mortgage: Home Improvement Projects For The Quarantined
- 03/26/20 09:48 AM
If you have paid attention to the news recently, you have probably heard about the coronavirus pandemic which also goes by the name COVID-19. Those who are exposed to the virus might be asked to place themselves in quarantine. Some states have even told their residents to shelter in place. While this infection has forced everyone to change the way they live their lives, there are still some home improvement projects you can tackle during quarantine to put your free time to use.
Jump On Spring Cleaning
One of the first home improvement projects people need to tackle is spring cleaning. Spring is … (2 comments)
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mortgage: Turn Your Yard Into An All-Seasons Living Space
- 03/25/20 02:49 PM
Think of backyard space as “in-between” or transitional space that is a bit like being inside while being outside. Sunrooms, screened-in covered patios, outdoor kitchens, spas, fire pits and more, are all becoming very popular ways to make more use of the backyard. Making use of the outside area is not limited to only the times of the year that have nice, warm weather.
Sitting around a fire pit, with a blazing fire in it, is a perfect way to spend a chilly winter evening under the stars. This is a bit like camping out, without having to leave the comfort of … (1 comments)
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mortgage: Home Sales Are Spiking, Driven By Low Mortgage Rates
- 03/24/20 09:46 AM
According to data from the National Association of Realtors, existing-home sales increased by 3.6% in December 2019. That pace is the strongest month-over-month in almost two years, since February 2018. The sales figures were also up 10.8% from what they were in December 2018.
What’s behind this uptick? The biggest factor driving the surge in home sales is historically low mortgage interest rates.
Plummeting Rates
During the last week of February 2020, mortgage rates fell to their lowest in three years and were hovering – just barely – above all-time lows. The 30-year fixed-rate mortgage was sitting at 3.45%, almost exactly one percentage point … (2 comments)
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mortgage: Most Renters Are Paying Far More Than Their Landlord’s Mortgage
- 03/05/20 07:14 AM
In the overwhelming majority of the 50 largest cities across the U.S., monthly rent is more than the mortgage payment for single-family homes. In several cases, much more.
Global answering service and chat support company Moneypenny compiled data from Zillow on median rent and mortgage payments from July 2014-July 2019.
In order to calculate the monthly mortgage payments, Moneypenny took the median home sale prices during the same time period and in the same major cities and then used nationally-average mortgage terms: 30-year fixed rate at 4% with approximately 6% down.
Once the two figures — median monthly rent and median monthly mortgage — were calculated … (1 comments)
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mortgage: Find The Best Mortgage Deal With A Few Simple Steps
- 02/27/20 12:13 PM
Currently, this is a great time to be in the market for a new home. The interest rates on mortgages have fallen countless times over the past few years. Even though interest rates have been in the double-digits in the past, there are homeowners today who are able to agree to a mortgage for less than three percent.
Despite the low interest rates, it is still important to get the best possible deal. There are a few simple steps that everyone should follow to get the best mortgage deal possible.
Know How Much You Need
The first step is to figure out what type … (0 comments)
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mortgage: Ensuring Home Contractors Are Following The Rules Under HICPA
- 02/26/20 10:02 AM
There are many homeowners who hire contractors to make repairs or upgrades on their homes. It is critical for home improvement contractors to follow all rules and regulations set forth by the law. These regulations have been set forth under the Home Improvement Consumer Protection Act, or HICPA.
An Overview Of The Home Improvement Consumer Protection Act
The Home Improvement Consumer Protection Act was put forth to ensure that homeowners and contractors come to an appropriate agreement. Some of the rule and regulations that are included in the Home Improvement Consumer Protection Act include:
All contractors need to obtain a registration number Home … (2 comments)
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mortgage: Considering A Reverse Mortgage? Understand These Points First
- 02/11/20 02:29 PM
There are many individuals who end up on a fixed income once they reach a certain age; however, their expenses aren’t always fixed. Sometimes, there is a large medical expense. In other cases, someone might need money for a new car or a home repair. In the event that someone needs cash quickly, one option is called a reverse mortgage.
