Vacant Homes Sell For Less

July 3rd, 2019 Posted by florida mortgage 0 thoughts on “Vacant Homes Sell For Less”

Redfin, a real estate brokerage, recently did a study that stated that homes that were lived in sell for more than vacant homes. On average, vacant homes sold for $11,000.00 less. The study also indicated that on average, a vacant home took an average of six extra days to sell. To some, it makes sense – empty homes are not as appealing. Also, imperfections are easier to see if rugs, coffee tables, beds, etc. are not in the home.

Even though homes that are occupied sell for more and quicker, on average, it is important to keep in mind that the home needs to be neat and decorated well. You can hire a staging company for this if your real estate agent does not offer it. Living in the house is a fine line…clutter and old looking furniture is likely to not help the house sell.

When potential homebuyers look at a house, they want to be able to visualize what the house looks like. If it has furniture from the 1960s, it will be hard for the potential homebuyer to look past it.

If you are on the hunt for a new home, keep this statistic in mind and remember that when you purchase the home, all the nice furniture will not be in the house when you move in! Also remember that statistically speaking, vacant homes sell for less!

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Homes for Heroes Grant

June 24th, 2019 Posted by florida mortgage 0 thoughts on “Homes for Heroes Grant”

Homes for Heroes Grant

 

Are you or one of your loved ones a hero? If you are questioning what  “hero” is considered to be, think: (current and former) firefighter, paramedic, law enforcement, military, nurses, doctors, teachers, etc. The reason this is mentioned is because there is a program called Homes for Heroes. If you quality for it, you are eligible to save money on buying or selling a home. Through the program, you can work with a real estate specialist when buying a home, or a mortgage, title, and inspection specialists when selling a home.

 

You do not need to work with every specialist, but each one you work with helps you to save money. Most homeowners choose to work with each one they have available to them so they can maximize their savings.

 

We are not affiliated with the program but want to make it known for potential homeowners, who are heroes, out there. The program is run through the Homes for Heroes Foundation. The foundation is a nonprofit and private charitable foundation that gives grants to eligible heroes to help with housing or emergency financial assistance. Within the last ten years, 28,000 heroes have saved over $45 million on their real estate transactions and $4 billion sold in real estate to heroes.

 

If you or someone you know is considered to be a hero, we suggest you take a look into this option!

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Getting Your Home Ready to Sell Tips

June 14th, 2019 Posted by florida mortgage 0 thoughts on “Getting Your Home Ready to Sell Tips”

Getting Your Home Ready to Sell Tips

 

Once you’ve decided to sell your home, which we know is not an easy decision in itself, there are some suggestions we have to help get your home ready to sell. We want your house to sell as quickly as possible, as we are sure you want as well. Making small changes to attract attention to your home and make it stand out is the key.

 

To start off, we would recommend you really do a spring-cleaning! Not only that, but also depersonalize your home. When potential buyers enter a clean, decluttered home, they will feel like you’ve taken good care of the home. Having it clutter free will also make the home seem bigger. It will be tough to depersonalize your home if you are still living there, but not having a personal touch to the home will make it more appealing and less distracting for potential buyers.

 

You should do this all along, but keeping up with routine maintenance and repairs is very helpful when getting ready to sell a home. People who may potentially buy your home will take your house apart! They will look at every nook and cranny. By keeping up with the home, the home will be very attractive and appealing.

 

This may be common sense, but we want to remind you that a clean home may increase the likelihood of it selling! It makes a great first impression. You need to make sure you are consistent, though. Just because your kitchen is spotless, do not mean it is okay to slack in the closet department. Again, a potential buyer will look at everything!

 

There are staging companies you can hire to help make your home more appealing when it comes to decoration. The companies will bring their own furniture, artwork, etc. to help compliment the home.

 

Professional photographs will help your home to sell quickly. Although it is another expense, it will be a payoff in the end. High-quality and beautiful photographs will help your home stand out against everyone else.

 

If you have already sold a home, did you follow any of this advice? Are there any more pieces of wisdom you could share with potential sellers?

