While it’s exciting to start thinking about moving in and decorating after you’ve applied for your mortgage, there are some key things to keep in mind before you close. Here’s a list of things you may not realize you need to avoid after applying for your home loan.
Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.
It’s not just home-related purchases that could disqualify you from your loan. Any large purchases can be red flags for lenders. People with new debt have higher debt-to-income ratios (how much debt you have compared to your monthly income). Since higher ratios make for riskier loans, borrowers may no longer qualify for their mortgage. Resist the temptation to make any large purchases, even for furniture or appliances.
When you cosign for a loan, you’re making yourself accountable for that loan’s success and repayment. With that obligation comes higher debt-to-income ratios as well. Even if you promise you won’t be the one making the payments, your lender will have to count the payments against you.
Lenders need to source and track your assets. That task is much easier when there’s consistency among your accounts. Before you transfer any money, speak with your loan officer.
It doesn’t matter whether it’s a new credit card or a new car, when you have your credit report run by organizations in multiple financial channels (mortgage, credit card, auto, etc.), it will have an impact on your FICO® score. Lower credit scores can determine your interest rate and possibly even your eligibility for approval.
Many buyers believe having less available credit makes them less risky and more likely to be approved. This isn’t true. A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both of those aspects of your score.
Be upfront about any changes that occur or you’re expecting to occur when talking with your lender. Blips in income, assets or credit should be reviewed and executed in a way that ensures your home loan can still be approved. If your job or employment status has changed recently, share that with your lender as well. Ultimately, it’s best to fully disclose and discuss your intentions with your loan officer before you do anything financial in nature.
You want your home purchase to go as smoothly as possible. Remember, before you make any large purchases, move your money around, or make major life changes, be sure to consult your lender – someone who’s qualified to explain how your financial decisions may impact your home loan.
Article Source: www.keepingcurrentmatters.com
I can help you find a strong buyer strategy that fits your goals. If you consider buying a property in the next 1-2 years, you need to download our free buyer guide!
Get informed with our buyer guide to understanding the best buyer strategies to get started.
If you’re thinking about buying or selling a home soon, you probably want to know what you can expect from the housing market this year. In 2022, the market underwent a major shift as economic uncertainty and higher mortgage rates reduced buyer demand, slowed the pace of home sales, and moderated home prices. But what about 2023?
An article from HousingWire offers this perspective:
“The red-hot housing market of the past 2 ½ years was characterized by sub-three percent mortgage rates, fast-paced bidding wars and record-low inventory. But more recently, market conditions have done an about-face. . . . now is the opportunity for everyone to become re-educated about what a ‘typical’ housing market looks like.”
This year, experts agree we may see the return of greater stability and predictability in the housing market if inflation continues to ease and mortgage rates stabilize. Here’s what they have to say.
The 2023 forecast from the National Association of Realtors (NAR) says:
“While 2022 may be remembered as a year of housing volatility, 2023 likely will become a year of long-lost normalcy returning to the market, . . . mortgage rates are expected to stabilize while home sales and prices moderate after recent highs, . . .”
Danielle Hale, Chief Economist at realtor.com, adds:
“. . . buyers will not face the extreme competition that was commonplace over the past few years.”
Lawrence Yun, Chief Economist at NAR, explains home prices will vary by local area, but will net neutral nationwide as the market continues to adjust:
“After a big boom over the past two years, there will essentially be no change nationally . . . Half of the country may experience small price gains, while the other half may see slight price declines.”
Mark Fleming, Chief Economist at First American, says:
“The housing market, once adjusted to the new normal of higher mortgage rates, will benefit from continued strong demographic-driven demand relative to an overall, long-run shortage of supply.”
If you’re looking to buy or sell a home this year, the best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect so you have a trusted advisor to answer your housing market questions
Article Source: www.keepingcurrentmatters.com
I can help you find a strong buyer strategy that fits your goals. If you consider buying a property in the next 1-2 years, you need to download our free buyer guide!
Get informed with our buyer guide to understanding the best buyer strategies to get started.
If buying or selling a home is part of your dreams for 2023, it’s essential for you to understand today’s housing market, define your goals, and work with industry experts to bring your homeownership vision for the new year into focus.
