New Construction vs. Existing Home: Why New Might Be Better

3 Ways That Buying a New Construction Home Beats Buying an Existing One, Every TimeAre you in the market for a new house? Whether you are a first-time home buyer or are upgrading to get more space, you will need to choose between buying an existing home or building a brand new one. As you might imagine, there are pros and cons to each kind of home. But if it is in your budget, you may want to lean towards a newer home over an older one. Let’s explore three reasons why new construction homes are better than existing homes.

Customize Every Aspect To Your Tastes

Ask anyone living in a custom-built home and they are likely to tell you that the ability to customize everything was a major deciding factor. When you build a brand-new home, your input isn’t limited to the floor plan or room layout. Your family can choose everything from the paint colors to the door hinges. Imagine having your pick of appliances, cabinets, flooring, and trim in every room – that’s what new construction is all about.

Modern, Efficient And Convenient

A brand-new home means a home that is energy-efficient and built for convenience. Your home can be designed with as much advanced technology as you have in mind. Seamless Wi-Fi and other wireless connectivity for all your devices. A cutting-edge video security system to keep your family safe. Efficient heating and cooling that offers superior indoor air quality. And, of course, lower energy costs and a smaller carbon footprint.

If you are a fan of technology and the conveniences it can provide, a new construction home is a perfect choice.

Many Years of Trouble-Free Living

Another benefit of living in a new home is that everything around you far less likely to fail over the next few years. Moving into an older home means worrying about the roof, the electrical wiring, the appliances and a whole host of other potential problems. In a new construction home, you will be surrounded by brand-new machinery that is built with the future in mind. Also, even if you do run into any issues with your home or appliances, it should all be under warranty.

If you’re ready to discuss financing options for a new construction home, contact us today. Our professional mortgage team is happy to help.

Why New Construction Homes Are A Top Choice For Today’s Home Buyer

Did You Know: Why New Construction Homes Are A Top Choice For Today's Home BuyerAre you in the market for a new house? If so, you may have been comparing your options when it comes to open listings on the local market. One decision you will need to consider: do you want to purchase an existing home or build a new one? Let’s explore a few reasons why new construction homes are a popular choice for today’s home buyer.

A Home Designed (By You) With The Future In Mind

Ask anyone who has recently invested in a brand-new home, and many will share that all of the built-in technology was an essential factor. Today’s homes are designed with the future in mind. High-speed networking, better wireless connectivity, high-tech security and other features are all benefits that typically can’t be found in older homes.

Of course, don’t forget that you play a role in the design choices in a new construction home. It is your chance to design all of the features you would want in a dream house.

Energy And Cost Efficient

As you might imagine, homes constructed with modern designs and materials are vastly more energy than older homes. Tighter seals, better insulation and more efficient heating and cooling all translate to lower utility costs. Moreover, while the savings per day might seem small, over time, they add up. Leaving more money in your pocket for investment, saving or other purposes.

If you want to take it a step further, you may even decide to expand your new construction home with solar panels or other high-efficiency upgrades.

Less Maintenance Means More Free Time

Finally, you can sleep soundly knowing that a new construction home needs far less maintenance work than an older home. Of course, there will still be the occasional job that needs taking care of. So you will want to be diligent in fixing up any damage or issues that do occur so that the problem does not spread. But overall, you can expect to spend less of your free time repairing things and more of it relaxing and enjoying life.

These are just a few of the many great reasons to invest in a brand-new home. To learn more about financing a new construction home, contact us today. Our professional team is happy to discuss your needs.

Buying in 2018? Get Your Down Payment Ready Now by Tapping These Helpful Sources

Buying in 2018? Get Your Down Payment Ready Now by Tapping These Helpful SourcesAre you in the market for a new house or condo in 2018? With the new year just around the corner, now is the time to get all of your financial details in order. As you may know, buying a home is a significant financial transaction. But it all starts with your down payment, which is the lump sum that you invest in order to purchase the home. In today’s blog post we will share a few sources of funds that you can tap into for help saving up your down payment.

Peer Into Your Financial Future

A helpful first step is to map out your financial future. Do you have any lump-sum payments such as an annual bonus or a tax return coming up? If so, those are excellent sources of funds to help build up your down payment.

Put A Stop To Unnecessary Spending

Anytime you want to save money, an obvious step is to cut as much unnecessary spending as you can. Invest the time in creating a strict monthly budget which includes setting money aside for your down payment. Be sure to watch for any daily habits that are eating away at your savings, such as high-priced specialty coffees or eating out regularly.

