While many buyers are aware that a mortgage pre-approval letter increases their buying confidence and power, most may not understand exactly why pre-approval is so important. Why should you jump through the application hoops before even beginning your home search?

First, you’ll know exactly how much loan you can afford, making your initial home search much easier. Why waste your time looking at homes either out of your reach or well below your financial grasp?

Second, pre-approved buyers stand on solid negotiating ground with sellers. Sellers working with well-qualified buyers are more likely to accept the offer and less likely to stall on terms and conditions.

Notice that the topic of this column is “pre-approval,” and not “pre-qualification.” What’s the difference? Pre-qualification is easy - you provide basic information to a lender, and in a few short minutes, you have an answer. Pre-approval requires strict verification of documentation relating to your employment, credit history, sources of income, etc. It takes more time, but is more accurate and carries more weight.

Understand that pre-approval is not binding, and is still subject to a satisfactory appraisal on the prospective purchase. If your financial situation changes, interest rates rise or fall, or the deadline passes, a recalculation will be necessary; but a little legwork now will pay off handsomely as you approach the finish line on your contract.

Just a reminder if you have not heard: Effective October 1, 2008, a housing bill was passed to help both troubled homeowners and lenders. The HOPE for Homeowners (H4H) program was created by Congress to help those at risk of default and foreclosure refinance into more affordable, sustainable loans. H4H is an additional mortgage option designed to keep borrowers in their homes. At-risk borrowers whose loans originated between January 2005 and June 2007 may be eligible to refinance their unaffordable mortgages into low-cost, fixed-rate loans insured by the Federal Housing Administration (FHA).

Whether current or in default, at least 31% of the borrower’s monthly income must be tied to paying the mortgage debt. Other requirements come in to play that have to do with the total debt owed and any secondary financing.

Homeowners may get information from their current lender or an FHA-approved lender (found on the website for the Department of Housing and Urban Development http://www.hud.gov). Each loan will be considered for underwriting after a new appraisal is performed and income and credit history is again documented and verified. Be aware that there are many requirements for approval that, once secured, include many additional terms, such as insurance premiums and profit sharing on appreciation. If you sell or refinance within a one-year period, you must pay the FHA 100% of your profits. That percentage drops 10% each additional year, down to 50% after five years.

Keep in mind, however, that savings can still be substantial on these lower interest, fixed-rate loans, which will never readjust like subprime mortgages can every six months. Homeownership can again be the American dream, not a nightmare.

Other good news from the Federal Housing Administration on November 10, 2008 HUD announced new loan limits ranging from $271,050 to $625,500.Beginning January 1, 2009, FHA will insure single-family home mortgages up to $271,050 in low cost areas and up to a maximum of $625,500 in high cost are. More information on these issues can be found on the website for the Department of Housing and Urban Development.

Don’t wait if your mortgage is behind or think you are going to get behind. The fist step is to ask for help. Call or email Debbie for a consultation about any of your real estate needs. 828-687-2569 dleon@charter.net or visit Red Slipper Homes

Great starter home comes complete with 3 bedrooms, refrigerator and gas range, Plenty of room to garden, entertain, or relax in the secluded yard with refreshing stream that runs along the property.Don’t wait this starter hom will not last long at this price!

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One of the greatest things about living in Buncombe County is that the area simply has so much to offer. Ultimately, that’s one of the things that’s so great about living in Buncombe County: no matter what is really important to you, you’ll find that there are ways to enjoy it.

When you live in Buncombe County, you’ll find that it’s easy to explore the arts. From writers to artists who, from time to time, open their studios to museums, you’ll be able to find a way to indulge yourself. Likewise, if the theater or live music are important to you, there are opportunities that are right there waiting for you to take advantage of them.

Of course, another part of what’s great about living in Buncombe County is that living here makes it easy to enjoy the natural beauty of the area. Views of the mountains, streams - whether you’re out on a mountain bike, you’re hiking or you’re simply looking out of your front window, you’ll find breathtaking landscapes.

Living in Buncombe County lets you relax, it lets you get away from the day to day chaos - which is probably why Asheville is an area that attracts tourists who are looking for an escape. When you live in Buncombe County, you’ll be able to have a bit of an escape everyday!

There are a number of reasons why people make the choice to relocate to North Carolina, but regardless of the motivation behind the move, there are a number of things that those who are relocating are looking for.

