Author: super_admin

Housing markets are extremely tight and there are often multiple bids and in some markets the asking price is often a starting price. If you find yourself competing with multiple bidders, here are some tips to come out on top and win a bidding war. Have a preapproval letter. A preapproval letter shows you are serious and there won’t be trouble getting a mortgage. Without this other bidders will be in a much stronger position. Make a higher offer - Before doing this, make sure you stay within your budget, but a higher offer is (as common sense dictates) often a key to a winning bid. Your real estate agent can be helpful here to get an idea of how many bids are coming in as well as current market…

With today’s hot real estate market, many people are moving to new areas – sometimes across the country, sometimes across town, either way here are ten things to look for when considering a new neighborhood. 1. Property Taxes – you should look at property taxes and also how much they’ve increased in the last five years and if any increases are planned. It’s a good idea to build this into your budget too. 2. Amenities – check what’s nearby based on your interests, restaurants, groceries stores, houses of worship etc. 3. Future development – it’s a good idea to check and see what future development is planned – it might be a good or bad thing but either way its worth checking. 4. Crime rates – you can check local…

If you’re buying or selling (but especially buying), a home inspection is a crucial part of the process that too often is seen as just another step. So here are the 3 keys to make sure you come out on top and avoid surprises after you move in! 1. Inspect the Inspector First! Make sure your inspector is certified, qualified and experienced. You want someone who is going to check things thoroughly and not just check the boxes. Find a good inspector early as the good ones can often be like a popular restaurant – hard to get a reservation. 2. Be Present for the Inspection If at all possible make sure you attend the inspection too! It may take a few hours so block out the morning or afternoon…

Last week the Federal Reserve announced it was raising the Federal Fund rate by a quarter percentage point rate, the first rate increase in three years. You are probably wondering what that actually means for homeowners. Although not officially connected this normally means mortgage rates go up, and rates have increased recently. The Fed has also indicated that it will increase rates even more in the coming months as inflation is one of their top priorities. If you are currently on a fixed interest rate mortgage the won’t affect your rate or your mortgage payments. If you have an ARM variable rate mortgage then it will be affected affected and you may want to consider locking into a fixed rate mortgage before rates go higher. If you are under contract…

As we enter tax season, let's review how owning a home can help lower your tax bill. First, lets clarify that you’ll need to do an itemized return to take advantage of the deductions. Second the deductions are just that deductions from the income that is subject to tax, not just taking an amount straight off your tax bill. Onto the benefits! The biggest one, you may already be familiar with – the interest deduction. The money you pay in interest over the year on your loan is fully deductible on the first $750,000 of your loan or up to $1 million if your loan was originated before December 15, 2017. The other biggie is deducting property taxes. You can deduct up to $10,000 in state and local taxes including…

If you bought your home with less than 20% down, you are most likely paying private mortgage insurance (PMI). Most borrowers can’t wait to get to 22% equity when their PMI will be cancelled. One way to stop paying PMI is through refinancing your home. Now this likely won't be an inexpensive way to avoid PMI in terms of closing costs involved with refinancing. So you may want to have other reasons to refinance such as a lower monthly payment or getting cash-out as well. If you’re equity has increased a good deal recently so that you have more than 20% equity then you could avoid PMI through this route as well – you’ll still have to pay for an appraisal but that will be a lot less than the…

What Is A Non-QM Loan? A Non-Qualified mortgage loan (Non-QM) is a loan that falls outside of the QM (Qualified Mortgage) loan parameters, which provide legal protection to lenders and have stricter guidelines to help prevent against default. Non-QM loans fill a void for people with fluctuating income that may come in lump sums. Most often they used by people who are self-employed (like a small business owner, entrepreneur, contractor, nurses, etc.) and don’t tick the boxes for a traditional mortgage with requirements for their tax statements, pay stubs and W-2s. They are also used by borrowers that may certain credit issues in their past that rule out a QM loan. Non-QM loans do not have the traditional guarantees backed by those of Freddie, Fannie, FHA and VA loans. If…

Conventional, FHA, VA, YOURgage®,DSCR, Business Loan, Bank statement, No Doc. How do you know which home loan is right for you? We’re here to help you find the best mortgage option. Learn more today!

If you have a solid credit score, low debt-to-income ratio and money to make a higher down payment, a conventional loan may be for you. Learn more today!

In today's market of rising home prices, many people are considering buying a fixer-upper. We’ve all seen the home make-over shows with amazing before and afters but should you do it? Here are a few things to consider: 1. Know Your Limits How much of the work can you do. How much time do you have to put into renovations. Are you prepared to live in a work zone for a while 2. Work Out Costs In Advance Have a contractor walk through the inspection with you and get a written estimate for work he would do. If you are doing the work yourself price the costs of supplies, either way add 15% to the costs because surprises are likely. 3. Check Permitting Costs and Procedures Check with local officials…