General Credit Overview When Purchasing a House in Kamloops

If you are trying to buy a new home, you have probably heard that your credit score or home buying credit affects this process. However, you may be wondering exactly how it affects your ability to buy a home. Generally, you will need a credit score of 660 to obtain a mortgage. The qualifying credit score used to be as low as 580 points. However, since the mortgage crisis of 2008, banks are becoming more conservative in their lending practices.

Did you know that your credit score affects your interest rate? The lower your credit score, the higher your interest rate will be. This means that if you have a bad credit score, you will end up paying more than somebody with a good credit score.

Let’s talk HOME BUYING and things that might not seem important at first.

When you buy a house without asking yourself the right questions, you sometimes end up making costly mistakes. And isn’t the whole point to save money?? Definitely!

These items below are the questions you may need to ask before jumping in with 2 feet.  I’m sharing these tips with you in hopes of helping other people make the best decisions about home buying! Its exciting buying a home and sometimes your thoughts are on what would your TV look like in this room not things that are potential problems only found after moving in.
A good Realtor will be automatically taking in and making mental notes of all these questions but its always worth asking yourself these questions and

When selling your home, choosing the Realtor who will represent your best interests is one of the most important and one of the first steps in the process.

 Unfortunately, many sellers do not understand how important this is or believe that to be the case.  There are specific things that you should expect from your real estate agent when selling your home.

A piece of advice if you are thinking about selling your home, do not hire a Realtor because they are just your friend or because they are a colleagues spouse.  Every Realtor is different, period.  There are many consumers who believe every Realtor is the same and they all do the same things to sell homes, which is the farthest from the truth!  Each Realtor runs their business differently,

You have decided to put your home on the market with the hope of selling quickly for top dollar.

Those are the goals of all sellers! Unfortunately, listing your home for sale is just the beginning of what could end becoming a long and unpredictable process. One of the keys of home selling that can speed up or slow down the process is the negotiation.

The negotiation is one of the most crucial steps to determine the success of the deal. It has a direct impact on how fast your property sells and how much of a return on investment (if any) you will see. Sellers need to be open-minded as their attitude towards the negotiation process will dictate whether the transaction stalls or moves forward toward closing the sale.

It is important to remember

The process for selecting real estate agents and mortgage lenders is often similar, with the main difference being your search will turn up several non-local lenders that may be a good fit for your particular lending needs. Whatever your methodology is, these tips to select a mortgage lender can make the process seem less scary and non-evasive.

It is critical that you have a local real estate agent who knows street-level and regional pricing dynamics in your target neighborhoods intimately. But since mortgage lenders can lend anywhere and mortgage rates and fees are generally the same nationally, non-local lenders claim they can handle your transaction as well as local lenders.

To examine which lender will work best for you, look at 3 of the ways

Oh the stories I’ve heard and even witnessed with Kamloops Home Buyers, as they search for the perfect place to call home.  

I thought, that what better way to illustrate being ready to buy a home than to present the potential pitfalls that you’ll come up against and how best to handle them. Dodge them at all costs.

So what are these typical, all too common home buying pitfalls?  Do any of these describe what you went through when trying to buy a home? Perhaps you’re a first-time Buyer that wants to avoid any problems now that you’re ready to buy a home.

Don’t be the Buyer who didn’t read this here and missed out on getting educated on what potential pitfalls you can come across when it’s time to buy a home.  If you keep reading, you won’t miss

I’m a buyer, what do I need to know about an appraisal?

THE HOME APPRAISAL PROCESS

As the home buyer, you will probably be requesting an appraisal. If you are getting a loan to buy your house, an appraisal will be part of the process. This is a professional appraisers estimated value. The appraiser will use recent properties that have sold in the area to help determine the value of the home you choose.

The appraiser will also consider the condition of your home, age, size and so forth in determining the value.

If the house is appraised high, your agent may suggest you make a lower offer with the attached appraisal to qualify for your loan. In some cases, the seller may still hold to their original asking price and ask you to pay the difference

Reasons A Mortgage Is Denied After Pre-Approval

One of the most important steps to successfully purchase a home is to get pre-approved for a mortgage before shopping for homes.  The primary reason to get pre-approved for a mortgage before shopping for homes is to ensure you’re looking at homes that are within the price range that you can afford.

Even though a buyer will get pre-approved for a mortgage before shopping for homes doesn’t mean there is a guarantee they will successfully obtain the financing.  Certainly the hope is the if a lender pre-approves a buyer that the buyer will successfully obtain the financing, however, it’s possible a mortgage can get denied even after pre-approval.

A mortgage that gets denied is one of the most common

A FSBO, also known as a for sale by owner, can easily be described as a homeowner selling their property without the representation of a real estate agent or broker. 

There are many reasons why homeowners attempt to sell their home on their own.  A few of the most popular reasons for FSBOs are they want to save the money that would be spent on real estate commissions or that they feel they don’t need a real estate professional to sell their home.  No matter the reason, according to the National Association of Realtors, less than 10% of FSBOs actually sell.

There are many reasons why FSBOs fail and do not sell.  Whether it is because the FSBO doesn’t understand how to price their home or whether it’s because they don’t know how to screen potential

Ignore some of these signs and you may end up with major issues.

We tell you which are normal and which are cause for concern

Your home is trying to tell you all sorts of things. The way it sounds; the way it smells. And there are plenty of visual cues to tip you off that something isn’t right. “Everything is moving all the time, expanding and contracting at different rates, reacting to heat, rain and wind. A house is moving and breathing,” says Tapley Dawson, a partner at The Home Doctors in Novato, California. In other words, a house is something you've got to take care of.

Dawson recommends that you do a good walk around the house every fall before the rainy season begins, checking for cracks, clogged gutters or anything that just doesn't look