HelenaTalbot

The In’s And Out’s Of Locking In An Interest Rate

helenatalbot — Sat, 28 Jan 2012 18:12:01 +0000

Congratulations on your decision to buy a new home! Buying a new home can be a very exciting time; however, there are many things to consider and many things to get done. One of the most important things – if not the most important thing – when buying a new home is your choice of lenders and the interest rates they charge. Get this wrong and it could cost you thousands of dollars over the life of your loan.

Whether you are buying a new home or just re-financing your current one, it is a good idea to do some comparison shopping for the best lender with the best rates. A low interest rate isn’t the only thing you should consider when shopping for a loan. You will also want to consider the terms of the mortgage, what the closing costs will be and you will want to check the reputation of your lender. Remember, this is going to be your lender for quite possibly 30 years, so you want to make sure they are reputable.

Your real estate agent will be a huge help when it comes to lenders and loans. They will be able to provide you with a list of lenders that have the best loan packages available and will be able to tell you what their qualifying requirements are. Your realtor can also tell you which lenders are willing to go above and beyond the call of duty to provide you with excellent service and the ones that will make sure everything goes smoothly from start to finish.

The first thing your lender and realtor will tell you is that you need to “Lock In” your interest rate. What that means is that the lender will guarantee you the current interest rate with specific predetermined points and fees for a specific amount of time, usually 30 days.

So after you have applied for your mortgage loan, the rates will more than likely fluctuate from day to day and week to week. Therefore, if you don’t want to risk losing that great current interest rate, you will need to ask for a rate lock from the lender. This will lock in your interest rate.

Don’t worry, your real estate agent will be there to help you. So don’t hesitate to pick up the phone and give them a call. They are professionals with years of experience just waiting to help you through the home buying process and will be there for you every step of the way.

LET’S TALK REAL ESTATE : REAL ESTATE CYBERTIPS

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker.

I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Clarke, Fauquier, Prince William and Fairfax Counties. Some of our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Lucketts, Purcellville, Hamilton, Round Hill and Bluemont

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The Facts About Financing A Second Home

helenatalbot — Fri, 27 Jan 2012 19:56:38 +0000

Buying a second home is very exciting. This may be a home in the place where you vacation every year, somewhere that you like to go and relax and enjoy your time off. Perhaps you are looking for an investment opportunity. Whatever the case may be, here are some things to consider when it comes time to buy and finance your second home.

• It is a great time to buy a second home – the mortgage rates are low

• If you have a strong credit history you are guaranteed the best rates

• You can use the equity in your current home as a down payment or closing costs

• Lenders are offering some really affordable loan options right now

• Remember, the guidelines for how much you can quality for is based on 28% of your gross income

• If you are a long term homeowner, you may be able to borrow more than you think

A second home as an investment property is a fantastic idea. If you are looking for a way to save money for your retirement, this is it. A second home forces you to put away money every month in the form of a mortgage payment. When it comes time to retire, you can sell it or use the income, which could be significant if you have it paid off.

Another reason a second home as part of your retirement plan is a good idea is due to the fact that your investment money is subject to less income tax and the interest and taxes may be deductible. So planning ahead could pay off in a big way.

You must make sure; however, that you have enough money to cover the mortgage payments plus any additional expenses such as repairs, yearly taxes and insurance, if they are not a part of your mortgage payment, and anything else that may arise. The good news is if you buy the right house at the right price, your rental property should always stay rented.

So if you are able, don’t hesitate to call your real estate agent and let them know that you are ready to buy a second home and they will move heaven and earth to help you find a home that fits your needs. Your realtor has “inside information” if you will, about all types of homes in all types of markets and some that are not even on the market yet. So take advantage of their wealth of knowledge and the next thing you know you will be vacationing in your second home or enjoying the benefits of all that extra income!

LET’S TALK REAL ESTATE : REAL ESTATE CYBERTIPS

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker.

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Should I Buy A Home If Interest Rates Rise?

helenatalbot — Thu, 26 Jan 2012 19:26:10 +0000

You may ask this question and get ten different answers. Just because the interest rates have risen does not necessarily mean it is not the right time to buy. If you hold off, this mistake could cost you thousands.

So how do you know when it’s ok to buy a home if you know the interest rates are rising? Well, that is a good question and here are some facts to help you sort through it all.

