"I’M IN THE PROCESS OF BUYING A NEW HOME THAT HAS A GREAT VIEW FROM THE DECK IN THE BACKYARD. HOW CAN I BE SURE THAT THIS VIEW WON’T CHANGE OVER TIME DUE TO FUTURE DEVELOPMENT?" Whether it’s commercial or residential, future development can not only change a homeowner’s view, but can also cause an increase in traffic and noise—and affect future home values. Although there’s obviously no guarantee that your view won’t change due to development or other construction during the time that you own the home, you can do a little research to determine how the area around your new home is currently zon ..read more

As we transition into the fall real estate season, let’s look at how the interest rates—namely on the ever-popular 30-year fixed-rate mortgage—have been trending. Also, let’s look into our crystal ball and see if we can shed some light on the short-term future of the interest rates. The Summer Interest Rates: For the 30-year fixed-rate mortgage, the average rate between the beginning of June and the end of August was 2.89 percent, according to Freddie Mac’s weekly Primary Mortgage Market Survey. This figure is slightly lower than the 3.04 percent average for the same time period in 2020 and is ..read more

Next spring may seem like a long way off, but if you’re buying in 2022, you’ll need to start working on your credit now. Unfortunately, improving your credit won’t happen overnight, so here’s what you can do today: Review your credit reports and take action, if needed. Since you can view each of your three credit reports at AnnualCreditReport.com three times a year, review your reports regularly before next spring. When you look at your reports, keep an eye out for mistakes. Keep your credit card balances low. In the next few months, be mindful of the balances on your credit cards. Just by pay ..read more

"I HAVE A VA LOAN AND I WANT TO REFINANCE TO GET A BETTER INTEREST RATE AND LOWER MY MONTHLY PAYMENTS. IS REFINANCING DIFFERENT FOR A VA LOAN THAN IT IS FOR A CONVENTIONAL LOAN?" Since you have a VA loan, you can take advantage of one of the simplest and fastest refinance programs: the VA Streamline Refinance. Also known as an Interest Rate Reduction Refinance Loan (IRRRL), a VA Streamline Refinance is very similar to an FHA Streamline Refinance. With a VA Streamline, your lender won’t need verification of your income, employment or credit score and there is no requirement for a new home appra ..read more

While it’s true that we’re seeing a very hot real estate market, that doesn’t mean everything you’re hearing about the seller’s market is true. On the contrary, there are a lot of myths out there about the current market. If you’re looking to buy, make sure you know what the conditions are really like. Here are five myths about buying a home in today’s market: 1. Buying a home right now is too expensive for most people. Although home prices have been rising at somewhat quickly over the past year or so, it’s important to note that the record-low interest rates have helped to make home-buying af ..read more

Here are the answers to some often-asked questions about mortgages and the mortgage process: Is there a minimum amount required for a down payment? No, although you may be required to get private mortgage insurance if your down payment is less than 20 percent. Many government-backed loans actually require little or no down payment. What does APR stand for? APR is your annual percentage rate. It includes your interest rate, any points you pay, your mortgage insurance, and any other up-front fees. In simple terms, it’s what you’ll actually end up paying in addition to your principal. How much wi ..read more

"WE MOVED INTO OUR NEW HOME TWO WEEKS AGO. DURING THE FIRST RAINSTORM, WE FOUND THAT THE ROOF HAS A LARGE LEAK. WE THINK THE SELLER MAY HAVE KNOWN ABOUT IT. WHAT RECOURSE DO WE HAVE?" When a home is sold, a seller is required by law to disclose any “known material defects” to the buyer. Generally, a material defect as defined by such a law—known as a disclosure law—will only include major issues such as structural problems, water and sewage issues, pest infestation, and other large-scale problems. On the surface, it seems that your roof leak may qualify as a major material defect and if the se ..read more

If you’re purchasing a home, your monthly mortgage payment will likely be your biggest financial consideration. However, that’s far from the only expense you’ll need to budget for. Buying—and owning—a home will come with plenty of different costs from the day you sign the paperwork all the way up until the day you sell and move into your next home. Let’s take a closer look at some of these costs: Upfront One-Time Costs: Beyond the costs associated with the act of financing a home purchase—such as closing costs—you’ll also have a few one-time expenses that you’ll need to plan for. These costs m ..read more

With the hot housing market, bidding above asking price has almost become the norm. Unfortunately, this trend has led to problems for some buyers: An appraisal that comes back lower than the agreed-to selling price. What can you do if this happens to you? First of all, you shouldn’t panic because you do have options. Negotiate a lower price. Although this strategy may not work in the current market—since a seller may be able to line up another buyer fairly easily—it could be an option worth trying. In some situations, a seller will negotiate with you on the price if they believe that an apprai ..read more

"THE FINAL WALKTHROUGH ON OUR NEW HOME IS SCHEDULED FOR THIS WEEKEND. SHOULD I BE LOOKING FOR ANYTHING IN PARTICULAR DURING THE WALKTHROUGH? OR IS THE WALKTHROUGH MORE OF A FORMALITY?" The final walkthrough is your time to inspect the property one last time, so don’t treat it as a formality. Once you close on your home, it may be difficult to have any issues addressed that you may have missed during the walkthrough. Generally, you’ll be looking to make sure that the house is in the same condition as it was when you agreed to buy it. During your walkthrough, here’s what you should focus on: - M ..read more