In the last year, high inflation had a big impact on the economy, the housing market, and likely on your wallet too. That’s why it’s critical to have a clear understanding of not just the market today, but also what you want out of it when you buy or sell a home. Danielle Hale, Chief Economist at realtor.com, explains:
“The key to making a good decision in this challenging housing market is to be laser focused on what you need now and in the years ahead, so that you can stay in your home long enough that buying is a sound financial decision.”
You’re dreaming about making a move for a reason – what is it? No matter what’s happening in the market, there are still many compelling reasons to buy a home today. Your needs may have changed in a way your current house can’t address, or you could be ready to step into homeownership for the first time and have a space that’s truly your own. Use what’s motivating you as a guidepost in partnership with an expert advisor to help make sure your move will give you a lasting sense of accomplishment.
You know you want to move, but how would you describe your dream home? The available supply of homes for sale has grown, and that could mean more options to choose from when you buy. Just be sure to keep your budget in mind and work with a trusted real estate professional to balance your wants and needs. The better you understand what’s essential and where you can be flexible, the easier it can be to find the home that’s right for you.
Getting clear on your budget and savings is essential before you get too far into the process. Working with a local agent and a lender early is the best way to make sure you’re in a good position to buy. This could include planning how much to save for a down payment, getting pre-approved for a home loan, and assessing your current home equity if your move involves selling your existing house.
Buying or selling a home is a big process that takes expertise to navigate. If that feels a bit overwhelming, you aren’t alone. According to a recent Harris Poll survey, one in five respondents see a lack of information or knowledge about the homebuying process as a barrier from owning a home. Don’t let uncertainty hold you back from your goals this year. A trusted expert can bridge that gap and give you the best advice and information about today’s market.
Work with me to plan how your dreams for 2023 can become a reality.
Article Source: www.keepingcurrentmatters.com
I can help you find a strong buyer strategy that fits your goals. If you consider buying a property in the next 1-2 years, you need to download our free buyer guide!
Get informed with our buyer guide to understanding the best buyer strategies to get started.
Are you prepping to buy your first home? If so, one of the steps you should take early on is making sure you’re financially ready for your purchase. Here are just a few of the financial fundamentals you’ll need to focus on as you set out to buy a home.
Your credit is one element that helps determine which home loan you’ll qualify for. It also impacts your mortgage interest rate. While there are many factors that go into your mortgage application, a higher credit score could lead to a lower monthly payment in the long run.
So how do you make sure your credit is in the best shape possible when it’s time to buy? A recent article from NerdWallet lists a few tips you can use as you work to build and strengthen your credit. They include:
You might also be wondering how you can achieve your down payment savings goals. Bankrate provides buyers with a number of tips to help you save, including searching for down payment assistance programs and ways you can save more, faster. As the article says:
“One of the best ways to save for anything — including a down payment — is to set it and forget it. If you receive a regular paycheck, ask your employer to direct a portion of that payment into a savings account. If you’re a freelance worker or independent contractor, set up a recurring transfer from a checking account to a savings account to establish the routine.”
As you prepare for your purchase, you’ll also need to have a good grasp on your budget and how much you’ll be able to borrow for your home loan. That’s where the pre-approval process comes in.
Pre-approval from a lender lets you know how much money you can borrow for your home loan. And having that knowledge, plus an understanding of your savings, can help you decide on your target price range for a house.
From there, you can start browsing for houses online and see what’s available in your area in that general price point. This can help you really understand your options so you can start to picture your future home.
Finally, the best way to make you’re prepared for your purchase is to connect with trusted real estate professionals. Having expert advisors in the industry will help you make strong decisions throughout the homebuying process based on your specific goals, finances, and situation. They know the market and can guide you toward the home of your dreams.
If you’re ready to get the homebuying process started, connect with me to begin building your team of professionals today.
Article Source: www.keepingcurrentmatters.com
I can help you find a strong buyer strategy that fits your goals. If you consider buying a property in the next 1-2 years, you need to download our free buyer guide!
Get informed with our buyer guide to understanding the best buyer strategies to get started.
Mortgage rates have been a hot topic in the housing market over the past 12 months. Compared to the beginning of 2022, rates have risen dramatically. Now they’re dropping, and that has to do with everything happening in the economy.
