Unfortunately, this isn’t the entire picture of your monthly mortgage payment, and lenders don’t always explain this to you when you’re buying a Madison MS homes for sale. Here are three things you need to know about your monthly mortgage payment for your new home:

1. Interest and Principal. Only part of your monthly mortgage payment actually pays down your loan. A portion of your mortgage payment goes toward your loan principal and part of it pays the interest. The longer you have your loan, the more money goes toward your principal. Be aware that at the beginning of your loan term, most of your payment goes toward interest and does little to reduce the amount of money you owe on your home.

2. Homeowner’s Insurance and PMI. Typically, your lender collects money to pay your homeowner’s insurance premium. This increases the amount of your monthly payment and can change if your insurance company raises or lowers premiums. Depending on your loan amount and property value, you may also have to pay private mortgage insurance (PMI) which protects a lender against loss if you default on your loan.

3. Property Taxes. In most cases, your annual property taxes will be paid through your lender. The lender collects extra money each month that they pay to your local government at the end of the year. When local taxes increase or decrease, so does your payment.

Call me today at 601-942-3392 or email me at Paula@PaulaRicks.com to help you find the home (and mortgage provider) of your dreams.

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
443-A Northpark Dr, Ridgeland, MS 39157
Office:  601-956-8533
Call Direct:  601-942-3391
www.PaulaRicks.com 
Paula@PaulaRicks.com

What does this mean for you? If you’re a home seller, it’s time to look over your Madison MS home for sale, make sure all your t’s are crossed, i’s are dotted and that you’ve done everything you can to put your home at the front of the buying line. If you’re a first-time or repeat buyer hoping to take advantage of the credit, it’s time to start looking for your new home; the binding sales contract has to be signed by April 30, 2010.

Making the Buying Process Easier
Many times, the buying process can take forever.  Red tape, failing negotiations and more has caused several possible sales to fall through. So, what can you do to make the buying process easier? Here are a few tips:

1. Find out if you qualify for the first-time or repeat buyer tax credit. The home buyer requirements are many.  If you can’t afford to buy a home without the tax credit, make sure you qualify.
2. Shop for lenders before hand. Choosing a mortgage lender can be a lengthy process, so finding one you want to use before you start looking for a home will cut down on the time it takes to buy the house.
3. Get pre-approved. Getting pre-qualified is the first step in the loan process, but it’s based on an estimate, not verified facts. By getting pre-approved for a mortgage, you know exactly how much you qualify for, and how much house you can afford. Because this is a large part of the buying process, once you’re pre-approved, the lender can expedite the rest of the deal for a quicker closing.
4. Negotiate wisely. Remember that you’re on a time-line and try not to let negotiations with the seller turn into a contest of wills. Yes, negotiate, but make sure your counteroffer on the home is realistic.

Buying a great Madison MS home for sale before the tax credit expires is definitely possible, even with only four months to go.  Following the tips outlined above can make the sale go as smoothly and quickly as possible.

Have questions about the home buyer tax credit?  I can help. Call me now at 601-942-3392 or email me at Paula@PaulaRicks.com. 

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct:  601-942-3392

To those who already own a home, Merry Christmas! The Workers, Homeownership and Business Assistance Act of 2009 didn’t just come with an extension; it came with improvements. Those in governmental positions of authority reasoned that if someone wanted to get a bigger home, they should get some kind of help too, thus further helping the overall real estate market.

If you own a home, you can now receive up to $6,500 in tax credits for buying one of the Madison MS homes for sale. The actual wording is “$6,500 or 10%.” Here are a few of the important points you need to know:

• Income Qualifications – Your modified adjusted gross income  (MAGI) as a single taxpayer must be less than $125,000 ($225,000 if you file jointly). Partial credit may be received by those with a MAGI of less than $145,000 (single) and $245,000 (jointly).
• Home Ownership Qualifications – You must have lived in the home you own for five consecutive years out of the past eight to qualify. You do not, however, have to currently own the home you’re using to qualify. The key terms are “five consecutive years” and “in the past eight years.” If you lived in your home for five years straight, but sold it two years ago, you are still eligible for the tax credit. If you’re filing jointly with a spouse, both you and the spouse have to qualify.
• Cost Qualifications – The cost of the home doesn’t have to be more than the home you already own, but it does have to cost less than $800,000. As a side note, the government has put a definitive cap on the housing costs. If the home you’re looking at is a solid, non-negotiable $801,000, it isn’t eligible for the credit.
• Purchase Date – The final date for the purchases to be secured is April 30, 2010. The actual closing date must be finalized before June 30, 2010.

Most couples move into a home thinking they will “eventually” get a bigger home once they have a family. Then the family comes along, the house is full and they can’t buy a larger home due to financial issues. The tax credit is a perfect opportunity for families to find Madison MS homes for sale that fit their expansion needs. Take a chance and look around; your dream home may be only a city block and $6,500 away!

If you’re looking to expand and take advantage of the tax credit, I can help. Call me at 601-942-3392 or email me at Paula@PaulaRicks.com for more information.

