Mortgage rates are still at an all-time low! It is not normal and a lot of homeowners are thinking about refinancing so they can get a lower mortgage rate. There are a couple of perks in doing this: your monthly mortgage payment will be reduced and your total interest cost will be reduced as well. Even if you recently got your mortgage, it still might be something to think about if the current mortgage rate is lower than what you have.

If your current mortgage rate is more than 4%, it would definitely be recommended to see what refinancing would entail for you…weigh both the positives and the negatives and see which one wins in the long run! Depending on the mortgage rate difference, some people will save more money than others.

If your credit score is high (especially higher than when you originally got the mortgage you have now) your mortgage rate will likely be lower. This is why it is important to always be working on your credit score and doing all the things to keep your credit score high or increase it, if need-be.

Another option is also a cash out refinance if you have a lot of built up equity on the home. There are many things you can do with those funds. For example, home improvements, start a new business, pay for education, etc. We would not recommend you really think about this and weigh out the consequence. 

If you plan to stay in your home for for quite some time, refinancing can definitely save you a great deal of money. So if this is one of your reasons, really make sure you will be staying there for a long period of time. 

If you have any other questions as it pertains to refinancing, someone would be happy to answer your questions right away!

As you likely know, if you are in the scene, the housing market is very hot right now! It is a very unique time right now as there are more buyers looking to purchase homes than homes available. There is quite a lot of competition right now! There are many people who currently live in the city looking to move out of those areas. Due to the strong competition, there are many bidding wars occurring and homes even selling for more than the asking price. We have a few ideas for you as to how to deal be a part of the competition if you are looking to purchase a new home.

To start with, we would recommend you be proactive and be ready to act at a moments notice! Houses are going incredibly fast. Find out what neighborhood you want to buy a home in so you know what price range you are in store for. We would also recommend that you schedule a house tour as soon as a house in that neighborhood gets put on the market. This will give you a huge advantage as you will be one of the first to see the home.

If you have not gotten pre-qualified yet, we suggest that you do so. This way you are prepared and ready for your next move pretty quickly! Being pre-qualified when going on a home tour shows how serious you are about purchasing the home. This can give you an advantage as well, compared to others.

We would suggest that you make a strong offer so you will unlikely have to deal with a bidding war or a lot of negotiations back and forth. If your offer is very low, the seller may think you are not serious enough and take your offer off the table completely. This could wind up hurting you in the bidding process.

Another tidbit would be to be personal with the seller! This will help you stand out amongst other people and possibly put you on the top of their list or at least communicate with you when it comes to negotiations. 

These are just a few tips to helping you get on top of the curve!

Both of these alone can be very stressful on their own: hosting Thanksgiving and moving into a new home. Can you imagine hosting Thanksgiving in a home you just moved to? It can potentially be incredibly stressful if you have not had a chance to unpack fully yet. You may also be hosting for just your small family, but it can still be incredibly stressful! In an effort to help reduce your stress, we will share some tips and tricks we have learned over the years.

To start, make sure all of your kitchen appliances, dishes, cookware, and any other supplies (like your spices!) you might need are unpacked. If you are not fully unpacked, it is important to at least know where all of the items you will need are. We would suggest you unpack them before the holiday. If there are items you are missing or you may have purged when unpacking, add them to your next shopping trip.

If time allows, we would suggest you do some cooking before the big day so you can get a feel for how your new stove and stovetop work. As you likely know, every stove is a bit different. This also holds true for any other new kitchen appliances you might plan on using. If you are struggling with getting the temperatures right, we would recommend that maybe you let your guests help with some of the dishes or even order some dishes from a local restaurant or grocery store already made.

On Thanksgiving day, we want to remind you to be sure you relax and feel the love of everyone who is over! It is a special feeling, knowing you have loved ones who want to celebrate the special day with you. Try not to stress out (moving is stressful as it is!) and be in the moment as much as you can with your loved ones. Create new, wonderful memories in your new home!

Organizing certain areas in your home can make you feel incredibly accomplished. Not only feeling accomplished, but also getting rid of items that may be outdated or not longer working is always a good idea. There are many people who do not even use their garage as what it is intended for – a car – because there is simply no room for one. Homeownership is a blessing but it can also be full of tasks that are not fun!

Sometimes it is easier to tackle large projects like this by dedicating a couple of hours for a few days, instead of dedicating one full day of doing it. When starting this process, we would recommend organizing the items you are going through in four piles: items to keep, sell, donate, and throw in the garbage. Purging items is beneficial for your mental health as well!