Those who are relocating to North Carolina are typically looking for:

• A chance to live in a community where the arts are important
• A chance to live in a place where they can explore the great outdoors
• A chance to get a great education for their kids
• A chance to find a house that really feels like a home

Whether you’re looking into relocating to North Carolina because you are interested in accepting a great new job or you are looking for a place where you can simply relocate and feel good about your quality of life, whether you’re interested in exploring the arts or the great outdoors, you’re sure to find that there’s something there that is satisfying to you.

Ultimately, what you’re going to find is that relocating to North Carolina is its own reward: it’s not so much about finding the things that you’re really looking for as it is about finding those things that you didn’t realize were important to you in the area where you live.

When you know that you’re ready to call Buncombe County, North Carolina home - whether you’re interested in living in Asheville, Hendersonville or another area - it’s important to know where to turn to find the property that will be ideal for you.

One great option is to search the MLS for homes. When you pair yourself up with a real estate agent who knows the area and can help you to find what you’re looking for, you’ll know that you’re heading in the right direction.

Want to get started with finding real estate in Buncombe County? Simple start getting a sense of the following:

• How much are you willing and able to spend on a home?
• How many bedrooms do you need?
• How many bathrooms do you want your home to have?
• What type of property are you looking for?
• What style of home are you interested in?
• What sort of community do you want to live in?
• What would be on your wish list?

That’s really it - that’s all the information that you really need when you’re looking for Buncombe County real estate. Enter it in at the web site, and we can start looking together for the home that’s right for you!

For many who are looking into selling real estate in Buncombe County, there are going to be some concerns about selling a home during the current market. There are also going to be some thoughts about what your home is worth and how much equity you will have built into your home.

The hardest part of selling real estate in Buncombe County is knowing how to get started.

When you’re looking into selling real estate in Buncombe County but you’re not sure about how to get started, the best thing that you can do is to take advantage of a free home evaluation.

When you have a home evaluation performed, you’ll be able to determine whether or not your are in a great position to sell real estate in Buncombe County; I’ll be able to give you a sense of what homes similar to your own have sold for and let you know what can be done to help simplify the process of selling your home.

Of course, just because you have a home evaluation performed doesn’t mean that you’ll have to sell; there’s no obligation. It’s just the first step and, when you take it, you’ll find that it’s not even all that hard!

When you’re getting ready to buy a home in Buncombe County, it’s a good idea to know what you are looking for.

On a lot of levels, you’re going to want to be sure that you’re choosing a home that is convenient to everything that’s important to you. Want to be sure that you don’t have to travel far to get to work? Choose a home with an easy commute. Want to be sure that the kids don’t have to go far to get to school or that the frozen foods won’t melt before you’re able to get them home? Choose to buy a home that puts you right where you want to be.

Similarly, if light is really important to you, or views matter, that’s going to be a big part of what you’re looking for when you buy a home.

Knowing what you’re looking for is essential when you’re going to be buying a home; when you don’t know what you’re looking for, it’s going to be difficult to find it. Of course, at the same point in time, it’s important to have a bit of flexibility as well. Knowing what you want also means knowing what you can afford and knowing what you’re willing to sacrifice.

When you live in Buncombe County, one of the things that you’ll quickly discover is that the arts are important.

(source)A survey done by Americans for the Arts, the leading nonprofit organization for advancing the arts in America, said that the nonprofit arts and culture industry in Buncombe County generates $65 million and supplies 2,192 jobs each year.

N.C. Stage Company, on behalf of all performing artists in Asheville, recently received a $50,000 two-year grant to come up with a campaign to market the area’s performing arts to the nation.

“Raising money is still an important element for any nonprofit, arts or otherwise,” said Deborah Austin, who ran the arts council for years. “But the ability to connect (the arts) to the community is vital. The arts can’t be perceived as separate.”

When you live in Buncombe County, experiencing the arts doesn’t have to mean getting on stage yourself, nor does it mean that you need to be out there painting, writing novels or taking photographs. Experiencing the arts in Buncombe County is really all about coming together, exploring ideas and looking at life (and community) in a new way.

There’s plenty that’s exciting about living in Buncombe County - with beautiful homes, a great environment and beautiful, natural views; connecting with the arts really is a part of it all. For those who are able to explore it, there’s little wonder about why Asheville has always had such a draw for artists (and those who enjoy the arts).