Monteece Taylor

If you’ve been considering buying a new home, you’ve probably thought about financing! One of the first things you should do is connect with a mortgage lender to find out what loans you're able to qualify for. To feel a little more prepared for that conversation, let's talk about four of the most common mortgages.
1. FHA Loans

Great for first time homebuyers

Low down payment and closing costs

Easy to qualify for

Credit requirement: 580+ or 500 with 10% down

Down payment: 3.5% or 10% with 500 credit score

2. VA Loans

For service members, veterans, and select military spouses

No mortgage insurance and low closing costs

Government guarantee

Credit requirement: 580+

Down payment: 0% down

3. USDA Loans

Great for low-to-medium income households

Has certain income and area requirements

Lower PMI than FHA Loans

Credit requirement: 640+

Down payment: 0% down

4. Conventional Loans

Great for buyers with good credit, a steady income, and low debt

More flexibility and fixed rate

Diverse options for down payment

Credit requirement: 620+

Down payment: 5% down S.0192476

Are you currently in escrow? Closing day will be here before you know it, and it’s important to know what to expect. Here are a few things you should consider doing before closing: swipe or keep scrolling!
1. Purchase homeowners insurance

In most cases, your lender will require you to have homeowners insurance before closing. You’ll need to bring proof of insurance to closing, this way the lender knows their investment in your home is protected in case something happens.

2. Get all contingencies squared away

This may include home inspection contingencies, appraisal contingencies, and financing contingencies. You’ll want to be sure all contingencies are met (for both buyers and sellers) before closing.

3. Gather the necessary documentation you need to bring to closing

Ask your real estate agent or lender for a list of everything you need to bring with you to closing. This may include, but is not subject to:

- A photo ID

- Proof of homeowners insurance

- Copy of your closing disclosure and purchase agreement

- Certified funding

4. Don’t touch your credit report

Don’t establish new credit, close credit accounts, increase credit limits, or even buy anything on a credit card. Most lenders will re-pull your credit right before closing, and you don’t want risk losing your loan.

5. Ask for a HUD-1 settlement statement

A HUD-1 settlement statement is a document that lists all charges and credits to the buyer and seller in a real estate settlement. This will help you to identify negotiated credits deductions and closing fees before closing.

Whether you’re looking to get into real estate or you consider yourself to be pretty well-seasoned, it’s important to brush up on the industry lingo. Acronyms and abbreviations can be helpful to simplify contracts and agreements, but it can be confusing when you aren’t familiar with the terms!
Save or screenshot the list above to brush up on your real estate vocabulary - you’ll be a pro in no time! S.0192476

DTI - Debt To Income Ratio

REI - Real Estate Investing

POF - Proof Of Funds

CMA - Comparative Market Analysis

LOC - Line Of Credit

CRE - Commercial Real Estate

ARV - After Repair Value

SFH - Single Family Home

HOA - Homeowners Associations

RTO - Rent To Own

ROI - Return On Investment

LTV - Loan To Value

"Won't getting pre-qualified hurt my credit score?"
If you're looking to buy a home, you'll need to get pre-qualified. This means that you’ll need to give your lender permission to pull your credit report. Without looking at your scores, it’s likely your lender won’t be able to complete your pre-qualification or pre-approve you to purchase a home.

Good news is, your credit will be just fine! When a lender checks your credit report, it counts as a “hard inquiry”. Too many hard inquiries CAN affect your credit score negatively if your lender reveals you’re trying to open many new lines of credit in a short timeframe. But most of the time, hard inquires when shopping for mortgage rates generally will not hurt your credit score. S.0192476

“What is a buyer rep agreement?”
A buyer rep agreement is a contract that formalizes the relationship between a perspective home buyer and a real estate agent. This agreement helps to protect the real estate agent, but that doesn’t mean the home buyer can’t get great value out of it as well!

