I am sure you can relate…you just moved into your beautiful, new home – congratulations! With the move, you probably forgot that Thanksgiving is right around the corner. You’re also probably extremely excited to show off your new home and want to host the holiday at your house instead of going somewhere else.

We have some tips we would like to share with you that will help you not have a super stressful Thanksgiving in your new home!

To start, make sure you unpack the supplies you will need for Thanksgiving. For example: dishes, pots, pans, etc. Hopefully you labeled your boxes well and it will be easy for you to unpack those items first. If there is anything you are missing when you unpack but you know you have it somewhere, instead of stressing out and trying to find it (if you are not in the position to unpack everything) ask a family member or friend if you can borrow theirs. Don’t go out and buy a new one.

If you plan to cook in your new home and the appliances are brand new, we would recommend you test the appliances out before you cook a large meal for many people. All appliances work a little different – especially ones that have heating elements involved. If someone offers to bring any dishes or desserts, say yes! This is another way you will be less stressed.

Hold off on any home renovations until after Thanksgiving. Unless it is an extremely easy renovation, just wait. Everyone will understand and not be upset if things are not 100% “perfect.” Don’t forget, you are always your worst critic! Your guests will be spending the majority of their time in the kitchen and dining room. Make those areas a priority.

Most importantly, enjoy making new memories in a brand new place with your loved ones. Not everything has to be perfect. Don’t forget to take a lot of photographs, too – especially if you plan on doing some home renovations. It will be fun to have before and after photos!

Part of the home buying process includes getting an appraisal on the home being sold. It costs money to have an appraisal done. In most cases, it’s beneficial for the buyer. At the event there are any major issues with the home that you be unaware of, it will likely come to your attention at the time of the appraisal.

What you might not be aware of is that in some instances, an appraisal waiver may be an option for you. You must become qualified to obtain such a waiver. There are different rules and regulations with each lender. They usually take the following into consideration: having a great credit score and being able to prove your available assets. There are also some qualifications for the home, as well. If a lender feels it is necessary to have an appraisal, they will deny this waiver right away.

If you, as the homebuyer, become qualified, you have the option of a computer calculation program and previous home value information to figure out how valuable the property is. Not only will this save you money, but it will also help you close on the house quicker.

Keep in mind that if you are qualified for this waiver and you find out something is wrong with the house after you purchase it, that is completely on you. Be sure you make an informed decision before deciding that this is the right route for you.

Are you in that stage of life where it is time to purchase a home and you have all ducks in a row except for the fact that no one will give you a mortgage? Even if you have enough saved up for your down payment, closing cost, and have fallen in love with a home…you still need to qualify for a mortgage! A lot of people have this problem because of a very low credit score. First off, we want to remind you that you are not alone in this! There are many people who are in the same boat as you. Do not give up because there is hope for you…it is possible with some preparation! It could take up to two years (or more) for you to be in the position to make it happen.

One way to forgo the mortgage route is to work very hard to save up enough money to pay for a starter home in cash. We understand that this may not be completely feasible…but, there is hope! If you purchase a home at a time the housing market is very low, it may be possible. In the long run, it may even wind up working out great for you because you will not be in any debt whatsoever.

If you are a first time homebuyer, the Federal Housing Administration has a loan option for you. The government backs the loan so lenders are not put at risk. The Federal Housing Administration loan has two main qualifications. The first is to have a minimum basic credit score of 580. This requirement is much lower than others. Also, with time to prepare, you have the ability to get your credit score to this position! The second qualification is to have a minimum of at least two years of employment that can be verified.

We hope we were able to shed some light and give you hope that it is possible to qualify for a loan without qualifying for a conventional mortgage!

     We have briefly talked about closing costs in a few of our articles. Today we are going to go into further detail about it. If you are trying to get a quick estimate for budgeting reasons, it is about 2-4% of the purchase price of your home. It can fluctuate and anything can change but that is a good base idea.

