Mac Chinsomboon - Coldwell Banker Residential Brokerage



Posted by Mac Chinsomboon on 5/19/2019

Shopping for a home is an exciting time for any hopeful homeowner. After weeks of scouring listings looking for the perfect home in the ideal location for you and your family, it can seem like youíve found the needle in the haystack.

When itís time to go visit that home, itís easy to put on rose-colored lenses and overlook issues that should, at the very least, be taken into consideration when it comes to deciding whether or not you should make a bid on the home and how much you should offer.

Todayís post is all about preparing you for that first viewing. Weíll give you tips on what to look out for and how to factor these things into your equation when it comes to making an offer.

Check the listing for omissions

Even if a home looks perfect on paper (or on its website listing), itís still quite likely that there are things youíll want to know about before considering an offer. A home listing should attempt to address several questions you might have. But ultimately, itís main goal is to attract interest in the home.

So, what type of things should be in the listing that the seller might leave out?

  • Poor street conditions, heavy traffic, and blind driveways are all things that will factor into your decision but most likely wonít be mentioned in a listing

  • Odors of any kind can be off-putting and difficult to remove. Some homeowners may not even know that their home has an offensive odor if theyíve become used to it.

  • Room omissions. If the home is listed as having two bathrooms but there are only photos of one, this could be a sign that there are problems with the second bathroom that the seller doesnít want you to see quite yet.

Top dollar home repairs

A professional home inspection will be able to give you an idea of the kind of money youíll need to spend on renovations in the coming years. But why wait? When touring a home, ask questions about the last time important renovations and repairs were made.

Roofs, septic systems, and electrical work are just a few of the things that are expensive to repair or replace. If the previous homeowner has a small family or lives alone and you plan on moving in with a houseful of kids, you might find that your impact on the septic and electrical systems of the home are too much for the house to handle. Youíll want to take this into account before considering a bid on the home.

Utility costs

The cost of heating a home in the winter and keeping it cool in the summer can be hefty if the home isnít properly sealed and weatherproofed. Ask the current homeowner what they spend per month on utilities to get an idea of what you might be spending.

Then, take a look at the windows and doors. Cracks, malfunctioning locks, and worn weatherstripping are all signs that the home will need some work to be energy-efficient.

Donít ignore the little things

Small fixes may not seem like a big deal when viewing a home. They can even deceive you into thinking that youíre getting a good deal by buying a fixer-upper for a price thatís lower than the market average.

However, itís important to keep in mind that small fixes around the house are a sign that bigger problems are also being neglected. Donít be too quick to assume the house will be a good deal before getting it professionally inspected.




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Posted by Mac Chinsomboon on 2/24/2019

You may think of downsizing as something that makes sense when you have an empty nest. Larger families do, of course, need more room. Downsizing can also be financially strategic and rewarding for you and your family if you have the opportunity to do so.


How Much Is Your Home Worth? 


There comes a point in your life when the amount of money that your home is worth is very important. Maybe you need the money for retirement and are looking to move to a cheaper city or state. Maybe itís time for you to pursue your goals and dreams. Whatever the reason, your home is a very large asset.  


If you downsize, youíll have a bit more money available to invest for your future. You may even consider buying an investment property. If all of your money isnít tied up in a home, youíll have a bit more freedom to do other things with your money.


A Smaller Home Means Smaller Expenses 


When you downsize your home you end up with much lower expenses for your housing. Youíll save big on both utilities and home maintenance. Youíll be surprised as to how much extra cash youíll have each and every month that youíll be able to use for other things like investing, travel, or other expenses. Youíll have the ability to do things beyond simply achieve that one dream goal of home ownership. 


What If You Donít Already Own A Home?


Thereís a lesson to be learned here for renters as well. If youíre getting ready to buy a home, you may want to think small. A smaller home that can suit your needs will allow you to save thousands of dollars over the life of the mortgage on your home. Remember that a mortgage payment is more than just the cost of the home. Youíll need to include things like taxes, insurance, mortgage insurance, heating, electricity, and more. The smaller the house that you buy, the less all of these things will cost. Think of what you could do if you invested that extra money that you saved on all of these things each month. 


What Would You Do With The Money You Save?


Having a big, beautiful home is a fantastic goal to achieve. You may have other dreams that you want to pursue in addition to owning a home. While downsizing isnít for everyone, many people use the money they save to do some pretty incredible things like:


  • Travel
  • Go back to school
  • Buy a vacation home


The Negatives Of Downsizing


If you move into a smaller home, there are a few drawbacks. For one, youíll have less storage and will actually need to downsize your amount of belongings as well. Youíll also have less room for visitors if hey come to stay. If grandkids frequent your home, you may be hesitant to sell and find a smaller place. It may also be difficult to find what youíre looking for at a certain price in a specific area. Think carefully before you decide to downsize and see if it has the right benefits for you.





Posted by Mac Chinsomboon on 2/10/2019

Let's face it Ė the mere thought of informing family members about your decision to pursue a new home may cause your blood pressure to rise. However, there are many reasons why it often is beneficial to notify family members about your decision to kick off a search for a new residence. These reasons include:

1. You can identify and address potential homebuying hurdles.

Your family typically has your best interests in mind. As such, family members can help you plan ahead for the homebuying journey and resolve any potential conflicts.

For example, family members can help you analyze prospective home financing options. They may even be able to put you in touch with local banks and credit unions that can help you get pre-approved for a mortgage. Then, once you have home financing in hand, you can enter the real estate market with a homebuying budget at your disposal.

