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Can I Qualify For A Mortgage Without W-2 Income?

Can I Qualify For A Mortgage Without W-2 Income

It’s more common these days to have non-traditional income that doesn’t fall into the W-2 category. Many people work in what is referred to as the “gig economy,” where income might come from a variety of freelance sources.

Other times, people don’t have W-2 income because they are retired or have an independent source of wealth that generates interest income. Still other times, an individual may own their own business and take draws instead of a paycheck. In all these cases, it might seem impossible to qualify for a mortgage, since there’s no W-2 income.

Lenders Are Understanding

Thankfully, many lenders understand when a prospective lender doesn’t have W-2 income. Since it’s becoming more common, lenders have come up with alternative ways to qualify borrowers who want to buy a home. While more paperwork is usually involved, it is still possible to get a mortgage, assuming you work with certain lenders. Your real estate agent can help you in this regard; sourcing lenders that work with non-traditional borrowers.

Rely On Your Tax Returns

Even without W-2 income, you can prove income by relying on your tax returns. If you can show at least two years of qualifying income levels on your tax returns, your lender will have an easier time of finding underwriters for your loan.

Maintain Your Bank Deposits

Some states offer a Bank Statement Loan Program that looks – not at your W-2s – but at your bank deposits for the last 12 to 24 months. These programs are ideal for people who own their own business and take draws rather than paychecks.

Try For An Assumable Mortgage

Sometimes you may be able to find a property that has an assumable loan. In these instances, all you need to do to qualify for the mortgage is to have sufficient money for a down payment, have a decent credit history and be able to prove your income one way or another. Assumable loans can be harder to find, but your real estate agent can help you with that part of your home buying process.

Bear in mind that each of these options require a strong credit history in order to qualify. Credit scores and histories are always the cornerstones of acquiring a mortgage, whatever your income source may be.

Be sure to contact your trusted mortgage professional for answers to all of your home financing questions.

What To Look For In A Real Estate Agent

What To Look For In A Real Estate Agent

You have lots of choices when it comes to choosing a real estate agent. Aside from deciding if you’d prefer to work with a man or woman, and what age range you’d like them to be, here are some tips to help ensure that you pick one that is best suited for your needs.

Signs In Their Bio

The first thing to do is read the bios of any real estate agents you’re considering. Bios tell a lot about an agent, including what certifications they hold and how long they’ve been an agent. Some bios even have some personal information such as charitable interests or a little about their family life. Look for signs that the agent’s interests and certifications align with your needs.

Relevant Experience

A lot of real estate agents specialize in a certain area such as short sales or helping first-time homebuyers. If your situation falls into a particular category, you could look for a real estate agent who caters to your particular needs. This can simplify the experience, since the real estate agent will have some expertise in navigating the details of the transaction. Look for relevant experience in their bio, or ask them personally.

Good Rapport

You’ll likely be working with your real estate agent for a long time. The relationship between you and your agent should be pleasant. Not only should you have a good rapport with your agent, but you should be able to feel like they understand the human aspect of what you’re trying to achieve with your home buying or selling. You can gauge the rapport with a prospective agent with a simple phone call or brief in-person interview before you hire them.

Presentation

Make sure that your real estate agent makes a good personal presentation. They should comport themselves in a professional manner and dress accordingly. Remember that your agent will be representing your home and your interests to others. You’ll get the best results when your agent professionally reflects your goals in the transaction.

Your partnership with a trusted real estate agent is an important part of a successful real estate experience and transaction. A number of real estate agents will be vying for your business. Use these tips to make sure that you choose the one who best matches up with your needs, personality and style.

Remember, your trusted home mortgage professional will likely have excellent real estate referrals. Be sure to ask when you schedule your consultation to inquire about financing options and pre-approval.

A Comprehensive Guide to FHA Mortgage Loans

A Comprehensive Guide to FHA Mortgage Loans | Woodland Park CO

Saving up for a large down payment on a residential home can be a financial challenge that prevents first-time homebuyers with minimal savings from ever becoming homeowners. Fortunately, government-backed Federal Housing Administration (FHA) loans can help potential homebuyers who want a home but struggle to save or source a large down payment. In 2018, more than 80% of FHA loans made were to first-time homebuyers, according to the U.S. Department of Housing and Urban Development.