Those who have equity built up in their home can draw upon this to help with unexpected expenses. This is a quick source of cash that many people overlook. At the same time, it is important to think about the pros and … (0 comments)
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mortgage: Investment Property Down Payments: How Much Will You Need?
- 02/07/20 07:43 AM
Investing in real estate is a great way for someone to diversify his or her assets; however, there is a common hurdle that almost all real estate investors face. This comes in the form of a down payment.
It can be a challenge for someone to come up with enough cash to fund the down payment on a home or piece of land, let alone multiple properties. At the same time, how big of a down payment does someone really need? There are a few factors that someone is going to need to consider.
The Conventional Mortgage
There are plenty of investors who like … (0 comments)
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mortgage: Green Energy Tax Credits For Home Improvement & Energy Efficiency
- 02/05/20 09:50 AM
Many individuals and families are looking for ways to reduce their energy consumption. Running the heater during the winter and the air conditioner during the summer can have significant impacts on someone’s energy consumption and costs. It should come as no surprise that many people are trying to reduce their HVAC usage to save money; however, there is a better way.
Individuals and families can permanently reduce their fossil fuel usage and carbon footprint by investing in home improvements. Better yet, local, state, and even the federal government wants everyone’s home to be more environmentally conscious, or “green.” Many utility companies want people … (1 comments)
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mortgage: How Does My Existing Debt Affect Getting A New Mortgage?
- 11/08/19 06:38 AM
Carrying debt is a common problem that people have. Some of the most common types of debt include student loans, credit cards, and motor vehicles. When you are interested in buying a new home, you often think about whether or not your debt is going to hurt your chances of qualifying for a new mortgage.
Fortunately, you may still get a new home with that debt. There are several factors that may determine whether or not you qualify.
Your Debt to Income Ratio
The debt to income ratio is a major factor that the mortgage lender is going to consider when deciding whether or not you … (3 comments)
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mortgage: 3 Positive Reasons To Get A 15-Year Mortgage
- 11/06/19 10:49 AM
Most people can’t pay for a home outright, so they finance it with a mortgage loan. 30-year mortgages are more conventional, but they also come with a significant interest price tag.
People who have a stable career and the income to afford larger payments, or who are nearing retirement, may want to take out a 15-year mortgage. Here are some reasons to consider one.
Save Money Over The Life Of The Loan
The total interest paid on a 30-year loan can be nearly as much as the principal. While it can be difficult to see the bigger picture when facing a mortgage payment that will … (0 comments)
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mortgage: What Exactly Is Private Mortgage Insurance (PMI)?
- 10/16/19 10:44 AM
PMI, which is also called private mortgage insurance, is protect that the lender may ask the buyer to purchase. In the event that the buyer defaults on their home loan and the home enters foreclosure, the lender has a way to recoup their losses.
While the lender may not ask everyone to purchase PMI, there are some situations where the lender may ask the buyer to purchase this insurance policy to qualify for the loan.
Every lender is a little bit different; however, there are some trends throughout the industry. Most lenders ask the buyer to place a down payment of about 20 … (0 comments)
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mortgage: The Benefits Of Adding An In-Law Apartment To A Home
- 06/18/19 01:36 PM
One renovation that may add value to a home is an in-law apartment. Even if a homeowner does not have any relatives, an in-law apartment makes wonderful guest accommodations. It is possible to rent it when unoccupied to earn some money.
Homeowners who rent out part of a home need to check with their insurance agent to upgrade insurance to accommodate commercial use of a part of the home.
Additionally, a person staying in an in-law apartment, who is not a member of the owner’s household, may need to get renter’s insurance to cover any personal property kept in the in-law apartment.
Renovation Plans
An … (0 comments)
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mortgage: What Is A Reverse Mortgage?
- 06/12/19 10:47 AM
A reverse mortgage is a way to use the equity value that built up in a home to improve the quality of life for those who have appropriate circumstances when they reach the retirement age of 62 or older. With a reverse mortgage, a person continues to live in their own home and retains the title to it but does not have to make any monthly reverse mortgage payments.