2. You can gain homebuying insights that you may struggle to obtain elsewhere.

Family members who previously bought homes may be able to provide you with property buying insights that you probably won't receive elsewhere. With these insights, you'll be better equipped than ever before to understand the housing market and make the best-possible homebuying decision based on your individual needs.

Of course, family members may be able to keep you informed about new houses that become available in your preferred cities and towns too. Because if family members know where you want to find a home, they can help you accelerate your property search.

3. You can receive plenty of support throughout the homebuying journey.

Your family is there for you during good times and bad. If you inform family members about your decision to pursue a new home, they can provide you with comprehensive support throughout the property buying journey. As a result, family members can work with you to help you achieve your desired homebuying results in no time at all.

When it comes to getting help in your quest to discover your dream house, you may want to hire a real estate agent as well. If you have a real estate agent at your side, you can receive expert assistance as you proceed along the homebuying journey.

A real estate agent is committed to helping you find a great home at a budget-friendly price. First, he or she will meet with you and learn about your homebuying criteria. A real estate agent next will craft a personalized homebuying strategy and notify you about new homes that become available that match your property buying criteria. And once you discover your dream residence, a real estate agent will help you put together a competitive offer to purchase this house. Lastly, if your homebuying proposal is accepted, a real estate agent will help you finalize your home purchase so you close on this residence and move into your new house.

Take the guesswork out of buying a house Ė hire a real estate agent today, and you can seamlessly navigate the homebuying journey.




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Posted by Mac Chinsomboon on 1/27/2019

Credit plays an important role in your ability to secure a home loan and to qualify for a low-interest mortgage. However, many first-time homebuyers arenít arenít sure about the exact relationship between credit scores and mortgages.

This doesnít come as much of a surprise considering the many factors that go into your credit score and into your lenderís decision to approve you for a mortgage. So, in this article, weíre going to cover three commonly asked questions that homebuyers have about credit scores and how theyíre used by mortgage lenders to determine your eligibility for a home loan.

Will my credit score go down if I check my credit report?

If youíre thinking of buying a home in the near future, one of the first things youíll want to do is check your credit. However, if youíve heard that some credit inquiries briefly lower your credit score you might be hesitant to find out.


This common misconception stems from the fact that taking out new lines of credit results in a temporary decrease in your credit score. The difference between checking your credit and a credit inquiry is simple: a credit check you can access for free online through a service like Credit Karma, whereas a credit inquiry is performed by a lender or creditor with whom youíve applied for credit.

In short, checking your credit score online wonít affect your score. In fact, the major credit bureaus are required to allow you to check your credit for free once per year.

Can I get a loan with low credit?

Increasing your credit score is a lengthy process that requires careful financial management. Many people who have had difficulties paying off bills, loans, and credit cards will have to rebuild their credit. Or, if youíre young and donít have a diverse history of credit payments, youíll be starting from scratch to build your score.

If youíre hoping to get an FHA (first-time homeowner loan), the lowest your score can be is 580. However, that doesnít mean you should always take a loan with a low credit score. When you donít have a good credit history, lenders will seek other ways to guarantees their investment. This comes in the form of higher interest rates or PMI (private mortgage insurance) which youíll have to pay on top of your monthly home insurance and mortgage payments.

Will applying for a home loan affect my credit?

Simply stated, yes. However, applying for a loan or get preapproved is considered a credit inquiry and wonít leave any lasting negative on your credit score. Making several inquiries within a short period of time, however, can significantly lower your score, so choose your inquiries wisely. And, be sure to monitor your credit score on a monthly basis so you have an idea of where you stand along the road to applying for a home loan.




Tags: Buying a home   FAQ   homebuyers  
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Posted by Mac Chinsomboon on 1/20/2019

FHA loans have long been a valuable resource for Americans who want to fulfill their goal of homeownership but who donít have the benefit of a lengthy credit history and equity.

If youíre hoping to buy a home in the near future but want to explore all of your options in terms of financing, this article is for you.

Today weíre going to talk about FHA loans and how to know if you qualify for one.

What are FHA loans?

FHA loans are issued by private mortgage lenders across the country, just like regular mortgages. The difference, however, is that an FHA loan is ďguaranteedĒ by the federal government.

Lenders decide your borrowing eligibility, and how much you can borrow, by determining risk. If you donít have a sizable down payment (oftentimes 20% or more) and you have a low credit score, most mortgage lenders will see you as a risky person to lend to.

When you get an FHA loan, however, the federal government assumes some of that risk, allowing you to secure the loan anyway.

This means you can buy a home with a low credit score, a smaller than usual down payment, and save on some closing costs.

How do I qualify for an FHA Loan?

To find out if you qualify for an FHA loan, youíll head to the same place as a traditional mortgage--a mortgage lender. Oftentimes, you can simply call or visit the website of lenders to get the process started.

As with all things, itís a good idea to shop around for a mortgage lender. Their offerings will be largely similar, but there might be minor differences that make one better than another for your particular circumstances.

Down payment requirements

To secure an FHA loan, you will need to make a down payment of at least 3.5%. However, this low down payment comes with a price. Youíll typically be required to pay private mortgage insurance (PMI) fees on top of your accruing interest for your loan.

Credit score requirements

While you can often secure a mortgage with a lower credit score through an FHA loan, there are still some requirements. To secure a loan with the lowest possible down payment (3.5%), youíll need a credit score of 580 or above.

Previous homeowners and FHA loans

A common misconception about FHA loans is that they are only for first-time homeowners. However, you can still qualify for an FHA loan if youíve owned a home before as long as it has been three years since youíve had a foreclosure or two years since filing for bankruptcy.

If you meet these three conditions, you should be able to secure an FHA loan through a traditional mortgage lender.




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