By signing a buyer rep agreement, you agree to work ONLY with that particular agent for an agreed-upon period of time. Depending on the real estate agent, you might be asked to sign this contract before the first scheduled showing. Some realtors may agree to work together for a bit of time beforehand, but just know that you will be required to sign a buyer rep agreement before you officially put an offer in on a home!

When you sign this agreement with your trusted realtor, you ARE making a commitment. But your agent is also making a promise to you - to be 100% committed to working with you find a home (at a price you can afford), to represent and stay loyal to you, to keep your best interests in mind, and to ensure that you are #1 priority over any other parties involved in the transaction.

Generally speaking, signing a buyer rep agreement is a good idea. The contract may seem intimidating or unnecessary in some situations, but it’s meant to protect you, allow you to have the most positive home buying experience possible, and ensure that everyone is on the same page! S.O192476 Scofield Realty Inc

According to Andrew Carnegie, 90% of the world’s millionaires have been created by investing in real estate. With passive income, home appreciation, stable cash flow, and tax advantages, real estate is considered to be a really great investment.
But what holds so many people back from taking the plunge and jumping into the world of investing in real estate? Many would say their lack of knowledge and familiarity.

For anyone looking to start investing in real estate right away, in the near future, 20 years from now, or you’re simply just curious to learn more, this is for you! I’ve put together a list of resources with the top podcasts, books, videos, and blogs, all related to investing in real estate. If you can learn a little bit every day, you’ll be a pro in no time - and you’ll feel prepared and properly educated when you’re ready to make your first RE investment move!

Swipe 👉🏼 to see all of my recommendations, or keep scrolling 👇🏼!

PODCASTS:

- Bigger Pockets Real Estate Podcast

- The Real Estate Guys

- Rental Rookies

BOOKS:

- How to Create Wealth Investing in Real Estate by Grant Cardone

- The Book On Rental Property Investing by Brandon Turner

- The Millionaire Real Estate Investor by Gary Keller

BLOGS:

- Coach Carson

- Spark Rental Blog

- Mashvisor Blog

YOUTUBERS:

- Graham Stephan

- Grant Cardone

- Bigger Pockets Media

Read that again: You don’t have to see the whole staircase, you just have to be BRAVE enough to take the FIRST step. This can be applied to every area of your life, including real estate!
If you are thinking about buying a new house or selling your current one, it can be scary to look at the road ahead, especially when the future is unknown. They say the most important step is the first one, so you may be wondering… What’s the first step to buying or selling a home?

The answer is finding a real estate agent to work with. This doesn’t mean just any realtor; It’s important to find a real estate professional you connect with, someone you can trust and who communicates well with you.

If you are looking for a realtor in the Las Vegas area, I’d love to potentially be your real estate agent. Be sure to send me a message or give me a call and I’d love to see if we’d be a good fit! S.0192476

Happy ! 🍀 Time to test out that luck by hunting for your next piece of property so you can finally find your dream home. Oh, and by luck, we mean your talented real estate agent. 😉

“I would love to invest in real estate, but don’t I need a lot of money to start?”
There is a big misconception that you have to be rich to invest in real estate. You may be under the impression that you need to big bucks to get started, but this is completely false.

The amount of start up cash you’ll need varies based on what you’re looking to invest in. There are many viable options and great opportunities that require a little money and can be accessible to anyone. Fix-and-flip properties are typically pretty inexpensive, and can be a great way to get your feet wet.

Real estate investing is not just for the wealthy! Are you interested in learning how to use different strategies to create streams of income through rental properties, but don’t feel “financially set” enough? Be sure to explore your resources, do your research, and properly educate yourself… You may be surprised when uncovering the real truth, that you don’t have to be a millionaire to be successful at investing in real estate!

If you are about to purchase your first investment property, have interest in real estate investing, or you're just curious about how it all works, this one is for you!
Here are the DOS and DON'TS of real estate investing... Swipe 👉🏼 or keep scrolling 👇🏼!

