Tony Otto & Team NBI Realty LLC

HOW TO STOP PAYING RENT AND OWN YOUR OWN HOME
DON’T PAY ANOTHER CENT IN RENT TO YOUR LANDLORD
(Part 3 and Final)

4. You may be able to create a cash down payment without actually going into debt.

By borrowing money for certain investments to a specified level, you may be able to generate a significant tax refund for yourself that you can use as a down payment. While the money borrowed for these investments is technically a loan, the monthly amount paid can be small, and the money invested in both home and investment will be yours in the end.


5. You can buy a home even if you have problems with your credit rating.


If you can come up with more than the minimum down payment, or can secure the loan with other equity. Many lending institutions will consider you for a mortgage. Alternatively, a seller take-back mortgage could also help you in this situation, this option should be consider in a case by case basis.


6. You can, and should, get pre-approved for a home loan before you go looking for a home.

Pre-approval is easy, and can give you complete peace-of-mind when shopping for your home. Mortgage experts can obtain written pre-approval for you at no cost and no obligation, and it can all be done quite easily over-the-phone. More than just a verbal approval from your landing institution, a written pre-approval is as good as money in the bank. It entails a completed credit application, and a certificate which guarantees you a mortgage to the specified level when you find the home you are looking for.

Consider dealing only with a professional who specializes in mortgages. Enlisting their services can make the difference between obtaining a mortgage, and being stuck in the renter’s rut forever. Typically there is no cost or obligation to enquire.

There are many important issues you should be aware of that affect you as a renter. Why on earth would you continue to lose thousands by throwing it away on rent when with your agent you could take a few minutes to discuss your specific needs so that you can stop renting and start owning.

This conversation will cost you nothing. And, of course, you shouldn’t have to feel obligated to by a home at the time you review this. But by taking the time to explore your options, and learn about the ways you can afford to buy a home. Think how prepared and relaxed you’ll be when you are ready to make this important step.

HOW TO STOP PAYING RENT AND OWN YOUR OWN HOME
DON’T PAY ANOTHER CENT IN RENT TO YOUR LANDLORD
(Part 2)

6 Little Known Facts That Can
Help You Buy Your First Home

The problem that most renters face isn’t your ability to meet a monthly payment. Goodness knows that you must meet this monthly obligation every 30 days already.
The Problem is accumulating enough capital to make a down payment on something more permanent.

But saving for this lump sum doesn’t have to be as difficult as you might think. Consider the following 6 important Points.

1. You can buy a home with much less down than you think.

There are some local or federal government programs (such as 1st time buyer programs) to help people get into the housing market. You can qualify as a first time buyer even if your spouse has owned a home before, as long as your name was not registered.
Ensure your real estate agent is informed and knowledgeable in this important area and can offer programs to help you with your options.

2. You may be able to get your lender to help you with your down payment and closing cost.

Even if you do not have enough cash for a down-payment, if you are debt-free and own an asset free and clear (such as a car for example), your lending institution may be able to lend you the down payment for your home by securing it against this asset.

3. You may be able to find a seller to help you buy and finance your home. Some sellers may be willing to hold a second mortgage for you as a “seller take-back”. In this case, the seller becomes your lending institution. Instead of paying this seller a
lump-sum full amount for his or her home, you would pay monthly mortgage installments. TO BE CONTINIUE...

HOW TO STOP PAYING RENT AND OWN YOUR OWN HOME

DON’T PAY ANOTHER CENT IN RENT TO YOUR LANDLORD

(Part 1)


It’s a dream we all have – to own our own home and stop paying rent. But if you’re like most renters, you feel trapped within the walls of a house or apartment that doesn’t feel like yours. How could it when you’re not even permitted to bang in a nail or two without a hassle. You feel like you’re stuck in the renter’s rut with no way of rising up out of it and owning your own home.


DON’T FEEL TRAPPED ANYMORE

It doesn’t matter how long you’ve been renting, or how insurmountable your financial situation may seem. The truth is, there are some little known facts that can help you get over the hump, and transfer your status from renter to homeowner. With this information, you will begin to see how you really can:

• Save for a down payment
• Stop lining your landlord’s pockets, and
• Stop wasting thousands of dollars on rent


“If you are like most renters, you feel trapped within the walls of a house or apartment that doesn’t feel like yours.”

to be continue..

