Buying An Elizabethtown, KY Home During The Holiday Season

Check out this house for sale near Fort Knox, KY here: http://bit.ly/1hHCnFd

There is a little real estate myth, that during the colder months, sellers are usually more forgiving when it comes to their asking prices and are actually very eager to sell their houses. Of course, that is true for some sellers but not all. Statistically, there are fewer buyers looking to buy homes in Elizabethtown during the holidays. Naturally when supply stays about the same and demand is reduced, sellers can be more flexible. Here are some tips to get you closer to that piece of Elizabethtown KY real estate you have been looking for.

When scheduling home tours during the holiday season, remember to remain flexible. Yes, you want to see the house right away, but, you have to also consider the sellers and their schedules. You should of course find a Realtor near Fort Knox, KY that will be able to make the calls and coordinate the appointments.

During the holiday season, some sellers will not put their houses on the market because they are busy with family activities. Your choice of homes for sale may be somewhat limited. Keep in mind that even if there are only a small number of homes for sale, you may still find the one you are looking for. You will also notice that there may not be much competition for the house you want.

One thing to keep in mind when inspecting a house for sale around Fort Knox, KY area is that the weather may hide some structural defects that will only be seen once the cold season ends and spring rolls around. So, make sure you are well aware of this and discuss it with your Elizabethtown KY home inspector who will be doing the inspection for you.

Check your Elizabethtown mortgage company's holiday hours because you want to be able to get the documents done as soon as possible. Keep in mind that during severe weather conditions your plans may be delayed by a day or two. Also be prepared for  the additional costs you'll incur especially during the gift-buying season.

When buying a house, remember to take your time. Carefully plan out your finances and try not to overspend during the holidays :) Good luck on your house hunt!

What You Need To Know About Closing Costs

Photo from Toolsformoney.com

Many home buyers fear being rejected when applying for a mortgage because it could mean they will not be able to continue with the home buying process. Aside from the fear of rejection from the bank, there is also the fear of high closing costs. In this article we will break it down into sections so that you can have a clearer picture of these fees. These figures are just an example, for a more detailed explanation, it would be best to contact a mortgage loan officer near Fort Knox.

The following example is for the Ft Knox Kentucky area:

Average origination fees charged by lenders: $470

Average third party fees charged by lenders: $1506

Average origination plus third party fees: $1976

Let’s say you find a house for $250,000, you will apply for a $200,000 mortgage at the bank (downpayment of 20%) the estimated closing costs are $1976. Now, let’s break this down so you will have a better idea of what this means.

The originating fees usually have in them the following:

• Origination points (typically $0 in the Ft Knox area)
• Application Fees
• Document preparation
• Broker, originator or lender
• Processing Fee
• Tax service Fees
• Underwriting
• Flood Certification Fee

The costs for the above will change but they are all pertinent and vital to the house-buying process.

The origination points are fees or a percentage that you pay to purchase a lower rate. The application fee is what you pay the bank when you are filling out your loan. The documentation fee is what you pay the bank to handle your loan application in a timely manner. The broker / originator / lender fee (which is not customary in our area) is 1-2.5% of the total amount loaned as compensation for services provided. The underwriting fee is the amount collected from you by the bank for their underwriters. The tax service fee is a one time fee to set a service that ensures the property taxes are paid on the property. Flood Certification is a one time fee to check the property against flood maps to ensure that the property is adequately covered by insurance if it is found to be in a flood plain. Make sure you talk with the mortgage lender you are working with so you have an idea of what you are paying for.

These are the third-party fees you will pay (they are still part of the total closing costs).

• Appraisal
• Attorney, closing or settlement
• Credit report
• Flood certification
• Employment verification
• Inspections
• Postage/courier
• Survey

Although much lower than the originating fees, these are still a part of the whole amount you pay. The appraisal fee is the amount you pay to the housing loan officer or the mortgage appraiser who will inspect the value of the house. They will take measurements, check out the construction of the house, and will then compare this with other recently sold homes near Fort Knox. Once they get this information, they will be able to give you an appraised value for the home. This value is how the bank decides how much they can loan. There are some good Fort Knox appraisers who will be able to give unbiased and honest opinions of value. The credit report fee, employment verification, inspections, postage, and survey fee are all minimal.

Banks have money to lend as long as customers meet a certain criteria. This is why it is always a good idea to maintain a good credit score and pay off debts before applying for a housing loan. It is also a good idea to build your savings account.

Housing inspectors around Fort Knox, KY are qualified to do inspections in Kentucky; be sure to get a home inspection to have a better chance at finding a good home (investment).

The process of buying a house can sometimes be tedious but with the help of professional Realtors around the Fort Knox, KY area, your house buying process will be a pleasant and exciting time. Good luck with your house search!