Three Steps to Home Ownership

Three Steps to Home Ownership If you are among those who are thinking of buying a home on Maui, there are three simple steps you can take to help prepare for your purchase.
Home Condotels and Condominiums on Maui When making the decision to purchase a condominium or a condotel on Maui, it’s important to understand the difference between the two types of properties and the lending qualifications that may apply to each one. Condo Ownership and Vacation Rentals Frequently clients will ask, “Should I put my condo into a vacation rental program?” and “Can I expect to make any money?” There are qualitative considerations – whether you want others in your unit; the percent of time you want it for personal use, etc. FAQ Mortgage Process The most frequently asked questions I receive are how to start the loan process. Helpful Mortgage Hints for the Self-Employed Individual Self-employment offers unique challenges and personal freedoms. Those who are self -employed should not view their employment status an obstacle to larger financial opportunities, such as home ownership. Understanding Leasehold and Fee Simple Home Buying Buyers of property on Maui may be confused by two terms that can be associated with buying a home or condominium in Hawaii. Those terms are “leasehold” and “fee simple.” Preparing Your Credit for Home Ownership Now is a good time to take a look at your credit and take the necessary steps to be sure you’re ready when opportunity comes. The Interest Only Mortgage Option An interest only loan means that the terms of the loan permit you to make monthly interest only payments for a period of time specified in the loan. NAR Conference Presentation by David Lereah, NAR's Chief Economist David Lereah, Chief Economist for NAR, spoke to a packed audience Friday morning, October 28, 2005 concerning Economic Issues & Residential Business Trends Kihei Community Association - Needs Our Participation The Kihei Community Association is the voice of South Maui and needs the support of many more residents to increase it's effectiveness. Selling Your Maui Home or Condo? Here is topic #1 in a series of Key Factors to Consider Don't underestimate the marketing power of photos. To effectively sell real estate on Maui, whether land, condo or home, it requires a combination of skills, whether you are a Maui Real Estate Agent or Owner/Seller....and photography is at the top of the Selling Your Maui Home or Condo? Here is topic #2 in a series of Key Factors to Consider Staging is a real eatate marketing technique that has been around for a while. Today, in this increasingly competitive environment, it is all the more important. Selling Your Maui Home or Condo? Here is topic #3 in a series of Key Factors to Consider How to Maximize Your Home or Condo's "Showing" Appeal The Inventory of Homes and Condos For Sale on Maui is Growing. Here is How to Make Your's Stand Out. Selling Your Maui Home or Condo? Here is topic #4 in a series of Key Factors to Consider Key Factor number 4 – Exposure – Getting your Property in front of as many prospective buyers as quickly as possible is another key factor in a Successful sale. Purchasing Maui Real Estate Utilizing a 1031 Exchange Opportunity for 1031 Exchange Transactions Abound on Maui; but, Use Only Reputable Intermediary. New CMAs Available for Wailea and Makena Condos, Homes and Land A New Monthly Update of all Wailea and Makena CMAs Is Available at www.BobStaples.com. All CMAs include Wailea and Makena real estate activity through June 30, 2006. The Maui Real Estate Market - Prices Up - Volume Down Annualizing the first half of 2006's statistics, the average prices of Maui Real Estate (houses, condos and land) in the first half of 2006 are higher than the averages for 20005, but, the number of houses, condos and land parcels sold has dropped by appr	By Tricia Morris President, Premiere Mortgage If you are among those who are thinking of buying a home on Maui, there are three simple steps you can take to help prepare for your purchase. A helpful first step is visiting a professional mortgage broker. Mortgage brokers have access to many lenders and now produce about 70 percent of residential loans. One reason for this is because mortgage brokers can compare interest rates and lenders on behalf of a client. This allows the mortgage broker to locate the best lending program and interest rate for homebuyers who may have specific financial needs. Mortgage brokers also help to resolve credit issues on a client’s credit report and they are experienced at reviewing complex financial documentation such as corporations, partnerships and trusts. The second step is to increase your probability of loan approval by taking a look at your credit ratings and reviewing your personal finances. If your credit is not as good as you want it to be, take measures to improve it before beginning to look for a new home. Obtain copies of your credit report, or call your mortgage lender and they can, with your permission, obtain copies for you; Inform the credit bureau if a creditor has given you a negative comment in error or as the result of a dispute. Inform the credit bureau of any mistakes made in the compilation of your credit record. Start now, that this can take up to 90 days from start to finish; Contact any creditors who have filed negative information in your credit report and see what you can do to repair it; Pay off as much as you can on credit card debt and high interest loans. Outstanding consumer debt can adversely affect your credit score; If possible, defer any major purchases using your credit. For example, hold off on the purchase of a new car until after you have bought your home. Third, select a reputable real estate professional to help you in your search. Ask for suggestions from neighbors, friends, colleagues and your mortgage lender. Check your local newspapers for agents who are advertising. Talk with agents hosting open houses. Now you have it all together: the best island in the world, a strong partnership with a professional mortgage broker, a solid financial review, and a real estate professional who knows exactly what you want. With a little advanced preparation, you just might be in your new home sooner than you think. Premiere Mortgage has offices in Kihei and Kahana. Tricia Morris may be reached at 808-874-8800 or toll free at 800-813-7711.
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