When going through your items, keep in the back of your head that there are some items that should not be in the garage but are often stored there. Some of these items are: paint cans, propane, pet food, paper goods, etc. Paint cans, paper goods, and pet foods are safer in an indoor area where the temperature is controlled. Propane should be stored somewhere far away from your home to safety reasons.

Once you have your pile of items that you wish to keep, organize them in such a way that you can easily not only get to them, but find them when you want them. You can accomplish this task by labeling bins or storage shelves. For items that you see yourself using frequently, be sure to keep them somewhere that is easy access to you. Items that you do not plan to use frequently (like Christmas decorations) can be stored in your attic or high up on a shelf.

Some people forget to keep a fire extinguisher easily accessible in their garage. Be sure you have one in the case of emergency!

Are there any other tips or tricks you have for organizing your garage? We would love to share them with others!

Whether you are thinking about applying for a home loan or you have already pre-qualified for one, there are things you should take into consideration. There are a handful of situations that can potentially delay closing on your home or even cause you to not be approved for a mortgage at all. 

To start with, we would recommend that you do not make a large purchase in neither cash, nor credit. One of the reasons we discourage you from doing this is that you might be dipping into your savings and you might need those funds as a downpayment or to even help with closing costs. When making a large purchase on credit, it will increase your debt-to-income ratio. This means you might possibly not get qualified for a loan.

This leads into not opening or closing any lines of credit you already have. By opening or closing a line of credit, your credit score might be impacted. You may hurt your chances of getting approved for a mortgage by closing or opening. This even plays into effect if you have already pre-qualified for a mortgage. Being pre-qualified does not mean a guarantee.

This maybe common sense but we do want to remind you to be sure you do not miss any payments on your current credit cards, bills, or other loans. Even just one late payment may cause harm on your credit score. When you are in this limbo, so to speak, make sure you are not purchasing things where it might be difficult for you to pay off your bills on time. Stay within your means.

You may know this already as well, but we want to remind you that it is not recommend to start a new job during this process. We would recommend that you wait until you have closed on your mortgage before you change jobs. A steady employment history is always looked at by lenders.

If you have any other questions as it pertains to your finances and what would or would not be a good idea for becoming approved for a loan, please ask us. We are always here to help!

Real estate agents play an important role in your life, both if you are selling or buying a home. Real estate agents have a multitude of tasks that they perform in the process of both selling and buying. As you likely know by now, there are so many agents to choose from! It can become quite overwhelming. We will share some tips and tricks with you in choosing the right one for you and your family.

To start with, we would recommend that you ask everyone you know if they have any experience with real estate agents in the area you are wanting to purchase or sell a home in. This is helpful for both finding out someone you should possibly work with, but also someone to possibly stay away from. By asking questions about who to work with, you may come up with more ideas when it comes to questions to ask about the whole process.

This might seem incredibly obvious, but we do want to mention it…do not forget to do your research! The internet can be a wonderful place to start your journey. With many people and professionals being on social media lately, you can also get a good idea of someone’s personality from their social media pages. You might be able to figure out if you will get along with them or not.

Be sure to make a list of what is the most important to you and your family with working with a real estate agent. Not only should this have to do with what the agent specializes in, but also personality traits you are looking for. That might seem a little silly but is is very important as you will be spending a great deal of time with your agent. There are many things to keep in mind, so it really just comes down to what is the most important to you.

Like with many other decisions in life, sometimes you need to just go with your gut. If you have a bad feeling from someone upon initially meeting them, it might be for a reason. Gut does not decide everything, but it can surely say a lot!

Did you know that there are renovation loans available out there? This type of loan can help you renovate your home – whether you currently own the home or will be purchasing a home that will need some renovations. The opportunities are endless! It includes all kinds of common repairs and remodels! This includes: doors, windows, patios, patio additions, room additions, plumbing, HVAC, electrical, landscaping, fences, driveways, roofs, gutters, etc. There are so many options.

If you are thinking of renovating your current home or thinking of purchasing a home that needs remodeling, we would be happy to help you go over your options. As always, there are many and we would love to not only education, but work with you.

