My perspective on this is that home prices will continue to fall this year. BUT WHAT WILL INTEREST RATES DO? Remember that if rates rise one percent the cost savings you save on the price of the house may be lost in higher mortgage payments. Nobody knows where the interest rates will go or when the housing market will bottom out.
So what I recommend to anybody that is thinking about buying a home is watch the area you want. Browse the Michigan homes for sale on my website on and off. There may be a home that comes up. It may be your dream home. It might sell before next year.
You may not see any home you like for 6 months to a year, but you may find the exact home you want 4 months from now. The bottom line is getting the home you want. It may not be at the absolute rock bottom price but if rates are good I would consider putting an offer in on the home you want. For more on Michigan Mortgages, Michigan Real Estate, Detroit Real estate or to search over 70,000 Michigan Homes for sale feel free to go to my website www.RussRavary.com If you want a Michigan Foreclosure list email me at info@RussRavary.com
Showing posts with label buying a home. Show all posts
Showing posts with label buying a home. Show all posts
Sunday, March 16, 2008
Monday, February 18, 2008
How are you going to buy a home?
Banks have tightened up the guidelines to buy a home. That doesn't mean you can't buy a home. I think it is good they have gotten a little tougher with the guidelines. America has been on a shopping spree for too long. Many home owners have used their home to finance their life style and now the bank is closed. They are having to give up the home becuase they can't refinance. They are going into foreclosure.
I feel that your goal when you buy a home is to pay off as much of that mortgage as you can before your retire. To be mortgage free if you can in your retirement years. This mortgage crisis is going to make people live within their means more, they can't borrow against their house.
What is means to you as a new home buyer is that you have to save a little to put a downpayment on a house. Sure you can't buy right away. Sure you can't have instant gratification of your wants. But it is going to teach you to save to acquire the things you want. That is a good thing. Many homes that went into foreclosure were in a state of disrepair. the homeowners couldn't afford to fix things.
If you can't come up with $5,000 to fix the furnace, or $8,000 to get a roof then you really should not be in that house. Those are necessary repairs. By learning to save for a downpayment will help you in the long run.
For more on mortgages, credit and credit scoring, buyers tips go to my website Michigan homes for sale at www.RussRavary.com
I feel that your goal when you buy a home is to pay off as much of that mortgage as you can before your retire. To be mortgage free if you can in your retirement years. This mortgage crisis is going to make people live within their means more, they can't borrow against their house.
What is means to you as a new home buyer is that you have to save a little to put a downpayment on a house. Sure you can't buy right away. Sure you can't have instant gratification of your wants. But it is going to teach you to save to acquire the things you want. That is a good thing. Many homes that went into foreclosure were in a state of disrepair. the homeowners couldn't afford to fix things.
If you can't come up with $5,000 to fix the furnace, or $8,000 to get a roof then you really should not be in that house. Those are necessary repairs. By learning to save for a downpayment will help you in the long run.
For more on mortgages, credit and credit scoring, buyers tips go to my website Michigan homes for sale at www.RussRavary.com
Tuesday, February 12, 2008
The death of 100% mortgages
We got an email today stating that after March 1, the PMI company will no longer insure over 97.01%.. What that means to the consumer is the only way you can get an 100% mortgage is if you can find a company to do a 80% first and a 20% second (80/20 loan). That is not likely in our market right now. Very few if any banks are doing a 100% loans any more. So if you are thinking of buying a home this year, start saving money. You will either need to borrow 3% from a relative or have 3% of the purchase price in your savings account. FHA loans may become very popular. For more on credit scores, mortgages, buying foreclosures, FSBO's, negotiating tips, and Michigan real estate go to my website www.RussRavary.com
Tuesday, January 29, 2008
Why rent, when you may be able to buy
If you are renting the main question you should ask yourself is "DO YOU WANT TO GET AHEAD IN LIFE?" It is a fact that people who own houses are wealthier than people who rent. When you buy a home it is like a forced savings plan. Each month you make a house payment some of the money goes to reducing the amount you owe on the house. The longer you pay the more you are paying off the house without your payment going up!
If you have rented for a year, wouldn't be great to know that $1000 of that money you paid in rent was your money, your asset, your wealth. Well sorry RENTING DOESN'T WORK THAT WAY, BUT BUYING A HOME DOES! If you are renting in Southeastern Michigan and would like to find out whether you can buy a home feel free to contact me at info@russravary.com or visit my website www.russravary.com for lots of great buyer tips and first time home buyer advice. We can help you plan, or get started right away to buying a home of your dreams. We even help you straighten out your credit if you have past credit issues.