This guide will cover the advantages and disadvantages of using an FHA loan to purchase a home, how homebuyers can begin the process of researching and getting approved for these loans, and how you may be able to utilize and FHA loan for refinance purposes.

What is an FHA Loan?

An FHA loan is a home mortgage insured by the government - specifically, by the Federal Housing Administration. The term “FHA loan” is actually somewhat of a misnomer because the FHA doesn’t actually lend money to would-be homeowners. Rather, it ensures the loans made by private lenders. So while we’ll use the term “FHA loan” for simplicity, an “FHA-backed or insured loan” is more accurate.

An FHA loan aims to put homeownership within reach for many Americans who wouldn’t otherwise qualify for a conventional, non-FHA-backed mortgage. You may be able to get an FHA loan with a lower credit score, lower down payment, and a higher debt-to-income ratio than you could have for a conventional mortgage.

Types of FHA Loans

FHA mortgage loans come in several different configurations depending on your age, assets, income, current home equity, needs, and circumstances.

Fixed-Rate Purchase Loan.

Also known as a 203b mortgage loan, this is the most popular type of FHA purchase loan. Terms can vary, but 15 and 30 years are the most common. Interest rates tend to be lower than comparable conventional mortgages. 203b mortgage loans can be used on one to four-family residential homes.

Adjustable-Rate Purchase Loan (ARM).

Under the Section 251 Adjustable Rate Mortgage Program, the FHA insures ARMs whose interest rates can rise by no more than one percentage point per year and no more than five percentage points over the full term. Borrowers receive notice of pending rate increases at least 25 days prior to the increase.

Condominium Loans.

Known as Section 234c loans, FHA-insured condominium loans are 30-year fixed-rate products that finance the purchase of individual condominium units within developments larger than four units. There’s no strict occupancy requirement, so borrowers can use FHA-backed condo loans to earn rental income. However, in any given development, at least 80% of FHA-insured loans must be made to owner-occupants.

Secure Refinance Loan.

FHA Secure Refinance loans are designed to help borrowers with conventional mortgage loans refinance into fixed-rate, FHA-backed mortgages. Delinquency is not necessarily disqualifying, though it must result from higher monthly payments on a conventional ARM. Non-delinquent borrowers can refinance any type of conventional loan. Standard qualification requirements apply, including steady income, acceptable credit rating, and reasonable debt-to-income ratios.

FHA Streamline Refinance Loan.

An FHA Streamline is a refinance option for homeowners with existing FHA mortgages. This program is “streamlined” because it doesn’t have many of the income and appraisal requirements that are included with standard refinance programs. As a result, the streamlined program provides homeowners with a quick, simple way to make their mortgage more affordable.

The FHA guidelines state that a streamline refinance must provide a benefit to the borrower by either lowering the interest rate or converting the loan from an adjustable-rate mortgage (ARM) to a fixed-rate. The program also allows for higher loan-to-value ratios than many refinance programs, so borrowers who have little or no equity in their home are still eligible.

FHA Loan Requirements

FHA loan down payment

With the FHA, the minimum down payment depends on your credit score. With a credit score of 580 or higher, the minimum down payment is 3.5%. With a score of 500 to 579, the minimum down payment is 10%.

FHA debt-to-income requirements

Lenders pay attention to your debt-to-income ratio, regardless of the type of mortgage you get. The debt-to-income ratio, known as DTI, measures the percentage of your pretax income that you spend on monthly debt payments, including mortgage, credit cards, student loans, and other obligations. You can use a debt-to-income ratio calculator to figure out where you stand.

The FHA requires a debt-to-income ratio of 50% or less, according to Brian Sullivan, public affairs specialist for the U.S. Department of Housing and Urban Development, which runs the FHA.

FHA loan income requirements

There is no minimum or maximum salary you can earn that will qualify you for or prohibit you from getting an FHA-insured mortgage. However, you must:

Have at least two established credit accounts. Examples: a credit card and a car loan.

Not have delinquent federal debt or judgments tax-related or otherwise or debt associated with past FHA-insured mortgages.

Account for cash gifts that help with the down payment. These gifts must be verified in writing, signed and dated by the donor.

Checklist of Required FHA Loan Documents

Blank checklist with space for ticks on pad on office desk. Checklist for office worker, manager, businessman, chief on dark wooden background top view.

Individual mortgage lenders have different paperwork requirements. After all, they are different companies with different business models and procedures. But when it comes to FHA loans, there are certain documents borrowers must provide regardless of which mortgage company they are working with.

