Is 2016 Your Year to Buy a Home?

Is 2016 the right year for you to buy a home in Williamson County - Brentwood and Franklin homes for sale

If you’re like many people who have been renting a home, you’ve been waiting for the right time to buy one of your own.

The good news is that it looks like 2016 might be your year… and here’s why.

2016 Interest Rates Are STILL Low

Right now, 30-year fixed-rate home loans are sticking around 4 percent interest rates, which means that it might be a great time for you to apply. Naturally, interest rates can (and do) change quickly – but for now, they’re still at record lows.

Rent is Going Up

The cost of renting a home is climbing steadily, and that means it may be more affordable for you to buy your own house instead of rent. Even if your rent and potential mortgage payment are roughly equal, you have a choice between paying someone else and building equity in your own house.

Down Payments Don’t Have to Be Huge

With a number of mortgage programs requiring less than 20 percent down, including VA loans, FHA loans and the new Home Possible Advantage Mortgage program by Freddie Mac, you may not need to save a tremendous amount of money as a down payment.

Homeownership Sometimes Carries Tax Benefits

If you’re buying a home, you should talk to a tax professional before you file – you could be entitled to a number of deductions and benefits. Many homeowners are able to deduct several home-related expenses, including the monthly interest they pay on loans.

Are You Buying a Home in Franklin, Brentwood or the Surrounding Communities?

If you’re looking for a home in Williamson County or Davidson County, we can help. While you’re here, download our free homebuyer handbook and check out our all-in-one mortgage calculator.

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When you’re ready to explore your options, call us at 615-473-5973 or get in touch with us online. We’ll begin looking for homes that meet your needs right away.

 

Prequalification vs. Preapproval: What Do You Need?

Prequalification vs. Preapproval - Williamson County Homes for Sale

When you’re thinking about buying a home in Nashville, Franklin, Brentwood or any of the surrounding communities, you’ll probably need to talk to a lender about getting a mortgage.

However, simply talking to a lender doesn’t mean that you’ll qualify to buy a home.

In fact, the process can be a bit complicated – so here’s what you need to know.

What is Prequalification?

Loan prequalification is a process that only requires you to talk to a lender, mortgage broker or bank about your current financial circumstances. You’ll discuss your credit, your income and your assets, as well as your debts.

The lender will not run a credit check on you during a prequalification. However, the lender will tell you how much you may be able to qualify to receive if you decide to apply for a loan with that institution.

What is Preapproval?

Loan preapproval is a much more in-depth process than prequalification is. You’ll still talk to a lender about your financial circumstances, but this time, the lender will read a credit check on you to find out whether you meet the criteria for a loan from that institution. The lender will also verify your income and assets, and the result is an official preapproval for a loan.

What’s Best – Prequalification or Preapproval?

Conventional wisdom says that it’s best to get preapproval from a lender before you even begin house hunting. If you are prequalified, you’ll have a good idea about how much you can afford… but if you’re preapproved, sellers are more likely to take your offers seriously because they know you’ll be able to follow through.

Are You Looking for a Home in Williamson County or Davidson County?

If you’re looking for a new home in Williamson County or Davidson County, we can help. Call 615-473-5973 or get in touch with us online. We’ll begin a custom search just for you.

What Do Home Inspectors Look For?

If you’re like many people, you know that you’ll need to hire a home inspector to search for problems in any home you’re interested in buying. But what is a home inspector looking for, and what can you do if he or she finds major issues?

Sellers Disclosing a Home’s Issues

Sellers are supposed to let you know if a home has issues, but in some cases, the sellers don’t know the issues exist. Very rarely, homeowners do know about a home’s defects but fail to mention them to potential buyers; sometimes this is because they don’t want the defects to affect the sale.

What Do Home Inspectors Look for During Inspection?

A home inspector doesn’t care whether or not you choose to buy the home. The inspector’s job is to make sure you have enough information to make a good decision, no matter what it is. Your inspector won’t be biased in favor of you or the seller; he or she will be paid either way.

Your inspector will check the home’s:

  • Structure, from the foundation to the roof.
  • Exterior, searching for deterioration, leaks and a number of other flaws.
  • Interior, looking at doorways, walls, countertops and everything within the home (including appliances, flooring, stairs and electrical outlets).
  • HVAC system to find out whether filters, supply pipes and entire heating and cooling units are working.
  • Plumbing, from water flow to drains and pipes, including the wastewater system equipping the house.

