Saving On Your Mortgage: Considering Your Refinance Options

Economic fluctuations have made regular home loan “health checks” a good idea for homeowners.  While property market trends change, there is a chance that your mortgage rate is no longer living up to your expectations. Your needs also change, which means new mortgage products often emerge to satisfy the ever growing mortgage demands. If you find out that your mortgage rate is no longer comparable to current rates, the first thing to do is to consider your options.  You can consult with a lender to find out whether refinancing  would be the best solution to your situation. Refinancing serves a number of purposes.  Some of the main reasons home owners choose to refinance are: More Affordable Mortgage Rates People refinance to take advantage of...

Read More

Don’t Let BLACK FRIDAY Get in the Way of Buying a Home!

Don’t Let BLACK FRIDAY Get in the Way of Buying a Home!

Black Friday is nearly upon us. Newspaper inserts, emails and TV commercials abound with information about the “BEST DEALS EVER!”.  You get to the store before the sun even thinks about coming up only to find that you can get an even better deal if you open a line of credit! STOP RIGHT THERE. If you are in the process of buying a home, or considering doing so anytime soon, we urge you to stop and collect your thoughts for a moment. What the heck does Black Friday have to do with buying a home!? That additional percentage off for opening a line of credit could be a deal-breaker when it comes to purchasing a home. If you are in the midst of the mortgage process with a good lender, you already know that you should hold off on opening  new credit...

Read More

Home Energy Savers At No Cost To You!

Home Energy Savers At No Cost To You! We have learned from our teachers that energy is neither created nor destroyed. But, this doesn’t mean that it is free! It’s never a bad time to learn how to conserve energy, which will in turn save you some money. There are many things you can do to lower your electric bill; here are few:  Turn off the stereo, television, lights and such when you leave the room or if they are not in use.  Turn off computer monitor or shut down your computer when not in use.  Just like your television, your computer monitor consumes energy. Also, most tv’s and monitor’s have an energy savings mode that can save you money as well.  Maximize the use of your dishwasher by fully loading them. You actually consume...

Read More

Painting? Pay Attention to the Type of Paint You’re Using:

Painting? Pay Attention to the Type of Paint You’re Using:

Don’t pass up buying a home because it requires cosmetic repairs! FHA offers the 203k  mortgage program that provides funds for repairs and/or upgrades. Not to be confused with FHA’s full 203k program, a Streamlined 203k loan eliminates much of the paperwork and simplifies the process to obtain rehab funds. The primary function of the streamline 203k is to aid with those cosmetic or minor repairs One “repair” that is allowed is paint. What kind of paint is best for each room? There’s a basic rule of thumb to follow when choosing paint sheens: The higher the sheen, the higher the shine — and the higher the shine, the more durable it will be. Flat paint has no shine; high-gloss is all shine. In between are eggshell, satin, and...

Read More

A Few Things to Consider When Looking At Foreclosed Homes for Sale

In today’s real estate market, many potential buyers run across short sale homes and houses close to foreclosure. Some homes have already been foreclosed and are now for sale by financial institutions that own them. While this leaves some potential buyers leery, it is potentially a good opportunity to find larger properties with plenty of space and amenities.       Property Neglect Oftentimes, homes that have gone through foreclosure or are on the verge of it, are not in top condition. Small repairs have been neglected leaving potential buyers to wonder what else may be wrong with it. A careful walk-through with a home inspector would be helpful. Making a list of what needs to be fixed will help lessen the surprises after purchasing the...

Read More

203K Streamline – What Improvements Are Eligible With The 203K Streamline Loan?

203K Streamline – What Improvements Are Eligible With The 203K Streamline Loan?

In today’s real estate market and economy more people are looking for ways to improve their home. Also people are buying bank foreclosures and fixing them up. But the problem many people are running into is the difficulty of getting a construction or rehab loan. That is where the 203K Streamline Loan steps in. The official name of this program is the FHA Streamlined 203(k) Limited Repair Program. The 203K Streamline Program will allow a homebuyer or homeowner to purchase a home or refinance a mortgage plus include in the loan the costs of repairs and improvements in the loan. The 203K Streamlined loan is not a government loan, it is provided though FHA Approved Lenders throughout the country. Because the 203K Streamline Loan is insured by FHA, the FHA...

Read More