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MORTGAGE KNOWLEDGE CENTER

PenFed Mortgage with Confidence

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image

CONVENTIONAL LOANS

Rates starting at % (APR %)¹

 

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

  1. Home
  2. Mortgage Knowledge Center
  3. Real Estate Listings Online - Viewing Tips

Purchase, Homebuying 101, First Time Homebuyer, Finding a Home

Real Estate Listings Online - Viewing Tips

What You'll Learn: Top Tips on How to Be a Savvy Shopper and Find Your Dream Home

EXPECTED READ TIME: 9 MINUTES

January 21, 2022

Over the last several years, real estate shopping has gone from viewing homes in-person to online. Today, most shoppers start their search on the web before they view the home in person. House shopping sites began springing up in 2013, with Zillow leading the pack. There are significant advantages to online real estate sites, but there are also some pitfalls to avoid. Today we’re going to give you our top tips on how to be a savvy shopper and find your dream home.  

How to Look for Houses Online

Today, it’s easy to find homes for sale online. But, how do you find the right one for you? First of all, in a seller’s market you have to be fast. As soon as a new home goes on the market you need to be ready to take a look both online and in person if you’re interested.

When it’s a buyer's market and there are more sellers than buyers you don’t have to be as quick. One point to keep in mind is if you have a real estate agent that you want to work with, let them know you’ve found a home online you’re interested in. Don’t reach out to the listing agent — let your realtor do that.

What are the best websites to look for houses?

Hands down, the top five websites you’ll want to visit listing homes for sale are:

  1. Zillow
  2. Trulia
  3. Keller Williams
  4. Realtor
  5. Redfin

Each site has similar data, including property details, property history, and lots of images. Take some time to check out each site to see which one you like the best. Select your top two or three favorites and download their app on your phone so you can be alerted to new listings.

Disadvantages of House Buying Websites

Just like with social media profiles, what you see online isn’t necessarily what you’ll see in person. That profile picture that makes you look slimmer, smarter, and richer doesn’t always match your everyday persona in sweats and slippers. The same is true when viewing homes for sale online. Camera angles make small rooms look larger, dark rooms look lighter, and dirty walls appear cleaner.  

So, when looking at real estate listings online, watch for these red flags:

  • No pictures (or very few) could mean the property has major flaws.
  • More pictures of the exterior than the interior may indicate the inside isn’t great.
  • More pictures of the local community than the home is another bad sign.
  • A home in a flood zone, can mean trouble and high insurance rates.
  • Handyman special is a dead giveaway there’s plenty of deferred maintenance.
  • There are multiple homes for sale in the same neighborhood, find out why.
  • Quaint and cozy means small, so don’t get fooled by flowery language.
  • Odd-looking photos mean they’re probably manipulated to look better.
  • Long on the market — find out why and go from there. Maybe it just fell out of escrow.
  • Images of a messy and cluttered interior is just a sample of what you’ll see in person.

Advantages of Real Estate Shopping Online

One of the biggest advantages of shopping for homes online is the speed of new information. The main sites get updated daily — sometimes several times, so you’ll know about new listings quickly. But so will thousands of other shoppers.

Although it’s important not to make a buying decision from marketing alone – you can get a good idea about the property to see if it’s a possibility. If it is, do a drive-by. Then, schedule a showing if you like the neighborhood and the property's exterior.

When looking at online real estate listings, focus on the facts.

  • Location
  • Square footage
  • Number of bedrooms and baths
  • Asking price
  • $ per square foot
  • Neighborhood safety
  • Property tax history
  • Property history
  • School district
  • Flood zone status if applicable
  • HOA dues
  • Days on the market

Real Estate Listings - For Sale By Owner (FSBO)

When looking for homes being sold directly by the owner and not through a real estate broker, you’ll need to be a bit more careful. You will see these listings on Zillow, Trulia, Redfin, and Realtor — although you might have to dig a bit to find them. But, unlike real estate companies that have a reputation to protect and reviews you can read, initially, you won’t know who you’re dealing with. But, it’s possible to find a FSBO home that you love and have a successful purchase. One big advantage of buying a FSBO is the price. Since realtors aren’t involved, and the seller doesn’t have to pay any real estate commissions – the price should be lower.