According to the Department of Housing and Urban Development (HUD), the government agency that manages this program: “The mortgage loan application package must contain all documentation that supports the lender’s decision to approve the loan.” This includes a wide variety of documents relating to the borrower’s financial situation, as well as those pertaining to the property being purchased.

Common FHA documents include, but are not limited to, the following:

  • Loan Application
  • Form HUD-92900-A
  • SSN Verification
  • Credit Report
  • Verification of Employment
  • Tax Returns
  • Sales Contract
  • FHA Amendatory Clause
  • Real Estate Certification
  • Appraisal Report

It’s also worth noting that mortgage lenders cannot have borrowers sign blank documents to be “filled in later.” This is a violation of FHA documentation requirements and guidelines. The HUD handbook states this clearly enough: “Lenders may not have borrowers sign incomplete documents … or blank sheets of paper.” These reasons for this rule are fairly obvious — you need to know what you’re signing!

Pros and Cons of FHA Loans

Portrait Of Smiling Family Standing In Front Of Their Home

What are the advantages of an FHA loan?

One of the main advantages is that you don't need to make a very big down-payment (which can be as low as 3.5% of the purchase price) for an FHA-insured loan. Most traditional loans require an initial payment of 20% of the property cost. College graduates, newlyweds, first-time homeowners and people with low income generally cannot afford a 20% down-payment.

Since an FHA-insured loan requires only a minimum cash investment, it is ideal for people who haven't been able to save enough money for the purchase. First-time home buyers and people who may have been denied for a conventional loan will definitely benefit from an FHA-insured loan. Also, if you can't apply for conventional loans because of bankruptcy or foreclosure, you may still be able to qualify for an FHA loan.

FHA loans are very popular since they allow greater flexibility in calculating payment ratios and household income. In general, to be eligible for an FHA loan, you must have a valid social security number, be a US resident, and old enough to get a mortgage in your state.

FHA loans - What's the catch?

First of all, the properties have to be appraised by an FHA-approved appraiser, and they must meet certain conditions. However, the biggest disadvantage is the mortgage insurance premium (MIP). There are two kinds of MIPS, and both are required: one is the upfront mortgage insurance premium (UFMIP), which is financed into the mortgage (it increased from 1% to 1.75% in 2012), and the other is the annual MIP (which is actually paid monthly).

As of June 2013, mortgage insurance premiums must be paid for 11 years in loans which the original loan-to-value (LTV) is 90% or less. If the loan's starting balance is higher than 90% of the appraised value, the MIP will last the lifetime of a loan.

What are the disadvantages of an FHA loan?

Since an FHA has a very low down-payment (which can be as low as 3.5%), you will end up paying more interest than if you had a conventional loan with a 20% down-payment. This is a very important factor to consider when looking for a mortgage. If you are financially capable of paying 20% for a down-payment, then you should strongly consider opting for a conventional mortgage since it will save you a lot of money in the long run.

Plus, on top of the 1.75% upfront that you'll have to pay in insurance, you can't cancel the annual mortgage insurance premium, like you could before June 2013. In contrast, conventional loans let you cancel the insurance policy when you have enough equity.

How does an FHA loan differ from a conventional mortgage?

An FHA loan is different from a conventional mortgage in important ways. A conventional mortgage is not insured by the FHA, so it’s harder for you to qualify if you’re not the type of ideal buyer lenders look for.

Some of the key differences between an FHA loan and a conventional mortgage include the following:

FHA loans have different down payment requirements. You can get an FHA loan with a down payment as low as 3.5%. Most conventional lenders require you to put at least 5% down, although a few lenders will let you get a mortgage with just 3% down.

You can get more down payment help with an FHA loan. The FHA permits financial gifts or down-payment assistance from an approved source to provide up to 100% of the down payment, while some conventional lenders restrict the amount of your down payment that can come from a gift.

You can qualify for an FHA loan with a lower credit score. Many lenders require credit scores of 640 or higher to obtain a loan, while the FHA allows loans with credit scores as low as 500.

FHA loans typically have lower interest rates. When interest rates are lower, your loan can cost less over time.

