Donahue Real Estate Company



Posted by Donahue Real Estate Company on 2/6/2019

Anyone can buy a home – all it takes is hard work and diligence to evaluate your home financing options. Fortunately, we're here to help you streamline the process of finding the financing that you'll need to pay for a residence.

Now, let's take a look at three tips to help you determine how you will afford a house.

1. Take a Look at Your Current Financial Situation

Put together a monthly budget that outlines your current spending patterns. This will enable you to review how much you earn, what you're paying for housing and other pertinent financial information.

After an in-depth review of your current financial situation, you'll be better equipped than ever before to determine how much you can pay for a house. Then, you can create a homebuying budget to help you move closer to acquiring your dream residence.

2. Get a Copy of Your Credit Report

In all likelihood, a lender will receive your credit score to determine whether you are a viable candidate for a mortgage. If you request a copy of your credit report today, you can learn about your credit score and take steps to improve it before you apply for a mortgage.

The three major credit reporting bureaus (Equifax, Experian and TransUnion) provide one free copy of a credit report annually. If you submit a request for your credit report, you can gain unprecedented credit insights in no time at all.

Furthermore, if you find errors on a credit report, don't hesitate to contact the reporting bureau. This will enable you to fix any credit report mistakes prior to applying for a mortgage.

3. Reach Out to Local Lenders

Banks and credit unions are happy to meet with you and discuss a variety of mortgage options. These lenders are available in cities and towns nationwide and can teach you everything you need to know about home financing.

Ultimately, lenders can explain the home financing process and ensure you can avoid any potential pitfalls along the way. And if you ever have mortgage concerns or questions, lenders are available to respond to them at any time.

If you need extra help prior to kicking off a home search, you may want to contact a real estate agent as well. This housing market professional understands the ins and outs of purchasing a house and can help you plan accordingly.

Oftentimes, a real estate agent will meet with you and learn about your homebuying goals. This housing market professional then can ensure you won't have to break your budget to afford a terrific residence.

If you want to buy a home but have limited finances at your disposal, a real estate agent is happy to assist you. Or, if you are searching for a mortgage but don't know where to begin, a real estate agent can put you in touch with top lenders.

Work with a real estate agent, and you can improve your chances of acquiring a first-rate house at an affordable price.





Posted by Donahue Real Estate Company on 1/30/2019

Getting ready to buy a home is one of the most exciting times in life. The purchase of a home is one of the biggest financial decisions that you will ever make in your lifetime. When you make the decision to buy a home. There are a few key things that you need to do to be prepared for the process of a property purchase. It can be simple if you have the right preparation and knowledge.


Find The Right Realtor


A good realtor will steer you in the right direction when it comes to finding the home of your dreams. Your real estate agent also will help you each step of the way on the road to buying that home. There’s a lot of paperwork that must be done in a timely manner throughout the buying process. The right realtor can even help you to get the offer in for the right home in on time. In a competitive market, having a realtor who is on top of things can mean the difference between purchasing the home you want and letting it fall through the cracks.


Know That You’re Signing A Lot Of Legal Paperwork


The purchase of a home does involve a contract. If you need more time for anything such as reviewing your home inspection or waving certain contingencies, you’ll need to state that. Every piece of the transaction is important and needs to be formally processed when it comes to purchasing a home. Your realtor will be there to help you through all of these complicated processes. 


Think Of The Future


When you’re choosing a home, you’re not just buying for your life as it stands right now. Are you hoping to have a big family? Do you need a home office? How much entertaining are you planning on doing? All of these things are important when it comes to the type of home that you’ll buy. If you don’t plan for the future, you’ll outgrow the home that you’re in quite quickly. 


Look For Potential


See what potential the homes that you’re looking at have for you. Some homes may have major cosmetic issues that can easily be fixed. Perhaps The walls just need some fresh coast of paint. Maybe the deck needs to be stained. If you go into the house search with an open mind, it will be a lot easier for you to find the right home. You don’t need a home that is absolutely move-in-ready unless of course, you’re building a brand new home from scratch.


Know Your Finances


One of the most important things about buying a home is knowing your finances. Don’t buy a home that you can‘t afford. From looking at your own budget to getting pre-approved, you’ll be able to have a better understanding of your own financial situation and how much house you can afford.




Categories: Uncategorized  


Posted by Donahue Real Estate Company on 1/16/2019

The homebuying process can be stressful, particularly for those who are purchasing a house for the first time. From the time it takes to find your "dream" home to the final closing, there may be many hurdles that you'll need to overcome to secure your ideal home. As such, it sometimes can be difficult for a first-time homebuyer to maintain a positive outlook during the most challenging times.

Lucky for you, we're here to help you remain calm, cool and collected throughout the entire homebuying cycle.

Now, let's take a look at three tips to help first-time homebuyers maintain a positive outlook at each stage of the homebuying journey:

1. Establish Realistic Expectations

Although first-time homebuyers would like to believe the property buying journey will be quick and seamless, it is important to realize that problems can arise without notice. However, homebuyers who understand the ins and outs of purchasing a house should have no trouble identifying potential issues and minimizing their impact.

For example, a homebuyer who defines his or her ideal residence can narrow a home search accordingly. This homebuyer also will be able to check out a variety of houses based on assorted property buying criteria and boost his or her chances of discovering the perfect residence without delay.

A homebuyer who establishes realistic expectations will be ready for the worst-case scenarios too. And if this homebuyer submits an offer to purchase a home that ultimately gets rejected, he or she will remain confident and be ready to restart the homebuying cycle from stage one.

