Tag Archives: Tara_MTG

Homeowners…Should You Relocate For A New Job?

DHREA 06/11/2018

(Every Tuesday we feature a blog from one of our fantastic affiliates, Tara Mortgage Services!)

 

When you’re a renter, relocating for a new job isn’t too difficult. You give your current job your two-week notice, your landlord a 30-day notice, put down your deposit on your new place and within a month you have a whole new life.

But things aren’t as easy when you’re a homeowner. Indeed, one of the biggest perks of owning a home is that you can set down roots, so it makes it more difficult to move to a different location and settle down again.

As exciting and welcoming as the new career may seem, as a homeowner, you might start to wonder whether it’s the right choice or whether it’s worth it.

Our office often hears from others in situations just like this –weighing their options for selling their home and relocating for a new job. Here are some things to think about before you decide for or against relocating for work.

Is Relocating for the Job a Good Idea in the First Place?

New city, new career, new home. It all sounds pretty fantastic but remember that there more to life than just work.

  • How would relocating effect your spouse or partner?
  • What changes can you expect for schooling for your children? What about daycare?
  • Does living in a new place move you further away or closer to loved ones –how does that make you feel?
  • If you’re unable to find a home right away, will your new employer provide temporary housing?
  • Will they help with the cost of relocating?
  • How does the move affect your cost of living? Does it fit in your budget?

The decision to relocate your life shouldn’t be made hastily. Try to separate yourself from the romanticism of it and consider all the ramifications that this change would have on your life, as well as the lives of your family.

Should You Sell Your Home if You Relocate?

If relocating makes sense and you’ve decided to take a new position, it’s time to decide what to do about your existing home.

One option is to buy a second home and keep your first home as an investment property. There are specific location requirements when it comes to having two mortgages, one for your primary residence and the other for your investment property. However, since you are relocating, meeting location requirements will unlikely be an issue and applying for a loan for your new home begins the same as the first time around.

What may end up being a problem is the actual management of the property. Managing a rental property in a different location can be difficult. While it comes at a cost, you may want to use a property management company to take care of it for you.

The other option and the one we most often recommend is to sell your first home. Read on to see how to get started.

Tips for Buying A Home and Relocating Quickly

Buying a home comes with a sense of urgency, but when combined with a work relocation, the anticipation doubles. Here’s how you can prepare and make a move quickly and easily.

  • Get pre-qualified as soon as possible.
  • Look for a mortgage professional with a history of closing on-time. You’re on a tight timeline so closing on time should be your lender’s priority too.
  • Respond quickly to requests for documentation such as tax returns, bank statements, and W2′s.Take advantage of electronic submission whenever possible.
  • Travel light. Go through your household and personal items with a critical eye and donate as much as you can to charity.
  • Make a spreadsheet of who to notify about the move such as your bank, credit card companies, utilities. This will help to minimize disruption to service.

Are you relocating or do you know someone who’s relocating?

Contact Tara Mortgage Services today to get your pre-approval started!

 

 

Don’t miss Alex Deacon’s final Real Estate Workshop of 2018!!! We’ve opened up the room for extra seating due to our growing attendance. Click below to connect with Alex on MeetUp.com, network with nearly 600 other Real Estate Professionals, and RSVP to the November workshop!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
580 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Next Meetup

Virtual Bus Tour of Current and past rehabs

Saturday, Nov 10, 2018, 10:00 AM
34 Attending

Check out this Meetup Group →

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

 

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#TaraMTG Tuesday: Your Questions About Closing Costs Answered!

DHREA 24/07/2018

(Every Tuesday we feature a blog from one of our fantastic affiliates, Tara Mortgage Services!)

 

This blog will answer the most common questions about buyers closing costs, including some ideas for minimizing paying closing costs upfront.

“Will There Always Be Closing Costs?”

Yes, there are always closing costs. Whether you’re the buyer or the seller or even refinancing, you’re going to have closing costs. If you’re the buyer, your mortgage closing costs account for about 2%-5% of the purchase price. If you’re the seller, about 6% of the sales price will go toward paying realtor fees.

“Can I Roll Closing Costs into the Loan?”

Typically, the only loan that allows you to include the closing costs into the mortgage is a USDA loan.

Home loans have a loan-to-value ratio (LTV ratios) that puts a cap on how much you can include in the loan. This is calculated by taking your loan amount plus the closing costs and then subtracting the down payment. The number you’re left with must not exceed the LTV limit for that specific loan.

