If you are currently looking to buy Huntsville AL real estate, you probably have a good idea of the general range you can expect to spend on a home.  So you might be surprised when a great-looking home shows up on the MLS with what seems like a shockingly low price tag attached.  The extra-low price seems too good to be true and – most of the time – it is. 

In many cases, the price you are seeing does not represent the actual asking price of the property.  Rather, it is likely a property that is in “pre-foreclosure” and the amount listed actually represents the balance of the defaulted loan, or the amount the current owner is in arrears.  Below is an excerpt from an article I found at Inman News that does a great job explaining how these properties end up on MLS search engines, and what you can do to spot them:  (more…)

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You may have heard buzz around the term “universal design” in recent years, but do you know what it is or how it affects the Huntsville AL real estate and construction markets?

According to Lowes.com, universal design is the creation of products and environments meant to be usable by all people, to the greatest extent possible, without the need for adaptation or specialization. The intent is to simplify life for everyone by making products, communications and the built environment more usable by as many people as possible at little or no extra cost. Universal Design benefits people of all ages and abilities.

Think this is some “far out” theory just now working its way into the “modern” world?  Think again:  if you’ve ever walked through an automatic door, you’ve experienced a version of Universal Design.   Likewise, a ramp or curb cut is just as welcome to someone with a baby stroller as it is to someone in a wheelchair.
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Happy 4^th of July, Huntsville!  Although this weekend is a time for fireworks and enjoying time with friends and family, it is also a time to remember what makes our country so great – our freedom.  So as you gather with friends and neighbors on Friday, take a moment to thank our military—living and dead, at home and abroad—for the sacrifices they have made for us.  Because, as we all know, freedom isn’t free!

Be sure to check out the events and activities happening this holiday weekend in Huntsville!

We’ll return to discussing Huntsville AL real estate next week.  In the meantime, if you would like more information about Huntsville AL real estate, please call me at 256-508-0211 or visit MoveToHuntsville.com. 

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Before lending you a large sum of money to purchase a piece of Huntsville AL real estate, it is understandable that your lender will want to know a little bit about you and your ability to pay back the loan. If you are a first-time homebuyer, or if it has been a while since you last spoke with your lender, it is helpful to be prepared for some of the questions you may be asked and to have some responses in mind. Below are some general examples of questions you may expect to hear when applying for a home loan:

Employment and Income

•  Where do you work?

•  How much do you make?
 
•  How long have you been at your job?
 
•  How is your income derived — steady salary or irregular income? (if it’s the latter, plan on providing more details so that you get a favorable interest rate)

Outstanding Debts

•  What recurring debts do you have?
 
•  How much do you pay a month for auto loans?
 
Credit cards?
 
•  How much of your monthly pretax income do these debts consume? 

Cash Reserves and Assets

•  How much money do you have in the bank?
 
•  How much will be left after you pay your down payment and closing costs? 

Down Payment

•  How much money are you putting down?
 
•  Is this your own money? A gift? A nonprofit agency grant?
 
Loan Purpose

•  Is this mortgage for a home buy or refinance?
 
•  If it’s a refinance, do you want to take cash out at closing to pay off other debts? 
 
•  If so, how much?

Property Use

•  Do you plan to live in the house?
 
•  Is it investment property? 

Property Type

•  A condominium?
 
•  A duplex? 

In order to get the best possible interest rate and gain the trust of your lender, you will want to be able to prove that you’ve had steady employment (preferably with the same employer or in the same line of work) for two or more years. You also want to avoid making any major purchases before applying for a loan – if a lender sees that you’ve just purchased an automobile last week, your debt-to-income ratio goes up and your ability to pay down a home loan goes down.

It is preferable to be making a down payment of at least 5% of the sales price with your own money and to prove that you have at least two months’ worth of mortgage payments in the bank; however, there are many programs such as Fannie Mae that require much lower down payments.  

To learn more about investing in Huntsville AL real estate or for a referral to a reputable lender, please call me at 256-508-0211 or visit MoveToHuntsville.com. You may also sign up for automated emails of new listings at HuntsvilleHomeHunter.com.

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