One-stop shopping for your complete home buying process

Here's why you should be glad that Weichert offers one-stop shopping.

Even with a signed contract in hand, there's still a lot to deal with before the house you found can become the home you live in. Through Weichert Gold Services*, we can take most of the details out of your hands and into ours, smoothly streamlining the delivery of mortgage financing, home insurance, title insurance, and even vital home connections services to save you time and make the transition easier.

Unless you have a mortgage credit approval, obtaining financing in time to meet the date specified in your sales contract is a top priority. Weichert Financial Services offers approximately 300 different types of mortgages, so you're sure to find the one that's best for you. Ask all the questions you like so that you clearly understand what your financing options are. In addition to mortgage financing, the homeowner's insurance and title insurance necessary to complete your home purchase are also part of our Gold Services.

Weichert Home Connections In addition to the essential purchase-related services, Weichert Gold Services can simplify the moving-in process, relieving you of many phone calls you'd otherwise have to make to arrange services. With some variation depending on area, the growing array of Weichert Home Connections services can cover everything from moving services to the set-up of cable TV and phone service. Best of all, there's no extra cost to you for arranging these services for you.

Home Protection Plan If the home you're purchasing doesn't come with a Home Protection Plan, you may want to consider one. After all, breakdowns happen even with the best-name appliances. And they're not normally covered under homeowners' insurance. Instead of worrying that a dishwasher, for instance, will go on the blink, a Weichert Home Protection Plan offers replacement or repair protection for covered major appliances and systems, with qualified contractors only a phone call away, 24 hours a day.

There is no doubt that this is a great time to buy a home

Purchasing a home has remained affordable, primarily because of the extended period of historically low interest rates that has continued for more than two years. A wide variety of properties from which to choose and affordable prices sweetens the opportunity for homebuyers.

The general public agrees, and so does the secretary of the U.S. Department of Housing and Urban Development. Consider these recent reports:

• According to a recent Gallup poll, 69 percent of Americans believe that now is a good time to buy a house.

• Responding to a recent New York Times/CBS News poll, nine in 10 Americans said homeownership is an important part of the American dream.

• The National Association of Realtors' ninth housing pulse survey showed that the overwhelming majority of Americans (72 percent) say that buying a home is a good financial decision. Almost two-thirds (64 percent) say that now is a good time to buy a home.

• During a recent interview broadcast on CNN, Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, urged Americans to purchase homes. He said, "In the long run, it is a good time to become a homeowner because it's so affordable today compared to where it's been for generations."

SOURCE: Weichert Insights

Economic Benefits of Homeownership

The economic benefits of homeownership are well known. From tax incentives and building equity to the boost the housing sector provides to the overall economy, it is no surprise that owning a home continues to be an essential element of the American dream.

In addition to the financial benefits, homeownership has also been proven to offer substantial social benefits for families, communities and the country. The most recent evidence appears in a new report from the National Association of Realtors, called "Social Benefits of Homeownership and Stable Housing."

Some of the report's notable findings include:

• Stronger Communities: Homeowners move far less frequently than renters. They are therefore embedded in the same neighborhood and community for longer, allowing for a high level of social cohesion.

• Higher Educational Achievement: Research shows that students whose parents are homeowners tend to stay in school, have access to more educational opportunities, and have an overall better educational outcome than children of renters, who tend to change schools more frequently.

• Better Well-Being: Homeowners report higher self-esteem and happiness than renters, which results in better overall physical and psychological health.

• Lower Crime Rates: Because they are vested financially and emotionally, homeowners are more motivated to deter crime by getting involved in voluntary crime prevention programs.

SOURCE: Weichert Insights

Is Moving Up a Smart Decision?

There are many reasons why someone would want to move into a bigger or nicer home. Some of these are based on necessity, such as adding another child to the family, having aging parents move in or starting a home-based business. In other cases, a new home is desired purely for location, size or other features.

Because a home purchase is a major decision, it is important to thoroughly research whether or not moving up is a smart choice. Here are some things to consider:

• Interest Rates: Mortgage interest rates are at all-time lows now, making a home purchase more affordable, but that's not always the case. Contact a reputable mortgage lender to find out what rates you would qualify for and use that as a starting point.

