Removing or Adding a Person to a Loan

Posted by on Oct 26, 2021 in Uncategorized | 0 comments

In divorce situations, it is common, for the spouse who keeps the home to refinance to remove the other spouse from the loan. Equally as common, first-time buyers who don’t have enough income to qualify may ask a parent to co-sign and must add their name to the mortgage. Another situation that requires removing or adding a person to a loan could be to qualify for a better interest rate. The difference in a minimally acceptable credit score and something that might be considered “good” could be as much as a 0.5% higher rate...

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Keep Your Current Home as a Rental

Posted by on Oct 19, 2021 in Uncategorized | 0 comments

Let’s assume that you have owned your home for several years. It has increased in value and the unpaid balance considerably less than you originally borrowed. In short, you have equity in the home. You’re thinking about buying another home and one of the questions going through your mind is “should we find a replacement property before we put our home on the market? It is a good question but maybe there is another one you should be asking. “Should we keep our current home and convert it to a rental when we buy another...

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Cash-Out Refinance

Posted by on Oct 12, 2021 in Uncategorized | 0 comments

With the rapid appreciation that homes have had in the last two years, most homeowners have equity. A common way to release part of the equity is to cash-out refinance but some homeowners may not be eligible currently. This type of loan replaces the current mortgage by paying it off and an additional amount of cash for the owner. Generally, lenders will consider a new mortgage up to a total of 80% of the current value. Typically, the rate on a cash-out refinance will be slightly higher than a traditional purchase money mortgage. As is in any...

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Encouraging Multiple Offers

Posted by on Oct 5, 2021 in Uncategorized | 0 comments

Based on the current competition due to lower than normal inventories, it is possible for a seller to find themselves on the beneficiary side of a multiple offers. Two or more parties may be trying to buy your home at the same time and because of the competition, they increase the purchase price, possibly, remove unnecessary contingencies and try to make their offer as attractive as possible. This can pleasantly result in you realizing higher-than-expected sales price and proceeds of sale. While it may not materialize, it is good to...

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Homeowners Need to Know

Posted by on Sep 28, 2021 in Uncategorized | 0 comments

In the Boy Scouts, a certification, called a Totin’ Chip, is required for scouts to carry, and use woods tools like a knife, axe and a saw. They must read and understand the use and safety rules from the scout handbooks and demonstrate the proper handling, care, and use of each. No such certification is required for homeowners but there are a lot of good reasons why it should be self-imposed. Making minor repairs is part of the responsibility of owning a home that will save both time and money. A homeowner will certainly appreciate the...

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No Need to Make Common Mistakes

Posted by on Sep 21, 2021 in Uncategorized | 0 comments

A successful home sale, considered by many owners, is to maximize their proceeds in the shortest time with the least inconveniences. Just because it is a seller’s market doesn’t mean that homeowners can shortcut some of the steps that make it happen and they certainly need to avoid commonly made mistakes. Pricing too high Low inventory and high demand have contributed to the rising prices of homes. NAR reports that the median sales price is up 17.8% in the past year and CoreLogic recently released data that July set new record...

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A Lesson from a Pro

Posted by on Sep 14, 2021 in Uncategorized | 0 comments

A well-known professional home stager, recently, decided to sell the 4,000+ square foot home which she lived in with her husband. It was certainly well maintained and by most standards, could have gone on the market immediately. However, she still went through a full staging effort before she listed the home. The work included painting inside and out especially, changing the kitchen cabinets from gray to white. The carpet was replaced along with a few dated light fixtures. They stained the fence and added minor landscaping to make it look...

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Equity, Price and the Agent You Select

Posted by on Sep 7, 2021 in Uncategorized | 0 comments

A Seller’s equity in their home is the difference between what the home is worth and what they owe. At any point in time, it is an estimation because value is a very subjective term. If the seller thinks the home is worth more than an actual buyer will pay for it, the estimated equity is too high. If a buyer is willing to pay more than the seller believes the home is worth, the estimated equity is too low. A true determination of equity becomes more objective when the home is sold, and the value is solidified by the sales price. This...

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Rising Rents – Music to Your Ears?

Posted by on Aug 31, 2021 in Uncategorized | 0 comments

Rents going up may not be pleasant to hear for tenants, but it could be music to your ears if you are an investor. The recent CoreLogic Single-Family Rent Index, April 2021, showed a 5.3% increase in national rent year over year which doubled the increase experienced in April 2020. This is the largest annual rent price increase in nearly 15 years. Interestingly, detached rentals are experiencing an even higher growth rate of 7.9% year over year compared to the 2.2% annual rate for attached rentals. This is supported by the CoreLogic report...

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Homeownership Cycle and Inventory

Posted by on Aug 24, 2021 in Uncategorized | 0 comments

An interesting homeownership cycle begins with a starter home and progresses to larger and smaller homes throughout a person’s lifetime. Within a few years after purchasing their initial home, they might move up to a little larger house. The reasons could be that they simply want a larger home and can afford it, or their increased family size may be motivating the move. While the children are small, they can probably get by with less space but as they grow and behave more like adults, even though they may not be, the need for more room...

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