BAP site syndication http://www.franklintennesseehomes.com 2012-02-05T07:02:14+01:00 http://www.franklintennesseehomes.com http://www.franklintennesseehomes.com/images/M_images/ text/html 2012-01-27T18:39:47+01:00 http://www.franklintennesseehomes.com http://www.franklintennesseehomes.com/buyer-information-pages/brandon-patrick-real-estate-guru-discusses-how-much-of-a-home-you-can-qualify-for-in-franklin-tennessee.html Income. Debt. Down Payment. Closing Costs. Two Years Income Tax Returns. Assets. Liabilities. IRAs. You want WHAT? Just what can I afford?Buying a home in today’s Franklin Tennessee marketplace is a bit intimidating, and your new home purchase is likely to be one of the most important decisions you’ve ever had to make. Usually it’s one of the single most valuable assets you’ll own.Where to StartBefore you invest hundreds of hours searching in Franklin Tennessee, to avoid any heartbreak, if you find yourself unable to qualify for your dream home, sit down with a lender. Your lender can perform a simple verbal pre-qualification in about twenty minutes and a full-fledged pre-approval in about 5 days.Pre-qualification not only allows you to focus your search in the correct price range, saving a lot of wasted time and frustration, but it can also give you an edge when competing with other offers on a home that you find. If a seller is deciding between two offers- yours which has been qualified and another unqualified offer- they are much more likely to pick yours. Pre-qualification will also give you leverage when negotiating with a seller in a non-competitive atmosphere; it essentially makes you a cash buyer.The amount of home in Franklin Tennessee that you qualify for will be determined by three key factors: Your down payment, your ability to qualify for a mortgage, and closing costs.The Down PaymentWhereas a current homeowner in Franklin Tennessee can rely on equity from their home sale, a first time home-buyer is limited to the money they can save.The days of having to put 20 percent down on a home in Franklin Tennessee are in the past, although putting a large amount of money down definitely makes it easier to qualify for a mortgage and to get the lowest interest rates available. With the various programs that are available today, you can put as little as 3 percent down on a home.Qualifying for the Mortgage in Franklin TennesseeThere are two basic guidelines that lenders use to determine what size mortgage you are eligible for:Your monthly mortgage payment of principal, interest, taxes and insurance (PITI) should not exceed 25 to 28% of your monthly gross income.Your monthly housing cost (PITI) plus other long-term debt should not exceed 33 to 38% of your monthly gross income.Specifically, most lenders will consider 4 key factors to determine your ability to qualify for a home loan:Income – This first element can include not only your gross monthly income and secondary income (commissions, bonuses) but also your history of employment, stability of income, education, even potential for future earnings.Credit History-This encompasses your history of debt repayment, total outstanding debt, highest balance, and your highest monthly debt balance.Assets–Your assets consist of cash on hand, savings and checking accounts, CDs, stocks, bonds or any other type of liquid asset.Property–The home you are planning to purchase will be appraised to determine the market value. The estimated value must be sufficient to secure the loan. Lenders will loan you no more than a certain percentage (usually 95%) of this value.Closing Costs Keep in mind that in addition to your down payment, you will also be responsible for paying fees for the loan and closing costs. These will be required at the time of closing unless you qualify and choose to have these included in your financing.Closing Costs generally will range between 2 percent and 6 percent of mortgage loan, depending on the loan and lender. You will be provided with a "Good Faith Estimate" of closing costs so you can know what to expect."Points," which are one time charges equal to one percent of your loan amount, may be required by your lender at closing.Your closing agent will charge a fee at the close of the sale. We sincerely hope this information will help you gain a better understanding of the mortgage process. There is a lot of free information available to you about buying, selling or investing in Franklin Tennessee real estate (http://www.franklintennesseehomes.com). For complete information about the Franklin Tennessee real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Franklin Tennessee real estate. So please feel free to contact me with any of your real estate questions and I will me more than glad to answer your questions. Call me on my cell at 615-578-7507 or email me at brandon@brandonpatrick.com (mailto:brandon@brandonpatrick.com). For a FREE List of the Top 10 Home Buys in Franklin TN, Fill Out the Form Below! text/html 2011-12-27T19:51:31+01:00 http://www.franklintennesseehomes.com http://www.franklintennesseehomes.com/buyer-information-pages/tips-for-getting-a-good-first-time-loan-for-franklin-tennessee-real-estate-by-real-estate-expert-brandon-patrick.html Getting a loan can be easier than you might think if you go into it prepared. For the first time buyer, itís important to prepare for your application properly, so that youíre more likely to get approved and so that the whole process will go smoothly. In this article, weíll talk about how to best prepare for your loan application.Step 1 ñ Improve Your Credit Before You Apply (Optional but Recommended)If youíre applying 1-2 months before your purchase, it could be difficult to improve your credit. However, if you know youíll be buying your house in 6 months, itís a great idea to start improving your credit now so that you can get a lower interest rate when you do apply for your loan.Step 2 ñ Find a Good Lender in Franklin TennesseeWorking with a good lender and a good loan officer is vitally important. Your loan officer is the person who will ensure your loan process goes through smoothly. Naturally, you want someone competent, experienced and professional to work with.Step 3 ñ Understand Your Mortgage OptionsAlthough a good lender will explain your loan options for you, itís still important to go in to the loan process prepared. There are a wide range of different loans available, from fixed interest rate loans to adjustable rate mortgage loans and everything in between. Visit your lenderís website before meeting with your lender to see what kind of loans your lender offers. Do your research on your loan options so you can have an educated discussion with your loan officer.Step 4 ñ Go in PreparedOnce you have your credit in good order, youíve found a good lender and you understand your mortgage options, itís important to understand what else your lender is looking for.What is your debt to income ratio? How much of a down payment are lenders asking for with people in your financial situation?As you can tell, when it comes to mortgages, it pays to do your homework.There is a lot of free