The truth about FICO score

December 2nd, 2016

The truth about FICO score can finally be revealed.  There is no reason to continue to wonder what is really going on.  A recent study showed that homeowners have an inflated view on what is required to get a mortgage in today’s market. This is actually good news because more people can qualify for a mortgage, they just may not know it. That is why it is important to spread the word, and make sure that old myths are quelled.  In fact, most of the loans that were closed mid year had an average score of less than 750.

Ellie Mae’s Vice President, Jonas Moe recently encouraged buyers to know their options before assuming that they do not qualify for a mortgage: “Many potential home buyers are ‘disqualifying’ themselves. You don’t need a 750 FICO Score and a 20% down payment to buy.”

Fannie Mae CEO Tim Mayopoulos also has said:  “I do think that there’s a sense out there in the marketplace among borrowers that credit may not be available, especially for people with lower credit scores.” 

Below is an illustration provided by Keeping Current Matters, showing the breakdown of the Fico Score Distribution in closed loans. What is important to see if that over 50% of the loans closed had a Fico score less than 750.

Fico score

Fico Score

Below is a little video, we hope you will enjoy.  Remember that being pre-approved before shopping is a very important step.  Pre-approval allows you to shop with confidence, and submit stronger purchase bids. Of course, Fico scores are important, but shouldn’t stop you from inquiring.  Home ownership may be closer than you think.

 

 

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To schedule a showing, just “click” on picture and complete form.

We would like to invite you to visit TurnerGroupSells.com.  Here at Turner Real Estate Group we specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Turner Real Estate Group Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://Turnergroupsells.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

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Happy Thanksgiving

November 24th, 2016

Happy Thanksgiving

Click here to view featured property scroller.

To schedule a showing, just “click” on picture and complete form.

We would like to invite you to visit TurnerGroupSells.com.  Here at Turner Real Estate Group we specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Turner Real Estate Group Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://Turnergroupsells.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

Like us on Facebook!  https://facebook.com/TurnerGroupSells

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pilgrim

Shopping – Better make a list

November 18th, 2016

A good strategy used when shopping for real estate, is to make a list of the all features you would like to have.  With so many ways to shop and all sorts of videos, it is important to know exactly what you want.  This is a very important step. Knowing exactly what you are looking for gives you an edge over other buyers who may not. According to the National Realtor Association, we have less than six months housing inventory available.  This current inventory level can favor the seller, so make your move fast.

When you are considering what is important to you when looking for a home, being detailed is very helpful.  Here is an example:

  • “Must-Haves”.  This list is of features that are required.  If a home does not have these features, they should not even be considered.  (ie. number of bedroom, bathrooms, location)
  • “Should-Haves” If the property has all of the above features, plus some of these features it should be left for consideration. The more the property has the better.
  • “Absolute Wish List” If the property is in budget, has all the “Must- Haves” and most of the “Should-Haves” and any of these features, it is a winner!

When you have compiled your lists you will have a very good idea of the type of home you are looking for.  While some people will want a bigger home, others are looking to downsize.  Do not forget to get a pre-qualification from a lender before you go shopping.  Because while shopping if you see a winner, you will be able to quickly act. A pre-qualification can make your purchase offer stronger in the eyes of the seller.

The housing inventory changes daily, which is why you need a full service real estate agent on your side.

Turner Real Estate Group has deep ties to the community, we can help you find your next home.

 

Click here to view featured property scroller.

To schedule a showing, just “click” on picture and complete form.

We would like to invite you to visit TurnerGroupSells.com.  Here at Turner Real Estate Group we specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Turner Real Estate Group Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://Turnergroupsells.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

Like us on Facebook!  https://facebook.com/TurnerGroupSells

View our channel https://www.youtube.com/channel/UCrHhsqvC-3mZ_CC

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Low rates and purchasing power

November 11th, 2016

Low rates and purchasing power are closely linked.  Interest rates are at historic lows, which makes now a great time to buy. Freddie Mac’s recent Primary Mortgage Market Survey  illustrates interest rates are at approximately 3.47%.  Remarkably, interest rates have remained at or below 3.5% for a consecutive sixteen weeks.  This is truly historic rates we are experiencing now.

Low interest rates can effect not only the monthly housing expenses, but also the total size of the loan you may qualify for.  Because housing inventory still remains a challenge in some areas, it is crucial to obtain a pre-qualification before you go shopping.  When the lender reviews your income, asset and debt documentation, the total loan amount will be established.  Lower rates allow for more purchasing power, while higher rates limit purchasing power. As rates raise the price of the house you can afford will decrease if you are planning to stay in a certain monthly budget.

The chart below shows what impact rising interest rates would have if you planned to purchase a home within the national median price range, with plans to keep the payment at $1100.  This illustration is provided by Keeping Current Matters.

Purchasing Power

Click here to view featured property scroller.

To schedule a showing, just “click” on picture and complete form.

