Home Mortgage Checklist
Recommended Home Mortgage Lender Checklist Columbus GA. I am a licensed Realtor and military relocation specialist in Georgia and Alabama currently living in Columbus, GA and I can help you design, build, buy or sell new custom built homes in Phenix City, AL, Ft. Mitchell, AL, Harris County, AL and Columbus, GA
The topic of this blog is concerning items needed for your mortgage local application. When lenders get all this data at beginning of this process, they can expeditiously process you loan application.
Please read carefully to fully understand. Effective immediately the days of filling out the HUD-1 settlement form and getting a Good Faith Estimate (GFE) from the lender are winding down.
On August 1, those two forms will be gone forever. Additionally, “The Truth in Lending Act (TILA) disclosure form is going away, as well. Instead are two new forms: they are called, “Closing Disclosure and the Loan Estimate”. As a means of consumer awareness / education, you can familiarize yourself with these new forms on the website of the Consumer Financial Protection Bureau (CFPB). This new entity has taken over administration of the Columbus GA Real Estate Settlement Procedures Act (RESPA) from HUD. I recommend that you visit this website CFPB.gov and type in the name of the forms in the search box to review and fully understand the new impact of new procedures.
These documents are generally required by most mortgage lenders in Columbus GA, Phenix City Al and Fort Mitchell AL:
- W-2 an/or several pay periods / pay stubs for each individual making loan application
- All credit card information balances and credit limits. Please note most mortgage lenders see a “red-flag” if you are over 1/3 of your allowable credit limit.
- You will need 2-4 months of (banking-checking, savings and credit union accounts).
- Supporting documents for any student loans or other installment loans, (i.e. cars, furniture, boats, and motorcycles).
- Past address for last 5-7 years
- Copies of other assets,(brokerage accounts-stocks,401K,Roth-IRA,other home real estate property.
- Copies of any other additional income, (child support, alimony, rental property, trust, or pension).
- Last 2 most recent years of income tax returns
In closing, purchasing your home in Harris County GA, Phenix City AL or in Columbus GA metro area will be a great deal less stressful by being prepared from the beginning of this process. Call Paul Tommey to help you buy, sell, design/build, or hire me to be your property manager for a single property or your entire portfolio. Or contact me @ 762-822-6411-cell or our RE/MAX-Executive Group office @ 706-507-1899 Or stop by our new office in North Columbus @ 3725 Weems Road, Columbus, GA.31909.
Property Manager Selection
I am a licensed Realtor living in Georgia, working and serving the Columbus, GA, Ft Benning, Phenix City AL, Harris County GA and Ft. Mitchell AL areas. I’m also a certified military relocation specialist and can help military personnel being relocated to Fort Benning, Georgia real estate with trying to find housing.
The topic of this blog is concerning selecting a property management company:
If you have multiple properties, or live out of town from one of your properties, you may want to hire a property manager.
The following are the highlights of what a professional property management company should be able to provide.
- Experience counts, chose a property manager with experience managing a large portfolio with references.
- Determine if you the property owner in Columbus GA greater area or the property manager will make final approval of a potential tenant. My experience is that owners and tenants should not have interaction, as that is why they hired you in the first place.
- Online application capabilities. This is important for screening applicants and checking references. This also, is important that applications are time stamped, if multiple applications are made on the same property.
- Educated yourself in this business by visiting our real estate tutorial page.
- Online payment capabilities, to expedite funds from tenants to rental company operating account. This enables a quicker payment to property owners, who oftentimes may have a mortgage.
- Online mass distribution for best marketing to all search engines.
- Chose a property manager in Ft. Mitchell AL or Columbus GA who has good data base of all needed repair contractor trades.
- Typical management fees are 10%, but often have additional potential fees. Read your property management agreement carefully.
Call Paul Tommey to help you buy, sell, design build homes in Phenix City AL, or Columbus GA . You can hire me to be your property manager for a single property or your entire portfolio.
Or contact me @ 762-822-6411-cell or our RE/MAX-Executive Group office @ 706-507-1899 Or stop by our new office in North Columbus @ 3725 Weems Road, Columbus, GA.31909 Paul Tommey-RE/MAX-EXECUTIVE GROUP
*DISCLAIMER: THE COMMENTS OF THIS ARTILE ARE MY OWN VIEWS. THEY ARE NOT INTENDED TO COVER ALL SITUATIONS. CERTAINLY CONTACT “THE FULL SERVICE REALTOR” TO ASSIST YOU WHEN BUYING OR SELLING YOUR NEXT HOME,OR INVESTMENT PROPERTY.IN SPECIAL SITUATIONS,IT MAY BE IN YOUR BEST INTEREST TO CONTACT A REAL ESTATE ATTORNEY.
