Chad Goldstein - Gold Key Realty LLC



Posted by Chad Goldstein on 10/1/2018

For those who want to acquire a house, it helps to get your finances in order. That way, you can quickly and effortlessly navigate the homebuying journey without having to worry about how you'll afford your dream house.

There are many quick, easy ways to straighten out your finances before you embark on the homebuying journey, such as:

1. Assess Your Credit Score

Your credit score ultimately can play a major role in your ability to secure a great mortgage. If you understand your credit score, you may be able to find ways to improve it prior to conducting a home search.

It is important to remember that you are entitled to a free copy of your credit report annually from each of the credit reporting agencies (Equifax, Experian and TransUnion). Request a free copy of your credit report today, and you can take the first step to evaluate your credit score.

If you find that your credit score is low, there is no need to worry. You can always pay off outstanding debt to improve your credit score over time.

Also, if you identify any errors on your credit report, you'll want to address these mistakes immediately. In this scenario, you should contact the agency that provided the report to ensure any necessary corrections can be made.

2. Look Closely at Your Monthly Expenses

When it comes to buying a house, it generally helps to have sufficient funds for a down payment. The down payment on a house may fall between 5 and 20 percent of a home's sale price, so you'll want to have enough money available to cover this total for your dream residence.

If you evaluate your monthly expenses, you may be able to find ways to save money for a down payment on a house.

For example, it may be beneficial to cut out cable TV for the time being and use the money that you save toward a home down payment. Or, if your dine out frequently, cooking at home may prove to be a substantial money-saver that could help you speed up the process of saving for a down payment.

3. Get Pre-Approved for a Mortgage

With pre-approval for a mortgage, you can enter the housing market with a budget in hand. Then, you'll be better equipped than ever before to narrow your search to houses that fall within your price range.

To get pre-approved for a mortgage, you'll want to meet with banks and credit unions. These financial institutions can teach you about different mortgage options and help you assess all of the options at your disposal.

Furthermore, don't hesitate to ask banks and credit unions about how different types of mortgages work. This will enable you to gain the insights that you need to make an informed decision about a mortgage based on your financial situation.

If you need extra help as you prepare to pursue a house, you may want to hire a real estate agent as well. In fact, a real estate agent can help you find a high-quality house at a budget-friendly price in no time at all.




Categories: Buying a Home   Mortgage   Financing  


Posted by Chad Goldstein on 9/3/2018

Ready to buy a condo? With help from an expert real estate agent, you can make your condo ownership dreams come true.

An expert real estate agent will go the extra mile to ensure you can purchase a top-notch condo at an unbeatable price. In addition, this real estate professional will make it easy to discover a superior condo without delay.

Ultimately, an expert real estate agent can make a world of difference during a condo search. But it is important to note that there are many factors to consider as you evaluate a real estate agentl.

Key factors that a condo buyer should consider when he or she assesses a real estate agent include:

1. Industry Experience

How many years has a real estate agent worked with condo buyers? Has a real estate agent been successful in his or her efforts to help condo buyers? And how will this housing market professional handle difficult negotiations with a condo seller? These are some of the questions to consider as you examine a real estate agent's industry experience.

When it comes to assessing a real estate agent, industry experience is key. A real estate professional who understands the ins and outs of buying a condo should have no trouble helping you purchase a superb property that matches or exceeds your expectations.

2. Communication Skills

How a real estate agent communicates with his or her clients says a lot about this professional.

If a real estate agent strives to stay in touch with clients via text, phone and email, this housing market professional likely will be able to keep a condo buyer informed at each stage of the property buying cycle.

On the other hand, a real estate agent who fails to prioritize effective communication may struggle to help a condo buyer. This housing market professional may be unavailable if a condo buyer has concerns or questions. As a result, a condo buyer is unlikely to get the support that he or she needs to make an informed property buying decision.

Meeting directly with a real estate agent can give you a better idea about his or her communication skills. If you feel comfortable with a real estate agent after a face-to-face discussion, you may want to consider moving forward with this housing market professional.

3. Client Referrals

What are previous condo buyers saying about a real estate agent? Request client referrals from a real estate agent, and you can find out how he or she has supported condo buyers in the past.

Client referrals enable you to understand what it's like to work with a real estate agent and can provide you with insights that you may struggle to obtain elsewhere. Moreover, client referrals can help you accelerate the process of choosing the right real estate agent to guide you along the condo buying journey.

For condo buyers, there is no need to worry as you prepare to enter the housing market. Instead, use these tips, and you can find a first-rate real estate agent who will ensure you can purchase your dream condo.




Tags: Buying a home   buyer tips   Condo  
Categories: Buying a Home   buying tips   condo  


Posted by Chad Goldstein on 8/13/2018

If you’re ready to buy a home, you probably have done a lot of research. One thing is sure: You know you need to get pre-approved for a mortgage. It’s perhaps the most critical step in the process of buying a home for a variety of reasons. There’s down payments and debt-to-income ratios, and other financial issues to worry about. You need to know what type of mortgage you should get. To help you understand what kind of mortgage you need, you should get pre-approved.


Understand The Pre-Approval Process


There are many misconceptions about pre-approvals. First, buyers need to understand that there is a difference between a pre-qualification and a pre-approval. A pre-qualification merely scrapes the surface of your financial state, while a pre-approval goes through everything a mortgage company will need to grant you a loan. You may be pre-qualified for a much higher amount than you can actually afford, for example.


