Tag Archives: #dhre

Tara Mortgage Services Featured Blog: Avoid These Mistakes When Bidding on a Home

DHREA 05/12/2019

The only thing worse than not getting the home you wanted is not getting it because of an avoidable mistake. While working with a real estate agent certainly helps — and we recommend it — buying decisions are ultimately in your hands, so you want to be as prepared as possible.

Do you know someone else that is considering buying a home, too? Send this article to them! They’ll be thankful for the helpful advice and happy that you thought of them.

Top 10 Mistakes When Home Shopping

Not Being Ready To Make An Offer

Looking at properties without a pre-approval letter is like leading a toddler to a candy store knowing you forgot your wallet at home. You won’t like the result. A pre-approval letter is as good as money in the back when home shopping. It communicates to the seller that not only do you love the property but that you’re serious about purchasing it.

True, sellers may want to collect a few offers first, but many are just as eager to sell their property as you are to buy it. Giving a fair and attractive offer fast may be just the thing that will get you into your dream home.

Getting pre-approved is much easier and faster than it was a few years ago too! You can get started right now using our online application. It’s secure, convenient, and the quickest way to know how much you qualify for.

Hesitating Too Long Before Making An Offer

Of course, you’re allowed to hesitate. It ‘s a big financial decision, and emotions can run high. But don’t let uncertainty slow you down too much.

When it comes to real estate purchases, time can stifle and even kill the deal. You see, the longer you wait, the more competitors you’ll find. And a bidding war means you’ll ending pay more or even get outbid, missing out on the property altogether.

This is also where being prepared with your approval letter comes in. If you’re hesitating because you still need to apply for the loan, there’s a high possibility that you’ll miss out on that property.

Going All-In On Your First Bid

The next mistake is to put all your chips on the table –meaning offering your max pre-approved amount on the first round. What you want to do instead is look for homes that are below your maximum approved. That way, you have some wiggle room for bidding a bit higher on the second round (while others will be unable to because they didn’t read this article and bid max on their first round).

These trick also helps when going against all-cash offers, too. All-cash have a reputation of being tough to outbid because they’re attractive to sellers. But if they’ve gone all-in on their first bid, your higher loan-backed bid can take them out of the competition.

Going In Too Low

On the same note, you don’t lowball either. Sometimes home shoppers make an offer to negotiate, and it backfires. Remember that your goal is to buy the home, not get into a negotiation.

Instead, your first offer should be one that is fair for the house and the market while remaining under your max bid amount. Your real estate agent can help you with this one but do your homework as well. Research similar homes in the area to see how much they sold for and how long they were on the market. Compare the features as well as the square footage as it also affects what a fair offer would be.

Passing on The Inspection Contingency

Perhaps they didn’t want to ruffle the seller’s feathers, or maybe they thought that new constructions wouldn’t have flaws. Whatever the reason may be, we’ve seen too many homebuyers make the mistake of declining the home inspection contingency.

A home inspection contingency gives you peace of mind. It uncovers potential flaws that may require major cash to fix. If the damage is severe enough, it could offer a way to legally back out of the deal.

Whether it’s a new home or a jewel from the 1950s, always get a home inspection.

Letting Too Many People Have a Say

This mistake is tied to the second one we mentioned about hesitating. Letting people who are not financially invested in the purchase could slow you down or make you second guess your first thoughts. Yes, having advice from your mother or a friend is valuable, but their helpfulness may be too protective. If your “advisor” is the type to focus on flaws or tell you “shop around” when they think you’ve fallen in love too fast, it might be better to shop without them.

Funding your dream home is what Tara Mortgage Services does, and they’re the best at it! Contact us Tara Mortgage Services to work with a mortgage professional that cares about your home buying goals as much as you do!

(This blog was originally published at tara-mtg.net)

Network with over 700 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
742 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 →

Join Alex Deacon’s fast-growing Pittsburgh Landlord Group on MeetUp.com! Connect with other Landlords for monthly seminars with Q & A! Click below!

