Certainly! Put their years of experience to work for you! Our loan experts are here to answer any questions that you may have Monday through Friday from 8:00 a.m. to 6:00 p.m. EST and Saturdays from 10:00 a.m. to 2:00 p.m. EST. Simply call 877-288-2862 and enjoy the benefits of Mortgage Center.

Know local sales prices – Ask your agent to check comparable home sales or do your own research to measure your offer against current price tags. The listing agent may have already put together a comparative market analysis (CMA) on the property. This written report reviews prices of comparable homes that are currently on the market, that are currently under contract, and that have sold in the past several months.

Know the condition of the house and neighborhood – Before making an offer, you should be fairly confident that you are aware of any major problem areas in the house.  You should have inspected the house to the best of your ability, questioned the sales agent and the owner about the structural soundness and condition of the basic systems, and reviewed the seller’s disclosures. (Both sellers and real estate sales professionals can be held liable if they fail to tell the buyer of any defects they know of in the house.) You should also have a clear idea of what it will cost to fix any major problems of which you are aware.

Circumstances surrounding the sale – In deciding how much to offer, try to determine how anxious the owners are to sell. For example, if the sellers already have a contract on another house that is dependent on the sale of this house, you may be in a good negotiating position. It will be to your advantage to know how long the house has been on the market, whether the asking price has already been reduced, and what the fair market value of the home is based on its condition. Also, how much did the seller pay for the house, and, how long ago? And how much equity does the seller have in the property?

Know what you can afford – You should have obtained a Pre-Approval before you began house hunting and your Pre-qualification letter will indicate the maximum purchase price you are approved for. You should also take the time to estimate what your monthly housing costs would be should you get the house at the price you plan to offer. This requires knowing the annual cost of utilities, homeowner’s insurance, condominium fee (if applicable), and any special assessments. Make sure that the amount of your down payment is adequate and that you’ll have enough to cover the closing costs as well. Don’t be tempted to offer more than you are sure you can afford.

Financing terms – Remember that there are two aspects to an offer – the price and the financing terms. The terms may actually be more important to you than the price. For example, if the seller is willing to offer attractive financing terms, including paying for the title search, and other settlement costs, you may be more willing to accept the price.

The real estate sales professional will be glad to advise you as to how much you should offer. However, the decision is yours alone. (Remember, the agent typically acts on behalf of the seller.) Most prospective buyers do not offer the full asking price, at least initially. For example, you may want to offer less than the asking price if you feel that the condition of the house warrants a lower price.

Don’t get carried away in a multiple-offer situation – Stick to your market research and negotiate with a clear head. You may win the bid if you offer better terms, and still may get a lower price.

Control your emotions – No matter how much you want the house, you’ll probably feel worse knowing you overpaid.

Don’t be afraid to walk away – Unless it’s a unique property, you’ll probably find another house you like just as much.

Yes there are special items to consider; buying a foreclosed home is much different than the typical home purchase.

Here are some things to keep in mind:

• The utilities must be turned on and in working order prior to the lender issuing a mortgage approval.
• Unlike other home purchases, sellers of foreclosed properties are not required to provide you any disclosures in relation to the condition of the property.
• Because of the aforementioned lack of disclosures, it is in your best interest to hire a certified inspector who can provide you with a full inspection and notify you of any repairs that may be needed on the property. Without an inspection, you won’t be able to estimate the cost for repairs.
• If there are repairs needed, you can negotiate a sellers concession to allow for these items. Depending on their extent, these repairs may be approved for completion after closing.
• Another item to keep in mind is that some sellers will charge you a daily fee if you do not close by the expected settlement date.
• Make sure that your earnest money deposit is refundable if the purchase does not go through. (Property auctions typically require a non-refundable deposit.)

Please call one of our loan experts for additional consultation at 877-288-2862.

A real estate broker who exclusively represents the buyer’s best interests in a transaction and whose commission is paid either by the buyer or through the seller or listing broker at closing.

As a first time homebuyer you may be wondering if you need a real estate agent to help you find and purchase a home or if you can do it on your own. There is no law that prevents you, as an individual, from buying property without professional Real Estate assistance. You can search for homes, arrange showings, and even negotiate on your own (although, in some localities, the actual contract for purchase will need to be drawn up by an Attorney). The real question may be “do you want to do it on your own?”

There is a misconception among many first time homebuyers that by using a Real Estate Agent they will be subject to paying a commission. In virtually all situations this is not the case. The commission for the sale of a home is paid for by the seller, not the buyer.