Research Local Homebuyer Assistance Programs

Don’t forget that you’re not alone in your quest for home ownership. There are numerous federal, state and municipal homebuyer assistance programs that offer financial help when buying a home. Your local real estate professional will be happy to share some insight.

Check In With Your Employer

Finally, don’t forget to check in with your employer to see if there are any home ownership grants or subsidies. Down payment and home-buying assistance programs are becoming more popular with companies as an extra perk to offer employees. Send a quick email or stop by the human resources department to let them know you’re in the market for a home and to see if any programs are on offer. If your workplace does have a program like this, it’s the perfect time to take advantage.

Having your down payment funds ready will make the buying process faster and show your mortgage lender that you’re prepared for home ownership. For more information, contact your trusted mortgage professionals. We’re happy to share some amazing listings that perfectly suit your needs.

4 Questions to Find Out If You Are Ready for Home Ownership

Are You Ready for Home Ownership? Find Out by Answering These 4 QuestionsHave you been dreaming about a larger, roomier or more luxurious living space? Or perhaps just want to experience the joy of owning your own home and building your net worth instead of renting? Let’s explore a few questions that can help to answer whether or not you’re ready for a new lifestyle as a homeowner.

Can You Realistically Afford To Buy A Home?

The first consideration to make is a financial one: can you afford it? Buying in a home is a significant financial investment. In most cases you’ll need to manage monthly mortgage payments for many years. The good news: owning a home is more affordable than you might think. If you’re already a stable renter then you’re most of the way there.

Do You Have Your Down Payment Saved Up?

If you’re confident that monthly payments are no problem, then the next step is saving up enough to cover your down payment. This is a lump-sum investment that you make when you buy the home. Typically your down payment is around 20 percent of the home’s cost, but there are assistance programs which can reduce this further.

Do You Know What Type Of Home You Need?

Once you’ve cleared all of the financial hurdles, you will next need to decide exactly what kind of home you need. If you’re a single young professional, a condo or apartment might be the perfect starter home from which you can upgrade later. Or you might prefer something more rural which comes with more yard space, perfect for pets.

Are You Ready To Set Down Some Roots?

Finally, it’s worth taking some time to decide whether or not you’re ready to emotionally and physically invest in your local community. Is your career stable enough that you won’t be moving for at least a few years? What about that of your partner or spouse? If you don’t already, do you envision having children in the future? All of these are considerations that will help you choose the right neighborhood.

When you are ready, our professional mortgage team is here to help you finance the home  of your dreams.

Buying a New Home? Make Your Move Easier With These 3 Purging Tips

Buying a New Home? Make Your Move Easier With These Three Purging TipsAre you thinking about buying a new house? While the prospect of a new home is undoubtedly exciting, you may be dreading the thought at having to pack everything up and move. In today’s blog post we will explore three tips for purging old, unwanted or forgotten items before making a move into a new home.

Sort Everything That You Don’t Need

The first step you will want to take is to sort everything in your home. Many families go through the house, room-by-room, separating their must-have items from everything else. At first, this process is quick as there are many items just sitting around waiting to be thrown out. However, you are bound to find some older keepsakes that are much harder to let go. In the end, you’ll want to ensure that you only keep those goods that are important to you. Everything else should go.

Host A (Virtual) Yard Sale And Consider Consignment

Now that you have everything in your home sorted, it’s time to host a yard sale. If you are so inclined, you can run a traditional sale where you place everything out on the lawn on a Saturday morning and put up signs to let the neighborhood know. Alternatively, you can run a virtual yard sale through the web and app-based classifieds like Craigslist.

You may also want to consider calling up local consignment shops to see if they’ll take some of your unwanted goods. A consignment store will sell your items for you and keep a portion of the sale price as a fee. This can be a useful option if you have antiques or other goods that are more popular with an older crowd.

Donate Everything Else

Is there anything left in your home? If so, it’s time to hand over this last bit of unwanted clothing, furniture or appliances to your local charity. Many charitable organizations will come and pick up your unwanted items, which saves you from having to drive a load of stuff over somewhere to drop it off. Call up your charity of choice and see if they accept donations. If not, they will be able to refer you to other local organizations that are interested.

Purging your older or unwanted items is a surefire way to make your move easier. If you’re in the market for a new home and need information about financing your new home, contact us today. Our professional team is happy to help you.

