Will home loan interest rates go down again?

Will home loan interest rates go down again?

Good question! I'm glad you asked. I decided to confide in my mortgage expert, Mariah Trujillo with Legacy Mortgage, on this question because I hear it quite often lately.  The short answer, most likely not.

Why not?  Another good question.  Even though the rates did tick down a little the past two weeks, experts like Mariah feel that rates will not go low or even stay at the current rate (which is 4.25% as of 1/14).  The main reason the rates down just a bit was because the job rate was much lower than what most economists predicted, 74,000...  Not good.  BUT, supposedly the economy is on an up swing, which is good for the economy but not good for interest rates.

I have been hearing that we have hit bottom for quite some time.  Since I have heard this for a while it must mean that have been "skipping" along the bottom.  Many say our economy is ready to recover.  If this is true, then rates will follow.  As the economy moves upward, so will interest rates.  In addition to the economy causing rates to rise,  Freddie Mac and Fannie Mae's service fees will increase as well.  These fees will be passed along in buyer's interest rates.  This should increase rates by .25%  These fees are certain to happen within the next few months or even weeks.

So, rates will rise.  We have been spoiled by great rates for quite some time now but, to me, anything below 6-7% is great!  If you are thinking about buying a home and are qualified at a certain amount, strike now while the iron is hot!  If you don't, the amount you have been qualified for will slowly dwindle.  Now is a good time to buy if you can afford it!

by Tim Fish

Making logical decisions as an Albuquerque home seller

Making logical decisions as an Albuquerque home seller can be difficult at times, especially if you have loved the home you are selling.  One would think that this applies to only to those selling their primary residence but it can happen to investors as well.  I have experienced this first hand.  If an investor has had to overcome several obstacles to selling the home (repairs and upgrades), their logic could be clouded.  For example, if an investor has put several personal hours into the home, it is often hard not to became emotionally attached.  As an investor I can only advise you to keep it real business like and to keep a realistic eye on the market.  It is what it is.  You DO NOT decide what your residential property is worth.  The real estate market will do that for you.  If we all could call the shots on what we get for our homes, well, we would watch another bubble burst and we all know how much fun that was to watch...

Now on to those selling their primary residence.  Delusions of grandeur can be your worst enemy.  Believe that!  I see it so many times and it is extremely painful to watch.  Just recently I witnessed a seller terminate a deal over a $2,500 radon mitigation request from the buyer.  The home was listed for $450,000...in Sandia Heights.  Although it is picking up in Sandia Heights, it is not the most brisk of market places.  Now, if the seller were to set back, realize that their home had been on the market for 200 days and that their mortgage payment of at least $2,500 month was a real factor, they would have taken the request and ran to the closing table.  They did, however agree to a long term radon test of 90 days because they are (obviously) trying to save money and wait for different radon level results, right?  90 days.  In dollar terms, $7,500 later in mortgage payments.  AND no guarantee of passing radon levels.  Do you see where I am coming from here?  Spite can be a very expensive thing when selling a home.  Do not fall into the trap if you truly want to sell a home.

I certainly hope this helps if you are selling or planning on selling your home here in Albuquerque.  Just remember, as harsh as it may sound, the market does not care about your personal ties to the product you are trying to selling.  All the market cares about is that the quality and location of your products flows with the correct price.

by Tim Fish

If you're purchasing a Home.....

I have found if you are purchasing a home the most important step, that is most often overlooked, is a consultation with your Albuquerque Real Estate Agent.

The purpose of the meeting should be share your home buying goals and to establish realistic time lines. You should be prepared to share the amount of money you have available to invest in a down payment and to pay in closing costs. Also be prepared to set an appointment for a mortgage application. I know that this may seem like setting the cart before the horse, but it is better to know what you are qualified to buy before running around looking at everything that catches your eye!

This is also your opportunity to be sure that the agent you work with will be a good fit for you! Be sure you chose an agent that listens to you. If an agent is taking notes during your consultation that's certainly a good sign. If they ask about your family that's a good sign too. This relationship must be based on mutual trust so be prepared to commit to your agent and have them commit to you. It's a good idea to know each other's schedules!

Ask the agent which Title Company they prefer, which Title Officer, and who they recommend for the home inspection and Home warranty should you want one. You should ask which mortgage companies has delivered the best results, and which loan officer they have had the best results with.

Be prepared to talk about your family. The interests of the children are important parts of the the home buying process. Do they like to play sports, where do they play? Is the school district important? Do they have special needs? What are your interests? All this information helps your agent find the best fit for you.

