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To buy a house is one
complex, but feasible process |
Washington Hispanic
If it is the first time that risks to buy a housing, probably feel nervous and misinformed. But do not worry. Although the process of acquiring a property is quite complex, it is something that definitely is feasible.
In this edition we present a series of topics that him will be of great help at the moment of realizing the best investment.
In the Real estate agency section read the steps to qualify to a mortgage and as the principal one is to work with an entity lender before looking for house.
Also one of the commitments that he acquires when he is a proprietor of a house is the payment of the owner's tax, which must not to him take of surprise every year and does not have how to assume it. Reason why do the real estate experts suggest that it must request his lender that it includes it in his Escrow account.
Read an interesting interview realized to the financial expert Julie Stav, who makes sure that the recovery of the sector of real property depends on the rapid thing that I operated the Government and the private companies.
In the Community section know the most recent annual loans report for minority groups in which the front part stands out that the Hispanics still go in the houses acquisition.
In the section of useful Advices read like the Commission for the Safety of the Products of Consumption concientiza on the secret dangers in the hearth and to prepare has an accident inside and exterior of the property.
Also read as the colors of his house say much of his personality. Find a series of suggestions to find the perfect color for every room.
The dejos with good reading, up to the next week.
Suggestions:
casaguia@hwc-md.org
| Julie Stav, financial expert assures |
Recovery depends on the rapid thing that
I operated the Government and private companies |
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| Most of the persons who have his mortgage loans were not knowing that they acquired a valuation variable interest. |
Bertha Sáenz
Washington Hispanic
The buy of a house does not stop being for many families the big American dream, but so that this sleep does not turn into nightmare, it is necessary to plan it and to take with responsibility the preparation to buy a house and to keep her long-term.
Julie Stav, financial expert granted an interview to House guide and we are raised by part of the problems that affects the current owner and what the possible solutions are before the mortgage crisis.
“ One of the biggest problems that has the real estate market at present is that most of the persons who have his mortgage loans were not knowing that they acquired a valuation variable interest or that they have a variable interest that is at a level that the payments cannot do”, he mentions.
“ The solution to this problem not always is same and every case will be different. For example, many families have to do if his housings have or have no appreciation; if they have or not hardships to refinance or if they meet the problem of having two or three houses, because they extracted the "equity" of his first housing to invest or if he was the first buyer who did not understand what he was signing, thinking that in a few months it might take advantage, turning out to be now harmed”, adds the expert
“ But, from the point of view of the consumer it is necessary to analyze the condition of the loan that has every family”, he makes sure.
Julie Stav suggests that independent from the situation that was it is necessary to get in touch with the mortgage creditor of the loans, “more than half of the persons who are losing his houses, they have never communicated with his creditors, it is convenient for them to do a modification of these loans, because if they do not look for an option, they lose an average of $ 50,000. It is necessary to remove the shame, to raise the phone and to call to the Department of Mitigation of Losses that have the banks and to try to know the options that it is possible to give for his payments, there are alternatives that can to happen before having to lose the house”, he confirms.
The possible solutions according to the expert are categorized for three groups. First, the persons who are still to lose his houses, must communicate immediately with his creditor, try to modify his loans. Another group there are the persons who are for his loans readjust and who are not paying attention, it is necessary to be educated and to look for the options to his scope.
And the third group there are those persons, who are trying to buy his first house, the principal thing is to be informed. They need to evaluate his income, check his credit record and analyze his monthly expenses. According to the expert the worst of the real estate market has not come yet because many of the loans have not readjusted yet, so the speed of recovery of the market of real property will depend on the rapid thing that I operated the federal Government, state government and the companies deprived before the situation and to look for the best alternative.
* Julie Stav is a finance expert for million Hispanics in the United States.
| Steps to qualify to a mortgage |
| A lender looks before looking for house |
Washington Hispanic
For some possible buyers, especially buyers of the first housing, the possibility of meeting an entity mortgage lender can seem spine-chilling. The entities lenders formulate many questions because they want to help him to obtain a mortgage. If lender works together with an entity before taking a decision about a housing, he will know if it will qualify for a sufficient mortgage to finance the house that he wishes.
It can seem that his entity lender needs to know everything brings over his for the request of the loan, but in fact, the only thing that he needs to know there are the aspects related to the work, the finance and information about the housing that he wants to buy (although it can obtain approval before the election of a housing). Nevertheless, he will need to provide some details about these topics. The target is to achieve a monthly payment that you could finance without creating difficulty financial difficulties. The following one is an idea of what lenders consider to be the entities when they qualify it for a mortgage loan.
The entities lenders consider his income of forms that go beyond the entire total; how does it gain them also it is important.
Also, he will think the relation between his income and his expenses. Generally, his fixed expenses of housing (mortgage, sure payment and real estate taxes, but not repairs or maintenance) should not be major than 28 per cent of his gross monthly revenue, although this is not an absolute rule. His entity lender also will consider other self-propelled long-term debts, like loans or university students. It is a good idea to take the following thing when lender meets his entity.
Income
• Employment, salary and bonds, and any other source of income in the last two years (I took the most recent voucher of payment, the forms W 2 and tax returns of the previous year, if it is possible)
• The most recent statement of account that indicates the income total for dividends and interests that it should have received during the last two years
• Official papers that endorses the total of any other regular revenue that could receive.
Labor record
The labor stability is a factor that the entity lender is going to consider, and two years in his current work it helps, but neither it is an absolute requisite. If it changes work, but it is supported in the same title, it should no have problems, especially if the change of work is translated in an ascent or an increase in the income.
Credit Puntaje
His credit puntaje also helps to predict what probabilities it has of paying the mortgage debt.
Personal assets
• The current balances and the recent states of bank, included accounts checking accounts and of savings
• The most recent statement of account that indicates the current commercial value of any investment that it should have, like actions, bonds or certificates of deposit
• Papers that indicates the interests in funds for the retirement
• Nominal value and value in cash of the life insurance policy
• Value of considerable games of motor personal, included assets
• Information about debts
• The balances and the numbers of account of his loans and current debts, included loans self-propelled, balances of credit cards and other loans that it could have
Analysis of the risks
The entity lender does all the possible to make sure that a borrower qualifies for a mortgage loan. Nevertheless, the final decision is rested on the insurer of the entity by lender, who measures the entire risk that there assumes the specific investor who endorses the loan. Every investor (or investing company) has his own rules in terms of analysis of the risks (generally they use statistical models), so that although the insurers evaluate many of the same factors as the entities lenders, can analyze some areas with major detail than others, in accordance with the rules.
Nevertheless, most of the information that is used is the same used by the entity lender, but the evaluation can be different. The insurer will evaluate the aptitude of the borrower to pay (income), the disposition to pay (credit record) and the guarantee (property). Since the insurers analyze all these risks (although it is not a finished list), the following ones are some of the rules that they can use.
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