Wilson Wolfe Real Estate



Posted by Wilson Wolfe Real Estate on 5/19/2019

Buying a home is a big financial endeavor that takes planning and saving. Aside from a down payment, hopeful homeowners will also need to save for closing costs and moving expenses.

When it comes to the down payment amount youíll need to save, many of us have often heard 20%, the magic number. However, there are a number of different types of mortgages that have different down payment requirements.

To complicate matters, mortgages vary somewhat between lenders and can change over time, with the ebb and flow of the housing market.

So, the best way to approach the process of saving for a down payment is to think about your needs in a home, and reach out to lenders to start comparing rates.

However, there are a few constants when it comes to down payments that are worth considering when shopping for a mortgage.

In todayís post, weíre going to talk about some characteristics of down payments, discuss where the 20% number comes from, and give you some tips on finding the best mortgage for you.

Do I need 20% saved for a down payment?

With the median home prices in America sitting around $200,000 and many areas averaging much higher, it may seem like 20% is an unattainable savings goal.

The good news is that many Americans hoping to buy their first home have several options that donít involve savings $40,000 or more.

So, where does that number come from?

Most mortgage lenders will want to be sure that lending to would be a smart investment. In other words, they want to know that theyíll earn back the amount they lend you plus interest. They determine how risky it is to lend to you by considering a number of factors.

First and foremost is your credit score. Lenders want to see that youíre paying your bills on time and arenít overwhelmed by debt. Second, they will ask you for verification of your income to determine how much you can realistically hope to pay each month. And, finally, theyíll consider the amount youíre putting down.

If you have less than 20% of the mortgage amount saved for your down payment, youíll have to pay for private mortgage insurance (PMI). This is an extra fee must be paid in addition to your interest each month.

First-time buyers rarely put 20% or more down

Thanks to FHA loans guaranteed by the federal government, as well as other loan assistance programs like USDA loans and mortgages insured by the Department of Veterans Affairs, buying a home is usually within reach even if you donít have several thousands saved.

On average, first-time buyers put closer to 6% down on their mortgage. However, they will have to pay PMI until theyíve paid off 20% of their home.


So, if youíre hoping to buy a home in the near future, saving should be a priority. But, donít worry too much if you donít think you can save the full 20% in advance.




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Posted by Wilson Wolfe Real Estate on 3/31/2019

If you plan to buy a home in the upcoming days, weeks or months, it often pays to learn about the real estate market. By doing so, you can understand various best practices for purchasing a house and streamline the homebuying process.

Ultimately, there are several best practices for buying a house, and these include:

1. Become a Homebuying Expert

What differentiates a buyer's market from a seller's market? How do you submit an offer on a house? And what should you expect during a home inspection? These are just some of the questions that you'll need to consider to become a homebuying expert.

As a homebuying expert, you'll be better equipped than others to plan a successful homebuying journey.

Typically, a homebuying expert asks lots of questions and devotes the necessary time and resources to learn about the housing market. This individual also is open to expert homebuying advice and recommendations and will do whatever it takes to discover the right house, at the right price, regardless of the real estate market's conditions.

2. Get a Home Loan

For those who plan to buy a house, it helps to save money in advance. That way, you can shop for a house and have sufficient funds available for a sizable down payment.

Furthermore, you should start searching for a home loan as soon as possible. Because the sooner that you secure a home loan, the sooner that you can kick off a home search with a budget in hand.

To obtain a home loan, you should meet with several banks and credit unions. These lenders will evaluate your credit history, income and other financial factors and make a home loan offer.

After you accept a home loan offer, you can officially start your home search. And if you find a home that you'd like to buy, you can submit an offer without having to scramble to get a home loan at the last possible moment.

3. Collaborate with a Real Estate Agent

When it comes to buying a home, hiring a real estate agent is essential. In fact, a real estate agent will provide plenty of support throughout the homebuying journey, ensuring that you can discover your dream house without delay.

A real estate agent first will learn about your homebuying goals. Then, this housing market professional can help you narrow your home search.

In addition, a real estate agent will set up home showings, submit home offers on your behalf and keep you up to date on homebuying negotiations. Perhaps best of all, if you ever have homebuying concerns or questions, a real estate agent is happy to respond to them at any time.

Buying a home can be a quick, seamless process, particularly for those who work with a real estate agent. Reach out to a local real estate agent today, and you can move one step closer to making your homeownership dreams come true.




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Posted by Wilson Wolfe Real Estate on 2/24/2019

Finding the right vacation house is rarely simple. Dozens of quality vacation residences are available in cities and towns nationwide. Yet if you make even a single mistake during your search for the ideal vacation residence, you risk making a poor property buying decision.

As you get set to begin a search for a vacation home, there are many things you can do to boost the likelihood of finding a residence that matches your needs. Now, let's take a look at three tips to help you conduct a comprehensive Ė and successful Ė vacation home search:

1. Establish Homebuying Criteria

Prior to launching a search for a vacation house, consider the features you want in your dream residence. Then you can hone your search for vacation homes that fall in line with your expectations.

Crafting a list of vacation home must-haves usually is a good idea. This list can focus on distinct features you want to find inside your home Ė from a modern, state-of-the-art kitchen to a spacious master bedroom. It also can focus on home exterior features like a beautiful front yard or a large driveway.

2. Determine Your Preferred Cities and Towns

Once you know what you want to find in your ideal vacation residence, make a list of preferred cities and towns. With this list in hand, you can focus exclusively on vacation houses in cities and towns you know you will enjoy.

