7 Essential Renovations to Maximize Your Profit
Maximizing your return on investment begins with determining the estimated value of your house in today’s market. There are two free, quick, and easy ways to get this answer within the next 24 hours. Before you start tackling updates, additions, or renovations, take a look at our guide that outlines 7 essential renovations to maximize your profit.
10 Mistakes You Can't Afford to Make Before Closing on Your Home
LARGE-PURCHASE ITEMS | Do not buy things like cars, boats, or other expensive items.Big ticket expenses mean nothing but added debt to your lender. This will delay the process of buying a home no matter if the price tag is well within your means. JOB CHANGE | Do not quit or switch jobs.Changing jobs even if for good reason could potentially cause your lender to question your financial stability. CREDIT CHANGE | Do not open or close credit lines.Taking on new debt, no matter how small, can throw off your debt-to-income ratio which could potentially disqualify you from mortgage lending. Wait to open new credit cards and extend credit lines until the home buying process is over. BANKING | Do not change bank accounts.Wait until your home is closed to withdraw, deposit, or transfer large amounts of money. Generally, if you move more than $500 at a time it will impact your loan approval because your loan approval was based on your finances at the time of application, and now they have changed. GHOSTING | Do not ghost your loan officer. Be sure to answer all questions and communication.Ghosting will delay the process, waste valuable time, and potentially cause important information to be missed. DELINQUENCIES | Do not pay bills late.A missed payment even months before you apply could lower your credit score and jeopardize your chances of securing a loan. You especially don’t want to miss current mortgage payments, this will make you ineligible for a loan from most lenders for at least a year. CREDIT CHECKS | Do not let anyone other than your loan officer run a credit check on you.Credit inquiries can lower your credit score as much as 10 points each time it’s checked. LOANS | Do not sign or cosign a loan.Having multiple outstanding loan payments or opening additional loans while in the process of purchasing your home is not recommended. LARGE DEPOSITS | Do not make any large deposits other than your paycheck.Suspiciously large deposits may raise questions from your lender and they may have to adjust your mortgage calculations accordingly. PAYDAY | Do not take an advance on your salary.All of your finances have been locked in at the time of approval. Substantial additional income post-approval could reset the process.
TOP 10 Reasons to List Your Home During the Holidays
Spring is generally the most popular time of year to sell a house, with swarms of buyers looking to move into a new place before the school year begins. So, you may be surprised that there are actually advantages to selling your home in the winter – here’s our top 10 reasons to list your home during the holidays! People who look for a home during the holidays are more serious buyers. Serious buyers have fewer homes to choose from during this time of year, so your home has less competition. Less competition means more money for you. Buyers usually have more time to look for a home during the holidays than they do during a regular work week. Interest rates are hovering at the same average rate they’ve been for the past 22 years, meaning more buyers will be able to afford your home now than if/when rates rise. You can sell now [for more money], and delay closing until early next year. January is traditionally the month for employees to begin new jobs. Transfers cannot wait until spring to buy, so list your home now to capture that market. Selling now allows you the opportunity to be a non-contingent buyer during the spring when more homes are on the market for less money. This will allow you to sell high and buy low. The supply of listings will dramatically increase in January, so there will be less demand for your home. [Less demand = less money for you]. Some people must buy before the end of the year for tax reasons, making them more motivated to make a decision.
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