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Don’t Let Your Luck Run Out! Buy A Home This Spring

by Melissa Dierks

Some Highlights:

  • Interest Rates for a 30-year fixed rate mortgage have dropped to 4.41% from near 5% in 2018.
  • Take advantage of more inventory coming to market in the spring to find your dream home!
  • Buying now will allow you to start earning equity today!

Source: mykcm.com

 


If you're looking to buy, sell, or invest in the Phoenix or surrounding area, CALL The Regal Team Today.

 

Melissa Dierks, Owner of The Regal Team of Keller Williams Professionl Partners

Certified Military Residential Specialist

Direct: 623-229-0154

Email: melissa@theregalteam.com

7 Things To Avoid After Applying for a Mortgage!

by Melissa Dierks

Congratulations! You’ve found a home to buy and have applied for a mortgage! You are undoubtedly excited about the opportunity to decorate your new home! But before you make any big purchases, move any money around, or make any big-time life changes, consult your loan officer. They will be able to tell you how your decision will impact your home loan.

Below is a list of 7 Things You Shouldn’t Do After Applying for a Mortgage! Some may seem obvious, but some may not!

1. Don’t change jobs or the way you are paid at your job! Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.

2. Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.

3. Don’t make any large purchases like a new car or new furniture for your new home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher debt to income ratios… higher ratios make for riskier loans… and sometimes qualified borrowers no longer qualify.

4. Don’t co-sign other loans for anyone. When you co-sign, you are obligated. As we mentioned, with that obligation comes higher ratios as well. Even if you swear you will not be the one making the payments, your lender will have to count the payment against you.

5. Don’t change bank accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is consistency among your accounts. Before you even transfer money between accounts, talk to your loan officer.

6. Don’t apply for new credit. It doesn’t matter whether it’s a new credit card or a new car. When you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), your FICO score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.

7. Don’t close any credit accounts. Many clients have erroneously believed that having less available credit makes them less risky and more likely to be approved. Wrong. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both those determinants of your score.

Bottom LineAny blip in income, assets, or credit should be reviewed and executed in a way that ensures your home loan can still be approved. The best advice is to fully disclose and discuss your plans with your loan officer before you do anything financial in nature. They are there to guide you through the process.

 

Source: mykcm.com

 

If you're looking to buy, sell, or invest in the Phoenix or surrounding area, CALL The Regal Team Today.

 

Melissa Dierks, Owner of The Regal Team of Keller Williams Professionl Partners

Certified Military Residential Specialist

Direct: 623-229-0154

Email: melissa@theregalteam.com

Preparing to "Spring Forward"

by Melissa Dierks

Preparing to Spring Forward [INFOGRAPHIC]

Preparing to Spring Forward [INFOGRAPHIC] | MyKCM

Some Highlights:

  • In the majority of the country, this weekend marks the start of Daylight Savings Time as we set our clocks forward an hour on Sunday at 2:00 AM EST.
  • Whether you plan on buying or selling this spring, these tips could help you ‘spring ahead’ of your competition!
  • Spring brings two things: more buyers & more sellers! Get prepared now to stand out in the crowd!

5 Tips to Will Help Your Successfully Buy a Home

by Melissa Dierks

5 Tips to Will Help Your Successfully Buy a Home 

If your New Year’s resolutions include buying a home in 2019, there are a few things you should know before you hit the streets. Here are five tips to help you successfully buy a home.

  1. Have a plan: Do your research and homework before you go into the market place to shop for a home. Pull your credit report, review your finances and make a list of requirements you need in your home. Research areas, schools, builders, square footage and floor plan options. Having a plan will help you stay on track with the goal of buying a home.

  2. Know your budget: After you have reviewed your finances and your credit report, it is a must that you speak to a qualified loan officer – unless you plan to pay cash. Getting approved for your home loan first, will help you set a budget that you can search within. You would not want to fall in love with a house that is out of your affordable price range nor would you want to make an offer on a home you could not qualify to buy.

  3. Save for your down payment: We’ve all heard the saying, “Cash is King” – if you need a home loan, being approved with a reputable mortgage company and having a strong down payment, will increase your negotiating ability. A larger down payment is favorable for both the seller and the mortgage company. An FHA loan requires a borrower to have at least 3.5 percent for a down payment, while conventional loans maybe 5 to 20 percent down. The more money you have saved for a down payment, the stronger your negotiating power.

  4. Minimize your demands: In our demanding inventory conditions today, home buyers need to practice the other F word – flexibility. When making an offer, try to minimize your demands or contingencies. Be flexible with your closing date for example – the more you are willing to work with the seller, the better your chances are for getting your offer accepted.

