Currently in the SWLA Area there are over 2000 properties listed for sale. So what is a seller to do with so much competition? Most buyers today are well qualified and looking for a good deal. Getting the most for your home is still possible. Here are a few simple ways to enhance your home to buyers.
• Curb Appeal – This is the first thing buyers see. An unkempt yard is not something that is going to invite buyers into your home. It’s like Christmas morning. Wrapped gifts under the tree get you excited as they open their presents. It makes you want to know what is inside. Treat your home like a well wrapped gift. Make it inviting for people to come inside.
• Clean up – As with the outside, treat the inside the same way. Before each showing, pick up any unnecessary clutter. Something as simple as cleaning the windows can make a huge difference in how your home is viewed.
• A Product – Time to detach yourself from your home. When you sell your home you are selling a product that is in demand. Think like a buyer.
• Sense – Vision is only one sense on which we rely. Make use of other sense when your home is being shown.
o Smell – use some of the motion sensing fragrance dispensers that automatically go off when someone passes.
o Sound – Play some soothing music. Some sellers bake cookies and leave the plate and a note saying “Thank you” for viewing their home.
o Vision – Clean up and take down as many personal photos as you can. Buyers like to put themselves in the home they are viewing. If they see too many photos of you and your family they will see you in your home.
• Closing Costs – Most buyers these days are asking for closing costs to be paid by the seller. So beat them to the punch! Offer to pay 2% of the closing cost from the beginning. This will be a great incentive for buyers to look at your home.
• Expect to negotiate – When offers come in there will be some negotiating to do. Not every offer will result in a sale. You know what you want for your home, so do not counter the first time at your bottom line.
Being a little creative can go a long way in making your home be the first that a buyer thinks about.
Can you sell your home in a buyer’s market? ABSOLUTLY!
Wednesday, June 9, 2010
Wednesday, June 2, 2010
Mortgage Shopping and Knowing the Basics
Homes can be financed with loans from banks, savings and loan institutions, credit unions, private mortgage companies, or state government lenders. Take time to shop around as different lenders will likely offer a range of loan types, interest rates and loan fees. There may also be local programs to help finance a new home.
Most home loans are made in 30-year and 15-year increments. The principal part of your loan is the amount you actually borrow. Interest is the payment you make to the lender for the money you borrow. Most home loans also include homeowner insurance and property taxes.
Mortgage Checklist:
• Social security card copies
• Drivers license copies
• W-2 forms for the past two years
• Recent pay stubs
• Copies of checking and savings account statements
• Asset documentation
• Salary verification
• Credit card account numbers and balances
• Written explanations for any late payments, recent credit inquiries, collections, judgments or liens
• Income tax statements
• Corporate or partnership tax returns (if applicable)
• Gift letter if any of the funds (such as the down payment or earnest money) are being given to you by a family member
• Current landlord’s name and contact information (if you rent)
• Current and Previous Address
Need a referral? Call Rebecca Melancon at 337-842-9250
Most home loans are made in 30-year and 15-year increments. The principal part of your loan is the amount you actually borrow. Interest is the payment you make to the lender for the money you borrow. Most home loans also include homeowner insurance and property taxes.
Mortgage Checklist:
• Social security card copies
• Drivers license copies
• W-2 forms for the past two years
• Recent pay stubs
• Copies of checking and savings account statements
• Asset documentation
• Salary verification
• Credit card account numbers and balances
• Written explanations for any late payments, recent credit inquiries, collections, judgments or liens
• Income tax statements
• Corporate or partnership tax returns (if applicable)
• Gift letter if any of the funds (such as the down payment or earnest money) are being given to you by a family member
• Current landlord’s name and contact information (if you rent)
• Current and Previous Address
Need a referral? Call Rebecca Melancon at 337-842-9250
Wednesday, May 26, 2010
Traditional- some of the most common styles built throughout the United States.
These floor plans are designed to accommodate the American way of life.
Traditional homes are kind of a mix of several other styles but there are some
basics that are usually consistent throughout traditional designs: Simple, often
hipped rooflines. Brick or stucco exteriors are most common. Traditional plans
are often single level floor plans with steeper roof pitches though lofts or
bonus rooms are quite common. Covered porches. Open foyers.
