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The Three Essential Habits That Successful Home Buyers Must Embrace

April 22, 2021 by Darren Orshoff

The Three Essential Habits That Successful Home Buyers Must EmbraceWhether you are preparing to purchase your first home or it has been many years since you last walked through the home buying process, you may be starting to feel overwhelmed at the thought of all of the work that lies in front of you. From concerns about finding the right home to the physical act of relocating all of your belongings after the closing, there is certainly a lot to think about. While each home buying transaction is unique, the most successful home buyers have typically adopted a few behaviors. You may keep these in mind to help you navigate through the process with success.

Keep An Eye On Your Budget

Financial stress when buying a home is common. You may have saved for years to afford your down payment, but there are various expenses that some may have not calculated or planned for. It is important to leave extra funds available for unexpected expenses, such as paying for the appraisal up-front on the home you have fallen in love with. Likewise, keep a close eye on your budget so that you are aware of your financial situation at all times.

Be Available And Flexible

It is imperative that you remain available and flexible as much as possible. Your real estate agent may call you at the last minute with a great new listing that has come on the market, and you may need to be flexible with your schedule to see this property before other buyers do. In addition, you may need to be flexible and accommodating with regards to contract negotiations, working with title company requests and more.

Seek Advice And Knowledge

Buying a home does not have to be stressful, but it also is not something that you do every day. There is a lot for even an experienced home buyer to learn, and you should be prepared to seek advice and to educate yourself along the way. Ask questions as necessary, and use the Internet for additional research.

Home buying is a process, and you may consider taking one day at a time as you proceed through the journey to reach your ultimate goal. A skilled real estate agent can guide you through the process and can help you to more successfully reach your goal. Reach out to a real estate agent today to begin looking for your new home.

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Filed Under: Home Buyer Tips Tagged With: Buying A Home, Home Buyer Tips, Homeowner Tips

VA vs FHA vs USDA What’s the Difference?

April 21, 2021 by Darren Orshoff

VA vs FHA vs USDA What's the Difference?You may have more options than you think when it comes to securing a mortgage for your new home. While many buyers opt for conventional financing, another option or program might be a better choice for you, depending on your personal and financial situation. Learning more about FHA, USDA, and VA loans ensures you get the best possible deal for your mortgage and that you secure the loan that you need for your new home. Here’s what you need to know about these useful mortgage options.

FHA Loans
These are traditional mortgages that are backed by the FHA: when you take out an FHA loan, this government agency is insuring the loan. This makes your loan more appealing to lenders who might otherwise feel your credit or income history is not strong enough. An FHA loan is available to a wide range of buyers and price points and offers a low-down payment, reasonable interest, and other perks that make it worth exploring for your next mortgage. 

VA Loans
If you are a veteran then this program, which offers loans insured by the VA, is a great option for you as they do not require money down so you can buy immediately, rather than saving for years for a down payment. The VA loan is available to those who have served or are serving in the armed forces and is a good option to help you get the home you want with no money down, unlike a conventional mortgage loan.

USDA Loans
One of the most useful and often overlooked loan programs is from the USDA. While this government office offers direct loans, far more people qualify for their insured loan programs. USDA loans are for rural areas, but a surprising number of suburban communities and locations qualify as well. With a low-down payment and interest, this subsidized loan program is well worth it if you plan to live in a rural or suburban area. 

Not every borrower will qualify for the mortgage options above; the USDA has guidelines on income and the home you are interested in. The FHA does not have income requirements, but you will need to prove your income and this option also has a loan limit.  If you do meet the guidelines of any of the above programs, they can help you access the home you want by dramatically reducing your upfront and deposit costs. 

The right loan for you will depend on your income, credit, and the home you’ve selected. Your agent can help you find the home that suits the program you want and make it easy for you to secure the financing you qualify for. Get in touch today to talk about your home buying options and see which loan option is right for you. 

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Filed Under: Real Estate Tagged With: Loan Options, Real Estate Tips, VA Loans

Looking at Home Mortgage Refinancing in 2021

April 20, 2021 by Darren Orshoff

Looking at Home Mortgage Refinancing in 2021In 2019 many people expected that the home lending market was going to eventually grow more expensive. Instead, 2020 spent its entire 12 months becoming more affordable when it came to financing a personal home, moving in the opposite direction of what was expected. Not only did the loan cost drop break previous records, but it also presented an additional opportunity for homeowners to reposition and take advantage of lower borrowing costs again.

The General Advantages of a Home Loan Refinance

The refinancing of a mortgage has traditionally been three-fold. First, it is a chance to renegotiate the loan on a home purchase for a lower interest rate, which means more of the borrower’s payment goes to the loan and less to an interest charge. Second, it gives people an option to change the interest rate charged to a shorter payment period, which can also save considerable money. A borrower will pay dozens of thousands less on a 15-year loan versus a 30-year mortgage. Finally, refinancing allows a borrower to tap into home equity to use that cash value to consolidate debt, pay for other big costs, or make renovations to the home without paying out of pocket for them.

Why 2021 Provides a Good Window

By the time 2020 ended, mortgage rates overall were running at all time lows on a conventional 30-year fixed mortgage, an amazing opportunity for the cost of borrowing and probably the lowest possible in 50 years. The dip won’t last forever, as many people have been trying to project, and eventually what goes down also goes back up. Some amount of rising rates is a firm prediction from the National Association of Realtors® for 2021 which has already occurred, and that loan interest rate cost is expected to eventually go somewhat higher by the end of the year if the economy speeds up again. So, the 2021 window for a valuable refinancing opportunity is clearly the beginning half of the year.

Comparing Current Status to “What If”

Obviously, just chasing a mortgage refinance for minimal gain is silly. The amount paid in closing costs can be expensive. However, when the shift can easily be a percentage point difference or more, then it is worth considering. Many people locked in homes at higher rates in the past and are still paying that amount, especially on an adjustable-rate mortgage. Grabbing a fixed mortgage refinance in the current rate environment is definitely worth the work and time, potentially paying for itself in a handful of years or by consolidating higher cost debt into the home loan.

There is no perfect formula that applies to everyone, but 2021 has already shaped up to be the year that the majority of homeowners can definitely benefit from, especially given the need for financial reserves and a bit of personal finance reorganization after 2020.  As always, consult with your professional mortgage advisor for details on your personal situation.

 

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Filed Under: Real Estate Tagged With: Low Interest Rates, Real Estate, Refinance

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Darren Orshoff

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