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Tips for Surviving "The Loan Vortex" or "The Black Hole" (Part 5 and final)

Keep a copy of all financial activities (deposits, pay stubs, investment or bank statements, copies of any checks you receive).

Any large increase in bank accounts will require explanation and supporting documentation to show the source of funds.

Copy your canceled Earnest Money Deposit check (front and back) when it clears your bank and drop it in the mail to us.

If you have a relative who will be giving you money to buy your new home, this requires special handling so please tell us in advance and we can discuss the papers which will be needed.

If you liquidate (sell) a mutual fund or CD for your down-payment or closing cost, you should allow yourself about two weeks to consummate the transaction and- remember- make copies of the transaction records.

Treat all financial documents as if they are precious and rare.

Transmit or deliver all documents to us by first advising us that you will be sending them. Do not just fax documents without first advising us. Our volume of faxes is huge and we do not want your important and private information lost or misdirected.

Originals of some documents will be required. Make sure to retain the originals of any documents transmitted to us.

Schedule your closing with the title company as soon as possible.

Pick any day other than the end of the month to close. You are not saving any money by closing then and you'll find that your closing will be much less stressful, some exception apply here.

Let your title company and us know immediately if you or your co-borrower will not be present at the closing, we can arrange for a specific power of attorney if needed.

Always, if you have any questions or concerns, do feel free to contact us at any time.

Tony Otto & Team NBI Realty LLC's cover photo

Down Payment Assistance Grants!

In an effort to stimulate the spring home buying season for 1st time buyers in Virginia, VHDA is pleased to announce Down Payment Assistance Grants. Because these resources are extremely limited, they will be targeted to those households earning no more than 80% of VHDA’s current income limits, and will be limited to 3% of the lesser of purchase price or appraised value. The borrower is under no obligation to repay the grant (No Note or Deed of Trust is executed for these funds).

The down payment assistance grant funds are available to borrowers obtaining a VHDA 1st mortgage (Conventional, FHA, or Fannie Mae NO MI) and may be used for down payment only.

VHDA has set-aside $5 million for the Down Payment Assistance Grant program. Because these resources are limited, they will be made available on a first-come, first-serve basis. Once funds have been exhausted there will be no additional allocation. Each request for DPA grant funds must be allocated by VHDA no later than June 30, 2015.

Call us if you have any questions 703-855-2587

Welcome to the Loan Process!, “TheVortex” or "Black Hole" (Part 4)

Underwriting
Loan Approval
The processor sends your completed file to underwriter
The underwriter is employed by the lender
The underwriter objectively reviews the loan package and all documents to assure that the package and all documents within the package meet establish guidelines
The underwriting review takes 2-3 days. The loan is approved always with conditions.
Your Title Company will order a survey of the property
Your Title Company researches the quality of the chain of title
Your Title Company orders title insurance
The closing package is prepared (by the lender) documents needed to securitize your loan
Final cost figures are computed

Things you need to do...
Discuss transfer of funds with your Title Company
Anticipate the need for certified funds to bring to the settlement table.

Tony Otto & Team would like to congratulate Sumaya S. on her home purchase! We are sure she will enjoy the lake view, fire place, deck and the many ammenities her new neighborhood will bring to her. Thanks Again Sumaya for the opportunity to assist you in your home purchase!

FINALLY 7661 PROVINCIAL DR #104 IS ACTIVE!
FULLY FURNISHED & IT IS FOR RENT AT THE LIST PRICE OF $2,000, LOCATED IN McLEAN! NEAR SILVER LINE METRO & TYSONS CORNER SHOPS!