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Five More Cities Millennials are Loving

June 10th, 2019 Posted by florida mortgage 0 thoughts on “Five More Cities Millennials are Loving”

Five More Cities Millennials are Loving

 

Like we talked about last week, there are some cities millennials have fallen in love with lately! The cities we speak about today, like last time, are in no particular order.

 

Option number one: Denver, Colorado

Denver is known as one of the most “green” and active cities. It is very pedestrian friendly, which is great for millenials who enjoy the great restaurant and brewery scene that Denver has. Although it is cold, the outdoor activities associated with the cold, skiing, hiking, road biking, etc. are activities millenials enjoy. The average rent is also fairly affordable.

 

Option number two: Nashville, Tennessee

Nashville is extremely diverse. Although country music is well known, the food scene is incredible as well. Job growth is increasing steadily as well. The average cost of rent is also one of the least of all cities we have discussed so far.

 

Option number three: Pittsburgh, Pennsylvania

Pittsburgh is extremely accessible and affordable. They also hold the title for the fourth highest density bar in the United States. Job opportunities and job growth are also another reason millenials are enjoying the cold, but prosperous city.

 

Option number four: Columbus, Ohio

Three great characteristics of Columbus for millenials are: steady job growth, affordability, and diversity. Columbus is also very family-friendly and has great restaurant options. For those millenials with a business brain, Columbus is ranked as “one of the best cities to start a business from the ground up.”

 

Option number five: Sioux Falls, South Dakota

Sioux Falls is so affordable that most people (even millenials) own a house there and do not rent. They also have a low unemployment rate! If finances are important to you, Sioux Falls is very budget-friendly. They are also known to be very pedestrian friendly, have great culture, and delicious food/drinks. Although there are other cities that pride themselves on nightlife, Sioux Falls is great for families.

 

If you’re looking to relocate and put down roots in a new city, which would you choose?

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Five Cities Millennials are Flocking to

June 4th, 2019 Posted by florida mortgage 0 thoughts on “Five Cities Millennials are Flocking to”

Five Cities Millennials are Flocking to

 

Millennials, those who were born in the early 1980s to the early 2000s, is the largest generation of all time. Because the group is so large, they are domination a few major industries – the business industry and real estate. Millenials are also starting families. They are drawn to cities where they will get the most out of their life. There are a number of things that millenials look at when deciding which city to move to – affordability, job growth, diversity, outdoor activities, and overall atmosphere – according to CubeSmart.

 

The cities we speak about today are in no particular order.

 

Option number one: Chicago, Illinois

Thousands of millennials live in the Windy City. Chicago is a very accessible and diverse city. If you want to partake in outdoor activities, they are plenty! It is also a pedestrian-friendly city as well. If you want to stay out late and enjoy good wine and food, there are many options for that as well. The cost of rent is pretty affordable as well.

 

Option number two: Austin, Texas

An amazing music scene, delicious restaurants, and full of outdoor activities, are some of the reasons millenials have fell in love with Austin. Austin is also fairly laid back, so it is not an effort to “fit in” or try to enjoy Austin – it just happens. The cost of rent is also decent as well.

 

Option number three: Miami, Florida

In case you haven’t noticed yet, outdoor activities is important to millenials. With all of the amazing Miami beaches, outdoor activities are covered! Miami is also know for a fun nightlife with great food.

 

Option number four: Minneapolis, Minnesota

Although the weather tends to get extremely cold, if you are a Vikings football fan, that cold will not deter you from Minneapolis! Other millennials are happy with Minneapolis because of the job industry. The job industry is booming, especially in health care and technology! The cost of rent is affordable as well.

 

Option number five: Kansas City, Missouri

Kansas City is very affordable to rent in. The food scene, even fine dining, is steadily getting better and better! The city itself is said to be very aesthetically appealing as well. Job growth is not only steady, but blossoming as well!

 

Of these five cities, which would you want to put roots down and purchase a home in?

 

 

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Goodbye Cold Weather

May 21st, 2019 Posted by florida mortgage 0 thoughts on “Goodbye Cold Weather”

TITLE: Goodbye Cold Weather

 

If you do not live in Florida, we are sorry that the weather may not be warm there yet. Snow is still in the forecast for Colorado…oh my!