     If you are unsure of what goes into a closing cost and what it is exactly, we will discuss it even further. One of the main – and very important! – components is your home inspection. The inspection will provide you with a list of what they find throughout the entire home. When hiring your inspector, do your research and ask for recommendations. You want to make sure you have a good one that does not cut corners and will tell you the truth. You need to know the ins and outs of the potential house you will own! For example, how are the pipes and foundation? Is the roof ok? Are there rodents in the attic? Does the air-conditioning unit function properly? This is something you want to pay for so you won’t be in for any surprises after you move in to the home!
Some homeowners decide to hire an attorney to help with the closing process. This is not necessary. But, if you do decide to do this, factor that in your closing cost budget. Most attorneys charge by the hour.

     Lender fees are something else you are responsible for. Each lender handles these costs differently so you will want to find out from your lending officer what their fees are and how they expect to be paid. For example, some lenders add the cost into the mortgage. Other lenders require a fee to be paid during the escrow signing. This also takes care of appraisal fees, paperwork fees, administration fees, etc.

     Title fees are a big proponent of closing costs – up to or more than 50%! Title fees consist of the cost of lender title insurance, title search, etc.

     Something else to keep in mind is the fact that you are likely putting a down payment down as well. Down payments are typically a minimum of 10% of the cost of the home. Some down payments can be more. It just depends what you qualify for.

     If you plan on purchasing a home in the foreseeable future, be sure to keep these additional costs in mind! As always, if you are ever unsure about anything, ask a professional for help and their advice!

There are many people who refinance their homes throughout their lifetime. There are a few reasons for that – which we will discuss today! Owning a home is not only something you should take pride in, but also a way you can use as an investment tool as well.

Some people will refinance their home in order to get a better (lower) interest rate. If your current interest rate is 5% and it goes down to 3.5%, it is something to think about. Before making the decision on our own, it is always recommended that you speak with a professional about your options. From the outside looking in, a 1.5% interest rate drop sure sounds enticing!

Then there are others that may have come into a significant amount of money and want to pay off their mortgage a quicker. For example, if they originally took out a 30-year mortgage and decide that they want a 15-year mortgage, they may refinance to a 15-year mortgage instead.

The reverse is also possible. What that means is…if you currently have a 15-year mortgage but can no longer afford the monthly payments, you have the option to refinance to a 30-year mortgage. By doing this, you would decrease your monthly payments.

We want to remind you that you should always pay off your mortgage in a timely manner and save as much money as possible in the process. Tough times happen and sometimes homeowners need money to pay for debt, education, or other things that may come up in life. You are able to refinance your mortgage and pull out some of your equity. As we mentioned earlier, please be sure you speak to a professional before making a decision such as this.

If you need to remove someone from your mortgage (think: divorce) you can refinance your mortgage to remove him or her.

Unexpected things happen in life sometimes and you have to roll with the punches! Before making any of these decisions, please do not forget to speak with a professional and see what advice they have for you.

For those people who want pay back on your mortgage as soon as possible, you may want to consider making extra mortgage payments. Some people will not dabble with it in case it has a negative impact, somehow, on them. Be sure to speak with someone reputable in regards to paying it back early if that is something you wish to do.

To begin with, you can just add a nominal additional amount as extra payment toward the principal. It can be as small as ten dollars. Over the course of your loan, depending on the interest rate and other facts, you could save a substantial amount of money. It is imperative that your loan servicer knows that these extra payments are to go toward the outstanding principal.

It is beneficial for you to make extra mortgage payments early on in your loan. This helps to lower interest in future months. The reason for this is that in the beginning of your loan, the payments are “interest-heavy.”

You could also save money, in the long run, if you make a significant single extra mortgage payment. Again, it is most beneficial if you make a large additional payment early on in your loan. You could also make just one extra mortgage payment every year. Some people will do this after receiving an unexpected bonus from work or after they receive their tax refund.

No matter which method you decide to use to make extra mortgage payments, we cannot stress enough that it is necessary to be sure the loan servicer is well aware that what the money is suppose to go toward. Also be sure you will not be penalized in any way for the extra payment.

Most people have a thirty-year mortgage – that is the most popular type. There is a twenty-year mortgage option! The twenty-year mortgage has an interest rate that does not change and the rates are typically a little lower. You will also have paid less interest but a higher monthly payment. A huge perk to the twenty-year mortgage is that you will own your home faster and you will save money by not having to pay as much of interest.

Saving money is always something you want to try to aim for! Again, you’re saving money by not having to pay so much in interest. In some cases, the monthly payment may not even wind up being more expensive than a thirty-year mortgage option. Also, some of the twenty-year mortgage options have a lower interest rate.