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct:  601-942-3392

Many of you have probably heard of the American Recovery and Reinvestment Act of 2009 (ARRA) by now. For those looking for Madison MS homes for sale that haven’t heard of the ARRA, first time homebuyers can receive up to $8,000 back in tax credits from the U.S. government. Singles and those married but filing jointly, have an $8,000 threshold, while married individuals filing separately have a $4,000 threshold.

Sounds wonderful, doesn’t it? With the tax credit, your taxes are matched dollar-for dollar. This means, if you owe $9,000 in taxes for 2009 and get the full $8,000 tax credit, you’ll only owe $1,000 in taxes. That’s quite a bit of money to save, especially now. Better yet, if you don’t owe anything, that tax credit may become a tax refund – $8,000 of refund, to be exact.

With all the homes available, why are first time buyers racing? Aren’t there enough homes to go around? Of course there are – in fact, millions of homes in the U.S. are waiting for a buyer. However, first timers want to take advantage of the tax credit, and it only goes until November 30, 2009.

You may think that’s still plenty of time, but it’s not, really. To qualify for the tax credit, you have to have the keys to your new house in hand and the sale finished by the ARRA ending date.

Should you be racing, too? Well, that depends. If you want to buy one of the Madison MS homes for sale,  can realistically afford it and have been waiting for the best time, that time is here and almost past. However, if you want to buy a home, but can’t afford it yet, don’t let the tax credit push you into a tight monetary situation you can’t get out of. Take the time to build up equity and savings until you can buy a home you can afford! 

If you’re a first time buyer wanting to take advantage of the tax credits, I can help. Call me now at 601-942-3392 or email me at Paula@PaulaRicks.com.

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct:  601-942-3392

1)  Location, location, location – Most men want a place close to their job. No long commutes, no hours on the highway. In fact, it’s one of their biggest considerations when choosing a home.

2)  The Man Cave – Is your Madison MS home for sale set up with a man cave? Many men dream of having an extra room that can be converted into a place for recreation and entertainment. If you already have a man cave, you’re ahead of the competition!

3)  Surrounding area – In a fun survey, Sperling’s BestPlaces examined America’s cities and marketing trends to find the “Top 50 Manliest Cities” in the U.S. Believe it or not, Nashville took the top place as the Mecca of manliness. Why? A few reasons:

          o High number of NASCAR fans
          o High number of BBQ restaurants
          o Popularity of hunting and fishing

What other things did Sperling’s look at to decide “manliness?”

• Major league sports teams in a city, nearby NASCAR events, monster truck events and local drag racing strips, among other sports venues
• Memberships in motorcycle owner groups, bowling, hunting, woodworking, DIY home improvement
• Number of manly retail stores, such as steak houses, sports bars, general hardware stores, sportsman stores, etc.
• Percentage of houses subscribing to manly magazines

So what does all this mean to you? If you have one of the Madison MS homes for sale with manly decor as well as surrounding attractions, you have a match made in heaven for the busy bachelor. Okay, so women like monster truck events, motorcycles and DIY, too. And, okay, so the survey is a little silly. However, if you’re trying to sell that house and are having no luck, it’s definitely something to think about.

If you’re trying to sell your home, I can help. Call me now at 601-942-3392 or email me at Paula@PaulaRicks.com for more information.

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct:  601-942-3392

The $8,000 tax credit for first time buyers who are eligible expires November 30, 2009. Buyers that otherwise may have stood on the side lines are rushing to find the home of their dreams in time for the closing to happen before the deadline. Thanks to that deadline, one out of three homes for sale are getting that coveted “Sold” sign.

So why should buyers beware?
If you’re holding off for a better time to buy one of the Madison MS homes for sale, you might never see it! Mortgage interest rates are at a historical low; housing prices are also much lower than they have been.

The tax credit is another excellent reason. If you’re a first-time buyer and close the deal before November 30, you get a 10% credit on the purchase price. That percentage caps out at $8,000. What can you do in a new house with $8,000?

Many buyers are looking at foreclosures, due to lower costs. While the foreclosures may not be in the best condition, the tax credit has helped them make repairs without taking a huge bite out of their wallet. You may have a foreclosure with $15,000 off the initial price and $7,000 in needed repairs. If you receive the full $8,000 tax credit, you actually end up saving $16,000!

So, if you’re honestly looking for a home to buy, go ahead. Take your time; make sure it’s a home you want. However, don’t take too long, because the Madison MS homes for sale are rapidly disappearing. Take advantage of the tax credit and the number of possibilities!

If you’re looking for a great home, I can help. Call me at 601-942-3392 or email me at Paula@PaulaRicks.com for more information.

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct:  601-942-3392

The national housing market has continued to improve this year as first-time homebuyers take advantage of the stimulus tax credit.  July 2009 home sales rose 7.2% to an adjusted annual rate of 5.24 million which is higher than the 5.0 million economists expected.  Home foreclosures continue to make up a good part of home sales.  As more foreclosures hit the market, there will be lots of great deals and more homes to choose from.

