RE/MAX Advantage I



Posted by Mark Consolmagno Michelle Curran Team on 1/20/2021

For those who want to conduct a successful home search, it is important to plan ahead as much as you can. Fortunately, there are lots of things you can do to get ready to pursue your dream home and speed up your house search.

Now, let's take a look at three tips to help you reduce the time it takes to discover your dream house.

1. Craft Homebuying Criteria

Homebuying criteria allows you to narrow your house search. Thus, if you make a list of home must-haves and wants today, you may be better equipped than ever before to streamline your quest to find your dream residence.

You also should consider where you want to reside. Because if you can hone your home search to your preferred cities and towns, you should have no trouble discovering your ideal residence in no time at all.

2. Prepare a Budget

A homebuying budget is essential, especially for a buyer who wants to accelerate the property buying journey. Thankfully, banks and credit unions are available that can help you put together a property buying budget.

Set up meetings with banks and credit unions in your city or town. Then, you can review a wide range of mortgage options and receive expert responses to your home financing concerns and questions.

It often helps to consider costs you may encounter during the homebuying journey too. From house closing costs to home inspection fees, you'll need to be able to cover various expenses as you try to acquire your dream residence. But if you start planning for assorted homebuying costs today, you can ensure that you'll have the funds available to cover these expenses.

3. Hire a Real Estate Agent

If you are unsure about how to discover your dream home as quickly as possible, there is no need to worry. Real estate agents are available in cities and towns nationwide, and these housing market professionals will do whatever it takes to help you accelerate your home search.

A real estate agent is a homebuying professional who is happy to assist you in any way possible. He or she will craft a personalized homebuying strategy for you and help you narrow your house search. Plus, a real estate agent will set up home showings, help you weigh the pros and cons of different houses and ensure you can submit a competitive offer to purchase your dream residence.

Let's not forget about the assistance that a real estate agent will offer before you finalize your home purchase, either. A real estate agent can provide plenty of recommendations and suggestions to help you prepare for your home closing. Furthermore, he or she will go above and beyond the call of duty to help you minimize stress in the days leading up to your house closing.

Ready to acquire your ideal house? Use the aforementioned tips, and you can boost the likelihood of enjoying a fast, worry-free homebuying experience.




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Posted by Mark Consolmagno Michelle Curran Team on 12/9/2020

If youíre a first-time homebuyer, you might be wondering what all of the expenses you can expect to have when it comes time to close on your home.

Ideally, youíll want to understand all of the closing costs months in advance so that you can plan accordingly. However, even if youíre close to purchasing your first home, itís still useful to get to know closing costs better.

In todayís post, Iím going to cover the closing costs that are typically the buyerís responsibility.

Buyerís closing costs

Thereís good news and bad news when it comes to closing costs for buyers. The bad news is that buyers are typically on the hook for the majority of the closing costs associated with a real estate transaction. The good news, however, is that many of these fees will be grouped together as part of your mortgage, meaning you wonít have to devote much time or thought to them individually.

That being said, to ensure that you know where your money is going, hereís a breakdown of the main closing costs that youíll likely be responsible for as a buyer:

1. Attorney fees

Real estate attorneys research the ownership of the home, ensuring that the seller actually has the right to sell you the property. Though this is usually a formality, it is an important one.

Attorneys can either charge a flat fee or hourly rate.

2. Origination fees

The origination fee is paid upfront to the lender. Itís the fee that they charge for processing your mortgage application and getting you approved as a borrower.

3. Prepaid interest

Many buyers pay their first monthís interest in advance. This is the amount of interest that will accrue from the time you purchase the home until your first mortgage payment is due (a month later).

4. Home inspection

Inspections are one of the closing costs that can save you a ton of money in the long run if they find anything during their visit to the home. Inspectors should be licensed in your state, and you should choose your own inspector based on ratings and reviews (not at the recommendation of someone who is incentivized to sell you the home such).

5. Escrow deposits

Escrow deposits are typically shared between the buyer and seller and it is the fee that escrow agents charge for their services. You can think of an escrow as a neutral third party that keeps your money safe while purchasing a home.

6. Recording fees

All real estate purchases have to be recorded by the local government. Typically, this is performed by the county or town hall. Recording fees are charged whenever a real estate transaction occurs.

7. Underwriting fees

Mortgages are all about determining risk. A lender wants to know whether they will see a return on their investment by lending to you. To do so, they research your credit and income history. The fee the charge for this work is called the underwriting fee.




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Posted by Mark Consolmagno Michelle Curran Team on 11/11/2020

When it comes to home buying a home, thereís a ton of different information available out there. A lot of what has been presented as ďfactĒ actually is quite false. These misconceptions could keep you away from achieving the very real dream of home ownership. Below, youíll find some of the most common myths that youíll find about home buying.


If Your Credit Score Isnít Up To Par, You Canít Buy


To get good mortgage rates, having a good credit score doesnít hurt. You can still buy a home if you donít have amazing credit. A low credit score means that your mortgage rates will be higher than the average. There are loans like FHA loans, that allow for you to get a loan with a credit score as low as 580. Donít let a lower credit score discourage you from buying a home. If your credit score is low, there are plenty of things that you can do to help you fix the score in a short period of time.  


You Need 20 Percent Down To Buy A Home


This is a long-standing myth about home buying. While putting down 20 percent on a home purchase saves you the extra expense of Private Mortgage Insurance (PMI), you can still be in the running to buy a home if your down payment is less than 20 percent. There are even some home loan programs that allow buyers to put as little as 0-3 percent down for the purchase of their home.


