On January 26th 2023, RI realtors Published this article and introduced the realtor world to Rhode Island’s down payment assistance program that would create a whole new wave of home buyers.. It couldn’t get any easier right? 1–4-unit properties, 100% forgivable $17,500 that could be used for down payment and closing costs, and they only need a 660 score to qualify. What a great program for so many to take advantage of. What a great program for the family that has income and credit but just not the ability to put a down payment. This program opened doors for many buyers and the realtors ..read more

In a changing market, larger lenders are facing financial pressures due to prolonged high interest rates and their strategies for recouping funds haven’t panned out as expected. Let’s say the rates continue at 7% through 2024. Larger lenders and banks attempted to control the bleeding by offering large sign-on bonuses as they were relying on recouping the funds in the spring market…then the summer market…now fall is here and the market remains stagnant. Ultimately, they will continue to bleed for another 12-18 months. Mid-sized lenders did not make the same level of financial commitments ..read more

Over the years we’ve helped many home owners get into their new homes faster and easier. We’ve learned some tips and tricks along the way for helping home buyers start out on the right foot in their new homes. Consider these quick tips before moving in to your new home and getting settled in your new space:   Change the locks This cheap and easy upgrade goes a long way to ensuring your safety in your new home. You’ll gain the peace of mind that you’re the only one with a set of keys to your new home. Smart locks are also available and picking up in popularity. There are some where you can ..read more

Buyers and Sellers sign a Purchase and Sales Agreement, or P&S, after an offer has been accepted on a home and a mutual agreement has been reached. A P&S includes the final sale price as well as the terms of the purchase. P&S agreements may look different or include additional items depending on which state the sale takes place in. All Purchase and Sales Agreements include the following key pieces of information:   Final Sale Price Final sale price is the price agreed on by the buyer and the seller. The price may change during negotiations leading up to the clos ..read more

Ready to buy a home but have some questions first? Check out below for the most common mortgage questions we get.   1. How can I get a good rate? Our originators will try our hardest to make sure you get a fair and reasonable rate for your mortgage. You may be able to ask your originator if you qualify for programs with lower rates. You should also make sure you lock your rate as soon as possible so there are no surprises later if rates go up. 2. What’s the difference between a fixed-rate and an adjustable-rate mortgage? For more information, check out our blog post on the difference be ..read more

Why it’s important to clean up your credit Bad credit can be a major hassle. If you’re thinking of buying a home, you’re probably going to need to take out a loan for at least part of the payment. Having a poor credit history or a low credit score can affect what type of loan you may qualify for. It could also make getting a mortgage more expensive for you– your fees may be higher, or you may have a higher interest rate. Below is the typical breakdown of credit score categories: 300 – 579: new or poor credit 580 – 620: OK credit 621 – 740: good credit 741+: excellent credit If you fall somew ..read more

1. Out With The Old And In With The New! Decluttering will help you focus your cleaning and organizing more effectively. It also allows space for new items that you may acquire during the holiday season. Your future self will thank you for alleviating the post-Christmas stress of “there’s too much stuff in the house!” 2. Be Smart With Electric Light timers are a great way to regulate your circuit usage and lower your bills. Also, make sure you are using the right cords in the right locations. Indoor extension cords usually aren’t equipped to handle outdoor lighting or harsh winter conditions ..read more

Sometimes it’s hard to know where to start when considering buying a home. Applying and gathering the proper documents needed can seem a little daunting at first but we’re dedicated to making the process as smooth and streamlined as possible. Our easy online application takes a lot of the hassle out of applying for a home loan, but to make sure everything is in order, consult the list below before you begin. Information We’ll Ask For Full name, along with social security number, birth date, and phone number Marital status and number of dependents and their ages Residence history If you’re a ..read more

Benefits of an open floor plan Each home has its unique path, which many refer to as its floor plan. The concept of an open floor plan has been more common among buyers in the current market. Previously, homes always had a divider between their rooms, either a door or a wall. Commonly known configurations of this plan include a kitchen and a dining room, dining room and living room, or all three areas. The main objective of having an open floor plan is to connect the living, dining, and kitchen into one communal living area. Here are the top 5 reasons as to why homeowners are loving open flo ..read more

What is an FHA Loan? The FHA was created in 1934 as a reaction to the Great Depression, a time that saw foreclosures and defaults rise sharply. As a way to keep the housing market stable, the FHA offered insurance to lenders, increasing borrower power, making it safer for lenders to grant loans, and stimulating the housing market. FHA Loans are insured by the Federal Housing Administration and granted by federally qualified lenders – Like Semper. This loan is typically geared toward those looking to put forward a smaller down payment. It is also popular with first time home buyers. It is popul ..read more