 

We have some ideas for you as to what we recommend you do to your home in the transition from cold to warm weather…besides spring-cleaning! These are more maintenance related items that we recommend to keep your beautiful home in order and functioning properly.

 

Start with the roof! Especially if your home is somewhere that it snows, check your roof. If you live in Florida, you probably already check your roof regularly, especially after hurricane-force winds attack your home. You want to make sure you do not have any missing or damaged shingles. Missing or damaged shingles can lead to water leaks.

 

Another thing that can lead to leaks is a clogged gutter. Make a point to clear out your gutters (especially before the rainy season!) Dirt and debris need to be removed from your gutters.

 

You should also test and check all smoke and carbon monoxide detectors you have in your home to make sure they are in working order. Most of the time, all you need to do is change out the battery.

 

It is recommended that you service your air conditioning and heating unit twice a year (especially if you have pets) but make sure you service it before the weather gets too hot. Having an air conditioning unit that does not function properly during the hot summers would not be any fun! Changing or washing your air filter is also important for your system to run efficiently and save you money.

 

We also recommend that you take a look at all of your windows, doors, and screens. Any cracks should be fixed immediately so your nice cool air does not disappear!

 

Are there any other items you have on your list of things to do as winter disappears?

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Mortgage Options

May 21st, 2019 Posted by florida mortgage 0 thoughts on “Mortgage Options”

TITLE: Mortgage Options

 

There are a couple of different mortgage options to consider. If you are a first-time homebuyer, we want to make sure you are aware of your options. If you have questions regarding any of them, we are here to answer!

 

Mortgage types are specific to your lifestyle and your financial situation. Some of you may plan on making a twenty percent down payment and some of you may be seeking some type of financial assistance. When deciding on your mortgage option, you also want to keep in mind how long you plan on living in the home.

 

Fixed-Rate Mortgage

The interest rate on a fixed-rate mortgage remains the same for the life of your loan. The life of your loan can be from ten to thirty years. If you plan on staying in the home for a long period of time, this type of mortgage would be for you. Not only do you have security in your interest rate, but you also have security in your monthly payment.

 

Adjustable-Rate Mortgage

The interest rate on an adjustable-rate mortgage adjusts from time to time based on an index. If you do not plan to be in the home for an extended period of time, this type of mortgage may be for you. At each adjustment period, your interest rate and monthly payment will change. Some adjustment periods do not begin until the fifth year of your mortgage; so if you plan on selling your home before that time, this mortgage is for you. Adjustable-rate mortgages have not only a low starting interest rate, but also lower monthly payments for the initial term.

 

If you need help with any costs that occur at the start of your mortgage, take a look into Down Payment Assistance Loans. There are some state programs that are available to assist residents who need financial assistance. This may be in the form of a loan or grant and may assist with the down payment or closing costs.

Avoiding Common First-Time Home Buyer Mistakes

April 30th, 2019 Posted by florida mortgage 0 thoughts on “Avoiding Common First-Time Home Buyer Mistakes”

Title: Avoiding Common First-Time Home Buyer Mistakes

There are many mistakes first-time homebuyers make. We want to help you avoid any of those potential mistakes.

 

Many first-time homebuyers forget to budget for closing costs. These costs are normally between 2% and 5% of your loan amount. Closing costs are made up of homeowner’s insurance, home inspections, title searches, etc. Along with shopping around for best cost of the above expenses, you could also negotiate the commission your real estate agent gets and/or ask the seller to pay for a portion of the closing cost.

 

It is also important to budget for any expenses after you move in. This could include new furniture, new paint, decorations, etc.

 

When house hunting, make sure you are keeping in mind not only your current needs, but your future needs as well. If you are planning on increasing your family size or having a lot of house guests, you need to make sure they will fit in the house you pick.

 

If you are in a buyer’s market when you are house hunting, you will have an upper hand. This means that you will likely be able to negotiate with the seller. For example, you may be able to negotiate any major repairs needed, such as changing out the current air conditioning and heating system.

 

It is important you know the restrictions of a home inspection – especially since you will be paying for it! If you are concerned about mold, it is important to know if that is included in the home inspection or not. If you are able to, attend the inspection and pay attention to what is going on. Ask questions if you have any. Or if you do not feel as though the inspector did a thorough job looking at something in particular, you can ask them to look again.

