What You Should Consider Before Refinancing Your Mortgage

Refinancing Your MortgageThinking about refinancing your home? Refinancing is essentially taking out a brand new (often higher) mortgage for your home, paying off your existing mortgage, and keeping what’s leftover, if anything, in cash. Some people refinance to lower their payment, usually by extending their mortgage term for more years, while others may refinance with a higher payment and shorter term so they can pay the mortgage off faster. Some refinance to a higher mortgage than they currently owe, up to the value of the property, to make a large purchase or invest into retirement savings. No matter what you want to refinance for, it’s not a decision to be taken lightly. Many factors will affect your refinance, but here are some top things to consider before signing that refinance paperwork: Read more

A Complete Guide to If and When You Can Back Away From Buying a House

Despite its excitement, the actual process of buying a home can feel rather daunting. You might get halfway through and find yourself facing changes, obstacles, or concerns that make you consider backing away from your purchase. 

That’s why it’s important to educate yourself on the home buying process before you begin. In addition to learning the ropes on how to buy a home, don’t forget to learn more about how to not buy a home. What reasons allow you to back away from a deal, and when does it become too late? Here’s what you need to know. 

The Best Time to Back Out is Before Your Offer is Accepted

You find a house you love and put in an offer, but then have a chance of heart. You can withdraw your offer and walk away without any complications. 

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What Makes a Good Real Estate Agent?

Becoming the best real estate agent possible requires more than sitting at a desk completing clerical work. You must work strategically and passionately to serve the best interests of your clients. Make sure you embrace these habits to become a trusted and popular real estate agent. 

Leverage New Technology

You don’t need to become an expert on every social media platform out there, but you will gain far more traction with your business if you purposefully harness the best technologies available. 

Most importantly, texting and email are no longer enough! You want to gain a Facebook or Instagram following, create virtual reality tours for your properties, master a brokerage CRM, and download helpful apps onto your phone. 

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Types of Home Loans: Which Option Works Best for You?

You need a home loan — more commonly known as a mortgage, but which type of loan is best for your financial situation? Make sure you understand the ins and outs of each home loan option before you launch into the search for your dream home. 

Conventional Mortgages

Conventional loans are funded by private financial lenders. They’re the most common type of mortgage because they don’t have strict regulations on income or home type, and location. However, they do require stringent credit score and debt-to-income ratio numbers.  Read more

Why Is It Important To Have a Home Inspection?

Buying a home involves more than the transfer of money; the buyer and seller must both complete and uphold certain processes that protect and respect all parties involved. 

A home inspection is one such process that is essential to ensure that the buyer is not investing in a property that will turn into a money pit. This is only possible with a thorough and reliable home inspection. 

What Exactly Is a Home Inspection?

A home inspection is completed by a professional inspection specialist to provide an objective visual examination of the physical structure and systems of a home. This includes every major system from the roof down to the foundation: the heating, central air, interior plumbing, electric, roof, attic, walls, ceilings, floors, windows, doors, basement, and structural components.  Read more

What You Need To Know About Closing Costs

When you think you’ve completed every step of the home buying journey, from saving for a down payment and getting approved for a mortgage to finding the perfect home and making an offer, there’s one more hurdle to jump — closing costs.

Closing costs can come as an unpleasant surprise to buyers who aren’t prepared for the final expenses of their home purchase. Make sure you understand what closing costs cover and budget for them accordingly.

What Are Closing Costs? 

The term “closing costs” is used to encompass a range of fees for the services and expenses required to finalize and approve your mortgage. The seller is responsible for a handful of closing costs, but most of the burden falls on the buyer. You can expect your closing costs to total between 2-5% of your total loan amount.  Read more

5 Common Mistakes To Avoid When Selling Your Home

It’s every seller’s dream to sell their home quickly and without hassle. Nobody wants their home to languish on the market for months on end. Make sure you avoid these five common mistakes to help your home sell as easily as possible.  

Mistake #1: Setting the Price Too High

Pricing your home too high is a common pitfall that creates an unwanted domino effect. First, the higher price will deter legitimate, qualified buyers searching for a home in your price range. As a result, you’ll be less likely to receive offers from eager buyers. Your home will sit on the market instead. And the longer your home’s up for sale, the less urgency buyers feel to make a quick offer. In the end, you’ll be forced into a price reduction that gives the buyer extra negotiating power. Read more

What Can Delay a Closing?

It’s unfortunately all too common for home settlements to be delayed unexpectedly. Real estate transactions are complex, which means that many factors pose the risk of delay or, even worse, cancellation. 

Before you approach your own settlement date, make sure you understand the most common reasons why a real estate closing may be delayed and avoid those pitfalls. 

Title Report Red Flags

In order to buy or sell a home, you must possess a free and clear title. This document proves legal ownership of a real asset — like a home — and must be clear of debts, liens, and credit claims in order to be transferred in a real estate transaction.  Read more

Does the Seller or Buyer Pay Closing Costs?

Whether you’re buying or selling a home, it’s important to understand the process and costs involved. Aside from your moving truck or brand new mortgage, real estate transactions also involve closing costs. Learn more about whether you’re responsible for paying these closing costs and why they matter.

What Are Closing Costs?

Closing costs include all of the expenses and fees that must be paid on closing day. In most residential sales, closing costs equal between 3-6% of the home’s total purchase price.  Read more

For Sale by Owner: What Deadlines To Expect During the Sale of Your Home and Why They’re Important

Selling your home is a major undertaking, which is why most people hire a realtor to handle everything from the largest tasks to the smallest details. 

However, every realtor’s expertise comes at a price, sometimes up to six percent of the home’s selling price. This is the main reason that more and more people are opting to sell “by owner” rather than by realtor. But where do you even begin in the process of achieving a successful For Sale by Owner (FSBO) transaction? 

First, it’s important to identify and understand the deadlines that you face as you work to sell your home independently. Selling “by owner” does not exempt you from the legal procedures, disclosures, and other legalities required in all real estate transactions.  Read more