FHA loans have different insurance requirements. Borrowers who get an FHA loan must pay an upfront mortgage insurance premium and annual mortgage insurance premiums. With a conventional loan, private mortgage insurance is typically required if a borrower puts less than 20% down — but there’s just one premium paid on a monthly basis. There are also different rules for when you can stop paying insurance, and you usually have to pay insurance for longer with an FHA loan.

Sellers can help with closing costs for an FHA loan. The FHA allows home sellers to pay up to 6% of the closing costs for a loan. Many conventional lenders cap a seller’s contribution at 3% of closing costs, although some allow sellers to pay up to 6%.

Begin the application process.

If you believe you qualify for an FHA loan and are ready to apply, the first step is to get pre-approved with your lender of choice.

Get pre-approved for an FHA loan online now »

As you have read above there are many options to the versatile FHA loan. There are pros and cons of choosing an FHA mortgage. To help you navigate the FHA landscape and perhaps other loan options, we suggest you contact one of our mortgage advisors to answer all your questions. There is no fee nor obligation to do so. We are here to serve you and consult with you with complete transparency and your best interest in mind. Call us today!

8 Curb Appeal Tips for Selling Your Home Fast

8 Curb Appeal Tips for Selling Your Home Fast

From small touches such as new lighting to larger efforts such as tiling the porch or stoop, creating curb appeal is one of the best investments you can make to resell your home fast.

Here are eight ideas to maximize curb your appeal.

Landscaping Is Critical For The First Impression

  • Cut Back Trees and Shrubs. Landscaping should enhance your house, not overwhelm it. Trimming can bring impressive results. If you don’t have a steady hand, leave it to a professional or handy relative.
  • Manicure Your Lawn. A freshly mowed lawn is a must the week before a showing. Be sure to trim and edge it for a finished look that increases your curb appeal. 
  • Plant Some Color. If the weather permits, flowering plants are a cheap way to brighten the walkway leading up to your front door. It also gives the home a fresh vibe. Adding fresh mulch to your flower beds is a great quick fix, even in colder weather.

Don’t Forget Your Home’s Exterior

  • Paint the House.If you can’t afford to paint the whole house and the exterior paint is in good condition, consider retouching the trim. The gives your home a sense of newness. If the exterior colors are outdated, painting the home should be a budget priority.
  • Clean the Roof and Gutters. If anything is likely to attract a buyer’s attention, it’s clogged gutters, tree branches brushing the roof and algae growth. If you’re in a drier climate, make sure you don’t have obvious roof damage or missing tiles. If you need to replace the roof, it’s better to get it over with. Chances are, you’ll make up the money with a faster sale at a higher price. 
  • Clean the Walks and Driveway. Pressure wash patios, drives and walkways. Put fresh sealant on black-top driveways for a like-new boost to one of the areas buyers notice first.

Spruce Up The Outdoor Areas

  • Make Outdoor Living Space Inviting: Take steps to make porches, patios and decks clean and inviting. This might include repairing wood decks and restaining them. If you can replace old furniture, it’s a great investment that you can take with you when you go. 
  • Stage the Yard: Just as you stage the inside of the home, it’s important to declutter and depersonalize your outside living area. You can leave furniture in neutral colors so that the buyer can imagine themselves in the space. However, bikes, kids’ toys and the rusted grill need to be stored out of site. 

These basic ideas go a long way toward improving the curb appeal of your home. In return, you may be very happy with the positive effects on the sale of your home.

Be sure to take steps ahead of time to secure your financing for your next home purchase. A great place to start is setting up an appointment with your trusted home mortgage professional.

12 Ways to Lower Your Monthly Utility Bills

12 Ways to Lower Your Monthly Utility Bills

According to the US Department of Energy, the average American household paid $111.67 each month for utilities in 2017. With some research and a few DIY projects, property owners can reduce those energy costs without sacrificing comfort or convenience.

Establish Energy Friendly Habits

Reduce energy waste to see an immediate change in your utility payments.

  • Before bed, walk around your home. Make sure you turn off all lights, televisions, computers, and other plugged-in devices.
  • In the colder months, close the doors to unused spaces to save big on heating bills.
  • Dial down the heat before bed. Invest in extra blankets and cozy pajamas to keep warm without blasting the furnace.

Small habits can add up to big savings.

Incorporate DIY Solutions

These easy projects improve insulation so your interior stays comfortable without HVAC overuse.

