Home Buyer Tips | Solari Group Blog

Wednesday, March 20, 2019   /   by Hayley Baker

What Credit Score Do You Need To Buy A House?

What Credit Score Do You Need To Buy A House?




There are many misconceptions about the credit score needed to buy a house. Recently, it was reported that 24% of renters believe they need a 780-800 credit score to be considered for a mortgage. The reality is they are misinformed!
Only 25% of the Americans have a FICO® Score between 740 and 800. Here is the breakdown according to Experian:

16% Very Poor (300-579)
18% Fair (580-669)
21% Good (670-739)
25% Very Good (740-799)
20% Exceptional (800-850)

Randy Hopper, Senior Vice President of Mortgage Lending for Navy Federal Credit Union said,

“Just because you have a low credit score doesn’t mean you can’t purchase a home. There are a lot of options out there for consumers with low FICO® scores,”

There are many programs available with low or no credit score requirement. The Federal Housing Administration (FHA) now requires a mini ...

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  real estate, homebuyers, buying, first time home buyer, solari group, credit score, market update, solano county, napa valley, for sale, market trends, home buyer tips, housing market, real estate market

Wednesday, March 13, 2019   /   by Hayley Baker

7 Things To Avoid After Applying For A Mortgage!

7 Things To Avoid After Applying For A Mortgage!




Congratulations! You’ve found a home to buy and have applied for a mortgage! You are undoubtedly excited about the opportunity to decorate your new home! But before you make any big purchases, move any money around, or make any big-time life changes, consult your loan officer. They will be able to tell you how your decision will impact your home loan.
Below is a list of 7 Things You Shouldn’t Do After Applying for a Mortgage! Some may seem obvious, but some may not!
1. Don’t change jobs or the way you are paid at your job! Your loan officer must be able to track the source and amount of your annual income. If possible, you’ll want to avoid changing from salary to commission or becoming self-employed during this time as well.
2. Don’t deposit cash into your bank accounts. Lenders need to source your money and cash is not really traceable. Before you deposit any amount of cash ...

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  real estate, home ownership, homebuyers, homes for sale, buying, finances, first time home buyer, solari team, solari group, solano county, napa valley, escrow, for sale, mortgage, selling tips, home buyer tips, home seller, level up realty, home buyer, home sales, first time home buyers

Tuesday, March 12, 2019   /   by Hayley Baker

What’s Going On With Bidding Wars?

What’s Going On With Bidding Wars?




In a strong seller’s market, like the one we have experienced over the past few years, bidding wars are common and expected. This makes sense! A seller’s market is defined as a market in which the inventory of homes for sale cannot satisfy the number of buyers who want to purchase a home.
According to the Cambridge English Dictionary, bidding wars occur when two or more parties repeatedly outbid each other as they compete to purchase something- in this case, a home.
In some areas of the country, first-time buyers have been met with fierce competition throughout their experience. Some have been out-bid multiple times before finally winning a bid on a home to call their own.
According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), there is currently a 3.7-month supply of homes for sale.
With the current number of houses listed for sale ...

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  real estate, home ownership, homebuyers, real estate agent, buying, first time home buyer, home price, market update, solano county, napa valley, for sale, market trends, the solari group, home buyer tips, real estate market, home buyer

Thursday, November 8, 2018   /   by Nicole Solari

75% of Renters Have Been Misinformed

Recently, multiple headlines have been written asserting that homeownership is less affordable today than at any other time in the last decade. Though the headlines are accurate, they lack context and lead too many Americans to believe that they can’t partake in a major part of the American Dream – owning a home.


In 2008, the housing market crashed and home values fell by as much as 60% in certain markets. This was the major trigger to the Great Recession we experienced from 2008 to 2010. To come back from that recession, mortgage interest rates were pushed down to levels that were never seen before.


For the last ten years, you could purchase a home at a dramatically discounted price and attain a mortgage at a historically low mortgage rate.


Affordability skyrocketed.


Now that home values have returned to where they should be, and mortgage rates are beginning to increase, it is less affordable to own a home than it was over the last ten ye ...

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  real estate, home ownership, real estate agent, realtor, solari group, market update, mortgage rates, napa valley, solano county, home buyer tips, rent, renters

Tuesday, November 6, 2018   /   by Nicole Solari

Taking the Fear Out of the Mortgage Process

A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainties about the buying process. A specific cause for concern tends to be mortgage qualification.


For many, the mortgage process can be scary, but it doesn’t have to be!


In order to qualify in today’s market, you’ll need a down payment (the average down payment on all loans last year was 5%, with many buyers putting down 3% or less), a stable income, and good credit history.


Throughout the entire home buying process, you will interact with many different professionals who will all perform necessary roles. These professionals are also valuable resources for you.


Once you’re ready to apply, here are 5 easy steps that Freddie Mac suggests to follow:





Find out your current credit history & score – even if you don’t have perfect credit, you may already qualify for a loan. ...

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  real estate, home ownership, homebuyers, mortgage, market update, mortgage rates, solano county, home buyer tips

The Solari Group
Nicole Solari
DRE# 02014153

Solano Location
4820 Business Center Drive, Ste 140
Fairfield, CA 94534
707-486-5400

Napa Location
1700 2nd Street Suite 222
Napa, CA 94559
707-819-9119

IDX Content is provided via the Internet for consumers’ personal, non-commercial use. Variable Price’ indicates the seller is willing to entertain offers within a Listing Price Range. All measurements and all calculations of area are approximate. Information provided by Seller/Other sources, not verified by Broker. All interested persons should independently verify accuracy of information. Provided properties may or may not be listed by the office/agent presenting the information. IDX provided by Commissions Inc. Data last updated:April 21, 2019
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