David Tellier - Cameron Real Estate Group



Posted by David Tellier on 8/9/2018

The biggest area of your life that you need to understand before you buy a house is your own finances. Before you know what kind of house you can buy, youíll need to understand your own buying power. While things like square footage, how many bedrooms you need, and finding the right neighborhood are important, you canít go very far without some type of financing. While understanding how much you can spend on a property is one of the more serious parts of buying a home, itís something that youíll want to do. Knowing what you can spend on a home is a step to helping you land a home you love. If you understand your own numbers, youíll know the chances that you have of an offer being accepted on a place you love.  


The Elements Of Your Buying Power


Your Credit Score


This little three digit number has a lot of meaning behind it. This is the most basic piece of information that lenders use to determine your loan worthiness. The factors that influence your credit score include:


  • Payment history
  • How much you owe
  • Length of your credit history
  • Mix of credit accounts
  • How much new credit you have opened


A low credit score is somewhere under 620. Having a score this low doesn't necessarily mean that youíll be denied for a loan, but the type and amount of the loan youíre offered can be impacted. Youíll also face higher interest rates because of a low credit score. This means your mortgage could be considerably more expensive than if you had a higher credit score. 


Down Payment


The 20 percent down as a rule of thumb actually offers many benefits to your buying power. This means that youíll need 20% down of the purchase price of the home in cash. If you put this amount of money (or even more) down on a home, it eliminates the need for you to have to buy PMI (Private Mortgage Insurance). Youíll even be able to negotiate a lower interest rate. A large down payment may be especially helpful in competitive markets where there is a lot of buyer competition.


How Your Financial Picture Appears


Your assets and your debt-to-income ratio are also important factors in your financial picture that you present to the lender. Basically, all of these numbers let both the lender and the seller see how committed you are to buying a home. It is one of the biggest financial undertakings of your entire life. If you canít show financial responsibility, then it may be a bit difficult for lenders to see that youíll actually pay your loan back in a timely manner.


The better all of your financial numbers are, the more buying power that youíll have. If your numbers are good, youíll be able to afford more house. While it may not be the most exciting thing to look over all of your financial numbers, itís a vital step in the process of your journey to home ownership.




Tags: Buying a Home   finances  
Categories: Uncategorized  


Posted by David Tellier on 7/19/2018

Are you planning on buying a home by a certain date? Itís unfortunate that life canít go as we plan it all the time! With a bit of planning finding the right home at the right time is possible. Many times, families are looking to buy a home before the end of the summer. This allows them to get settled in and get the kids started in a new school before the start of the year in September. Just because there are more popular times throughout the year to move doesnít mean that the inventory of homes changes much as to whatís on the market. Whatever the reason for the short supply of homes, youíll need to be informed and creative in order to land a house in a high demand market when itís crunch time. Below, youíll find some tips to help you on your search.


Research Your Location Ahead Of Time 


Every housing market has a bit of a down time. You want to pinpoint that period. Does your location have a time of year where people flee the area for vacations? The holiday season can also be a great time to look. There may still be low supply, but there also will be less competition. Do a bit of research in order to find pricing trends. When the prices dip, youíll know thatís a time where competition for homes is lower.


Always Have Your Finances In Order


When youíre buying a home, no matter what time of year it is, you need to have your lender on call. Make sure that you have been preapproved and that your downpayment money is at your disposal. Sellers like serious buyers who are ready to pass paperwork.  


Know What Youíre Willing To Compromise On


When youíre buying a home on a timeline, you may not have the luxury of searching around endlessly to meet your wishlist. You should have a few musts, but there may be many things that youíll need to work with or compromise on in finding the right property. You may be able to find a home in the right neighborhood, but it might not have the granite countertops that youíre looking for. When time is of the essence, your home search priorities need to be set straight.  


Donít Look For Bargains


When youíre in a time crunch to land a home, you donít want to fool around with price. In order to land a home that you love, you might have to offer a bit more than the asking price. Thereís no space for a bidding war, a low offer, or an extended search when you need to buy a home fast.          

  




Tags: Buying a Home  
Categories: Uncategorized  


Posted by David Tellier on 7/5/2018

The more you know about the process of buying a house, the better prepared you'll be for doing it successfully.

How might you define "success" when it comes to purchasing a home?

There are a lot of standards that could be applied to successfully navigating the home buying process, but here are a few that immediately come to mind:

  • Finding the house of your dreams: While very few people find a home that is absolutely perfect in every way, it is possible to come close to achieving that ideal. Although a certain amount of flexibility goes a long way, knowing what you want and prioritizing important features are among the main prerequisites to getting what you want. As baseball legend Yogi Berra once said, "If you don't know where you are going, you'll end up someplace else." Thanks to the variety of websites devoted to home ownership, home decorating, remodeling, and landscaping, it's easy to find pictures online that can help inspire your imagination and clarify exactly what the house of your dreams might look like.
  • Minimizing setbacks and frustrations: The process of house hunting is a journey that often involves bumpy roads, detours, and dead ends. One secret to getting through it successfully is to work with an experienced real estate agent who knows the ropes and can keep you on track. It also helps to approach house hunting with a sense of optimism, resourcefulness, and commitment. Although you probably have a lot of competing priorities in your life, finding a house that you and your family will be happy in for the next few years deserves a top spot on your list!
  • Avoiding unpleasant surprises: Knowing your credit score and understanding the impact it will have on getting loan approval and a favorable interest rate will help prepare you for the financial side of buying a house. The ability to get prequalified for a mortgage and come up with sufficient down payment will also set the stage for a successful home buying experience. On the plus side, a higher down payment can potentially result in a lower interest rate and not having to pay private mortgage insurance (A 20% down payment is necessary to avoid PMI.) Since many loan programs and lenders require at least a 3-5% down payment, that can be a stumbling block for first-time home buyers. To purchase a $200,000 home, for example, you'd need to come up with a cash outlay of between $6,000 to $10,000 -- not an easy feat for everyone!
If coming up with a sufficient down payment is an issue for you, your real estate agent or loan officer can work with you to brainstorm possible solutions and alternative strategies. For some first-time home buyers, the best plan is to postpone your house buying plans for a couple years until you can improve your credit score and set aside several thousand dollars for a down payment.





