Open House – Sunday Feb. 21 – 2pm-4pm

Patio Home Style condo in Coach Gate. Great curb appeal-25 park-like areas including a lake and creek to enjoy. Unique in that it has 3 bedrooms and 3 full baths. The style of this unit is somewhat like a raised ranch as all living spaces are above grade. As you enter the foyer you go up a small set of steps to the main living area. The large formal living area has numerous floor to ceiling windows; allowing beautiful, natural sunlight to flood the space. The kitchen has nice cabinetry and a pantry. At the end of the kitchen is a wonderful casual dining area where you can enjoy your meals looking out the windows and taking in nature. Just off the dining area is the family room/den with a fireplace flanked by built-ins.

Just outside the sliding glass doors of the family room is a private patio area for parties, pets, grilling out, etc…The master bedroom is really nice size and features a walk in closet. The master bath has a double vanity and a shower/tub combo. The other two bedrooms are nice sized and can easily fit large bedroom furniture. There is another full bath for your guests on the main level. In the lower level you will find that third bedroom, another full bath, a space great for a home office or craft room and the laundry room. Access to the large 2-1/2 car garage and loads of storage space is located on this level too. Secure buildings and security systems for your peace of mind. Coach Gate offers many amenities and has a very stable Homeowners Association. A wonderful clubhouse, pool and tennis courts to name a few. Your new home is waiting.

Click here to view more condos in the St. Matthews area.

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171,414,933,957,mailto:rhogue@findahomeinky.com|45,312,982,1006,http://www.homefinderinky.com/|45,374,1006,1030,http://www.kw.com/kw/mobile_real_estate_search.html|

New Listing – Condo In The Highlands

Fully renovated 3rd floor Condo in the Highlands. Near to shopping, entertainment and so much more for this happening area. Kitchen features custom cabinets, stainless steel appliances and white quartz countertops. This unit has in unit laundry which was just added. Both the master and main bathroom have been completely remodeled as well. Sit in the mornings on the covered tiled balcony and enjoy your favorite morning beverage. If you want part of the Highlands without the maintenance of a yard, then look no further. Make your appointment today.   For more information on homes in this area, click here.

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Being Financially Ready When Buying A Home – Real Estate

7b7166d729e728fe8052d5001faa2a7a90daa785Home ownership today is easily attainable than most people know. Most reasons for owning a home is quite similar to every person, simply to have something of your own.

Home ownership makes sense for many Americans for a lot of reasons mostly of social and family reasons. Purchasing a home also makes sense financially. In the long run, it benefits the home owner more than expected.

Here are 5 financial benefits of home ownership

1.) Housing is typically the one leveraged investment available.
“Few households are interested in borrowing money to buy stocks and bonds and few lenders are willing to lend them the money. As a result, homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor. Even a hefty 20 percent down payment results in a leverage factor of five so that every percentage point rise in the value of the home is a 5 percent return on their equity. With many buyers putting 10 percent or less down, their leverage factor is 10 or more.”

2.) You’re paying for housing whether you own or rent.
“Homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord.”

3.) Owning is usually a form of “forced savings”.
“Since many people have trouble saving and have to make a housing payment one way or the other, owning a home can overcome people’s tendency to defer savings to another day.”

4.) There are substantial tax benefits to owning.
“Homeowners are able to deduct mortgage interest and property taxes from income…On top of all this, capital gains up to $250,000 are excluded from income for single filers and up to $500,000 for married couples if they sell their homes for a gain.”

5.) Owning is a hedge against inflation.
“Housing costs and rents have tended over most time periods to go up at or higher than the rate of inflation, making owning an attractive proposition.”

To find out more about real estate in Louisville and the surrounding areas, click here.

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How To Own A Home Again After Foreclosure

