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Call in the Pros: 4 Ways That Using a Mortgage Professional Will Save You a Lot of Money

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Call in the Pros: 4 Ways That Using a Mortgage Professional Will Save You a Lot of MoneyIt may seem better to go it alone when it comes to acquiring a mortgage, but there are many benefits associated with using a mortgage professional that can make finding your dream home a lot easier. If you’re currently getting prepared to hit the market and are weighing your options, here are some reasons that a professional who knows the neighborhood will save you money.

Strong Market Knowledge

Many homebuyers can take a look at the MLS listings to find the price of properties selling in the area, but a mortgage professional will know the market without having to look at a book. This means that if you have an ideal house in mind, they’ll be able to determine the right offer for the home you’re interested in so you don’t end up spending time on research and paying more than you should.

Access To Lenders

It may seem like you can get in touch with any lender and they’ll be happy to provide you with a great deal, but because a mortgage professional will have a business relationship with many lenders, they will be able to get you a better rate. While you can approach lenders on your own, there’s a good chance you won’t get as competitive a rate.

Time Is Money

You may have set aside the time to invest into your home search, but trying to find the right home at the right price can end up taking a lot of time. You’ll also need to know the ins and outs of the procedures when it comes to making an offer and closing the deal. The benefit of a mortgage professional is they’ll already have experience at their disposal and will be able to do the legwork for you.

Closing Time

It’s great to find the house of your dreams on your own, but a mortgage professional will be well versed in closing the deal. Instead of having to go back and forth on any home inspection issues or final offers, they’ll be able to advise you so that you can get the home you want at the price you’re looking for.

While many people want to go it alone on the real estate market, using a mortgage professional can save you both time and money in finding the right place. If you’re preparing to buy a home, contact your trusted mortgage professionals for more information.

The Type of Home You Want to Buy Determines Your Closing Cost and Here’s Why

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The Type of Home You Want to Buy Determines Your Closing Cost and Here’s WhySavvy home buyers who are preparing to make a real estate purchase should do their research and understand that they need to save money for not only the down payment but the closing costs as well. The closing costs can account for as much as three to five percent of the sales price in some cases, so this can be a rather sizable amount of money. Some home buyers however, may not realize that the amount of closing costs can vary considerably based on the home that is purchased. With a closer look at why this is, home buyers can make a more educated decision when selecting a home to purchase.

Prepaid Taxes And Insurance

One of the most significant closing costs relates to prepaid taxes and insurance, and both of these expenses are directly tied to the location and value of the property. Consider that the property tax rate can vary based on the city, county, and state. Real estate insurance can also vary based on the type of construction of the home if the home is located in a flood plain and other factors. These are only a few examples of how the location and property type can impact these fees, and home buyers should consider the costs associated with the tax rates and insurance when selecting a property to purchase.

Third Party Reports

There are several third party reports that are commonly paid for at closing, and these include an appraisal, a survey, a pest inspection and a property inspection. The third party reports may vary in cost based on the size of the home, the amount of land that is being purchased, and even the condition of the property. Those who want to keep their closing costs lower may consider learning more about how these fees are calculated up-front before finalizing their plans to buy a specific home.

Title Insurance Fees

Title insurance fees are another typically sizable expense for home buyers, and this insurance offers protection to the lender if the title is not clean. Title insurance can increase based on the size of the property as well as different factors that are revealed with a title search. This information can be difficult to learn with an initial home search, but home buyers should be aware that title defects can increase closing costs.

The location, size, age and construction of a property all impact the closing costs. Those who are shopping for real estate may be inclined to make a decision that keeps closing costs down, and they can reach out to their knowledgeable mortgage professional for more assistance with their particular situation.

What’s Ahead For Mortgage Rates This Week – August 8, 2022

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What's Ahead For Mortgage Rates This Week - August 8, 2022

Last week’s economic reports included readings on construction spending, government reports on jobs, and the national unemployment rate. Weekly reports on mortgage rates and jobless claims were also released.

Commerce Department Reports Construction Spending Rose in May

The U.S. Commerce Department initially reported less construction spending in May but revised its reading of $1.780 trillion to show that spending rose by 0.10 percent in May to a seasonally adjusted annual rate of $1.782 trillion. Analysts expected construction spending to rise by 0.40 percent month-to-month as compared to April’s reading of  0.10 percent growth. Construction spending grew by 8.30 percent year-over-year. Concerns over high inflation and affordability of homes presented ongoing concerns for home builders,

Mortgage Rates Fall, Jobless Claims Rise

Freddie Mac reported lower average mortgage rates last week as the rate for 30-year fixed-rate mortgages fell by 31 basis points to 4.99 percent. Rates for 15-year fixed-rate mortgages averaged 32 basis points lower at 4.26 percent. 5/1 adjustable rate mortgages averaged 0.04 basis points lower at 4.25 percent. Discount points averaged 0.80 percent for 30-year fixed-rate mortgages and 0.6 percent for 15-year fixed-rate mortgages. Rates for 5/1 adjustable rate mortgages averaged 4.25 percent and were four basis points lower with discount points averaging 0.30 percent.

