Blog — Page 710 of 928 — First Rate Financial Group

27

Dec

Real Estate Tips

3 Things You Must Do after Inheriting a Home

3 Things You Must Do after Inheriting a Home There can be a lot of excitement when it comes to the realization that you’ve inherited a home, but simply because it’s an inheritance doesn’t mean there aren’t a few strings attached. Whether you’re expecting to be gifted with a home in the future or you’re currently going through this process, here are a few things you may need to watch out for.

The State Of The Mortgage

Once a home has been effectively handed over to you, it’s important to determine the status of the mortgage with the lender and if anything is still owed. While you have the option of taking over the mortgage in a lot of cases, in the event that there’s a reversible mortgage or you’re choosing to rent it out as a second property, you may not be able to transfer the mortgage. While this can often be a rather seamless process, if money is owed there can be other factors to consider.

Determine If You Want It

If you already have a first home and don’t want to take care of your second property as a rental unit, it’s important to realize that keeping the home may not be the best decision for you. While you have the option of organizing a short sale if you’d like to get it off of your hands, you can also contact a real estate agent who will be able to provide you with advice on how to proceed if you’re unwilling (or unable) to take control of the property.

Is It In Good Condition?

Whether you want to keep the home or not, there can be cases where it’s not even a question if it’s a home that you’re going to end up investing money into without much return. In the situation that a lot of money is owed on the house or there are serious issues with its general condition, you may want to release yourself from the inheritance and move on with your financial situation still intact.

There can be an instant feeling of acquired wealth in the event that you’ve inherited a home, but a home in bad condition or that you don’t want to take care of can end up being more of a headache than anything else.

26

Dec

By support

Mortgage Rates

What’s Ahead For Mortgage Rates This Week – December 26, 2016

Last week’s economic news included readings on consumer spending, core inflation new home sales and regularly scheduled readings on mortgage rates and new jobless claims.

Consumer Spending Dips in November

Commerce Department reports on consumer spending in November indicated that consumer spending was lower in November with 0.20 percent growth as compared to October’s reading of 0.40 percent growth. November’s reading for core inflation, which excludes volatile food and energy sectors, was flat as compared to expectations of 0.10 percent growth and October’s reading of 0.10 percent growth.

New Jobless Claims Rise to 6–Month High

New jobless claims jumped to 275,000 last week as compared to an expected reading of 258,000 new claims and the prior week’s reading of 254,000 new claims. New claims typically rise during the holiday season due to school and other workplace closures.

There was good news as new jobless claims remained below the benchmark of 300,000 new claims for 94 consecutive weeks. This streak of new claims below 300,000 new claims is the longest since 1970. Increasing numbers of “contingent” workers contributed to volatility in employment; The Rand Corporation reported that 10.10 percent of the workforce was contingent workers in 2005; the percentage of contingent workers increased to 15.80 percent of the U.S. workforce in 2015.

Mortgage Rates, New Home Sales Rise

Freddie Mac reported a jump in mortgage rates last week; the average rate for a 30-year fixed rate mortgage was 14 basis points higher at 4.30 percent. The average rate for a 15-year fixed rate mortgage was 15 basis points higher at 3.52 percent; the average rate for a 5/1 adjustable rate mortgage rose 13 basis points to 3.32 percent. Analysts said that the 10-year Treasury rate rose 10 basis points in response to the Fed raising its target funds rate. New home sales gained in November with a seasonally adjusted annualized reading of 582,000 sales as compared to 285,000 expected sales and October’s annual rate of 563,000 sales of new homes. This was the second highest reading for new home sales since early 2008. Builders will be watching mortgage rates and new home sales in the New Year to determine how rising mortgage rates will impact new home sales.

What‘s Ahead

Next week’s scheduled economic news includes Case-Shiller Home Price Index reports, pending home sales and weekly readings on mortgage rates and new jobless claims. U.S. Financial markets will be closed Monday in observance of the Christmas holiday

23

Dec

By support

Home Seller Tips

After the Sale: The Next Steps and What You’ll Need to Do Before You Move Out

After the Sale: The Next Steps and What You'll Need to Do Before You Move Out Getting an offer on your home can certainly make it feel like the hard part is over, but even after the deal is sealed there’s still a lot to do when it comes to moving out. Whether you’re getting prepared for a future move or your buyer has just signed on the dotted line, here are the first steps to take once it’s certain your property is off the market.

Start The Packing

For many people, packing is something they would rather put off until the last minute, but boxing up your stuff is actually a great opportunity for a little spring-cleaning at any time of the year. Instead of procrastinating, get started early and ensure that you’re only packing up the items you will make use of. Whether you decide to pass the extras off to friends or donate them, this is a great way to make your next home clutter free.

Book The Moving Trucks

The day you have to be out of your home by will be set in stone, so it’s important to get ahead of this process and contact the movers as soon as you can. Moving companies have busier times of year and by booking in advance, you won’t have to comply with their loaded schedule. While you’ll want to make a reservation if you’re working under a time crunch, it still might be worth shopping around to see if you can find a better deal.

Complete The Last Minute Fix-Ups

In all likelihood, there’s a list of minor tasks the homebuyer will want you to complete prior to move-in. It’s important to prioritize these things so they’re not left until the last minute, so ensure you make a list and pick a day or a certain window of time to complete them. Whether you’ve agreed to paint a room or get the windows re-sealed, not making these fixes can end up costing you money so it will be worth the time you spend.

It’s a wonderful feeling to get your home off the market at the purchase price you were looking for, but there are still things that need to be done before the deal is sealed. By making a list of any outstanding maintenance and booking the moving trucks, you’ll be well on your way to your new home.