Pittsburgh Landlord Group

Carnegie, PA
239 Members

This is a great venue for Real estate investors, real estate agents and property managers to expand your knowledge and to help others in the field of being a landlord. We will…

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

Red Tree Mortgage: https://www.redtreemtg.com/

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About #GivingTuesday

DHREA 03/12/2019

 

 

We’ve made it through Thanksgiving, Black Friday, Small Business Saturday, NFL Sunday, Cyber Monday…and now we’re at the finish line with #GivingTuesday. So, what is Giving Tuesday?

Entering its sixth year, Giving Tuesday is a global day of giving fueled by the power of social media and collaboration. Here’s a full description below! (taken from the good folks at givingtuesday.org.)

“Celebrated on the Tuesday following Thanksgiving (in the U.S.) and the widely recognized shopping events Black Friday and Cyber Monday, Giving Tuesday kicks off the charitable season, when many focus on their holiday and end-of-year giving. Since its inaugural year in 2012, Giving Tuesday has become a movement that celebrates and supports giving and philanthropy with events throughout the year and a growing catalog of resources.

Created by the team at the Belfer Center for Innovation & Social Impact at the 92nd Street Y—a cultural center in New York City that, since 1874, has been bringing people together around the values of service and giving back. Giving Tuesday connects diverse groups of individuals, communities and organizations around the world for one common purpose: to celebrate and encourage giving. A team of influencers and founding partners joined forces, collaborating across sectors, offering expertise and working tirelessly, to launch Giving Tuesday and have continued to shape, grow and strengthen the movement.

Giving Tuesday harnesses the potential of social media and the generosity of people around the world to bring about real change in their communities; it provides a platform for them to encourage the donation of time, resources and talents to address local challenges. It also brings together the collective power of a unique blend of partners— nonprofits, civic organizations, businesses and corporations, as well as families and individuals—to encourage and amplify small acts of kindness.

As a global movement, Giving Tuesday unites countries around the world by sharing our capacity to care for and empower one another.”

 

Network with over 700 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
742 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 →

Join Alex Deacon’s fast-growing Pittsburgh Landlord Group on MeetUp.com! Connect with other Landlords for monthly seminars with Q & A! Click below!

Pittsburgh Landlord Group

Carnegie, PA
239 Members

This is a great venue for Real estate investors, real estate agents and property managers to expand your knowledge and to help others in the field of being a landlord. We will…

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

Red Tree Mortgage: https://www.redtreemtg.com/

Read More

Last Minute Thanksgiving Hacks!

DHREA 25/11/2019

With Thanksgiving just days away, the “how am I going to get this all done?” anxieties are inevitably going to start to kicking in. But before you start agonizing over a dozen things at once, we might have a few solutions right here for you:

1. No rack? No problem. 

Use large carrots and celery sticks as a makeshift rack on which to cook your turkey. This is especially helpful if you’re using one of those aluminum disposable pans, which don’t come with a rack.

 

2. Get a head start on the spuds.

Peel potatoes for mashed potatoes hours ahead of time (or even the night before) and leave them in a mixture of lemon slices and water in a salad spinner with the cover on. When it’s time to boil the potatoes, just pull up on the inner basket and they drain themselves. Toss the lemon, add the potatoes to a pot of water and you’re good to go.

 

3. Kitchen shears are your secret weapon.

Use them for more than cutting butchers’ twine and opening bags of pecans. You can quickly cut green beans, snip herbs, and trim excess fat off of the raw turkey.

Cutting up herbs with kitchen scissors.

 

4. You don’t need a food processor to make pie dough.

Place flour in a pie plate and, using a box grater, grate frozen butter into the flour. You get the perfect little “pea-sized” crumbs that every recipe is talking about, no pastry cutter, butter knives, food processor, or sweating necessary.

 

5. Put your melon baller to work on apples.

Yep, you can use a melon baller to core apples for pie. You won’t mangle the fruit and even little kids could help. It also works for pears, which are often too soft to core.

