Real Estate Topics and Tidbits

  https://nichole-whitmire.remax.com/ What is a brokerage agreement? A brokerage agreement is a contract between a real estate agent and a client. The agreement states the realm of services the agent is to provide to her/his client. One common type of brokerage agreement is the exclusive buyer-broker engagement agreement.  This agreement is between a real estate agent and a client/home buyer. The agreement states that the real estate agent is exclusively acknowledged by the buyer as the only agent to represent the buyer in purchasing a property. The agreement outlines the duties the real estate agent is providing on behalf of the buyer in the home purchasing transaction. The buyer-broker agreement is beneficial to protecting the buyer-client's best interest as well as protect the agent in her/his scope of duties. Another common type of brokerage agreement is the exclusive seller brokerage engagement agreement . This agreement is between the home seller and the real estate agent,

  Nichole Whitmire, Cumming, GA Real Estate Associate | RE/MAX Regency (remax.com) The Fair Housing Act was initially enacted in 1968. Its purpose is to prohibit discrimination in the housing market nationwide. The Fair Housing Act specifically prohibits discrimination based on race, color, family status, religion, sex, handicap and national origin. This Act applies to not only the sale of housing but also the businesses of rental, leasing, and financing of the housing market. Though rare, The Fair Housing Act may not be enforceable in some cases. Listed here are a few rare situations that may be exempt;  where the owner also resides in the property, which has four or less units housing owned by religious groups or private clubs that require membership to occupants single family homes sold or rented by the owner without the use of a real estate agent Specific acts that are prohibited (if based on race, color, family status, religion, sex, handicap or national origin) by the enactment o

                                                            image from realtor.com Nichole Whitmire, Cumming, GA Real Estate Associate | RE/MAX Regency (remax.com) When you decide you're ready to become a homeowner, one of the most important preparation steps is to get pre-approved for your home loan.  Here's a few reasons listed below why pre-approval matters. Let's you know any credit issues that need attention beforehand . Getting pre-approved for your home loan means your lender will evaluate your credit resulting in your awareness of any issues. Potential credit issues could catch you by surprise and cause you to miss out on your dream home if waiting to seek a lender after your home search has begun.  Let's you know your price limits of your potential new home.  Knowing the price range of your pre-approved home loan allows the Realtor and you to focus on properties that fit your wishes and your budget. This prevents unnecessary letdowns on homes that may be outsid

  Nichole Whitmire, Cumming, GA Real Estate Associate | RE/MAX Regency (remax.com)   If you've decided that you are ready to pursue homeownership but your credit is not quite ready, here are a few tips to get your credit moving in the right direction. Some of the following tips can boost your credit score quickly while others may take time to show improvement but stay focused on your goal of an overall better credit score. Check for any errors - check your credit reports for any information that you feel is incorrect. You can contact the credit reporting agency regarding inaccurate or incorrect information on your credit report. As soon as you realize an error you should begin the process to dispute the error with the credit reporting agency. Check credit card balances  - lower your total credit card utilization ratio (sum of credit card balances divided by the sum of credit card limits) as necessary. Try not to add new large purchases on your credit cards and actively pay down bal

                      Nichole Whitmire, Cumming, GA Real Estate Associate | RE/MAX Regency (remax.com) Let's continue the discussion of types of mortgage loans. Two other types of mortgages that are commonly available are VA loans and ARM loans.   VA loans are mortgages backed by the US Department of Veterans Affairs. These mortgages are specifically purposed for military veterans, servicepersons and their surviving eligible spouses.  VA loans are considered a very favorable option if available. Some characteristics of VA mortgage loans are low interest rates, no down payment requirement and no PMI requirement. Another positive characteristic of VA home loans is no minimum credit score requirement, though lenders can evaluate the potential borrower's overall creditworthiness. ARM loans (Adjustable Rate Mortgages) are mortgage loans with a low introductory interest rate that generally increases after the initial set period of time. The initial interest rate of ARM loans is usua

Nichole Whitmire, Cumming, GA Real Estate Associate | RE/MAX Regency (remax.com)   There are many different types of mortgages to choose from in today's home financing markets. Each type has pros and cons, depending on the homebuyer's desires. In this article we will only discuss three common types of home loans, out of the many. FHA loans  are mortgage loans backed by the Federal Housing Administration. This type of mortgage usually is attractive to first time home buyers. The minimum FICO score (used by lenders to determine creditworthiness) is about 580 or higher, which allows the buyer to take advantage of a lower down payment requirement of about 3.5%. The debt-to-income ratio (DTI) can vary around 43% according to lender requirements.  Conventional loans  are mortgage loans backed by private lenders. They are sometimes called conforming loans because they meet (or conform to) the Freddie Mac and Fannie Mae funding standards. These home loans usually have higher credit req

  Nichole Whitmire, Cumming, GA Real Estate Associate | RE/MAX Regency (remax.com) Here are a few suggestions to keep in mind when you have decided that you are ready to become a home buyer. Check your finances Check your credit score Choose the right Realtor      Checking your financial standing is an important first step to the home buying process.  Pay attention to your debt-to-income ratio (DTI). Basically, you will need to evaluate your total monthly debts divided by your gross monthly income, then multiply that answer by 100. This will be your DTI ratio used by lenders. Checking your credit score prior to beginning your home search helps you know beforehand whether any issues may need to be corrected or resolved. Pay attention to your FICO score because lenders use this to determine your creditworthiness. Choosing the right Realtor can be a key component to your overall satisfaction with the home buying process. A Realtor that is not only knowledgeable, but also communicates t