1. Consider specialty loan options

• Hybrid mortgages – this is a mortgage loan that will offer a very low rate for a fixed amount of time, usually 5-7 years, then the loan will revert to an adjustable rate mortgage. This sounds a bit risky; however, if you are not planning on staying in your current home for more than five years, this is a fantastic option for you

• An ARM loan with an option that would allow it to be converted to a fixed rate loan when at the borrowers discretion

• An interest only loan – this is a loan that requires you to make payments to the interest only for a set number of years, then it converts to an amortized loan with interest and principal payments each month

2. Talk to a tax advisor – before you do anything, make sure you talk to your tax advisor about whether or not one of these types of loans is right for you.

3. Ask for a Buy Down – this is a fee paid at closing to get a lower interest rate. Sometimes a motivated seller will be willing to paying some if not all of the buy down just to get the deal.

4. Ask the seller to pay some or all of the closing costs. Quite frequently the seller’s closing costs are used as a write off by the buyer. (Check with your tax advisor before doing this)

5. Lower prices mean lower loan amounts so don’t let higher interest rates chase you off. With some skillful negotiating your realtor can help you secure an unbelievable deal saving you loads of money. So a high interest rate does not have to mean more money.

Remember, many people drop out of the home buying market when the interest rates go up, but as you can see this could be a very costly mistake. Some of the best mortgage loans come about when the lenders are competing for your business and when sellers are realizing that there are more homes for sale than there are buyers.

So talk with your realtor and come up with a game plan to help you find your dream home. Don’t let rising interest rates stop you, use it to your advantage!

LET’S TALK REAL ESTATE : REAL ESTATE CYBERTIPS

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker.

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Making Sense Of Points, Rates And Fees

helenatalbot — Wed, 25 Jan 2012 19:15:32 +0000

You have just found the home of your dreams and the seller has accepted your offer. Now the fun begins. You keep hearing terms like “buy down”, “discount points”, “purchase points, but you have no idea what all this means. Do they all mean the same thing or is each term something different? This is where your realtor comes in. Of course you can always call your lender; however, your realtor is the one you have been dealing with and the one that will be more than happy to explain everything to you.

Purchase Points – which are also known as a buy down or discount points. Points is a term used to define an amount of money given to the lender at closing to lower your interest rate for your mortgage loan. Every point is equal to one percent of the total amount of your loan. So if you have a mortgage that is $100,000 then one point would equal $1000. Every point you buy will lower your interest rate by a certain percentage. Just remember, the more points you buy, the more money you are going to have to come up with at closing.

The question is – is it smarter to buy points or to hold on to your money? Well, that depends on how long you plan on staying in that home and of course what you can afford to pay. If you are planning on staying in this home for more than five years then my advice is for you to buy as many points as you can. Because this will lower your monthly payments and will save you interest over the life of the loan.

Interest Rates – interest rates fluctuate daily, and when you apply for a loan it doesn’t mean that the rate you were quoted that day is the same rate you will get at closing unless you “lock in” your interest rate. Locking in your interest rate will give you a guaranteed rate within a specific time frame. Most lock in periods are for 15, 45 or 60 days. Keep in mind that the longer you lock in your rate the more it will cost you because a lender takes more of a risk to lock you in for a longer period of time.

Fees – since when have you ever bought anything that did not have some sort of fee associated with it? Well, a mortgage is no different. Some of the fees you can expect are: title fees, underwriting fees, land survey fees, appraisal fees etc. Each lender is different and will work your loan differently; some lenders will charge you lower fees but a higher interest rate.

So before you sign on the dotted line, make sure you do your homework and most definitely ask your realtor to let you know who they have had the best experiences with. Make sure there are no hidden fees and make sure that you fully understand what costs are involved and what your obligations are for the life of your loan.

LET’S TALK REAL ESTATE : REAL ESTATE CYBERTIPS

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker.

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How To Buy A Home In Today’s Market

helenatalbot — Tue, 24 Jan 2012 19:42:20 +0000

We are living in very uncertain times. The price of homes has dropped more in the current recession than they did in the great depression. Not only that, we could be looking at another recession on top of the one we already have.