Colonial - style home plans are generally two to two and one half story homes with a very simple and efficient design. This architectural style is very identifiable with its very simplistic rectangular shape and the large columns. These homes are also very symmetrical with equally sized windows generally spaced in a uniform fashion across the front of the home with decorative shutters. Colonial plans usually have one gabled roof from side to side or a hipped roof. Entrances are often accentuated with tall columns extending up both stories.
Contemporary -Throughout the late 1960's and 70's contemporary plans became quite popular.
Contemporary styling is a combination of several styles and are often multi
level homes. Some of the characteristics are: · Garage placement on the front
of the home for cost effectiveness. · Shallower pitched roofs that often extend
from a higher level down over the lower level. · Simple, clean lines that is
cost effective to build but attractive. · Windows are large and sometimes
trapezoidal following the roof pitch in gables. · Exteriors are a mix of
materials like wood, brick, rock, siding and stucco. · Vertical ornamentation
in simple patterns. Contemporary homes are still being built across the nation
and have been a very popular style in tract home developments and custom home
neighborhoods alike.
French - a uniquestyle that offers a lot of charm with its distinctive characteristics. These
house plans generally have asymmetrical exteriors with a combination of
ornamental attributes that complete the design. Some of the common
characteristics of this design are: · Stucco and brick exterior. · Steep roof
pitches at varying heights. Curved roof pitches are sometimes incorporated in
one or two locations. · These homes are usually two stories in height with high
rooflines. · Chimneys are usually large and sloped at the base. As with many
other styles, there are variations to French architecture. Some plans are
symmetrical with steep hipped roofs and exteriors are sometimes siding, shakes
or other materials.
Spanish or Mediterranean
- house plans are most commonly found in warm climates where the clay tile roofs assist in keeping them cool during the hot summer months. The Spanish a Mediterranean style homes are usually finished with a stucco (usually white or pastel in color) exterior and often feature architectural accents like arched
openings in the stucco or wood beams. This style is similar but different than
the southwest style of architecture, which also originated in the southwest
areas of the country.
- house plans are most commonly found in warm climates where the clay tile roofs assist in keeping them cool during the hot summer months. The Spanish a Mediterranean style homes are usually finished with a stucco (usually white or pastel in color) exterior and often feature architectural accents like arched
openings in the stucco or wood beams. This style is similar but different than
the southwest style of architecture, which also originated in the southwest
areas of the country.
Southern - Alsoreferred to as plantation homes, southern homes are easily identified with some basic design applications. To accommodate the warm, humid weather of the south, plantation homes are spacious and airy with tall ceilings, large front porches with a series of round or square columns. Porches sometimes surround the home (sometimes called a veranda) to provide shade throughout the heat of the day. Porches are built of some type of decking material rather than concrete. Roofs are pitched or gabled of usually a medium to shallow pitch. Southern homes are single or two stories in height and sometimes are adorned with dormers. These types of plans became popular in the 1700's as plantation owners commonly built them. There are many plantation homes preserved throughout the south, usually
built on large pieces of land.
Information from: The
Plan Collection
Plan Collection
Wednesday, May 19, 2010
Making an Offer
So you have seen all the houses your agent suggested and have narrowed it down to one. Now what? Assuming you have already been pre-approved and know how much house you can buy, now would be the time to make the offer. Now is not the time to ask for things to be fixed. The object is to get the best possible price for the house. Your agent will take care of the negotiating details. When it comes to the sale of a property, the seller may have stated that the refrigerator will not stay with the house. If you want it, then put it in your offer. Just because they state that they won't does not mean that they are not willing to compromise for the right price.
If the seller isn't already offering a home warranty, request that the seller purchase one. A Home Warranty Plan is a wonderful thing to have when you first move into a new house. Even if the sellers say they won't pay for it I always recommend that the buyers purchase one. A home protection plan is a renewable service contract that covers many of the most frequently occurring breakdowns of home system components and appliances that are not usually covered by homeowner insurance.