We would like to invite you to visit TurnerGroupSells.com.  Here at Turner Real Estate Group we specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Turner Real Estate Group Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://Turnergroupsells.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

Like us on Facebook!  https://facebook.com/TurnerGroupSells

View our channel https://www.youtube.com/channel/UCrHhsqvC-3mZ_CC

Why Homeowners and Appraisers sometimes don’t agree

November 4th, 2016

Why do homeowners and appraisers sometimes don’t agree.  There can be all sorts of reasons the two do not agree.  One of the most powerful reasons can be as simple as supply and demand.  In today’s market where supply is low and the demand is high, home values can be pushed up.  Currently housing experts are projecting that the home values could appreciate another 5%, simply because of low supply. One obstacle in a market like this is the appraisal.

When home prices are rising due to lack of supply, it can be very hard for an appraiser to find a comparable home with the higher value.  Appraisers look for the closest homes with comparable features, size, rooms. Usually these homes are located within the same subdivision or within a limited circumference.

Just like a person is approved for a loan, the collateral is also examined and approved by the lender. Many lenders will also have their own team of appraisers to examine the appraisal.  Not all appraisers are the same.  Some appraisers have special certifications, while others may not be approved with lenders at all.  A full service real estate agent can help you locate a certified appraiser as well as a loan officer.  This is another reason you want to have a real estate agent working with you.

Monthly, Quicken Loans measures the difference between homeowner and appraisers values. They use their Home Price Perception Index to collect, measure and compare the data.  Below is a chart illustrating the difference for each of the twelve months. Provided by Keeping Current Matters.

Last twelve month - difference

 

A good real estate agent can help you sell your house faster and for more money.  A full service agent can also help with all of the little details that come up.  At Turner Real Estate Group, we work hard for our customers.

Click here to view featured property scroller.

To schedule a showing, just “click” on picture and complete form.

We would like to invite you to visit TurnerGroupSells.com.  Here at Turner Real Estate Group we specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Turner Real Estate Group Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://Turnergroupsells.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

Like us on Facebook!  https://facebook.com/TurnerGroupSells

View our channel https://www.youtube.com/channel/UCrHhsqvC-3mZ_CC

 

A great new listing in Rock Hill SC-Townhome

October 28th, 2016

Turner Real Estate Group is proud to present our new listing in Rock Hill

7113 Moores Creek, Rock Hill Sc  29732

7113 Moores Creek

7113 Moores Creek, Rock Hill Sc   29732

Immaculate, move in ready 3 bedroom, 2 ½ bath townhome with cozy screened in porch.  Kitchen with beautiful backsplash and eat in bar.  Owner suite with garden tub, 2 sink vanity and separate walk in shower, including walk in closet. Easy access to I-77 and Celanese. Refrigerator, washer & dryer do not convey.

We would like to invite you to visit TurnerGroupSells.com.  Here at Turner Real Estate Group we specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Turner Real Estate Group Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://Turnergroupsells.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

Like us on Facebook!  https://facebook.com/TurnerGroupSells

View our channel https://www.youtube.com/channel/UCrHhsqvC-3mZ_CC

Great new listing in Rock Hill SC

October 25th, 2016

Turner Real Estate Group is proud to present:

936 Hillcroft Place, Rock Hill SC  29732

Custom built 2 story, 3 bedroom, 2 ½ bathroom home in a lovely neighborhood with owner suite on 1st floor with walk-in closet.  New laminate wood floors throughout the downstairs and new granite counter tops and stainless steel sink in the kitchen.  Large bonus room finished that could be used as a 4th bedroom upstairs with large walk-in closet. New HVAC in 2013, New roof and well pump in 2014, and new pressure tank in 2016.  Septic Tank pumped in 2016. Includes a beautiful deck with a fenced in back yard.

 

We would like to invite you to visit TurnerGroupSells.com.  Here at Turner Real Estate Group we specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Turner Real Estate Group Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://Turnergroupsells.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

Like us on Facebook!  https://facebook.com/TurnerGroupSells

View our channel https://www.youtube.com/channel/UCrHhsqvC-3mZ_CC

936 Hillcroft Place

936 Hillcroft Place

Mortgage Rates and Escrow

October 20th, 2016

Mortgage rates and escrow together determine your total monthly mortgage payment. A mortgage rate is the charge from the bank to lend you the money.  Monthly escrow payments usually represent 1/12 of the total amount due for the annual real estate taxes and homeowners insurance.

Mortgage rates are really at historic lows.  Now is a great time to buy. It is very easy to see why the rates have been a great opportunity for many buyers.  Lower mortgage rates secured with a loan officer or a lender can allow buyers to qualify for a larger loan amount.  Lower mortgage rates also benefit sellers as well.  When mortgage rates are low, housing inventory moves quicker because of more buyers.

Mortgage rates

Another section of the monthly mortgage payment that can be overlooked is the escrow payment.  When you contact a lender for a pre-qualification, the option of an escrow account will be addressed.  It is commonly known that the banks do prefer to have mortgage loans with escrow servicing.  The reasoning is actually quite simple as to the reason why.  Banks want to ensure that the collateral has insurance against lost, and that the taxes are paid.  While there are loan programs that will allow for a customer not to have a escrow account, don’t be surprised if you end up paying a fee or even a higher mortgage rate.