  1. It is never easy to get another mortgage after a foreclosure. Be patient, given time, proper discipline, and willingness, you can own a home again. Follow this guide to purchase a home again:
    1. Don’t jump on jobs after foreclosure, stick with just one
    If your job is not stable maybe this is the reason you lost your home in the first place. The first step to own a home again is find a stable job and hold on to that. Lenders require stable employment before giving you another loan after a foreclosure. Make it work.
    2. Rebuild yourself after foreclosure
    Create a safety net. Consider having three to six months of living expenses in a liquid account. Truth is, after a foreclosure, six is a minimum to show stability and that you’re able to pay your bills and mortgage. This could also prove that you can sustain yourself for an extended period if you lose your job.
    3. Build a better credit score after foreclosure
    Again, this is not easy. The timeframe itself could consume you. After foreclosure, your credit score dropped approximately by 150 points. Raise it back up with perseverance.
    Pay bills on time and keep your credit card balances below maximum levels. Details on the foreclosure will stay on your credit report for seven years, but if you prove your money management skills have matured, it will become less of a red mark as years go by.
    4. Decrease your waiting time for a mortgage after foreclosure
    Usually, you have to wait seven years after a foreclosure before you can apply for a loan again.
    However, you might wait only three years if you can show extenuating circumstances for your foreclosure, which are defined as “events that are beyond the borrower’s control that result in a sudden, significant, and prolonged reduction in income or a catastrophic increase in financial obligations.” These include:
    Losing a job
    Getting divorced
    Having unexpected medical expenses
    Another alternative if waiting isn’t your thing is obtaining a seller financing, essentially bypassing the traditional mortgage. If both parties are amenable, you can enter into a lease with an option to buy, or take a mortgage directly from the seller. You’ll most likely have to prove a source of funds, but if you’ve turned around your financial situation quickly after your foreclosure, it’s worth a shot to deal directly with the seller.
  2. Keep in mind that sellers may be motivated to agree to this if they need to sell and the potential buyers they’ve met with can’t obtain a conventional mortgage—perhaps because they’ve been through foreclosures, too.
    5. Be honest about your foreclosure
    When getting a new mortgage, don’t lie about your foreclosure. On the contrary, be proactive and reveal the steps you’ve taken to remedy the problems that led to your foreclosure.

If you stay disciplined and positive, the American dream—obtaining a mortgage and owning a home of your own—can, indeed, be yours again. Even after foreclosure.

To find out more about real estate in Louisville and the surrounding areas, click here.

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Interview Questions For Your Lender – Real Estate

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A good mortgage planner is more in the advice business than the lowest price business.  With tightening guidelines, often the question first is, “Will the loan be approved?”  But moreover, the borrowers’ concerns need to involve some of the answers to some of these non-price questions:

1. What type of lender should I use?
There are three basic types of lenders.  Mortgage BROKERS promote a broad product menu, competitive pricing, and entrepreneurial approach; however, BROKERS cannot lock, commit, or approve your loan because they are not actual lenders.  Banks and Credit Unions rely on financial strength, direct lending capabilities, and stability; however, they have limited product menus and often a “cover my butt” mentality.  Mortgage BANKERS blend the best of both: direct lending ability, financial strength and stability, wide product offerings, competitive pricing and the entrepreneurial spirit.

2. What loan products should I be considering?
Make sure your lender has multiple types of products (Conventional, FHA, VA, State Mortgage Agency Products, etc.).  While most people today do choose a 30 year fixed, it is not always the wisest choice.  Borrowers need to consider how long they will be staying in the home and any changes in their income during that time period before just accepting the same loan as everyone else.  Additionally, with many properties in need of some renovations or repairs, you need to explore the discussed in one of my earlier articles.

3. Should I lock or float my interest rate?
Most mortgage planners are trained to dodge this question.  I believe you should be hiring an expert who should have an informed opinion about the direction of rates….in the short term and the long term.  Weighing numerous factors ranging from your projected closing date to upcoming economic reports, a good mortgage planner can counsel a client into saving money.  While no one can predict with absolute certainty, you need to reach a comfort level that the lender you choose has the best information and your best interest at heart.

4. What are mortgage rates based on?
There is only one correct answer.  It is the pricing of Mortgage Backed Securities. If you get the wrong answer on this basic question, what else don’t they know?

5. What is the next important economic release that can impact rates?
How will a Jobs Report, a Fed Board Meeting or Inflation Number affect your home loan?  Your mortgage planner should know, explain it to you, and keep you informed.

6. How can I improve my chances of getting approved and at the lowest possible cost?
Sometimes even minor improvements in a credit score, the amount of your down payment, or how you position your assets can make a big difference.  During your counseling sessions, your mortgage planner should be advising you on how the “little things can make a big difference.”

Good advice, whether it’s from your doctor, lawyer, real estate agent or lender, can be invaluable.  Finding a lender who is an expert….who has your goals in mind…and who offers creative solutions is one of the most important factors in a successful real estate transaction.

To find out more about real estate in Louisville and the surrounding areas, click here.

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