 

6. Salt is the key to chilling wine faster.

Put a handful of salt in a bucket of water and ice to chill wine in a fraction of the time. The salt allows the mixture of ice and water to be colder than just ice and water alone, plus the water is a more efficient conductor of cold than just ice.

 

 

Network with over 700 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
743 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 →

Join Alex Deacon’s fast-growing Pittsburgh Landlord Group on MeetUp.com! Connect with other Landlords for monthly seminars with Q & A! Click below!

Pittsburgh Landlord Group

Carnegie, PA
239 Members

This is a great venue for Real estate investors, real estate agents and property managers to expand your knowledge and to help others in the field of being a landlord. We will…

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

Red Tree Mortgage: https://www.redtreemtg.com/

Read More

Tara Mortgage Services Featured Blog! Locked vs Floating Mortgage Rate: Which Is Better?

DHREA 19/11/2019

Mortgage rates have been relatively consistent, but don’t let that get you too comfortable. Rates are changing all the time…by how much, and whether it will be in your favor, we cannot say. We can make intelligent guesses, but we can’t predict with any certainty.  

However, that doesn’t mean that you are entirely powerless when it comes to taking charge of the mortgage rate you qualify for. 

You hold a lot of power, including the ability to qualify for a lower rate by improving your credit score, buying points, and exploring the rates of various home loan options. 

And here is another idea for getting a low mortgage rate in an uncertain market: get a floating mortgage rate. 

Bookmark this post for future reference and read on to understand the difference between a locked-in rate versus a floating rate. 

Locked and Floating Mortgage Rate Compared

Mortgage Rate Lock

“Locking” a mortgage rate means the interest rate won’t change from the time we offer it to you until the closing of your loan. When the rate rises—as they’re expected to—your rate won’t budge. Sounds great, right? It is! 

However, you should know that there are a few stipulations to a mortgage rate lock, such as:

  • Closing within the predetermined time frame
  • No changes to your mortgage application
  • Rate lock timeframes range from 30 to 60 days, though longer terms are sometimes available. 

Even with a locked rate, some circumstances can still cause a locked rate to adjust, namely:

  • You change the type of mortgage or the amount of your down payment. 
  • Your home appraisal is higher or lower than expected. 
  • Your credit score changes. 
  • There was trouble documenting your additional income such as bonuses or overtime

There is also a fee associated with locking in a rate, and the longer the rate lock term, the higher the fee. Plus, if the rate drops, you won’t be able to take advantage of the lower rate—unless you have a “float down” option.

What is a Float Down Option?

A “float down” option means that you’re able to reduce your interest rate if market conditions cause rates to drop during your lock term. This mortgage rate option is dependent on the daily market fluctuations. So if the interest rate goes up by the time you close on your mortgage, you’ll lose some buying power. 

But if the rate falls, you’ll gain some buying power. 

Choosing to float your mortgage rate is considered riskier because one can’t truly predict what rates will do from one day to the next. But the potential for savings is very attractive, which is why many mortgage applicants choose it. 

When Should You Choose to Float? 

When rates are decreasing steadily from week to week, it might be a good idea to float it. There’s a chance you’ll get a better rate when it’s time for the loan transaction to take place. 

On the other hand, if rates a less steady or are moving higher, then you’ll want to lock in your rates.  

How much can a rate impact your monthly mortgage payment? Let’s look at an example. A mortgage payment on a $200,000 home at a 4.5 percent interest rate would be $1,013. However, at a 4.75 percent interest rate, the payment would be $1,043. 

That $30 difference that adds up to nearly $400 over a year!

Need more personalized guidance about interest rates and which you should choose based on the current market? Call Tara Mortgage Services, your local mortgage experts!

(This blog was originally published at tara-mtg.net)

Network with over 700 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
743 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 →

Join Alex Deacon’s fast-growing Pittsburgh Landlord Group on MeetUp.com! Connect with other Landlords for monthly seminars with Q & A! Click below!