  5. Tell your story: If you are faced with a multiple offer situation, adding a personal touch might be what sets you apart from the others. If possible, try to meet the seller. A face with a name will build a rapport. You may also consider writing a letter to the seller; explain why you want to purchase their home or why they should accept your offer. If possible, ask your agent to present your offer and letter in person to the seller.

It’s a great time to become a homeowner in the Valley of the Sun – if you or anyone you know is looking to successfully buy a home in 2019, please give us a call today!

Melissa Dierks

The Regal Team of RE/MAX Professionals

20241 N 67th Ave A1

Glendale, AZ 85308

(623) 229-0154

www.theregalteam.com

Follow us on Facebook!

The Regal Team Home Inspection Series 4- Roof

by Melissa Dierks

The Regal Team Home Inspection Series 4- Roof

The Regal Team is excited to present part five of our five-part series on residential home inspection. Hear from a licensed home inspector on the various things they are looking for when it comes to inspecting your home.

With the various types of roofs in the Phoenix area, there are several things to look for during an inspection. A roof inspection is a way of determining the level of wear and tear on a roof, how much life it has left in it, and if there is a need for repair currently or soon in the future. Roof inspections involve looking for signs that indicate the wear on shingles and other roofing materials. A roof inspector does not need to remove any part of your roof.

In this episode, Kris Hauser with Insight Real Estate Inspection Service shares his expertise that will help you have a better understanding of our roofs here in the Valley of the Sun!

Kris can be contacted at (623)594-8131 or (623)297-1584 for additional questions you may have related to home inspection services. We hope this interview between Kris Houser with Insight Real Estate Inspection Service and Robert Dierks with The Regal Team will enlighten you a little more on what you need to know about inspecting your roof.

As always, please contact The Regal Team of RE/MAX Professionals for ALL your residential home purchase and selling needs!

Melissa Dierks

The Regal Team of RE/MAX Professionals

20241 N 67th Ave A1

Glendale, AZ 85308

(623) 229-0154

www.theregalteam.com

Follow us on Facebook!

BACK ON THE MARKET AND HOLDING AN OPEN HOUSE

by Melissa Dierks

Join Robert as he hosts another "Open House" event on Sunday, November 4th, from 12:00 to 3:00.

This beautiful home located in Glendale, AZ is nothing short of an entertainers delight! Just in time for the holidays, you will have the opportunity to host your guests in this amazing 4 bedroom / 3 bathroom home. A back yard that will provide countless hours of entertainment for your friends and family!

Don't miss this amazing opportunity to call this "HOME"..

 

 

Melissa Dierks

The Regal Team of RE/MAX Professionals

20241 N 67th Ave A1

Glendale, AZ 85308

(623) 229-0154

www.theregalteam.com

Follow us on Facebook!

5 Percent Mortgage Rates Are Back!

by Melissa Dierks

5 Percent Mortgage Rates Are Back!

The average rate on the 30-year fixed sat just below 4 percent a year ago, after dropping below 3.5 percent in 2016. It just crossed the 5 percent mark, according to Mortgage News Daily.

The benchmark 30-year mortgage rate spiked fifteen basis points to 5.04 percent from 4.89 percent in the previous week, according to Bankrate.com’s weekly survey of the nation’s largest mortgage lenders. Meanwhile, the average 15-year fixed mortgage rate surged 15 basis points to 4.41 percent and the average rate for a 5/1 adjustable-rate mortgage rose 7 basis points to 4.42 percent.

Mortgage borrowers are taking note of soaring rates. Total mortgage applications fell 1.7 percent from the previous week, according to data from the Mortgage Bankers Association’s weekly applications survey for the week ending Oct. 5. That’s down nearly 15 percent from a year ago.

Refinances, which are more sensitive to rate changes, dipped 3 percent from a week ago, the MBA reported. Overall, refinance activity sank to 39 percent of total applications from 39.4 percent the previous week and is down about 32 percent from a year ago.

Rising home prices and tight inventories for starter homes won’t abate in the year ahead, says Joel Kan, an MBA economist. And although year-over-year growth in purchase applications is expected, the movement will be gradual, Kan says.  “With the economy doing well and job market still strong, we’re starting to see the fruits of that and opportunities will be there,” Kan says of homebuying demand.

Higher mortgage rates mean now is a good time to buy a home as higher home prices are likely to become more affordable and homebuyers will have a better chance of finding a home in their price range and more likely to have an offer accepted. Its important to note that while higher rates may drive prices down, a higher interest rate does impact your buying power. What does buying power mean? Simple put, what you can afford to buy at an interest rate of 5 percent will be less than what you can afford to buy at an interest rate of 3 percent.

