Paying Cash for a Home? Beware of the 90 Day Rule

Paying Cash for a Home? Beware of the 90 Day Rule

With inventory levels low in this competitive housing environment, some people are opting to make cash offers on homes to make their purchase agreement look more attractive to potential sellers. While this may help you get your offer accepted, there is a large pitfall you must understand. The IRS gives you a 90-day window to put a mortgage on a property to gain the benefits associated with this loan being considered “acquisition indebtedness”.

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SO, YOU NEED A MORTGAGE:

SO, YOU NEED A MORTGAGE:

IS YOUR BANK THE BEST PLACE TO GO? – Part 2

Last time, we presented a few things to consider if you are thinking about financing for your new home. Specifically, should you use a local bank or a Mortgage Banker? It may seem like the logical step is to call your bank. They have your banking accounts and since the Bank has your financial information, the process will be easier. Unfortunately, this is rarely the case. ...

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SO, YOU NEED A MORTGAGE:

SO, YOU NEED A MORTGAGE:

IS YOUR BANK THE BEST PLACE TO GO? – Part 1

You’ve decided to make a move and buy a new home, what’s next? The first step should be to obtain a Pre-Approval Letter. It may seem like the logical step is to call your bank. They have your banking accounts and since the Bank has your financial information, the process will be easier. Unfortunately, this is rarely the case. In fact, it is typically a much ...

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The Only Constant is Change…

The Only Constant is Change…

…and as witnessed over the past 20 years, nowhere is it more evident than in the mortgage industry. Much of it, as with any business, occurs because of the rapid and ever evolving technological advances making the process easier and more efficient.

Enter Government Regulation
But, as rapidly as it happens, the most change we’ve seen in the past years has come from government regulation. Hindsight is 20/20, of course, and looking back at the events leading ...

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Interest Rate Update

Interest Rate Update

Since I last wrote this update back in April, interest rates have been amazingly steady. The Federal Reserve raised short-term rates again in June. That is having a direct impact on adjustable rate mortgages (that are now adjusting), home equity lines of credit, and car loans. The prime rate has now risen from 3.25% in 2015 to 5% today. They have penciled in two more increases this year potentially, which would bring it up to 5 ...

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Divorce & Support Payments…

Divorce & Support Payments…

…When Can You Use it to Qualify for a Mortgage?

As you contemplate and work through a divorce, one of the most important factors to consider is your housing needs in the future. Will you stay in the home that your living in or sell the house and move somewhere else? We can’t overstate the importance of getting with a mortgage professional as you begin to negotiate your marital settlement agreement. There are very specific guidelines revolving around ...

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Having Trouble Getting Your Offer Accepted?

Having Trouble Getting Your Offer Accepted?

It’s no secret, it is a competitive market out there if you are a buyer. Whether you are purchasing a home and have the cash on hand for the down payment or you need to sell your existing home first to use the equity from that property for the down payment on the new home, there are challenges. The key to success is preparation. We have gone out of our way to create tools for you ...

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Have pets?? Top Tips for Selling Your Home

Have pets?? Top Tips for Selling Your Home

 

Do you have pets as part of your family? When you put your home up for sale you need to be prepared that not everyone feels the same about having pets. Your home is staged so that the potential buyers can “see” themselves living in your home and often that doesn’t include pets. Scheduling a deep cleaning for your home to remove any pet odor is a necessity prior to listing. Here are some things to ...

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Choosing a Neighborhood: 6 Things to Consider

Choosing a Neighborhood:  6 Things to Consider

For many homebuyers, choosing a neighborhood is more important than choosing a house when shopping for a place to live. You can repair, remodel, or renovate a house but there are many things about a neighborhood you can’t change. What should a buyer look for in a neighborhood? This list may change based on your interests, but there are many neighborhood factors that can add value to your home. Remember, it is all about “Location, location, ...

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Why to Sell This Spring: 5 Reasons

Why to Sell This Spring:  5 Reasons

Traditional wisdom indicates that certain times of the year are better than others for selling your home. Historically, Spring is one of those times. Below are 5 reasons for why selling during Spring makes sense.

1. Strong Demand
According to the March 2018 Buyer Traffic Report (National Association of Realtors), buyer demand has remained strong throughout most of the country since May of 2016. This indicates that buyers are ready, willing, and able to purchase and are ...

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