Real Estate Tips
Written by James Nemeh
Here are a few tips to help you purchase your dream home in today’s market. From your friends at Spectrum Global Financial and RE/MAX Downtown.
#1. Get pre-approved before searching for a home. An experienced loan officer should review your credit, income and assets at no cost. Look at the monthly payment you are comfortable with instead of the max amount you qualify for.
#2 Always ask for a breakdown of costs to expect. The total cost to close for any property includes downpayment, government fees, title fees, escrows and pre-paids. Outside of your downpayment, those costs usually account for about 3% of the purchase price.
#3 Put more priority on cost and benefit as opposed to rate. Companies may advertise extremely low rates, but do not clearly display the riskier program, required downpayment, fees charged or credit score needed. One thing to remember is that rates are risk and credit score based; they also fluctuate with the market. A rate in the morning may not be the same in the afternoon. So look to lock when you find a home.
#4. Budget for expenses during the process. There are costs involved with every home purchase. There are inspections, appraisals, escrows deposits. You want to make sure you have enough to cover those costs, your downpayment and closing costs.
#5. Your success ultimately depends on who you surround yourself with. You want to have a professional real estate agent and direct lender that protect your interests throughout the process. A team that will help limit your costs, negotiate your home and get you to closing in time.
Written by Mahmoud El Awadi
We as Arabs were never good at planning for the future, whether we’re planning for our Retirement, our kids College education, hard times, weddings, travelling, medical costs and many more life events that each one of us will go through, at least once in a lifetime. Now, we as proud Arab Americans should start thinking differently and adopt the early planning methodology to clear the path for our next phase in life. What made the USA a great country was the fact that everything was planned carefully, it’s never too late to start because there will be a plan made weather you chose it now or someone else will chose it for you later. Start talking to your CPA about Tax Savings, Talk to your Lawyer about Asset Protection and Estate planning. Set with your Banker or Financial Advisor to draw a road map for the things that keep you up at night. The worst thing you can do is keep delaying because few hours of your time will give you the peace of mind for your lifetime.