  • Use weather stripping to seal off drafty windows.
  • Install door sweeps on all exterior doors to prevent outdoor air from compromising your indoor temperature.
  • Install a programmable thermostat. Many models allow you to automatically adjust temperatures throughout the day.

It doesn’t take a large investment of time or money to positively impact your utility bills.

Install Energy Efficient Appliances

Upgrading your appliances is a simple way to reduce energy waste.

  • Install a solar-powered water heater to eliminate the cost of hot water.
  • Replace your light bulbs with compact fluorescent (CFL) or LED versions.
  • Invest in an Energy Star rated washer and dryer to save money on your electric and water bills.

As a bonus, your new appliances improve the look and feel of your space.

Attend To Administrative Tasks

Pay attention to what you’re paying for. Small details can cost you big dollars.

  • Review your billing statements at least once every 3 months. Notice any changes in usage, rate, and fees.
  • Talk to your utility company about average payments. This option allows you to pay a flat rate rather than fluctuating per-use charges.
  • Install a Smart Meter to ensure accurate usage reporting.

Practice due diligence to protect your wallet from unnecessary charges.

You don’t have to make drastic changes to your lifestyle to control utility costs. Incorporate these easy fixes to bring down your monthly obligations without emptying your wallet.

If you feel like the time is right to upgrade your home’s energy efficiency, it may also be time to access some of your home equity to help you with expenses. Meeting with your trusted home mortgage professional is the first step to finding out about your best financing options.

The Economics Of Going Green For Home Sales

The Economics Of Going Green For Home Sales

Earth Day is celebrated each year in April to remind us all of the benefits of ecologically-sound living that is more in harmony with Mother Earth. There is quite a bit of positive news when it comes to going “green.” There are significant benefits for home sales.

Green homes may sell faster and for higher prices. Many people are willing to pay more for a green home in order to receive the long-term benefits of the savings on utility costs.

The Numbers Are Very Appealing

AHS reports many encouraging statistics. The estimates are about one-third of the real estate market for single family homes in 2016 was for green homes. The National Association of Builders says that 90% of home buyers consider looking for energy-efficient green homes to be a high priority when shopping for a home.

About 61% are willing to pay up to $5,000 more for a home that as low utility bills because of its green design. The Earth Advantage Study concluded that a green home, which is certified sells for up to 35% more than non-certified home.

The Green Value Proposition

Lawdepot reports that for every dollar that the utility bill is reduced for a home, the average resale value increases from 15 up to 20 dollars.

Here are some cost-effective investments that improve a home’s resale value:

  • Energy-Efficient Windows and Doors: Old, leaky windows and doors are horrible energy-wasters. Upgrade windows and doors to drastically lower energy costs. This also dramatically improves a home’s curb appeal. In terms of resale value, the return on investment is up to 100% over the cost of the installation.
  • LEED Certification: A home that has a LEED certification for energy-efficiency can sell for up to 35% more than a non-certified home.
  • Insulation: Upgrading attic insulation with high-performance blown fiberglass returns about 17% over the cost of the installation.
  • Solar Energy System: Solar energy installations return about 97% of the cost upon resale according to a study conducted by the National Bureau of Economic Research. Depending on the tax incentives and how much was saved on utility bills before the home is sold, there is typically a net positive financial benefit to a homeowner for installing a solar energy system. Moreover, these homes continue to operate normally in a grid-down emergency, which is a big selling point.

Conclusion

Going green, in these suggested ways, helps maximize a home’s resale value. This is helpful for the environment and makes excellent financial sense. Green homes are very attractive to potential buyers, especially in areas that typically have high monthly utility bills.

If going green is a priority to you, be sure to discuss energy efficient incentives and home improvement loans with your trusted mortgage professional.

What’s Ahead For Mortgage Rates This Week – April 22nd, 2019

What’s Ahead For Mortgage Rates This Week – April 22nd, 2019

Last week’s economic news included readings on home builder confidence in housing market conditions and Commerce Department reports on housing starts and building permits issued. Weekly readings on mortgage ratees and first-time jobless claims were also released.

NAHB Housing Market Index: Builder Confidence Rises One Point in April

Home Builder Confidence readings posted by the National Association of Home Builders held steady for April and rose one point overall. Component readings for the NAHB Housing Market Index were mixed; builder confidence in current housing market conditions rose one point to an index reading of 69, but builder confidence in housing market conditions in the next six months fell one point to 62.

