Michael Purcell - NMLS 2222190

11/06/2024

Do these 3 things before you buy your first home (you' ll thank me later) :

1. Consult with a trusted Financial Advisor 1-2 years in advance of purchasing your
home.

2. Learn about your qualifications with a trusted Loan Officer 6-12 months in advance of
purchasing your home.

3. Explore different properties and markets with a trusted Realtor 3-6 months in
advance of needing to actually close on your home.

Reach out to me if you need help finding one of these pros.

11/04/2024

3 first time home seller mistakes you didn't know were bad (until now):

1. Being Present During Showings: it puts pressure on potential buyers and may shut
them off from being honest.

2. Miscalculating Net Proceeds: most have little understanding of what they will actually
net after all the closing costs which are much higher versus buying real estate.

3. Selling "For Sale by Owner": limited exposure, negotiation skills, market knowledge,
lack of objectivity, transaction management, etc.

11/01/2024

I spent $50 on the book: "Mortgages for Dummies"

Here are the top three tips for Free:

1. Your middle credit score, down payment amount and source, and income type and
amount, greatly impact your ability to qualify for a good mortgage.

2. You'll be a good fit for either a Conventional, Government or Jumbo mortgage
depending on #1

3. You'll end up paying about 3% of the purchase price in closing costs.

10/30/2024

3 ways to back out of a real estate contract (not joking):

1. Home Inspection Contingency: if the home inspection reveals issues or defects that
the buyer is unwilling to accept, the contract is canceled.

2. Financing Contingency: if the buyer is unable to secure home financing because their
home loan application is denied or the agreed upon finance terms are not met.

3. Appraisal Contingency: if the property does not for at least the contract price, buyer
may have the option to cancel.

10/28/2024

Homeowners have a net worth of $255,000 compared to $6,300 for renters.

Here's two underrated ways to fire your landlord so you can build wealth as a homeowner:

1. Down Payment Assistance programs: many states offer specialized programs to help
with your down payment, check your with the local County first online.

2. Employer Down Payment funds: most home loan programs accept employer
contributed down payment funds, negotiate this next time you're on the job hunt to
better your house hunt.

10/25/2024

Give me 2 minutes, and I'll share with you 3 rules of homeownership:

1. Never exceed 28% your monthly pre-tax income on your total mortgage payment.

2. Never have less than 3 months of mortgage payments in savings.

3. Never have less than 3% of your home's value in savings for potential maintenance
costs.

10/24/2024

10/24/2024

Real estate agents, don’t miss the next Masterclass with Tommy Choi and James Dwiggins, CEO of Nexthome.

10/23/2024

3 Tiny habits that will pay your mortgage off faster:

1. Bi-weekly payments essentially squeeze one extra payment out every calendar year which shaves about 6 years off your 30 year mortgage.

2. Recasting allows you to recompute your mortgage payment schedule if you ever make a one time large payment towards your mortgage, without actually refinancing.

3. Round up ever single purchase to the nearest dollar using an app like Acorn and apply all the savings year end toward your mortgage principal.

10/21/2024

If you're worried mortgage rates are still too high, read this:

The average 30 year fixed mortgage since 1971 has been 7.74%

10/18/2024

Need to improve your credit score?

Here are 2 strategies to Improve Credit FAST:

1. Ask for higher credit limits - Increased credit limit lowers credit utilization, which can boost your score.

2. Become an Authorized User - Being added onto a well-managed credit account can improve your score quickly.

Message me for more!

10/17/2024

Do These 3 Things before you buy your first home (you’ll thank me later):

1. Consult with a trusted Financial Advisor 1 year in advance of purchasing your home.

2. Learn about your qualifications with a trusted Loan Officer 6-12 months in advance of purchasing. (That's ME!)

3. Explore different properties and markets with a trusted Realtor 3-6 months before you need to close on a home.

Most do these 3 steps backwards.