The only exception to the LTV ratio rule are USDA loans. You can include your closing costs into a USDA loan just as long as your property appraises for more than the sales price.

“Can I Have The Seller Pay for My Closing Costs?”

You can negotiate with the seller to see if and how much of your closing costs, including realtor fees, they are willing to pay. One way to entice them to pay your fees is to offer to buy the home for a higher purchase price if they agree to pay for some of your costs.

You may be wondering if this is actually worth, but consider this: increasing your offer by $6000 in exchange for them paying $6000 in your closing fees amounts to only a few extra dollars a month in your mortgage payment. If you’re looking for a way to save on your fees upfront, this is how you want to do it.

Note that each type of loan has a max as to how much the seller can contribute to your closing costs. Call our office for more information.

“What’s Included in My Closing Costs?”

The following is not an exhaustive list, and the amounts will vary. However, you will have a precise breakdown of your closing costs when funding your home purchase with us.

  • Appraisal Fee
  • Attorney Fee
  • Escrow Fee
  • Closing Fee -charged by the title company
  • Courier Fee -sent by a carrier or delivery service, though we utilize digital mortgage processing as much as possible
  • Pre-Paid Interest
  • Real Estate Taxes and PMI Escrow Deposit
  • Pre-Paid Hazard Insurance
  • Up-Front FHA MIP -applicable only on FHA loans
  • Discount Points
  • Flood Certificate Fee
  • Recording Fees -for issuing a new deed
  • Transfer Tax -vary by county
  • HOA Transfer Fee Pest Inspection -required for all government-backed loans
  • Title Insurance
  • Title Search Fee
  • Underwriting Fee
  • Loan Origination Fee
  • Survey Fee
  • Wire Transfer Fee
  • VA Funding Fee -applicable only to VA loans.

Closing costs may not be the most attractive part of buying a home or refinancing your current mortgage, but it’s a small price to pay for the benefits that a home loan provides. Find out how much you qualify for by applying for home loan with Tara Mortgage Services today!

 

Alex Deacon’s Real Estate Networking Group is rapidly growing! Don’t miss out…join today!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
470 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

 

 

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#TaraMTG Tuesdays: HUD Homes are One of the Best Deals Available. Here’s Why!

DHREA 12/06/2018

(Every Tuesday we feature a blog from one of our fantastic affiliates, Tara Mortgage Services!)

Pairing the low-rates of an FHA loan with a HUD home one of the best home-buying deals you can get! HUD homes are houses that were once financed with a government-backed loan. However, the owner was not able to make payments, and the home went into foreclosure. The home is now owned by the U.S. Department of Housing and Urban Development and is called a HUD home.

The government will often sell these below market value, but the perks don’t stop there!

Check out these other benefits to buying a HUD home with an FHA loan:

  • Assistance with down-payment, up to 3% of your contribution!
  • Assistance with closing costs, up to 5% of the purchase price!
  • May close faster since HUD homes are already appraised by FHA approved appraiser
  • Preference as a primary residence buyer over real estate investors looking to just “flip” the home

HUD homes aren’t usually listed on traditional real estate websites, and bidding gets competitive fast. We encourage working with a realtor familiar with HUD home buying. Please contact us for trusted recommendations.

HUD home availability changes quickly, and the bidding competition even faster. So in addition to having a knowledgeable realtor guiding you, you’ll want to be ready with your FHA loan approval letter.

Not using an FHA loan? You can still buy a HUD home!

Although HUD homes are government-owned, you aren’t limited to government financing from FHA or VA loans. You can also purchase a HUD home with a Conventional loan. Also, there’s no special qualification process to buy a HUD home. However, you will be required to own the property for a year before listing it for sale again.

Interested in buying a HUD home? We don’t blame you! The savings you gain from purchasing a home from the government are many. And when you combine it with the advantages of government-backed loans like a VA or FHA, your savings snowballs.

No matter which loan you choose, remember to be ready to move quickly with your approval letter. Start the application today, and you could have your home in time to enjoy summertime grilling in your new home!

Have more questions about buying a HUD home or FHA loans? Contact Tara Mortgage Services today!

 

Join Alex Deacon’s Real Estate Networking Group Today!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
449 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

 

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

 

 

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