So remember, Don't just call any Albuquerque real estate agent and begin your search. Take an hour or so and really connect to your agent. They are there to help!

If you have any questions about this blog or anything else real estate please don't hesitate to contact us at TheAlbuquerqueRealEstateGroup.com

What improvements will yield the best results?

Here is a question that everyone seems to ask when selling an Albuquerque home. "What can I do to my home to give the best return?"

Well, my first response is to ask what they mean by "return"? Is it an increase in price that they are looking for, or is it a faster sale with the desire to get back what they put in the property in the way of cash?

1. Clean up the landscape! Pick up the toys, trim the trees and bushes. Clean out the flower bed, and clean up after the dog. Look at your front yard from the street. Does it look inviting? repaint the front door and replace the handle with a new one. Make the home look inviting. This first impression is the most important!

2. Clean the home and de-clutter, it's free! The kids don't need all their toys right now and you certainly don't need the year magazines piled up next to the sofa. Look at your kitchen countertops and take everything that is on them. Put up the toaster, get rid of the plastic flowers, de-clutter here too!Take down the family photos from the hallway walls, they're distracting and make the hall look narrow!

3. Clean up the landscape! Pick up the toys, trim the trees and bushes. Clean out the flower bed, and clean up after the dog. Look at your front yard from the street. Does it look inviting? repaint the front door and replace the handle with a new one. Make the home look inviting. be sure the garage doors are painted and not damaged.This first impression is the most important!

4. Paint is cheap! Paint your property a nice neutral color, even white will work. The smell of fresh paint is always a good thing. People look at how the owners care for their home. Nice clean walls indicate someone cares

5. New flooring is a good thing! Re-carpet the home with a nice neutral "Realtor tan" carpet. Potential purchasers are always impressed with new cushy carpet so don't skimp on the pad.

6. New Kitchens are killer! Look at your kitchen, is it what you wanted it to be? if not consider replacing the countertops. Depending on the price range of the property you will have to decide whether or not formica will be accepted. If not then consider tile,  then Granite tile, then granite countertops. I know some of these options are expensive but look at your competition and decide what would be the best solution.

7. Bathrooms must be clean and not "worn out" pink tubs and other pink fixtures quickly date the home as well as the homes infrastructure. Buyers concerns arise when the see outdated fixtures in a bath. These have a huge impact on buyer's decisions.

8. New Cabinets throughout are wonderful. And some of these cabinets are reasonably priced. Go to Lowes or Home Depot to price their cabinets. You could be surprised!

You will get bang for your buck with any of the above improvements. Begin with number 1 and do as many as possible. But remember items 1-5 are inexpensive and will produce more money in your pocket!

For more information regarding this selling your home in Albuquerque or any other real estate related questions please feel free to contact us! TheAlbuquerqueRealEstateGroup.com

Albuquerque's Housing Market Turns a Corner

Yes, that's the title of the front page of the Albuquerque Business Outlook for February 11, 2013!

Could it truly be? Have we turned a corner? Let's take a look at some statistics:

1. Albuquerque home sales have posted a modest increase of 1.7% in sales price moving from $201,513 in 2011 to $204,513 in 2012. This is the first "real" improvement since the housing bubble burst.

2. This price increase was in-spite of the fact that 1 in 10 homes closed in 2012 were short sale transactions. These short sales will soon go way of the dinosaur as this inventory slowly drys up.

3. Albuquerque home investors have entered the market once again as they sense the market is moving upward as well.

4. The Albuquerque Board of Realtors has stated the inventory is going down. There are less homes to buy than there was a year ago by about 33%.

5. The Albuquerque Board of Realtors spokesperson has stated the market is beginning to norm

This all points to positive conclusions. But a threat remains. If the government eliminates the mortgage interest rate reduction, a valuable tax break that encourages home ownership in America, real estate prices will plummet, home sales will plummet, and investors will leave the housing market for more lucrative sources for their money.

All this will be decided by our lawmakers soon. Encourage your lawmakers to vote against the reduction or elimination of the Mortgage interest deduction. Do that today!

As always we really appreciate you using our site for all your real estate needs! TheAlbuquerqueRealEstateGroup.com

Five (5) Reasons not to List your home for sale NOW!

There's a lot of talk about whether or not now is the time to sell your Albuquerque home. So, after a great deal of thought, I decided to give you some reasons not to list your home now:

1. You really don't want a bunch of people running through your home

After all, with an increase of 9.2% over 2011, the chances are you would get the most traffic through your home right now. You don't want that increased traffic because it would just mean more dirt on the carpet and increase the probability of getting an offer.