Don't fret over what the seller will say when they read it. The worst that they can tell you is no. There is a chance that there will be multiple offers on the house when you submit your offer. If this is the case you will want to offer your highest and best offer within reason. Most of the time this means a full price offer. The agent will set a date and time for the seller to respond, usually 12-48 hours depending on the day of the week. In the state of Louisiana, you are bound by that offer until the offer expires. For example, if the agent gives the sellers till 5pm on Sunday then you are bound legally by that offer until 5pm on that Sunday. If the sellers have not responded by the time the offer expires it doesn't necessarily mean that they rejected your offer, but it does mean that you are no longer bound by that contract.
If the seller does reject the offer, just keep on looking. Do not let a rejection get you down. There are plenty of houses added to the market daily with which you can fall in love!
If the seller isn't already offering a home warranty, request that the seller purchase one. A Home Warranty Plan is a wonderful thing to have when you first move into a new house. Even if the sellers say they won't pay for it I always recommend that the buyers purchase one. A home protection plan is a renewable service contract that covers many of the most frequently occurring breakdowns of home system components and appliances that are not usually covered by homeowner insurance.
Don't fret over what the seller will say when they read it. The worst that they can tell you is no. There is a chance that there will be multiple offers on the house when you submit your offer. If this is the case you will want to offer your highest and best offer within reason. Most of the time this means a full price offer. The agent will set a date and time for the seller to respond, usually 12-48 hours depending on the day of the week. In the state of Louisiana, you are bound by that offer until the offer expires. For example, if the agent gives the sellers till 5pm on Sunday then you are bound legally by that offer until 5pm on that Sunday. If the sellers have not responded by the time the offer expires it doesn't necessarily mean that they rejected your offer, but it does mean that you are no longer bound by that contract.
If the seller does reject the offer, just keep on looking. Do not let a rejection get you down. There are plenty of houses added to the market daily with which you can fall in love!
Wednesday, May 12, 2010
Working With An Agent
Once you have decided what it is that you want in a new home, it's time to interview agents. Shop around for an agent. You want someone with whom you feel comfortable, who is knowledgeable about the market, and who will look out for your best interests. Generally the best people to ask are your friends, neighbors, and family. Have them refer you to someone.
Remember your list from Plan Before You Look? Now is the time to break it out. The agent will want to know what you want in a house to help scale down the selection. Your agent may have you meet them at their office, at your house, or they may even send you an email with a link to the houses that fall within your criteria. This will be the time where you and your agent will decide on which houses to go see. Although this is exciting, remember patience. Purchasing a house is a big investment and you don't want to run into the first house you see and put an offer on it. Shop and compare the prices and amenities of the houses. Be sure to take notes in your notebook of each house that you like and never go by the pictures on the listing. You may end up passing up a gem because the listing agent didn't take a good picture. Agents are not photographers, but we try!
Always contact your agent for the homes you wish to see. If you see a For Sale sign in a yard, write down the address, phone number, and the realty company if it isn't for sale by owner. Your agent will be able to answer most questions that you have on the homes. She/he will not be able to tell you anything that deals with law, or cracks in the foundation. This is because they are not licensed in that field; however, can refer you to people that can help you with those questions. If you wish to know the property taxes, flood zone, if the house has gas, electric, etc. they will be able to tell you these types of things. In the state of Louisiana the seller must disclose anything they know about the house. Lead paint, flooding, septic, water, improvements on the home, age of the AC and the water heater units, and age of the roof. These types of things the agent will have access to.
After showing you several ouses, your agent will begin to get a feel for things that you want that you yourself may not even realize. This will help to scale down the list of possibilities and put you in the home that fits you. Don't be afraid to ask lots of questions and enjoy looking at all the possibilities!
Remember your list from Plan Before You Look? Now is the time to break it out. The agent will want to know what you want in a house to help scale down the selection. Your agent may have you meet them at their office, at your house, or they may even send you an email with a link to the houses that fall within your criteria. This will be the time where you and your agent will decide on which houses to go see. Although this is exciting, remember patience. Purchasing a house is a big investment and you don't want to run into the first house you see and put an offer on it. Shop and compare the prices and amenities of the houses. Be sure to take notes in your notebook of each house that you like and never go by the pictures on the listing. You may end up passing up a gem because the listing agent didn't take a good picture. Agents are not photographers, but we try!