Home builder confidence in potential buyer traffic rose three points to 47. NAHB Housing Market index readings above 50 indicate that most builders view market conditions as positive, but the reading for buyer traffic seldom rises above 50.

Housing Starts and Building Permits Issued Fall Short of Expectations in March

Commerce Department reports on housing starts and building permits issued in March were lower than in February and fell short of analyst expectations. Housing starts were reported at a seasonally adjusted annual pace of 1.139 million starts. Analysts expected housing starts at an annual rate of 1,225 billion starts based on February’s reading of 1.142 million starts.

Builders continued to experience headwinds including higher materials costs, shortages of buildable lots and a lack of skilled labor. Analysts cited disparities between new housing developments, which tend to favor luxury homes and the need for affordable housing.

Exclusionary zoning and neighborhood politics can block construction of affordable housing in desirable areas; legal and zoning constraints prevent builders from producing enough affordable homes to meet demand. Housing starts year-to-date were 9.70 percent lower than for the same period in 2018.

Fewer building permits were issued in March than in February. 1.269 million permits were issued on a seasonally adjusted annual basis as compared to expectations of 1.300 million permits issued and February’s reading of 1.291 million permits issued.

Mortgage Rates Rise as New Jobless Claims Fall

Mortgage rates were higher last week as average rates for fixed rate mortgages rose. 30-year mortgage rates averaged five basis points higher at 4.17 percent. Rates for 15-year fixed rate mortgages averaged two basis points higher at 3.62 percent.  

Mortgage rates for 5/1 adjustable rate mortgages averaged two basis points lower at 3.78 percent. Discount points averaged 0.50 percent for fixed rate mortgages and 0.30 percent 5/1 adjustable rate mortgages.

First-time jobless claims fell by 5000 new claims to 192,000 initial claims; this was significantly lower than 204,000 new claims expected.

Whats Ahead

This week’s scheduled economic news includes reports on sales of new and pre-owned homes and consumer sentiment. Weekly readings on mortgage rates and initial jobless claims will also be released.

Staging Your Home: Here Are Your Self-Storage Options

Staging Your Home Here Are Your Self-Storage Options

If you’re staging your home to sell, you may find yourself with more stuff than space. Rather than selling possessions that you’d rather not part with, you can put your things into short-term storage until your home sells and you’re able to move.

Here are some options you have when choosing and using a self storage unit.

Climate Controlled Or Not

Climate controlled units are located inside buildings. They could be compared to an apartment building, except instead of housing people, these storage buildings house belongings. Inside, they are powered with electricity and a temperature control that is temperate.

The advantage of a climate controlled storage unit is that your possessions won’t get above average hot or below average cold. If you plan to store certain items that are temperature sensitive, such as photographs, antique wood furniture or heirloom paintings, a climate controlled unit is a must.

Self storage units that are not climate controlled are typically located in garage-like buildings with a garage door opening that is open to the outside. There is usually no electricity or power inside the unit, so if you want to visit at night or on a dark day you’ll need to bring a flashlight.

There is no temperature control, so whatever the temperature is outside, it will be similar inside the unit. Depending on the climate you live in, it could get freezing inside the unity or extremely hot. If you’re planning on storing things that can withstand extreme temperatures, like a small motor vehicle, clothing or kitchen goods, you could opt for a unit like this.

Ground Level Or Above

Climate controlled storage buildings usually have more than one floor. Often, the ground level units are considered to be more convenient, so the rental rate may be higher than those on a higher floor. If you choose a ground level unit, you’ll be able to access your unit without navigating up and down an elevator for every trip back and forth to your car.

Units on higher floors will have access via a freight elevator. The freight elevator will be large enough to hold even your larger furnishings, such as couches, bureaus and desks. You’ll still be able to use a hand truck to cart your belongings, but you’ll have the disadvantage of having to wait for the elevator since other renters will also be using it.

Knowing these things ahead of time will help you make your decision about what kind of self storage unit to rent. No matter which one you choose, you can rest assured that your belongings will be safe and sound until you’re ready to bring them to your new home.

If your house is on the market, it’s important to plan ahead for your next home purchase. Be sure to meet with your trusted home mortgage professional to discuss your best financing options.

Home Maintenance Tips: How to Organize Your Garage

Home Maintenance Tips How to Organize Your Garage

Perhaps you plan to sell your home in the next few months or years. Keeping your garage organized can save time and ensure that you have storage space when you need it most.

