Dan Weis

Hi Delaney,

Do you have to pay closing costs at 6%? I would check out a couple of lenders, like I mentioned earlier. I have a client, who went to a credit union, but when they talked with another lender, they got a better rate.
You just need to compare and make sure it's apples to apples. Good luck! - Fri May 9 2008, 13:36

Hi Delany,

There are more questions that need to be asked than what you have here. What are the closing costs involved with these loans? Are these rates with a "no closing costs option", where the lender pays your closing costs with a slightly higher rate?

These are really questions a mortgage consultant should answer; not Realtors. With all of the changes happening in the mortgage industry, you've got to be careful that you aren't be scammed or put into a bad loan. I personally would NOT get an adjustable rate mortgage right now, unless you're one of a very small group of consumers who would benefit by it. Again, only an experience mortgage consultant can help you with that question.

What happens if some months you can't put the difference in payment away or what happens when your interest rate adjusts annually after the first 3-year period? Are you going to be able to cover the interest rate increase? You have to understand that most years you're payment will go up, because property taxes and your homeowner's insurance will increase.

I've worked with Rick Pilger of Union National Mortgage for over 5 years and my clients love him. He's taught home buyer classes with me for years. Rick takes a financial planning approach to helping you determine which type of mortgage is in your best interest. After talking with you and reviewing your credit information, he may tell you it's better not to do anything at this moment. That's the type of person you want to talk with. Rick's number is 513-234-4987 or cell: 513-600-9003.

I hope this helps you.

Take care,

Dan Weis
Real Estate Consultant since 1985
RE/MAX Unlimited Realtors
cell: 513-615-1890
dan@danweis.com - Fri May 9 2008, 12:45

What price range do you want to know the 'average days on market' for? - Tue Apr 1 2008, 11:54

The best thing to do is find a local real estate attorney in your area and have them provide you with a real estate purchase contract. In the past, I've seen templated agreements that you can buy off the shelf and they just are too generic and not detailed enough. Also, have an attorney review and advise you on the agreement. - Tue Apr 1 2008, 06:39

Hi Glenda,

It's important to interview an agent to determine what their experience level is and if you're compatible working together.

You should ask questions like:
- how many years have they been a full-time Realtor?
- do they primarily work with buyers or sellers (you want an experienced buyers agent)?
- what designations they hold?
- how would they communicate with you?
- how quickly would you get access to new listings?
- have they helped buyers in your areas of choice?
- how available are they to show you homes?
- how do they negotiate an offer?
- how do they recommend an offer price?
- how do they show you what the area's market trends are?
- are they knowledgeable about different mortgage programs?
- do they work with a mortgage consultant, who can offer you several mortgage options?
- what buyer guarantees do they offer?
- do they have client testimonials you can see?

You need to understand that you have 4 options: 1) not buy at all, 2) buy on your own, 3) use a traditional salesperson, or 4) use an experienced real estate consultant (who has your best interests at heart).

If you'd like to learn more about how to select an agent and learn about the home buying process, there's a 2.5 hour class tonight at 7pm. For more details, go to my web site below to the buying page and click on the yellow logo. Feel free to follow up with me offline, if you have any more questions. You can call or text me at (513) 615-1890. - Wed Jan 23 2008, 06:31

Hi Camille,

You should start educating yourself right away and be comfortable knowing what the home buying process will be when you find the right home. First question to ask, can you extend your lease month-to-month? You don't want to be rushed to find a home right away that's not exactly what you want.

It's always a good idea to attend a home buyer class for more information on the process. You want to be an informed consumer, who's armed with the knowledge to not be taken advantage of. There's a web site listed below about a home buyer class that's been running for more than 20 years. It's a great place to start.

Then you want to find a buyer's agent, who covers the areas you want to live in. Make sure they have the heart of a consultant and not just a salesperson.

Then before looking at homes, make sure you get pre-approved and are comfortable with the mortgage payments you're qualified for. That way you'll be in the price range that best suits your needs.

If I can answer any questions for you, just email me at: dan@danweis.com . - Fri Jan 4 2008, 09:46