One thing to keep in mind about the escrow account is that you can shop for homeowners insurance.  Be prudent and get a couple quotes, and with different options.  You may be surprised at the difference in annual rates.  Remember 1/12 of the insurance payment is included in your monthly mortgage payment. While you can not really shop around for real estate taxes, you can shop for insurance.

Click here to view featured property scroller.

To schedule a showing, just “click” on picture and complete form.

We would like to invite you to visit TurnerGroupSells.com.  Here at Turner Real Estate Group we specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Turner Real Estate Group Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://Turnergroupsells.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

Like us on Facebook!  https://facebook.com/TurnerGroupSells

View our channel https://www.youtube.com/channel/UCrHhsqvC-3mZ_CC

 

 

 

Factor in Closing Costs

October 14th, 2016

Factor in closing costs when you are saving for a home.  The closing costs are in addition to the down payment that you need, but they should not hold you back.  There are plenty of buyers and sellers who still believe that 20% down payment is required, but this is not true.  When you contact a lender for pre-approval they will help you get the right loan program.  There are numerous loan programs, some that require as little as 3% down, some 0% if you served our country.

You may be asking, “What are closing costs?”.  Some people believe they know, but can often get surprised.  Freddie Mac defines closing costs as:

“Closing costs, also called settlement fees, will need to be paid when you obtain a mortgage.  These are fees charged by people representing your purchase, including your lender, real estate agent, and other third parties involved in the transaction. Closing costs are typically between 2 and 5% of your purchase price.”

But let’s break it down even further.  You may see these fees broken down on your Good Faith, provided by a lender.  Keep in mind that they can differ based on where and how you are purchasing your home.

  • Underwriting fees
  • Attorney/ closing agent fees
  • Survey fee
  • Tax Service fees
  • Title Services, insurance and searches
  • Lender Origination fees
  • Government recording fees
  • Appraisal fee
  • Credit Reporting fees

Some first time home buyers have asked if there is a way to avoid closing costs, and the plain truth is no.  Now there are loan programs where you can add the closing costs to the loan balance, but you pay interest on the costs.  After all, some one has to pay the fees or the loan will not close.  Keep in mind that you always have the option to negotiate with the seller who will pay what fees. A good realtor can help get this done.

Click here to view featured property scroller.

To schedule a showing, just “click” on picture and complete form.

We would like to invite you to visit TurnerGroupSells.com.  Here at Turner Real Estate Group we specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Turner Real Estate Group Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://Turnergroupsells.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

Like us on Facebook!  https://facebook.com/TurnerGroupSells

View our channel https://www.youtube.com/channel/UCrHhsqvC-3mZ_CC

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Why you need an agent

October 6th, 2016

Why do  you need to hire an agent?   You may be thinking of selling your home an wondering why you should hire a real estate agent.  Or maybe you are looking to buy a home and you are still unsure if having a real estate agent on your side is really worth it.   There are several other options which may on the surface seem less expensive, but remember that you get what you pay for.  If you are selling your home a discount broker may cost you time, aggravation and a sale.  If you are buying a home a discount broker may not have the community knowledge or the tools to get you into the home you want.

There are several good reasons why hiring a full service real estate agent is well worth the time and the money. Below are some compelling reasons why you should hire a full service agent.

  • In the past three years, 92% of all buyers did start their search on the internet, according to The National Association of Realtors in their recent Profile of Home Sellers and Buyers.  According to the same report, at total of 95% of all buyers utilized a real estate agent or a builder’s agent.  This is proof that while people “look” on line, they are buying with an agent.
  • A local full service real estate agent can also provide detailed community backgrounds while finding the secret jewels of the area.  York county has historic and newer communities to choose from, as well as commerce available.
  • Networking with other agents.  This is something that is overlooked, but should not be.  Frequently brokers host meetings with all of their agents to try to find matches for their buyers and sellers.  These meetings can have between ten and forty agents, all looking to help their clients.

Turner Real Estate Group is full service, and we make moving easier!

Click here to view featured property scroller.

To schedule a showing, just “click” on picture and complete form.

We would like to invite you to visit TurnerGroupSells.com.  Here at Turner Real Estate Group we specialize in the Rock Hill, Fort Mill, Indian Land and Tega Cay areas of South Carolina. We have made available tours of subdivisions in each city for your review. We are deeply knowledgeable of these areas, which is why you want to choose us for your real estate needs.

We work hard for our customers.

Provided Courtesy of Turner Real Estate Group Keller Williams Fort Mill SC

Hire a positive and proactive team of Realtors to help find your next home!

For more information please visit:  http://Turnergroupsells.com

Call or text 803-207-7051

Looking for a new home: http://arbieturner.newnha.com

Like us on Facebook!  https://facebook.com/TurnerGroupSells

View our channel https://www.youtube.com/channel/UCrHhsqvC-3mZ_CC

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