Renee Prunier


Posted by Renee Prunier on 6/4/2018

As a homebuyer, you'll want to do everything possible to guarantee a quick, seamless homebuying journey. Because if you're not careful, you may be forced to deal with a nightmare homebuying experience.

Ultimately, there are many ways to ensure that you can avoid a nightmare homebuying experience, such as:

1. Narrow Your Home Search

Although you know that you want to buy a home, it pays to consider exactly what you'd like to find in your ideal residence. By doing so, you can narrow your home search and avoid the homebuying nightmare of pursuing residences that fail to meet your expectations.

Think about which features are must-haves for your new home, as well as which features you can afford to live without.

For example, if you require a home that is close to your office, you can search for houses near your workplace. On the other hand, if you want to live in a small town, you can remove city residences from your home search.

Establish priorities as you search for your dream house – you'll be glad you did. If you separate your home must-haves from your wants, you can simplify your home search and move one step closer to finding your ideal residence.

2. Get Your Finances in Order

How much can you afford to spend on a house? Create a homebuying budget, and you can avoid the risk of browsing available residences that fall outside your price range.

To determine how much money you have available for a home purchase, it often helps to meet with local banks and credit unions. These financial institutions can provide details about a variety of mortgage options and help you select a mortgage that corresponds to your finances.

Also, you should check your credit report before you buy a home. You are entitled to a free annual copy of your credit report from each of the three credit reporting bureaus (Equifax, Experian and TransUnion). Take advantage of this perk, and you can learn your credit score and take steps to improve it prior to purchasing a house.

3. Hire an Experienced Real Estate Agent

An experienced real estate agent understands both the homebuyer's and home seller's perspectives. As such, this housing market professional can help you analyze a home seller's point of view and negotiate the best price on any home, at any time.

Typically, an experienced real estate agent will meet with you and learn about your homebuying goals. This housing market professional then will map out a homebuying journey, one that helps you streamline the process of acquiring your ideal house.

Let's not forget about the assistance that an experienced real estate agent can deliver throughout the homebuying journey, either. A real estate agent can provide expert insights into the housing market and help you make informed decisions, thereby reducing the risk of a nightmare homebuying experience.

Take the guesswork out of buying a home – use the aforementioned tips, and you can minimize the risk of a nightmare homebuying experience.




Categories: Uncategorized  


Posted by Renee Prunier on 5/14/2018

Once you have found the home that you want to live in, put in the offer, and start the process of closing on a home, you may feel like you’re “home free.” The hard part may technically be over, but there’s one more important thing that you need to think about before you get the keys to your place: Closing costs. 

A few days before you head to sign all of your paperwork to close on the home, your lender will send you a detailed report of different closing costs that you need to pay upon the settlement of the property. 


Closing Costs Defined


Closing costs are what you pay to the lender and third parties. These are due at the time of closing on the property and must be paid up front. You should estimate that your closing costs will be between 2 and 5 percent of the purchase price of the home.


Everything Included In Closing Costs


Closing costs cover both one-time and recurring fees that are a part of your home purchase. The one-time fees are things that are generally associated with buying the home. These would include attorneys fees, lender fees, home inspection fees, document prep fees, underwriting fees, credit report fees, and realtor fees. You’ll also need a bank issued check for your down payment at this time.  


At closing, an escrow account will be set up. This is like a forced savings account that will be drawn from to cover things like taxes, insurance, loan interest, and title insurance. These are all very important costs that are a part of buying a home.     


Do Your Homework Ahead Of Time


The best way to deal with closing costs is to be prepared ahead of time. Talk to your lender in order to get an estimate of the closing costs. From there, you’ll need to decide if you need to finance your closing costs or simply pay them up front. There are advantages to both approaches. Sometimes, lenders will look at you as less favorable if you need to finance all of your closing costs. It all depends on the terms of your loan. This is why research is vital.


Compare Rates And Lenders


It’s important not to go with the first lender you talk to. Get some recommendations from your realtor and friends to see who might be a good fit for you. Every lender specializes in something different, so you want to be sure that who you chose is a good fit for you. 


The most important thing that you can do with closing costs and the financing of your home is to get educated!     





Tags: Buying a home  
Categories: Uncategorized  


Posted by Renee Prunier on 4/16/2018

If you've been pre-approved for a mortgage, you can enter the housing market with a budget in hand. In fact, this mortgage will enable you to spend up to a certain amount on a house. But in many instances, it pays to buy less house than what you can actually afford.

Ultimately, there are many reasons to consider purchasing a house below your means, such as:

1. You might not have to worry about significant home maintenance.

A small house likely means less home maintenance than would be required in a large house. Therefore, you may be able to spend less time worrying about keeping your residence looking great if you acquire less home that what you can afford.

Of course, let's not forget about the money that you might save by purchasing an affordable residence. If you buy an inexpensive home, you may be able to use the money that you save to hire professional home cleaners, landscapers and others to help you enhance your residence's appearance.

2. You'll be better prepared than ever before for unexpected expenses.

There is no telling when a family emergency, natural disaster or other dangerous situations may arise. Fortunately, if you spend less on a house now, you may be better equipped than ever before to handle the expenses commonly associated with these unforeseen events.

Purchasing a cheap house may prove to be valuable if you encounter costly, time-intensive home repairs down the line too.

For example, your home's roof won't last forever, and you likely will need to fix or replace it at some point. But if you purchase a budget-friendly home, you may be able to save extra money that you can use to cover the costs associated with various home repairs.