Home Warranty Protection
I am a full serviced licensed Realtor with a large selection of homes for sale in Phenix City AL, Columbus GA, Harris County GA and Ft. Mitchell AL areas.
This article concerns the need for a “Home Warranty” when you buy a new or used home. This simple affordable policy, agrees to repair or replace selected repairs under normal conditions or use. You must read all the details of policy to understand all stated terms and conditions. These fine details will state “Limitations of Coverage”. All warranty companies in the greater Columbus GA require that you call in your claim to their toll free number. Additionally, many warranty companies require that you use their selected trade vendor. Other companies let you select a local company that you may know or trust. Additionally, these policies still require that you pay an out of pocket “trade fee”, generally, $50-$100 deductibles. Some warranty companies have both, “buyer or seller” plans. Some have some policy upgrades as well. I generally recommend to all of my buyers and sellers to invest in such plans. Many seller’s, offer these plans as a buyer incentive. Special system options are available for pools, HVAC systems septic tanks, and water softener systems. Plans can generally be renewed year to year. These are great gifts for first time home buyers, families on a fixed income or house warming gifts.
These policies provide property owner’s that may own property out of state, peace of mind. This will minimize the risk of an unexpected high dollar expense. When you are ready to buy your next home in Columbus GA Ft Benning or Phenix City AL area, please contact “The Full Service Realtor”.
There are currently, 658 local Realtors in the Columbus-MLS. Like most any sales professional, 80% of all sales are performed by 20% of the sellers. I work “full time” not part time like so many of the Realtors. Only by being “fulltime” can one stay current to market trends, available inventory, building codes/trends. I have over 37 years sales experience in providing customer service to my customers and clients. My goal is to “exceed your expectations”, by “promising less and delivering more”.
Call Paul Tommey today at 762 822-6411 and see our large selection of new homes in Columbus GA, Phenix City AL, Ft. Mitchell AL and Harris County GA.
House Flipping Tips & Techniques
Having been in the real estate business for quite a while selling existing and new homes in Columbus GA, Phenix City AL, Harris County GA, Ft. Mitchell AL, I have experience in house flipping.
With the advent of all the TV shows concerning real estate, folks are especially interested in “Filliping Properties”. They make it look “too easy”. Here are my personal tips before you take the plunge.
Bullet points for your consideration:
- Find a property in a good part of town. Ask yourself, would you live there?
- Know the neighborhood comps (recent sale prices during the last 12 months). Unless you are a real estate agent you may not readily be able to gather this data. Some realtors special in investment properties and can be on the lookout for your “fixer-upper”. They can help you not pay too much.
- I was on the “selling side” last week for a real estate sale from a long term friend. The house was in an older part of Columbus GA with 2400-2600- sq ft homes. They had several investors wanting to steal the property for $75,000-$80,000 range. Listed for $140,000, lowered price to $135,000 after 30 days. Finally got an offer of $105,000 which I countered a couple of times and closed it last Thursday @ $112,500. So my seller got $32,500 over the best investor offer before they hired me.
- From the buyer side, the investor in Columbus GA got a reasonable deal. He had a good idea of expected costs as he brought in his regular contractors for each trade, (roof, plumbing, air conditioner, floor covering, electrical, etc.).He paid cash by the way, so he had no interest charges during the restoration phase. I figure he would need to invest $50,000 and now have $162,500 in the property. I think he could then immediately resale for $200,000, making a handsome profit of $38,500 within 60-90 days.
- Bottom line is you need to make your money “up-front”; if you pay too much in the beginning, be prepared to rent the property or live in it yourself!
Check out my other real estate articles on my website. If you, your friends or family ever need help in the Columbus GA or Phenix City AL area, please pass along my contact information or call Paul Tommey at 762 822-6411.
Swimming Pool in Your Home Mortgage?
The topic of this blog is to discuss “Why you don’t want to put a swimming pool in your home mortgage” if you are building a new home in Columbus Georgia area.
I am a licensed Realtor working for RE/MAX Executive Group selling homes in Columbus GA, Phenix City and Harris County GA. I’m also a military relocation specialist helping our soldiers move withing a close proximity of the Fort Benning GA area.
