Wednesday, March 13, 2013

WOW! Searcy Arkansas homes expert Larry DeGroat looks at putting affordability into perspective!

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This is something to think about. YES! home prices have been rising over the past 20 years, but let"s take a look at the affordablity of homes today. In 1993 the average sales price of homes in Searcy, Arkansas was around $65,000 and with an interest rate of 10% for a 30 year mortgage, the principal and interest payment was $570.42. Now lets look at todays numbers. The average sale price of a home today is $155,429 that"s nearl;y $90,000 more than it was 20 years ago. BUT, you take the low interest rates of 3% which will make your principal and interest payment $655.29. That is only $84.87 difference than what your payment would have been 20 years ago.


If you are considering buying a home today, do it now and take advantage of these great rates! Call Larry DeGroat today at 501-268-8489 and start packing.


Searcy Arkansas Homes

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Larry DeGroat asks are you Getting Ready to Purchase a Home in Searcy Arkansas?

 



Financial Preparation For Home Purchases in Searcy AR

 

Before they approve you for a home mortgage, lenders want to be sure that you will be able to repay it.They will take a detailed look at your financial situation to determine this.There are several things you can do to improve your chances of getting approved for a home mortgage.Not only will these actions help your approval they will also prepare you for managing your home mortgage payments once you obtain the home mortgage.



The first thing you should do is check your credit.Make sure that there is no inaccurate information on your credit report.This includes accounts that do not belong to you and accounts that are reported inaccurately.Your credit report will come with instructions for disputing inaccurate information.You can obtain a credit report by contacting any of the three credit bureaus or by visiting www.annualcreditreport.com.



Once you have taken the steps to clean up your credit report, next you should analyze your finances.Take a good look at your income and spending each month.Look for areas where you can decrease your spending.This might be as simple as making a minor lifestyle change.Come up with a budget for your household to add discipline to your spending habits.



Pay down your debts.The lower your total debt load, the higher the amount of home mortgage you can afford.Pay off minor debts like credit cards with low balances or collection accounts.Not only will this improve your credit score, it will also make it easier for you to afford the home mortgage once you begin to make payments.The lower debt load frees up additional funds in your budget allowing you a little extra room for furnishing your new home.



With the adjustments you've made to your household budget it should be easier to save for a down payment.After paying off your credit card debt, you can put the money that would have been going toward your monthly credit card bill toward your down payment savings account.A higher down payment allows you to borrow a higher home mortgage and afford a larger home in Searcy AR.You might have to make some sacrifices now to save for the down payment, but it will pay off when you are finally in the Searcy AR home of your dreams.

In the six months to one year before you apply for a home mortgage, you should not incur any new debt.This includes using your credit cards and purchasing big ticket items like vehicles or boats.Making large financial purchases raises a red flag in the lender's eyes.Even if you can make the purchase and still afford a home mortgage, it is best to wait until after you have been approved for the home mortgage to make such a purchase.You should not take any action that might cause the lender to deny your home mortgage application.



Preparing yourself financially is one of the best steps you can take in the months before you make a home purchase.The financial readiness will payoff long after you've moved into your new Searcy AR home.

There is a lot of free information available to you about buying, selling or investing in Searcy AR real estate. For complete information about the Searcy AR real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything go to www.Searcy4Sale.com.   Also please feel free to contact me via cell phone at 501-278-7659 or email me at larry@searcy4sale.com.

 


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