SEE VIRTUAL TOURS AND PROPERTY WEBSITE BELOW:

*MLS Compliant Virtual Tour: http://7661provincialdrive.eproptour.com

Tour link (not MLS compliant): http://7661provincialdrive.eproptours.com

Free Website Domain Name: http://7661provincialdrive.WillQuicklySell.com

Mobile Website: http://4311012.QMLS.mobi

Property Text Code: 4311012

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Welcome to the Loan Process!, “TheVortex” or "Black Hole" (Part 3)

Processing

Credit report is ordered
Appraiser is assigned
Loan is assigned to a processor
Your information is documented and confirmed
Verification of employment form mailed within 24 hours
Verification of deposit form mailed to banks to confirm funds for down payment and closing

Things you can do at application to speed up processing...
Provide your most recent 2 years W-2's
Provide your pay stubs covering the most recent 30 day time
period
Provide 3 of your most recent consecutive monthly bank and
investments statements
Provide a copy of the cancelled earnest deposit money check -
back and front

For refinancing…
Provide a copy of the survey
Provide a copy of the Homeowners title insurance policy
Provide a copy of the front page of home owners insurance policy. Processing can be very time
consuming as it depends on the full cooperation of so many unrelated people and professions. This is when most people begin to feel as if they have dropped into "The Vortex" “The Black Hole” It usually takes around two weeks to fully process a loan application, here you must practice the utmost patience if you want to finalize the transaction.

Welcome to the Loan Process! Application, “Vortex” (Part 2)

Application ..
Name, Address, Phone #, Social Security # Birth Date, , Monthly Rent, Monthly Income, Salary: Hourly, Self Employed?
Employment history of 24 months
Residential history of 24 months,
Name and address of lender or landlord
Record information about assets available for down payment, closing costs, and reserves after closing
Snap shot of personal information - marital status, children, age, education
Specific information about the property - Purchase contract

Things you need to do...
Provide accurate information in detail, the more information you provide the better, providing inaccurate information will delay the process.
Provide the complete picture
Select a closing agent, title company, or attorney for settlement
Schedule your closing

Tony Otto & Team NBI Realty LLC's cover photo

5919 QUANTRELL AVENUE For Sale Price $179,900
ALEXANDRIA, VA
Condo,Garden 1-4 Floors, Colonial - ALEXANDRIA, VA

Check Out This Listing Info Below:
http://5919quantrellavenue.eproptours.com

See Property Website On Link Below:
http://5919quantrellavenue.WillQuicklySell.com

Tony Otto & Team NBI Realty LLC

Welcome to the Loan Process! “Vortex” (Part 1)

Years of experience in real estate and financing prompted the creation of this information. The most consistent comment from clients is a sense of frustration about the loan procedure.

There's not a lot of logic or common sense involved in obtaining financing for your home. It's very tedious and process oriented. There are many quasi-governmental agencies and regulatory bodies acting as watchdog to the mortgage industry.
For a brief time you will be a victim of these regulators to the extent that your application for financing must comply with extensive rules and guidelines as established by these agencies. As consumers, we all benefit from these rules, guidelines and stringent compliance requirements through great rates on long term interest rates.
The down side is that it is a journey for you into an area…a process...a procedure about which you have little, if any, experience, insight or understanding.
You've searched for your new home and now you've found it and strategically negotiated your purchase. Financing is a key component supporting this purchase. Theoretically, all you should care about is the end result ~ an approved loan that funds on time. The reality is that you will be forced into this process which we've named the “Loan Vortex”.
Our belief is that a fundamental understanding of the Loan Vortex will mitigate your apprehension about financing your new home.

Welcome to the Loan Process! “Vortex” (Part 1)

Years of experience in real estate and financing prompted the creation of this information. The most consistent comment from clients is a sense of frustration about the loan procedure.

There's not a lot of logic or common sense involved in obtaining financing for your home. It's very tedious and process oriented. There are many quasi-governmental agencies and regulatory bodies acting as watchdog to the mortgage industry.
For a brief time you will be a victim of these regulators to the extent that your application for financing must comply with extensive rules and guidelines as established by these agencies. As consumers, we all benefit from these rules, guidelines and stringent compliance requirements through great rates on long term interest rates.
The down side is that it is a journey for you into an area…a process...a procedure about which you have little, if any, experience, insight or understanding.
You've searched for your new home and now you've found it and strategically negotiated your purchase. Financing is a key component supporting this purchase. Theoretically, all you should care about is the end result ~ an approved loan that funds on time. The reality is that you will be forced into this process which we've named the “Loan Vortex”.
Our belief is that a fundamental understanding of the Loan Vortex will mitigate your apprehension about financing your new home.