But you might not like all that traffic.  It'll get your carpet all dirty...

2. You really don't want to compete for a sale on your home when the supply is low. 

Heck, it's down 21.6% nationally, and Albuquerque's supply of homes for sale are at 2006 levels.

You're the competitive type that likes to run with the bulls! Bring 'em on, you want to compete with as many other sellers as possible. This way the chances are you won't be forced to clean out that garage, paint the kitchen and you will be able to stay in that house that's too small. Perhaps you want your neighbors to sell their home first. That's thoughtful!

Yes, you could to run with the bulls....because running with the bulls is always a good idea.  Along with base jumping and swimming with sharks...

3. You want to wait until there are more new homes on the market

Why place your home on the market before the builders have a chance to regain their inventory? You want potential buyers to compare your home to those clean, fresh, shiny things popping up all over town. You thought it through and you will just tape that oven door shut so they won't see that the self cleaning program doesn't work so good anymore. You think that your home and the new ones really don't compete with each other. (You're actually right on that assumption)!

Yes, you could wait...because those traffic patterns on your carpet and water stains on your shower door add character...

4. You want to pay more money for your next home

The economy needs a boost and you want to do your part. The interest rates in Albuquerque will go up, you're sure of that and if you wait just a little longer you will be able to pay more in payments. And...as demand increases and the supply goes away you will be able to contribute even more by paying more for your next home as the price goes up!

Yes, you might be loaded with $, and you want to pay more in the future that you would pay now...

5. The market is "coming back" and you are going to wait until it gets "where it was"!

You're a gambler, you road this market from the peak to the very bottom. Oh sure, there were times when you saw what was happening but you held on.....all the way to the bottom. Oh sure, you had your home on the market during the free fall but never quite had the timing right on that pricing thing. You relied on the advice of all your friends proudly ignoring the advice of the professionals. But this time will be different. You know what you are doing, you have learned from your mistakes. You will wait until it comes back, sell your home take all that money and write offers that "make the seller's eyes water" and literally steal your next home because they won't be as informed as you.

Yes, you could wait for the "Market to come back" regardless of the jobs reports and condition of the economy...

Of course these are the 5 most ridiculous reasons to wait to place your home for sale. If you have any questions, or if you would like speak with me, please don't hesitate to contact us.......(Or you could wait...that's sarcasm dripping from you monitor.)

Need a reason to list now? Here are 4.

1. Demand is high

  We haven't seen activity quite like this since 2007.  According to the National Association of Realtors,       sales are up 9.2% from 2011 and there is no sign of that number slowing down.  There are several buyers out there and they are ready to buy!

2. Supply is low

  The Albuquerque real estate market has not seen it's inventory this low since 2006.  Homes are being picked off the shelf at a pace that is hopeful.   Nationally, inventory is down 21.6%.  If you are thinking about selling you Albuquerque home now, stop thinking and do it!  If you can get your home on the market before spring when historically inventory spikes, you may be able to sell your home before those spring homes hit the market.

3. New Construction is coming back

  When was the last time you heard anything good about new construction?  If you haven't noticed already, take a look around as you drive through Albuquerque.  Homes are going up and they are going up fast!  It is difficult for a home buyer to resist all those shiny new features that come along with new homes in Albuquerque.  Get your home on the market before they really begin to effect inventory as well!

4. Interest rates are predicted to inch up

  This really needs no explanation and was pretty inevitable.  The 3.75% will soon go the way of the Dodo...

These are four good reasons to list your Albuquerque home.  Give us a call.  We would love to help!
 
 

Picking up the Pace? Really?

The Wall Street Journal posted an article today that indicates troubled home owners are beginning “picking up the pace” to resolve problems with distressed loans.

Short sale contracts could see the effects of this change when would be sellers stop negotiations on Albuquerque Short sales because they and their lenders have come to an agreement regarding some sort of loan modification.

This is further evidence of a strengthening economy and is a good thing for homeowners and the country as a whole!

What's next...?

Thinking about buying an HUD foreclosure?

  HUD foreclosures can be a very good buy, and because of the pricing it is a tempting thing to do. But is buying a HUD home for everyone?

  No.

  Purchasing a HUD foreclosure is tricky and should be approached with caution.
Once a sales price is established and agreed by HUD, it is wise to have an independent inspection of the home. This will give you an unbiased opinion as to the condition of the property. The cost of the inspection varies but you can expect somewhere $350- $1000. The inspections are the cost of the buyer and must be paid at the time of the inspection.