Before you craft a list of preferred cities and towns for your vacation home search, it is important to remember that house prices vary nationwide. Thus, it often helps to take a look at home prices in various cities and towns. This will give you an idea about the average price range for houses in different areas.

3. Work with a Real Estate Agent

If you want to streamline your search for a vacation home, it typically helps to hire a real estate agent. Because if you have a real estate agent at your side, you can receive extensive support as you navigate each stage of the vacation homebuying journey.

A real estate agent is a homebuying expert who is happy to share his or her housing market knowledge with you. First, he or she will learn about you and your vacation homebuying goals. A real estate agent next will craft a custom strategy designed to help you achieve your homebuying goals as quickly as possible. Finally, you and your real estate agent can put this plan into action.

Let's not forget about the assistance that a real estate agent provides when a homebuyer is ready to submit an offer to purchase a vacation house, either. At this point, a real estate agent will help a homebuyer put together a competitive homebuying proposal. And if a seller accepts this offer to purchase, a real estate agent then will guide the buyer through the final stages of the homebuying journey.

Take the necessary steps to find your dream vacation home Ė use the aforementioned tips, and you could accelerate your quest to discover a vacation residence that suits you perfectly.




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Posted by Wilson Wolfe Real Estate on 1/13/2019

A real estate agent is a must-have for homebuyers, particularly in a highly competitive housing market. However, it is important to understand what it takes to work with a real estate professional to ensure you can enjoy a fast, seamless homebuying experience.

What does it take to get the best results from the homebuying journey? Here are three rules to follow so that you and your real estate agent can work together to find your dream house.

1. Establish Realistic Homebuying Expectations Before You Begin Your Home Search

Buying a home can be a long, costly process if you're not careful. But with the right real estate agent at your side, you can simplify your house search.

Ultimately, you should work with a real estate agent to establish clear-cut homebuying expectations before you embark on your search for the perfect residence. This will enable you and your real estate agent to work together to achieve a common goal.

With realistic homebuying expectations, you'll be able to help your real estate agent understand what you'd like to find in your dream residence. Meanwhile, your real estate agent can get to work and keep you up to date about available homes that will meet or exceed your expectations.

2. Understand Your Real Estate Agent's Role in the Homebuying Process

A real estate agent should define his or her role in the homebuying process. That way, you'll know exactly what to expect as you go from homebuyer to homeowner.

Typically, a real estate agent will set up home showings, negotiate with home sellers on your behalf and offer honest, unbiased homebuying recommendations. He or she also should be available to respond to your questions throughout the homebuying journey.

Your real estate agent will be happy to assist you in any way possible. By doing so, he or she will make it simple for you acquire to acquire your ideal residence at a price that matches your budget.

3. Ensure That Both You and Your Real Estate Agent Are Comfortable Working with One Another

Communication plays a key role in the success of a homebuyer and his or her real estate agent. If you keep the lines of communication open with your real estate agent, you should have no trouble staying on top of the housing market.

In most instances, a real estate agent will be able to keep in touch with a homebuyer via phone, email and text. At the same time, you should try to remain available to your real estate agent as much as possible.

With ongoing communication with your real estate agent, you'll be able to stay informed as new properties become available that fit your homebuying criteria. Furthermore, your real estate agent can help you alleviate stress by listening to your homebuying concerns at each stage of the homebuying journey.

Many real estate professionals are available in cities and towns nationwide. Start your search for a real estate agent today, and you can move one step closer to discovering your dream home.




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Posted by Wilson Wolfe Real Estate on 12/30/2018

Buying a vacation home is an important goal and milestone for many Americans who want to make the most of their holidays and plan for retirement.

Vacation properties neednít be lavish or expensive to still be a perfect way to enjoy the winter months at your home away from home. Furthermore, owning a vacation home can prove to be an excellent financial asset that increases in value over time, as more people seek to scoop up properties in your area.

In todayís post, Iím going to talk about some of the most important things to look for in a vacation home to help you kick off your search. Whether youíre months away from buying a home or the idea of a second home is still a far-off dream, this article is for you.

1. Consider locations

The most important aspect of any vacation home is that itís located in the perfect place for you to enjoy. Whether thatís a remote getaway in the mountains or a beachfront property in Florida, your plans for the home should be your number one priority.

If itís your ultimate goal to retire and move into your vacation home someday, consider what it would be like living in that location full time. Is it close to amenities like grocery stores? Or, if youíre moving to a coastal area, will the traffic drive you crazy?

On the other hand, if you donít intend to ever move into your vacation home full-time, it might be wiser to choose a location that will suit your familyís vacation needs while remaining a great asset to sell down the road.

2. Spend a week at your destination before buying

Some homeowners have a dream of buying a vacation home in a place theyíve always wanted to visit or have simply heard is a great place to own a vacation home in. The problem with this is that you might find, once you arrive, that you donít want to spend several weeks or months there after all.

It might get too crowded during vacation season or you might decide that there isnít enough to do that will keep you busy for extended stays.

To prevent buyerís remorse, spend a week or two in your planned vacation home destination to make sure it really is the best spot for you.

3. If you plan on renting, know what to expect

Many Americans purchase a vacation home with the intention of renting it out while they arenít using it to earn extra income. While this can be a great way to generate income, you will need to be prepared for becoming a landlord.

Look up local rental laws in the area to make sure you understand your responsibilities. Furthermore, understand that renting out a property part-time takes work; youíll interact with prospective renters, filter out those that you think arenít suited for your home, and handle problems with the property as they arrive.

If you keep these three things in mind, you should be able to find the perfect vacation home for you and your family.




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