May 29

Brad Cohen Ranked in the Top 10 Originators in the Country!

Congratulations to Brad Cohen for his ranking as Scotsman Guide 2012 Top Originator! Brad Cohen was ranked #8 in Top Volume closing 758 loans totaling over $279 million. Additionally, Brad was ranked #6 in Refinance Volume. Brad Cohen was top ranked in 2011 and Capital Bank is pleased to see his success continue in 2012.

The success of Brad is a direct reflection of his approach to customer service. His top rankings demonstrate the commitment he brings to providing the highest level of service to his customers and we couldn’t be happier to have him on our team.

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Jul 01

Tips For Negotiating a Good Deal on Your Real Estate Transaction

Negotiate-300x238There’s a lot more to buying a house than simply picking one out and forking over the money. And yes, while most people use a real estate agent to get them through the process, it is still a good idea to know about the process of negotiating the price on your piece of real estate in the DC Metro area.

Here are some tips on how you can make sure you get the best deal possible:

1. Know what the market in the area is doing. This is a step that is most easily completed with the help of a real estate agent. He will be able to pull a report called current market analysis which tells you how many homes are for sell, what they are listed at and what they have sold for in your area. You can do your own research on-line as well.

2. Comparison shop. Once you know what has sold in the neighborhood and what is for sell, you can do a general comparison between them and the house you are interested in. If there are homes in better shape than the one you want and they sold for lower prices, this gives you some ammunition in the negotiating process.

3. Find out about the sellers. If you are interested in a specific piece of Louisiana real estate, knowing why the sellers are selling can be helpful in the negotiating process. It may be harder to find out, but if they are highly motivated to sell because they have already purchased another home or the home has been on the market a long time, you have more power in asking for a reduced purchase price.

4. Be prepared to compromise. Here is how a typical negotiating process works- There is a list price. You make an offer. The seller makes a counter-offer. You either accept, add conditions or move on to another house. Now, when you make your offer, it is important not to low-ball the price.

Use the tools above and your agent, if you have one, to come up with a respectable offer that you can afford and is not ridiculously offensive to the seller. You can also ask for other things such as a share in the closing costs, a warranty or maybe an appliance that you would like to be left behind. In their counter-offer, they may stick to their list price, but agree to pay all of the closing costs and the other things you’ve asked for. At this point, you have to decide if you can live with this compromise or not.

The most important step to take when looking at real estate is to buy what you can afford. It is a waste of time to look at homes you know you can’t afford and it also wastes your agent’s time. Know what your budget is and do some on-line research prior to actually getting in the car and looking.

There are a lot of great sites available so that you can look at what’s on the market in your area. This way, you can hand over a list of must-sees to your agent as well as what they can find for you to look at. If you do your homework, you should be able to find just the right house and by knowing how to negotiate, you can get it for a price you can afford.
Thx,

Bradhead

BRAD COHEN
NMLS #177019
Bradhead

Work: 240-292-1440
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Capital Bank is a member FDIC and an Equal Housing Lender. Brad Cohen is a registered Mortgage Officer NMLS#177019. All material is © 2012 Brad Cohen. Capital Bank’s Privacy Policy Links provided on this site are for informational purposes and do not represent any endorsement or offer by Capital Bank or its affiliates or subsidiaries.

Permanent link to this article: http://0points.com/wp/2013/tips-for-negotiating-a-good-deal-on-your-real-estate-transaction/

Jun 27

Fixed Interest Rate Mortgage Details For Beginners

If you are a first time buyer there are many things that you need to look into before you secure a fixed interest rate mortgage to pay for your new residence. Some of the things you look into are going to depend on what you can afford to pay both as a down payment and as monthly payment. One thing that people often forget to factor into their monthly mortgage payments is the fact that interest is included, which can get very tricky to calculate if you do not choose a fixed interest rate mortgage.

Couple getting mortgage advice from an expertThis is why many first time buyers who like the idea of sticking to a strict budget like the idea of a fixed rate mortgage since they know their monthly payments will remain the same no matter how the housing market is performing. The other advantage is that sometimes while you may be overpaying, when the market is high your interest rate cannot be increased thus protecting you and keeping your home affordable while at the same time saving you money in the first place.

Another advantage of a fixed interest rate mortgage is that when you choose this option you can usually opt for a lower down payment which is what may first time buyers need in order to get their feet wet. What you end up paying for your mortgage will depend on your credit ranking and the amount of the purchase you choose to make. For example, jumbo mortgage rates are usually about .5% higher than any other confirming fixed interest rate mortgage because they are a higher risk for lenders and also require a higher down payment. So the size of the mortgage you hope to secure is going to play a fundamental part in the interest rate you pay.

While paying a higher down payment can also help drive down the costs of a high fixed rate loan, especially in cases where self-employment may force you to take out a stated income mortgage or a no doc mortgage, you can take advantage of FHA mortgage lenders to secure a lower interest loan with a lower down payment as well. In fact, FHA mortgage lenders are also a great option for people who do not have perfect credit, because they receive government funding to back your loan guarantee.

In order to be eligible to work with FHA mortgage lenders you typically have to be looking at a responsible purchase, not a jumbo mortgage, with a fair credit score. You also have to be able to make at least a 3% down payment although in some severe cases there are options for a zero down payment and not have a foreclosure on your credit record in the last three years. There are different grades depending on your credit score and income so if you have any questions about how the federal program can help you your best option is to set up an appointment with FDA mortgage lenders.

 

Thx,

Bradhead

BRAD COHEN

 

 

Capital Bank is a member FDIC and an Equal Housing Lender. Brad Cohen is a registered Mortgage Officer NMLS#177019. All material is © 2012 Brad Cohen. Capital Bank’s Privacy Policy Links provided on this site are for informational purposes and do not represent any endorsement or offer by Capital Bank or its affiliates or subsidiaries.

Permanent link to this article: http://0points.com/wp/2013/fixed-interest-rate-mortgage-details-for-beginners/

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