Nadia Evangelou, Senior Economist and Director of Forecasting at the National Association of Realtors (NAR), explains it well by saying:
“Mortgage rates dropped even further this week as two main factors affecting today’s mortgage market became more favorable. Inflation continued to ease while the Federal Reserve switched to a smaller interest rate hike. As a result, according to Freddie Mac, the 30-year fixed mortgage rate fell to 6.31% from 6.33% the previous week.”
So, what does that mean for your homeownership plans? As mortgage rates fluctuate, they impact your purchasing power by influencing the cost of buying a home. Even a small dip can help boost your purchasing power. Here’s how it works.
The median-priced home according to the National Association of Realtors (NAR) is $379,100. So, let’s assume you want to buy a $400,000 home. If you’re trying to shop at that price point and keep your monthly payment about $2,500-2,600 or below, here’s how your purchasing power can change as mortgage rates move up or down (see chart below). The red shows payments above that threshold and the green indicates a payment within your target range
This goes to show, even a small quarter-point change in mortgage rates can impact your monthly mortgage payment. That’s why it’s important to work with a trusted real estate professional who follows what the experts are projecting for mortgage rates for the days, months, and year ahead.
Mortgage rates are likely to fluctuate depending on what happens with inflation moving forward, but they have dropped slightly in recent weeks. If a 7% rate was too high for you, it may be time to contact a lender to see if the current rate is more in line with your goal for a monthly housing expense. expense.about selling your house this season, work with me so you have the expert insights you need to make the best possible move today.
Article Source: www.keepingcurrentmatters.com
While snow might be a common sight in the rest of the country, residents of Florida know that they don’t need it to have the most beautiful and festive holiday season in the country. Warm weather keeps all of the leaves green, and all you have to do is bring in the red!
The most celebrated time of the year has arrived! If you want to get into the holiday spirit, deck the halls. Decorate your Florida home for Christmas with these ideas.
You can do more than snowmen and reindeer with the warm, tropical climate in Florida. Use plain white lights on palm trees for a subtle look, or multicolored, flashing LED lights to make your palms really stand out in the neighborhood. Rather than denying the tropical surroundings, embrace the Florida style with wacky lawn decor and ornaments.
When you decorate for the holidays, it’s important to choose decor that you like and can use year after year. Make sure you have lots of options so that whether you want a traditional Christmas tree or a funky one, you have lots of decorations to choose from.
For a festive Christmas, you can use traditional ornaments (red and green bows, pine scents, peppermint sticks) or try bringing the Florida Gulf coast into your home. You don’t need to decorate your wreath and rug with red and green to make it feel Christmasy. For a bit of a Floridian theme, add some beach-inspired decor. Seashell ornaments and starfish tree-toppers are enough to make you wish Santa brought the Florida Gulf with him!
Looking for more inspiration? Check out these decorating ideas for more design inspiration
© 2022 All Rights Reserved.
The holidays are quickly approaching, and contrary to popular belief, this is still a popular time to purchase a home. Indeed, many buyers are under additional pressure to close quickly at this time of year. Holiday home buyers are frequently looking to start a new job or secure financing before the end of the year for tax purposes. Others may have been waiting for a change in mortgage rates that did not occur over the summer, while the rest may simply want to move in before the cold weather arrives.
You don’t have to wait until the warmer months to list your home for whatever reason. However, if you do decide to sell during the holidays, there are a few rules to follow, particularly when it comes to one of the best parts of the season: decorations. Let’s look at the reasons why decorating your home when selling during the holidays can help it sell and some do’s and don’ts to keep in mind this holiday season when your home is on the market:
If your home is well decorated when selling during the holidays, without going too far, it will be more appealing to home buyers. There is something magical about festive decorations for children, and sometimes for adults as well.
A home that is decorated will be more inviting and will make buyers more likely to want to look around. Since the home is more appealing, there should be a greater chance that you receive offers.
Homebuyers want to imagine themselves living in your home, and a beautifully decorated home for the holidays looks very inviting. It will be cozier and seem like a nicer place to live. They should also be able to easily imagine their family and friends enjoying festivities in the home.