• Income: In most cases, moving to a better home will increase your monthly mortgage payment. Examine your budget to determine if you can afford higher housing costs, and if so, what your upper limit is.

• Home Equity: How much equity do you have in your current home? If it is a considerable amount, the profits from the sale of your home can be applied toward your new mortgage, offsetting the typical increase in monthly payments.

Source: Weichert Insights

Figuring out financing can be a daunting task.

For many homebuyers, figuring out the details of financing their purchase can be a daunting task. After all, a home is likely the largest purchase a person makes in their lifetime. One of the decisions to be made is whether to go with a standard or low down payment mortgage.

Tim McLaughlin, a senior vice president for Weichert Financial Services, offers these tips:

• Amount of Cash On Hand and In Reserve. Standard mortgages require at least a 20 percent down payment, while with an FHA loan you can put down as little as 3.5 percent of the purchase price. If you go with a low down payment loan, you don't have to invest as much of your money and can keep money in reserve to invest or to use for home improvements.

• Private Mortgage Insurance. One of the drawbacks of a low down payment loan is that you will be required to obtain private mortgage insurance. This is a type of insurance that protects the lender against the possibility of you defaulting on the mortgage. It will add money to your monthly payment, but can be removed once the balance on your mortgage is less than 80 percent of the home's purchase price.

• Interest Rate. Many times, lenders offer a lower interest rate to borrowers who make larger down payments. Homebuyers need to weigh the cost of putting a small amount of money down, since monthly payments can be more if interest rates are higher.

Source: Weichert Insights

BUYING A HOME?  A REAL ESTATE AGENT CAN HELP!

Whether it's your First Home, Move Up Home or Downsizing in Retirement, an Experienced Real Estate Agent Can Help You Throughout the Homebuying Process!

A Real Estate Agent...

• Has the most information in one place about what is on the market.
• Has full access to homes listed by other real estate professionals.
• Can help you choose a home that fits your needs - features, size, location, etc.
• Can provide information regarding local taxes, utility costs, schools, churches, shopping, transportation, etc.
• Selects and researches qualified properties.
• Explains basic real estate principles.
• Helps you understand the financing options available to you.
• Helps you determine how much you can afford to pay for a home.
• Acts as liaison between you and the seller to present offers and counter-offers until an agreement is reached.
• Provides an objective view with no emotional ties.
• Follows up throughout the transaction.

There has never been a better time to buy a home!

First-time buyers who act now can save $10,000 on their new home in the first year alone.

The first $8,000 is the amount of the tax credit eligible first-time buyers can receive if they get under contract by April 30, and close by June 30.

The other $2,000 comes as a result of the historically low interest rates that are currently available. It is expected that mortgage rates will increase when government support ends in late March, meaning there is an opportunity cost for waiting even an extra couple of weeks.

Consider the impact of rising mortgage rates on a home's affordability. If you buy a home for $300,000 with 10 percent down and a 5 percent 30-year fixed-rate mortgage, you will pay $1,449 per month in principal and interest. If in a few weeks rates go up to 6 percent, the monthly payment would increase to $1,610. The annual savings on mortgage interest is slightly more than $2,000. What's more, the buyer who purchases now will enjoy that same level of savings each year over the course of their 30-year loan.

While the example above applies to first-time buyers, existing homeowners who choose to purchase a new home while the $6,500 tax credit is available can save thousands of dollars, too.

 There has never been a better time to buy a home!

5 Questions Home Buyers Should Ask a Realtor

When choosing a Realtor, make sure you ask the right questions upon first meeting.  This is a critical relationship that will be developed over time, but it is key that you work with someone who will work hard for you and be able to negotiate on your behalf when the time comes.

Here are some basic questions that you should ask: 

1. Are you a full-time Realtor?
2. How long have you been in the business?
3. Do you specialize in Buyers, Sellers or both?
4. How well do you know the area where I'm looking?
5. How will you get paid?
6. What do you do that separates you from your competition?