Five thoughtful tips for first time home buyers that everyone should use.
A some what forgotten cost to the buyer are the costs of closing the transaction. There are extra costs in purchasing a home. You need to set aside enough for closing costs. These cost may include fees for an attorney, a title search, title insurance, taxes, lender costs and some upfront housing expenses such as homeowners insurance. The amount a buyer will pay in closing costs varies based on the size of the loan and local taxes and fees, but a general rule is that they average 2% to 5% of the purchase price. Although it’s common to put 20%, the amount you decide to pay upfront varies. We understand that even a small down payment can be a hefty amount. For example, a 5% down payment on a $250,000 home is $12,500. If you’re not quite making the salary you’re expecting to make, first time home buyer programs allow as little as 3% down. However, keep in mind that a smaller down payment means higher monthly mortgages.
We recommend using an online mortgage calculator to help you navigate your preferred monthly payments. Using budgeting apps such as Nerd Wallet will also keep you on track aligning your financial goals.
Your overall credit score will be one of the most important factors in mortgage lender’s decision on wether you qualify for a loan. Reduce or pay off any debts or loans you are making monthly payments on. The lenders are more likely to give a better rate on your home loan and a clean slate makes it easier to identify your ideal payment amount. Decreasing the amount of debt you owe is a great way to increase your credit score. A study conducted by Credit Karma foud that the average credit score among home buyers between 2017 and 2018 ranged from 622 to 730. Over a 30 year loan you could save thousands of dollars simply by having a better credit score and a lower interest rate as a result.
We understand that giving up your weekends to spend them looking at dozens of homes back to back can be tiring, but trust us it’s worth it. By attending open houses you’re able to use your imagination to see yourself living in one type of home or another. Take notes, if you look at many houses you will benefit from having notes help compare one house from another. Attending an Open House more than once at a property also shows interest and the seller can become more inclined to offer you more incentives to help close the deal.
The main reason to buy is to secure your home in a neighborhood you want to live in without the worry of being priced out in the rental market. Choose the location based on where you actually want to live. Being nearby grocery stores, restaurants and stores allow you to decrease your spending in transportation costs and make for a convenient location.
#entarispowerful #firstimebuyers
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Blockchain technology allows Real Estate agents to double their commissions.
Corey Chambers is a man with a plan to bring Block Chain Technology to the real estate industry.
In a recent interview by TheOrg.com, Entar Founder Corey Chambers highlights the potential of blockchain technology by applying it in a unique space – real estate. The founder of tech startup Entar, Corey works in the common area between the two fields, helping to make the process of selling and buying a house much easier.
Corey describes it as like operating at the nexus between science fiction and science fact.
“For example, Bitcoin has been used as money and as an investment,” he says. “The reason it works is that it uses advanced verification, authentication on a distributed ledger. We’re just combining that because there are a lot of things in real estate that require authentication and verification. So that’s what we are.”
Corey uses these applications when it comes to using money, making contracts, titles and deeds, and doing business applications.
“It turns out that everything that could benefit from verification and authentication can benefit from blockchain,” he says.
While that may sound futuristic to the uninitiated, that’s only the beginning. Corey is an avid believer that the technology that administers blockchain can be utilized in a whole lot of new ways.
“Just about everything where you use a third party, you can use this. Take the county, which is usually used for deeds and so forth. You don’t actually need the county – the new technology just needs to be implemented.
Entar is powerful
“There’s other parts of real estate that can benefit from blockchain technology as well; digital real estate, virtual real estate, non-fungible token (NFT’s, which holds digital files) real estate.”
Unsurprisingly, Corey has always been a forward thinker, and interested in technology. One of his first memories was watching the first moon landing, and he was a huge fan of Star Trek growing up. He programmed the Apple II at the Byte Shop at age 12, recognizing and appreciating the power of the computer.
That fascination has been life-long, and there is barely a waking moment where he’s not using or exploring new tech.
“Like most entrepreneurs, I enjoy creative work during most waking hours. Balance is not a thing for me, because work is fun. I’m either working or otherwise exploring the internet nearly 24/7.”
Part of what fuels Corey’s fascination is the extreme potential he sees as technology evolves.
“Bitcoin, for instance, went up more than a million percent in the past 11 years. You look at Microsoft, and people who bought stock in that in the 80s found that very small amounts of stock were worth millions of dollars. That’s accelerating because new technology brings the potential for even more technology – so it’s exponential. As far as investment goes, there are going to be so many more opportunities.”
Entar is a technology start-up that enjoys the excitement of implementing technology at its nexus between science fiction and science fact. We’ve been using a combination of in-person work and telecommuting for several years.
Implementing is, for instance, the title and deed of a property. Those will be some of the first things that are done with blockchain technology. And when I’m not actively doing something, then YouTube is on. So yeah, I’m constantly searching for looking at new technologies. So people need to realize that right now.
In downtown Los Angeles, home prices are still mostly falling. While the suburbs, the safest, cleanest, newest suburbs, where prices have been shooting up, and people have been moving, they’re away from the gritty urban cities that they’re finding scarier lately. And so and that’s still happening, it’s just slowed down a little bit. Downtown Los Angeles real estate was more or less paralyzed last year. And this year, it’s just less paralyzed. But it’s still noticeably slow. And also, there’s a bifurcation between rich and poor. And that’s accelerating as everything that the politicians are doing, Republicans and Democrats, they’re both separating the rich and poor, and pushing more middle class into poor.
What I’m also having to contemplate is: do we want to be like a completely open-source company, a whole new kind of company, that is, like 100% transparent? The only thing is, we can’t give out our client’s details, their names and how much they plan to pay for a property, and all that stuff. But should we make everything else open, open-source and transparent? We’re running, not like a public company, but like an ultra-public company. That’s why we liked what TheOrg is offering — because there are so many benefits, it’s already been proven for the past 20 something years that open source is where it’s at. When you get public acknowledgment, when the public can see what you’re doing, they’re going to be extremely supportive and involved, and your customers are going to be building ecosystems around what you’re offering.
Keeping your secret sauce secret is fine, for a lot of things. But there’s a lot more technology, you can’t have this public, fully embracing you unless you are as open as possible. We’re seeing the advent of so much public, open source software and stuff like that. The internet has proven that open source ecosystems are the way to go.
ENTAR Extraordinary New Technology And Research #Entarispowerful #blockchain
Assisting Corey Chambers is his associate K.T. Donohue, who has a background in Software Sales and studied artificial intelligence before it was a discipline. He describes his studies: “We spent a good deal of our time trying to decide what it means to think,” says Donohue. He believes BlockChain is a fascinating opportunity to combine verification with powerful search and discovery tools: “I am not so worried about what it means to think anymore. I am more concerned that our software gives us the tools to make better choices in an environment that builds confidence in the systems we are creating.”
K.T. has a notion that Entar is going to be a catalyst for an information industry tipping point. When planes were new, it was a novelty to see one. Donohue predicts blockhain is in a novelty stage — we are quickly going to get past that and accept the notion that this is a meaningful technology that can make our lives better and more productive. Real Estate will benefit from the versatility and confidence-building that blockchain promises. | Leave a comment here.
Entar Real Estate Blockchain allows real estate professionals to double their income.
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