Decorating when selling during the holidays, isn’t going to be as easy as most other years. But if you keep it simpler than you usually would, it should be less difficult. Try to coordinate the decorations with the look of the home without doing too much.
You should also make sure your home is decluttered when decorating for the holidays. This will further make it easier for buyers to see themselves living in the home.
Decluttering is something you should do at whatever time of the year you are selling your home. It will make the home look better when it’s photographed for the property listings, and look tidier for showings. Since you are going to have to pack everything up for your move, you will need to deal with all the stuff in your home anyway. Decluttering your home and getting rid of things you no longer need, will make packing easier as well.
If you don’t bother with decorations because you are preparing to move, it could give a negative impression to potential buyers.
Buyers will expect homes they tour during the holidays to have decorations, and other properties they see will have them. If your home isn’t decorated, buyers may not like your home as much compared to the other homes they have seen.
And if every other home on the street is decorated, your home will not only look out of place, it may appear strange to buyers. You never want your home to look dull compared to your neighbors when selling.
If you don’t have a tradition of decorating your house in your family, either for religious or other reasons, check with your Realtor for their advice on what you should do.
If your festive decorations enhance your home, a buyer could find a personal connection to your home. This will increase the chances of them making an offer. Emotional connections can actually be as important as the features or the layout of the home to help you find a buyer.
• Do complete a deep cleaning of your home before decorating and make sure to dust off and clean your decorations as well.
• Do keep your home elegant when decorating it for the holidays is to stick to a neutral color palette
• Do use warm scents like cinnamon, peppermint, pumpkin, pine, and apple to make your home feel more cozy.
• Don’t overdo it; your house will look cluttered and smaller
• Don’t use large and gaudy decorations or put up a Christmas tree that will make your space feel smaller.
• Don’t put out decorations with specific religious themes so not to detract buyers of other religions.
Decorations can make buyers more attracted to the idea of living in your home, making buying the home a more appealing prospect. If you don’t have festive decor, your home will look out of place compared to your neighbors and the other homes buyers have been looking at. So make sure to keep this in mind when selling a home during the holidays.
Decorating your home when you are selling during the holidays will ultimately improve how easy your home is to sell. There are top ways staging your home can attract buyers, make a connection, and it might even cheer you up at the same time.
Each year, homeowners planning to make a move are faced with a decision: sell their house during the holidays or wait. And others who have already listed their homes may think about removing their listings and waiting until the new year to go back on the market.
The truth is many buyers want to purchase a home for the holidays, and your house might be just what they’re looking for. Here are five great reasons you shouldn’t wait to sell your house.
1. While the supply of homes for sale has increased this year, there still aren’t enough homes on the market to keep up with buyer demand. As Nadia Evangelou, Senior Economist & Director of Forecasting at the National Association of Realtors (NAR), explains:
“There’s still this gap between demand and supply because we were underbuilding for many years. . . . So now we see demand is slowing, but it still outpaces supply.”
2. Serious homebuyers are out looking right now. Millennials are driving homebuying demand today, and many are eager to make a purchase. Mark Fleming, Chief Economist at First American, explains:
“While not the frenzy of 2021, the largest living generation, the Millennials, will continue to age into their prime home-buying years, creating a demographic tailwind for the housing market.”
3. The desire to own a home doesn’t stop during the holidays. In fact, homes decorated for the holidays appeal to many buyers. Plus, purchasers who look for homes during the holidays are ready to buy.
4. You can restrict the showings in your house to days and times that are most convenient for you. That can help you minimize disruptions, which is especially important this time of year.
5. Rents have skyrocketed in recent years. And, many buyers are looking to escape rising rents and avoid falling into the rental trap for another year. As an article from Zillow says:
“Over the next 12 months, rents are expected to grow more than inflation, the stock market and home values.”
Your home could be their ticket to leaving renting behind for good.
There are still many reasons it makes sense to list your house during the holiday season. Reach out to me to determine if selling now is your best move.
Article Source: www.keepingcurrentmatters.com
Includes favorite thanksgiving recipes and preparing the perfect turkey.
Whether you pick just one of these recipes or use them to curate your whole menu, you'll definitely be bringing something impressive to the table.