If you have rented for a year, wouldn't be great to know that $1000 of that money you paid in rent was your money, your asset, your wealth. Well sorry RENTING DOESN'T WORK THAT WAY, BUT BUYING A HOME DOES! If you are renting in Southeastern Michigan and would like to find out whether you can buy a home feel free to contact me at info@russravary.com or visit my website www.russravary.com for lots of great buyer tips and first time home buyer advice. We can help you plan, or get started right away to buying a home of your dreams. We even help you straighten out your credit if you have past credit issues.
Saturday, January 26, 2008
Credit and buying your own home
Building your credit is a important step in buying a home. With banks tightening the credit guidelines it is more important than ever to get your credit report and go over it with a professional. A mortgage person, a loan officer, a bank loan officer are all people that can help you get a credit report and get you started on clearing up your credit.. All of us should help you, after all we want you to come back and use us.
Bad credit is nothing to be ashamed of. Most of us go through it at one time or another. I had bad credit when I was younger, but I climbed out of it. If you live in Southeastern Michigan and want to buy a home I will be glad to sit down and go through your credit report line by line. I can help your clean it up so you can buy a Michigan home. It is not hard, it just takes a little time.
The most important thing is to get started today to see what your credit report looks like. Once you know what your credit is, then you can take the steps needed to get starting toward owning your own home. You may have great credit and be able to get pre-approved for a home right now. Call me today on my cell at (313) 310-9855 or office (734) 414-3261 or email me at ourmortgageguy@yahoo.com For more on Michigan credit scoring or Michigan mortgages feel free to go to my website http://www.russravary.com
Have a great day "your local Michigan mortgage specialist" Russ Ravary
Bad credit is nothing to be ashamed of. Most of us go through it at one time or another. I had bad credit when I was younger, but I climbed out of it. If you live in Southeastern Michigan and want to buy a home I will be glad to sit down and go through your credit report line by line. I can help your clean it up so you can buy a Michigan home. It is not hard, it just takes a little time.
The most important thing is to get started today to see what your credit report looks like. Once you know what your credit is, then you can take the steps needed to get starting toward owning your own home. You may have great credit and be able to get pre-approved for a home right now. Call me today on my cell at (313) 310-9855 or office (734) 414-3261 or email me at ourmortgageguy@yahoo.com For more on Michigan credit scoring or Michigan mortgages feel free to go to my website http://www.russravary.com
Have a great day "your local Michigan mortgage specialist" Russ Ravary
Monday, January 7, 2008
Declining market stigma in Metro Detroit
What a beautiful day in the Metro Detroit.. 60 degrees in January. What a few hours and what a change it will be. That sums up the mortgage market from last year to this year. Banks are taking tremendous beatings on foreclosures. I have seen three homes in the last day that the bank is going to lose over a $100,000 on each one. The banks have tighten the guidelines, charging more if you don't have great credit. Now to get the best rate you have to have a 680 credit score or better.
You can still get approved for a mortgage but an 100% mortgage in Metro Detroit is just about gone. Many banks have identified or categorized Southeastern Michigan real estate as a "declining market" What the banks are saying is that homes in Southeastern Michigan are most likely going to continue to go down in price. To protect themselves most banks now won't lend 100% in Michigan because the house may be worth less in a year.
The bottom line is that buyers are going to need to have a down payment if they want to buy a home. Now is the time to start saving for a down payment whether you are thinking of buying next month or next year. The more you save the better your interest rate will be.
If you want more information on mortgages or buying a home go to my website www.russravary.com You can contact me at info@russravary.com or call me on my cell to help me plan your purchase.
You can still get approved for a mortgage but an 100% mortgage in Metro Detroit is just about gone. Many banks have identified or categorized Southeastern Michigan real estate as a "declining market" What the banks are saying is that homes in Southeastern Michigan are most likely going to continue to go down in price. To protect themselves most banks now won't lend 100% in Michigan because the house may be worth less in a year.
The bottom line is that buyers are going to need to have a down payment if they want to buy a home. Now is the time to start saving for a down payment whether you are thinking of buying next month or next year. The more you save the better your interest rate will be.
