For other individuals, it may be somewhat stressful, to say the least. However, it doesn’t always have to be that way. One of the more challenging aspects of purchasing a home is first finding the right loan. Homebuyers have a plethora of options in today’s market, which has both positives and negatives. Therefore, here’s a list of the things you need to know to get the best home loan possible. You Need to Shop AroundWhile there is a variety of establishments ready to provide you with a home loan, you should always shop around before accepting the first offer. At the minimum, a homebuyer should apply to about three to four lenders to compare their rates and services. Now, don’t get scared off when people begin to tell you that this might hurt your credit score. As SFGate reports, the FICO formula actually encourages people to rate shop if their inquiries fall within 45 days of each other. What to Bring to the TableWhen it’s finally time to sit down with a lender, you should make sure to bring a couple of very important documents. Depending on your position, you might need to bring proof that you’re an educator, any documents that you receive veteran benefits, a copy of your FICO score and a list of other lenders to compare your rate. Other factors, such as the location of the property, may also be of use to lower your rate. Visible Equity says that certain qualitative and environmental factors will allow you to qualify for more money or a lower interest rate even under the new CECL model. Go With the APR, Not the RateOne of the most common mistakes made by new homebuyers is solely looking at the home’s rate. Although this is useful, it is not the only number you should be paying attention to. Credit.com explains that oftentimes, lenders know you won’t pay attention to any other number but your rates and, therefore, will price gouge you by charging higher upfront fees. Lenders will often try to justify this price by saying that they are simply adding discount points or money that goes towards the interest of the loan. The fact is that lenders have a variety of other ways to accomplish this without charging you an arm and a leg. Buying something as large as a home can be an intimidating prospect, but as long as you go into the transaction prepared, it won’t be so stressful. Just make sure that you take the time to find the loan that will best fit your situation and do not get duped by less-than-honest lenders. Ready to buy your first home, but not sure where to start? Steelbridge Realty has many experienced agents to help you and beautiful properties to show you! Contact us today! If you have Real Estate related questions call 239 694 3300 Steelbridge Realty LLC is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions. _podioWebForm.render("1020721") Please fill out the form
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Investing in real estate can help to diversify your portfolio and help to guard against volatility in the stock and bond market. Generally speaking, residential and commercial property prices are not correlated with the stock market. This means that you can see gains in real estate even when stocks tumble. What else should you know about being a real estate investor? Learn the MarketIt is possible that owning commercial real estate will be extremely profitable at the same time that single-family properties are depreciating in value. According to Fortune Builders, the real estate market is largely dependent on local and regional factors. Therefore, just because homes aren’t selling well in Los Angeles doesn’t mean that they won’t sell quickly in Maine. Before buying a property or investing in another person’s home or commercial space, be sure to do your due diligence. This includes researching the demographics of an area to determine if a property can make more money as a rental as opposed to flipping it for a quick profit. Know the RisksAccording to Do Hard Money, you shouldn’t ever keep all your eggs in one basket. Have a diverse portfolio and keep yourself open to new opportunities. It is important that you consider the market health within a given sector to minimize the chances that an investment doesn’t work out. Ideally, you will have an exit strategy no matter how well or how poorly a property performs. For instance, you could choose to turn a flip into a long-term rental or sell a property to an investor to lock in your profit or cut your losses. Find an Asset Class That Works for YouAccording to the Listen Money Matters podcast, there are many different ways to invest in real estate that could align with your risk tolerance and investment goals. For instance, if you don’t want to buy a home, you could be a short-term hard money lender to other investors. You could also choose to purchase shares in real estate investment trusts (REITs). A REIT invests either in mortgages or land development projects, and they can have dividends of up to 80% or more. You don’t have to be rich to start investing in real estate today. All you need is a willingness to learn how the market works and how to manage your money. In many cases, new investors choose to find a mentor who can help them avoid rookie mistakes. If you have Real Estate related questions call 239 694 3300 or use the form below. Steelbridge Realty LLC is a Licensed Real Estate Brokerage that utilizes cutting-edge marketing techniques and data-driven Real Estate solutions in today’s ever-changing environment. Our group of professionals have decades of experience and have navigated through many business cycles. Our diverse background gives us the tools to guide people towards successful decisions.
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