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Make a Real Estate Purchase Your 2024 Resolution

January 3, 2024 / Tom Bonetto

With 2024 upon us, many of us start thinking about setting resolutions.

Make buying a home or an investment property your New Year’s resolution. It can be a substantial, rewarding, and life changing goal for multiple reasons!

First and foremost, home ownership is a foundation of building the American Dream.

Per Forbes magazine: “Home ownership has long been accepted as a core component of the American dream, as it confers several economic benefits on homeowners, including the ability to accumulate wealth by accessing credit, building equity and reducing housing costs.”

Building Wealth

Instead of spending money on rent (which contributes to the equity of others), purchasing a home allows individuals to build equity over time. This equity can serve as a form of savings and investment, as real estate almost always appreciates in value and providing a secure financial foundation for the future.

Laying Down Roots

The stability that home ownership offers can contribute to a sense of security and well-being for individuals and their families.

Furthermore, owning a home offers stability and a sense of belonging. It provides a place to create lasting memories, build relationships, and establish roots within a community.

Serious Tax Advantages

Additionally, owning a home can offer some nice tax benefits. Deductions for mortgage interest and property taxes can significantly reduce taxable income, providing potential financial advantages for homeowners. These tax benefits can contribute to long-term financial planning and savings…and talk to your financial professional for the specifics.

Financial Independence and Long Term Investment

Moreover, purchasing a home can be a step towards financial independence and building generational wealth. Property ownership can lead to increased net worth over time and serve as a valuable asset to pass down to future generations, providing stability and opportunities for family members.

Finally, buying a house as a New Year resolution signifies a commitment to a long-term investment in oneself and one’s future. It requires planning, discipline, and financial responsibility, instilling valuable habits that can benefit individuals well beyond the purchase of the home.

Contact Tom For More

Please do reach out to m e to discuss how you might be able to make home ownership a reality in 2024, as it would be my pleasure to help!

The blog postings on this site represent the positions, strategies or opinions of the author and do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deductions.

Recovering From Injury | The Mental Side

January 2, 2024 / Tom Bonetto

Coming back from injury isn’t an easy task, especially in the athletic world. Athletes get hurt often, as it’s a risk in any game. But what does it take to fully recover and return to the field?

Of course, there’s the physical rehab, but what about the mental side?

I’m sharing an article from Dr. Patrick Cohn from Peak Performance Sports, and I’d invite you to check it out…

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A positive mindset is where you focus on a successful and speedy recovery rather than negative “what ifs.”

Every athlete will experience an initial adverse reaction to injury, but moving forward from injury requires that you process your circumstances and then focus on your mental and physical recovery one day at a time.

How do you bounce back from a sports injury?

The first step in bouncing back is to process your emotions. The sooner you can work through your intense emotions, the quicker you can move forward.

The next step is to evaluate the severity of the injury with a doctor, physical therapist, or athletic trainer.

Afterward, create a rehabilitation plan, including how you will work on building your mental toughness. Each week, assess your progress and adjust your plan as necessary.

Each of these steps helps you focus on solutions or positive action. The goal is to maintain a positive attitude and a sense of control throughout the recovery process to return to competition physically and mentally stronger.

Late in the 2023 NFL season, Philadelphia Eagles linebacker Zach Cunningham suffered a hamstring injury and watched from the sidelines as the San Francisco 49ers dominated the Eagles, 42-19.

After the game, Cunningham talked about how difficult it was to be injured but stated he was focused on supporting his teammates and rehabbing his injury.

CUNNINGHAM: “It was really tough. I mean, having to sit and watch from the sidelines, it’s always hard having to sit out anyway…. It sucked a lot, man. You gotta focus on the stuff that you can control. I was out there trying to help where I could as far as anything I saw out there on the field. That and working on getting back. That’s my main focus.”

Focusing on what you can control, such as the recovery process, and supporting your teammates is empowering. Focusing on what you can do helps you maintain a positive perspective and can improve your mental and physical recovery.

Focus on what you can control. Setting goals to maintain a positive and productive focus is important when injured.

Set three athletic or rehab goals each day, such as 15 minutes of visualization, maintaining a positive attitude during rehab, discussing game strategy with your coach, or strength training.

Setting goals helps you move forward and build mental toughness along the way.

New Podcast to Check Out!

December 14, 2023 / Tom Bonetto

I have something special to share today.

I was recently invited to do a podcast regarding real estate and lending and I thought you might be interested in checking it out.

H ere’s the link:

I’ve known Mike Nelson since our college days – and we talk about everything from interest rates to investment properties.

Specific Podcast Timestamps:

2:45 – Intro
5:28 – Tom’s Professional Biography
9:20 – Lending Coach Bio/Lending Coach Brand and Clients
12:01 – Types of Clients and Profiles
12:45 – Investment Property Clients and Specifics
15:50 – Big Bear Real Estate and Market
20:55 – Equity Position of Property Owners and Opportunities
21:49 – My Interaction w/Clients – The Why in Today’s Market and Rates
28:09 – The Lending Coach Specifics – Marketing to Agents and Buyers

Do check it out, as I think you will gain a few insights and enjoy it!