Tony Otto & Team NBI Realty LLC's cover photo

1655 Fieldthorn Dr Reston VA 20194 is Now Under Contract!
This is Regular Sale! Townhome! $360,000

IF YOU ARE THINKING OF SELLING YOUR HOME!
YOU SHOULD READ THE FOLLOWING REPORT!

Getting your House Ready

There is only one chance for your house to make a good impression on every potential buyer. And you can do it! The following “trade tricks” will help you be aware of the things that have to be done. All you have to do is to show a clean, roomy and tidy house: the type of house you would like to buy. If you do just a little bit every day, before you realize it, your house will be ready to make the right impression to sell it.

Your home’s attractiveness from the outside
• Mow the lawn
• Trim the bushes
• Edge the lawn and sidewalk
• Kill the weeds and apply mulch
• Sweep the sidewalk and driveway, pick up dry branches, trash or toys
• Add color and fill out empty spaces with new plants
• Remove mildew and moss from the walls with bleach and water or other cleaner
• Remove spots from the driveway with a cleaner or cat litter
• Tidy up the firewood for the fireplace
• Clean and repair the yard and deck
• Remove all outside furniture that is in disrepair
• Make sure the swimming pool or the “spa” is spotless
• Replace old storm doors
• Check the roof shingles
• Repair broken windows or shades, change torn screens, make sure the frames and sides are properly caulked
• Clean outside walls with a hose, and change broken bricks or wood.
• Touch up exterior paint, repair gutters and eaves
• Clean rust from window air conditioning units
• Paint the front door and the mail box
• Place a new carpet on the front door and consider adding a season ornament to the door
• Polish the brass hardware on the front door, outside lamps and other
• Make sure the front door bell is working

General Tips for the Interior

• Apply a fresh coat of paint to the interior walls, using clear and neutral colors
• Shampoo the carpets, and change the ones that need to
• Clean and wax the hardwood floors, sand them if necessary
• Clean and wash the kitchen and bathroom floor
• Clean all windows, vacuum the shades, clean the thresholds
• Clean the hearth
• Clean and organize the closets, increase available space by packing clothes and other articles you are not going to need until after you move
• Remove excess furniture, worn carpets and other articles you are not using; pick up newspapers, papers, toys, etc., especially from the stairs.
• Fix defective parts, such as lose door k***s, cracked moldings, leaky faucets and toilets, creaky doors, closet doors or screens that jumped out of their railing
• Place potpourri sachets, or a drop of vanilla or bath oil on the light bulbs to odorize the rooms
• Keep your jewels, money and other valuables in a safe place

The Living Room

• Make it look cozy and pleasant; throw away cracked or worn furniture and worn or torn rugs

The Dining Room

• Polish all visible silver and crystal
• Set up the table for a formal dinner to help potential buyers to imagine how they may entertain their friends

The Kitchen

• Make sure all appliances are clean inside and out (try baking soda to remove spots from Formica countertops)
• Make sure all appliances are in perfect working order
• Clean rarely used spots, such as on top of the refrigerator and under the sink
• Wax or sponge the floor to a shine. Clean the baseboard
• Organize countertops, remove appliances
• Organize kitchen utensils inside the cabinets; pack what you won’t be using before moving out

The bathrooms

• Clean all rust and mildew
• Clean all mosaic tiles, faucets, shower stall door, etc., so that they are impeccably shiny
• Make sure everything is in proper working order
• Replace caulk or loose grout from the tiles
• Make sure you have bright, soft lighting

The Master Bedroom

• Organize the furniture so the room looks spacious, with well defined areas to sit, sleep and change

The Garage

• Sell, give or throw away things you don need
• Clean oil spots from the cement floor
• Install a bright light on the ceiling
• Organize storage and work areas

The Basement

• Sell, give or throw away the things you don’t need
• Organize and create more space by hanging the tools and placing stuff on shelves
• Clean and drain the sediment from the hot water heater
• Change the furnace filter
• Provide access for inspections
• Clean and paint cement floors and walls
• Install a bright light on the ceiling