Some other things to consider are if you plan to retire soon and think you’ll be on a fixed income. If that is the case, a shorter mortgage would be helpful. Also, if you want to build equity and purchase another home in the near future, you would want a mortgage with a shorter length of time.

There are a lot of things to consider when you are trying to decide on which type and length of mortgage you want to have. As always, we are here for you throughout the whole process!

When you see that a sale is pending, that means that the seller has accepted an offer but the deal is not completely closed yet. The property that is listed as pending means the listing is not an active listing but there is still legal work waiting to be processed and the loan is waiting to be closed. There is potential for a home that is listed as a pending status to become an active listing again if the deal falls through. We will discuss some reasons for the pending listing to not go through in this post.

A pending sale will not go through for a few financial reasons. To begin with, if the buyer makes an incredibly large credit card transaction or even opens up a new credit card, you may be disqualified for your loan. Have an open conversation with your loan officer in regards to your finances – especially if it is completely necessary for you to make a large purchase before the sale is finalized and goes through.

If there is an open lien or bill on the property being sold, it is possible that it will affect the finalization of the sale. Until open liens are taken care of, the lender will not allow the sale to go through. Also, if there are any clerical issues, including title work issues, the sale may not go through.

Another reason a pending listing may fail is if a home inspection fails and the seller does not tend to the issues that were found during the inspection.

It is not common for these issues to occur but it is possible. If you have any questions in regards to the process, please do not hesitate to reach out.

Especially in today’s market, real estate can be a great investment – whether it is for you to live in, as a flip and sell property, or even rent it out to make a profit. Regardless of the reason, there are a few things to think about before taking the plunge!

We have talked about this before, but we will remind you of it again…your down payment is important! Fifteen to twenty five percent down payment should be made if you are purchasing a home for investment purposes. Your interest rates might be higher so the more you put down, the better.

You need to think about a property management company if you do not want to be a landlord and take all the responsibility that comes with that. As a landlord, you need to be available twenty-four hours a day, seven days a week. If something goes wrong…in the middle of the night or while you are on vacation, you will be expected to find a solution in a very timely matter. If you are unable to get in touch with, your tenant will be very unhappy. Although a property management company comes with a fee, your stress level will be decreased as not only will they help you find a tenant, but they will help with fixing repairs, paperwork, etc.

We would recommend you try to figure out how much income you will make from your rental property, before taking the plunge and purchasing a home for investment purposes. We suggest you first figure out what the rental fee is in the surrounding area of the potential home. This will help you figure out if you will be able to at least cover the mortgage expense.

One last piece of advice we have for you is at the event you do not have tenants in the home for a month – or more – will you be able to pay the mortgage? Something else to take into consideration is, if tenants damage your property, will you able to afford the repair cost? Any unexpected fees that arise, will you be able to cover those too? For example, if the air conditioning unit goes out, can you afford to pay for that?

Investment properties are a big decision! We want to make sure it is the right one for you and your family. When you decide that it is the right decision, we will be here for you throughout the whole process!

Buying a home is quite an exciting time! There are a lot of things to think about and keep in mind when making your decision.

To start with, your mortgage options are something to consider. Typical mortgages last thirty years. You do have different options, though! Some factors that take into account your other options include: mortgage length, down payment, and government assistance. Someone like myself would be the best person to talk about and discuss all of your options. There are a lot of things to consider when it comes down to it and I am here to help!

We have talked about this before, but your credit score is also very important. Before falling in love with your dream house, make sure you have a high enough credit score to ensure no surprises as you are in the process of purchasing a new home.

Home warranties are also something else to consider when choosing a home to purchase. These types of warranties are not required in homes so not all of them will have it available. If you come across a home that has one, it is something to consider, as any repairs of what the warranty is on will be of no cost to you. Keep in mind that all home warranties are different but for the most part, that is how they work.

In the past, we have also reminded you to make sure you have enough funds to cover your closing costs, furniture, appliances, etc. These factors are some that often get overlooked and it’s important not to forget about them! Also, don’t forget to look into the neighborhood as well – crime, safety, traffic, schools, etc.

There are so many things to take into consideration when purchasing a home. If you need any help thinking of other things to think about, we would be happy to help.