Oct 29, 2020 | Real Estate
There are a lot of steps that come with buying or selling a home. One of the routine steps that have to be accomplished is called a home appraisal. When it comes to a home appraisal, this is something that can cause both buyers and sellers to pause for a second. For those who might not know, a house appraisal is where a trained professional will take a look at the fair market value of the home. It is important to understand what happens when a home appraisal is conducted.
Compare The Home To Similar Properties
When a home appraisal is conducted, its value is usually compared to homes in the area that are similar. The value of a home is always determined by what similar homes in the area have sold for recently. This is what the lender is going to look for. For example, if someone is selling a condo, and the value of that condo is going to be compared to other condos in the building that have sold recently. Even though there might not be identical houses in the area, the same process is going to happen for free-standing homes.
Make Improvements To The Home
For those who are going to be selling their home in the near future, one of the easiest ways to drive up the value of the home is to make improvements. If the countertops, floors, or cabinets have not been updated recently, then performing these updates can drive up the value of a home. In some cases, homeowners might be able to get a bigger increase in the value of their home than the amount of money they spent on the improvements.
Get A Second Appraisal
In some cases, home buyers might not like the appraisal that came in on the home. In this case, they might be able to challenge this first appraisal by getting a second appraisal. Even though this might cost a bit of money, if the home comes back at a significantly reduced cost, then there might be opportunities for the buyer to renegotiate the price of the home. Everyone wants to make sure they are getting a fair deal when a home changes hands.
Oct 22, 2020 | Real Estate
For many people, their biggest monthly bill is their mortgage payment. Therefore, it should come as no surprise that there are a lot of people who are looking for ways to reduce their monthly mortgage payment. The positive news is that there are several ways to do so.
By putting some of these tips to use, everyone can find a way to pay less every month on their mortgage, helping them save money for other expenses such as a new car, college expenses, or that next vacation.
Shop Around Before Getting A Mortgage
For those who are still in the process of buying a home, it is a great idea to shop around and see what the options are. Even though there are rates advertised in the industry, it is always a smart idea to visit multiple potential lenders and see what they are offering. Then, with multiple offers in hand, it might be possible to leverage the offers against each other to see if they are willing to come down on their interest rates. This can help people reduce their monthly mortgage payment.
Put More Money Down
This is the most direct way that someone can lower their monthly mortgage payments. Even though this is a zero-sum game (taking more money out of the bank account and paying it sooner), this will directly reduce the monthly mortgage payment. Furthermore, this could get a lender to reduce the interest that he or she is charging, which could help homeowners save more money overall.
Refinance An Existing Mortgage To A Lower Rate
Finally, it is also possible for people to refinance an existing mortgage to a lower interest rate. This can help people who already have a mortgage save money by essentially replacing their old loan with a new one, accompanied by a lower monthly mortgage payment. Refinancing could also help people pay off their mortgage sooner.
Save Money On Monthly Mortgage Payments
These are a few of the top tips that everyone can follow to make sure they save money on their monthly mortgage payments. By shopping around, putting more money down, and refinancing an existing mortgage, everyone has the opportunity to save money on their monthly bills.
Oct 20, 2020 | Real Estate
There are lots of people who have heard that one of the top ways to ensure the best mortgage rate possible is to refinance. At the same time, it is critical to make sure that this process is planned out accordingly.
Therefore, there are a few steps that everyone has to follow to make sure they are able to handle the mortgage refinancing process in a smooth manner that leads to the best rate possible.
Ask If A Refinance Is The Right Step
There are a lot of people who assume that a mortgage refinance is a financial win; however, it is important to keep the added costs in mind. For example, the refinancing process is going to lead to another closing. When this happens, there are going to be closing costs that must be considered.
Therefore, the refinancing process could lead to a higher mortgage payment if the money saved on interest payments is not enough to offset these costs.
Check The Credit Score First
Many people get lured into the refinance process by looking at low mortgage interest rates and assuming they are going to qualify for them; however, this is not always the case. Only the people with the top credit scores are able to qualify for these low rates. Therefore, everyone needs to take a look at their credit score and make sure that their credit report has been cleaned up. This is the only way that people are going to be able to qualify for these low rates.
Talk To A Trained Professional
Finally, many people are going to be going through the refinance process for the first time. It is important to work with a trained professional who can walk everyone through this process, ensuring that they know what they are doing as the process unfolds. This can go a long way toward ensuring that everyone has a successful refinancing experience.
Go Through The Right Steps
Following these steps can maximize everyone’s chances of making sure they end up with a refinance that works for them. By planning out the process ahead of time, everyone can go through the steps they need to make sure that the refinancing process proceeds as smoothly as possible.