  Additionally, if the utilities must be turned on to complete the inspections, they must be turned on in the Buyers name and that cost must be paid in advance as well. If the property has been winterized the buyers must deposit a de-winterization fee with HUD to be used to re-winterize the property after the inspections have been completed.

  If the utility meters have been removed the buyer is responsible for the installation of the meters at the time of reinstall. If the gas meter has been removed the buyer must pay for a pressurization test to insure the gas may be turned on to the property.

  Obviously, the cost of determining the condition of the property could exceed $1,000!
If you decide that you do not want to purchase the home the monies paid are gone.

  So, before you are tempted with what seems to be a great deal, remember what it will cost you just to find out!

Tips for Avoiding Closing Delays

It happens sometimes, and its no fun but there are delays in closing for time to time.  There are a few things that you , as the home buyer, can do to avoid delays and here they are -

• Be sure your Realtor has submitted all inspection invoices if applicable. Most inspectors these days require that payment be made up front but some do not.  If those inspectors submit an invoice, the title company will need that documentation. When drawing up a final HUD statement, the escrow office will need to know who is paying for what.  
• Invoices from all repairs should be submitted as well.  There are often repairs to be made and if the contractor's invoice are not on the HUD statement, it could put the brakes on the closing.
• If you cannot be at the closing and intend to use power of attorney, you MUST provide the title company with all the proper paperwork.  If you do not know what the proper paper may be, call your Realtor or escrow officer ASAP so you can get this over to the title company right away.

These are a few things that can help when buying a home in Albuquerque New Mexico.  Your Real Estate professionals should be more than capable to help you with any questions you might have regarding you closing process.

by Tim Fish

Does the house qualify??

So, you received your pre-approval for an FHA loan and you are ready to go see all the good deals that you have seen in the Albuquerque MLS.  Some of the deals look amazing!  You think to yourself "I can do some work on the home.  I'm good with a fixer-upper!"

Hold that thought...

If you have been qualified for an FHA loan there will be several things that the home itself must qualify for if your lender is going to invest in you and that home.  These items can range from a non-functional furnace to missing tiles or shingles on the roof to significant cracks in the walls or slab.  In other words, the home must be "turn key" in order for it to pass the FHA test which will be done by a certified FHA appraiser.

So, I would be willing to bet that a majority of those great deals are Albuquerque short sales or bank owned properties.  These homes are all sold as is.  The seller will not pay for inspections OR repairs.  You may get lucky on a foreclosed home (not HUD) and get the bank to pay for the FHA required repairs, but don't count on it.

My point is this; be careful about buying these types of properties and be SURE that your Realtor is experience in these types of deals.  They can be very risky and, before you know it, you could have thrown $1,200 at a home that will not qualify for the loan itself.  The inspections should be staggered and done one at a time based off what you and your Realtor discuss.  Paying for the home inspections one at time rather than all in one day could save the Albuquerque home buyer money.

by Tim Fish

Getting Ready

Before you begin selling or even looking for the home of your dreams, there are a few things you should do first.  Total preparation will help make the home selling and home buying process smoother and much more efficient.

Organize Your Finances

- Get a free credit report

- Make a household budget.  Figure out where money is coming and going.  You will need to know you income vs. you debts.

- If you haven't spoken to a mortgage professional yet, you can do he/she a favor by starting to gather the following items:

   - 3 years of income tax returns
   - Bank statements for the past three months. ALL PAGES!!
   - Current copies of pay stubs
   - Records of past derogatory credit issues that have been resolved (if need be)
   - Also, proof of supplemental income (if need be)

- If there has been a recent divorce or a bankruptcy, the lender will need to see all of those documents as well.

- And last, but not least, pay off minor debts and do not incur new debt (don't buy anything for the new house!)

Shop your loan according to your profession

There are several loans that may be specific to your area.  For example, here in New Mexico there is a loan that some qualify for that helps the buyer with down payment called NMFA.  You should be aware of such programs.  The best way to educate yourself is to speak with a mortgage professional like Mariah Trujillo at Legacy Mortgage.  These professionals are KEY to getting the best programs possible for you.

Call if you need home buying or selling help!

by Tim Fish

Glenwood Hills Albuquerque Homes

The Glenwood Hills Neighborhood is nestled along the Sandia Mountain foothills on the eastern border of the city of Albuquerque. Located south of High Desert, this community is well established with larger size lots and streets that seem wider than newer subdivisions developed these days.