3 Key Flaws to Watch Out For in an Older Home

Buying an Older Home? Watch Out for These 3 Key Flaws That Could Spell TroubleAre you a fan of homes with a bit more character than newer, modern designs? Whether in pristine condition or more of a “fixer upper,” older homes are incredibly popular in cities across the country. However, there are some key factors to consider if you’re thinking about buying a home built decades ago before modern standards were enforced.

Old Electrical Designs Can Be A Significant Fire Hazard

No matter when a home was built, it’s almost guaranteed to have electrical wiring running through walls to supply rooms with lighting and power outlets. However, if the wiring was run in decades past it may be with older cords that are less able to withstand a modern workload. A quick check of the circuit-breaker panel or fuse box and the wires leading from it can give an idea just how old the wiring is. As older designs can be a fire hazard, you will want to ensure the wiring is up to date.

Poor Plumbing Design Can Lead To Rot Or Worse

Plumbing can also be an issue in older houses – especially those in states that experience a cold winter. Water pipes tend to expand and contract due to temperature, which can lead to stress and leaks over time. Moreover, even though older pipes are typically made of metal, they can still wear out. The last thing you need is to wake up to a flooded basement, so be sure to have the plumbing professionally inspected.

Is The Roof And Insulation Strong Enough?

While the roof might look solid from the outside, it may not be as well put together on the inside. Even the smallest of holes or leaks in roof membrane can wreak havoc on the structural integrity of the roof. It’s worth spending some time in the attic to inspect the inside of the roof, the condition of the insulation and how well the entire structure is holding up.

While the above list might sound a bit scary, it isn’t meant to turn you away from buying an older character home. If you’re diligent in checking out the home’s history and invest in a professional inspection, you’ll stay safe. When you’re ready to explore a mortgage for a character home, contact us today.

Why Mortgage Pre-Approval Should Be The First Step When Buying a New Home

Buying a New Home? Here's Why Mortgage Pre-Approval Should Be Your First StepAre you thinking about buying a new house, condo or apartment? Whether you are upgrading, downsizing or investing, if you intend on borrowing the funds you’ll need to be pre-approved for a mortgage. In today’s blog post we’ll explore mortgage pre-approval and why this should be one of your first steps in buying a new home.

Pre-Approval Helps To Determine Your Budget

Do you know your budget? Mortgage lenders consider many factors when deciding how much they are willing to lend to a home buyer. While your employment status, salary, assets and credit rating are important, they are all pieces of a larger puzzle that help a lender to determine your risk. So regardless of how spotless your credit rating might be, you’ll want to get pre-approved for a mortgage before trying to figure out your total purchase budget.

The size of your down payment will also be a factor in determining your overall budget. If you still have a bit of time before you’re ready to buy a home, continue to put money aside for your down payment. The more you have, the less you’ll need to borrow.

Once Pre-Approved You Are Ready To Make An Offer

Once you’re pre-approved for your mortgage, you’re ready to submit an offer for the home. Note that you do not need to bid high just because you are approved for a large mortgage. Work with your real estate agent to determine the right asking price for the home. Submitting a bid that’s a bit lower than you’re willing to pay leaves you with a bit of room in case the seller makes a counteroffer.

Many Sellers Will Demand Pre-Approval

Finally, don’t forget that many sellers will require that you are pre-approved for mortgage financing before they’ll accept a bid or offer. Many listings end up receiving multiple offers, especially those in hot real estate markets or popular communities. So if you table an offer without pre-approval, you may find that it is rejected in favor of another buyer who is ready to go.

Once you’ve been prequalified for mortgage financing, pre-approval is the final step in the process before you’re ready to make an offer and purchase your new dream home. For more information about the pre-approval process, contact us today.

Four Mistakes to Avoid When Making an Offer for Your Dream Home

Four Mistakes to Avoid When Making an Offer for Your Dream HomeYou’ve scoured the new home listings, been to all the open houses and have finally found the home of your dreams. It is now time to draft an offer and begin the negotiation process. Below we’ll share four mistakes that you will want to avoid when making an offer on your dream home.

Mistake #1 – Not Working With A Professional

The first mistake that home buyers make is trying to buy a home without using the services of a real estate professional. Buying a home is a significant financial transaction and one where the seller and their agent are working hard to ensure they come out ahead. Having experienced representation on your side of the table ensures that you won’t be taken advantage of.

Mistake #2 – Skipping The Home Inspection

The second mistake – and one that is more common than you think – is skipping the home inspection. There are countless instances of home buyers thinking that the house looks great on the outside without realizing that there are issues with the roof, the foundation, the plumbing, inside the walls or some other area that’s tough to see. Having the house professionally inspected before tabling an offer ensures that issues are fixed up before the transaction is complete. Alternately, if you’re willing to move ahead regardless, you can ask for the price to be reduced as compensation.