So, if you’re in the market to buy a home, now is the perfect time take advantage before rates go up more, and your buying power goes down. Contact the Regal Team today for more information about the new mortgage rates and get prequalified to buy a home in Phoenix.

Melissa Dierks

The Regal Team of RE/MAX Professionals

7111 W Bell Road, Suite 101

Glendale, AZ 85308

(623) 229-0154

www.theregalteam.com

Follow us on Facebook!

 

This communication is provided to you for informational purposes only and should not be relied upon by you. RE/MAX Professionals or The Regal Team are not a mortgage lender and so you should contact a qualified mortgage broker directly to learn more about its mortgage products and your eligibility for such products.

3 Key Things to Do Before You Get Your Keys

by Melissa Dierks

3 Key Things to Do Before You Get Your Keys

After months of saving, searching, waiting, and signing paperwork you’re finally ready to unload those moving boxes and start getting settled in. But even after you close on your home, the moving frenzy can feel like an ongoing series of to-do lists to no end. And though it’s tempting to take it easy and start arranging your furniture and hanging curtains the minute you get the keys to your new home, stop and remember the 3 key things to do before you get your keys.

1.) Change the locks: Before you even so much as drop one box into your lovely new domicile, be sure to change the locks or have them rekeyed. You never know who may have a copy of the original keys and it’s better to be safe than sorry. You can pick up locksets at your local home improvement store and they are relatively easy to install yourselves.

2.) Locate the circuit breaker: Doesn’t sound super important, but locating the circuit breaker in your new home is one of the first things you should do prior to move in. There’s nothing worse than having a power outage during a move that leaves you struggling to find the breaker. Even if electrical testing during your home inspection went well, it still doesn’t hurt to know where your electric box and switches are. It’s also a good idea to label your switches clearly in case of emergency if they aren’t labeled already.

3.) Change the alarm batteries: It’s likely your fire alarm and carbon monoxide detectors were tested during the home inspection process of your home buying experience. But making sure your alarms have fresh batteries will benefit you in the long run. In the shuffle of moving in and getting settled in, it’s an easy step to forget that could save lives later.

Remember these 3 key things to do before you get your keys and you’ll have just that much less on your to-do list as you settle in to your new home. Looking to buy an Phoenix home this summer? Contact The Regal Team today, and we’ll help you navigate through each step of the process to assist you with making the best real estate investment decisions and find the perfect home for you!

Melissa Dierks

The Regal Team of RE/MAX Professionals

7111 W Bell Road, Suite 101

Glendale, AZ 85308

(623) 229-0154

www.theregalteam.com

Follow us on Facebook!

Improve Your Credit Score With These 5 Hacks

by Melissa Dierks

Improve Your Credit Score With These 5 Hacks

Our credit report tells a financial story of us as payers of debt, and it has a long memory. A low credit score means that you will be charged a much higher interest rate when you apply for a home loan. Additionally, you may be required to contribute a much larger down payment of cash. Finally, if your score is very low, you might simply be denied altogether, although virtually every mortgage company now has special programs designed to help those with bad credit get loans for home purchases. 

Because your credit score affects everything from qualifying for a car loan to, in some cases, qualifying you for employment, it makes since that having the best score will help you obtain your real estate goals. Here are the top 5 hacks to improve your credit score.

  1. If you have any collections or judgments against you, pay them off as quickly as possible.
  2. Pull your credit report at least once a year to review any discrepancies.
  3. Pay all your bills on time by utilizing payment reminders or automatic bill pay options.
  4. Don’t close your credit card accounts because then you’ll be using a higher percentage of your overall credit limit.
  5. Try to reduce your credit card debt to twenty-five percent or less of your credit line on each card.

The sooner you begin implementing these top 5 hacks to improve your credit score, the easier it will be when it’s time qualify for a home loan. If you’re ready to buy a home in Phoenix or if you’re ready to sell your Phoenix home, please contact The Regal Team today to assist you with your real estate needs!

Melissa Dierks

The Regal Team of RE/MAX Professionals

7111 W Bell Road, Suite 101

Glendale, AZ 85308

(623) 229-0154

www.theregalteam.com

Follow us on Facebook!

3 Tips for Making Your Dream of Owning a Home a Reality [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Setting up an automatic savings plan that saves a small amount of every check is one of the best ways to save without thinking much about it.
  • Living within a budget right now will help you save money for down payments while also paying down other debts that might be holding you back.
  • What are you willing to cut back on to make your dreams of homeownership a reality?

Displaying blog entries 1-10 of 66

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Melissa Dierks
Keller Williams Professional Partners
7025 W Bell Road, Suite 10
Glendale AZ 85308
Direct: (623)229-0154
Office: (623)643-1092
Fax: (623)201-7562

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