information available to you about buying, selling or investing in Franklin Tennessee real estate (http://www.franklintennesseehomes.com). For complete information about the Franklin Tennessee real estate market including current homes for sale, mortgage tips and more please visit the most complete website online dedicated to everything Franklin Tennessee real estate at www.BrandonPatrick.com. So please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 615-578-7507 or email me at brandon@brandonpatrick.com (mailto:brandon@brandonpatrick.com). If you Would Like a FREE List of Foreclosure Homes in Franklin TN, Fill Out the Form Below! text/html 2011-08-19T12:01:01+01:00 http://www.franklintennesseehomes.com http://www.franklintennesseehomes.com/seller-information/real-estate-professional-brandon-patrick-offers-solid-advice-for-tn-home-sellers.html Real Estate Professional Brandon Patrick Offers Solid Advice for TN Home Sellers When it comes to putting your home (http://www.franklintennesseehomes.com) up for sale, it can be a very tricky experience. On the one hand, you desperately want buyers to like your home and think that you have done a good job keeping it maintained, decorating it and so forth. However, in the end you are not trying to make the buyers impressed with your decorating skills. You are attempting to get them to see that your home is the right one for their needs and wants. One big mistake that many home sellers make is getting emotionally involved in the process of selling real estate. They take things personally that the buyer says about their choice of draperies, for instance. An experienced real estate agent must instruct his or her sellers that they cannot take comments and opinions that buyers make personally. Everyone has different tastes when it comes to home décor. It is best that home sellers try to be as objective as possible during contract negotiations. Sometimes buyers will make an initial offer that seems way low. Unfortunately, some sellers will take this personally and either not respond to the offer at all or they will come back at full price out of spite. Again, an experienced agent will stand in that gap and try to forge a pathway for all parties to be happy with the final result. Buyers will often take advice from well meaning friends and family members who tell them to “come in low because you can always increase your offer.” This is bad advice as it often irritates and frustrates the seller to the point that they no longer want to negotiate with that particular buyer. It’s important that all parties treat contract negotiations in a professional and business-like manner so that everyone can be satisfied in the end. No matter what, selling a home will always be a stressful process for any home seller. After all, if you have lived in the home for a long time or raised kids there, your home is full of memories. You must always remember that the end goal is to find a buyer who can make new memories there too. For more information on finding that perfect buyer for your home, call Brandon Patrick with Reliant Realty at 615-578-7507 today. text/html 2011-07-15T14:16:25+01:00 http://www.franklintennesseehomes.com http://www.franklintennesseehomes.com/buyer-information-pages/real-estate-professional-and-investor-discusses-important-facts-to-know-about-financing-investment-property.html Receive the best type of loan for your investment property in . Whether you are looking for financing for a rental property in that you are going to keep as a rental or sell it for fast income. This special report series will uncover the place to start on your journey for investment financing.SPECIAL REPORT FOLLOWS:Brandon Patrick Talks About How to Finance Your . (http://www.franklintennesseehomes.com)Finding nice real estate investment opportunities in can be a lot of fun. You will have a great deal of pleasure when you go into the property and imagine the profits of the future. However, before you begin seeking out properties in earnest, you must have your financing squared away.If you are planning on financing a rental in The wisest way to start your search is to contact a broker with many contacts.You are looking to find a lender in that specializes in getting loans for investors.In the event you are dealing with a real estate agent, which I highly suggest, you will be able to request referral information from them. You can also check out some of the investment clubs in With people that can more than likely help you find the financing that you need. text/html 2011-05-25T15:08:25+01:00 http://www.franklintennesseehomes.com http://www.franklintennesseehomes.com/buyer-information-pages/things-to-do-after-closing-a-checklist-from-real-estate-expert-brandon-patrick.html Things To Do After Closing: A Checklist From Real Estate Expert Brandon Patrick When you walk out of the closing as a new homeowner, a flood of emotions is running through you. Your main concern is making sure that you do everything to protect your new investment. So how do you do that? The first thing you will want to consider is changing the door locks. Even if it is a new home you won't have any idea who may have a key. It is best to make the home secure and have them all changed at the same time. You can even have all of the locks keyed to one master key for convenience. The mountains of papers that you received at closing are extremely important. Make sure that you keep them in a safe place where you can put your hands on if they are needed. Countless times there is a document issue that needs resolving or a question that requires answering. Putting your hands on them easily may avoid headaches down the road. About two to three weeks after closing contact the county records office to confirm that the title has indeed been recorded. Sometimes, depending on their workload, it may take longer. Regardless, keep in touch until you have verification. Make sure that you have verified having the utilities worked out. If you are purchasing from someone it is best to have them transferred instead of disconnected and reconnected. This will avoid a delay in service. Some companies will even waive the connection fee if they do not have to send someone out to the home twice. Builders can even make this arrangement if you let them know before closing. It is highly recommended that you chronicle your possessions after you have moved in. The best way to do this is to videotape everything in the home as well as the home itself. This will serve as an invaluable tool in the unfortunate event that something happens. Your memory will never be able to take the place of live footage and you will encounter less resistance from your insurance company if you have to prove something was present. Also, make a detailed written list, too. Keep a copy of both in at least one location outside of the home, such as a safety deposit box. For more tips on having a smooth closing, contact real estate (http://www.franklintennesseehomes.com) expert Brandon Patrick with Reliant Realty at 615-578-7507. For a FREE List of Franklin TN Foreclosures, Fill Out the Form Below!