Get Your Purge On!

Clear out the garage and separate items into categories: keep, trash, donate and recycle. If you get rid of 50 percent of your stuff, you’re doing great. The more you can get rid of up front, the less you have to organize! And if you haven’t used it in years, why would you need to keep it around?

Create Zones

Map out space with masking tape, starting with where your vehicles go. Mask out where you can put heavy-duty shelves for tools, sports equipment and other stored items. Also, you can maximize storage by building cabinets or shelving from floor to ceiling.

Buying clear bins in various sizes and interlocking shapes helps you stay organized. When you store like items together, it’s much easier to find them, especially if everything is properly labeled.

Think strategically. If your garage doubles as a workshop, include space for a workbench. If you bike every day, hang your wheels on the wall near the garage door. Additionally, remember to include garbage and recycling bins near the door for easy access.

Organizational Supplies
With the zones mapped, it’s time to get organized. For example, store shovels, rakes and brooms in a large trashcan. Meanwhile, sporting equipment such as bats, balls, skateboards and protective pads can go into larger bins, on shelves or inside lockers. Pegboards provide a versatile way to hang tools you use the most.

A cabinet that locks protects children and pets from hazardous materials like chemicals, paint and cleaning supplies. Meanwhile, constructing long open shelves of wood or metal gives you plenty of support for heavy storage bins, while a rolling cabinet lets you move craft supplies or gardening implements.

Storing Small Stuff

What can you do with screws, nails, hooks, nuts and myriad small items on a limited budget? Repurposed glass containers or mason jars let you see contents clearly while recycling. Use tin cans for screwdrivers and paint brushes.

Once your garage is neat and clean, you may find yourself spending more time there. You might even have enough room for a home office or craft corner. A well-planned organizational strategy helps you keep it that way.

If you are interested in buying a new property or refinancing your current property, be sure to contact your trusted home mortgage professional.

11 Simple Ways To Save Money Toward The Purchase Of Your New Home

11 Simple Ways To Save Money Toward The Purchase Of Your New Home

If you find it difficult to make ends meet, these tips will help you save money in ways that are easy to do and create substantial savings over time.

Declutter

Get rid of stuff you do use or need by having a garage or yard sale or by putting things for sale on eBay or Craigslist.

Make Your Own Coffee

Do you really want to make that billionaire richer by buying coffee for $5+ a cup? Make your own gourmet coffee that costs around 50 cents per cup for the same thing.

Bring Your Own Lunch

Making your lunch the night before to take to work the next day will give you more time to enjoy lunch. You will save the money that is wasted when driving to fast-food restaurants or going to pricey lunch places.

Grow Some Food

Everyone should have a garden, even if it is only a window garden for herbs. If you have some room for pots, you can grow tomatoes and other vegetables. If you have a back yard or a front yard you can grow tons of stuff.

Buy In Bulk And Use Coupons

For the things that you use on a regular basis, stock up when the items are on sale. Buy things at discount stores. Buy bulk things like rice and pasta at wholesale prices in co-ops. Coupon clipping is a hobby that pays for itself in savings. Just be careful not to buy things you do not really need or use.

Change Home Lighting

If you have not yet changed out all your incandescent bulbs to compact fluorescent bulbs, what have you been doing? Change those bubs right away because you are burning up money on wasteful lights.

Install Smart Home Technology

Making a home run with more energy-efficiency is reduces your bills and helps the planet too. Smart home technology monitors comfort zones and turns things off when they are not needed.

Cut The Cable

An expensive monthly bill for cable TV is something many can do without. There are plenty of less expensive alternatives and tons of free content to view online.

Make A Change Jar

Every time you come home, put all the change you have in a change jar. You will be surprised how much money builds up over time and you will hardly even notice it is missing.

Walk Instead Of Drive

Do you have to drive your car everywhere? Try walking short distances instead. Not only will you save money on gas; walking may improve your health.

DIY Projects

Instead of paying others to do simple jobs around the house, do them yourself. There are plenty of do-it-yourself (DIY) guides on YouTube that show how to do just about anything. You will save the expensive labor cost for simple home repairs that can be up to $75 per hour.

Are you inspired? OK. Put some of these ideas into action. Ready, set, save!

When you’re ready, set up an appointment with your trusted home mortgage professional to find out about the best financing options for your new home purchase.