You’ll need to do your research since some of the data might not be readily available. If you’re getting financing, your lender will let you know what information they’ll need. To begin with, look at the tax rolls to see how much property taxes are, along with the ownership history. It’s also wise to get a real estate attorney to look over the contract. And of course, you’ll have to have the property inspections, and appraisal so make sure that any contract gives you enough time to get your inspections and financing. Ask the seller if they have a current survey. Otherwise, you’ll need to get one so you can see where the property lines are.

Watch the deadlines for your inspections closely. Otherwise, when they expire, you've automatically accepted those conditions. When the inspections come back, you’ll need to review them carefully and renegotiate or get out of the contract if needed.

As you can see, there is a lot more work to do when you buy a property directly from the owner. But you can find some good deals too so it may be worth it.

Real Estate Shopping Can be Fun

No matter where you find your new home, enjoy the hunt. We hope these tips and pitfalls to avoid have helped you. Good luck!

For more information about PenFed Mortgages:
 

PenFed Mortgage: 

800-970-7766

Get Started

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image

CONVENTIONAL LOANS

Rates starting at % (APR %)¹

 

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

Home Buying Steps

  • Getting Started
  • Finding a Home
  • Getting a Mortgage
  • Home Ownership

Mortgage Topics

  • VA Loans
  • Conventional Loans
  • First Time Homebuyer
  • Home Equity
  • Homebuying 101
  • Checklists
  • Adjustable Rate Mortgages
  • PenFed Top 10
  • Refinance
  • Jumbo Loans
  • FHA
  • Videos

Mortgage Products

  • Mortgage Center
  • Refinancing
  • Home Equity

PenFed HELOC

Rates as Low as % APR* with flexible use of funds

Apply before becoming a member.

After your application, we’ll help you:

1. Discover you’re eligible to become a PenFed member

2. Open a Savings/Share Account and deposit at least $5

Disclosures

1Except for holidays, rates are updated Monday through Friday at 10:15am EST. The advertised rates and points are subject to change. The information provided is based on discount point, which equals percent of the loan amount, and assumes the purpose of the loan is to purchase a property with a 30-year, conforming, fixed-rate loan. Loan amount of $400,000; loan-to-value ratio of 75%; credit score of 760; and DTI of 18% or less. The property is an existing single-family home and will be used as a primary residence. The advertised rates are based on certain assumptions and loan scenarios, and the rate you may receive will depend on your individual circumstances, including your credit history, loan amount, down payment, and our internal credit criteria. Other rates, points, and terms may be available. All loans are subject to credit and property approval.

*Prime Rate is % as of . The APR for this Home Equity Line of Credit (HELOC) is based on prime plus a margin and can change monthly. Fixed Rate Advances will be amortized over the Fixed Rate Advance Term, with the payment consisting of principal and interest. Your Annual Percentage Rate for a Fixed Rate Advance will be calculated by adding your Prime Rate, your Margin, and the Additional Fixed Rate Lock-In Margin. Your Annual Percentage Rate for a Fixed Rate Advance shall not exceed 18% and shall be equal to or greater than % for primary residences and second homes.

  • Annual Fee: Notwithstanding the foregoing, an annual fee of $99 will be assessed on each account anniversary.
  • Home equity lines of credit (HELOC) are variable rate loans and the interest rate is subject to increase after consummation of the loan on monthly basis. Closing costs range between $500 and $8,500 for credit lines of $500,000. Contact a representative for additional details.

Appraisals: PenFed will attempt to establish value via an independent method. If that method is unsuccessful, or the value is not sufficient for the amount requested, an appraisal will be required regardless of CLTV. An appraisal is always required in the following circumstances:

For all loans with a loan amount greater than $400,000.

If an appraisal is required, it must be ordered by PenFed. You will be contacted for authorization and payment prior to ordering. Appraisal fees average $550 to $850 (some run higher).

  • Closing Cost Credit: PenFed will pay most closing costs associated with a home equity line of credit (HELOC), which includes credit report, flood certification, settlement/closing, property ownership and encumbrances search, recording, property search, and quick close. Member is responsible for any city, county, and/or state taxes if the subject property is located in FL, LA, MD, MN, NY, TN, or VA. If an appraisal is required, the member, who is responsible for the fee whether or not the loan closes, will pay the cost.