The local Madison County real estate market is improving and home sales were up 21% in July with 150 closings compared to 118 closings in June. The first-time homebuyer tax credit is helping to turn our local market around.

If you’re thinking about purchasing Madison MS real estate, you need to act now.  Unless congress extends the first-time homebuyer tax credit, you’ll need to purchase and close your escrow by November 30, 2009.  Get involved:  Call your Senators and Congressmen and tell them to extend the homebuyer tax credit!

Besides the Federal Tax Credit, there are Madison County homes, condos and properties that are 100% financing eligible for Rural Development money.  Or, you may be able to get up to 3% for your down payment from the Mississippi Home Corporation.  NOW is a great time to buy a home!

Are you ready to look for a new home?  I would love to talk with you and find out what type of home or condo you’re looking for.  There are many homes for sale on the Madison MS real estate market and I can help you find one that fits your needs and price range.

To get your tax credit, call me today at 601-942-3392 or email Paula@PaulaRicks.com.

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct:  601-942-3392

More to Surroundings than Just Landscaping

When you walk into a prospective Madison, Mississippi, home and fall in love, it’s often easy to lose the big picture. Take a look around outside too. The Madison MS home for sale that you’re looking at might be close to factories, railroads, airports, power plants or other disturbing or potentially dangerous installations. A beautiful home on a lake, river or other body of water might seem like Nirvana but is it properly situated in case that water rises?

Older Homes Have Classic Beauty and Classic Hazards

Older homes were often built with materials we now know are hazardous such as asbestos and lead (pipe solder, paint). These materials may be costly to cover up or dangerous to remove without professional help.

Older homes may also have oil tanks, propane tanks and cisterns that can be hazardous if they are not in good condition. Areas with a high water table may also be unstable and could cause sink holes, especially on sandy soil types. If you have small children who will be playing in your yard, it’s a good idea to check those items before you fall in love with a piece of property.

Routine Checks

If the home has a septic system, test it to ensure the efficiency of the system. You should also ask the current owner when the tank was most recently pumped. A clean system may throw a good test and back up on you the day after you move in—a very unpleasant surprise.

When it comes to a purchase as important as buying one of the new Madison MS homes for sale, be sure you know exactly what you are getting before you jump.

If you would like any more information on what to look for when considering a new home, give me a call today at 601-942-3392 or email me at Paula@PaulaRicks.com.

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct:  601-942-3392

1. Low interest rates – Right now, interest rates are lower than ever before. This means you can get an extremely affordable loan and save big on interest payments. 

2. Cheaper home prices – Not only are interest rates low, but homes all around are cheaper. Since the market is packed with homes for sale, selling has become harder. As a result, prices have fallen significantly, allowing you to get a more expensive home for less money.

3. Potential tax credits – As a first-time buyer, you could be eligible for thousands of dollars in tax credits. Best of all, you do not have to pay it back, as opposed to previous years.

4. Less competition – Many people no longer have the money to purchase homes, so fewer people are visiting model homes and open houses. This is great news for you.  If you’re ready to buy Madison MS homes for sale, you don’t have to worry about floods of people bidding up the price on the property.

5. Huge inventory – With new homes constantly being built, not to mention an array of existing homes, you can take your pick from a wide variety of available properties.

6. Big bargaining power – Because so many people are trying to sell their homes, they’re more willing to be flexible. As a buyer, you could greatly benefit and may be able to save on closing costs, upgrades, repairs and more.  Work with a skilled real estate agent who can negotiate a great contract for you.

If you have the funds to step out and purchase one of the many Madison MS homes for sale, now is the best time to take advantage of all the possibilities.  I’m ready, willing and able to negotiate the best price and terms for you. Call me today at 601-942-3392 or email me at Paula@PaulaRicks.com.

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct:  601-942-3392

1. Change careers: This is different than just changing jobs. If you have recently gotten a new job in the same field, at the same or better pay, and your past history shows long, solid employment, all should be fine. Changing careers entirely is more of an issue. You have no history of steady employment and income in the new field.  Since you’re new to the field, you may be bringing in less income than in your previous career.  That’s why a recent career change makes your mortgage application less appealing to a loan officer. 

2. Open new bank accounts: When you apply for a home loan for Madison MS real estate you need to provide bank statements for several months. Although your money is still in your possession, moving it to new bank accounts generates a series of big withdrawals and deposits which gives an image of instability.  If you have withdrawn large amounts of money and not redeposited them, that looks even worse.  Even if you invested the money in something solid, you no longer have the cash and thus appear less solvent.

3. Buy Big Ticket Items: The reason for this is simple. When reviewing a loan application for Madison MS real estate one of the biggest things a lender takes into consideration is your debt-to-income ratio.   Purchasing expensive items on credit can negatively impact your debt-to-income ratio.  Wait until after you’ve closed on your home to buy new furniture or appliances.

Thinking of buying a home?  I can help you get financing and buy the home of your dreams.  Give me a call today at 601-942-3392 or email me at Paula@PaulaRicks.com.    

Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct:  601-942-3392