DO → get your personal finances in order

DON'T → buy an investment property without having some knowledge

DO → know the different types of properties and strategies

DON'T → rush into a "to good to be true" deal

DO → spend time on research and a market analysis

DON'T → buy a property without taking the neighborhood into account

DO → have a rainy day fund

DON'T → underestimate the value of a good tenant

DO → set real estate and investment goals

DON'T → be afraid to take the leap once you're ready

I don’t know about you, but I’m excited to spend some time outside over the next few months, especially since it’s finally starting to warm up! Here are six ways to spruce up your outdoor space for the springtime:
1. GET SCRUBBING

After a cold, wintery season, your patio is going to need a good scrub! Clean off any dirt/leaves on your porch, wash the windows to keep them sparkling, wipe down your furniture, remove cobwebs, and wash cushion covers to get your outdoor living areas looking fresh and ready to use!

2. FOCUS ON THE ENTRY

You could paint your door a new color, hang a floral wreath, pick out a new welcome mat… The possibilities are endless for your front porch!

3. ADD SOME FUN LIGHTING

Outdoor lighting screams spring! Add string lights, lanterns, or even a fire pit to set the mood for those warm spring and summer evenings spent outdoors.

4. DON’T FORGET THE PILLOWS

Adding new pillows to your outdoor furniture can completely change the look of your space! Whether you go with soft neutrals or a pop of color, pillows will complete your outdoor living areas while adding a great amount of comfort and coziness!

5. CREATE AN OUTDOOR DINING AREA

With long summer evenings among us, it’s the perfect time to create an area to enjoy dinner outside. Use furniture and accessories to design spaces for relaxation and entertainment!

6. BRING IT TO LIFE!

Planters, seasonal flowers, and garden boxes will breathe fresh air into your outdoor space and make it feel ready for the new season! Orchids, succulents, ferns, daffodils, tulips, gardenias… You have plenty of options to choose from!

Happy International women’s day!

Building equity is one of the biggest benefits of being a homeowner. Your home becomes a valuable asset you can use down the road when you build equity.

In a way, home equity is similar to a savings account. Your equity will build with each house payment you make (building up the value of your asset), just like building the value of your savings account by making deposits into your bank account. If you make your home payments on time and in full, you’ll slowly build equity. But if you’re hoping to build home equity faster, you can either increase your property value or decrease your mortgage debt. 3 ways you can do that is by:

1. MAKE A BIG DOWN PAYMENT/PAY MORE ON YOUR MORTGAGE

Depending on your loan options, you could put as little as 3% down on a home - but putting more money down instantly boosts your equity. If this isn’t an option for you, you may want to consider paying more on your mortgage. You’ll be making your regular home payments already, but making extra payments will help you to build equity at a faster pace by decreasing the overall total you owe. You can do this by

- Adding one extra payment to your mortgage each year by switching to biweekly mortgage payments

- Checking your budget each month and decide how much extra you can put towards your mortgage

- Using extra money to add to your mortgage - cash gifts, tax refunds, extra savings, bonuses, etc.

2. REFINANCE TO A SHORTER LOAN TERM

A shorter loan term definitely has its benefits. Choosing a 15 year mortgage will help you to build more equity every month than a 30 year mortgage. You can also refinance into a shorter term-loan if you already have a mortgage.

That being said, payments are higher on a short term loan, so be sure to keep that in mind and evaluate your financial situation before making that decision.

3. INCREASE THE PROPERTY VALUE

Making home improvements can help to boost your home’s equity by increasing the value. Before diving into remodels, be sure to talk with a real estate professional to figure out which renovations will be the most beneficial to raise your property value.

Don’t settle on just any house. Let me help you find the home of your dreams!
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My name is Monteece Taylor and I am a Real Estate Agent in the Las Vegas area. Whether you need help purchasing your next home or selling your last, I am confident that I will achieve your Real Estate needs! Send me a DM, email, or give me a call to get started!
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