Finding a loan that works for you is just as important as finding the right home. There are many different types of loans available, each with their own set of benefits and drawbacks, but the most popular loans are 30-year-fixed, 15-year-fixed and the 5/1 ARM. Understanding the differences and aligning the right loan with home ownership goals and plans will ensure you are setting yourself up for the best investment possible.
We set out with the goal to reduce complexity and increase transparency for home buyers and sellers. With over 80 successful sales in one of the hottest real estate markets, Seattle, we have saved home sellers over two million dollars since we started just over a year ago!
If you haven’t noticed already, your credit score is important when applying for any loan. Your credit score will be used by lenders to identify your ability to repay a loan. Their goal is to reduce the amount of risk they may encounter and prevent lending to consumers who have a history of not paying their loan payments.
How credit scores works
Credit scores range from 300-850 and consider your personal financial history including payment history, credit mix, amounts owed, length of credit history, and new credit. Here is a nice graphic from myfico.com that shows a nice breakdown.
If you are about to make one of your biggest long-term investments you should at least make sure it’s a purchase that you absolutely love, right? Spending a bit of time upfront to identify the must-have’s, the nice-to-have’s, and the can live without items will go a long way when deciding to make an offer on a home. Breaking it down to the different areas of your home will help organize your wants. Thinking about the interior, exterior and general usage of your home are the best ways to organize the wants and needs of your home.
Having a wish list and knowing what your home must have will allow you to more efficiently find the homes that fit your needs saving you time and energy. Narrowing down the location, the type of home, features, and the price range reduces the number of open houses you go to and allows you to make a more informed offer on a home you fall in love with.
Tip: Use Pinterest and other social marketing tools to begin gathering ideas of what you like.
A cornerstone of the American Dream is home ownership. Not only is purchasing a home a major milestone for many of us, it’s likely the largest investment you will ever make. Before you make the leap, however, make sure you have a solid understanding of what homeownership entails.
Selling a home is a big deal. It’s also a notoriously complex, stressful and expensive process.
At Faira, we've reinvented the experience so it's simple, modern and transparent. It's also cheaper: there is no 6% commission. In fact, using Faira is completely free for sellers.
The Seattle real estate market is frustrating for buyers, that’s for sure. Every time I turn on the news there is another report on Seattle housing and the high demand that is increasing competition and prices. But there’s more to the problem than just supply and demand. There’s a problem with the process.
Many home buyers have spent thousands of dollars on home pre-inspections only to lose out in a bidding war. Others have spent hours with their agent writing up offers that ultimately get rejected. Frequently, offers that are submitted with excitement and hope are met with no feedback from the seller. Not a good experience, right?
The team at Faira is working hard to create new alternatives to the conventional home sales process. We have made some significant changes in our process to increase transparency and simplify the transaction.
One of the main questions we get is: Can I use Faira with my agent? The answer is yes! Please read on to learn how you can use Faira on your own or with an agent to buy or sell a home.
Selling with Faira
Agents can provide market intelligence, emotional support and offer personalized advice on how to prepare your home to sell. Some sellers need this guidance. Faira gives you a choice. If you want this support, bring an agent. If you don't, you can use Faira free as a seller!
With or without an agent, Faira's process adds value:
- Offers are transparent on Faira's website so all parties know the timing and value of the offers submitted.
- The inspection, title report and seller's disclosures are all posted on the website for potential buyers to review.
- There is no earnest money so the contract is simple.
Faira, the ecommerce site for homes, announces the launch of its new buyer program, Faira Offer Assist (https://www.faira.com/offer-assist). Faira Offer Assist rewards home buyers for finding their own home by paying them the buyer’s agent commission at closing. As an example, on a $500,000 home with the typical 3% agent commission, buyers will receive $15,000 at closing from Faira.