Once the inspector has finished checking the home, he or she will prepare an in-depth report that includes any issues uncovered during the process. You’ll be able to use the report to make a decision on whether the home is a good choice for you. In many cases, buyers can use issues that arise to negotiate during the buying process; it’s a good idea to talk to your Realtor® about your options if a home has issues that you didn’t know about before you decided to buy.

Are You Buying a Home in Williamson or Davidson County?

If you’re interested in buying a home in Williamson County or Davidson County, check out:

When you’re ready to explore your options, call us at 615-473-5973 or contact us online. We can show you any listing in the area, and we’ll be happy to help you find your next home.

 

What is Title Insurance?

When you’re buying a home, you’ll hear all kinds of new terms — and one of them is title insurance. You probably already know that you need it, but what is title insurance — and what does it do for you?

What is Title Insurance?

Title insurance is a necessity if you’re buying a home. In fact, most lenders will require that you purchase it. However, the insurance you purchase for your mortgage lender isn’t designed to protect you. It’s designed to protect the lender.

That’s why many people choose to purchase buyer’s title insurance.

Unlike the types of insurance you’re already familiar with — car insurance, life insurance and homeowner’s insurance, which cover you in case something happens in the future — buyer’s title insurance covers you for things that might have happened in the past (long before you bought your home).

What Does Title Insurance Protect You Against?

Title insurance can protect you against other people’s claims against your property and title defects.

Buyer’s title insurance can protect you from:

  • Adverse possession
  • Forgeries
  • Errors in tax records
  • Undisclosed heirs
  • Deeds by minors
  • Impersonation of true land owners
  • False affidavits of death or heirship
  • Fraud
  • Probate matters

How Do You Pay for Buyer’s Title Insurance?

Buyer’s title insurance typically costs you a one-time premium. You never have to pay for it again.

The title insurance agent you hire will conduct research on the title to find out whether there are any defects that could threaten your ownership of the home. If the agent finds any, he or she will attempt to correct them.

However, if a defect arises later (10, 20 or even 50 years after you’ve purchased the home), that title insurance policy that you purchased will kick in. You’ll be defended against all covered claims.

Are You Buying a Home in Williamson County?

If you’re thinking about buying a home in Williamson County, we can help you find the perfect place to live.

Call us at 615-473-5973 or get in touch with us online. We’ll begin a custom search as soon as we know what you need.

How to Shop for the Best Mortgage

If you’re like most people, a home is the biggest purchase you’ll ever make — and it typically requires a mortgage loan.

So what do you need to know about shopping for the best deal on a mortgage?

How to Shop for the Best Mortgage

It’s always a good idea to talk to multiple lenders before you settle on one. That helps ensure that you’re getting the best possible terms.

Remember that you can negotiate with lenders, too, and you may have more leeway than you think you do.

Home loans are available from several types of lenders, including:

  • Credit unions
  • Commercial banks
  • Mortgage companies

You can also get a loan through a mortgage broker — but when you do this, the money isn’t actually coming from the broker. The broker simply arranges the transaction.

You can “comparison shop” between several types of lenders. When you do, it’s a good idea to ask several questions, such as:

  • What are your current mortgage interest rates? Are those rates fixed or adjustable? What’s the loan’s annual percentage rate, or APR?
  • Will I have to pay points? (Points are fees you pay to the lender or broker that will often lower your interest rate, thereby lowering your monthly payments.) You should also ask for the points in dollar value so you’ll know exactly how much the lender will be charging you.
  • What are your loan origination or underwriting fees? What are your broker fees, transaction fees and closing costs? You can always ask for an explanation of any fees that you don’t understand.
  • How much will I need to come up with for a down payment?

Are You Buying a Home in Williamson County?

If you’re buying a home in Williamson County, we can help you find one that’s just right for your needs.

Call us at 615-473-5973 or get in touch with us online today.

Expert Home-Buying Secrets

 

Buying a house is a highly emotional experience — and it’s one that you can’t take lightly. After all, you’re going to be living in the home for the next 10, 20 or 30 years (or longer!), so it makes sense to get all the information you can to make the best possible decision.

Home-Buying Secret #1: Don’t Let Your Emotions Take Over

It’s easy to fall in love with the right house… just make sure that you’re not setting yourself up for disappointment by letting your feelings dominate your decision-making process.

