Are All Mortgage Rates the Same
Becoming a homeowner can be a drawn-out process that some people may find tiring and daunting. Looking over all those listings, reaching out to real estate agents, meeting with bank representatives, etc., etc.... The process involves many steps but the most important one is searching for and finding the best mortgage lender for you. If you’re going to be involved with this lender for years to come, it makes sense that you put in the hours to find the best one that will fulfill your needs.
What types of lenders are available to you
It’s All About Consumer Experienc
When a lender goes the extra mile to make sure you have all the information you will need at your disposal, the process will run a lot smoother. Sometimes a bit of hand-holding will make all the difference. Some lenders make themselves available over the phone for consultations, crunch numbers with you and even provide some of the information themselves. All these gestures contribute to smoothing out what could potentially be a bumpy ride toward becoming a homeowner.
Look Into a Lender’s Reputation
One key part of your research should include looking into any possible complaints filed against a lender you’re considering. Good thing there are nationwide organizations that keep consumers appraised of these complaints. This information is free of charge so you can look up any organization such as a bank and get a more solid image of the kind of company they are.
If they have a good standing among consumers, chances are you’ll have a pleasant experience. One thing to keep in mind is that the lending industry is so big that even if a company has some complaints filed against them, that shouldn’t necessarily be a dealbreaker. Look into them with an open mind and decide for yourself if they seem trustworthy enough to pursue a relationship that may last years.
The Final Word
Buying a home is never a simple process, so the first few steps you take are very important. Being well-informed goes a long way toward getting a mortgage with affordable monthly payments. Yes, it can be hard at times but if you push on through in a responsible and educated manner, you’ll get there soon enough. One step at a time will lead you to your new home sooner than you think. Best of luck!
Ticket to a New Life
No doubt, the best possible way to get the most ROI on your property is by selling it. It could even be as straightforward as selling your old home and using the proceeds to buy a smaller and more accessible one or move into an assisted living facility, as well as have enough left over to cover your care and living costs.
Of course, this is an ideal world scenario, and reality requires more due diligence and consideration. At the most basic level, you will need to get to know the real estate market and find out what your home will realistically go for, as well as how much your potential new residence will set you back. Needless to say, it’s crucial to have a budget and really stick to it, so you can stay on track and choose a home you can afford.
At the same time that you want to take care of yourself during your golden years, you may also want to continue looking after your family. This is why many seniors choose to pass on the family home to their children. The sentiment is also another reason: The family home should be kept in the family. Lastly, there’s also the opportunity to relieve yourself of a sizeable tax burden.
Despite the upsides, it does come with caveats, many of which are not at all judicious. For one thing, gifting your home may make you ineligible for benefits such as Medicaid. For another, you may inadvertently pass on a number of tax consequences to your kids. Luckily, there are ways to avoid the tax implications, so make sure to do your research before going down this route.
Source of Income
Your home is probably the most significant investment you’ve made during your life, so it does make sense to get your returns at this point in time when you are in need of them. A great way to do so is to rent it out, making it a steady source of income that you can rely on to cover your healthcare and living costs, as well as any expenses associated with the house, such as property taxes and mortgage payments. This also gives your property room to appreciate further, as well, which you can choose to leverage later.
However, the downside is that this comes with a great deal of responsibility, which you may not be up for at this stage in your life. This includes vetting and dealing with tenants, concerning yourself with maintenance, and keeping up with payments.
An even bigger concern is being sure that what you’re earning from the rental and/or your fixed income is enough for the cost of moving into an adequate and senior-accessible home for you. So, not only do you have to consider your care and living expenses, but you also have to think about down payments and the like. It’s a good idea, therefore, to know what you’re up against as a whole, as well as what’s expected of you, before you choose this option.
At the end of the day, living your twilight years comfortably and safely relies on the smart decisions that you make moving forward. Downsizing your home may just be the first step, but it’s the most important one you’re likely to make.
Thanks to Jim Vogel at Elderaction.org. He can be reached at: email@example.com
I know, but if you are like me, natural light is also great for your mood too.
So from my research, here is what I have learned:
Depending on your architectural style skylights might or might not work for you. If you can, go & experience skylights first hand....and then let your creativity take over!
Have a great weekend peeps! And stay curious!
Quick & dirty comparison of skylight vs. solar tubes.
Are you a market follower? If you are, you know the bond curve inverted this month. If you look at the last 40 years, you will also know that 12-18 months following inversion, a recession occurs. So, that begs the question, what will August 2020 to February 2021 look like (economically)?
(here is a great video to explain the inverted curve for those interested).
The 2008 recession was due largely to the housing crash & the common practice of having 3 or 5 year arm mortgages. When the arm portion was up, rather than having a locked in interest rate, it became variable. This resulted in people not having the cash flow to make payments.
This recession is being attributed to trade policy, geopolitical crisis and / or stock market correction.
At least this next potential recession is not being caused by the housing market. But how will a potential recession impact the real estate market?
Houses will be on the market longer, with less bidding wars. This means its becoming a buyers market once again.
Maybe the inverted curve will be wrong. Stay tuned....and its an election year.
1) wants vs. needs. only the needs will go with us. Its sort of like moving to another country--for me that means I was a traveling gypsy, it HAD to fit in two suitcases. Same concept here.
4) Don't listen to the critics, its your happiness, not theirs.
A few things that we need to address still:
1) cars--we live in a cold climate, a garage is not mandatory, but sure is nice!
2) weather safety--tornados. where do you go when those happen?
Long story short, we think we will still want a garage with a root cellar type of basement for safety.
I am amazed at the varieties of things available for a Tiny Home....I prefer metal frame vs. wood, and closed cell spray form insulation vs. batting....I can get an R-6 per inch! Becuasse really, its does get HOT and COLD in Iowa.
When we are out visiting family in Ft. Collins, we are going to check out MitchCraft Tiny Homes. So excited to be inside a tiny home, for real!
Hi, I am Summer, real estate agent in NE Iowa. This blog is about life, of which Real Estate is a part of. Happy reading!