Oct 8, 2020 | Real Estate
The COVID-19 pandemic has impacted everyone and this includes the real estate industry. One of the biggest impacts that this pandemic has had involves the home lending process. Because many people are looking for ways to buy a home while engaging in proper social distancing measures, the industry has had to adapt. Learn more about some of the changes the COVID-19 pandemic has forced on the home lending process.
Homes Are Getting More Affordable
The demand for homes right now is high; however, homes are still more affordable than they have been in the past. Lenders are trying to find ways to encourage people to purchase homes because they have seen a drop in their business as well. As a result, many lenders are willing to provide potential homeowners with great offers and opportunities to purchase a dream home.
Online Applications Are Becoming More Common
Next, online applications are becoming more common as well. In order to help people buy a home while still engaging in social distancing, it is possible to complete the home application process online. This is usually provided through an intuitive system that provides clear instructions on what has to be submitted for the application process.
Buying Power Is Going Up
Because many homeowners and potential home buyers are realizing that now is a great time to buy, they are learning that they have a lot more power. They might be able to afford a larger home or carry out a home improvement project after buying their home. This provides more flexibility for homeowners.
Refinancing Is Becoming More Common
In addition to changes in the home buying process, there are changes taking place in refinancing as well. Many current homeowners are realizing that they have a unique opportunity right now as well. As a result, they are taking advantage of the opportunity to complete a refinancing deal to save money.
Home Lending Is Changing
These are just a few of the major changes that have taken place in the home lending process due to the COVID-19 pandemic. Anyone who owns a home or is thinking about buying a home should consider looking at their available options as well. There could be opportunities to save money.
Oct 6, 2020 | Real Estate
When people start the process of trying to find a home, they want to make sure that they take the time to get this decision right. The reality is that a home is the most expensive purchase that most people are ever going to make. As a result, they need to make sure they find a home that will meet their needs.
At the same time, it will be hard to find a home that is truly perfect. Therefore, it is a great idea for everyone to come up with a list of necessities and a list of features on which they can be more flexible. How can people do this? How can people fall in love with an imperfect home?
Remember That There Are Options
Every home is going to have its flaws. Those who spend the time trying to find a home that is absolutely perfect are going to have decision paralysis. On the other hand, it is important to remember that there are options available. Nearly everything that is wrong with a potential home can be remedied, fixed up, or recycled. In this manner, even if a home is not perfect when people first look at it, there is a way to make it perfect with a few improvements or upgrades. This is a nice alternative that people should keep in mind.
The Styles Of Homes Change
Furthermore, keep in mind that it might be helpful to find a home that will grow with the family or the homeowners. Styles rotate and change on a regular basis, so people should not worry about finding something that is going to be absolutely perfect right this minute. For example, the open concept is one of the biggest shifts that has taken place during the past few years.
Closet standards have changed as well. There are even inconvenient structural columns that people have found a way to love. There are plenty of ways that homeowners can take a home that has flaws and find ways to help them match new and trending styles.
These are just a few of the ways that homeowners can find ways to love a home that is not perfect. This could make it easier for homeowners to find the right home for them.
Oct 2, 2020 | Real Estate
The real estate market has been in flux during the past few months. As a result, this could be a great time to both buy and sell a home. This is because mortgage rates are attractive for borrowers right now. With so many people who are looking to buy a home, is likely the people selling a home are going to receive multiple offers. On the other hand, given what the mortgage market looks like right now, borrowers also have attractive options.
As a result, many people are wondering if they should buy a house with cash or take advantage of low interest rates. For homebuyers in this position, there are a few important points to keep in mind.
Consider What The Cash Can Do
Ultimately, a decision to buy a house with cash or taking advantage of low interest rates is going to be a personal decision. At the same time, there are several factors to consider. One of them involves what the cash is going to be used for. For example, many people have heard the saying that cash is king. Buying a house with cash might be right for some people.
On the other hand, there might be some individuals or families who can put this cash to better use elsewhere. For example, if this cash is needed to buy a new car, fun retirement, or pay for someone’s education, then the cash might be better spent in this area. It is important to think about how this cash will be spent when deciding whether or not to use it to buy a home.
The Competitiveness Of A Cash Offer
It is also important to consider the advantages of buying a house with cash. In addition to the obvious benefit of not having a mortgage payment, a cash offer is also going to be seen as more competitive. With so many people looking to buy a house right now, it is critical for homebuyers to appear competitive right off the bat.
A cash offer is always going to look better than someone who is trying to take out a loan because the transaction is simpler, faster, and provides the seller with an instant source of liquidity.
These are a few of the most important points that people should keep in mind when deciding how they are going to purchase a home.
