mortgage: How to Help a Client Who Wants to Use Home Equity for a Second Property - 12/27/19 06:20 AM
If your client is looking to finance a second home, they are in good company. According to data from the National Association of Realtors, 72% of vacation homes are bought with a mortgage. One alternative to a traditional mortgage that some borrowers consider is a home equity loan or home equity line of credit (HELOC).
 
But is tapping into home equity to finance a vacation home or an investment property a good idea?
 
Find out how the second home will be usedOne factor to consider is the purpose of the second home. This can inform whether or not using a home equity loan … (1 comments)

mortgage: How to Get a Mortgage When You’re in Debt - 11/14/19 08:01 AM
While it is possible to get a mortgage when in debt, home shoppers should be aware of the impact it has on the mortgage process. 
 
Prospective buyers are sometimes surprised to discover that their debt load could lead to a higher interest rate, lower loan amount or the need to come up with a larger down payment.
 
To improve the chances of securing financing and having a smooth homebuying experience, buyers and real estate professionals should both have an understanding of the role debt plays when applying for a mortgage.
What real estate agents should knowEducating your clients about the impact their debt can … (0 comments)

mortgage: 8 Tips to help clients pick a New Jersey neighborhood - 11/01/19 08:18 AM
It is common for New Jersey Realtors to work with individuals and families looking to relocate from New York City or Philadelphia. While many city-dwellers think they will never move to the suburbs, there often comes a time when it is necessary to trade the bustle of city life for something quiet. Whether people move  due to a growing family, new job opportunities, or a return closer to home, they all have one thing in common - they rely on Realtors to help them find their next home. 
 
As a real-estate professional, you are committed to helping clients find a house that … (0 comments)

mortgage: How to be a resource to clients moving from another state. - 10/23/19 10:48 AM
More than 32 million people moved in 2018, mostly in Florida and other southern states. Individuals may choose to move for a better home, new job opportunities or family needs, but in most cases, real estate agents are their trusted guide.  
 
Occasionally, you may work with a client who is moving from another state. Helping out-of-state clients is a chance for real estate agents to showcase their local community and establish new connections. However, it also comes with challenges they may not encounter when working with local clients.  
 
Here are some ways you can become a valuable resource for clients moving from another … (0 comments)

mortgage: Implications of Mortgage Refinancing When Selling a Home - 10/21/19 06:54 AM
The Federal Reserve continues to maintain historically low mortgage rates, which is a boon for buyers. These low rates are also highly beneficial for homeowners looking to refinance existing mortgages. Whether or not a homeowner should refinance a mortgage, however, depends on what he or she intends to do with the home immediately following a mortgage refinance. 
 
Real estate professionals need to be equipped to address questions regarding this topic as they arise with current and potential clients.  While homeowners may be partially informed on the impact of mortgage refinancing, many may not have a complete picture of what mortgage refinancing is, … (0 comments)

mortgage: Home Considerations for Those Looking in Silicon Valley - 06/27/19 01:15 PM
Approximately 40 million Americans move homes every year, whether they’re upgrading, downsizing, or simply want to be closer to a job or family.  Those who have been through the house hunting process know that it can be intense. The stress level is often even higher for people living in markets where there’s a shortage of affordable housing, like Silicon Valley.  
 
One way that people cope with affordable housing shortages is by commuting. The number of ‘super commuters’ -- those who have a daily commute time of more than 90 minutes -- continues to rise at shocking rates in the Valley and surrounding … (0 comments)

mortgage: I Bought a New House, Do I Still Need to Insure My Old One? - 05/22/19 08:50 AM
In the U.S., people are on the move, and more of them are moving out of New Jersey than any other state. According to a recent study by moving company United Van Lines, about two-thirds of New Jersey moves are outbound.
 
(On the flip side, Vermont has the highest percentage of inbound moves at 73% — must be all that maple syrup.)
 
Whether you’re moving between states or just across town, the transition can be stressful, especially if you’ve purchased a new home before selling your old one. With two mortgages to pay, you may be looking for ways to trim costs, but … (1 comments)

mortgage: Five Common Mistakes in Buying Your First Home - 03/08/19 07:52 AM
Buying your first home can be a very intimidating and stressful process. While it is exciting, searching for your first home is often overwhelming.
 
In addition to being a significant financial commitment, it’s easy to feel pressure as you likely want to find a place that you can call home for the foreseeable future. As a result, it’s easy to feel like you have to find the perfect home as quickly as possible.
 
This pressure often leads to first-time homebuyers making common, avoidable mistakes that lead to them spending more money than necessary and not being happy with their final choices.
 
To help … (0 comments)

mortgage: Why the Best Time to Invest in Manhattan's Real Estate Market Is Now - 01/30/19 09:03 AM
 
“Buy low, sell high” is the name of the game when it comes to investing—the same way “location, location, location” is central to real estate investing. But what happens when both opportunities present themselves in a rare opportunity to make a profit?
 
Some signs point to such an opportunity existing in the Manhattan real estate market. Last year, CNBC noted that Manhattan real estate was in a year-long correction, with total real estate sales falling 11 percent in the third quarter from a year previous and the average price of a Manhattan residence falling 4 percent during the same quarter.
 
On the … (0 comments)

 
Joe Resendiz, Jr. Research Analyst (ValuePenguin) Rainmaker large

Joe Resendiz

Jr. Research Analyst

Manhattan, NY

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