Buying a Home in Connecticut? A Few Costs You May Not Know About

Saving for a down payment and getting preapproved for a mortgage are major financial milestones in the home-buying process. But there are more money-related matters to be aware of during the journey to home ownership.

Prepare yourself by budgeting for the other charges associated with buying a home.
(Costs may vary by state or region.)

Good faith deposit. Also known as “earnest money,” this is a deposit you’ll make to prove your intent to buy the home. When you purchase the home, the funds are then applied toward the down payment.

Approximate cost: 1 percent of the property’s sale price or $1,000, whichever is more.

Home inspection. You’ll learn a lot about the condition of the home you’re about to buy with this thorough examination. “An independent third-party source gives you an honest opinion of what needs to be done to the property so that it’s safe to live in,” he says. According to Osby, many people elect to skip this step to save money, because they think they’ll spot problems with a naked eye—a decision that can come back to bite them. “A home inspection can help you avoid costly surprises later,” he says. To play it safe, you also may want to consider a termite inspection and radon inspection. This list of certified home inspectors can help you find a reputable resource near you.

Approximate cost: Upwards of $450

Down payment. The amount you’ll need for your down payment will vary depending on the size of home, its location and the type of mortgage you seek. Government loans, such as FHA or VA mortgages, have very low down payment requirements, though you’ll pay an upfront mortgage insurance premium. Conventional fixed-rate loans may require from 5 to 15 percent or more for the down payment. Discuss your options with your lender.

Approximate cost: 3.5 to 20 percent of your purchase price

Closing costs. Fixed closing costs cover the fees of third-party vendors involved in the home sale. According to Osby, they include, but are not limited to:
·    Property appraisal: Lenders require you to have a professional property appraisal done so they can determine how much money to loan you. The appraiser estimates the value of the property you’re planning to buy.
·    Credit check fee
·    Flood certification fee
·    Underwriting fee
·    Attorney’s fee
·    Title insurance
·    Title search fee
·    Origination fee
·    Recording fee
·    Application fee (some, but not all, lenders charge this)
Approximate costs: 2 to 5 percent of the purchase price

You also need to know when you’re expected to make these payments. Osby offers this general timeline:
1.    Good-faith deposit: When you make an offer.
2.    Home inspection: Within 10 days of making an offer.
3.    Down payment: Once your offer is accepted and you’re ready to move forward.
4.    Closing costs: When you’re ready to finalize the transaction.

State Farm® has handy tools that can help you prepare for a home purchase. Check out the mortgage loan estimator and the mortgage monthly payment calculator found at: www.brennanpurdy.com

Article submitted by Brennan Purdy of State Farm Insurance

My vision is to be an insurance professional whose actions are driven by keeping the customer's best interest as my primary goal. My staff will treat all my customers in a caring, friendly, and professional manner. My office will provide warm, efficient, and seamless services to our customers at all times. I expect my business to be comprised of knowledgeable, multiple-line customers who see my office as their first and best choice for all their insurance and financial service needs

For more information on these and other home safety tips, stop by my office or visit www.brennanpurdy.com. My office is conveniently located in downtown Bethel. 203-798-7300.                   211 Greenwood Avenue , Bethel, CT 06801

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The Featured Home of the Week is at 125 Norton Road in Easton  for $1.4M. See the virtual tour HERE

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

Review the Condo Documents for your CT Purchase - It's All in the Details.

Buying or selling a condo? Review the regulations for that complex thoroughly.

When you buy a condominium, your purchase is subject to the Common Interest Ownership Act (CIOA). You have a right to review the documents, financial status of the association, and any rules associated with that complex.

Sometimes, we run across what seems to be odd rules. For example, at one condo complex, you are not allowed to have curtains or draperies on your windows- only blinds. At another you cannot park a vehicle that has a commercial plate, or have any kind of signage on the car. Another does not allow renters of any kind- (which would include a roommate).

When you sell that condo in the future, generally speaking, you are responsible for paying for the documents for the buyer that wishes to purchase your home. That cost  can be a few hundred dollars, and the documents also take time to prepare.

On one recent condo transaction, the buyer found a clause that referred to continued maintenance of the interior of the unit by the owner, which included replacing the hot water heater every 10 years.  Since the hot water heater was 14 years old, that buyer was well within her rights to ask-- scratch that-- DEMAND a new hot water heater.

It pays to look at all of the details. have your attorney thoroughly review all documents relating to your purchase, and have your attorney verify any ambiguous requests that could arise from language in the accompanying resale package.

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The Featured Home of the Week is at 125 Norton Road in Easton  for $1.4M. See the virtual tour HERE

Buying or Selling a Condo in Fairfield County?  Contact us!

If you have a question about buying or selling a Condominium in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

We Won SBCA's 2012 Best of Business Award in the Real Estate Category

We received the  2012 Best of Business Award!

