4 Considerations for Durham First Time Home Buyers

Durham First Time Home Buyers

For Durham First Time Home Buyers…

As a mortgage specialist who has been involved in the industry for several years, I know how stressed people can get when they’re buying their first home.

Before you do anything else, you need to sit down and consider a few things. What are your goals for the long-term? How will being a homeowner fit into those goals? Are you sure you’re truly ready to buy a home?

I read an interesting article on Investopedia earlier that outlined some things homebuyers need to look at before they buy. Inspired by the article, here are some considerations to think about before you start to the home buying process.

1.      The type of home you’re looking for

Based on your current needs and financial situation, you need to determine what type of home you’re looking to buy. Is it going to be a detached, semi-detached, townhome, condominium, or another home type? It goes without saying that each home type has its benefits and downfalls, but it’s important to know the type that is going to fit into both your short and long-term goals.

2.      What mortgage can you get?

The next step before going any further is finding out how much of a mortgage you qualify for. You don’t want to fall in love with a home only to find out you can’t afford it! Lenders are going to look at how much debt you’re in, what your income looks like, what your current assets are, how long you’ve been at your job for, and much more.

3.      You know how much you qualify for, but what can you afford?

Once you’ve determined how much of a mortgage you can get, you need to get realistic and find out what amount you can afford. Just because you qualify for a big loan doesn’t mean you must use it all.

Get a piece of paper and make a list of all the costs that are going to come with buying a home, including a down payment, property taxes, insurance, monthly payments, and total cost. It’s also important to brainstorm how much you’ll be spending on renovations, maintenance, and all the other fun stuff that comes with homeownership.

4.      Desired home features

Once you’ve determined how much you can afford and know what type of home you want, you can begin to get more specific about what you want in your home. Consider the neighborhood location, how big the home is, bathrooms, bedrooms, etc. The list goes on!

For example, are you planning on growing your family in the near future? If so, consider how many bedrooms and bathrooms the home has.

Conclusion

As we enter the Spring market, many people are going to be entering the real estate market looking for a home to buy. If you’re one of those people and need help, allow me to guide you through the process. I have extensive knowledge of the area and can help you find the perfect mortgage for your situation.

If you’re one of the eager Durham first time home buyers or looking to buy in the area in general, I’m ready to help!

Happy buying!

 

3 Great Reasons to Use a Durham Mortgage Lender

Durham Mortgage Lender

Durham Mortgage Lender – Jim Enright

Being a mortgage professional in Durham, I have been helping clients turn their mortgage experience into a quick and smooth journey for many years.

The truth is that many people opt to work with a mortgage lender instead of directly through a bank lender for several reasons. For starters, some people prefer the number of options they are can choose from while some simply love the personal attention that is associated with a client-broker relationship.

If you’re currently wondering why you should use a mortgage lender, consider the three reasons I have outlined below:

Choice = Yours!

A professional such as myself will offer you more options than a bank typically would. I have relationships with several lenders who all offer different mortgage options that can be customized to match your specific situation.

Once you meet with me, I will take your mortgage and shop it to different lenders in order to find the perfect match. Once I have a list that I believe will suit you, I present them to you where you make the final decision. If you were to go directly through a major bank on the other hand, you would severely limit the number of options you could choose from. This is because bank employees can only offer what their employer carries and don’t shop around to find the best deal for you.

The number of options allows me to use it as negotiating power as well as each lender wants your business, resulting in a lower rate.

The Mortgage Experts

A mortgage professional is an expert in mortgages and finding the right fit for their clients. In my experience as a mortgage lender, I have obtained valuable knowledge and skills that I use daily to help my clients. Using this, I can offer accurate, detailed and honest advice on interest rates, mortgage products, industry trends and more.

Additionally, I will handle all paperwork and negotiations so you don’t have to. This way, you will not have to carry the stress of shopping from lender to lender looking for the best deal and worrying if it’s right for you or not.

You’ve Got My Full Attention…

My clients are extremely important to me.

To start, when I work with my clients, they can be assured that they are getting my full attention and most honest advice. I work individually with each of my clients to help them identify and achieve their mortgage needs while helping get a low, affordable rate.

A Durham mortgage lender like myself works for you, not another bank or financial institution. This means that everything I do is done with your best interests in mind. If my client is happy, I am happy. Finding the right mortgage for your specific situation is my goal.

If you’re in need of a mortgage, consulting a Durham mortgage advisor like myself is a great way to ensure that you are getting the right deal. When it comes to something as significant as a mortgage, it’s crucial that you are looked after the right way.

For more information on how I can help you reach your mortgage goals, contact me today!

Durham Mortgage Broker vs. the SECU Credit Union?

A client referred his son and daughter-in-law, a new home buyer, to me to finance their first home.

She had spoken with the SECU (State Employees Credit Union) and had
what she thought was an excellent program and rate.

She was calling me as a courtesy to her dad-in-law.

After speaking and finding out her priorities, I gave her two choices.

She took the choice that was .625% lower in interest rate and
adjusted in 10 years rather than five.