The Attic

• Tidy it up by throwing away or packing the things you don’t need
• Make sure the insulation is visible
• Make sure the ventilation system is working properly
• Install a bright light on the ceiling

When the time comes to show your house

• Make sure you have the folder handy with all the information about the property, power, gas and water bills; the Multiple Listing profile, the area survey, etc.
• Open all drapes and shades, and turn on all the lights
• Pick up the toys and other things from the floor, and make sure the beds are made and clothes put away
• Vacuum the carpets
• Place fresh flowers in strategic places
• Open the bathroom windows to freshen them up
• Place a dessert or a pot with cinnamon to boil in the oven so that the house smells nice
• Turn the TV off and play soft music on the radio
• Start the fireplace if appropriate
• Take your pets out to the yard or ask a friend to keep them for you
• Make sure the pet area is clean and odorless
• Make sure all trash is inside covered containers

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COMING SOON! RENTAL IN McLEAN! NEAR SILVER LINE
METRO & TYSONS CORNER SHOPS!

We would also like to congratulate Marina Segovia and Elmer Velazquez for their purchase of their home and we thank you for the opportunity to assist you in obtaining the American Dream!

TITLE SEARCH PREVENTS SURPRISE WHEN BUYING

A title search is one of the most important activities of the real estate transaction. Without the ability to convey title, a property owner cannot sell his or her home. A buyer would not want to take possession of property without a “clear” title—a title unencumbered by debt or liens.

“Title” is the right to own land. A title or settlement company conducts searches at the courthouse to determine if one owner has an unencumbered—clear—title so the property can be passed over to another owner.

Liens or judgments create a “cloudy title,” and that’s not good—unless the liens are the most common sort, such as a mortgage.

A lien is “a charge or claim against a person’s property, made to enforce the payment of money,” according to my old principles of real estate textbook, “Modern Real Estate Practice,” published by Dearborn Real Estate Education.

These liens are broken down into two major groups: voluntary—you created the lien intentionally, as in taking out a mortgage—and involuntary. An involuntary lien was forced on you, as in the levy of taxes or a creditor’s lien seeking payment.

Beginning investors need to be careful when they go to the courthouse steps to bid on a property. If they “win” the property, it might mean they just purchased a bunch of liens that are attached to the property and convey with it.

Keep in mind that if someone has allowed a house to go to foreclosure, financial problems are apparent. That means liens could be placed on the property form vendors seeking payment.

Mortgage companies place liens on the property for the mortgage amount.
Other liens could be placed on the property for taxes or fees outstanding to contractors. This type is called a mechanic’s lien. Homeowner association dues can be assessed through a lien, too. You even might find liens for utility companies and local creditors.

When a house goes to foreclosure, the lien holders get in line for payment. First in line is the government, seeking taxes. This lien is the first priority, even though the general rule is “first-come, first-served.” All other lien holders had better hope they placed a lien on the property early.

For example: Mr. Smith is ordered to go to foreclosure on his home and is able to receive $275,000. He has a tax lien for $5,000 the current year, a first-trust mortgage from 1998 for $125,000, a judgment lien from a creditor for $100,000 from 2003, and a mechanic’s lien for work done by a contractor on his deck for $20,000 from 2002. The order of payoff likely would be: taxes, $5,000; first trust, $125,000; mechanic’s lien, $20,000; judgment lien from creditor, $100,000; Mr. Smith, $25,000.

The seller receives the balance of the proceeds—assuming the creditors have not sued him for the cost of the foreclosure and fees.

If Mr. Smith goes to foreclosure in a down market and receives just $200,000, the proceeds list may look like this: taxes, $5,000; first trust, $125,000; mechanic’s lien: $20,000; second trust, $50,000; Mr. Smith, $0.

In many foreclosure cases, the mortgage company will pay the taxes so it can be first in line to regain its investment. A creditor might move ahead in the line through a “subordination agreement” with another lien holder to change the priority, but very few companies are willing to subordinate recovering their own expenses to other creditors.

If you find yourself in a must-sell situation, it’s best to let your agent know immediately that you might have liens on your property. She/he’ll find out about them during the title search.

