If you are in the process of buying a new home, you know that there are a lot of moving parts involved. You need to know everything you can about a potential house before you decide to purchase it, and that includes the property lines. What do you need to know about property lines, and why are they so important? How Are Property Lines Drawn? While property lines are the borders that separate one property from another, they are also legal boundaries. Essentially, property lines determine what you do and do not own. There is a chance that someone may place a fence directly on top of the property line, but there is no guarantee that the fence is in the right place. Usually, property lines are … [Continue Reading...]
Many people dream of buying their ideal retirement home after their career has come to a conclusion - with all that extra free time it seems like it'd be the most logical time to shop around. However, many real estate professionals strongly recommend that their clients find a retirement property before they're off the payroll. While it may seem like a big time commitment to find a new home while you're still busy with your work there are several significant financial benefits to purchasing your retirement home before you actually do retire. Here are our top reasons why. It Makes Your Mortgage Easy When you are employed it is easier to get approved for a mortgage. If you wait until after you … [Continue Reading...]
When you are buying a home, you may run into a number of hurdles to complete the purchase. One of the items that you may be asked to purchase is called private mortgage insurance, often shortened to PMI. This is a unique insurance policy that your lender, such as the credit union or bank, may ask you to buy in order to protect themselves. In this insurance policy, the bank protects themselves against losing money if you end up defaulting on your loan. Unfortunately, if you are asked to purchase PMI, this will increase your monthly mortgage payment. Therefore, most people try to avoid it. Fortunately, there are a few ways to do this. Increase the Size of Your Down Payment Typically, the … [Continue Reading...]
Appraisers consider several factors when valuing a house to determine its fair market value. The goal of the appraisal is to provide an unbiased and accurate assessment of the property's worth. Here are the key factors appraisers consider: Location: The location of the property is one of the most critical factors in determining its value. Proximity to amenities such as schools, shopping centers, parks, public transportation, and the overall desirability of the neighborhood can significantly influence the value. Size and layout: The square footage and layout of the house play a crucial role in its valuation. Larger houses generally have higher values, but the layout and functionality of the … [Continue Reading...]
As the housing market continues to evolve, it becomes increasingly crucial for aspiring homeowners to tread carefully and avoid falling into the trap of being house poor. The dream of owning a home should not come at the expense of financial stability and overall well-being. Here are some essential tips to steer clear of this precarious situation: Setting a Sensible Budget: Before even considering purchasing a house, it's imperative to create a comprehensive budget that includes all your income, expenses, and financial goals. Be honest with yourself about what you can afford, considering not only the mortgage but also property taxes, insurance, utilities, and maintenance. Prioritizing … [Continue Reading...]
Last week’s economic reporting included readings on inflation, consumer sentiment, and weekly readings on mortgage rates and jobless claims. Inflation Rate Holds Steady in July Month-to-month inflation rose at a pace of 0.20 percent in July and met analysts’ expectations. There was no change in the pace of month-to-month inflation from June’s reading of 0.20 percent growth. The Consumer Price Index also reported that year-over-year inflation reached 9.10 percent, which was the highest reading since reaching a 40-year high in mid-2022. Core inflation, which excludes volatile food and fuel prices, was unchanged from June’s month-to-month pace of 0.20 percent growth. … [Continue Reading...]