If you want more information on mortgages or buying a home go to my website www.russravary.com You can contact me at info@russravary.com or call me on my cell to help me plan your purchase.
Sunday, May 13, 2007
Bankruptcy and buying a home
You have been through bankruptcy and you would like to buy a home. Here are the steps you need to take to get you on the right path of good credit.
When banks look at you for credit cards and home mortgage applications they look at your credit score. You credit score is determined by many factors. One is your credit history or payment history. This is one of the key factors in determining your credit score. They look at how many times you have been late on a payment, or how many accounts you have not paid at all or went to collection. Even if it is a small payment of $15 you still need to make the payment on time. They look at how many times you have been 30 days late, 60 days late, 90 days late, and 120 days late. The more often you are late and the longer you are late will lower your credit score. If you don’t pay at all or let the account go into collection then it is even worse.
If you have ten accounts and eight of them have been late and only two are paid on time your credit score is going to be low.
So the key is to get as many accounts paid on time each and every month. Be consistent. Strive to make every payment on time. If you have come out of bankruptcy you most likely have no open credit lines. You want to get at least 2 or 3 open credit lines. If you have to get a secured credit card. Go to http://www.russravary.com/ and go to the site map and see secured credit card in the credit section for more info on secured credit cards.
What do you mean get more credit after coming out of bankruptcy? You have to have credit in this world to get ahead. The secret is learning to live within your means and to use credit sparingly. You must have a credit history to buy a house. So you must learn must learn to use credit correctly. And you must have open credit lines. Learn to use credit cards to buy necessities such as gas or food and be sure to put the money aside and pay the bill on time each and every month.
That is number one to get at least one open line of credit open immediately. The longer you have the open line paid consistently on time the better the lender likes you. Over time you need to get 2 –3 open lines of credit.
The number two step is if you are renting is to pay your rent out of your checking account. If you do not have a checking account get one opened and pay your rent out the account every month. You need to be able to prove to the bank that you have paid it on time. Cashiers checks, money orders, and rent receipts mean nothing to the lender. They want to see a cashed check and nothing else. So remember the number one thing to do is to get at least one open line of credit started right away, make the payments on time each and every month. Pay the credit card off each month. This will get you started on the path to home ownership.
Remember live within your means, have some extra savings and that will help you buy a home and keep it with out going into foreclosure.
Russ Ravary
When banks look at you for credit cards and home mortgage applications they look at your credit score. You credit score is determined by many factors. One is your credit history or payment history. This is one of the key factors in determining your credit score. They look at how many times you have been late on a payment, or how many accounts you have not paid at all or went to collection. Even if it is a small payment of $15 you still need to make the payment on time. They look at how many times you have been 30 days late, 60 days late, 90 days late, and 120 days late. The more often you are late and the longer you are late will lower your credit score. If you don’t pay at all or let the account go into collection then it is even worse.
If you have ten accounts and eight of them have been late and only two are paid on time your credit score is going to be low.
So the key is to get as many accounts paid on time each and every month. Be consistent. Strive to make every payment on time. If you have come out of bankruptcy you most likely have no open credit lines. You want to get at least 2 or 3 open credit lines. If you have to get a secured credit card. Go to http://www.russravary.com/ and go to the site map and see secured credit card in the credit section for more info on secured credit cards.
What do you mean get more credit after coming out of bankruptcy? You have to have credit in this world to get ahead. The secret is learning to live within your means and to use credit sparingly. You must have a credit history to buy a house. So you must learn must learn to use credit correctly. And you must have open credit lines. Learn to use credit cards to buy necessities such as gas or food and be sure to put the money aside and pay the bill on time each and every month.
That is number one to get at least one open line of credit open immediately. The longer you have the open line paid consistently on time the better the lender likes you. Over time you need to get 2 –3 open lines of credit.
The number two step is if you are renting is to pay your rent out of your checking account. If you do not have a checking account get one opened and pay your rent out the account every month. You need to be able to prove to the bank that you have paid it on time. Cashiers checks, money orders, and rent receipts mean nothing to the lender. They want to see a cashed check and nothing else. So remember the number one thing to do is to get at least one open line of credit started right away, make the payments on time each and every month. Pay the credit card off each month. This will get you started on the path to home ownership.
Remember live within your means, have some extra savings and that will help you buy a home and keep it with out going into foreclosure.
Russ Ravary
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