TOP 5 REASONS TO GET PRE-APPROVED FOR A MORTGAGE

Is it really important to get pre-approved for a mortgage

before you start viewing homes?

I can't count the number of times a potential buyer has said something similar to one of the following things when I first meet them...

        *    "I just want to look at some houses...getting a mortgage is not going to be a problem." 

        *    "I have an uncle who works at the bank and he said not to worry about it."

        *    " I talked to a lender 2 years ago, I am sure I will be okay."

So why should you get pre-approved

before you start viewing homes? 

Here is our Top 5 Reasons!

1.  Avoid Heartbreak - Not much is worse than finding your dream home and then finding out you can't get a mortgage for the price of the home.  Getting pre-approved will not only tell you how much of a mortgage you qualify for, but also how much you are comfortable spending.  


2.  Plan Your Down Payment - There are lots of loan programs available, each requiring a different down payment and costs associated with obtaining the mortgage.  Getting pre-approved will help you plan for those costs.


Photo by ilovebutter

3.  Credit Surprises - The credit reports used by most mortgage companies are different than the report you can get online.  Getting that report from your lender early will give you time to correct any mistakes on your credit report or even fix thing to improve your credit score. 

4.  Increase Your Negotiating Power - With the uncertainty in the economy and real estate market, sellers want to be assured that you can afford their home before accepting your offer.   Many sellers will not even consider your offer without a pre-approval letter. 

5.  Don't Delay Your Offer - The basic terms of your financing need to be contingencies of your offer.  In Maine, the purchase and sale offer includes...

type of loan

% of purchase price

interest rate

loan term

closing cost needed by seller

If you have to wait to meet with the lender after you find your dream home, another buyer could negotiate a contract before you are able to gather the information you need to make an offer. 

Buying a home can be stressful.  Proper planning, including a pre-approval will make the process smoother and more enjoyable.  If you have questions or would like to schedule a consultation with a buyer agent, we are happy to schedule a meeting.  Call us at (207)784-3800 or e-mail us at brenda@fontaineteam.com.

TIPS TO KEEP YOUR HOME SAFE WHILE ON VACATION

Are you planning a spring or summer vacation?

You have probably been dreaming about the location, searching for hotels

 and flights and making plans for all the things you want to see and do...

.but have you given any thought to keeping your home safe while you are gone?

Your home is one of the biggest purchases of your life, so you definitely want to

put some thought into how you are going to keep it safe while you are away. 

Here are a few suggestions to get you started!

1.  Lights - leave a couple of lights on inside your home, or better yet, put a few lights on a timer so they turn on and off giving the illusion that someone home.  On the exterior, make sure the entry to your house is well lit, or consider installing motion lights.  

2.  Mail & Newspapers - a pile of newspapers on the front lawn or in the box is a sure sign that homeowners are away.  Make plans with a neighbor to pick up your mail and newspapers while you are gone, or call the post office and newspaper to make arrangements to have delivery halted while you are away

3.  Car in the Driveway - leaving a car in the driveway or asking a neighbor to park in your driveway while you are gone, give the illusion that someone is home.

4.  Lock it Up - Make sure all the doors and windows to your home are locked.  Make sure you check that basement door or 2nd floor window that rarely get used. 

5.  Spare Key - make sure you remove any hidden key you may have outside of your home.  You may think it is well hidden, but why take the chance that someone will find it.

6.  Lawn - One of the great things about vacation is that you don't have to mow the lawn or shovel the snow...but tall grass or unmarred snow are sure signs that nobody is home.  Make arrangements to have someone take care of the lawn or snow while you are away.

7.  Social Media - You may want to avoid making comments about your vacation or uploading vacation photos to your Facebook account or other social media until you are home.  Advertising that you are away for a week is an open invitation to burglars. 

8.  Police Drive by - some local police departments will drive by and check on homes while the owner is away.  You may want to consider contacting your local police department to see if they provide this service in your community.  If not, consider having a trusted neighbor check on the house.

The more you can make your home look like someone is still coming and going, the safer it should be!  Plan ahead to protect your home and then relax and enjoy your vacation!

KNOCK YEARS OFF YOUR MORTGAGE

Who wouldn't want to knock a few years off the term of your mortgage and save thousands in interest? 

You can reduced the principal of your loan

which will knock payments off the end of your mortgage

by making one extra payment each year. 

You don't even have to pay it all at once. 

You can divide your monthly mortgage payment by 12

and apply that amount to your regular payment each month. 

photo by Images_of_Money

If your monthly mortgage payment is $700...