Mistake #3 – Not Being Pre-Approved For Financing

The third mistake in our list is making an offer on a home without being pre-approved for the amount of mortgage financing you will need. Regardless of how good your credit is, the mortgage application process is one that can present challenges. Also, many home sellers will require evidence of financing pre-approval before accepting an offer, so it’s best to come prepared.

Mistake #4 – Taking On Other Debts

Once you’ve decided on the home you want to purchase, you will want to avoid taking on any other debts which can affect your credit score. Don’t buy a car, open any new credit cards or do anything else which will show up on your credit report. Once you are pre-approved for your mortgage, you’ll want to keep your credit as spotless as possible to ensure that nothing goes wrong.

If you’re prepared and clear-headed, the offer process will go smoothly and you’ll soon be moving into your dream home. When you’re ready to explore financing options, contact us today.

5 Things First-time Home Buyers Should Know Before Signing on the Dotted Line

5 Things That First-time Home Buyers Wish They Knew Before They SignedWithout a doubt, it can be both overwhelming and exciting to find your dream home and be able to put the money down for it. However, there are a lot of things to know before signing on the dotted line so you can avoid buyer’s remorse. Instead of going it alone, here are a few tips to keep in mind before you decide to commit to your new home.

A Good Agent Is Important

Many homeowners want to find the right place on their own, but having an agent along to assist you in the process can go a long way towards finding your ideal home at the right price. Instead of risking it, choose an agent that comes highly recommended and has an abundance of experience in the business.

Is The Price Right?

It’s easy to be taken in by a beautiful home, but before putting money down you’ll want to calculate your debt-to-income (DTI) ratio to make sure it’s within reach. You may feel like you can make it work, but paying a high mortgage will become a drain over time and may ruin the happiness of your home investment.

What’s The Potential?

When it comes to first-time buying, many homeowners go into it with unrealistic expectations. However, demanding too much of your investment can mean you miss out on the gems that have a lot of hidden potential. Instead of saying ‘no’ right away, consider what you can improve for little cost.

Researching The Neighborhood

The focus for many homeowners is definitely the house, but ‘location, location, location’ is a cliche for a reason. Instead of focusing only on your home, ensure you’ll be living in a neighborhood where you can feel safe and will have access to all the amenities you need.

Investing In An Inspector

A home inspection may feel like a formality, but it’s important to have the right inspector so they will notice maintenance items that can hugely impact your finances. While little items that need to be fixed-up are not a big deal, issues with the foundation or the roof can cause major grievances if they’re not detected.

There are a lot of things to keep in mind when it comes to buying a home. But by doing your research and being aware of your financial outlook, you’ll be well on your way to a good investment. If you’re currently in the market for a home, please contact us for more information.

Spring Is Real Estate’s ‘Rush Hour’ — Here’s How to Prepare

Spring Is Real Estate's 'Rush Hour' -- Here's How to Tell If You're PreparedThe most popular time of year to buy a home is in the spring. This means that if you’re preparing yourself for getting into the real estate market, you may be experiencing a time crunch. If you’re ready to put your home up for sale in time to take advantage of the season, here are few things you’ll want to think about.

Have You Cleaned Up And De-cluttered?

Spring is not only an optimal time to put your home up for sale, it’s also an ideal time for spring-cleaning! Instead of leaving all of the de-cluttering to the time when you know you’ll be moving, prepare now by discarding anything that you don’t want to move. This will not only make your packing more streamlined, it will also make the basic cleaning duties like vacuuming and dusting a little easier to carry out.

Are You Prepared To Move?

A home can sit on the market for a few weeks or months, and it can also sell on the first day. You’ll want to have a game plan for moving beforehand. Determine a plan for yourself and your family so that you can start looking for a home to invest in or at least rental property. You don’t want to lose out on a good offer by not being prepared. Make sure you know where you’re going before getting into the market.

Do You Know The Market Conditions?

Spring is certainly the most popular time to buy, but if your home isn’t priced right, it may linger longer than you’d expect. If you’re selling on your own, you may want to take a look at the MLS listings to determine what similar homes are selling for. It can also be a great idea to utilize the services of a local real estate agent. They will have background knowledge of the market and be able to do the tough negotiating for you.

With spring being the best time to sell, it’s important to de-clutter your house ahead of time and be aware of the market conditions you’ll be dealing with.