Always contact your agent for the homes you wish to see. If you see a For Sale sign in a yard, write down the address, phone number, and the realty company if it isn't for sale by owner. Your agent will be able to answer most questions that you have on the homes. She/he will not be able to tell you anything that deals with law, or cracks in the foundation. This is because they are not licensed in that field; however, can refer you to people that can help you with those questions. If you wish to know the property taxes, flood zone, if the house has gas, electric, etc. they will be able to tell you these types of things. In the state of Louisiana the seller must disclose anything they know about the house. Lead paint, flooding, septic, water, improvements on the home, age of the AC and the water heater units, and age of the roof. These types of things the agent will have access to.
After showing you several ouses, your agent will begin to get a feel for things that you want that you yourself may not even realize. This will help to scale down the list of possibilities and put you in the home that fits you. Don't be afraid to ask lots of questions and enjoy looking at all the possibilities!
Wednesday, May 5, 2010
Plan Before You Look
The neighborhood you choose for your new investment is almost as important as the home itself. It is best to get a notebook to keep future notes in on houses you like. On the first page in the notebook you will want to write down the things you need in a house and the things you want in a house. Generally buyers only get about 80% of what they want in a house so there will be things with which you will need to be willing to compromise. Now is the time to decide what you will compromise on and what you need.
If you are having trouble here are a few ideas to help you along. What type of neighborhood do you want? Subdivision, rural, or downtown area? How far you have to travel to work may play an important role in where you choose to live. How many miles are you willing to travel from your home? If you have children, would you rather they be in a certain school zones?
Those were some of the bigger questions, now that you have those out of the way its time to get down to details. How many bedrooms and bathrooms? Do you want a formal dining room? How many square feet would be large enough? Do you want a fireplace? A large kitchen or porch? Maybe a home office?
Where it may seem like a lot, writing it all down will help to keep things in perspective. If you are a first time homebuyer, the buying process can be just as stressful as it can be fun. Having your wants and needs on paper will help, not only to keep your head on straight, to keep things in perspective.
The last important thing you need to keep in mind is resell value. You may be intending to stay in this house for the rest of your life. However, life has a way of throwing curve balls. If ever you need to sell, you will want your house to sell for the best possible price.
If you are interested in looking at homes in the SWLA area give me a call and I will help you through the process!
If you are having trouble here are a few ideas to help you along. What type of neighborhood do you want? Subdivision, rural, or downtown area? How far you have to travel to work may play an important role in where you choose to live. How many miles are you willing to travel from your home? If you have children, would you rather they be in a certain school zones?
Those were some of the bigger questions, now that you have those out of the way its time to get down to details. How many bedrooms and bathrooms? Do you want a formal dining room? How many square feet would be large enough? Do you want a fireplace? A large kitchen or porch? Maybe a home office?
Where it may seem like a lot, writing it all down will help to keep things in perspective. If you are a first time homebuyer, the buying process can be just as stressful as it can be fun. Having your wants and needs on paper will help, not only to keep your head on straight, to keep things in perspective.
The last important thing you need to keep in mind is resell value. You may be intending to stay in this house for the rest of your life. However, life has a way of throwing curve balls. If ever you need to sell, you will want your house to sell for the best possible price.
If you are interested in looking at homes in the SWLA area give me a call and I will help you through the process!
Tuesday, May 4, 2010
SWLA Market Report for April 2010
New Listings
184 properties hit the market, up from 116 last month, versus 3 last year.
Units Sold
111 properties sold, versus last month’s 116. Last year 115 homes sold.
Days on the Market
93 Days, last month was 113 and last year it was 69 days. Note: A six-month supply is considered a balanced market.
Average Sale Price
$154,012 up slightly from last month’s $148,580 and up from last year by 1.74%
184 properties hit the market, up from 116 last month, versus 3 last year.