I retired from a great career in the water treatment chemical industry after 33 years. After I retired, not only did I get bored, our son was accepted into law school. So I took the plunge into real estate and I offered to support him @ $0.50 on the dollar.
In other words he got a student loan for ½ of his law school expenses and I was able to pay “cash” for the other have by selling lots of homes in the Columbus GA area during the last 4 years.
And now back to the pool topic. I personally took care of our neighborhood HOA pool for 17 years. It was chlorine based treatment. It now has been converted to a “salt-water” pool.
Example of putting a pool in your home mortgage.
- Say you want a medium sized pool 32’ x 16’. In our area this size pool generally costs $25,000-$35,000.
- Using a $250,000 priced new home, with a 100%-VA mortgage loan
- Using a 30 year loan @ 4.0% loan the principle & interest would be $1,194/month with $ 179,674 interest paid over the life of the loan
- If you added the $30,000 pool into the loan the base payment would go up $143/month up to $1337, with the interest going up to $201,235 for the life of the loan.
- The bottom line is that initial extra $30,000 pool on your mortgage would add extra interest of $51,480.This would equal to $81,480 for you pool. Therefore, you really paid 2.7 X that initial investment.
The moral to the story is the following: Either save your money and pay cash, or move to a neighborhood in Columbus GA with a HOA that often times have a pool, tennis courts or lake.
Visit our real estate blog for a lot of articles on all kinds of information about the real estate business if you’re considering a career in this type of field.
Real Estate Career Expenses
I am a licensed real estate agent selling homes in the Ft Benning and Columbus GA area. After my 33 year career, selling with a major chemical oil company , I decided to transition into my professional real estate career. While with the chemical/oil company they provided a new vehicle (annually) and paid all T& E (travel & expenses) all paid. I was always able to eat well, entertain customers, clients and always stay in a nice hotel. I decided to venture out into real estate. This blog will focus on expected real estate expenses in your new real estate career. I never would have believed there would be so many expenses involved with real estate Columbus GA and Phenix City AL. Our city is a major military installation, Ft Benning ,where thousands of military personnel and their family PCS, (Permanent Change of Station),or move for you civilians out there.
- Pre-licensing expenses: You can study on line or class room setting. In retrospect, I would recommend that you participate in a classroom setting instead of the online approach.
- CE-Continuing education. I spent $1500/year for 3 years to earn the GRI-designation (graduate real estate institute). Only about 5% of all realtors earn this coveted designation. It is well worth the expense to gain this knowledge.
- Annual State licensing fees: varies by state
- Regional/national fees.(if with a major firm):I am with RE/MAX-Executive Group and pay $400/year to the national franchise.
- Monthly office fees: This is dependent on your agreement with your broker/owner of the firm where you post your license. You could be on a 70/30, (70% of commission split to agent & 30% to broker/firm). I currently am on the 95/5 split. Under this plan I pay $1200/month to the office to participate in this program. Since I am a seasoned seller with 37 years sales experience, I had the confidence to select this commission program
- Columbus GA whitewater rafting MLS fees: Included in my monthly office fees
- State MLS:$40/month, provides expanded coverage for listings
- Zillow leads: I currently pay $275/month
- Vehicle expenses:$200-300 fuel expenses,$400/month vehicle payment
- Smart phone cell expenses: Currently $200/month
- Marketing expenses:
- Web site: Initial setup $500 plus maintenance fees for updates
- SEO site maintenance: My webmaster also shoots my videos & listing photos. He performs web site maintenance, consulting. Can be $150-$300/month.
- You tube videos: Lots more informative versus a silly slide show.
- Listing photos: My webmaster takes my photos and videos
- Radio: Affordable and it can definitely reach lots of potential customers/clients.
- Vehicle wrap: Mine cost $2300 put have had a 100 fold ROI (return on investment).
In closing, Columbus GA realtors are the best in the world and we have a real estate learning page on our website. In most selling sectors 80% of the sales are produced by 20% of the sellers involved. The bottom line is to do this real estate career “full time” or not at all!
Let us help you take the stress out home buying process by calling or visiting Paul Tommey today to find your dream home at 762 822-6411.
*Disclaimer: The comments of this article are my own views. They are not intended to cover all situations. Certainly contact “The Full Service Realtor” to assist you when buying or selling your next home, or investment property. In special situations, it may be in your best interest to contact a real estate attorney.