There is easy access to many hiking and mountain biking trails in the Sandia Mountains and the paved bicycle/pedestrian trail that runs for 10 miles along Tramway Blvd. Makes exercising convenient. But if you prefer a gym, there is the Highpoint Sports and Wellness fitness center within walking distance. It is a private club that features such amenities as tennis and aquatics.



Glenwood Hills real estate is also located in close proximity to several shopping areas and many good restaurants so you have all the conveniences of city living. Eldorado High School is the public high school for this area. It's a top rated school in Albuquerque.

Another bonus is the police substation at the entrance to Glenwood Hills.Convenient city amenities and the Cibola National Forest creating a beautiful mountain landscape as your backyard, who could ask for anything more? Well, as a matter of fact this area has an active and effective voluntary property association that looks after the security and interests of it's homeowners. It is a really nice place to live and Glenwood Hills homes for sale are popping up daily. Contact The Albuquerque Real Estate Group for homes available in this area.

by Tim Fish

Buying in North Albuquerque Acres: Wells and Septic Tanks

Homes in North Albuquerque Acres range from double wide horse properties to $600,000 to $1,000,000 homes and sometimes more. There are several things to considering when buying in this area and the two biggest, in my opinion, are wells and septic tanks.

Some homes in Nofth ABQ are tapped into city sewer and city water but there are several homes that contain their own wells and septic tanks. These should be looked at closely when purchasing a home in this area. It is an absolute requirement that the septic tanks are looked at. Some of the septic tanks have been install quite some time ago and may need to be updated to the newer three chamber system, which is basically a sewage treatment system on the property. Once the septic issues have been ironed out (if any), the septic system will have to be recorded in the new owners name along with the well.

Well inspections typically will test the quality of the water and the condition of the well equipment itself. If the well water tests come back bad, the well water itself may be corrected, so don't freak out! Ask your Realtor to explain your options so you are crystal clear on what must be done in order to ensure the water supply to the property.

Happy home hunting!! Call us if you need help or have questions at 505-385-9303

By Tim Fish

Top 10 Albuquerque home buying tips 3 of 10

My #3 tip for buying an Albuquerque home for sale, whether you are looking for Sandia Heights homes for sale or Glenwood Hills Real Estate would be this - try not to see too many homes.  There are several homes for sale right now in our Albuquerque MLS and it could be a bit overwhelming.  Try to narrow down your needs and the area you would like to live in and work with your Realtor to search for the right home.  It can be very confusing and very exhausting trying to see too many homes.  This, more often than not, will burn out a buyer.

So, communicate your needs with Realtor and he or she will get you on the right track!

By Tim Fish

Zillow states they are the "Largest" real estate website

The Big "Z"?

Things are changing in the Real estate web world as Zillow moves into the number 1 spot. Many agents are paying fees to be a part of the Zillow "Premier Agent" program. Zillow then takes the funds they receive from "Premier Agents" to assist in funding their site.

Problems exist for Zillow in the New Mexico search because New Mexico is a non-disclosure state. This means the terms of New Mexico home sales are not made public. In most areas the Zillow Zestimate of value is very accurate, however, our disclosure laws cause a real problem with Zillow Zestimate.

When a market analysis of value is needed in New Mexico, whether it be homes for sale in Corrales or homes for sale in Sandia Heights, A trusted real estate advisor is necessary.

At the Albuquerque Real Estate Group we use the same comparable data that is made available to the lenders appraisers.

If you are looking for fast and Accurate estimates of value please feel free to give us a call! We would love to help you!

As always, for all your Albuquerque real estate needs, whether Albuquerque Homes for sale, or
Albuquerque Real Estate Brokers, be sure to contact The AlbuquerqueRealEstateGroup.com

by Tim Fish

Thinking of buying a home now in Albuquerque?

Thinking of buying your first home? Is now the right time? Is this the bottom of the market?

Despite the economic hard times our Country has seen lately, the housing market here in Albuquerque has been showing signs of recovery. Home prices are low and interest rates are very good. There are some great deals just waiting for buyers to snatch up.

The fun part is looking at all the options a buyer has these days. From brand new homes that can be somewhat customized to bank owned fixer uppers and everything in between.

The first thing a potential new buyer needs to do is figure out how much home they can afford. Most people have no idea. This is why speaking with a lender is so critical. Sometimes buyers are surprised at how much home they can afford. Also taking into consideration, the tax breaks of home ownership.
Other times, they are surprised to learn that monthly payments will include private mortgage insurance or taxes higher than they assumed. Either way, this is the first step.  Whether you are looking to at homes for sale in Rio Rancho or homes for sale in Glenwood Hills, we can help!

