Category: News

As 2023 comes to end its a good idea to do a year end financial checkup. 1. Review your budget and savings plan Analyze your spending and saving for the year. Your savings might not have gone to plan this year and that’s ok – focus on replenishing your emergency fund first if needed and recalibrate plan for 2023 if needed. 2. Maximize Retirement Plan Contributions If you participate in a 401k make sure you maximize contributions before the December 31 deadline, you have until April for Roth contributions 3. Review Your Insurance Coverage Check your insurance coverage in many parts of the country housing prices went up, make sure you home is covered under current market prices. Also check your liability coverage and consider getting an umbrella liability policy…

The dream of owning a home is a cherished one for many individuals and families across the United States. However, the soaring median existing-home price of around $400,000 can often make it seem like an unattainable goal, especially when faced with the prospect of a substantial down payment. Traditional mortgage loans typically require a 20 percent down payment, equating to a significant sum, but there is good news – down payment assistance (DPA) programs exist to help prospective homeowners bridge the financial gap. In this blog post, we will explore what DPA programs are, how they work, and the steps to access this valuable assistance. What is a Down Payment Assistance (DPA) Program? Down payment assistance programs are financial tools designed to provide aspiring homebuyers with the necessary funds to…

An adjustable rate mortgage (ARM) is a type of mortgage in which the interest rate can fluctuate over time. The key advantage of an ARM is that its initial interest rate is usually lower than that of a similar fixed-rate mortgage, making your monthly payments more affordable initially. Depending on the terms of the ARM, these lower payments can last for several years or even a decade. This makes it a good option for those who plan to stay in their home for a short period of time, and move before the ARM resets to a variable rate. As interest rates rise, payments will also increase. ARMs can also be beneficial if you anticipate a significant increase in income or assets in the future. When the ARM resets, you will…

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…

You can lock in a mortgage rate after you’ve made an offer on a house and have a signed purchase agreement. The mortgage rate lock, means that you have a specific mortgage rate “locked in” for a period of time (typically 30 or 60 days). This rate lock means you’ll get that rate even if rates move higher or lower during the time your loan is being processed. Rate locks do expire and can cost a fee (basis points) depending on the rate and period. With today’s rates near historic lows, a rate lock can be a good idea but a keen eye on closing dates is important as well. Give us a call or schedule a meeting on our site and we can review your situation and see what…

As we enter Memorial Day weekend, we thought it was a good time to remember our Veterans and do a quick overview of VA loans and their benefits and who is eligible. To be eligible for a Veterans Administration (VA) loan, you generally need to be active duty, a veteran, reservist or National Guard member. Widowed spouses or spouses of veterans injured while serving may also be eligible. There are a lot of benefits with VA loans. The most notable include – little or no down payment as well as no PMI requirements. This makes it much easier to get into a house, especially with today’s high prices. Loan limits were also removed in 2020. Contact us for more info on VA loans and to see if they are a…

PMI is private mortgage insurance. If you’re getting a conventional loan and are making of down payment of less than 20% of the purchase price, you generally need to purchase PMI. This insurance is designed to protect the lender in case of default on the loan and it also allows the borrower to buy a house when they can’t afford to make the traditional 20% down payment. PMI is provided by a third party, requirements and rates will be provided before the closing. Once you reach 20% equity in the home – either through mortgage payments or rising home values, the PMI will be terminated. PMI rates are generally between 0.5 percent and 1.8 percent of the original loan amount. According to Freddie Mac, it estimates that most borrowers pay…

We are seeing refinancing potentially get a little cheaper, as Fannie Mae and Freddie Mac dropped a 50 basis point fee instituted to protect against projected losses during the Pandemic. The fee was as much as one eighth of a point when refinancing. This means borrowers could potentially save $20 a month on a $300,000 loan refinance. With the pandemic fee waived, we are seeing rates again near record low territory. So fill out our one minute refinance consultation on our website and we see how much you can lower your monthly payment or get cash out or both.

If you thought you missed the opportunity to refinance and lock in low rates, you didn’t! We’ve seen a wave of refinance activity in the last week as rates dropped to an average of 2.78% for 30 year fixed mortgages according to a survey from Freddie Mac, which is not far from the all-time record low of 2.65%. Fannie Mae estimates that there are millions of home owners that can benefit from refinancing in today’s rates, with either lower monthly, cash-out or both. Getting the best rates, will depend on a number of factors, including credit scores, debt to income and how much is currently owed on your house. Call us or fill out a quick refi analysis on our website and we can see how much savings you are…

If you’re in the market for a new house, you’ve probably heard that you want to get pre… qualified or pre-approved? What’s the difference anyways? There’s actually a big difference. Pre-qualified is more of a preliminary step. It gives you a general idea of much home you can afford. We will examine your credit, income, assets, and debts and you’ll have a general idea of the price range you’re looking for. You may also see that you need to increase your savings or lower debts before you buy. While pre-qualifying is an initial step, pre-approval is a deeper dive and being pre-approved carries more weight with sellers. To get pre-approved we will verify you income, assets, etc. and you will be more official (of course you still have to apply…