Initial jobless claims rose to 260,000 new claims as compared to the previous week’s reading of 254,000 first-time claims filed. Continuing jobless claims also rose with 1.42 million claims filed; 1.37 million ongoing claims were filed in the previous week.

Non-Farm Payrolls rose by 528,000 jobs in July, which was more than twice the predicted reading of 258,000 jobs added and more jobs added than in June, when 398,000 jobs were added. The national unemployment rate fell to 3.50 percent in July from June’s reading of 3.60 percent. While job growth suggested increasing economic stability, uncertainty over inflation and consumer concerns about high prices for housing, gas, and food kept optimism in check.

What’s Ahead

This week’s scheduled economic reporting includes readings on inflation and the University of Michigan’s preliminary monthly report on consumer sentiment along with weekly readings on mortgage rates and jobless claims.  

How To Avoid Delays When Remodeling

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How To Avoid Delays When RemodelingIf you have a remodeling project coming up, you have probably been told to plan for delays. Even though it can be frustrating to hear that your project is going to be delayed, with some simple planning, you can prevent this from derailing all of your efforts. What are a few of the most important tips you should follow if you want to avoid delays during your remodeling project?

Choose The Right Contracting Team To Help You

One of the most common reasons why remodeling projects get delayed is that people do not choose the right team to help them. There are a lot of contractors available, but you should always start by taking a look at reviews and ratings of the contracting service before you ask them to sign a contract. Take a look at the Better Business Bureau to see if there are any issues. Then, reach out to the contractor to see if they have handled projects like yours in the past. If they have worked on similar projects, you may have found the right team to help you.

Order Everything Early

Once you have found the right contracting service, ask them to order everything early. A common reason why projects are delayed is that materials are not there when they are needed. If you build in some leeway by ordering the materials early, you can prevent a delay from arising.

Get Everything Written Down

There is a saying that if you don’t document it, then it never happened. If you feel like you have a verbal agreement with the contracting service, ask them for a written agreement. You should always trust what the contractor says, but verify it by asking them to write it down. That way, you can avoid disputes down the road, and you can hold the contracting service accountable.

Make Sure The Project Finishes On Time

These are a few of the most important tips you should follow if you want your remodeling project to proceed on time. It can be frustrating when something goes wrong, but with proper planning, you can minimize the chances of dealing with a delay during your project. That way, you can enjoy the fruits of your labor just a bit sooner. 

The Best Ways To Get To Know Your Neighbors

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The Best Ways To Get To Know Your NeighborsIf you recently moved into a new neighborhood, you might be looking for a way to meet your neighbors. Ideally, you will become friends with your neighbors. They can take care of your pets when you are out of town and water your plants when you are gone. On the other hand, how can you meet your neighbors without the process being awkward? There are a few great ways to do so.

Spend Time Outside

If you want to get to know your neighbors, the best way to do so is to spend time outside. Work on your lawn. Water your plans. Walk the dog. The more time you spend outside, the greater your chances of running into your neighbors. This will make it easier for you to get to know them.

Go To Some Neighborhood Events

Next, you should go to a few neighborhood events if you want to meet your neighbors. There are a lot of communities that have pool parties, barbecues, and events for children. If you go to some of these events, you will have a great chance of meeting the people who live around you, and you can make some new friends.

Ask The Neighbors For Advice

Finally, you should ask the neighbors for advice. If you don’t know when you need to put the garbage cans out, you can ask your neighbors. If you are wondering how often the recycling comes, talk to the neighbors! If you don’t know what to do with old electronics you need to throw out, the neighbors can probably help you. It can take a lot of adjusting if you move into a new area, and your neighbors can help you make the process easier. Then, you can invite them over for a beer or a party to show your gratitude.

Get To Know Your New Neighbors

It can be a bit awkward if you move into a new neighborhood. Your neighbors might appear to know each other already, but how can you get to know them as well? If you follow these tips, you can get to know them quickly, make some new friends in your neighborhood, and have someone to lean on if there is an emergency at your house.