When it comes to purchasing a home, closing costs are just part of the process. If you’ve purchased a home before, you know that transferring a property and obtaining a loan can be complex. Not only is it a lot of paperwork, but it requires help from numerous different sources and unfortunately for the home buyer, they don’t do that work for free.Continue reading “How to lower your closing costs – what you can and can’t control”
If you’ve been paying attention to the real estate trends, you may have heard the Millennials just aren’t buying homes at the same rate as their previous generations. Aside from the simple fact that it’s just not affordable for most, many site reasons like high student debt and low loan availability. Studies show that only 37% of millennials owned homes in 2015 – that’s 8% lower than Gen Xers and Baby Boomers at the same age.Continue reading “Advice from Millennials on How to Buy a House in Your 20s”
It takes willpower and a budget to invest in a fixer-upper home. You have to see the potential, weigh the pros and cons and see the project through to the end. Knowing when to buy and how to flip, can make a stressful project a breeze. How can you tell if a house is a gem worth saving? If you’ve got a DIY mindset, some patience and a few coins to spend, here are some considerations to make when you’re thinking of buying a rehab home. Continue reading “Tips for Buying a Fixer-upper Home”
Of all the decisions facing any prospective home buyer, one the most critical is where to find the best mortgage option, the one with the least hassle and the most favorable financing terms. When, how much, and even if you’ll be able to borrow what you need to buy your dream house can often come down to who you work with to make it happen. For most people, there are two possibilities, a mortgage broker or a direct lender, i.e. a bank, credit union or savings institution of some sort. Continue reading “BANKER OR MORTGAGE BROKER: Which is Better?”
Anyone who owns a home understands that in addition to making your monthly mortgage payment on interest and principal, you will be required to maintain and pay for homeowner’s insurance and will need to pay any property taxes or other assessments required by local jurisdictions. If these payments are not made, then the property (which is also the collateral for your loan) will be at risk, liens may be levied, and/or the property will not be protected if damaged by fire, storm or other cause. Continue reading “What is Escrow and Why Do I Need it?”
Investment in rental properties, especially residential properties, is increasingly being seen as a hot new earnings opportunity. In the wake of the economic down turn, as the rate of home ownership in the U.S. has fallen, the rental market has grown steadily. With mortgage lending standards tighter and cash for potential home buyers more scarce, the number of renters has climbed, pushing rents ever higher in most Continue reading “Are rental properties REALLY a smart investment?”
For most borrowers PMI (or Private Mortgage Insurance) is just one of the many mysterious charges that get folded into their total monthly mortgage payment. But anyone in the market for a new home, and the inevitable mortgage that comes with it, needs to understand how it works, and how it can be avoided. Simply put, PMI is an insurance policy that your lender takes out as protection against the possibility that someday you will no longer be able to make your mortgage payments, except that it is your responsibility to pay the monthly premiums. Also, the lender is typically the beneficiary, not you or your heirs. Continue reading “PMI: WHAT YOU NEED TO KNOW”
It’s not often that the government gives you a break on your taxes worth thousands of dollars over several decades, and it would be foolish indeed not to take advantage of it. But that is apparently what a surprising number of Americans are doing year after year by ignoring the tax benefits of an Individual Retirement Account, or IRA. Although there are different types of IRAs with different restrictions, they all basically allow you to put away a sizeable chunk of your income each year and avoid paying taxes on any gains you earn on it for as long as you hold the account, which is usually until you retire. Continue reading “IRAs – Why You Should Have One!”
You’re ready to realize your dream of homeownership. You spotted the perfect neighborhood, the one with the tree-lined streets, tidy houses, and well-manicured lawns. The next step is to get a mortgage. It can become overwhelming very quickly! Take a deep breath and relax – although there is a fair amount to do – we can get you through the process fairly pain free!
Here are 5 tips to help you secure your first mortgage and make the process easier.