          700 ÷ 12 = 58.33

Add an extra $58.33 to your regular $700 payment.  Pay $758.33 each month to add up to one extra payment for the year! 

You can also opt to make one extra payment as a lump sum...

maybe when you get your tax refund.  Any extra money you can send will make a difference,

 so if you can't make a whole extra payment, figure out what you can afford...anything helps!

Make sure you specify the extra money you send is applied toward your principal

and be sure to check with your mortgage holder

to make sure you don't have any pre-payment penalty. 

If you have questions, or would like more information about saving money on your mortgage,

 speak with your lender or contact us by clicking below!

SELLER'S PROPERTY DISCLOSURE IN MAINE

If you have decided to sell a home in Maine,

what are you required to disclose to the buyer? 

As a buyer, what disclosures should you expect from a seller?



Photo by Cambodia4kidsorg



First and foremost, you want to be honest about any information you are giving a potential buyer.  If they buy your house, they will most likely discover things you did not disclose once they move in.  If you did not disclose something you were aware of, or were not honest about something...you are opening yourself up for potential liability.  Yes, even after closing!




Make sure the property disclosure you get is filled out completely.  If something is not answered or if you have questions about something you see, ask your agent to find out more information. Keep in mind, the seller may not know the answers to some of your questions...that's where a good inspector comes into play!

In the State of Maine the following items are required to be disclosed on the Seller's Property Disclosure Form:

1.  Information on Private Water Supply
2.  Information on Heating System(s)
3.  Information on Waste Water Disposal System
4.  Information on any Known Hazardous Materials
5.  Information on any Known Material Defects

Information should also be provided about Lead-Based Paint, Arsenic in Water and Arsenic in Wood.

For details on any of these items or information on how to protect yourself as a Seller or Buyer, call Fontaine Family - The Real Estate Leader anytime at (207)784-3800 or

WE SURE DO HAVE FUN!

We recently got together to celebrate our success in 2011...
and we sure did have fun! 

Clayton Larochelle, Bill Bergeron,

Beth Favreau, Deb Morin and

Pat Long-Cressey were recognized

 for ranking in the top 1%

of real estate agents worldwide!

Nick Trider and Harriet Cummings were recognized for having over 2 million dollars in sales!

We had great food, some drinks and a lot of fun! 

Chad and Bill serenaded Harriet

Beth impersonated Brenda

Check us out on...

Facebook

Twitter

YouTube

YOU ONLY HAVE ONE CHANCE TO MAKE A FIRST IMPRESSION!

Why is curb appeal so important when selling your home?

Have you ever heard the expression...

"You only have one chance to make a first impression"?

The same is true of real estate.  Potential buyers make up their mind about a house very quickly. 

That  first impression may determine whether they even want to schedule a showing for your home...and you can't sell your property if you don't have showings! 

Watch our short video for more information on the importance of curb appeal.

If you would like tips about how to spruce up your curb appeal

to improve your chances of selling for top dollar faster. 

or call (207)784-3800.

WHO DECIDES THE LISTING PRICE?

When you are ready to sell...who decides the listing price? 

So how do you decide the right price to get your property sold

for top dollar and in a timely manner in today's market?

This is where a skilled, experienced real estate agent is a must...

an expert real estate agent will help you gather the information you need

to make an informed decision about how to price your property. 

Are you in a hurry to sell or do you have a year to move?

Are you behind on your mortgage payments?

Is your mortgage paid off?

Do you need to find another home to purchase?

Each situation is unique and so pricing your property

 is a personal decision that is specific to your situation. 

Before you price your home, there are a few things you must do...

1.  Know your options  - in today's market you may think selling is not an option because of the amout you owe.  Are you a candidate for a short-sale?  Do you even know what your home is worth?  You may be in better shape than you expected.

2.  Know how to prepare your home for showings.  Believe it or not, the way your home shows makes a difference in the price buyers are willing to pay.

3.  Know how to beat out your competition.  In order to beat the competition, you have to know who you are competing against, what is the condition of their property, what is their price, how long have they been on the market...

4.  Discover market trends.  The real estate market is different from area to area.  What is happening in Lewiston/Auburn is different from what is happening in Portland or in Lisbon.  

5.  Know what an absorbtion rate is and why it is important to you.  An absorbtion rate will tell you how saturated the market is in your area at the current time.  If the market is more saturated, you have more competition.

6.  Know how many properties in your area that are similar to yours have sold recently.   What price did they sell for?  How long were they on the market? 

Once you and your chosen real estate agent have explored all these areas,

you are ready to make an informed decision about what is the best price for your property

to sell it for top dollar in the timeframe that is right for you.