Category: News

If you are ready to purchase a house – you are going to be excited and maybe a little nervous. Here are 5 important things to do on a walkthrough to help lower any anxiety or future surprises. 1. Look For Wet Spots Check the ceilings for wet spots (rings or circles) and discoloration around windows. They can cause issues down the road and be hard to fix! 2. Check The Wiring Turn on the switches, dimmers, check the doorbell, garage door, basically check it all. If things are not working right, there could be an overall wiring issue. 3. Inspect the Bathroom Again look for water damage around toilets, showers and tubs. Also make sure everything is working properly, flush the toilets, check the showers and faucets to make…

There are a number of factors that affect getting approved for a mortgage the interest rate of the loan. One of the biggest factors in the actual interest rate, is your credit score. The higher the credit score the better in terms of the interest rate and consequently the monthly payments to be made for your mortgage. A credit score is a number that generally indicates your ability to meet your financial payments. It’s based on your outstanding debt, payment history and other factors. Generally a tri-merge report is ordered with any new mortgage loan and they will use the middle score. If you aren’t sure of your score, you can order an annual score for free at AnnualCreditReport.com. You can see if there are any errors and we can…

You may have heard that in the most recent meeting of the Federal Reserve Board, they voted to increase the federal funds rate by half a percentage point. While fixed rate mortgages are not directly connected to the Fed's rate (rather the 10 year Treasury rate, the fed rate is directly tied to short term loans such as credit card borrowing and adjustable rate mortgages) mortgage rates are influenced by the rate as well as other Fed monetary policies. The Fed is focused on lowering inflation and has indicated there may be more rate increases in the next year, other factors such as the war in the Ukraine affecting oil prices as well as lock downs in China affecting the supply chain will be closely watched. If you are looking…

It’s almost required to get pre-approved for a mortgage when house shopping in many of today’s markets, many realtors will actually ask for a pre-approval in advance. Its also good for you to know how much you can afford and if there are any issues, you will know in advanced instead of any last minute surprises! So here are 5 things you’ll need to get pre-approved 1. Proof of Income This is usually W-2 statements but also includes any other sources of income like bonuses or alimony. 2. Proof of Assets This will include bank and investment account statements. If you are receiving a money from a relative or friend you may also need a gift letter from them. 3. Credit Score Your credit score will be an important factor…

As we move from spring to summer, an outdoor room is a great way to enjoy the weather, get fresh air and Vitamin D from the sun, if you're lucky enough to have the space. Creating an outdoor room you'll want to consider what its primarily going to be used for: relaxing, dining or maybe even some working. First, you'll want to make sure it has a ceiling! Ok maybe not an actual ceiling if you have a tree for cover that's great! A pergola is also a great choice but you can always get an umbrella or a trellis and cover that. Next you'll want to get furniture! You can furnish similar to the indoors. If you're going to be relaxing maybe low chairs and don't forget side tables.…

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…