Archer is top notch

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Archer is top notch

Are you ready to own a new home or condo in MN?

Home ownership means you no longer pay monthly rent to a landlord for the roof over your head. By paying a mortgage – this means you own that roof over your head.  You can do what you want with your house – within reason of course and when you leave, you can sell it to recoup the purchase price and – with any luck – earn a profit too.
Home ownership comes with a slew of responsibilities and work so before going any further, consider whether your lifestyle and finances make home buying a smart move.

Are you prepared to stay put?  High costs mean you should. Except in a roaring real estate market, it usually doesn’t make sense to buy a home you’ll own for less than three or four years. The reason is the high transaction cost of buying and selling property means you could lose money on the deal. If you do make money, you’ll pay capital gains taxes if you’re in the house less than two years.
 
Right now – it is a buyers market.  There are homes available at very reasonable prices due to the recovery of falling home prices.  Combine this with below average interest rates and tax credits – the money and the sense of it all – home ownership is a great idea.
 
Before you begin, you need to determine how much house you can afford. You can start with one of the Web’s many calculators for a brief calculation.  But for a more accurate figure, ask to be pre-approved by a lender, who will look at your income, debt and credit to determine the kind of loan that’s in your league.
The rule of thumb here is to aim for a home that costs about two-and-a-half times your gross annual salary. If you have significant credit card debt or other financial obligations like alimony or even an expensive hobby, then you may need to set your sights lower.

So do you think you are ready?  If yes, take the first step and give me a call at 651.210.9593 right now!

New Years Resolutions include biking for fitness?

As many of you know, I’m a big fan of biking and cycling.  In the past I have rode the MS 150 race from Duluth to the Twin Cities.  Lately I’ve been hitting up the spin class Amara Kamara puts on at LA Fitness.  No matter what your biking goals or objectives are you need to check out my friend Ryan’s site at www.globlacyclingsupply.com for all your biking gear.  Ryan’s a good guy and a serious biker (way more so than I am!) and knows what’s up when it comes to the right gear for you.

Top 10 things to know before buying a home!

1. Don’t buy if you can’t stay put.  If you can’t commit to remaining in one place for at least a few years, then owning is probably not for you at this point in your life. With the transaction costs of buying and selling a home, you may end up losing money if you sell within a few short years.
2. Start by shoring up your credit. Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible.

3. Aim for a home you can really afford. The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary.

4. If you can’t put down the usual 20 percent, you may still qualify for a loan. There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3.5 percent of the purchase price.

5. Consider buying in a district with schools that future buyers may want their kids to attend. Reason: When it comes time to sell, you’ll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.

6. Get professional help.  You may want to look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.  If you need a referral, just let me know.

7. Choose carefully between points and rate. When picking a mortgage, you usually have the option of paying additional in exchange for a lower interest rate.  It is normally better to pay less upfront. 

8. Before house hunting, get pre-approved by a mortgage broker (I can help just click here !)

9. Do your homework before bidding on a home.  Your real estate agent should provide you with detailed market analysis of what the property is worth. 

10. Hire a home inspector. Your lender will require a home appraisal, but that’s just the bank’s way of determining whether the house is worth the price you’ve agreed to pay. Independently, you should hire your own home inspector.

@godianne not sure if new GFE …

@godianne not sure if new GFE is easier for clients to understand…no PITI, no cash to close, no need to sharpen pencil on TI, just PIMI

@RealtorOutLoud make sure you …

@RealtorOutLoud make sure you caution your clients shopping to “beware” of low escrow and interest costs that carry down to the “total” cost

Target field opener only 3 mon…

Target field opener only 3 months away…on April 6, 1979 mercury read -22 degrees, one year later, April 22,1980… http://bit.ly/6QBrb4

Added twitter to my blog, www….

Added twitter to my blog, http://www.mnrefinancing.com

just had a grapefruit. they a…

just had a grapefruit. they are in season right now and DELICIOUS!

heading to gym for first worko…

heading to gym for first workout of 2010.