Choosing A Mortgage Broker Or Lender

Deciding on where to secure financing and the type of financing to use to purchase a house is one of the most important steps of buying a house. The article explains the difference between a mortgage broker & mortgage lender. A mortgage broker is a middleman between a potential borrower and mortgage lenders. Mortgage brokers help potential borrowers secure the best type of mortgage and rates. A mortgage lender is an actual organization who provides the funding for the purchase of real estate. An example of a mortgage lender includes credit unions or banks. Ask For Referrals / Recommendations. Turn to family, friends, and colleagues for recommendations, as well as ask a real estate agent. An experienced buyer’s agent will have access to several brokers or lenders they’ve worked with in the past and had positive experiences dealing with. Research Mortgage Brokers Or Lenders Online. A great tip for finding and choosing a mortgage broker or lender is to research potential companies online. The author offers the websites which provide reviews from previous customers which can be very helpful to a potential buyer. They are Facebook, Google Business, Yelp, Better Business Bureau, Trust Pilot, and Zillow Learn About Mortgage Brokers’ Or Lenders’ Products. One of the top tips for finding and choosing a mortgage broker or lender is to learn about the products they offer. Each and every mortgage broker or lender will offer different types of mortgage products. Since every home buyer’s circumstances are different, it’s vital they find the best mortgage product. Understand What Fees Are Charged. Before completing a mortgage application with a mortgage broker or lender, it’s critical to know exactly what fees are charged. The article gives some of the most common mortgage fees to be on the lookout for. They are Appraisal Fee, Rate Lock Fee, Application Fee, Origination Fee, Processing Fee and Underwriting Fee. Ask The Right Questions. Asking the right questions when talking with prospective real estate agents is always highly recommended. Home buyers who know the right questions to ask real estate agents when buying a home will have a better experience than those who don’t. If a mortgage broker or lender struggles to answer these questions quickly, you may want to shop around and talk with a couple of other brokers or lenders.

Mistakes Made By Home Owner When Selling

5 mistakes made by the sellers, offers to take the tips to heart, which will help to sell your home for top dollar. #1 Do a Research Before Listing A Home For Sale – Conduct your research online, as the big part of potential buyers for your home are online. It is not enough to have a friend tell you they liked working with Agent “X.” Instead, go out and see what people are saying about that agent. This is what the author offers. #2 Hire A Rookie To Be Their Listing Agent- In author’s opinion, you don’t need an agent to sell your home, just put a sign in the yard. But if you want top dollar, you need an agent with a marketing plan. #3 Do Not Demand Professional Photography- As most buyers are looking at homes online before choosing which ones to see, it is important to have photographs with high quality. #4 Make The Showing Process Complicated- Whether it’s a buyer’s market or a seller’s market, a homeowner will fare better in the competition, if the home can attract multiple buyers. Making your home available at all reasonable times is an inconvenience, but it’s a very profitable inconvenience for the home sellers that do it correctly. #5 Fail To Hold Their Agent Accountable- Do not tolerate a poor level of service. If you do not hear from your listing agent on a weekly basis, the author advises to pick up the phone and call their boss. Demand your money’s worth!

Selling an Older Home? Budget-Friendly Ways to Help It Compete Well With Newer Homes