Sellers, too, sometimes decide not to use an Agent in the sale of their house. Maybe they think they can get more return by not paying a commission, or maybe they cannot find an Agent to list their home for the price they demanded. In fact, many real estate analysts have found that the selling prices of For Sale By Owner (FSBO) homes are equal to —or higher than— those listed by Agents. In that case a problem arises when, as a “do-it-yourself” homebuyer and without the benefit of a Comparative Market Analysis, you need to determine whether or not the house is worth the asking price. How do you decide? There is too much money potentially involved to make a “seat of the pants” decision. If you’re determined to go it alone, Mortgage Center can help you obtain an appraisal through one of our approved appraisers who we’ve trusted for years to give accurate determinations of property values. Our title company, Mortgage Center Title, also offers the For Sale By Owner Fact Sheet, which offers a wealth of information for both buyers and sellers in involved in an FSBO transaction.

When dealing with a FSBO home, you may find your choices are limited. If you are tempted to jump into the “listed” market by checking advertisements, calling Listing Agents directly or visiting Open Houses, keep in mind that there is not a dime to be saved by doing this. The seller is still going to pay a commission and you run the risk of ending up with no representation, since the Listing Agent is duty bound to represent the seller. If there aren’t enough choices for you in the FSBO market, it is in your best interest to secure a real estate agent as soon as possible to assist you in your search.

The graph below lists the advantages to finding a home on your own vs. with a real estate agent.

If you decide to use an agent, you should know the difference between a real estate agent or broker and a Realtor®. A real estate agent or broker is a person licensed to negotiate the purchase and sale of real estate on behalf of buyers and sellers. A Realtor is a real estate broker or associate who is an active member of a local real estate board that is affiliated with the National Association of Realtors. In both cases, the Agent, unless specifically disclosed otherwise, represents the seller in any transaction for the sale of a home. It is that Agent’s fiduciary duty to protect the seller’s position at all times.

You wouldn’t go shopping for a new car without knowing how much you can afford. Why would buying a home be any different?

Pre-Qualification Today = Less Stress House Shopping Tomorrow

Let’s face it. One of the most stressful things about buying a home is adjusting to your new mortgage payment. Knowing your family’s financial boundaries before shopping for your new home can make the process go much more smoothly.

Your pre-approval is an essential tool when house shopping, because it…

• Determines what homes are in your price range
• Assures real estate brokers and sellers that you are a qualified buyer
• Can be used to your advantage in future negotiations

Your pre-qualification letter is good for a limited time. One of our experienced loan experts can complete your pre-qualification for you over the phone. Call 877-288-2862 today.

Yes! Mortgage Center offers programs with lower down payment options. These products are designed to help borrowers overcome the two primary barriers to homeownership – lack of down payment funds and qualifying income. These programs have lower down payment, cash reserve, and income requirements than traditional conventional mortgages. Call one of our expert loan experts to see which program is best suited to your needs. Monday through Friday from 8:00 a.m. to 6:00 p.m. EST and Saturdays from 10:00 a.m. to 2:00 p.m. EST at 877-288-2862.

Determining if it is a good time to buy a house should depend on your personal situation. If you have good credit and some money saved up to cover costs associated with buying a new home, then yes, it is a good time to buy. Other factors that can be difficult to predict, but need to be considered, include current interest rates, housing prices and inventory. Current rates are no longer at the nearly historic low levels they had been, but Mortgage Center continues to offer rates below the national averages. So, if you’re ready to buy, then you should explore your options, and we can help determine which option is best for you!

We have a wide variety of exclusive options that can help almost anyone. We have home loans with low down payment options, as well as flexible credit requirements and even construction home loans so you can build the home of your dreams.

Our home loan experts can help you see which option works best for your situation and determine if now is the time to buy a new home. We can even help you calculate exactly how much home you can afford and what your monthly payment might be.

Call us today at 833-218-8564 to get started!

No!  Getting started before you find a home may be the best thing you could do!

If you get started before you have a property to purchase, we can issue a pre-approval subject to you finding the perfect home, which you can use to assure real estate brokers and sellers that you are a qualified buyer. Getting pre-qualified for a mortgage will even give more weight to any purchase offer you make.

When you find the perfect home, you’ll need to call your Loan Originator and provide your signed purchase agreement to complete your application. You’ll then have an opportunity to lock in our great rates and fees and we’ll complete the processing of your loan.