Pre-Approval Defined


A pre-approval is a lender’s written commitment to a borrower. The approval states that the lender is willing to lend a certain amount of money for a home. The lender obtains the following from the buyer:


  • Employment history
  • Credit report
  • Tax returns
  • Bank statements


The time and effort that it takes to get a pre-approval is worth it because everything will be ready for the lender to grant the mortgage once an offer is made on a home. It also gives the buyer an upper hand in finding the home of their dreams. Many sellers require a pre-approval with an offer.


When To Get A Pre Approval


As soon as you know you’re serious about buying a home and are ready to start the house hunt, you should get pre-approved. Pre-approvals do expire after a certain amount of time, but lenders can renew them with proper notice. 


The Importance Of The Pre-Approval


Many buyers feel that they can skip the pre-approval process altogether. It has many benefits. Besides giving you a better look at your finances and how much house you can afford, pre-approvals can:


  • Give you the insight to correct your credit score and help you correct credit problems
  • Help to avoid disappointment when you find a home you love
  • Allow first-time buyers to see all of the costs involved in buying a home


A pre-approval is a handy thing to have, and it’s not just because the experts say it’s essential. Getting pre-approved for a mortgage can help you to be more on top of your finances going into one of the most significant purchases you'll ever make in your life. 

 




Tags: Buying a home   Mortgage  
Categories: mortgage lender  


Posted by Chad Goldstein on 7/16/2018

Buying a home is a very detail-oriented process, and there's a lot of important things you can overlook if you're not organized.

Home buyers generally have the opportunity to do a last-minute inspection of the premises to make sure everything's up to standards prior to closing on the property.

A real estate buyer's agent can accompany you on the final inspection or provide you with advice on what to look for.

If you've already visited the home a couple times and had the house professionally inspected, you're probably well-acquainted with any major malfunctions, flaws, or repair issues. In many cases, home buyers may reach an agreement with the seller to fix, replace, or make allowances for mechanical or cosmetic problems. While real estate negotiations and sales agreements are as varied as the people and properties involved, there are typically dozens of things buyers need to check on before they sign the final documents and accept ownership of the property.

Final Walkthrough Tips

As you're doing the final walk-through of the house, it's necessary to remember or have notes on the condition of the home when you last looked at it. You'll also want to have a clear idea of what appliances, fixtures, and window treatments are supposed to be remain in the house after it's been vacated by the seller. Depending on how close your final walk-through is to the actual closing, that has probably already happened.

If there's anything missing that the seller agreed to include in the sale, then that's an issue you'll want to discuss with your real estate agent or attorney. Any property damage that may have resulted from moving furniture and other belongings should also be discussed before final papers are signed. The same thing would apply to landscaping changes that appear to be inconsistent with the sales agreement. Your buyer's agent and/or lawyer can serve as intermediary in getting these issues clarified and ironed out.

To make sure your final inspection is thorough, it's a good idea to have a "final walk-through checklist" to help keep you organized and focused. You'll want to take a last-minute inventory of items that are supposed to be included with the property sale, such as appliances, lighting fixtures, furnishings, window treatments, children's play structures, hot tubs, and anything else that was agreed to in the sales contract.

Other items you'll need access to may include garage door openers, manuals for appliances and mechanical systems, warranties, invoices for repairs made, and remote control devices for things like ceiling fans, alarms, and other systems.

Your checklist and final walkthrough should focus on a variety of items, including the working condition of appliances, the electrical system, plumbing fixtures, and the condition of walls, floors, ceilings, doors, windows, and landscaping features. For a complete checklist, look online or consult your real estate agent.





Posted by Chad Goldstein on 7/2/2018

The US government has been helping Americans achieve their goal of homeownership for decades. Through programs offered by the Federal Housing Authority, the USDA, and the Department of Veterans Affairs, millions of Americans have been able to afford a home who would have otherwise struggled.

The focus of today’s post is one such service: loans offered through the USDA Rural Development program.

If you’re hoping to buy a home in the near future but are worried about being able to save up enough for a down payment or build your credit score in time, USDA loans could be a viable option.

Let’s take a look at some of the common questions people have about USDA loans:

Do I have to live in the middle of nowhere to get a USDA loan?

The short answer is “no.” rural development loan eligibility for your area is laid out on a map provided by the USDA. Most of the suburbs outside of major cities, as well as nearly all rural areas, are covered by the rural development program.

Can I qualify for a USDA loan if I’ve previously owned a home?

Yes. You may be eligible for a loan as long as you’re not the current owner of a home that was purchased through the rural development program. So, for example, if you own a home financed through the USDA and wanted to buy a second home and rent out the first one, you wouldn’t be able to finance your second home through the USDA.

How does the USDA loan guarantee work?

When you buy a home, a lender asks you to make a down payment. If you don’t have a down payment, the government (USDA, VA, or FHA) insures the down payment on your home rather than you paying it up front.

Will I have to pay mortgage insurance?

Unlike other subsidized loans, rural development loans require a “guarantee fee” rather than PMI (private mortgage insurance). The guarantee fee is 1% the total mortgage amount and this can typically be financed into the loan (so you don’t have to pay up front). In addition to the guarantee fee, USDA loans also charge an annual premium for the lifetime of a loan.

What are the qualifications for a USDA loan?

To find full eligibility information, complete the survey on the USDA’s eligibility website to find out if you qualify. However, the general qualifications are:

  • U.S. citizenship

  • Buying a home in a qualifying area

  • 24 months of income history

  • A credit score of 640 or higher for streamlined processing

  • Income high enough so that your monthly payments do not exceed 29% of your monthly earnings

What is the direct loan program?

The USDA really offers multiple urban development loans. The guarantee program, for which most single families utilize, and the direct loan program. Direct loans are designed for families who have the greatest need. You can also find out if you’re eligible for a direct loan by filling out the questionnaire on their website.









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