For those who own and enjoy living in an older home, it can be disappointing to discover that many buyers, especially younger ones, often shy away from these stately beauties. Even when an older home offers features that are hard to find in newer construction, such as large pantries, plenty of storage space and large rooms with high ceilings, it can still lose out to newer homes that offer more open floor plans or more light. Owners of older homes who want to help their homes compete more effectively with newer construction homes can use the following tips to help level the playing field and score the sale! Conduct a Pre-Inspection to Find Lurking Issues Buyers who love the thought of living in an older home but hesitate to purchase one due to concerns about maintenance costs may be persuaded to change their minds if the sellers are willing to add something extra to the deal. One effective tool that sellers can use to help convince buyers that an older home is sound is to have it pre-inspected. If the pre-inspection report finds the home has a repair or condition issue, sellers can include documentation to show what they did to resolve the issue. This type of home pre-inspection will typically cost sellers a few hundred dollars, depending on the size and design of the home. To get an exact cost, sellers can ask their real estate professional for local home inspection prices and referrals to a reputable home inspector in their area. Once the inspection has been completed and any necessary repairs attended to, the sellers may want to ask their listing agent to use the pre-inspection notice and resulting documentation as part of their marketing to help encourage buyer interest. Gift Buyers with a Home-Warranty Plan Another relatively low-cost way for an older home seller to help encourage interested buyers is to offer a home warranty plan as a buyer incentive. Most home warranty plans cover: Systems in the home, including electrical, HVAC, and plumbing Large appliances, such as the refrigerator, hot water tank, and laundry appliances Additional coverage options for hot tubs, pool equipment, well pumps, and other features Alternative seller coverage while the home is under contract Home warranty premiums and levels of coverage vary by company. Sellers who are interested in purchasing a home warranty plan as part of their marketing strategy should discuss their plans with their listing agent. Their agent will be able to help them find a reputable warranty company and choose the best policy for their situation. Consider Repainting the Interior A common reason buyers give when deciding not to buy an older home is because they felt the home's interior was dark or dreary, when compared with newer homes that have a more open floor plan or larger windows. A cost-effective way for sellers to remedy this problem is to consider repainting the interior of the home in a lighter color. By using the same color throughout the home for the walls and adding an even lighter shade for woodwork and trim, the home will have more continuity, making it seem lighter and more attractive to today's active buyers. Maximize Lighting and Minimize Window Treatment Sellers may also want to make changes in the lighting to make the interior of the home feel lighter and more inviting. To this, sellers can start by replacing existing light bulbs with newer, brighter ones that offer a natural light. Adding additional lamps and situating mirrors to maximize the light sources in the home can also be effective in brightening up the interior of an older home. If the home has heavy draperies or dark window treatments, replacing them with sheer panels or allowing some windows to go bare is another excellent way to bring more light into the home. For more ideas on making an older home compete more effectively with newer homes in the local real estate market, sellers should consider asking their listing agent to show them an older home in the area that is attracting plenty of buyer attention or has recently gone under contract. Viewing it may provide additional ideas that sellers can use to make their home more saleable. The listing agent can also help sellers identify problems by touring the home and pointing out areas that need additional lighting or some other improvement to help attract and retain buyer interest.

4 costs you haven't factored into your homebuying budget

It's not cheap to buy a home these days, and we're not just talking about the price of the home itself. Other out-of-pocket costs that crop up during the purchasing process, or even when you're moving in, can put an unexpected strain on your already-hurting bank account. For starters, you'll need to budget between 2% and 5% of the home's purchase price for closing costs, including appraiser, lender, and title fees. New regulations passed last year mean lenders have to be more transparent about these fees, and (as long as you read your closing documents) you should have a relatively good idea of what they'll be when your lender makes you an offer. Powered by SmartAsset.com SMARTASSET.COM Unfortunately those closing costs only make up a portion of the added expenses you'll face. Nearly half of homebuyers incurred more than $2,000 in unexpected charges during the homebuying process, according to a recent survey by TD Bank, and 10% spent at least $5,000 more than they expected. "Most people just look at the sticker price of the house and the mortgage payment," says Svenja Gudell, chief economist at the housing site Zillow. "But there are a lot of additional costs that can shock first-time homebuyers." 1. The inspection Once you've made an offer on a property, you'll usually need to pay an inspector a few hundred bucks to give the home a once-over. If he finds any potential problems -- structural issues or asbestos, for example -- you may have to pay another specialist to come in and offer a professional assessment. homebuying costs magnifying While it can be tempting to skip the inspection to save cash (or to make a more attractive offer to a seller), it's worth the outlay to get peace of mind that the home is in good condition -- or negotiating ammo to make sure the price reflects the necessary repairs. "It's money well spent," says Cindy Hamann, chair of the Houston Association of Realtors. 2. Bringing cash to the table Homebuyers are also often surprised with the extra cash -- beyond closing costs -- that they need to spend at the closing table. Many lenders require you to pay a year's taxes and mortgage upfront. If the seller prepaid any taxes or homeowners association dues, you'll have to pay her the prorated amount for the rest of the year or quarter. "Once you're done with all the fees and the deposits for reserves, you may end up bringing many more thousands of dollars than you thought to the closing," says Keith Gumbinger, vice president of HSH.com. 3. The move Once you've officially closed, you'll need to pay for the move itself. That cost will vary considerably depending on where you live, how far you're moving, and how much stuff you'll need to haul. In general, though, expect to pay at least a few thousand dollars for professional movers. homebuying costs men It's easy to overpay for movers, so get quotes from a few companies, and hire someone who's licensed by the Federal Motor Carrier Safety Administration and has good reviews online (even better if you can get a referral from a friend). 4. Immediate costs While you may be able to put off renovations or furniture purchases, there are some costs that new homeowners face right away. You'll likely want to hire a locksmith to change the locks, for example, and there could be deposits or setup fees for getting your utilities started. As a new homeowner, you'll also now be on the hook for both routine, and unplanned maintenance costs on the home. Experienced realtors say you should expect something to break or need replacing within your first year. Set up an emergency savings account with at least six months of expenses that you can tap if your roof springs a leak or the heater suddenly stops working. That way you won't have to turn to credit cards to cover the unexpected, and you can spend some time enjoying your experience as a new homeowner, rather than worrying about how you're going to pay for it. CNNMoney (New York) First published June 26, 2017: 10:32 AM ET