Units Sold
111 properties sold, versus last month’s 116. Last year 115 homes sold.
Days on the Market
93 Days, last month was 113 and last year it was 69 days. Note: A six-month supply is considered a balanced market.
Average Sale Price
$154,012 up slightly from last month’s $148,580 and up from last year by 1.74%
Price Per Square Foot
$78.56,up from last month’s $76.30, and down 0.56% from last year
$78.56,up from last month’s $76.30, and down 0.56% from last year
Recommendations
For buyers – More inventory means you can probably make conservative offers. Know that this inventory may not last for long.
For sellers – There is a lot more competition than last year. Proper preparation for sale, marketing, and pricing can still lead to getting maximum price.
Wednesday, April 28, 2010
House of the Month ~ 5262 BISCOTTI DR
5262 BISCOTTI DR4 Bedroom
2 1/2 Bath
New Construction
2280 Sq. Feet Living
NEW CONSTRUCTION! BEAUTIFUL CUSTOM HOME IN A NEW SUBDIVISION! DELUXE KITCHEN WITH RAISED SNACK BAR, BREAKFAST AREA, STAINLESS APPLIANCES, GRANITE COUNTERTOPS, CUSTOM CABINETS, WALK-IN PANTRY. LIVING ROOM WITH 10 FT. TREY CEILINGS, FIREPLACE WITH MOUNTED FLATSCREEN TV/DVD PLAYER. MASTER SUITE INCLUDES HIS/HER CLOSETS, HIS/HER VANITIES, JACUZZI TUB, 
Call Rebecca today to schedule your showing for this home or any other! The service is free! 842-9250
Get Your Credit in Order
If you do not already keep track of your credit, then one of the first things you will need to do before contacting an agent or mortgage company is to get your credit in order. Lenders will be taking a close look at your financial history, including; income, credit, debts and assets. You'll be asked to disclose to the lender all outstanding debts, including any loan or financial obligations such as credit card balances, alimony and child support payments, car loans, medical bills, etc. Lenders will also want to see how much money you have in savings, after deducting your down payment amount. You'll also be asked for your employment history and will need to show job and income stability and security. You can visit http://www.annualcreditreport.com/ and request a free credit file disclosure or free credit report once every 12 months.
Here are a few tips to help you to improve your credit score:
Here are a few tips to help you to improve your credit score:
- Address any corrections that are needed on your credit report. Most credit reports have at least one error
- Pay down any outstanding debts as much as possible to show lenders that you spend within your limits.
- Ask your credit card companies to issue credit line increases to lower the percentage of the credit limits that you currently have.
- Do not apply for new credit cards.
- Pay all of your bills on time, even if that means just making the minimum payments.
Friday, April 23, 2010
New Listing!
1737 Fox Run3 Bedroom
2 Bath
Courtyard
Covered Patio
Sundeck
Wetbar
Vaulted Ceilings
Call 337-842-9250 to schedule your showing or to get more information!
Wednesday, April 21, 2010
The Importance of Pre-Approval
Most buyers contact a real estate professional prior to being pre-qualified or pre-approved. Getting pre-qualified allows you to know how much house you can afford based upon your credit, income, and assets. Once you are pre-qualified you can know how much your mortgage payments can be, the price range in which you can purchase a home, how much down payment will be necessary, approximate closing costs, and the types of loans that are available to you.
Pre-approval takes it one step further. The mortgage professional will now get your paycheck stubs, W-2's, retirement information, etc. If your credit has not already been checked then they will do so at this time. Lenders will review your financial circumstances including income, debts and assets to determine the loan amount for which you qualify. The lender will issue a letter indicating the amount you are qualified to borrow. Mortgage pre-approval gives you a couple of advantages. First, it lets you know on the front end how much money with which you have to work. Second, it signals to sellers that you are serious about an offer and that you can indeed qualify for the necessary mortgage to complete the purchase. If you make an offer on a house with multiple bids, being pre-approved can often give you an edge over other offers.
If you need a referal to a mortgage professional give me a call!
