MERIT Realty Reports FHLMC (FreddieMac) Has More Than 350 Foreclosed Homes Available In Las Vegas & Henderson

Posted under Bank Owned, First Time Home Buyers, Foreclosures, Rent Vs Own, Short Sales

Why Buy A Las Vegas Or Henderson Short Sale Or Foreclosure Property?

While homeownership comes with many responsibilities that you need to be aware of, most financial advisers say there are also many advantages.

• You’ll have a place that is yours!
  Homeownership provides shelter and security for you and your family. You can pass your home down to your children, and their children, creating security for generations to come.
• You may have some tax benefits with homeownership. 
  Homeownership can reduce the federal income taxes you pay. You can deduct the interest on your home mortgage and property taxes you pay on your home on the tax returns you file each year. These tax savings may offset a portion of the cost of owning your home. While tax savings can reduce the cost of homeownership over time, you still need to make sure you can afford the monthly mortgage payments.
• Your monthly payments will remain stable if you choose a fixed-rate mortgage!  
  If you choose a mortgage with a fixed-interest rate (one that stays the same for the life of the loan, say 30 years), you’ll pay the same mortgage payment each month for the entire 30 years of the loan (but remember if your taxes go up, your escrow will go up – increasing your monthly payment).
• You’ll contribute to your nest egg!
  Owning a home can be a way to build long-term financial security and independence.

But remember with all the benefits of homeownership comes responsibilities too – a mortgage, upkeep of a home and repair bills just to name a few.

How lenders assess mortgage applications has changed a lot since 2007. What was acceptable a few years ago may not be so today. The following are some common homeownership myths:

Myth: It’s a bad time to buy a house.
Fact: Mortgage rates for fixed-rate mortgages are at historical lows, creating stable payments and long-term savings for today’s homebuyers and house prices have fallen at a record pace. Additionally, there is some financial relief for first-time homebuyers through the recently enacted Housing and Economic Recovery Act of 2008 and foreclosures have increased to record levels, leaving lots of housing supply on the market with unequalled demand. The combination of these factors generally equals greater affordability, and makes now a good time for many to consider homeownership.

Myth: Buying a house is just too risky; I’ll end up in foreclosure.
Fact:The recent news on foreclosures is understandably frightening. Certainly if you lose your job, go through a divorce, or suffer an illness, you could have real trouble paying your mortgage, or rent for that matter. In recent years, we’ve even seen an increase in excessive obligation–just too many bills–as a reason for delinquency. While you can’t always solve for the unexpected twists and turns of life, good budgeting and responsible credit practices can decrease the likelihood of a foreclosure. Also if you have trouble paying the mortgage, contact your lender immediately!

Myth: You can’t buy a home in the U.S. if you’re not a citizen.
Fact:If you’re a permanent or non-permanent resident alien, you can purchase a home in the U.S. In order to qualify for a loan you typically need to be a permanent resident alien with a valid USCIS card or, a “Green Card” and Social Security number. If you are a temporary resident alien with a valid work permit and Social Security number and have been in the United States continuously for the last 2 years, with steady employment and good credit history you may also qualify for a loan.

To acces all FHLMC and other lender owned properties in Las Vegas and Henderson, visit this website: HowToBuyABankHome.com

Knowing When You’re Ready To Buy A Henderson Short Sale or Foreclosure

Posted under First Time Home Buyers, Foreclosures, Rent Vs Own, Short Sales

All across the United States, millions of people looking to a buy home – either now or in the future.  Over the last few years, lower interest rates have come along, making it more affordable than ever to buy a home.  When most people stop and give it some thought - buying a home makes a lot more sense than renting a home or an apartment. 

In order to buy a house, you’ll need to start saving your money and have enough for the closing costs and a down payment.  Your down payment will normally need to be around 3.5% of the price or the value of the property – whichever is lower, under FHA lending guidelines.  To be on the safe side, you should always try to have 20% to put down.  If you aren’t able to put 20% down, you’ll need to buy some private mortgage insurance, which will cost you more in terms of your monthly payment. 

In most cases, the closing costs will run you around 3% of the property price.  Before you purchase the home, you should always get an appraisal.  It won’t be the exact price, although it will be really close.  You should always plan to save up a bit more money than you need, just to be on the safe side.  It’s always best to have more than enough than not enough. 

You’ll know you’re ready to buy a home when you know exactly how much you can afford, and you’re willing to stick with your plan.  When you buy a home and get your monthly mortgage payment, it shouldn’t be any more than 25 – 33% of your total monthly income.  Although there are lenders out there who will say that you can afford to pay more, you should never let them talk you into doing so – but stick to your budget instead.

Keep in mind that there is always more money involved with a home other than the mortgage payment.  You also have to pay for utilities, homeowners insurance, property taxes, and maintenance.  Owning and caring for a home requires a lot of responsibility.  If you’ve never owned a home before, it can take a bit of time to get used to. 

Before you fill out any applications, you should always look over your credit report with your lender and check for any errors.  Although you may think you don’t, you can easily get an error on your credit report and not even realize it.  If you have an error on your credit report, it can cost you a lot of money in interest rates.  An error will decrease your credit score, which will put you in a higher interest bracket and ultimately cost you a lot more money in the end.  

If you check your credit report early enough, you may leave yourself enough time to fix any problems and get your credit back on track.  Rebuilding credit can take time though, sometimes even years.  You should always plan ahead – and give yourself plenty of time to fix your credit. 

Buying a home will require a bit of commitment on your behalf.  You should always strive to get the best possible deals, which means knowing your credit and where you stand.  This way, you can get the best interest rates.  

For more information on buying a Henderson short sale or foreclosure, please visit our website: HowToByABankHome.com