Does the American Dream no longer include homeownership?

While it has no official definition, the American Dream has always been the notion that citizens of the United States can better their lot in life through hard work. That encompasses the idea that hard-working kids of hard-working parents would have a better life than the previous generation, and homeownership has generally been considered part of that. A decade after the housing market crashed, the homeownership part of the American Dream has become more elusive, according to a new study from Pew Research Center. The report, which analyzed Census Bureau housing data, showed that more United States households "are headed by renters than at any point since at least 1965." Between 2006 and 2016, the U.S. added 7.6 million households, but "in part because of the lingering effects of the housing crisis," according to Pew. Powered by SmartAsset.com SMARTASSET.COM During that 10-year period, the number of households renting their homes jumped from 34.6 million (31.2% of the total) to 43.3 million (36.6%). That tops the relatively recent high watermark of 36.2% renting in 1986 and 1988, while coming in just below 1965's 37% renters rate. Young adults lead the way While young adults have historically been more likely to rent than other age groups, the numbers are increasing. More than 6 in 10 (65%) of households headed by someone under 35 rent, Pew reported. That's up from 57% in 2006 but it's not as big a gain as the 35-44 age group made where the percentage of renters jumped from 31% in 2006 to 41% in 2016. The numbers rose among Americans 45-64 as well, going from 22% in 2006 to 28% in 2016. In fact the only demographic studied that did not post an increase was those 65 or older who stayed flat at 20%. It's not that people don't want to buy In many cases the increase in renters has been blamed at least partially on Millennials not wanting to be tied down or not working hard enough to afford buying. In fact most renters want to buy, according to a separate Pew report: "In a 2016 Pew Research Center survey, 72% of renters said they would like to buy a house at some point. About two-thirds of renters in the same survey (65%) said they currently rent as a result of circumstances, compared with 32% who said they rent as a matter of choice. When asked about the specific reasons why they rent, a majority of renters, especially nonwhites, cited financial reasons." While mortgages are cheap on a historical basis, inventories remain low, prices have soared, and mortgage standards have remained tough. Banks and other lenders may have more flexibility than they did right after the housing crisis, but the days of stated income, low-doc, or even no doc loans are largely gone. Add in the fact that some capable, qualified buyers have decided to put off homeownership due to lingering fears over the economy and you can see why homeownership has declined. Related links: • Motley Fool Issues Rare Triple-Buy Alert • This Stock Could Be Like Buying Amazon in 1997 • 7 of 8 People Are Clueless About This Trillion-Dollar Market Americans still want to buy houses. Some of us can't afford to right now, while others are waiting for better opportunities. Many simply lack the means to reasonably expect ever to be able to make a purchase. Owning a home remains part of the American dream, at least for most Americans, but it's also a less attainable goal than it was for previous generations. CNNMoney (New York) First published July 24, 2017: 10:41 AM ET

Should you rent or buy a home?