New home construction has all but stopped and the foreclosure industry is growing in leaps and bounds with the foreclosure inventory over shadowing the non-foreclosure housing market. Ok, enough of the depressing stuff.

So what do you do if you are ready to buy a home now? Should you wait or should you dive right in? Well, that is the question that many people are asking in today’s housing market.

Here are some positive reasons to buy now and not wait until you “think” things will “improve”.

1. Interest rates have dropped to all time lows. A 30 year fixed mortgage rate in some areas is lower than 4% – that is something that is not likely to go much lower, so waiting for a lower interest rate just doesn’t make sense. What does make sense though is to jump on these rates while they still exist because we will probably never see this again in our lifetime.

2. Even though the housing market is at an all time low, you need to remember that home values fluctuate over time, they can’t keep going down forever. So buy your new home then sit back and relax because the housing market will improve!

3. It is a great time to buy. Why? Because you can sell your current home and buy another home that is perhaps bigger or in a better location, or has better schools. Whatever the case may be; sell your home and start movin’ on up. Get a home that is more suitable for you and will last you for many years to come. Then when you’re ready, you can sell that home at a profit, because more than likely the housing market will have improved by then.

4. Consider renting your current home and purchasing a new home for you to live in. This will be a nice little investment for your future. Why not buy now while the prices are so low and pay yourself back in spades over time.

5. Whatever you do, make sure that you buy within your budget. Try to keep your budget in a range that one salary can handle that way if one of you loses your job the other can still keep up the pace until you are back on track.

Remember, you are buying for the long term, so don’t worry about the ups and downs of the housing market. You are in this for the long haul. Before you buy, make sure you are stable in your job and make sure you have reviewed your budget thoroughly and you will be just fine.

Now you are ready to call your favorite real estate agent and request a list of homes that will be perfect for you. Your real estate agent knows where the deals are and will be able to potentially save you thousands of dollars. So pick up the phone right now and call – what do you have to lose? Well, except thousands of dollars!

LET’S TALK REAL ESTATE : REAL ESTATE CYBERTIPS

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker.

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Deductible Is the Point

helenatalbot — Mon, 23 Jan 2012 23:00:08 +0000

Points refer to prepaid interest on a home mortgage and can be fully deductible by the buyer in the year paid if the right conditions exist. The points must be used to buy, build or improve a taxpayer’s principal residence but not all fees charged by the lender are necessarily deductible.

According to IRS Publication 936, “The term ‘points’ is used to describe certain charges paid, or treated as paid, by a borrower to obtain a home mortgage. Points may also be called loan origination fees, maximum loan charges, loan discount, or discount points. A borrower is treated as paying any points that a home seller pays for the borrower’s mortgage.”

If you purchased a home in 2011, have your tax professional evaluate your closing statement to see if there are loan fees that may be used as a deduction on your tax return regardless of whether you or the seller paid them.

Refinancing a principal residence or purchasing an investment or income property require that points must be deducted ratably over the term of the mortgage rather than deducting them fully in the year paid. Borrowers in these situations should consider the benefits of lower interest rates from paying point to higher interest rates without points.

This article is meant to provide information that can be discussed with your tax professional about your specific situation and is not to be considered tax advice.

LET’S TALK REAL ESTATE : REAL ESTATE CYBERTIPS

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker.

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List of Best Classified Ad Sites

helenatalbot — Sat, 21 Jan 2012 18:19:27 +0000

There are hundreds of classified ad sites on the Internet today. Each of these sites will give you different results. After having tested many sites over the past years I’ve concluded that I get the best results from the following four best classified ad sites: USFreeAds, Craigslist.com, db88.com, Oodle.com.

USFreeAds.com -They welcome affiliate marketers – YES!

USFreeAds.com is one of the biggest classified ad sites in the United States and on the Internet. It is not free but by not joining you’re really missing out on a HUGE opportunity to drive traffic to your website. For $9.99 per month you can put UNLIMITED ads. And, you can link directly to a site that has affiliate links. After Google and Yahoo natural search results I have derived a very large portion of my Internet traffic from USFreeAds.com. Another added benefit from USFreeAds is that the ads “stick” on the search engines, meaning the links generally don’t disappear off of Google after a few weeks.