Those facing foreclosure may have creditor’s judgment liens on their house and not even know it. The only way to find out about them is to visit the courthouse and look at your records.

Always consult an attorney to protect your interest if you have any questions regarding a lien on your property.

If you have any questions please contact us at any time:

703-855-2587 or email [email protected]

Tony Otto & Team NBI Realty LLC's cover photo

You Are Entitled To A Second Opinion!

YOU ARE ENTITLED TO A SECOND OPINION!!
EVEN IF YOU HAVE ALREADY BEEN PRE-APPROVED FOR YOUR MORTGAGE!!!
FUTURE HOME OWNERS-- Most people will not take the doctor’s first opinion any more.
They will seek out another doctor for a “Second Opinion”, especially if the procedure will be pretty Extensive and Costly.
You should be very careful when deciding about what kind of mortgage you are getting!!
You should be looking at the whole structure of the deal not just the interest rate.
You could have been quoted a great interest rate, but if all aspects of the loan have not been explain in great detail it could be absolutely the worst loan for you.
There is no charge or obligation for us to give you a second opinion and give a detail explanation of how the loan process works, and answer all the questions you might have including, but not limited to:
• Would it be better a fix rate or and adjustable rate?
• Should points be paid to lower the interest rate?
• Should you decrease your down payment to pay off credit cards?
• Did your lender show you how to pay your mortgage in 22 years instead of 30?
• Did your lender give you different loan options, in a good faith estimate form, detailing different loan programs including the: interest rate, monthly payment, estimated settlement charges (closing cost), items required by lender to be pre-paid in advance, government recording & transfer charges, title charges, items payable in connection with loan, reserves deposited with lender.
Remember that this is a huge financial transaction and that it needs to be structure correctly for it to make sense to you and your family finances.
A second opinion will simply make sure your lender has done a great job. Or, you will find out that they haven’t---Either way, you win.

If you have any questions please feel free to contact us at any time! 703-855-2587 or email [email protected]

Tony Otto - Real Estate Real Estate Pro in Alexandria, VA

See Some of Our Reviews from Trulia!

http://www.trulia.com/profile/tony-otto-agent-alexandria-va-9848497/reviews

trulia.com Experience As a Team Leader Agent who's an expert in this local area, we bring a wealth of knowledge and expertise about buying and selling real estate here. It's not the same everywhere, so you need someone you can trust for up-to-date information. I began getting a taste of what would become...

Strategic Real Estate Research - www.strategicrealestateresearch.com

The 3 C's of Credit and How Lenders Make Lending Decisions!

The 3 C’s of credit comprise our entire financial life and stand for Character, Capacity and Collateral. The lender considers each of these 3C’s when they are underwriting our mortgage loan request.


The first C of credit, CHARACTER: Is a measure of what kind of credit we have been extended in the past and more importantly whether or not we have paid that credit back in a timely fashion. Character is by far the most important of the 3 C’s. The lender also ranks the importance of each of our existing and past debts when measuring capacity. In descending order the most important credit we can have is the mortgage, followed by installment loans, such as a car or personal loans. A mortgage lender is primarily going to be concerned with whether or not we have made our mortgage payments on time and then consider the other loans.


The second C of credit, CAPACITY: Is a measure of how much income we have versus how much debt we have. In this case debt is broken down into two categories. First the mortgage loan size and resulting payments and second, all other debts and their resulting payments. In general lenders allows mortgage borrowers to use between 28% and 35% of their gross-pretax income for mortgage payments and 33% to 45% for all debts including the mortgage.


The third C of credit, COLLATERAL: Is a measure of the size of our down-payment in the event of a purchase and in the event of a refinance it is the amount of equity we have in our home. In general the larger the down-payment or the greater the equity we have in our home the more attractive the rates and terms we will be offered by the mortgage lender.

For more Info Contact Tony Otto & Team Today 703-855-2587 or Visit: www.StrategicRealEstateResearch.com

strategicrealestateresearch.com Learn 10 Inside Secrets to Selling Your Home YourselfIf you've tried to sell your home yourself, you know that the minute you put the "For Sale by Owner" sign up, the phone will start to ring off the hook. Unfortunately, most calls aren't from prospective buyers...