After we locked, she asked how can I can be so much better than a big
credit union. She had thought my rates and closing costs would be higher.

She was so surprised.

I explained that there are 4 types of mortgage lending models-
Big Banks, Credit Unions, Mortgage Brokers, and Correspondent Mortgage Bankers,
and that each has it’s own strengths and weaknesses. I explain it on this
video.

http://youtu.be/8VFMhqyR800

For instance, there are things the SECU can do that a traditional agency
lender cannot do. In fact, I have referred buyers to the credit union when
I know they have a better program or benefit for the buyer. (Yes, that can be painful to do!)

The lesson for loyal SECU credit union members is to find out what the
credit union program is, and then, just to be sure, double check with a
lender you can trust for a second opinion. You should be able to get a clear
straight answer and be able to decide for yourself.

If you’re a home buyer and would like a comparison or a mortgage pre-approval,
you can contact me here.

 

 

Downtown Durham Music 2014

Downtown Durham Real Estate - Downtown Music

Downtown Durham music series on CCB Plaza Thursdays 7:00-8:30

It’s going to be a great summer of free music in downtown Durham. If you’re lucky enough to own a piece of downtown Durham real estate, the summer will be even better.

To begin, the Find Your Cool Series by DownTownDurham.com led by booking genius Tess Mangum Ocaña.

Shows begin Thursday at 7:00PM and end at 8:30PM on the CCB Plaza on 201 N. Corcoran Street.

The series begins May 8th and ends Thursday August 7th.

Bring the family, including your pets, and be ready
for good music, ice cream across the street at The Parlour, and good brew by Bull City Burgers and Beer. After which you can relax with coffee from Blue Coffee Cafe.

May 8th begins with the South Carolina Broadcasters,
fresh from the MerleFest.

May 15th is Tea Cup Gin

May 29th is Strung like a Horse

June 5th Nikki Hill

June 12th The Chit Nasty Band

Pick up the rest of the schedule while you are there.

Back Porch Music On The Lawn sponsored by American Tobacco
Campus and NC Public Radio – WUNC 91.5 FM

The Durham planners must not think there is enough music on Thursday nights, so beginning May 15th thru September 4th there will be another concert.

May 15th, 2014 opens with Chapel Hill legend Southern Culture on The Skids.

May 28th, 2014 features Mandolin Orange.

June 12th Balsam Range

Pick up the rest of the schedule at the shows.

Brightleaf Square Concert Series 2014 , 7:00-9:00 PM in the Square Courtyard.

Thankfully, they chose Friday nights instead of Thursdays.

May 9th, 2014- Little Windows

May 16th, 2014 – Bull City Syndicate

Shows continue through September 20th.

Not to forget,

Music on Main (The Streets at Southpoint)

Blues on the Plaza (Northgate Mall)

And this is just the Free Music in Durham. It’s going to be a nice summer of music in the Triangle.

As the music begins to flow, you may get the urge to buy a home or refinance in Durham. If that’s the case, message me and I’ll connect you to the best agent in the area for all your Downtown Durham Real Estate needs.

 

 

 

Home Buyer Alert: Conventional 97 Mortgage Loans are ending Nov. 15th, 2013

Conventional 97 Mortgage Loans with 3% down payment are ending Nov. 15th, 2013

When it comes to your Durham mortgage, this means files must be run through Desktop Underwriter by this date.
Buyers with minimum down payment should get all the details before waiting longer to purchase a home.

FHA 3.5% down VS Conventional 97 with 3% down.                            

Durham Mortgage

FNMA Conventional 97 with 3% Down Payment Loans Soon to Be Extinct.

The FHA good

– The mortgage interest rate will be significantly lower. This can allow for more of your closing costs and escrows
to be paid with a lender credit.

The Bad –
– Monthly mortgage insurance is higher than conventional loans.
– Monthly Mortgage Insurance Premiums are for the LIFE OF THE LOAN.
They NEVER drop off.
– An additional .005% down payment.

Continue reading “Home Buyer Alert: Conventional 97 Mortgage Loans are ending Nov. 15th, 2013” »

Parade of Homes, Durham, Orange, and Chatham Counties

Whether you’re shopping for Durham new homes, homes on the resale market or just curious about homes, the Parade of Homes is something you’re probably interested in.

Review of Durham and Chatham County Parade Homes from $200,000.00-$341,000.00

There was no W.W.F. rating (Wife Wow Factor) as our daughter was in town and it was Hot Pepper Jammin’ time with her girl friend. (If you need a expert taster, please let me know.)

I decided that looking in a specific price range at one time  gave me a better perspective than following the tour map of homes in all price ranges.

First, I must freely admit that it annoys me when I find that the official judges of any contest have as good, or better, taste than I do.

One of the BFO’s I’ve had (blinding flash of the obvious) is that staging, and the interior decorations that creative designers do, can trigger feelings of warmth and hominess, even if that does not correspond to the reality of your own furniture when moved in.

NC Beach homes offered for sale “as is” with all the furnishings in tact. Perhaps that’s the next phase of new home construction. “Leave your old stuff behind and just move in.”