 

Since you will be required to purchase homeowners insurance by the lender it is recommended you do your research and compare insurance rates to find the best price and make sure you will be covered adequately. If a policy is less expensive, find out why before you automatically go with that one. It is likely that the reason it is less is because you have less protections and at the event you file a claim, you will have more out-of-pocket expenses. Also, keep in mind (especially if you live in a flood zone) that any damage caused by a flood is not covered by homeowners insurance – flood insurance is an additional expense.

 

We hope these items to keep in mind helps you to have a positive first-time home buying experience!

 

 

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Tips for First-Time Homebuyers

April 17th, 2019 Posted by florida mortgage 0 thoughts on “Tips for First-Time Homebuyers”

Title: Tips for First-Time Homebuyers

Being a first time homeowner can be very daunting, especially once you have found your dream home. First it is all fun and games with house hunting and then comes the reality…can you really afford your dream home? Is your credit good enough? etc. To help eliminate any potential stress, as it pertains to mortgages, we will share some tips with you.

 

To start off, we recommend that you do not start house hunting until you actually know what your price range is. You need to be realistic about how much you can comfortably spend. There are many home affordability calculator resources available to help you determine how much you can afford to spend.

 

Once you make the big decision to purchase a home, it is recommended that you halt any new activities that may affect your credit until your home loan closes completely. (This includes opening new credit cards or automobile loans.) Your credit score will help to determine not if you are approved for a mortgage loan, but also what your interest rate will be and potentially even the terms. It is also recommended that you actually check your credit in the beginning of the process. It is important to do this in the event there may be any errors that have brought your credit score down. Or you may have the possibility to improve your credit by paying any debts that are outstanding.

 

It is also recommended that you compare mortgage rates from a minimum of three lenders. Comparing rates can potentially save you money in the first five years of your loan. Be sure to also get quotes on fees. Also ask the lenders if you are able to purchase discount points. Purchasing discount points means you would prepay interest up front to secure a lower interest rate. Depending on long you plan to stay in your new home and if you have the funds readily available to purchase the points are things to keep in mind if it makes sense to purchase the discount points or not.

 

Having a preapproval letter can also make buying a home less stressful as well. Based on your incomes and debts, you can get pre-qualified for a mortgage. Getting pre-qualified for a mortgage means you get an estimate of how much a lender would potentially be willing to lend you. Having a preapproval letter will give you an upper hand when compared to other potentially buyers who have not made these step. Home sellers will know how serious you are about purchasing their home.

 

Our ultimate goal is to ensure you have a very positive experience when purchasing a home! These tips will help ensure your experience is as peaceful as possible.

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Importance of a Down Payment

April 14th, 2019 Posted by florida mortgage 0 thoughts on “Importance of a Down Payment”

Title: Importance of a Down Payment

Today we are going to share with you some tips we have as it pertains to mortgage down payments.

 

You have probably heard this since you were a child, but, save, save, save! It is recommended to start saving for a down payment as soon as possible. You could put any tax refunds or work bonuses in your “down payment” fund. It is common to put down 20% as a down payment, but many lenders will accept much less. There are some first-time home buyer programs available where you can put as little as 3% down! It is recommended to put down as much as your bank account will allow. If you put down less than 20%, you may have higher costs. There are many down payment calculator resources available that can help you figure out what your down payment goal should be.

 

If you have trouble coming up with a down payment, you have a few options!

-Conventional mortgages. These mortgages conform to standards that are set by government-sponsored entities. These mortgage require as little as 3% down.

-FHA loans. These loans are insured by the Federal Housing Administration and require as low as 3.5% for a down payment.

-VA loans. These loans are guaranteed by the Department of Veterans Affairs. There are cases where a down payment is not required at all.

 

Some states offer assistance programs for first-time home buyers. Some of these programs assist with your down payment or closing cost or even help you with tax credits or discounted interest rates. Get in touch with your county or municipality to learn about these first-time home buyer programs.

 

Remember, the higher your down payment, the lower your monthly mortgage payment. A thirty year fixed mortgage will help you obtain the smallest mortgage payment possible.

 

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