Craigslist.com – by far the biggest Classified Ads Site

Craigslist.com is the 8th top site in the USA and the 24th top site in the world. Go there and sign up for an account today. If your goal is to drive Internet traffic and you’re using Craigslist it is absolutely crutial that you use what is called a “buffer blog”. Simply put, they have a rule: No links to sites with affiliate links. So, what you can do is create an article on an article site. Link your Craigslist.com classified ad to your article, then link the article to your website. Just be sure that your article isn’t too long. 300-350 words is good enough. Why do I say that? If your Internet user has to scroll down too much they’ll hit the back button on their browser before they ever get to your link at the bottom of the page.

88Db.com – Classified ads site out of Asia produces GREAT results

88Db.com is a classified ads site that is based in Asia. Once you log onto the site you’ll see that you have to pick a country to list under. You can pick Hong Kong, India or China – it really doesn’t matter. Just set up your account and start adding your classified ads. Make sure you use their picture uploader and put up some nice pics. Note that only jpg files are accepted here. This website is rarely talked about on the Internet and has really yielded some excellent results for driving traffic.

Oodle.com – Another great classified ads website for driving Internet traffic

Oodle.com is another classified ads website that will give you wonderful results. Just like USFreeads, CraigsList and 88db.com you’ll have ample space to describe your items and insert your pictures and links. Oodle has given me EXCELLENT results and I strongly recommend that you place classified ads on the site to drive traffic to your site.

LET’S TALK REAL ESTATE : REAL ESTATE CYBERTIPS

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker.

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How To Avoid Buyer’s Remorse

helenatalbot — Fri, 20 Jan 2012 19:22:58 +0000

The excitement of buying a new home is indescribable. You spend all of your time going over all the details of each and every possible home that is suitable for you.

Then you actually find a home that you just love. After spending a great amount of time thinking about your dream home, you make an offer. Then it happens, you get that call from your realtor – your offer has been accepted. All of a sudden the reality that you just bought a home hits you like a ton of bricks!

Buyers have different reactions the that “Oh My Gosh, I Just Bought A House” feeling and understandably so. Buying a home is a BIG decision. Many people begin to have second thoughts about their decision. Did I do the right thing? Can I afford this? What if something happens? How much money did I just spend? Can I come up with the down payment? How much are the closing costs going to be? Etc.

You feel like your life is going to be changed forever. You think that you will never again be able to live the life that you currently have – enjoying eating at a restaurant, going to the movies whenever you feel like it, having a shopping spree. You think your entertainment budget has been shot out the door! Then you get the dreaded truth in lending statement and you see just exactly how much your mortgage including the interest will be over 30 years and you are shocked and dismayed. You think “what have I done?”

Sit down and relax. Millions of people buy new homes every day and get through it with no problems. Don’t worry, what you are feeling is normal and you will be glad to know that it is temporary. This too shall pass. You will adjust your lifestyle and things will be back to normal before you know it.

Try to replace all of those negative feelings with positive ones like – imagining yourself sitting in your new home, enjoying your new life. Picture how well your new home suits your family’s needs. Think about all of the things that you will have in your new home that you don’t have in your current home. Give it time, you will get the hang of it.

If you still have those “Buyers Blues” then call your realtor immediately. Your real estate agent has years of experience helping their clients through the home buying process from start to finish and they will be more than happy to help you with anything you need. So remember, these feelings are normal. Then go relax and enjoy yourself. Go and eat at your favorite restaurant or do a little shopping; whatever it takes to rid yourself of the buyers blues and before you know it you will be sitting in your new home wondering why you ever had any doubts!

LET’S TALK REAL ESTATE : REAL ESTATE CYBERTIPS

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker.

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HOW TO MARKET YOUR SMALL BUSINESS WITH QR CODES

helenatalbot — Thu, 19 Jan 2012 23:44:47 +0000

You may have already seen QR codes—those funny-looking, square barcodes—on direct mail pieces, in advertisements, or even for sale signs. As smart phones become more prevalent, more businesses are using QR codes as part of their marketing and communications.

But what are QR codes, how do you create them, and how can you use them to better market your own small business?

What are QR codes?

QR (short for “quick response”) codes are 2D barcodes that can be scanned and read by smart phones. Once read by your phone, they will redirect you to a website, send a text on your behalf, or provide directions via Google maps, among other tasks.