A reverse mortgage may be helpful; however, not everyone qualifies for one. The benefits come with disadvantages as well. Here is a list of the advantages and the disadvantages for reverse mortgages.
Be sure … (0 comments)
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mortgage: The Benefits Of Developing A Multi-Use Property
- 05/10/19 07:06 AM
Renovations that create a multi-use property or the development of a new multi-use project can be a very attractive investment especially in urban areas that are undergoing redevelopment. The concept of multi-use is to make the most of the site that is revitalized or developed.
Multi-Use Projects
Typical multi-use projects have a mixture of retail space, restaurants, offices, and/or living spaces. They may include parking areas. Large multi-use projects can also become destination locations that are core improvements, which create a momentum for the gentrification of an entire area. Waterfronts, boardwalks, and walking promenades are successful as multi-use projects in many cities.
The advantages … (0 comments)
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mortgage: Can I Qualify For A Mortgage Without W-2 Income?
- 05/07/19 09:44 AM
It’s more common these days to have non-traditional income that doesn’t fall into the W-2 category. Many people work in what is referred to as the “gig economy,” where income might come from a variety of freelance sources.
Other times, people don’t have W-2 income because they are retired or have an independent source of wealth that generates interest income. Still other times, an individual may own their own business and take draws instead of a paycheck. In all these cases, it might seem impossible to qualify for a mortgage, since there’s no W-2 income.
Lenders Are Understanding
Thankfully, many lenders understand when a … (1 comments)
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mortgage: 4 Ways A Little Paint Can Revitalize Your Home
- 04/19/19 08:09 AM
Fixing up your home doesn’t have to be a budget-breaker. You can revitalize the look of your property with a little bit of paint in the right places.
Here are some areas that will really stand out to visitors or prospective home buyers.
1. Front Door
The front door always makes the first impression on visitors to your home. Remember that while they are waiting to enter your home, potential buyers have nothing to do except get a good look at your front door. For maximum impact, paint the front door a contrasting color to your house color. If budget allows, add a new … (4 comments)
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mortgage: 3 Critical Tips for Buying a Home in a Short Sale
- 11/21/18 10:18 AM
You just found your perfect home, and you feel like everything is right including the price. But, what could be wrong with your ideal home? Maybe, it is being sold as a short sale, and that could present a major challenge if you want to become be the eventual homeowner.
Short sales are different from other conventional real estate transactions since the property in question is usually listed at a price that is much lower than the amount of the outstanding mortgage debt.
Unlike a regular sale, the homeowner must obtain permission from the lender before proceeding with the transaction. Whether you are … (0 comments)
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mortgage: 5 Real Estate Professionals Who Assist You When Buying Your First Home
- 11/20/18 07:10 AM
So you’re set to buy your first house. But where do you begin?
Buying a house for the first time can be nerve-racking. Most advice articles often concentrate on the steps involved in buying a house. To streamline things, let’s focus on the people who will likely be involved in your purchase transaction.
Concentrating on the finding the right professionals can help you navigate the entire buying process easier and more comfortably. Most people start with their home loan financing or locating a property with a real estate agent. Many of the other people involved in the transaction will be referred by these … (0 comments)
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mortgage: 5 Home-Buying Pitfalls To Avoid
- 11/16/18 09:54 AM
Buying your home can be nerve-racking, especially if it’s the first time. The buying process is exciting and often complex. The chances of making a mistake are relatively high.
In today’s real estate market where demand surpasses supply, you can’t afford to make mistakes. And this is just the tip of the iceberg. If you are in the market to buy a house, here are five pitfalls avoid.
Not Doing Your Homework Well
Fortune favors the prepared in real estate. And preparedness begins with understanding your finances. A wise buyer examines assets, analyzes debts and gets finances pre-approved before jumping into the house hunt.
Know … (0 comments)
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If you have paid attention to the news recently, you have probably heard about the coronavirus pandemic which also goes by the name COVID-19. Those who are exposed to the virus might be asked to place themselves in quarantine. Some states have even told their residents to shelter in place. While this infection has forced everyone to change the way they live their lives, there are still some home improvement projects you can tackle during quarantine to put your free time to use.
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