Interest may be tax deductible, consult a tax advisor for further information regarding the tax deductibility of interest and charges.

Fixed Rate Advance Lock-In You may lock in an Annual Percentage Rate for Advances during the Draw Period. During your Draw Period, you may choose to have three separate Fixed Rate Advances locked in at any one time, with a maximum of two new Fixed Rate Advances per calendar year. Each Fixed Rate Advance must equal or exceed Ten Thousand Dollars ($10,000.00) and you may not request a Fixed Rate Advance that would cause the amount you owe to exceed your Credit Limit. The only term option for your Fixed Rate Advance is 240 months (“Fixed Rate Advance Term”). However, the term of your Fixed Rate Advance cannot exceed your Repayment Period.

Fixed Rate Advances will be amortized over the Fixed Rate Advance Term with the payment consisting of principal and interest. Your Annual Percentage Rate for a Fixed Rate Advance will be calculated by adding your Prime Rate, your Margin and the Additional Fixed Rate Lock-In Margin. Your Annual Percentage Rate for a Fixed Rate Advance shall not exceed 18% and shall be equal to or greater than % for primary residences and second homes and 4.75% for investment properties.

Property Insurance: Property insurance is required.

Multiple PenFed Loans: Multiple PenFed Equity loans and HELOCs are available as long as the member and collateral qualify (except Texas). For Equity loans and HELOCs the total indebtedness cannot exceed $500,000 for all PenFed Equity and HELOCs combined.

PenFed does not lend on:

  • Mobile homes
  • Co-ops or time-shares
  • Properties that are currently listed on the market for sale
  • Commercial property or property used for commercial purposes, even if a residence is part of the property
  • Undeveloped property (land only)
  • Properties with more than 4 units

Properties that are currently under major construction/renovations: Property must be fully livable, with no safety issues. (Examples: no missing rails from stairs/decks, no open walls with wires showing, missing kitchen appliances/counters, missing bath fixtures or unfinished pool).

  • Additional limitations may apply

Home Equity Line of Credit:

  • This Account has a Draw Period of 10 years, followed by a repayment period of 20 years.
  • If only minimum payments are made during the draw period, the loan balance will not decrease.
  • In Texas, the maximum CLTV available is 80% on owner occupied properties. Additional restrictions apply in Texas, so please ask a representative for details.
  • In all other states, the maximum CLTV is 85% on owner occupied properties and second homes. Additional restrictions or requirements may apply based on application characteristics.
  • Property type of Condo has a maximum CLTV of 80%.
  • The maximum CLTV available is dependent on credit qualification.
  • Rates vary depending on owner occupancy and CLTV and other loan criteria.

Minimum Loan Amount Requirements in all States:

  • For an owner occupied property or second home the minimum loan amount is $25,000 and the maximum amount is $500,000 with a CLTV of 85% or less of the fair market value.

Other terms and conditions apply; call 844-918-4307 to speak with a representative for details. All rates and offers are subject to change without notice. To receive advertised product, you must become a member of PenFed.

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This credit union is federally insured by the National Credit Union Administration. Rates are current as of September 2023 unless otherwise noted and are subject to change.

APY = Annual Percentage Yield
APR = Annual Percentage Rate


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You are leaving PenFed.org and entering a third party Website that is not a part of Pentagon Federal Credit Union.


The content you are about to view is produced by a third party unaffiliated to Pentagon Federal Credit Union. PenFed takes no responsibility for the content of the page.


IMPORTANT NOTICE

You are leaving PenFed.org and entering a third party site. PenFed Realty, LLC is wholly owned by PenFed and this referral may provide PenFed a financial or other benefit.


For more information about the relationship between PenFed and PenFed Realty, LLC, see the Affiliate Business Arrangement Disclosure.


IMPORTANT NOTICE

You are leaving PenFed.org and entering a third party Website.


The content you are about to view is produced by a third party website that is unaffiliated to Pentagon Federal Credit Union. PenFed takes no responsibility for the content of the page.


IMPORTANT NOTICE

You are leaving PenFed.org and entering a third party site. PenFed Title, LLC is wholly owned by PenFed and this referral may provide PenFed a financial or other benefit.


For more information about the relationship between PenFed and PenFed Title, LLC, see the Affiliate Business Arrangement Disclosure.


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