You’ve found the perfect home, in the right neighborhood with the right number of bedrooms and bathrooms. The home inspection is done, but a few issues have been found. Now, you have some decisions to make: What repairs can I ask the seller to make? Ideally, the issues would be small enough—and inexpensive—that the seller would be happy to fix them before the sale. However, it’s often a fine line between what the seller should fix and what the seller must fix. Fortunately, yo

"I’M THINKING ABOUT SELLING. A FRIEND REFERRED ME TO HER REAL ESTATE AGENT, BUT HER AGENT MAINLY WORKS IN A DIFFERENT AREA THAN WHERE I LIVE. SHOULD I CONSIDER USING HER AGENT?" Although many real estate agents do concentrate on specific areas, that doesn’t mean that an agent isn’t knowledgeable about other areas and neighborhoods nearby. In fact, many agents are well-versed in the market conditions of quite a large region and are able to apply their experience and knowledge

If you’re a homeowner and you want to maximize your tax deductions, here are four areas that can help you do that: Mortgage interest, mortgage points and property taxes. This is likely to be the biggest portion of your home-related tax deductions. You can deduct the interest on your mortgage on loans of up to $1,000,000 ($750,000 for new mortgages) as well as any mortgage points you paid on a new loan. As for property taxes, you can deduct up to $10,000 in combination with sa

One of the biggest challenges a homeowner can face when looking to upgrade or move is trying to sell their current home while buying another. If most of your net worth or equity is locked up in your current house, you will need to move it into cash to help fund the purchase of your new home. The alternative is to wait until your home is sold and you receive the funds before trying to buy a new one – but you could end up waiting for months. The great news is that there are bri

Here are four things we learned about real estate and lending in 2018: 1. We may have taken low interest rates for granted. Although mortgage rates have leveled off recently, the sub-4.0 percent rate environment is gone, at least for now. The rate on a 30-year fixed-rate was just below 4.0 percent at the beginning of 2018, but rose throughout the year, according to Freddie Mac’s Primary Mortgage Market Survey. The high point came in mid-November when the rate on the 30-year f

"WE’RE PLANNING ON BUYING A HOME IN 2019. WITH THE INTEREST RATES RISING LATELY, IS THERE ANYTHING THAT WE CAN DO NOW TO ENSURE THAT WE GET A GOOD RATE WHEN WE APPLY FOR OUR NEW LOAN?" Interest rate hikes can happen without warning as fluctuations in rates occur constantly—not only from week to week, but also from day to day. If you’re looking to buy next year, there are steps you can take now to ensure that you get the best rate possible. The most important thing that you ca

Living in a home that’s for sale can be stressful and it can be a real disruption to your normal routine. However, by using several different strategies and by planning ahead, you can minimize your stress level. Put as much of your belongings as you can into storage. When you’re getting your home ready to go on the market, try to put as much of your belongings as possible into storage, whether it’s in your own home or in an off-site storage facility. By doing this, you’ll hav

One of the best ways to add value to your house is through a home improvement project. However, there are plenty of pitfalls when it comes to remodeling. Here are six critical mistakes to avoid: 1. Not talking to your real estate agent ahead of time. Before you decide on any renovations or remodeling projects, it’s imperative that you sit down and discuss your plans with your real estate agent first. Their knowledge of which home improvements projects are beneficial—as well a

Over the past year and a half, the big three credit bureaus of Equifax, TransUnion and Experian have made some subtle yet important changes to the way negative information is reported on credit reports. What does this mean for you? It could mean that your FICO credit score has risen recently—even if your debts and monthly payments haven’t changed. Following a study by the Consumer Financial Protection Bureau, all three credit bureaus began scrubbing all civil judgments and ta

I’VE HEARD THAT SMART HOMES ARE ALL THE RAGE LATELY. IF I’M GOING TO SELL MY HOME, IS IT WORTH IT FOR ME TO MAKE UPGRADES TO MY HOME TO INCORPORATE SMART TECHNOLOGY?" The answer to that question may be found in the old saying about “knowing your audience.” Smart home improvements—technology upgrades that make your home more convenient and efficient—can make your home more attractive or unique, but it may be more of a turn-off (no pun intended) to many buyers. Although control