Homeownership was once the cornerstone of the American Dream, but times are changing. More U.S. households are renting today than at any point in the last 50 years, according to a Pew Research Center analysis. For many people, the comforts of home include a well-funded bank account -- and in some circumstances, renting can be more financially savvy than buying. Ask yourself these questions as you make long-term housing decisions. You might find that renting is the better option. 1. How long do you plan to stay? Whether renting or buying a home is the best financial choice usually comes down to one thing: timing. Finding an affordable home (and later making a profit on it) depends heavily on how long you plan to keep the property. According to Zillow, for instance, the current home listing price in Bothell, Washington, is $698,448, and the average rental price is $2,500. Assuming a 20% down payment on a home purchase or a 5% annual increase in rental price, you'd need to own the home for at least two years before it becomes the better option. Keep in mind that not every market is booming. In fact, two-thirds of U.S. homes still haven't returned to their pre-recession values, according to a Trulia report, and owners looking to cash out may have to wait until 2025 before securing a profit. Carrying debt is something of a risk, and a 12-month lease gives you the freedom to move and adjust your housing expenses based on your current needs and income level -- two things a fixed mortgage can't deliver. Do your homework and use a comparison calculator to help you understand the costs of buying and renting. 2. Do you know all the costs? Comparing rental prices to mortgage payments is a good start, but it's also important to consider the hidden costs associated with each. For renters, the "cost" is the lack of home equity and the inability to claim housing-related tax breaks. For example, suppose you're a homeowner who lives in New York and falls within the 28% income tax bracket. If your mortgage is $200,000 with a 4.5% interest rate, you qualify for $3,585 a year in tax deductions. That said, you'll also deal with expenses that don't impact a renter's monthly budget, including: Homeowner's insurance: Protecting your home from damage comes at a price, and while insurance rates vary, the rule of thumb is to divide your home's value by 1,000 and multiply the result by $3.50. If you home's value is $200,000, for instance, you'd pay around $700 per year, or $58 per month, for coverage. Renter's insurance, meanwhile, is usually less than $20 per month. Private mortgage insurance (PMI): If you have less than 20% equity in your home, expect to pay PMI, which is usually between 0.50% and 1.2% of your loan value. For example, 1% assessed on your $200,000 mortgage would add $200 to your monthly housing expenses until you built up at least 20% equity in your home. Property taxes: A typical household spends $2,127 each year on property taxes, but you could pay much more depending on location and community benefits. Maintenance: Homeowners shell out nearly $170 per month on average for regular maintenance and repairs, and that's not including big-ticket items like a roof repair, a new HVAC system, and other needs that can cost four or five figures. In this scenario, owning that $200,000 home costs $7,267 a year in extra expenses -- more than double what you'd save in taxes. As a renter, you won't need to worry about adding these fluctuating expenses to your budget, and your landlord may even pick up the tab for your utilities, saving you even more compared to the average homeowner. Consider the hidden costs to learn whether those big tax breaks are worth it. 3. Are you "throwing money away?" It's often said that renting is "throwing money away," but building home equity isn't the only way to watch your money grow. There's no denying that property can be a valuable asset, but on a month-to-month basis, owning a home is still more expensive in all 50 states, according to a 2017 NerdWallet analysis, and an inflated budget can seriously impact your ability to save for retirement. According to the Economic Policy Institute (EPI), the average American has less than $5,000 in savings, and couples between age 50 and 55 only have about $125,000 earmarked for their golden years. That's not nearly enough to fund a long and financially secure retirement, and lower monthly costs can help you divert funds into catch-up 401(k) and IRA contributions, liquid savings, and other investments. For instance, if you're 50 and can save $500 a month in housing-related costs, investing it at a 7% return will yield almost $169,000 by the time you reach age 66. Over the course of several years, you'll likely come out ahead by owning rather than renting. However, if you have reason to doubt your ability to keep up with the costs of homeownership, or if purchasing a home would leave you unable to save for the future, then renting could be the more responsible choice for now.