There are a couple of common renovation loans. The first is a FHA 203(k) loan. This type of loan will help you purchase not only the mortgage on the home, but also repairs. The home would need to be your primary residence. The Standard FHA 203(k) loan will help with any repairs with a minimum cost of $5,000. The Streamline FHA 203(k) will help finance not only minor repairs, but also renovations in the amount of up to $35,000. The FNMA HomeStyle loan is more flexible with the stipulations. This type of loan helps you purchase and renovate any type of home (primary residence, secondary residence, or even investment property) with a minimum down payment of 5%. The lending limit will vary.

As you can see, there are many options available. You do not have to worry about finding the absolute perfect home with these many remodel loan options out there!

It is officially storm season! This has been a crazy season already and it is expected to continue being a crazy one. As a new homeowner or newly moving to an area that is affected by hurricanes, we want to make sure you are prepared and ready for any size storm that is coming your way.

To begin, we would suggest that you actually do some outdoor maintenance. What we mean by this is to clear any dead trees or plants on the outside. When you remove these items, make sure you dispose of them properly so they do not find them somewhere crazy if there is high wind. If you have gutters, make sure they are not only completely cleaned but also that the spouts are facing the proper way so they drain properly. Also check to make sure all parts of your fence and outdoor shed is secured tightly. Right before an expected storm comes, if there are any items that might blow away in high winds, either secure them tightly or take them inside.

If you do not have any type of emergency kit at your ready, get one stocked and ready! This will save you a lot of stress at the event you lose electricity for a period of time. It is recommended that you have enough food and water for every person in your household for a minimum of three days. You should also include a first aid kit, flashlight, candles, matches, radio, and batteries in your emergency kit. It would also be a good idea to have books and board games available if you have any kids in your household. Actually, it would be a good idea to have that for adults too! If you plan on evacuating for any reason, make sure that people know where you plan to go at the event you cannot make calls or text anyone.

If you have any other tips for a new homeowner or someone living in a likely hurricane affected area, please be sure to share it with us!

Budgeting can be an art! It is very important, especially if you are saving for something big, like a new home! Due to the importance, we wanted to make sure you are familiar with the process. Last week, we helped walk you through the first part of creating a budget – writing all of your assets, debts, incomes, and expenses down.

Now that you have that, you need to track what you spend. You should do this for a minimum of one month before you develop your budget. By doing this, you will be able to create a budget that reflects your lifestyle if you are able to. You can also track it for a few months and then take the average. If you typically use one credit card for payments, most credit card websites have this feature within their website. That will make it even easier for you!

Next up is deciding what type of budget plan you want to work with. How aggressive do you want to be with saving funds? One of the most common plans is the 50/30/20 Budget Plan. This plan incorporates 50% of your net income going on what you absolutely need and cannot live without. This includes: your house, food, utilities, car, medical, insurance. After that, 30% of your income goes toward things that you want (but can live without.) This includes entertainment, new clothes, eating at restaurants, etc.  The 20% portion of this is very important if you are saving for something big, like a new home. 20% of your income goes toward reducing your debt if you have any or saving your money.

This is just one example of a budget plan. There are many other options out there. We can briefly go over them with you if it is something that would interest you.

The best part of budgeting is that it is a process that evolves with your lifestyle and your finances. If you find a particular plan not working for you, change it the next month. If you want a budget to save for a new home, we would be happy to talk to you about what type of mortgage you might qualify for and how much of a down payment you might need. This will help you with figuring out your budget.

It is never too late to work on a budget! This is especially true if you are wanting to purchase a home as a current homeowner or a first time homeowner. Establishing a budget does not have to be completely strict and restricted. Having a budget will help you know how much money your household has and where it goes. If coming up with a budget is new to you, it does not have to be a burden or be a scary process. We will help break it down for you. If you have any other tips when it comes to establishing a budget, please share it with us. Just like you, we are always learning and evolving!

To begin the process of establishing a budget, you need to write down all of your finances. This includes all funds you have all over – in your checking, savings, retirement, etc. accounts. Be sure to count for any savings bonds you might have as well! Next, write down all of the debt you have. This debt includes your mortgage loan, your car loan, any credit card balances, any outstanding student loans, etc. Now is time to write down income from all parties in your household. This includes any side jobs or incremental revenue you may have coming in that you do not think about right away. This next part might be the most stressful as next up is writing down your monthly expenses for everyone in the household. This includes fixed and variable expenses. A fixed expense is an amount that stays the same every month. A variable expense is one that changes monthly, such as utilities, gas, groceries, etc.

In an effort to not overwhelm you, we know that was a lot of work, we will carry this back up next week!