Russell's Short Course for Buyers

     Invest Now for the Future

Stocks, bonds, municipal funds and T-bills get a lot of press as good investments for retirement or for your children's college education.  Why not consider investing in your own community, and having some direct control over the return the investment brings?  Real estate has historically proved to be a sound investment over the long haul.  You may prefer to own rental property, "fix and flip" a handyman's special, or buy land for subdivision or just appreciation.  We have plenty of ideas; call us to explore the possibilities!

     Get Loan Pre-Approval

If you're thinking of buying a home in the next few months, it's time to get a pre-approval for a loan.  Even before you start looking at houses, a call to a lender is the right first step.  You can learn how much house you can afford, how much cash you'll need, and what your payments are apt to be.  You'll also have bargaining power with a seller, who will be reassured by knowing you have your financing lined up.  Call your favorite local lender, or call one of our real estate professionals and ask us for suggestions.

     Plan Ahead for your First Home

If you dream of buying your first home, start today on your path to making it a reality.  Boost your credit score by always paying your bills on time, never maxing out your credit cards, and paying the balance in full every month.  (A high credit score can mean a lower mortgage interest rate, and maybe even lower insurance costs!)  Add to your savings account every pay-check:  you'll need cash for closing and moving costs, and terms are better if you have a down payment.  AHEAD (603-444-1377) can help with financial planning; why not call now?

     Is It a Good Time to Buy?

Oh, my, yes!  Motivated sellers have reduced their prices, there are lots of homes for sale, some foreclosure properties offer extraordinary values, interest rates are great, and low down payment programs are available.  if that's not enough, up to an $8,000 tax credit is waiting for qualified primary home buyers who have a contract by April 30, 2010.   With good credit and 3.5% down, you may qualify for a 30-year FHA loan at the current rate of about 5.3% (fixed rate with no points).  Some buyers may even be eligible for 100% financing through a Rural Development Guarantee.  From a buyer's point of view, it may not get any better than this!

     Know Your Loan

Nobody wants to be a statistic when it comes to the foreclosure crisis spreadig around the country.  You can increase your odds of staying out of mortgage trouble by being an informed borrnower from the start.  Be sure you understand ALL the terms being offered, including pre-payment penalties, adjustable rate consequences, potential recapture of interest subsidies, and all the closing costs to be charged to you.  Most of all, use a reputable lender!  Whether you're buying or refinancing, we'd be happy to suggest options and answer your questions --  or refer you to a financing expert who can.

     Make a Smart Real Estate Investment

The "bottom line" shouldn't be the most important factor in choosiing your family's home.  but if you'd like your real estate investment to increase your net worth over time, look for these characteristics: 

• a motivated seller
• a great location
• a property that is basically sound but less than it "ought" to be in terms of condition, features and general appeal
• "sweat equity" potential:  deficiencies that you can correct without hiring a professional

Do be sure to learn all you can about the home to avoid costly surprises after the closing.