Mortgage Tips Archives — Page 35 of 63 — First Rate Financial Group

02

Aug

Mortgage

The Top Tech Upgrades For Your Home During A Home Improvement Project

If you want to increase the value of your home, you might be thinking about conducting a renovation project. You can significantly increase the value and appeal of your home if you add some advanced technology. What are a few of the top tech upgrades you should consider adding to your home? Take a look at some of the top options below, and consider reaching out to a professional who can help you.

A Smart Thermostat

There are a lot of people who are concerned about cost-of-living increases. If you are looking for a way to save money, reduce your utility expenses. One of the ways to do so is to use a smart thermostat. You can use a smart thermostat to exert greater control over when your HVAC unit is on and when it is not. Your thermostat can even tell your HVAC unit to stop running when you are not home, which can help you save a lot of money on your utility expenses.

A Smart Refrigerator

If you want to take your kitchen to an entirely new level, you might be interested in a smart refrigerator. A smart refrigerator can help you generate meal schedules, look up new recipes for you, and even make a grocery list for you. Of course, you will probably fall in love with the automatic water dispenser as well. Consider upgrading your kitchen with a smart refrigerator.

A Home Elevator

You might even want to install a home elevator. There are plenty of companies that will help you find an affordable home elevator you can add to your house. There are plenty of financing options available as well. This is a particularly helpful option if you have someone in your home with mobility issues. That way, they don’t need to worry about the hazards of navigating the staircase, particularly at night.

Find The Best Tech Upgrades For Your Home

These are a few of the top examples of upgrades you may want to add to your home. There are plenty of amazing tech upgrades you should explore, and many of them can help you increase the value of your house. Consider working with a professional who can assist you.

07

Jul

By First Rate Financial Group

Home Mortgage Tips

First Time Home-buyers: How to Properly Research Your Mortgage Options

First Time Home-buyers: How to Properly Research Your Mortgage Options For most consumers, buying a house is the largest purchase you’ll make in your life. That’s why it’s important to ensure that you have the best mortgage terms available. With so much at stake, it’s important to have full confidence in both your lender and your mortgage.

So how can you ensure that the mortgage you choose is the right one for you? Here’s how you can evaluate your mortgage options and find the best option for your individual circumstances.

Make Sure You Actually Do Shop Around

According to the Consumer Financial Protection Bureau, half of borrowers consider just one lender before applying for a mortgage, while 70% of borrowers only apply to one lender. While a broker or your bank can be a good source of information about mortgages and may offer great rates, that’s not always the case. The best way to get a great deal on a mortgage is to shop around and see what’s available.

Look For Information From Reputable, Independent Sources

When you’re looking at mortgage terms and evaluating lenders, it’s important that you remain skeptical. Lenders always have an agenda – to earn money on your debt. While lenders can indeed offer you expert information on the mortgage industry, they’re not exactly objective – so make sure that when you consider their offers, you refer to independent experts when deciding if you’re getting a good deal.

Compare Loan Terms, Not Bonus Incentives

Quite often, banks will offer their clients extra mortgage incentives available only to clients. These incentives can include things like free savings bonds or a free credit card limit increase. But just because you’re getting a freebie, that doesn’t necessarily make the mortgage a good deal.

It’s important to consider both the value of the incentive and the cost difference between mortgages. If your bank’s mortgage would cost you an extra $5,000 over the life of the loan compared to a third party mortgage, then your bank would need to give you $5,000 worth of free services in order to make your bank’s loan worth your money. Don’t be fooled by flashy freebies – look at the actual terms.

Finding the right mortgage can be a struggle, especially if you’re trying to do it on your own. That’s why it helps to consult an independent mortgage professional who can advise you on industry standards and help you to get the best terms. For more information or to schedule a consultation, contact your local mortgage advisor today.

29

Jun

By First Rate Financial Group

Mortgage

You Are A Serious Buyer: How To Show It

You Are A Serious Buyer: How To Show It Today, the housing market is as hot as it has ever been. There are many people who are missing out on their dream homes because they are having a hard time competing with countless other people who are in the same position as them. If you want to put yourself in the best position possible to win a bidding war, you might be thinking about paying cash for your home; however, not everyone is in the same financial position. There are a few other ways for you to show a seller’s agent that you are serious about your offer.

Get A Pre-Approval Letter

This is arguably the most important step you need to take if you want your offer to be taken seriously. One of the reasons why sellers like cash offers is that they know that they do not have to worry about the buyer’s financing falling through. If you get a pre-approval letter from a lender, the buyer will know that you already have financing in place. If you want to go the extra mile, get a pre-approval letter from a local lender. If you get a better loan offer from a different lender down the road, you can always switch lenders at that time.

Be Prepared To Pay Some Closing Costs

Traditionally, the seller is responsible for paying closing expenses; however, if you want the seller to pick your offer, consider shouldering some of those closing expenses. This will not have a long-term impact on your mortgage rate or monthly payment, but it could help you secure your dream home. You do not necessarily need to pay all of the closing expenses, but even paying a small percentage could go a long way.

Put Down More Earnest Money

A lot of sellers are nervous about what the inspection might show. They don’t want a buyer to back out at the last minute. If you put down more earnest money, you can show a seller that you are serious because there will be a lower chance of you pulling your offer if the inspection reveals a few repairs. You should talk to a real estate professional about how much earnest money you should include for your offer to be considered competitive.