Pre-approval takes it one step further. The mortgage professional will now get your paycheck stubs, W-2's, retirement information, etc. If your credit has not already been checked then they will do so at this time. Lenders will review your financial circumstances including income, debts and assets to determine the loan amount for which you qualify. The lender will issue a letter indicating the amount you are qualified to borrow. Mortgage pre-approval gives you a couple of advantages. First, it lets you know on the front end how much money with which you have to work. Second, it signals to sellers that you are serious about an offer and that you can indeed qualify for the necessary mortgage to complete the purchase. If you make an offer on a house with multiple bids, being pre-approved can often give you an edge over other offers.
If you need a referal to a mortgage professional give me a call!
Thursday, April 1, 2010
Helpful Websites
Home |
||
American |
1-800-776-4663 |
|
Old Republic Webb |
1800-445-6999 webbw@orhp.com |
|
Local |
||
Bobby Leger |
337-540-2742 |
|
Professional Harry |
337-302-3221 |
|
Gulf Coast Paul Young |
Office: Cell:337-794-7067 |
|
Mortgages |
||
American Lisa Johnson |
Office: 337- Cell: |
|
Louisiana Bobbi Jo |
Office: Cell: email: bobbi@swlahome.com |
|
Progressive Bob Phillips |
Office: Direct: email: yobob@pmortg.com |
|
Whitney Bank Carmen |
337-480-2065 cardoin@whitneybank.com |
|
Cameron Tonya Goss |
337-312-7620 tgoss@csbbanking.net |
|
Pest |
||
Dec's Pest Don |
337-477-4325 decareaux@att.net |
|
Cal-Cam |
(337) |
|
J |
(337) |
|
Interior |
||
La Maison |
Office: |
|
Cleaning |
||
Servpro Shawnee |
(337) |
|
Merry Maids |
||
MISC |
||
ProPaint |
337-527-6767 |
|
Harvey's Wrecker |
337-527-6767 |
|
Cigar Club |
337-562-8889 |
|
Service Tire & Auto of Moss |
337-855-9397 |
|
Other Important |
||
Freddie Mac |
||
HUD |
||
REALTOR |
||
Family Watchdog |
||
EPA- Mold |
||
*No warranty or
other assurances on the quality of work from the above links. This page is
for informational purposes only.
Basic Terminology
| Adjustable Rate (ARM) |
The interest rate is tied to a financial index, and the monthly payment can go up or down over time. |
| APR | Annual percentage fee (interest and fees you’ll be charged). |
| Appraisal | A report made by a qualified person setting forth an opinion or estimate of property value. (appraisal also refers to the process through which a conclusion on property value is derived.) |
| Balloon | A long-term mortgage that has a large payment due at maturity. |
| Closing | The final meeting, usually with your real estate agent, sellers and a closing agent or attorney (although the sellers may complete paperwork separately) where you sign the necessary paperwork, make the monetary transaction and take possession of the house immediately, or in a designated time period shortly thereafter. |
| Closing Costs | The fees associated with processing the paperwork necessary to complete the transaction. |
| Comparables | Homes with similar square footage that recently sold in the area |
| Contingencies | Conditions which must be met for the purchase contract to be executed. |
| Counteroffer | The counteroffer is the seller’s response to your offer. |
| Credit Report | A document completed by a credit-reporting agency providing information about the buyer’s credit cards, previous mortgage history, bank loans and public records dealing with financial matters. |
| Debt to Income Ratio |
Compares the amount of monthly income to the amount the borrower will owe each month in house payment (PITI) plus other debts. The other debts may include but are not limited to car payment, credit cards, alimony, child support, and personal loans. This ratio is commonly used to see if the borrower has the capacity to repay the debt |
| Deed of Trust | A legal document that conveys title to real estate to a disinterested third party (trustee) who holds the title until the owner of the property has repaid the debt. In states where it is used, a Deed of Trust accomplishes essentially the same purpose as a Mortgage. |
| Down Payment | A percentage of the cost of the home that is paid up front. |
| Earnest Money | The deposit you make on the home when you submit the offer. This money is intended to show the seller that you are serious about wanting to purchase the property. Earnest money goes into an escrow account, and if the offer is accepted, the earnest money amount will be applied to either the down payment or closing costs. If the offer is not accepted, you will get the money back. |
| Escrow | An account where money is held, either for earnest money or by the lender for fees due for taxes or insurance |
| Equity | The difference in what you owe on the home and its fair market value. |