Posted by David Tellier on 5/31/2018

Want to acquire the perfect home at the perfect price? You're not alone. As such, you'll likely need to allocate significant time and resources to your home search if you hope to transform your dream into a reality.

Lucky for you, we're here to help you navigate the real estate market so you can move closer to purchasing a top-notch house at a budget-friendly price.

Now, let's take a look at three tips so you can buy your ideal home at a price that matches or exceeds your expectations.

1. Establish Realistic Homebuying Goals

Although you may have lofty dreams of purchasing a deluxe house quickly, it may take some time to find a house that fulfills your needs.

Setting realistic expectations for a home search is ideal for property buyers. With realistic goals, you may be able to avoid disappointments and frustrations along the homebuying journey.

Evaluating the current real estate market often offers a great way to help you map out your homebuying plans. This will enable you to examine the prices of assorted homes, determine which houses you like and define a price range for your ideal house.

Also, it never hurts to look at the prices of recently sold houses, either. This will allow you to see how quickly residences are selling and determine whether you're about to enter a buyer's or seller's market.

2. Get Pre-Approved for a Mortgage

You know that you want to own a house, but how do you intend to pay for it? Ultimately, you may want to get pre-approved for a mortgage Ė something that can help you accelerate your journey from homebuyer to homeowner.

Meet with banks and credit unions to learn about all of the mortgage options that are available. Then, you can choose a mortgage that will help you avoid the temptation to overspend to acquire your ideal home.

When you consult with banks and credit unions, be sure to ask plenty of mortgage questions as well. That way, you can learn about the ins and outs of various mortgage options and select a mortgage that suits you perfectly.

3. Collaborate with a Real Estate Agent

A real estate agent is a housing market expert who is happy to help you make your homeownership dreams come true.

Typically, a real estate agent will set up home showings, keep you informed about new residences as they become available and offer honest, unbiased homebuying recommendations. He or she will even negotiate with property sellers on your behalf, ensuring you can get the best price on any home, in any real estate market.

With a real estate agent at your side, you can receive expert guidance throughout the homebuying journey. In addition, a real estate agent will respond to your homebuying concerns and questions, guaranteeing you can make informed decisions time and time again.

Ready to acquire your dream home at your dream price? Use these tips, and you should have no trouble purchasing a terrific house without breaking your budget.




Categories: Uncategorized  


Posted by David Tellier on 5/10/2018

Whether youíre shopping for your first house or your next house, finding a listing you love is exciting. You browse the pictures, check out the property facts, share the link to your significant other, and maybe even schedule a showing.

With the exciting prospect of owning a new home that has all or many of the features youíre looking for, it can be easy to forget about certain details that matter. Most of us look for similar things in a house--close proximity to work, enough bedrooms, an upgraded kitchen, and so on.

In this article, weíre going to give you a list of things to investigate about the house youíre looking at to get a better idea of whether or not itís the perfect match for you and your family.

1. Re-read the listing

If youíre like me and get lost in the photos of a home and forget to make note of the details, be sure to go back and check out the listing a second time. It will likely give you important details of the house that you overlooked on your initial visit.

Look for things like the year the house was built, information of the heating, ventilation, and air conditioning system, and the total acreage of the lot and square footage of the home. These things are hard to accurately represent in the listingís pictures, but will likely be important to your decision of whether or not you should view the home.

2. Do your online research

The number of things you can learn about a home and neighborhood on the internet is astounding. We suggest that before you go to visit a home, you spend 10-20 minutes on Google researching the following topics:

  • School district ratings. If you have or plan to have school-aged children, youíll want to know what your options are for your childís education. Itís often a good idea to check out the local schoolsí websites to see what

  • Commute times. With Google Maps and similar sites, you can plan out what your new commute will be and see how long it will take. You might find different routes that will save you time or avoid traffic (we could all use those extra few minutes in bed every morning). Google Maps isnít always accurate when it comes to morning traffic estimates, but itís a good place to start.

  • Amenities. Having moved into a neighborhood that has no grocery stores within a 20-minute drive, trust me--youíll want to know whatís in the area. Use Google Maps to find stores, gas, schools, parks and trails, hospitals, and other things youíll want close by.

  • Street view. While weíre on Google, use street view to take a remote look around the neighborhood. Youíll be able to see how the infrastructure looks--if the neighborhood is taken care of and if there are sidewalks that offer a safe place to walk or jog.

  • Crime ratings. Donít get too caught up in this section. Crimes happen everywhere, but this is a good way to see if the area youíre moving to is a safe place

3. Donít be afraid to ask questions

If, after all of your online research, you decide you want to go view a home, donít be shy when you arrive. Itís understandable that you wouldnít want to be a burden in someone elseís home. But remember--if youíre considering living there someday youíll want to know as much as possible before making an offer.

Test the plumbing, ask about average utilities, and donít be afraid to introduce yourself to neighbors and ask them questions about the community. The more you know, the better. Happy sleuthing!