Tinker Afb (Tinker AFB, OK)
By ANH MIDDLEMAN, Military Personnel PCSing To and From Oklahoma
(RONCK REALTY, INC.)
  No home is perfect, especially if it’s “lived in.” Your new home may need some sort of repair or improvement. That’s why a pre-purchase inspection is the best way to make sure you’re making a sound investment. The few hundred dollars you spend on the inspection will be well worth the peace of mind you’ll get in return. Typically paid for by the buyer prior to moving in, a home inspection is a complete evaluation of the condition of the home and its perimeter—from plumbing and electrical systems to windows, doors and appliances—that provides you with an official report of the findings.   It’s the home inspector’s job to educate you about the condition of the home and its major components. Just like with an appraisal, you can elect to include a contingency clause that allows you to back...
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By ANH MIDDLEMAN, Military Personnel PCSing To and From Oklahoma
(RONCK REALTY, INC.)
Ready to buy a House?  Before you start shopping, it's important to know how much home you can afford.  Obtain a pre-approval of your loan. That way, you will have increased buying power with sellers and you can shop more confidently. In addition, you'll save a lot of time during the contract and closing phases.   Before you contact a lender, you will need to assemble important information on your current finances. First and foremost, you should get copies of your credit reports and review them. If there are any discrepancies, it is best to clear them up before you contact your lender. Your credit information and ratings are maintained by the three major Credit Bureaus.  Under the Fair Credit Reporting Act, you are entitled to one free Personal Credit Report in a 12-month period. To re...
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By ANH MIDDLEMAN, Military Personnel PCSing To and From Oklahoma
(RONCK REALTY, INC.)
Both a home inspection and an appraisal are designed to protect you against potential issues with your new home. Although they have totally different purposes, it makes the most sense to rely on each to help confirm that you've found the perfect home. The appraiser will make note of obvious construction problems such as termite damage, dry rot or leaking roofs or basements. Other obvious interior or exterior damage that could affect the salability of the property will also be reported. After the appraiser inspects the property, they will compare the qualities of your home with other homes that have sold recently in the same neighborhood. These homes are called "comparables" and play a significant role in the appraisal process. Using industry guidelines, the appraiser will try to weigh ...
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By ANH MIDDLEMAN, Military Personnel PCSing To and From Oklahoma
(RONCK REALTY, INC.)
Every home buying experience is different. Each has its own twists and turns. But there are general guidelines as to how the home buying process works. Keep these in mind before you buy a home.   Deciding to Be a Homeowner   Owning a home at some point in your life is a good decision. Mortgage payments help to increase the equity in your house, as opposed to rent checks. Plus, rent usually increases with inflation, while mortgage payments are generally more stable. But owning a home is also a long term decision, so there are several things you have to carefully consider in deciding whether you’re prepared to take the plunge.   Costs There are lots of costs associated with buying a home. One of the first considerations to keep in mind is the physical aspects of the house you aspire to ow...
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By ANH MIDDLEMAN, Military Personnel PCSing To and From Oklahoma
(RONCK REALTY, INC.)
      The most important documents you will be signing at the closing include:   HUD-1 Settlement Statement   This document provides an itemized listing of the final fees charged in connection with your loan. If your loan is a purchase, the settlement statement will also include a listing of any fees related to the transaction between you and the seller. If this loan will be a refinance, the settlement statement will show the pay off amounts of any mortgages that will be paid in full with your new loan. Most items on the statement are numbered according to a standardized system used by all lenders. These numbers will correspond to the numbers listed on the Good Faith Estimate. This document is also commonly known as the closing statement and both the buyer and seller must sign this docu...
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By ANH MIDDLEMAN, Military Personnel PCSing To and From Oklahoma
(RONCK REALTY, INC.)
You wouldn’t buy a car or a business or invest in a stock if you didn’t know its true value, would you? Buying a house can be looked at in much the same way. The more you know about what you’re getting into, the more comfortable you can be about making this purchase of a lifetime. So, what exactly is an appraisal anyway? It’s an indispensable tool that determines the market value of the property in which you’re interested. Its primary objective is actually to protect the lender. Appraisals also provide essential information for the seller and the buyer. Your lender will require an appraisal to ensure the property will sell for at least the amount of money they’re lending you. An appraisal is not a substitute for a home inspection; it’s simply an opinion of the property’s value. Since ma...
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By ANH MIDDLEMAN, Military Personnel PCSing To and From Oklahoma
(RONCK REALTY, INC.)
   Homeownership allows you to build up equity in your home over the years, as your home value appreciates and as you pay down the mortgage balance. Homeownership also allows you to take advantage of leverage—meaning you can take ownership of a large asset while putting up comparatively little of your own money. For those who qualify for a VA loan, you can even buy a home with no down payment.      You may have heard about potential tax benefits for homeowners. As a homeowner, you’ll be able to deduct all interest paid on your home loan (and other fees incurred during the year you buy your home) from your tax return. If you used a home equity loan to repair or upgrade your residence, the interest on that can also be a tax deduction. (Talk to your tax advisor for details.) In addition to...
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Tinker AFB, OK Real Estate Professionals