| FHA | Mortgages that are extended by private lenders, but insured by the Federal Housing Administration, often requiring a significantly lower down payment and lower incomes to qualify. |
| Fixed Rate | The interest rate stays the same for the mortgage term. |
| Foreclosure | The legal process by which an owner’s right to a property is terminated, usually due to default. Typically involves a forced sale of the property at public auction, with the proceeds being applied to the mortgage debt. |
| Hybrid | A loan that starts with a fixed rate period and then converts to an adjustable rate. |
| HUD | U.S. Department of Housing and Urban Development |
| Interest | The payment you make to the lender for the money you borrow. |
| Interest-Only | A loan in which the borrower pays only the interest on the principal balance for a set period. |
| Mortgage | The written instrument used to pledge a title to real estate as security for repayment of a Promissory Note. |
| Mortgage Insurance | Insurance written in connection with a mortgage loan that indemnifies the lender in the event of borrower default. In connection with conventional loan transactions, this insurance is commonly referred to as Private Mortgage Insurance (PMI) |
| Mortgage Note | A written promise to pay a sum of money at a stated interest rate during a specified term. It is typically secured by a mortgage. |
| Net Income | The difference between effective gross income and expense including taxes and insurance. The term is qualified as net income before depreciation and debt. |
| PMI | Private Mortgage Insurance – may be required for first-time buyers |
| Pre-Approval | A process in which a customer provides appropriate information on income, debts and assets that will be used to make a credit only loan decision. The customer typically ha not identified a property to be purchased, however, a specific sales price and loan amount are used to make a loan decision. (The sales price and loan amount are based on customer assumptions.) |
| Pre-Qualification | A process designed to assist a customer in determining a maximum sales price, loan amount and PITI payment they are qualified for. A pre-qualification is not considered a loan approval. A customer would provide basic information (income, debts, assets) to be used to determine the maximum sales price, etc. |
| Principal | The amount of your loan that you actually borrow. |
| REO | Real estate owned properties |
| Short Sale | When the seller’s lender accepts less than the amount owed to release the mortgage. |
| Title | The evidence to the right to or ownership in property. In the case of real estate, the documentary evidence of ownership is the title deed, which specifies in whom the legal state is vested and the history of ownership and transfers. Title may be acquired through purchase, inheritance, devise, gift or through the foreclosure of a mortgage. |
| Underwriting | The process of evaluating a loan application to determine the risk involved for the lender. It involves an analysis of the borrower’s creditworthiness and the quality of the property itself. |
| VA | Loans administered by the Department of Veteran Affairs for Americans who have served in the armed forces. |
Monday, March 15, 2010
House of the Month - 905 Athalee
2 Stories3855 Total Sq. Feet
2988 Living Sq. Feet
3 Bedrooms, 2 1/2 baths
2 car attached garageOnly 6 years old
Features beveled glass door & crystal chandelier, gas fireplace, Den/gameroom with wet bar, jacuzzi & shower in Master Bath, 15 x 17 storage building, landscaped, security system, quiet subdivision.
Wednesday, March 10, 2010
To Buy or to Rent a Home?
This question only one person can answer, you! There are many advantages to either buying or renting. You have to decide which one would be right for you based on your situation.
Some of the advantages of purchasing a home:
• Equity –Equity is defined as “the money value of a property or of an interest in a property in excess of claims or liens against it”. The most basic way to describe this is the difference in what you owe on the home versus its fair market value. As you make payments on your mortgage the equity of your home increases or decreases according to what the market is doing in your area.*
• Tax Benefits – You may be able to deduct mortgage loan interest amounts and property taxes from your income tax. (Always consult your tax advisor about your specific situation)
• Individuality – You can customize your home the way you want it with paint, tile, carpet, wood, appliances, & faucets. That is just to name a few. When renting you generally do not have this option and if you do normally you have to pay to have it return to the way it was prior to moving in.
