Monday, January 2, 2023 / by Brandon Laskos
Are you considering purchasing a home but unsure about how rising interest rates might impact your monthly mortgage payments? Look no further!
There are many things to consider to know if this is a good time to purchase or not, but let's look at this example if you're predicting a drop in prices:
Let's say you're interested in buying a $300,000 home. At a 6% interest rate, your monthly mortgage payment would be around $1,798.
It's important to remember that interest rates are still relatively low compared to past decades. Plus, a higher interest rate could actually bring more motivated buyers to the market, potentially leading to more competition for your dream home...so let's take a look at if prices were to decline by 10% but the rates go up by 1%:
Let's say you're interested in buying the same home but at $270,000 (a 10% decrease from the original $300,000 price). At a 7% interest rate, your monthly mortgage payment would be around $1,799. That's only a $1 difference compared t! ...
Thursday, January 28, 2021 / by Troy Bryant
Your Guide to the Home Appraisal
You’ve found your dream home and now it’s time to cross all your T's and dot all your I's before it’s all your own. And one of the first items on your closing checklist the home appraisal. So, what exactly is that?
The home appraisal is essentially a value assessment of the home and property. It is conducted by a certified third party and is used to determine whether the home is priced appropriately.
During a home appraisal, the appraiser conducts a complete visual inspection of the interior and exterior of the home. He or she factors in a variety of things, including the home’s floor plan functionality, condition, location, school district, fixtures, lot size, and more. An upward adjustment is generally made if the home has a deck, a view, or a large yard. The appraiser will also compare the home to several similar homes that were sold within the last six months in the area.
The final report must include a street map s. ...
Monday, January 4, 2021 / by Troy Bryant
Outdated kitchen. Overrun backyard. Unusable basement space. If you have a home renovation project on the mind, the first thing you have to consider is how you are going to finance it. Here are the most common options to make your dreams become a reality.
Cash. Paying in cash is the most straightforward financing option, just save until you have enough money to cover the expenses. This will help eliminate spending outside your budget; however, it can also extend your timeline.
Mortgage Refinance. If you’ve been making payments on your home for a few years and your interest rate is higher than current market rates, you may be eligible for a mortgage refinance, reducing your payments and freeing up some money.
Cash-Out Refinance. You can tap into your home equity and borrow up to 80 percent of your home’s value to pay off your current mortgage plus take out more cash to cover the renovations. This option is encouraged only when you’re making improvements that will inn ...
Friday, December 11, 2020 / by Troy Bryant
4 Ways Your Bathroom Can Impact the Value of Your Home
Most real estate professionals agree that a home's kitchen and bathroom are two of the biggest selling points for homebuyers. However, even if you're not planning to sell your home in the near future, you should want your bathroom to be as cozy and accommodating as possible since most people spend considerable time in that room each day.
To add value to your home, or just make it more attractive and useful, here are several upgrades to consider:
Shower, Tub, Sink and Toilet
Have an expert check your bathroom plumbing to ensure it remains in good condition. Repair any leaks in the water lines and remove evidence of mold or mildew. Fix a dripping faucet and replace worn or rusty hardware in your shower, tub or sink. Additionally, remove hard water stains in the toilet bowl or grunge around the base.
You may want to repair or replace fixtures that appear dated or that show wear, such as a chipped bathtub ...
Saturday, November 21, 2020 / by Troy Bryant
Refinancing your mortgage is something most homeowners consider at least once throughout the lifespan of their home loan. It allows you to pay off your previous loan by applying for a new one that has better financial advantages. While there are many good reasons to refinance, here are five common ones.
Scoring a lower interest rate. The number one reason homeowners decide to refinance is to secure a lower interest rate on their mortgage. Not only does this save you money in the long run and decrease your monthly payment, but you can start building equity in your home sooner.
Using an improved credit score. Even if interest rates have not dropped in the market, if you’ve improved your credit score over the last few years, you may be able to reduce your mortgage rate.
Shortening the loan’s term. If interest rates are decreasing, there is a chance you may be able to get a shorter loan term with little to no change in your monthly payment, allowing you to pay off your loa ...