Pittsburgh Landlord Group

Carnegie, PA
237 Members

This is a great venue for Real estate investors, real estate agents and property managers to expand your knowledge and to help others in the field of being a landlord. We will…

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

Red Tree Mortgage: https://www.redtreemtg.com/

Read More

Tara Mortgage Services Featured Blog: How Identity Theft Affects Your Home Loan Approval

DHREA 13/11/2019

It makes everyone cringe at the mere possibility of it — identity theft. Unfortunately, about 1 in 15 Americans are victims of it. And the way most find out that it’s happened to them is when their credit is pulled, and they notice something suspicious. Indeed, identity theft can even negatively affect your home loan application. Here’s how identity theft affects your mortgage application and the steps you can take to help you get approved despite the fraud.

Types of Identity Theft And How It Affects Your Home Loan Application

There are many types of identity theft. While all are serious, only one can hamper getting a home loan. With financial identity theft, a criminal is using your identity to get approved for credit. While a $300 shopping spree probably won’t affect your ability to get approved for a mortgage, it could lower your credit score and change the mortgage rate you qualify for.

However, fraudulent charges of thousands or tens of thousands of dollars are sure to halt your loan approval and here’s why:

Part of getting approved for any loan is demonstrating that you can be trusted to pay it back. And, essentially, that’s what a credit score shows. The higher the score, the more financially responsible you appear to be, and the more lenders will trust that you can and will pay back the loan.

So when it comes to mortgage approval, you can imagine how much weight your credit score carries. And if your credit shows that you have a $12,000 debt that’s currently in collections, that’s a red flag that no lender wants to see.

Home loan denied. Well, for now, anyway.

Fortunately, that’s not the end of the story! While it’s not a fast process, there are steps you can take to help clear up the crime from your credit history and get you well on your way to home loan approval.

What You Can Do If You’re a Victim

First thing you want to do it report the crime to the police. You’ll also want to file an affidavit with the Federal Trade Commission. Sometimes, a copy of the police report and the affidavit is all that the underwriter needs to move your application towards approval. Unfortunately, even with proof of a crime and loan approval, your rate may remain on the higher end of the scale because rates are determined when you first applied for the home loan.

Now we come to a fork in the road. Accept the higher rate and move forward with the home purchase. Or wait until everything gets cleared from your credit history and start the process all over again.

Both options have their advantages and disadvantages.

If you decide to purchase now, you’ll have the certainty of buying in the current favorable conditions. Your rate may be high now but, then again, it could be high later too. The market is changing all the time, and we cannot predict what your future rate would be.

However, if you decide to take the extra steps to clear your history and wait to purchase, you’ll have the peace of mind that you are getting the best rate based on your actual credit score. Your rate may also be lower than it was the first time around, possibly saving you thousands of dollars over the life of the loan.

Plus, you also have to consider the housing market. The availability of homes for sale in your price bracket may not be the same in six months. Are you willing to wait and see?

Identity theft isn’t something that’s fixed overnight. After you’ve filed a police report and an affidavit with the FTC, you still need to submit copies to the credit bureaus. This will trigger an investigation and should also stop them from showing the fraudulent info on your report. The time it takes for your report to be completely cleared varies quite a bit. It can take as little as weeks, but in some cases, it’s taken years.

We hope that you are never a victim of identity theft, in any form. However, know that there is light at the end of the tunnel when it comes to buying your dream home even if this does happen to you. Do you know what rate you qualify for? Contact us today to see how low your rate can be!

(This blog was originally published at tara-mtg.net)

Network with over 700 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
743 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 →

Join Alex Deacon’s fast-growing Pittsburgh Landlord Group on MeetUp.com! Connect with other Landlords for monthly seminars with Q & A! Click below!

Pittsburgh Landlord Group

Carnegie, PA
234 Members

This is a great venue for Real estate investors, real estate agents and property managers to expand your knowledge and to help others in the field of being a landlord. We will…

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

Red Tree Mortgage: https://www.redtreemtg.com/

Read More
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