Winter-blooming plants help nourish bees

By Dean Fodick The Associated Press Oct 18, 2017 0 Winter and early spring are lean times for honeybees as they emerge from their hives, where food supplies are dwindling, to forage. Adding clusters of winter-blooming plants around the yard will give them much needed nourishment. Bees take in carbohydrates from floral nectar and protein from floral pollen. Being aware of bloom times and providing flowers that overlap the seasons are important for beekeepers who want to successfully overwinter their colonies. Some bees, including many wild varieties, begin searching for food as early as January, when sunny days can push temperatures up to 55 degrees Fahrenheit or more. “In the early spring, bees are going to need food to get their engines started again,” said Andony Melathopoulos, a bee specialist with Oregon State University Extension Service. “You can’t simply start up your gardening routines (for pollinators) again in the spring. Solitary wild bees, honeybees and hummingbirds are just clinging to life. “The preparation you do now is very important since early spring is a vulnerable time for pollinators.” Pollinator plants like crocus, primrose and snowdrops will bloom even when snow is on the ground. Trees and shrubs also are effective choices for feeding early emerging honeybees. “People often overlook trees,” Melathopoulos said. “But when it comes to late winter and early spring, it’s the trees that are important. Willows, maples, filberts and hazelnuts are some of the earliest sources of pollen you’ll find. They’re easy to establish and grow.” He also suggests establishing the early blooming plants in clusters to make it easier for foraging honeybees to spot and access them. “Bees are efficient pollinators,” Melathopoulos said. “They really appreciate patches of flowers. They can go from flower to flower easily. It’s hard for them to work on cool days, and if they don’t have to fly between clusters, they really appreciate it.” Many winter-flowering plants grow in the wild, but pollinators generally don’t live near them, he said. That makes cultivating winter bloomers important when you’re planning your gardens. Property owners also should leave suitable places for native bees to hibernate undisturbed. Let turf grass grow long over the winter. Avoid pesticides. Reduce lawn size and turn instead to protective shrubs. Even a small amount of habitat will be enough to sustain bees, Melathopoulos said. “These are tiny creatures. Well-thought-out landscapes can provide all the food they need in winter. Gardeners can really help with that.” Here are some additional bee-friendly plants that can provide a degree of brightness in winter while also nourishing pollinators: • Oregon grape, an evergreen shrub that produces yellow flowers blooming for weeks. • Heath and heather. “In shades of purple to copper to gold, these low-growing plants make a mat of color throughout the year, including winter,” Melathopoulos said. • Male willow plants, maples, apple, crabapple, native cherry. “I’d start with these shrubs,” said Mace Vaughan, pollinator program director for The Xerces Society for Invertebrate Conservation in Portland, Oregon. “Native plants selected to feed bees are definitely part of the solution” to declining bee populations, Vaughan said.

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Stocking a sleepover kitchen

The Associated Press Oct 25, 2017 0 Parents who have hosted sleepovers know that half the fun for kids is making and eating treats. So it pays to prep the kitchen with fun culinary gear and supplies for the indoor campout crowd. Some entertaining ideas and gear: Get the movie-theater vibe going with Great Northern Popcorn’s Retro Style Popper. Or if space is tight, opt for West Bend’s Air Crazy Mini Popcorn Machine, which air-pops 8 cups in three minutes. (www.target.com ) “I like to give everyone a different color bowl, so they know which popcorn is theirs,” says Joss & Main’s style director Donna Garlough. Or offer kids little bowls in different patterns for treats like popcorn and ice cream. Garlough advises choosing smaller ones so kids don’t go overboard with sweet scoops and toppings. (www.jossandmain.com ) Banana splits, sandwiches and sundaes are easy with one of Chef’n’s Sweet Spot Ice Cream Makers. Freeze the dish a day ahead, and then on sleepover night let the kids pour in the ice cream base. Wait a couple of minutes, and start scooping. You can make custom sandwiches with cookies. (www.williams-sonoma.com ) All you need is a cookie sheet for one sleepover classic: “Most kids love pizza, and this idea allows kids to customize their own,” says Parents magazine senior editor Karen Cicero. Just unroll store-bought pizza dough onto the cookie sheet and, using a knife, create an outline for twelve pieces, but don’t cut through. “Offer tomato sauce, pesto, cheeses, veggies and other toppings so guests can create their own designs on one or two of the slices,” Cicero says. Bake according to the dough package instructions. Or let the kids line muffin tins with crescent-roll dough triangles, fill them with pizza-type toppings, and bake for about 20 minutes. (www.bettycrocker.com) Cicero advises stocking up on squeeze bottles that can be filled with fun sauces like ranch dressing or honey mustard sauce. “Kids can use them to make designs on the rims of their plates.” Tools with helpful features like kid-size handles and silicone buttons will help keep preparations moving safely. A set of colorful, easy-grip mugs lets everyone have their own beverage. (www.curiouschef.com ) From the French knife company Opinel, there’s a child-friendly, 4-inch chef’s knife and peeler equipped with finger guards. (www.opinel-usa.com ) Making indoor s’mores can be a fun activity for the sleepover squad. Jamie Lothridge at www.mybakingaddiction.com melts marshmallows and butter over low heat, stirs in some graham cracker cereal, presses it all into a pan, and then adds some chocolate pieces and chills it for a couple of hours. Don’t forget about breakfast the morning after. Load up a Pancake Pen silicone squeeze bottle with batter, and kids can spend the morning doodling breakfast art on a griddle or fry pan. (www.worldmarket.com )