That would actually be pretty tempting to me. Would it be for you?

I visited the following 2013 Parade Of Homes:

Chesapeak Homes – (D4) 1807 Rustica Dr.,in Rustica Oaks, Durham – $250,900.00
Lennar Caolinas – (D22) 406 Ravenstone Lane, Meadows at Ravenstone, Durham – $240,995.00
Saussy Burbank  – (C20) 273 Tobacco Farm Way, Briar Chapel, Chapel Hill – $282,900.00
Saussy Burbank  – (C18) 73 Pokesberry Bend Dr., Briar Chapel, Chapel Hill – $289,900.00
Garman Homes    – (C22) 2381 Briar Chapel Parkway, Chapel Hill – $316,865.00
MI Homes-         (C23) Revisited – 23 Heatherwood Dr., Briar Chapel, Chapel Hill -$332,704.00
D.R. Horton      -(D18) 1722 Waddell Court,Brightleaf at the Park, Durham, Nc – $340,973.00

Here are are my 2013 Parade of Homes observations–

Saussy Burbank has the best first floor flooring. They are natural
hardwoods, stained a couple to three times, and look much better than manufactured
flooring. The two bathrooms I visited were light, airey, and well laid out.
Even though the window view were at the corner of Main Street and Vine. Thank goodness for curtains.
A+ on bathrooms. The second floor layout was pretty good for working in a small space.

Garmen Homes, C22- One of the unique features was the non attached garage
which was connected to the house with a nice deck and outdoor firepit,
that was quite cozy. The bathroom had marble counter top and a very nice tile floor.
And on a side note, the sales rep remembered me and asked where my wife
was. So, an A+ for memory and personal sales.

D.R. Horton, (D18) on 1722 Waddell Court, Durham, NC at Brightleaf at the Park,
has a open and flowing left side room layout that “L” shapes into the kitchen.
Very liveable. This was my second favorite home in this price range.

MI Homes, (C23) on 23 Heatherwood Dr. Briar Chapel, made 1,999 square feet look and feel
much bigger than it is.

Finally, the home that I was most impressed with the design and flow, that offered the most value,
..even with the more than tasteful staging that I recognized almost clouded my crystal clear vision…was

Lennar Homes (D22) at 406 Ravenstone Lane, Durham, NC in Meadows at Ravenstone Subdivision.

This house is worth a trip to see.

Which homes were your favorites in this years Parade of Homes?
+++++++++++++++++++++++++++++++++++++++++++++

Parade of Homes in Orange and Chatham Counties 2013

Last weekend Donna and I visited Parade Homes in Orange and Chatham counties that were clustered together in Winmore and Briar Chapel subdivisions first, then other homes that would be interesting for us.

How do you judge a Parade Home?

After many solo visits and with Donna to open homes, I’ve determined that my taste and hers are different, and that she has a better feel for homes and flow and decorations than I do.

As a result, when visiting homes, I withhold my rankings for a few minutes until I get a read on The W.W.Factor. Continue reading “Parade of Homes, Durham, Orange, and Chatham Counties” »

October 4, 2013 : Government Shutdown and Your Home Mortgage Closing Update

As a Chapel Hill Mortgage Lender, I am always looking out for the latest news to help my clients. One more of our lenders said they will waive the IRS Tax Transcript requirement for now.

If you were lending your own money, would this fine print concern you? “We will obtain tax transcripts on all loans when the federal government shutdown ends. Once tax transcripts are received, we will compare the income documents to the transcripts and loans with discrepancies may be subject to repurchase.” Certainly some risk and reward going on for lenders who close loans without Tax Transcripts. Chapel Hill Mortgage Lender Continue reading “October 4, 2013 : Government Shutdown and Your Home Mortgage Closing Update” »

Durham Mortgage Broker Rate History Lesson for Chapel Hill.

Are Mortgage Rates High Today? Yes, mortgage rates have jumped up to 4.5 %-ish  in the last 60 days. Check out this 1987 mortgage rate sheet for historical perspective. Somehow, homebuyers did just fine. What do you think? Continue reading “Durham Mortgage Broker Rate History Lesson for Chapel Hill.” »

Mortgage Broker Tips for Durham and Chapel Hill Buyers

When it comes to mortgage tips, there is one  TIP that is not spoken of often. Not all mortgage lenders do it, and most of the big mortgage banks definitely do not do it.

It is glossed over by those who do not as a non-factor due to the virtual nature of business, the cloud, and technology.

Don’t believe that.

Mortgage Tips - Approved Locally

Have your mortgage approved locally.

The Critical Mortgage Factor is……LOCATION.       Continue reading “Mortgage Broker Tips for Durham and Chapel Hill Buyers” »

About Your Raleigh Mortgage Loan Approval

The waiting period to buy again has been reduced from three years to one year…for those who qualify.

This is a great first step by FHA that potentially has a major impact on the housing recovery.
There will be many bugs to work out during the first 6-12 months of the program. Perhaps longer. Continue reading “About Your Raleigh Mortgage Loan Approval” »