How do you scan a QR code?

If you see a QR code in the wild don’t be afraid. Just pull out your smart phone and use any free app for scanning QR codes just as you would use your camera phone; it’s just like snapping a picture. I use “QR App” on my iPhone, while some new phones have a QR scanner pre-installed. This will probably be standard on future smart phones.

Once you scan or snap a picture of the code you will be redirected to a web page, shown a video, or generate an SMS text or call to someone…depending on what the QR creator set up.

How can you create QR codes?

There are plenty of sites that will allow you to create QR codes for free. You just need to provide the URL you want to send people to, the message you want to share, or whatever other information you’d like to put into the QR code.

How do you use QR codes in marketing and communication?

Although I’ve seen QR codes used in email marketing, on websites and on Facebook business pages, QR codes are most useful in the physical world. This is because a QR code placed in a direct mail piece, on a pizza box, or on a street sign allows the viewer to quickly connect to a wealth of information by scanning the QR code.

Here are some examples of how businesses can use QR codes in their marketing:

Real estate agents could include a QR code on a for sale sign that takes people to a video of a walkthrough of the property.
Retail shops could post QR codes next to products for in-depth reviews that have appeared on their blog.
Companies could place QR codes on employees’ business cards, making it easy for people to connect with them on multiple social networks.
Vineyards could include QR codes on wine labels. Restaurant patrons who enjoy the wine could scan the QR code to learn more about the vintage, vineyard, or even be directed to the online store where they could buy a case for home consumption.

Will QR code marketing work for any business or non-profit?

Like any marketing campaign, some businesses are better positioned to take advantage of QR code marketing. Since you need a smart phone with a camera, QR scanner and an internet connection, you need to decide if this reflects your target audience or not.

And, as I mentioned above, QR codes are a great way of connecting the physical world to the internet. Personally, I don’t see the benefit of a QR code in an email newsletter. It would be easier and more user-friendly to just include a traditional text link as opposed to asking your reader to grab their phone, scan a QR code, and then view the resulting webpage on their tiny mobile browser.

Can you include branding in a QR code?

Surprisingly, yes. There’s a certain amount of error correction built into QR codes, so some companies have been adding a logo or other design elements into their QR codes. Just make sure that you test your “enhanced” QR codes before releasing them. A “broken” QR code will frustrate your audience and damage your brand.

In Conclusion

QR codes will continue to gain in popularity with the boom in smart phone usage. They are easy to create, and becoming easier for consumers to use. Depending on your business, you can use QR codes as another way to engage your audience, drive traffic to your website (or elsewhere), and build your business

LET’S TALK REAL ESTATE : REAL ESTATE CYBERTIPS

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker.

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Only Real Estate Talk

helenatalbot — Wed, 18 Jan 2012 22:25:16 +0000

I just wanted to concur with those of prior days who went awol… those of us who have been around since the early days established “a community” thanks to John and Saul.

RT is ‘more’ than a real estate ‘forum.’ It is a COMMUNITY. It was more of a community than FB will ever be. But, once infiltrated by those who wanted to turn it into only a real estate forum, the community spirit died. Just up and disappeared.

Many of us made life-long friendships, loved like family. We heard about births, and walked with people who were experiencing death – their own and that of family members. That alone made it all worthwhile. We celebrated with those of other faiths, and laughed about how many of us are ageless, regardless of birthdays. When RT began to dissipate in numbers and even the lurkers vanished, many of us stayed in touch off-line.

Because community is nearly a family in its own right, all topics were permissible and floated around like snowflakes wafting down silently (sometimes not so silently – like a blizzard), forming a blanket for a soft landing for those who fell, and sometimes just needed to vent.

We receive off list personal help phone calls even, from time to time, like from Win who is always at the ready, ready to help.

Its demise we found sad. It’s kind of like the expression: you can never go home again… a plaza has been built where your house once stood, or a Wal-Mart, or a subdivision. But no one can steal your memories.

So, RT will never be the same, thanks to some intervention of those who will always try to usurp control. Some keyboards have near worn out delete keys – lol. Microsoft or Qwuerty or some such did a good thing by providing it. by Caroline L

LET’S TALK REAL ESTATE : REAL ESTATE CYBERTIPS

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker.