More First Time Home Buyer Tips – Understand Your Options

If you are considering buying your first home, there are many useful first time home buyer tips that will help you make an informed choice. If you are working with a good realtor, they will be able to assist you with answers to many of these questions. Below is a look at just some of the important tips first time home buyers can use in making a good home purchasing decision.

Understand the neighborhood:

If you are looking at homes in a historic district, an important first time home buyer tip is to research how much leeway the neighborhood’s historical preservation board will give you when considering additions, remodeling, and renovations. In some neighborhoods, homeowners are required to have any changes to the home signed-off by the board prior to beginning the project. Rules may apply to the color of paint you may use, the architectural style, or the square footage of your house in relation to the size of the lot.

Understand your financing options:

When considering where to get funds for the down payment, tapping into your 401(k) is another of the useful first time home buyer tips you can consider. Many plans allow for a one-time loan up to 50% of the account, or for a maximum $50,000. Talk to your tax advisor and fund manager for details and to decide if this is a good option for you. Most often this is considered as a loan, not an early withdrawal, so you may not be charged normal penalties and taxes. Again, check with your tax advisor first as everyone’s financial situation is different. One consideration is that in the event that your employment status changes, there could be tax implications if you are not able to pay back the balance in the designated period of time.

Understand the internet tools available:

Another important tip for first time home buyers is to conduct proper in-depth research during the home buying process. For most buyers, the best source of information is the internet which has numerous websites offering home buying advice for first time home owners. Here you may browse through numerous online listings, view virtual home tours, as well as photographs and aerial shots of homes and prospective neighborhoods.

Many buyers view an average of seven homes each day. A first time home buyers tip is to consider using a real estate agent’s tool, such as Listing Book, where you are able to mark your “favorites” as you are searching on their website so that you can remember what you liked. Most important, have fun in your search. After all, a home really is all about the good memories that you create within those walls!

Loan Modification Program – Four Tips to Help You Qualify For a Modification to Your Home Loan

With the Obama loan modification program home loans can be reduced, modified or even replaced by another type of loan anytime you want to. When modifying your home loan you should have basic knowledge about what to do so you won’t go around in circles.

One of the most important things you should remember is that your home loan is your financial responsibility where in you will have to pay a certain amount of money in a given span of time.

Modifying your home loan will have different steps depending on the situation or events connected to your home modification.

Most of the events that will affect your modification are regarding financial problems. After detecting the main reason of your modification of your home loan you will now be able to follow certain simple steps on how you can easily modify your home loan.

Before going to the steps you should also remember that if the situation of your modification is due to personal or financial problems, the lender would give certain agreements or terms which are going to be useful for the lender and borrower.

Here are some tips to follow in order to be accepted into a home loan modification program.

1. Always keep a log or receipts every time you make a transaction with your lender. Keeping track of your payments and even the dates of the transactions is very important since it is a proof that you are paying on time or making an attempt to pay.

Most people don’t think of this before hand but all you need to do is to contact your lender or bank and get statements showing payments made.

2. Make sure you have everything you need before applying for a loan modification that will show that you have attempted to pay your loan and to show why you are in difficulty. For example if your wages have dropped because of a cut in overtime.

3. Don’t forget to have a record of your income and expenses. After asking about your payments the lender will also investigate your income and expenses. All the bills will be very important. Make sure that you are able to produce all this. The lender will use this information to determine if you qualify.

4. The most important tip of all is to make sure that you have a proof of financial struggle in paying your loan. If you are not able to show any proof of financial struggle or difficulty the whole procedure may be wasted.

This may seem complex and difficult but in fact is quite straightforward and fast and any lender who is part of the obama home loan modification program wants to help you as much as you want help yourself.

EMC Home Loan Foreclosure Help – Tips to Avoid Home Loan Foreclosure by EMC

Many people are having problems in paying back their existing loan with the bank and are facing foreclosure. But there is a news for all the genuine homeowners who want to continue with the ownership of their home. EMC mortgage corporation is going to help its existing home loan customers avoid foreclosure. Bank has designed several programs relating to the different situations faced by the customers.

Tips to avoid home foreclosure by EMC

Now EMC customers can avail this help by approaching the banks home loan department and get a deal which will allow them to successfully repay their loan and stay in their homes. Not all the programs are available for every customer but EMC will offer best solutions after reviewing your case.

Here are some guidelines and tips that help you approach EMC and avoid home loan foreclosure:

·The first very important thing to know is that you should not avoid the problem. This might seem to be easy initially but can become a blunder if not taken care off in time.

· Contact EMC as soon as you get to know that you will not be able to carry on with the loan any more. Don’t get late in letting your lender know about your problem. Remember that the bank does not want your property and would be glad to assist and help its customers.

· Do not feel shy and tell your lender the reasons responsible for non payment of the loan installments. Don’t hesitate if you have lost your job or have suffered a huge loss in your business. Till the time you don’t present the true situation, EMC will not be able to workout a loan for you.

· Gather all the necessary information related to your loan and income sources. Bank will require your loan account number, income and expense details and property details. You may also need to give minute details about all your savings and investments.

· EMC is offering many options to tackle different situations and you can choose one which solves your purpose. For doing so you can also appoint a free counselor who would do the needful.

· You can get your home loan refinanced, modified, extended and can also opt for repayment plans. EMC has no issues in planning a loan that works out for you by working in close connection with your counselor.