A past filing of bankruptcy does not mean you can’t buy Rancho Cucamonga real estate.  Your real estate agent may be able to help you get a mortgage or find other ways to buy a home, if you do get turned down for a traditional mortgage.

Before you meet with your Rancho Cucamonga real estate agent, here are a few ways to prepare:

• Have a copy of your current bank statement
• Have written proof of your monthly income
• Make a list of all your current monthly bills
• Collect all your recent credit card statements
• Have a copy of your bankruptcy agreement

Put all this info in a file folder and take it to your meeting.  Your Rancho Cucamonga real estate agent will appreciate you doing your homework!

If you have straightened out your credit since the bankruptcy, you are in a much better position to get a mortgage. Hopefully, you are currently paying all your monthly bills on time and rebuilding your credit rating.

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If you’re a homeowner who is unable to refinance to a lower interest rate because your Fontana home’s value has decreased, there’s hope.

A program called the Home Affordable Refinance Program (HARP) has been extended for another year.  This program, intended to help borrowers whose homes have fallen in value, was due to expire as of June, 2010.  Fortunately, HARP has been extended and will now stay in effect through June 30, 2011.

How does HARP help?

The program allows qualified borrowers who owe more than their homes are worth to refinance at lower interest rates.  It’s projected to help 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac.

If you’re a Fontana home owner whose mortgage interest rate is significantly higher than the current market rate, you could see an immediate reduction in your payments.  However, some homeowners may not see their interest payments go down if they refinance to a fixed rate and payment.  Those include homeowners who are:

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If you have never purchased a home before, you may not yet recognize how crucial it is to acquire the services of a professional Fontana real estate agent.

Buying a home will probably be the most expensive purchase you ever make.  Therefore, you undoubtedly should consider enlisting the help of a REALTOR® who has experience, extensive knowledge of the area and integrity.

Benefits of using a professional Fontana real estate agent

Having your own buyer’s agent to walk you through the entire home buying process saves you a lot of time and stress, as well as money.

You decide:

• Size of home desired
• Style preferred
• Location
• Price range

That’s easy!  With this basic information, your agent begins the hard part: searching for the perfect home for you and successfully guiding you through the purchase process.

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We, meaning the real estate industry, say, “It’s a buyer’s market!”  Buyers think that means that deals are available out in the big wide world of Fontana homes for sale. Although that’s true, it’s not the whole truth. The whole truth is that money pits, bad deals and half-hearted sellers still exist. Without careful consideration, you may not get the deal you expected.

If you’re in the market for one of the Fontana homes for sale, follow these tips to help you get a great deal:

1. Go back to school. In other words, do your homework. Yes, due to the buyer’s market, you have an advantage, but you still need to do your research.  Talk with a real estate agent who specializes in the area and look at the prices of homes sold within the past year. The main point of the research is to find out how much homes are actually selling for in the area in which you want to live, and to determine if you can afford to buy there.
2. Line up the home team. Be prepared to jump on a deal as soon as you find it. Get pre-approved for a mortgage. Gather your real estate agent, home inspector and insurance agent. By having this team of real estate professionals on hand, the transaction will be smoother and faster. (more…)

People buy Corona foreclosures for a lot of reasons: to live in, as fixer-uppers, to flip and for investment purposes.  The current real estate market isn’t so hot for quickly selling foreclosures at a profit.  Instead, consider purchasing foreclosures and holding on to your investment until the market turns around.  In the meantime, earn money by renting the houses.

Here are 5 things to look for when buying Corona foreclosures to rent out:

1.  Most Corona foreclosures are nice homes that, for one reason or another, the sellers have had to let go.  With the variety of houses available, take your time and find a property that doesn’t require a lot of major renovations, unless, that is, you’re a handy man and enjoy fixing up homes.

2.  Figure out the costs of the potential rental property and then look at the average rent in the area.  If the rent would cover the costs and a little over, it’s a keeper.

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