At the Albuquerque Real Estate Group we work with lenders that make this first step super easy. With one phone call a buyer can get all their loan related questions answered. It is a simple process to start.  There are many programs available and it is essential buyers finds the right one. Another plus is that then a buyer knows what price range they should be looking in.

Then comes the fun part, looking at homes! Our website is a great way to search for homes in Albuquerque and the surrounding areas. Feel free to call or email us with any questions. We are waiting to help you find your new place to call home. As for the question "Is this the bottom of the market?" Nobody really knows. In fact there is only one way to tell...and that is when the market is on it's way back up. Don't miss out!!

By Tim Fish

North Albuquerque Acres, A great place to live!!

An area that has received increased attention is in the extreme northeast section of the city, and it is called North Albuquerque
Acres.

Originally it is said that this distant area of Albuquerque was used as an enticement to get young professionals to relocate to your fair city. When they came they received a lot! What a deal right? Well back then it was a long way north of the existing City limits!

Times have changed! Now North Albuquerque Acres provides a tranquil escape from the inner city life. One of the main attractions of the area is the abundance of wildlife! I remember that one Christmas eve my wife and I returned home to be greeted by a small herd of Deer in our front yard. Quail are a big part of the area as well. In the spring it is common to see a mama quail running down the rear wall when a half a dozen babies all in a line running right behind her.

On another occasion I recall standing in my backyard watching the sun set on the Sandia mountains and suddenly the largest Owl I have ever seen came swooping up and landed on our roof. Our feathery visitor remained there for about an hour before it flew away.

Almost every night you can hear the sound of coyotes howling during those waining moments of day light. Then only quiet exists.

We loved it there and I can recommend North Albuquerque Acres homes for sale to anyone wanting city convenience yet a country atmoshere.

Be sure to visit our site and watch the Video on North Albuquerque Acres!

As always remember, we are here to assist you!

by Tim Fish

Several choices in (Home) shopping - guest blog, Lorri Zumwalt

My teenage daughter and I were shopping the other day. The sales associate that helped us was someone that clearly did not belong working with the public. She was incredibly rude and condescending. Argued with me over whether a product existed or not. I was right. I knew more about what she was selling than she did.

Yeah, it was the make-up counter at a department store. Let's not underestimate the importance of finding the right anti-aging serum. Also, it was gift with purchase time.

My daughter is in her second year in a high school marketing class. She is very observant and notices both good and bad customer service, even at age sixteen. She said "Let's go to another store that sells this same stuff!" My response was "You are right, I will not give her my business." My daughter is aware that consumers have options.

We at the Albuquerque Real Estate Group understand that you have options too. Our goal is to give excellent customer service, whether you are looking for Rio Rancho real estate or Edgewood real estate. We want people to share their experience as a positive one. If you are looking to buy or sell Albuquerque real estate, please contact us!

My daughter and I both made purchases that day from the same store. Like I said it was gift with purchase time and that limited our options. We just found a different sales associate that had a great attitude and was happy to help us. After I explained to my daughter that these ladies work off commission she said "That first lady will not last very long!" I could not have said it better myself!

Happy Shopping!! :)

by Lorri Zumwalt

Top 10 Buyer's Tips 2 of 10

It always seems to amaze me how much paperwork is required to acquire a home mortgage, and rightly so.  After all, buying a home buying in Albuquerque should not be taken lightly.  Buying a home is most likely the largest investment a family or individual can make.  The entire process takes about 30 days, give or take.  There are several documents that are required by an underwriter during this process.    Then, just when you think you have given everything you possibly can, they will ask for more.

In my opinion, the process is justified by the current market conditions.  When I first started selling Albuquerque homes for sell, the running joke was "fog a mirror, get a loan".  "B" paper was a popular category.  Almost anyone could get a home mortgage.  Then the floor fell right from underneath us.  Hence the strict guidelines today.

So, my number two tip for buying a home in Albuquerque, whether you are looking for a homes for sale in Tanoan or homes for sale in Edgewood, GET PRE-APPROVED!  Not pre-qualified but pre-approved.  Once you have obtain prof of your pre-approved in the form of a letter, then hit the pavement with you Albuquerque Realtor and find that home!  One more thing.  I recommend using a local lender that knows your current market.  They will most likely know how to avoid many of the pitfalls that a large, out of state lender would not be privy to.

by Tim Fish