Refinance in Today’s Market…Really? Why It’s More Common Than You Think!

December 11, 2023 / Tom Bonetto

Believe it or not, refinances still make up almost one third of all mortgage transactions, even though rates have risen. You may be wondering why this might be…

Many consumers have amassed a large amount of debt, paying much higher rates of interest, thanks to the Fed hiking rates so aggressively.

Most out there are only making the minimum payments, with no path to paying off their debt. At the same time, most homeowners have record levels of equity in their homes.

Today’s homeowners are benefiting from a type of refinance where they pull that equity out of the home to pay off those debts, saving money on the overall monthly payments.

There are several compelling reasons why a cash-out refinance can be a beneficial move.

Debt Consolidation

By consolidating high-interest debt into a lower-interest mortgage, homeowners can potentially save money in the long run.

For instance, paying off credit card debts, car loans, or personal loans with a cash-out refinance can reduce overall interest payments, saving money on monthly payments and providing more financial breathing room.

I have a Debt-Consolidation calculator and a Blended Interest Rate calculator available to analyze all client situations, as well.

Immediate Funds Available

Accessing the equity built up in a home through a cash-out refinance can provide funds for a wide variety of uses.

Whether it’s home improvements, debt consolidation, paying for education, or other significant expenses, this approach allows homeowners to tap into the equity they’ve accumulated.

The interest rates for mortgages are often lower than rates for personal loans or credit cards, making a cash-out refinance a potentially more cost-effective way to access funds.

Adding Flexibility

A cash-out refinance provides flexibility for homeowners to manage their finances according to their needs and goals.

Whether it’s securing funds for an investment opportunity, addressing unforeseen expenses, or improving the home’s value and livability, this financial tool offers a versatile way to leverage the equity in one’s home for various purposes.

Additionally, there are ways to gain equity at an accelerated pace and significantly shorten the length of your mortgage, by applying those savings as an additional payment each month.

Call me today to review your current debt situation and see if I can help!

The Importance of the Home Inspection in the Buying Process

December 6, 2023 / Tom Bonetto

A home inspection is a critical step in the home buying process that provides invaluable insights into the condition of the property.

Its importance cannot be overstated as it helps potential buyers make informed decisions and avoid potential pitfalls.

A thorough inspection by a qualified professional can reveal issues that might not be apparent during a casual walkthrough, ensuring buyers understand the true condition of the property before making a purchase.

What Does the Inspection Entail?

Several crucial areas need inspection during a home inspection.

The structural integrity of the house is paramount and includes examining the foundation, walls, roof, and overall construction quality. Any structural issues could potentially lead to significant expenses and safety concerns if left unaddressed.

Inspectors also evaluate the plumbing and electrical systems to ensure they are in proper working condition and up to code. Problems in these systems can be costly to repair and might pose safety hazards.

Furthermore, a comprehensive inspection covers the HVAC (heating, ventilation, and air conditioning) systems to ensure they function efficiently.

Poorly maintained or outdated HVAC systems can result in high energy bills and might require costly repairs or replacements.

The inspection should also include an assessment of the property’s exterior, looking for issues such as drainage problems, grading, and potential water damage, which can affect the home’s integrity.

Inspectors thoroughly examine the interior components of the house, including walls, ceilings, floors, doors, and windows. They check for signs of water damage, mold, pests, or other issues that could affect the habitability of the home.

Additionally, an inspection might encompass checking for the presence of hazardous materials like lead-based paint or asbestos, which can pose health risks if not properly addressed.

The Buyer Should Be There

Understanding the importance of a home inspection underscores the need for buyers to be actively involved in the process. Attending the inspection allows potential buyers to gain a firsthand understanding of the property’s condition.

Moreover, it provides an opportunity to ask questions and receive clarification on any concerns raised by the inspector.

Home size is a significant factor that determines home inspection costs.

Approximate Cost

Armed with the inspection report, buyers can negotiate repairs or request concessions from the seller based on the findings, ensuring they are making an informed decision about the investment.

Professional inspectors often charge based on the square footage of the home because it largely determines the scope of the work and the length of time they will spend on the inspection.

Home inspections cost as little as $200 for an area of less than 1,000 square feet (a tiny home or condo, for example). Costs increase as home size increases, with an inspection of an average 1,500-square-foot single family home costing between $300 and $400 and a larger multi-family home inspection costing upwards of $700.

In Conclusion

In essence, a home inspection serves as a safeguard for buyers, offering a comprehensive evaluation of the property’s condition and helping mitigate risks associated with unforeseen issues.

It empowers buyers to make informed decisions, potentially saving them from costly repairs or future problems.

By thoroughly inspecting various aspects of the property, buyers can enter the home buying process with confidence and peace of mind.

For more about home purchasing, do reach out to me, as it would be my pleasure to help you in any way!

The Lending Coach