Tender flaky, moist, fool-proof boneless turkey breast recipe that's perfect for Thanksgiving.
Thanksgiving side dish or vegan fall dinner.
Cranberry, stuffing, and turkey are true Thanksgiving Day staples.
This simple mix of autumn veggies makes a no-nonsense holiday side.
This will obviously depend on the number of guests you are expecting, but a safe estimate is to account for about one pound of turkey per guest.
Depending on the size of your turkey, you may need to begin the thawing process anywhere from two to five days before serving, but a good rule of thumb is to allow for 24 hours per 4 pounds of turkey.
If you’re brining the turkey, allow it to sit in the brine in the refrigerator for at least 12 hours before cooking.
Once the turkey is fully thawed, remove the bag of gizzards and organs from the inside, and thoroughly wash the inside and outside of the turkey with water. Pat the turkey dry, then cross the legs and tie them together with kitchen string.
This will also depend on the size of the bird. Follow along with these time estimates based on the size of your turkey and your oven set to 350°F:
Tip: Baste the turkey with its own juices every 30 minutes as it’s baking. When the internal temperature at the thickest part of the thigh reaches 165°F, remove from the oven.
1. Preheat the oven to 375°F.
2. In a bowl, combine all of the ingredients besides the gravy. Using your hands, fold until it’s thoroughly mixed.
3. Roll the meat mixture into small balls, and place on a parchment lined baking sheet.
4. Bake for 20 minutes, and serve immediately.
Step 1: Preheat oven to 400°F. Butter a 3-quart baking dish. Pour 1/4 cup cream in dish.
Step 2: Layer parsnips, sweet potatoes, carrots, and beets in prepared dish. Season with salt and pepper. Top with cheese. Stir together garlic and remaining 1 cup cream in a bowl; pour over vegetables. Cover dish with aluminum foil.
Step 3: Bake for 30 minutes. Uncover, and bake until vegetables are tender and golden brown, 14 to 17 minutes. Let stand 10 minutes before serving.
© 2022 All Rights Reserved.
While higher mortgage rates are creating affordability challenges for homebuyers this year, there is good news for those still looking to buy a home.
As the market has cooled this year, some of the intensity buyers faced during the pandemic’s peak frenzy has also cooled. Here are just a few trends that may benefit you when you go to buy a home today.
During the pandemic, the housing supply hit a record low at the same time buyer demand skyrocketed. This combination made it difficult to find a home because there just weren’t enough to meet buyer demand. According to Calculated Risk, the supply of homes for sale increased by 39.5% for the week ending October 28 compared to the same week last year.
Even though it’s still a sellers’ market and supply is still lower than more normal levels, you have more to choose from in your home search. That makes finding your dream home a bit less difficult.
One of the top stories in real estate over the past two years was the intensity and frequency of bidding wars. But today, things are different. With more options, you’ll likely see less competition from other buyers looking for homes. According to the National Association of Realtors (NAR), the average number of offers on recently sold homes has declined. This September, the average was 2.5 offers per sale. In contrast, last September, the average was 3.7 offers per sale.
f you tried to buy a house over the past two years, you probably experienced the bidding war frenzy firsthand and may have been outbid on several homes along the way. Now you have a chance to jump back into the market and enjoy searching for a home with less competition.
And when you have less competition, you also have more negotiating power as a buyer. Over the last two years, more buyers were willing to skip important steps in the home buying process, like the appraisal or inspection, to try to win a bidding war. But the latest data from the National Association of Realtors (NAR) shows the percentage of buyers waiving those contingencies is going down.
As a buyer, this is good news. The appraisal and the inspection give you important information about the value and condition of the home you’re buying. And if something turns up in the inspection, you have more power today to renegotiate with the seller.
A survey from realtor.com confirms more sellers are accepting offers that include contingencies today. According to that report, 95% of sellers said buyers requested a home inspection, and 67% negotiated with buyers on repairs as a result of the inspection findings.
While buyers still face challenges today, they’re not necessarily the same ones you may have been up against just a year or so ago. If you were outbid or had trouble finding a home in the past, now may be the moment you’ve been waiting for. Partner with me to start the homebuying process today.
Article Source: www.keepingcurrentmatters.com
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