2. Become an Informed Homebuyer

A first-time homebuyer who learns about the housing market can improve his or her chances of getting the best possible results.

Allocating the necessary time and resources to understand the differences between a buyer's market and a seller's market, for instance, can make a world of difference for any homebuyer, at any time.

Furthermore, an informed homebuyer may be more likely than others to get pre-approved for a mortgage. With a mortgage in hand, this property buyer can set a budget for his or her home search and increase the likelihood of securing a terrific house at an affordable price.

3. Work with a Real Estate Agent

When it comes to purchasing a home for the first time, why should a homebuyer leave anything to chance? Instead, a homebuyer can work with a real estate agent to reduce the risk of potential pitfalls throughout the homebuying cycle.

A real estate agent is happy to respond to a homebuyer's concerns and questions as the property buying journey progresses. This housing market professional will even help a homebuyer maintain a positive outlook, regardless of what happens. That way, a real estate agent can assist a homebuyer through both good times and bad and ensure a property buyer can purchase a first-rate house that matches or exceeds his or her expectations.

Take advantage of these tips, and any first-time homebuyer can keep things positive at each stage of the homebuying cycle.




Categories: Uncategorized  


Posted by Donahue Real Estate Company on 12/26/2018

Once you have found the home that you want to live in, put in the offer, and start the process of closing on a home, you may feel like you’re “home free.” The hard part may technically be over, but there’s one more important thing that you need to think about before you get the keys to your place: Closing costs. 

A few days before you head to sign all of your paperwork to close on the home, your lender will send you a detailed report of different closing costs that you need to pay upon the settlement of the property. 


Closing Costs Defined


Closing costs are what you pay to the lender and third parties. These are due at the time of closing on the property and must be paid up front. You should estimate that your closing costs will be between 2 and 5 percent of the purchase price of the home.


Everything Included In Closing Costs


Closing costs cover both one-time and recurring fees that are a part of your home purchase. The one-time fees are things that are generally associated with buying the home. These would include attorneys fees, lender fees, home inspection fees, document prep fees, underwriting fees, credit report fees, and realtor fees. You’ll also need a bank issued check for your down payment at this time.  


At closing, an escrow account will be set up. This is like a forced savings account that will be drawn from to cover things like taxes, insurance, loan interest, and title insurance. These are all very important costs that are a part of buying a home.     


Do Your Homework Ahead Of Time


The best way to deal with closing costs is to be prepared ahead of time. Talk to your lender in order to get an estimate of the closing costs. From there, you’ll need to decide if you need to finance your closing costs or simply pay them up front. There are advantages to both approaches. Sometimes, lenders will look at you as less favorable if you need to finance all of your closing costs. It all depends on the terms of your loan. This is why research is vital.


Compare Rates And Lenders


It’s important not to go with the first lender you talk to. Get some recommendations from your realtor and friends to see who might be a good fit for you. Every lender specializes in something different, so you want to be sure that who you chose is a good fit for you. 


The most important thing that you can do with closing costs and the financing of your home is to get educated!     





Tags: Buying a home  
Categories: Uncategorized  


Posted by Donahue Real Estate Company on 12/19/2018

Want to buy a house for the first time? Create a budget, and you can move one step closer to transforming your homebuying dream into a reality.

Now, let's take a look at three budgeting tips that every first-time homebuyer needs to know.

1. Don't Wait to Start Saving for a Down Payment

In most instances, a down payment on a home ranges from 5 percent to 20 percent. With a large down payment, you may be able to reduce your monthly mortgage expenses.

A lender may be more willing to provide you with a favorable mortgage if you can afford an above-average down payment. This means if you have plenty of money for a down payment, you could save money over the life of your mortgage.

2. Take a Look at Your Outstanding Debt

Student loan charges, credit card bills and other outstanding debt may make it tough for you to get the financing that you need to buy a house. Fortunately, if you pay down your outstanding debt as much as possible, you can boost your chances of buying your dream house.

Evaluate your current spending and make cuts if possible. For example, if you dine out several times a week, it may be more cost-effective to buy groceries and cook your own meals. Then, you'll have extra money that you can use to pay off outstanding debt and save for a house.

3. Understand Your Credit Score

Do you know your credit score? If not, you may be missing out on opportunities to eliminate outstanding debt and increase your home savings.

You are eligible for a free annual copy of your credit report from each of the three credit reporting bureaus (Equifax, Experian and TransUnion). Take advantage of this perk, and you can receive insights into your credit score.

If you obtain your free credit reports and find outstanding debt, you should try to pay off this debt sooner rather than later. Because the longer that you wait to pay off outstanding debt, the longer it may take you to acquire your ideal residence.

Furthermore, if you discover errors on a credit report, contact the reporting bureau immediately. This will enable you to fix any report errors before you get a mortgage.

If you need additional assistance as you map out a homebuying budget, it often pays to collaborate with a bank or credit union. In addition to providing you with multiple mortgage options, a lender will offer expert recommendations to help you budget for your first home purchase.

Lastly, don't hesitate to reach out to a real estate agent as well. This housing market professional is happy to help you get in touch with the best lenders in your area. And when you're ready to kick off your inaugural homebuying journey, a real estate agent can provide you with the support you need, precisely when you need it.

Use the aforementioned tips, and you can establish an effective homebuying budget.




Tags: budgeting   Buying a home  
Categories: Uncategorized