/MAX First
Louisville, Ky
502-640-6861

ABR – Specialist in working with Home buyers.
E-Pro – Specialist in using the latest Technology to help buyers find and buy their dream home.
IRES – International Real Estate Specialist

Beautifully Remodeled Loft Condo for Sale in Louisville

Fabulous Location on Lexington Road in Louisville.

Perfect for Young professionals or Students. All appliances stay with the condo and condo fees are LOW! Outside storage closet is also handy and has plenty of storage space inside as well.

Remodeled loft condo for sale in Louisville Ky

 

 

 

 

 

 

 

 

 

 

Call me today for a private showing.

Bruce Moore, Realtor
RE/MAX First
Louisville, Ky
502-640-6861

Looking at houses? Home buyer’s etiquette 101

House hunting?  Here are some basic dos & don’ts when you are looking at homes for sale.

house for sale Louisville

 

 

 

 

 

 

 

1. Be respectful – Keep in mind that this is someone’s home. It’s ok to look at all the rooms and closets, it’s not ok to snoop through their personal belongings and furniture

2. Rule of thumb – If it’s open, leave it open. If it’s closed, leave it closed. In other words, leave things the way you found them

3. Hold your tongue – Is the homeowner present during your showing? Be polite and hold your criticism

4. Open House? Be polite to the Realtor

Ready to look at some houses? Call me
Bruce Moore, Realtor
RE/MAX First
Louisville, Ky
502-640-6861

Could FHA mortgage loan changes hurt your loan chances?

If you’re a first-time or cash-strapped home buyer, an FHA home loan may be your best option. But thanks to the housing crisis of recent years, the FHA has tightened some of its lending guidelines. Can you still get “in” on the best FHA rates before several changes go into effect? Now’s the time to find out. 

FHA mortgage insurance: what the changes mean for potential home buyers

The Federal Housing Administration (FHA) has traditionally given less affluent homebuyers their best chance at owning a home. FHA loans require little (or no) down payment and come with lower interest rates than traditional loans offer. But the rash of foreclosures and bankruptcies in the last few years has prompted the Feds to clamp down on its lending policies. So you’ll need to move quickly if you want the lowest rate/payments for your loan.

On April 1, the FHA raised its Mortgage Insurance Premium (MIP) rates by 0.1 percent. MIP is the insurance you (the buyer) pay to protect the lender if you can’t make your mortgage payments. This percentage, while small, increases your monthly mortgage payment. The actual fee depends on the amount borrowed, the terms, and your down payment. That’s because the MIP is a portion of the overall payment – the less you put down, the higher the insurance.

In early June, another major change is coming to the MIP terms. In the past, you could drop this premium once your loan was paid down to 78 percent of the original value or five years, whichever came first. However, this new change requires you to keep the MIP for the life of the loan. This requirement is a key factor you’ll need to consider as you decide how much home you can afford.

Is FHA still your best way … ?

… only your Realtor knows for sure. If you’re considering going the FHA route, be sure to have your Realtor get the complete details on what changes will be in place by the time you close and what you can do to “get in under the wire.” Get the facts before you get the loan.

Bruce Moore, Realtor
RE/MAX First
Louisville, Ky
502-640-6861

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