Home Buying Without Stress
Buying a home in Columbus GA or Phenix City AL should be fun, not stressful. As you look for your dream home, keep in mind these tips are for making the process as peaceful as possible
- Find a real estate agent who you connect with which makes this process easier. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the realtor you choose is both highly skilled and a good fit with your personaliity.
- Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision buying a home in Phenix City or city of Columbus GA.
- Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your topp priorities and focus in on things that are most important to ou. Let the minor ones go.
- Read lots of real estate information. Negotiation is definitely a part of the real estate process, but trying to win b getting an extra low price or by refusing to buudge on your offer may cost you the home you love. Negotiation is give and take.
- Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself like room size, kitchen, etc. You might forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life in Columbus GA and Phenix City AL.
- Plan ahead and don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.
- Factor in real estate expenses and repair costs in your post home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.
- Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home especially for the first time is a big financial commitment. But it also yields big benefits. Dont lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.
- Choose a home in Columbus GA because you love it and then think about appreciation. While prices have increased about 5.4% annually from 1988 to 2002, it mostly serves as a safe place to live.
Real Estate 101
Having sold many homes in Columbus GA, Phenix City AL and Harris County GA for the last few years, I’m giving a short overview post of my perspective to the essential ingredients for a successful real estate career. These are my own opinions and your success will vary like the estimated fuel consumption on the new car window sticker. If you speed you not only get a ticket but poor fuel mileage as well. Real estate is immensely rewarding, but is a lot of long hours and hard work.
I aggressively jumped right in and annually took the GRI (Graduate Real Estate Institute ) training offered in our state. This cost roughly $1500/year for 3 years by taking on site training for 6 days per year. I gained a vastly deeper understanding to the real estate principles, laws, contracts as well as making dozens of contacts around the southeast. Please don’t just take your test, get a license and experience the “school of hard knocks”. This is serious business and you could “go to jail” if involved in unscrupulous business dealings. Think about it, you have the privilege to be able to help people make one of the “most important financial decisions of their lives”.
I feel fortunate that I was already receiving my chemical career retirement and our house was paid for. This was a huge blessing/benefit. Bottom line was if I did not sell a house Columbus GA, I did not have to worry about the mortgage or food. In your case I recommend “reserve funds for 6-12 months minimum funds” to insure that you can transition into your real estate career.
Transition Into Your Real Estate Career – What Expenses Can You Expect?. Use your God given talents, count your blessing, having a mentor is critical. In the early months, I had homes for sale in Columbus GA in a new subdivision and got “lots of qualified buyers. I sold 9 houses in that neighborhood. I transitioned in real estate after a 33 year sales career in chemical sales to heavy industry. I wore old 31 cars in 33 years, so I was truly a “road warrior”. Our son said he wanted to go to law school, so I made a quick decision to offer him $0.50 on the dollar to wherever he want to attend. He was accepted to 11 law schools and he got a “student loan” for the other $0.50 on the dollar that he needed. Bottom line was that “Dad had made a promise” & now had to deliver on my word. I started selling homes in Columbus GA, Phenix City AL and Harris County GA and am now approaching 2 sales per month and have just hired a “virtual assistant” to help with the paperwork load.
Some realtors limit themselves to being a buyer’s agent or a seller’s agent. That is your decision. I choose to do the following:
- Buyer’s agent: best source for your first sales
- Seller’s agent for listings: Generally, sellers want an experienced agent to market their property to get top dollar.
- Design and build new home are my passion, even though it may take 5-12 months to complete a property. This time line will vary with the following factors: lot selection /soil samples for rural septic systems, plan selection, builder selection, building permit application, pre-approval for mortgage lender. It took me several years to get a few builder sto allow me to list/market their new listings.
- Property management: Many agents shy away from this role, revenue stream. I like it for the following reasons: tenants become buyers later and property owners later become sellers. I am now approach 25 rental properties that I manage for others. These funds generally cover the bulk of my fees and expenses.
Home buying without stress means having professional selling skills, then now is the time to invest in your future. Professionally trained sellers can sell anything from pencils, homes in Phenix City AL and Columbus GA, even yacht’s. Always be honest and ethical. Promise less & deliver most in all cases. I like the “Tiger Blood” expression because I never wanted to be average in school, sports, military service or professional career. So, I don’t know if you have ever been divorced, survived cancer, lost a job, or been in a “head on car crash”. I have experienced/survived all the above. It’s not about what happens to you in life it’s about how you respond to what happens to you in life. I feel like I am “living the dream” and try to jump out of bed each day to seize the day. Count your blessings, get to know your maker.