You Have To Make A Lot Of Money To Buy A Home


Your monthly income is one of many aspects of your financial life thatís considered when youíre buying a home. Home loans can be denied to those who make a large income just as easily as to those who have lower incomes. What matters is the debt-to-income ratio, which tells lenders how much debt a buyer has compared to the amount of income the buyer makes each and every month. Keep your debt down, and youíll be in good shape to buy a home. 


You Donít Need To Be Pre-Approved To Get A House


Being pre-approved gives you an upper hand in the home buying process. Being pre-approved allows your lender and you to go through the entire process of getting a mortgage. When you find a home that you love, youíre able to breeze through the process of making an offer if youíre pre-approved. The pre-approval process is one of the most important aspects of buying a home. 


If youíre prepared with knowledge, buying a home isnít such a daunting process after all. Find a realtor you trust, understand your finances, and the rest will fall into place!




Tags: Buying a home   finances  
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Posted by Mark Consolmagno Michelle Curran Team on 10/28/2020

Ready to launch a search for your dream home? Ultimately, you'll want to do everything possible to streamline your home search to boost your chances of getting the best possible results.

There are many best practices for conducting a successful home search, and these include:

1. Define Your Homebuying Criteria

The definition of the "perfect" home varies from property buyer to property buyer. This means that your definition of the perfect home is unlikely to match that of a friend or family member.

Think about what separates an ordinary home from a can't-miss residence. Then, you'll be able to narrow your home search and map out a successful homebuying journey.

As you consider the perfect home, make a list of homebuying "must-haves." For example, if you want a garage where you and your wife can park your cars, a two-car garage is a homebuying must-have. Or, if you want a home that's close to high-quality schools that your kids can attend, buying a house in a great school district is a must.

2. Get Home Financing

Although your ultimate goal is to acquire a top-notch residence, you'll likely need financing to help you transform your homebuying dream into a reality. Fortunately, many banks and credit unions are available to teach you about a wide range of mortgage options.

Meet with several banks and credit unions Ė you'll be glad you did. These lenders can educate you about the different types of home loans and help you get pre-approved for a mortgage.

After you receive pre-approval for a mortgage, you're good to kick off your home search. In fact, with a mortgage in hand, you can tailor your search to homes that fall within a specific price range.

3. Work with a Real Estate Agent

Regardless of your homebuying goals, it pays to work with a real estate agent. That way, you can receive expert assistance as you search for houses in various cities and towns.

A real estate agent is happy to teach you the ins and outs of purchasing a house. By doing so, this housing market professional can help you become a real estate expert in no time at all.

Furthermore, a real estate agent will set up home showings, keep you up to date about new houses that become available and help you submit home offers. This housing market professional is committed to your homebuying success and will do whatever it takes to assist you along the homebuying journey.

Perhaps best of all, a real estate agent is available to respond to any homebuying questions that you may have. No homebuying question is ever too big or too small for a real estate agent, and as a result, this housing market professional will make it simple for you to make an informed homebuying decision.

Launch a successful home search today Ė use the aforementioned best practices, and you can increase the likelihood of discovering your dream home.





Posted by Mark Consolmagno Michelle Curran Team on 10/21/2020

Home prices may vary greatly throughout the country. But, buying a home is most likely the largest purchase you will make in your life.

Deciding just how much to spend on your home isnít just a matter of numbers--it also depends on your lifestyle and long-term goals.

In todayís post, Iím going to give you a few ways you can help determine how much is a safe amount to spend on your home so that youíll feel confident moving into the home buying process that youíre making the best decision for you and your family.

Mortgage as a percent of your income

Like most large purchases, buying a home typically isnít dependent on the amount you have in the bank. Rather, it depends on several factors including your income, credit score, and the type of lifestyle you want to maintain.

One of the simplest ways to determine how much house you can afford is to figure out what percent of your monthly income your mortgage and insurance will be.

For most homeowners, a mortgage payment that is 25% of their income or less is ideal. So, if you earn $6,000 per month, you donít want your monthly mortgage payment to exceed $1,500.

This ď25% ruleĒ does have one flaw, however, and that does not--and cannot--account for each individualís financial circumstances.

Letís say, for example, that you earn $6,000 per month, but that you have a large monthly car payment and are trying to aggressively pay off your student loans. You might find that paying another $1,500 toward a mortgage on top of your current bills is bringing you over budget, especially when combined with your other monthly expenses and retirement contributions.

Plan for homeowner expenses

Another caveat to determining how much to spend on a home is that the home itself will require a budget for maintenance. When renting an apartment, repairs are mostly the responsibility of the landlord or property manager.

Homeownership, on the other hand, requires you to make the repairs yourself or hire a professional. And, if you neglect these repairs, you might find that they cost you even more in the long run or drive down the value of your home.

Create a comprehensive budget

Throughout a given personís life, theyíll experience raises, promotions, layoffs, medical expenses, childcare costs, and any other number of financial changes. While it isnít possible to foresee all of the financial fluctuations youíll experience in life, it is always helpful to have a comprehensive budget.

What do I mean by ďcomprehensive budgetĒ? The goal of a good budget is to know where each dollar of your income is currently going and to have a plan for each cent that you make. This is a proactive approach to budgeting that will give you an exact number for the amount you can afford when it comes to a mortgage payment.

Within your budget, itís vital to account for things like an emergency fund, retirement, savings for vacations, and so on.

If you take this due diligence, not only will you have a better sense of where your money goes, but youíll also be confident in knowing exactly how much you can spend on a home.




Tags: Buying a home   budgeting  
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Mark Consolmagno Michelle Curran Team
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