Many folks are going about the home finding process backwards. They go through the entire process of searching, evaluating, and writing an offer on their home, WITHOUT being financially prepared.

Doing a few things up front, BEFORE you go searching, will save you a lot of money, time and hassles. What are those things?

First, find a MOTIVATED lender. One who represents many different products, and can offer you many options for making your loan most affordable.

Here’s an important tip: Ask your REALTOR to refer one or two lenders to you. Why? Because your agent has influence over lenders because they send lots of clients. It’s not just YOU alone talking to them.

After all, your REALTOR and lender both want to see the transaction close. There’s power in numbers and influence. Use it to your advantage.

Now, what you want to do is GET PRE-QUALIFIED with a lender. Better yet, try to get PRE-APPROVED.

Why?

Because the first question any home seller will ask when an offer is presented is “Is your buyer approved for a mortgage?”

And rightfully so! The seller doesn’t want the deal to fall through because you couldn’t get financing. When they accept your offer, their home comes OFF the active market. If you fall through, it costs them time and money.

If your looking for a new or re-sale home in the Triangle area of North Carolina. Please contact (more…)

Like it or not, there are a couple of guidelines bankers, and mortgage lenders use to determine how much loan you can afford.

One guideline is the Payment to Income Ratio. This guideline compares your income- or your total household income-to the amount of mortgage your considering.

To calculate the “payment” part of the formula, the lender will take the mortgage payment (principal & interest) and add it to Propeety Taxes and Insurance. Hence the term “PITI” (principal, interest, taxes and insurance).

Usually lenders will loan up to 28% of your total household income.

But before your home free, there’s something else you need to know..

It’s called the Debt to Income Ratio. Debt refers to ALL, the major monthly payments other than your mortgage (PITI). To arrive at this amount, the lender will consider…

Your car payment
Your credit card debt & payments.
Any IRS liens or payments due.
Any other payments and debts you have (boat, second home, etc)

Then they’ll compare your total debt to your ability to make current payments with your new home loan added into the equation.

Now here’s the “catch”. Each mortgage company sets diffferent limits on your Debt to Income Ratio, which it is critically important to find the right lender!

Don’t follow the “canned” financial advice like you see on TV. Most of the advice is “rule of thumb”, and designed for the lowest credit rating and the highest rates.

Think about this….

If you spend two or three days to find a loan that saves you $40,000 to $150,000 or more overs it’s term, your time is WELL WORTH SPENT! Doing a little homework on your own will literally save you thousands over the term of your loan.

If your in the market for a new or re-sale home in the Triangle area of North Carolina call us today at Jeff Dicks Real Estate – 919-793-4730

We look forward to putting our award-winning team to work for you

Search Raleigh, Wake Forest, Cary Homes

Heritage Wake Forest is continuing its winning ways early into 2011. To date Heritage has put over 77 new homes under contract. This a far contrast from 2010 where the market was sluggish. Hammers and saws are a frequent sound and sight. To the custom builders team in Heritage this a welcome sound. With the latest release in Heritage Valley public excitement is abound with the surrounding area and the continued commitment from the developer to allow for plenty of green space, walking trails and more the community will continue to prosper.

Heritage Wake Forest Homes is a great place to start your search in the Triangle area of North Carolina. Heritage Wake Forest NC is a great location for those relocating to North Carolina and locals alike. For further information on Heritage or other community please contact

Jeff Dicks of Keller Williams Realty at 919-793-4730 or visit Heritage Wake Forest Homes

Spring is here….. are you ready? We are
Heritage Wake Forest.

Quite frankly we seem to be hearing this alot lately. Some homeowners are entering the death spiral as they want to throw in the towel. Well ……not so quickly.

Two factors basically contol the sale of a home. And to be frank you can’t just blame the market. Price & Condition are completely in the control of the seller.

We have seen this time and time again so let’s start with a whole new plan and strategy for the times.

We’ve just produced a report available in print or video.

In this report, you will learn…

About the most dangerous real estate trends that are keeping homes from being sold in today’s market, and how to avoid them

How to price your home to sell…

How to position your home as a “deal” to buyers so you get flooded with buyer showings and offers, and

A lot more…

Please contact us by e-mail or phone for your FREE copy!

Heritage Wake Forest builders have recently begun construction on 22 new inventory homes. The homes range from 235k to 475k. Buyers can choose from the current 40 inventory homes or work with one of Heritage’s custom builders to design their dream home. Heritage is the two-time recipient of Master Planned Community of the Year, and the Heritage Golf & Country Club was a recipient of 4-1/2 Stars by Golf Digest.

Great news coming out of Wake Forest ! Is the recession over ? Recently, new home sales in Heritage Wake Forest, NC have surged. In the same month of 08 New Home Sales were very light and moving into 09 sales have increased five fold. The even better part of the story is that New home inventory is shrinking in Heritage which equates to price stabilization. This should also help the resale market were homes have seen some price cutting.

Although, one month a trend doesn’t make , however it’s encouraging news. We’ll keep a close eye on long term mortgage rates which should also be a benefit to both buyers and sellers in the new and resale market.