• Maintenance – Anyone that has rented before knows that unless they cause the damage the maintenance is included in the rent. This can be a great thing. What most people don’t realize is that when your air conditioning breaks in the middle of July in Louisiana and it takes two days if not more to get a repair man out, there is nothing you can do but sit back and wait. There are home warranty plans that can be purchased when you buy a home. These help to cushion the cost of maintenance and getting a technician out to your home when you call the first time. This is a wonderful thing!
• Pets – Although some places allow for pets, most have restrictions on what size and/or breed that you can keep. If you own your own home you are free to pick the type of pet that you want.
Some of the advantages of purchasing a home:
• Equity –Equity is defined as “the money value of a property or of an interest in a property in excess of claims or liens against it”. The most basic way to describe this is the difference in what you owe on the home versus its fair market value. As you make payments on your mortgage the equity of your home increases or decreases according to what the market is doing in your area.*
• Tax Benefits – You may be able to deduct mortgage loan interest amounts and property taxes from your income tax. (Always consult your tax advisor about your specific situation)
• Individuality – You can customize your home the way you want it with paint, tile, carpet, wood, appliances, & faucets. That is just to name a few. When renting you generally do not have this option and if you do normally you have to pay to have it return to the way it was prior to moving in.
• Maintenance – Anyone that has rented before knows that unless they cause the damage the maintenance is included in the rent. This can be a great thing. What most people don’t realize is that when your air conditioning breaks in the middle of July in Louisiana and it takes two days if not more to get a repair man out, there is nothing you can do but sit back and wait. There are home warranty plans that can be purchased when you buy a home. These help to cushion the cost of maintenance and getting a technician out to your home when you call the first time. This is a wonderful thing!
• Pets – Although some places allow for pets, most have restrictions on what size and/or breed that you can keep. If you own your own home you are free to pick the type of pet that you want.
There are many more advantages to buying versus renting. My suggestion would be to sit down and draw a line down the center of a piece of paper. On one side write the pros and on the other write the cons. Only you can answer the question of which is right for you but putting it on paper might make it more clear which would be the better option for you.
*To find out what your property is worth contact Rebecca Melancon at 842-9250.
Saturday, February 20, 2010
Hello & Welcome!
As this is my first post, I decided to talk a little bit about myself and my purpose. I am a REALTOR from Lake Charles, Louisiana working with Century 21 Mike D. Bono & Co.'s. I have been in the Real Estate Industry for 2 1/2 years now and truely enjoy it. Although writing is not my forte, I am passionate about helping people getting the most for their money when dealing in Real Estate.
I choose Century 21 Mike D. Bono & Co.'s because of the people and their reputation. Century 21 Mike D Bono & Co.'s has been in the SWLA area since 1976 and become a household name. In the last year they ranked Number 3 in units sold in the South Texas/South Louisiana* and number 2 in units sold in Southwest Louisiana.** They currently have 41 agents which gives me many options when looking for a house for a buyer or letting the agents know of a new listing. They also offer ongoing education which I found to be priceless in this ever changing market.
I hope to post once a week on a varity of subjects within the Real Estate Industry. If there is something you would like to ask or see me write about feel free to email me to request an entry and I will do my best to deliver. In the meantime I hope you receive all the information you are looking for out of my blog!
~Rebecca Melancon~
REALTOR
I choose Century 21 Mike D. Bono & Co.'s because of the people and their reputation. Century 21 Mike D Bono & Co.'s has been in the SWLA area since 1976 and become a household name. In the last year they ranked Number 3 in units sold in the South Texas/South Louisiana* and number 2 in units sold in Southwest Louisiana.** They currently have 41 agents which gives me many options when looking for a house for a buyer or letting the agents know of a new listing. They also offer ongoing education which I found to be priceless in this ever changing market.
I hope to post once a week on a varity of subjects within the Real Estate Industry. If there is something you would like to ask or see me write about feel free to email me to request an entry and I will do my best to deliver. In the meantime I hope you receive all the information you are looking for out of my blog!
~Rebecca Melancon~
REALTOR
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