However, emotions are different from instincts. Trust yourself if you feel you’re making the right decision based on a home’s value; don’t lean on your emotions if they’re making you willing to pay more for amenities and features than you’d pay in any other home.

expert home-buying secrets - Williamson County homes for saleHome-Buying Secret #2: Make Sure You Hire a Skilled Inspector

When you buy a home, you’re buying the “whole package.” Unfortunately, that can include problems — but if you have a home inspector check out the home and give you a heads-up, you’ll know what you’re getting into.

If a home inspector finds issues that you’re willing to work with, you can use them to negotiate.

Home-Buying Secret #3: Let Your Realtor(R) Negotiate

In most cases, you don’t have to pay the seller’s asking price when you’re buying a home. Like any other major purchase, you’re often expected to negotiate.

Your Realtor’s expertise comes in handy at this point. Remember, he or she is trained in the art of negotiation — and your agent always has your best interests at heart. Your Realtor will work hard to get you the best possible deal on your new home.

Are You Buying a Home in Williamson County?

While you’re here, feel free to check out:

When you’re ready, call us at 615-473-5973 or get in touch with us online. We’ll be able to help you find your dream home in any community here.

 

How to Improve Your Credit Before Getting a Loan

If you’re purchasing a home, you already know that lenders want to make sure you’ll be able to pay back the amount they give you — and they’ll do quite a bit of research before they’ll approve you for a loan.

You don’t have to have perfect credit to qualify for a loan. In fact, every situation is different. However, it’s always a good idea to “brush up” your credit and improve your scores as much as you can before you apply. The better your credit score, the better the rates lenders will extend to you.

It’s best if you talk to several lenders before you apply with one to ensure you’re getting the best possible terms.

 

How to Get Your Credit Report

Before you can develop a plan, you’ll need to know exactly where you stand. The Federal Trade Commission suggests obtaining a copy of your credit report through AnnualCreditReport.com. Federal law allows you one copy, free-of-charge, each year.

When you have your report, go through each item to make sure everything is correct. You can report bad information to the credit bureaus and ask them to remove it, which may improve your credit score.How to improve your credit score before buying a house in Williamson County TN

Improving Your Credit Score

One of the easiest ways to improve your credit score is to pay down debt.

Lenders typically want you to use less than 30 percent of the credit you have. For example, if you add your credit limits together and you come up with $10,000, lenders would prefer to see that you’re carrying less than $3,000 in total balances.

In some cases, it’s best to consolidate debt that’s on multiple credit cards. Determine which of your cards have the highest limits and the lowest interest rates; it may be a good idea to combine all your smaller debts together on one or more of these cards to show lenders you’re not close to “maxing out” any one card.

Are You Buying a Home in Williamson County?

If you’re thinking about buying a home in Williamson County, we can help.

Call us at 615-473-5973 or get in touch with us online to let us know what you’re looking for in your next home. We’ll help you find it.

What Are Closing Costs?

What Are Closing Costs - Homes for Sale Davidson County and Williamson County

Most home buyers have to pay closing costs when the purchase a home. Typically, although the total amount varies, buyers end up paying closing costs that total between 2 and 5 percent of the homes total value.

However, if you’re like many people, you aren’t sure what fees comprise closing costs – or whether you have to pay them at all.

What Are Closing Costs?

Lenders and third parties charge buyers fees that are bundled into closing costs. Usually, you pay these fees when you sign the final paperwork for your mortgage. In some cases, your closing costs can be included in the total cost of your mortgage; in others, they can be waived entirely.

Usually closing costs include fees such as:

  • Appraisal fees and survey fees
  • Attorney’s fees
  • Credit check fees
  • Discount points, if they apply in your situation
  • A home inspection bill
  • Loan origination fees (these are the fees that lenders charge for processing mortgage paperwork)
  • Title insurance
  • The recording fee for the city or county
  • Underwriting fees (these are the charges from the lender for evaluating your loan application)
  • Your escrow deposit

Will You Know What Your Closing Costs Will Be?

Lenders are required by law to give you a “good faith estimate” that tells you how much your closing costs are likely to be. They must give you this estimate within 3 days of your loan application. However, under federal law, the fees listed on your good faith estimate can change by up to 10 percent.

Your lender is supposed to give you a HUD-1 statement that details your closing costs within one day of closing. Most buyers choose to compare it to their good faith estimate, and if the numbers are significantly different, it’s always okay to ask your lender to explain why.

Are You Buying a Home in Williamson County or Davidson County?

If you’re looking for the perfect place to live in Williamson County or Davidson County, from Franklin or Brentwood to Spring Hill or Thompson’s Station, we can help you find it.

