Page A3
NOV. 18, 1998
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Dream Home: Avoiding the heartaches
Home prices are up. Sales are at record levels. Inventories are tight. Sellers rule. In some Western markets you must compete with suddenly-rich, stock-option holders shopping among scant inventories
n the Northeast, a late econom ic
you can afford, it tells the seller you
rally is releasing a surge o f pent
are a serious buyer. M ortgage m oney
up demand. N ear-record low m ort people will also acquaint you with
gage rates are draw ing m any first
the various mortgage programs avail
able. “T he preapproval is subject to
tim e hom e buyers into the market,
but y ou’ve got to prepare yourself
verification o f credit, incom e, em
for the search.
ploym ent, appraisal, and a survey o f
the property. G et preapproved only
G e t rea d y
fo r w h a t yo u n eed . I f y o u g et
For starters, exam ine your credit
reports, correct m issing inform ation,
preapproved for an ego-satisfying
clean up errors, and question other
am ount, the seller will say ‘H ey, he
discrepancies. Three m ajor com pa
or she can pay m ore (than the asking
nies keep tabs on your credit habits,
price) for m y property,’’’says Peter
and you can add a statem ent to each
M iller, Silver Spring, M D -based au
report to explain blem ishes you can’t
thor o f “T he M ortgage H unter.” To
further assure that the funds are in
otherw ise cure. “ I t’s easy to have
m istakes creep into your credit re
place, consider a guaranteed m ort
port, especially if you have a com
gage rate lock, that assures you o f an
m on nam e,” says San Francisco-
interest rate even if the market turns
based Ray Brow n, co-author o f the
up.
bestselling “H om e Buying for D um
O nce your funds are squirreled
m ies.” “ It is better to control a situa
aw ay, consider floor plans, architec
tural types, and am enities you’ 11 need
tion before it becom es a crisis,” he
in a home. Just as preapproval helps
says.
V isit a lender or m ortgage broker
you elim inate unaffordable homes,
to get prequalified or preapproved
know ing w hat physical attributes you
(the terms are som ew hat interchange
need helps elim inate homes that don ’ t
able) for a m ortgage to determ ine
m eet those needs.
how much you can afford. G et any
A hom e is not an island. W here
guarantees in w riting.
you w ant to live is as im portant as the
T he guarantee not only gives you
house itself. C onsider the kind o f
neighborhoods and school districts,
the security o f shopping for a hom e
I
you w ant surrounding your home.
Get set
O btain everal referrals to real
estate agents from friends, family,
co-w orkers, o r anyone else you trust
w ho has recently bought or sold a
home.
Interview each agent and get a
copy o f his or her activity list for the
past year. “ It tells you w here they are
w orking geographically, w hat type
o f properties they w ork on, if there’s
em phasis on w orking for buyers or
sellers, and if there was any interrup
tion in service. You want som eone
w ho is there day in and day out,”
Brow n says.
Go
N ow that you are prepared to look
for your dream home, use the shot
gun approach and scatter your ef
forts. H ire an agent who will have
access to the m ultiple listing service,
or M LS. A n agent gets first dibs on
m ost resale hom es for sale.
Read new spaper and m agazine
classifieds regularly, so you know
w hen new listings and open homes
pop up. V isit open hom es to get a feel
for w hat the m arket is yielding. The
N et is also a good w ay to shop for
new homes.
NCDC
Receives
NAHRO
Award
he Northeast Community De
v elo p m en t
C o rp o ra tio n
(NECDC) is the recipient o f the Na
tional Association ofHousing and Re
developm ent officials’ (NA H RO )
1998Award ofExcellence in Housing
and C om m unity D evelopm ent in
Project Design for New Projects.The
award, which recognizes outstanding
achievement in housing and commu
nity development programs through
out the nation, was presented to Helen
Pittman, Vice Chair ofN EC D C , dur
ing N A HRO ’s recent National Con
ference and Exhibition in San Anto
nio. The Authority received the award
for Walnut Park Town Homes.
“NAHRO is proud to recognize the
achievementsofthesepublic agencies
that use creativity and innovation to
develop programs with an ongoing
com m itm ent to excellence,” said
N A H R O President, D eborah M.
Erlanson, PHM. “Those agencies like
the NECDC are accomplishing re
markable achievements and increas
ing the levelofservice to their commu
nities and their residents. They are
setting standards to be followed by
o th e r ag e n cies
aro u n d
th e
country .“Walnut Park was once re
nowned as one o f the worst crime
neighborhoods in Portland. With the
donation o f a series o f vacant lots, the
developm ent o f the W alnut Park
Townhomes became the cornerstone
ofNECDC’srevializationefibrts there.
The 1998 NAHRO Awards ofEx-
ce lle n c e re c o g n ize o u tsta n d in g
achievement in housing and commu
nity development programs in five
categories. The awardees are chosen
from 316 NAHRO Agency A w ardsof
Merit in Housing and Community D e
velopment winners across the country.
Project Design includes efforts such
as new housing design, housing mod
ernization, enduring design, and land
scape design Program Innovation:
Resident and Client Services includes
innovative use o f programs such as
special activities for children, anti-drug
programs, social services, and self-suf
ficiency. Programs Innovation: Af
fordable Housing includes special pro
grams for home ownership, public/pri-
vate partnerships, innovative financ
ing. Program Innovation: Commu
nity Revitalization includes innova
tive use o f programs in areas such as
economic development, neighborhood
preservation, and creative financing.
Administrative Innovation recog
nizes innovative methods in areas such
as maintenance, community relations,
and interagency cooperation.
T
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won’t ask for every important paper you’ve ever owned, plus the kitchen sink. We’ve got low down payment loans-less money for
you to put down. We’ve even got no points & no fee loans-more money for you to save. So don’t stress yourself, see us and chill out.
Washington Mutual
1 - 8 8 8 - W
A
M
U
- L
E
N
D
(1 -8 8 8 -9 2 6 -8 5 3 6 )
Programs subject to change. C e rtain restrictions apply. For no p o in t/n o fees programs, bank w ill pay o rdin ary and reasonable non-recurring c k w n g costs. Real to r/B ro ke r lees n o t included. An u p fro n t app lication deposit, refundable at closing, is required.
uSj
LENDER
T he deposit is not lehindable i f you cancel the application o r i f you fail to provide us w ith requested inform ation. Interest rate/APR may be higher than when fees/points/costs are paid by you. For Low D oc program . we reserve the right to irquesi additional
docum entation. Some programs may not be com bined w ith others. W e have loan offices and accept applications in: Washington M utu al Bank. FA - many states: W ashington M u tu a l Rank ID , O R , U T , W A ; and Washington M utu al Bank feb - ID , M T , UT.