Now’s a great time to buy – so get excited about the opportunity! It would be my privilege to help you get into that home you’ve been dreaming about.
All the best – Tom
Category: Housing Market (Page 39 of 40)
Here’s a really interesting piece from the New York Times regarding virtual reality technology in the real estate world. I’d highly recommend checking this one out if you are a Real Estate Agent…..
Source: New York Times
This technology is expected to transform the real estate industry and, some say, make house-hunting more efficient. It can help to reduce the stress of relocating to a new city or buying from abroad and also allow buyers to visualize properties in development.
In some cases, the excitement of providing virtual-reality technology to clients has created an outsize sense of the technology’s importance. One company was keeping its VR prototype secret, lest a competitor try to steal it. But whether the technology is ready for widespread use — and whether consumers really want it — remains an open question.
What is now available to consumers and growing more popular is the 3D walk-through. This is an updated version of the panoramic camera shots that were all the rage a decade ago. There’s no headset. Users move their mouse or arrow keys from their computer keyboards and devices to navigate through rooms and zoom in on apartment features.
The earnest money deposit is an important part of the home buying process. It tells the seller you’re a committed buyer, and it helps fund your down payment.
How Much Should You Put Down in the Earnest Money Deposit?
The amount you’ll pay for the earnest money deposit will depend on a few factors, such as policies and limitations in your state, the current real estate market, and what the seller requires. On average, however, you can expect to hand over 1-2% of the total purchase price as earnest money.
When Do You Pay the Earnest Money, and Who Holds It?
In most cases, after your offer is accepted and you sign the purchase agreement, you give your earnest money deposit to the title company. In some states, the real estate broker holds the deposit.
Always check the credentials of the firm or broker taking the deposit and verify that the funds will be held in escrow. Never give the earnest money to the seller; it could be difficult or impossible to get it back if something goes wrong.
After turning over the deposit, the funds are held in an escrow account until the home sale is in the final stages. Once everything is ready, the funds are released from escrow and applied to your down payment.
If the deal falls through, a small cancellation fee is usually taken out of the deposit, but the remainder remains in escrow. Whoever holds the deposit determines whether you should get the money back under the terms of the purchase agreement. Make sure that the purchase agreement covers how a refund is handled.
Here’s a brief introductory video about Tom Bonetto, The Lending Coach. My goal is to help you expand your client base, help you find 4 more sales this year, and make your transactions as smooth as possible.
https://youtu.be/p21lcd0VreU
One of my favorite consumer finance blogs is Get Rich Slowly. They offer common sense advice regarding personal finances to build security over the long haul. This particular post speaks to the benefits of a refinance.
Before refinancing, consider what your goals really are. Do you want to lower your monthly mortgage payment? Do you want to pay off your mortgage and get out of debt faster? What about taking some cash out for upcoming college expenses or debt consolidation?
I highly recommend you read the entire piece to get a better understanding of your refinance options. I’d be happy to sit down with you to help give some perspective to see if refinancing is a good option of you, as well!
Source: Get Rich Slowly: 5 Reasons to Refinance Your Mortgage
Refinance to shorten the term of your loan. If you have a 30-year mortgage, now may be a great time to consider refinancing. With record low interest rates, you may find that a 15-year mortgage is not much more expensive than the 30-year loan payment you have been paying.
Start by entering your information into a mortgage calculator to see what your new payment might be. If your new estimated payment is feasible, consider contacting a mortgage professional. (When we first refinanced our home from a 30-year mortgage at 5 percent to a 15-year mortgage at 3.25 percent, our payment only increased by about $200. Since the increase fit easily into our budget, the decision was a no-brainer.)
Refinance to lower your interest rate. As I mentioned before, interest rates are near a record low. And as I write this, 30-year mortgage rates are hovering above 3 percent and 15-year loans can be secured for an even lower rate. If your home is now financed at a higher interest rate, it may be a great time for you to consider refinancing. You could literally save tens of thousands of dollars just by taking the time to fill out the necessary paperwork and gather the needed documents.
Refinance to lower your paymen
t. Refinancing your mortgage at a lower interest rate could mean drastically reducing your payment and saving tens of thousands of dollars in interest. Lowering your mortgage payment could also free up hundreds of dollars per month that could be saved or invested. Although refinancing to lower your payment could increase the term of your loan, it could make sense in your particular situation.
Refinance from an adjustable-rate mortgage to a fixed-rate loan. If you currently have an adjustable-rate mortgage, now may be the perfect time to refinance into a fixed-rate loan. Interest rates are low now, but they may not stay this low forever. Locking into a low, fixed rate can protect you from rising interest rates in coming years. Additionally, a fixed payment is easier to plan for and budget.
Refinance to cash out home equity. It’s a tempting proposition to cash out your home equity by refinancing your home. It could even be a great financial move in some circumstances. For instance, it may make sense to cash out some of your home equity in order to buy an investment property or start a business. It mostly depends on what you are trying to achieve and if you are someone who can manage your debts responsibly.
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