Call us at 615-473-5973 or contact us online today. We’ll start looking for your dream home right away.

What is an FHA Loan?

What is an FHA Loan - Buy a Home in Brentwood, Franklin, Spring Hill or Nashville

If you’re like most people buying a home in Nashville, Brentwood, Franklin or any of the surrounding communities, you’ll need to take out a mortgage loan. However, loans can be confusing – there are a number of different types, so it’s important that you become familiar with the type of loan that’s right for you. In some cases, an FHA loan is the right choice.

What is an FHA Loan?

An FHA loan is a traditional mortgage that’s insured by the Federal Housing Administration. In many cases, they help lenders because they are insured by the federal government. FHA approved lenders typically have a lower risk of loss if the buyer stops making payments on the home loan.

Possible Advantages of FHA Loans

Every buyer is different. In order to determine what type of loan is right for you, it’s usually a good idea to meet with lenders directly to discuss the pros and cons of the types of financing you are considering.

Typically, FHA loans require a relatively low down payment. In most cases, this equals about 3.5 percent of the homes total value. In many cases, people with blemished credit, bankruptcies and even foreclosures can be approved for a FHA loans.

In some cases, and FHA loan can be beneficial to people who can’t come up with a 20 percent down payment or have a difficult time getting approved for private mortgage insurance.

Finally, some FHA loans are assumable. If you choose to sell your home before you have completely paid off the mortgage, the new buyer may be eligible to simply take over your mortgage payments.

Possible Disadvantages of FHA Loans

FHA loans require two types of mortgage insurance premiums. The first is an upfront mortgage insurance premium; however, this premium can sometimes be rolled into the loan. The second is a monthly premium, which will vary based on the amount you borrow and the duration of your loan.

Additionally, the home must meet certain criteria and be appraised by an FHA-approved appraiser in order for you, the buyer, to qualify for this type of loan.

Are You Buying a Home in Davidson County or Williamson County?

If you’re looking for a new home in Franklin, Brentwood, Spring Hill or any of the surrounding communities, we can help. Call us at 615-473-5973 or get in touch with us online so we can build a custom search just for you.

5 Things Many Buyers Don’t Know About VA Loans

What Many Williamson County Homebuyers Don't Know About VA Loans

If you’re an honorably discharged veteran of the U.S. Armed Forces or if you’re a current service member – including Guardsmen and reservists – you are eligible to use your VA loan to buy a home in Franklin, Brentwood, Nashville or elsewhere in Tennessee. If you don’t have all the details, here’s what you need to know.

5 Key Points About VA Loans

VA loans are reusable.

You can use your VA entitlement as many times as you’d like, as long as you pay off one loan before opening another. In some cases, you can get a new VA loan if you’ve lost one in foreclosure – so don’t write off the possibility if that’s happened to you.

VA loans are only for primary residences.

You can’t purchase a farm or a “fixer-upper” with a VA loan; you must use the home you purchase as your primary residence for a certain number of years. If you decide to sell your home, VA loans are assumable. That means the buyer can take over the payments as long as he or she also qualifies for a VA loan.

VA loans are guaranteed by the government.

Because VA loans are backed by the government, they give lenders more confidence. That enables you to get better terms than you may get without a VA loan, and it allows you to avoid coming up with a down payment.

VA loans don’t require mortgage insurance.

Most other loan programs require you to buy mortgage insurance, which you pay as a monthly premium, if you aren’t putting down at least 20 percent. Because the VA guarantees these loans, you don’t need to purchase it.

The VA charges a mandatory fee, called the VA Funding Fee.

It’s usually about 2 percent of the loan amount, and it’s typically rolled into the loan amount. It can even be waived entirely for veterans who have service-connected disabilities.

Another benefit to a VA loan is that it doesn’t have a prepayment penalty; you can make extra payments and save money on interest – and doing so can help you pay off your loan more quickly, too.

Are You Using a VA Loan to Buy a Home in Williamson County?

If you’re thinking about purchasing a new home in Williamson County, call us at 615-473-5973 or get in touch with us online. We’d love to help you find the perfect place.

Contact Us Now!

Benchmark Realty, LLC

Gennifer Mallard, Realtor

615-473-5973 Direct

615-371-1544 Office

GenniferMallard@gmail.com

Benchmark Realty, LLC
318 Seaboard Lane, Suite 112
Franklin, TN 37067
License #00292590
Company License #259153

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