3. You'll have more money that you can use to personalize your house.

The money that you save on a house today may be used to upgrade your home both now and in the future.

For instance, if you want to install a deluxe swimming pool or fire pit in your backyard, spending less on a house now may provide you with the financial resources that you need to fund these projects. And if you complete a broad range of home renovations, you may be able to increase your house's value as well.

Deciding how much to spend on a house can be a tough decision for any homebuyer, at any time. If you collaborate with a real estate agent, you can explore a vast array of residences that fall within your price range.

A real estate agent will learn about your homebuying goals and tailor your home search accordingly. He or she also will set up home showings, keep you informed about new residences that become available and ensure that you can discover a home that matches or exceeds your expectations.

Consider your budget closely as you prepare to kick off a home search. By doing so, you should have no trouble finding a terrific house at an affordable price.





Posted by Renee Prunier on 3/26/2018

When you’re buying a home, there’s a lot to think about. Your finances probably have the biggest impact in the entire home search process. The amount of a down payment you have and the amount of loan you’re approved for help decide what you can buy. 


When you hear about closing costs, what do they entail? How much will you need to cover these costs? Many people get to the closing table for their home purchase and feel unprepared. You’ll need a certain amount of cash on hand when you finally close on a home. Learn more about closing costs, so that you understand everything that you need to know about your home purchase.    


Closing costs are spelled out pretty plainly in just about every kind of real estate contract. These costs are the fees associated with the title companies, attorney, banks, lenders and everyone else who is involved in the purchase of a home. The closing table is also the time when you provide your sizable down payment. The closing costs that are being referred to are considered a separate expense independent of the closing costs.


Closing Costs Vary


Closing costs can range from anywhere between 2 and 8 percent of the purchase price of the home. You can’t really “choose” what’s included in the closing, so you’ll need to have an idea of how much money you’ll need to write a check for. Lenders can give you an estimate of about how much closing costs will be. 


Negotiations 


Certain things like the realtor’s commission fees can be negotiated and can be paid for by the buyer or the seller. The good news is that you can roll your closing fees in with your mortgage in some cases. You may also be able to negotiate with your lender to pay the closing costs for you in exchange for a higher interest rate. 


What’s Included In Closing Costs?


Depending upon where and what type of home you’re buying, what the closing costs actually cover varies. Here’s just some of the things that closing costs cover:


  • Appraisal
  • Escrow fees
  • Credit reports
  • Title search
  • Title exam fee
  • Survey fee
  • Courier fee (Most transactions are done electronically, but in some cases this may be necessary)
  • Title insurance
  • Owner’s title insurance
  • Natural hazards disclosure
  • Homeowner’s insurance (Your first year of insurance is often paid at closing)
  • Buyer’s attorney fee
  • Lender’s attorney fee
  • Transfer taxes
  • Recording fees
  • Processing fees
  • Underwriting fee
  • Pre-paid interest
  • Pest inspections
  • Homeowner's association transfer fees
  • Special assessments


These fees vary widely by state and the type of property that you’re purchasing. Not every fee is required, but the above is just a list of many of the possible fees that could be included in on the closing of the home you choose.





Posted by Renee Prunier on 3/19/2018

Buying a home will be the biggest purchase of your entire life. It’s not a decision that anyone should or will take lightly. You want to buy a house that you can live in. Sometimes, it’s even best to think of your home purchase from the perspective of others. Ask yourself, “Would other people want to live here?” When it comes to your home, the financial buzzword is “equity.” As the buyer, you want to be able to build some equity into your home so that if you should choose to sell it, you’ll make a profit. Whether your home is only meant to live in for a few years until your family outgrows it, or you think it’s going to be a forever home, life happens and you don’t want to be stuck with a home that you must take a loss on. Keep these aspects of the home in mind when you are ready to buy: Size Most people search for 3 to 4 bedroom homes. Whether they are married and want to have children or just need extra space for another baby that is on the way, families typically look for places where they have room to grow. The number of bathrooms in a home is also key. Families don’t want to share one bathroom among 4-5 people. These factors are even more important than the actual space available in the home by square footage. On the flip side, you don’t want your home to be too big either. Larger homes aren’t as energy efficient and can cost more to maintain. Know that there is a “sweet spot” for your square footage. Usually this is somewhere between 1,000 and 2,000 square feet of living space. Room To Expand Look at the home to see if there is room to expand. Perhaps you need another bathroom, but there’s some space to construct an additional half bath. This factor of expansion is key when it comes to a home or property. Look Past The Appearance Things like paint colors, floors, carpets and other aesthetics aren’t as important as the big things when it comes to buying a home. You can easily change these without much cost or effort on your part. While everyone loves a move-in-ready home, don’t let a little paint separate you from a home that you love! Curb Appeal Helps While it’s easy to fix some things like the color of a home or the shrubs, find your vision to give the home you’re about to purchase some curb appeal. If you can see past the imperfections and make your home your own from the outside in, your home will be attractive. There’s plenty of things you can add and fix from doors to landscaping to paint to a new mailbox. All of these can give your home some serious curb appeal. Sound Structure If the structure of the home is not in good condition, you’ll face many problems down the road. You want to avoid costly repairs by ensuring that you buy a home without serious structural damage or wear. The most important part of a home’s structure is that of the foundation. If a home has a cracked foundation, it’s going to cause some problems. Be sure that you hire a reputable inspector and attend the inspection so you know exactly what’s going on with the home you are about to purchase. You can prepare yourself for any problems or issues this way, and make a decision from there. A home that has a good structure to start will undoubtedly continue to help you build equity in your purchase.