The gutters and downspouts on your home are intended to channel rainwater away from your home and its foundation. When they're blocked and not functioning properly they can lead to the gutters coming loose, wood rot and mildew, staining of painted surfaces, and even worse, foundation issues or water penetration into [...]
Congress enacted the Dodd-Frank Act in 2010 in response to the mortgage crisis that led to America's Great Recession. The two parts that apply closely to homebuyers are the Ability-to-Repay (ATR) and Qualified Mortgages [...]
Congress enacted the Dodd-Frank Act in 2010 in response to the mortgage crisis that led to America's Great Recession. The two parts that apply closely to homebuyers are the Ability-to-Repay (ATR) and Qualified Mortgages [...]
9/12/2018
No one wants to waste water or money. For that reason, take a few minutes every other month to do the following inspections:
8/29/2018
There is much more than a lower rate and payment to determine whether to refinance a mortgage. Lenders try to make refinancing as attractive as possible by rolling the closing costs into the new mortgage so there isn't any out of pocket cash required.
The closing costs associated with a new loan could add several thousand dollars to your mortgage balance. The following suggestions may help you to reduce the expense to refinance.
· Tell the lender up-front that you want to have the loan quoted with minimal closing costs.
· Check with your existing lender to see if the rate and closing costs might be cheaper.
· Shop around with other lenders and compare rate and closing costs.
· If you're refinancing an FHA or VA loan, consider the streamline refinance.
· Credit unions may have lower closing costs because they are generally loaning deposits and their cost of funds is less.
· Reducing the loan-to-value so mortgage insurance is not required will reduce expenses and lower the payment.
· Ask if the lender can use an AVM, automated valuation model, instead of an appraisal.
· You may not need a new survey if no changes have been made.
· There may be a discount on the mortgagee's title policy available on a refinance.
· Points on refinancing, unlike a purchase, are ratably deductible over the life of the loan ($3,000 in points on a 30-year loan would result in a $100 tax deduction each year.)
· Consider a 15-year loan. If you can afford the higher payments, you can expect a lower interest rate than a 30-year loan and obviously, it will build equity faster and pay off in half the time.
A lender must provide you a list of the fees involved with making the loan within 3 days of making a loan application in the form of a Loan Estimate and a Closing Disclosure Form. Every dollar counts, and they belong to you.
Published on 8/13/2018 & modified on 8/17/2018
It's understandable; you're excited; you've found the right home, we have helped you negotiate a contract, you made a loan application and the house passed inspections. Closing is not that far away, and you are making plans to move and put personal [...]
Mortgage rates have risen 0.5% in 2018 on 30-year and 15-year fixed rate mortgages and experts expect them to continue to increase. Buyers paying attention to the market understand the relationship that inventory has on pricing; when the supply is low, the price usually goes up. Rising interest rates can [...]
Before You Leave Town... - 7/23/2018
Along with all the planning of what you're going to do and where you're going to stay, consider this checklist to make you feel more comfortable while you're away from home.
These easy-to-handle suggestions may protect your belongings while you're gone while adding a level of serenity to your trip.
Owning Makes More Sense - 7/16/2018
When comparing the cost of owning a home to renting, there is more than the difference in house payment against the rent currently being paid. It very well could be lower than the rent but when you consider the other benefits, owning could be much lower than renting.
Each mortgage payment has an amount that is used to pay down the principal which is building equity for the owner. Similarly, the home appreciates over time which also benefits the owner by increasing their equity.
There are additional expenses for owning a home that renters don't have like repairs and possibly, a homeowner's association. To get a clear picture, look at the following example of a $300,000 home with a 3.5% down payment on a 4.5%, 30-year mortgage.
The total payment is $2,264 including principal, interest, property taxes, property and mortgage insurance. However, when you consider the monthly principal reduction, appreciation, maintenance and HOA, the net cost of housing is $1,218. It costs $1,282 more to rent at $2,500 a month than to own. In a year's time, it would cost $15,000 more to rent than to own which is more than the down payment and closing costs to buy the home.
With normal amortization and 3% annual appreciation, the $10,500 down payment in this example turns into $112,00 in equity in seven years. Check out your own numbers using the Rent vs. Own or call me at (941) 366-7673. Owning a home makes sense and can be one of the best investments a person will ever make.