March 25, 2013 - Judy Szablak of BestAgentsOnline at Coldwell Banker in Westport Connecticut has been selected for the 2012 Best of Business Award in the Real Estate category by the Small Business Commerce Association (SBCA)

The SBCA 2012 Award Program recognizes the top 5% of small businesses throughout the country. Using statistical research and consumer feedback, the SBCA identifies companies that we believe have demonstrated what makes small businesses a vital part of the American economy. The selection committee chooses the award winners from nominees based off statistical research and also information taken from monthly surveys administered by the SBCA, a review of consumer rankings, and other consumer reports. Award winners are a valuable asset to their community and exemplify what makes small businesses great.

The Small Business Commerce Association (SBCA) is a San Francisco based organization. The SBCA is a private sector entity that aims to provide tactical guidance with many day to day issues that small business owners face. In addition to our main goal of providing a central repository of small business operational advice; we use consumer feedback to identify companies that exemplify what makes small business a vital part of the American economy.

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The Featured Home of the Week is at 125 Norton Road in Easton  for $1.4M. See the virtual tour HERE

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

Growing Optimism For a Healthy 2013 for Connecticut Real Estate

The real estate market has had an ominous cloud looming for a long while with sunshine trying to break through. Now, according to a recently released second quarter survey by HomeGain, optimism is growing and a sunnier forecast is anticipated by some.

The survey results are taken from a pool of more than 400 agents and brokers and 1,700 homeowners. Perhaps not surprisingly the optimism is a bit unequal. Regarding the general direction of home values, about 48 percent of industry professionals expect home values to increase compared to only 27 percent of homeowners. However both percentage figures are up from first quarter 2012.

The outlook for the next two years? The forecast, according to the belief of those surveyed, gets even better. Real estate professionals (82 percent) and homeowners (59 percent), both believe home values will increase in the next couple of years. However, a small percentage group, 6 percent of real estate professionals and 15 percent of homeowners, think the exact opposite.

Meanwhile, 14 percent (From my monthly online newsletter- click here to read more)

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The Featured Home of the Week is at 125 Norton Road in Easton  for $1.4M. See the virtual tour HERE

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY

Connecticut Financing Update and Today's Mortgage Rates 3/8/2013

Unbelievable day in the financial markets as reports came out this morning that the unemployment rate has decreased to 7.7% as better than expected job gains were reported.  The interest rates rose sharply early in the day and actually bounced back a bit by the end of the session.  The 10 year note finished the day at 2.06.  Read some articles this week that the Spring market is here and there is a dash to buy homes as rates start to creep up.  I also read on multiple social media platforms that we're low on inventory so we are suddenly in a sellers market which we haven't seen or heard of in a really long time.  If you are looking to close in the next few weeks then I would suggest locking in a rate with your lender and if you are looking to close in 30+ days then I would probably let your rate float to see how rates fare over this long period of time. *Note: My office currently has a $555 off coupon on your closing costs if you're looking to refinance or purchase a new home.  Contact me for more details.
 

Today's Mortgage Rates

Conventional 30 year fixed          3.875%                  APR 3.969%

Conventional 15 year fixed          3.125%                  APR 3.235%

Conventional 5/1 ARM                3.250%                 APR 3.139%

Conventional 7/1 ARM                3.300%                 APR 3.241%

The above rates are based on a loan amount of $417,000 for a single family home, a borrower’s middle credit score of 780 and a 20% down payment.  If you would like a customized rate quote for your own specific loan scenario then please feel free to email me at nima@primeres.com or call me directly at 203.913.6016. 

 

As a lending professional, Nima Rezvan meets a wide range of real estate lending needs, whether it be a first time purchase, second home purchase, or refinance. He welcomes the opportunity to serve your needs with quick and accurate real estate financing advice. With his expertise and knowledge, he will make sure you understand the features associated with the loan program you choose and that it meets your unique financial situation.

With more than 10 years of mortgage lending experience, Nima specializes in  Conventional Mortgages,  Jumbo Loan Financing, Refinance, First Time Home Buyers and Federal Housing Administration/Veterans' Administration (FHA/VA)

782 Clinton Avenue

Bridgeport, CT 06604

Phone: 203.913.6016

Email: nima@primeres.com

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The Featured Home of the Week is at 125 Norton Road in Easton  for $1.4M. See the virtual tour HERE

Buying or Selling a Home in Fairfield County?  Contact us!

If you have a question about buying or selling Real Estate in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

Search for properties on any of our sites, or get the very best visibility available for your home. Visit us online wherever you like:

www.CThomesAndRealEstate.com      www.TheCTrealtyBlog.com     www.TheCTRB.com    and   www.CTfeaturedHomes.com 

 Email us or  call Toll Free (855) GET-JUDY