"I RECEIVED A NOTICE STATING THAT MY ESCROW ACCOUNT IS PROJECTED TO HAVE A SHORTAGE AND I NEED TO MAKE A PAYMENT TO MY LOAN PROVIDER. WHAT DOES THIS MEAN AND WHY DID THIS HAPPEN?” When you started with your new mortgage, an escrow account was set up to manage payments of property taxes and homeowner’s insurance. Since the amount paid on taxes and insurance can fluctuate from year to year (or quarter to quarter, in some cases), the account may fall short of the required amount

Much like buying a home in the fall, selling a home in the fall is similar to selling at any other time of year. However, the current season and market conditions for sellers in the fall often have more of an impact on sellers than buyers. With that in mind, let’s look at what it takes to sell your home in the fall months: First and foremost, there are several tasks you’ll need to complete to get your home ready to sell. These tasks are the same tasks you’d need to complete i

With summer starting to wind down, let’s turn our attention to the fall buying and selling season. First up: Buying a home in the fall months. Although market conditions often change once the traditional school year begins, buying a home in the fall is similar to buying any other time of year and thus you’ll need to prepare for buying just like you would during any other season. Once you find a home and your offer is accepted, the process will be the same no matter what time

Although a fixed-rate mortgage is often the go-to mortgage for many borrowers, a certain kind of adjustable-rate mortgage (ARM)—namely a 5/1 ARM—may be a better option. What is a 5/1 ARM? A 5/1 ARM is a mortgage that has a fixed interest rate for a number of years and then morphs into an adjustable-rate mortgage, with the rate changing at certain intervals based on the current rates and a preset formula. As the name implies, a 5/1 ARM is a mortgage that has a fixed rate for f

Do you think that the services of a real estate agent and a mortgage broker are useful only when you’re getting ready to buy, sell or refinance? You might want to think again. Even if you’re not ready to buy, sell or refinance, you should stay in touch with your real estate and mortgage professionals. Here’s why: Why You Should Keep in Contact With Your Mortgage Broker: Having good credit is essential when you buy or refinance and since fixing your credit won’t happen overnig

Since home values have continued to climb over the past couple of years, ensuring that you get a solid home appraisal is very important. To get the best possible appraisal, here are a few key steps you’ll need to take: Be knowledgeable about recent sales information. Recent sales in your area are a key component of your appraisal. In some instances, recent selling prices may have been negatively affected in your neighborhood for a variety of reasons. Ask your real estate agen

"I’M GETTING READY TO PUT MY HOME ON THE MARKET AND IT’S CURRENTLY VACANT. SHOULD I HAVE IT PROFESSIONALLY STAGED TO HELP IT SELL OR SHOULD I JUST TRY TO SELL IT WITHOUT ANY FURNITURE?" Having an empty home staged is often a very good idea because potential buyers can better visualize how their own belongings and furniture will fit in each of the rooms. Also, having it staged will give buyers that sense of hominess that a vacant home doesn’t always have. Keep in mind that hav

When you sell your home, you’ll be required by law to disclose certain things about your home, namely any known material defects. The specifics of these laws—known as disclosure laws—vary by state and locality, but are on the books in almost all areas. What’s covered under disclosure laws: Generally, you’re required to disclose any material defects which can include structural problems, water and sewage issues, pest infestation, electrical or heating and cooling problems, the

As the year comes to a close, let’s take a look back at what shaped real estate and the mortgage industry in 2017: Interest rates weren’t as volatile as some expected. Although the Federal Reserve raised its benchmark interest rate two times in 2017, mortgage interest rates were fairly steady throughout the year. According to Freddie Mac’s Primary Mortgage Market Survey, the highest monthly rate on a 30-year fixed-rate mortgage was 4.2 percent in March and the lowest monthly

What sets an FHA Streamline Refinance apart from a conventional refinance is that verification of your income, employment and credit score is not required. Also, a home appraisal is not necessary with an FHA Streamline Refinance. If you’re eligible, the FHA will allow you to use your home’s original purchase price—or your most recent home appraisal—as your home’s current value for the refinance. The two biggest eligibility requirements are as follows: 1) You must have a perfe