Mary Kay Daughters & Jeff Brown's Blog
Getting a mortgage is one of those things that everyone seems to have quite a bit of advice about. While people surely have good intentions, it’s not always best to take the buying advice of everyone you meet. Below, you’ll find the wrong kind of mortgage advice and why you should think twice about it.
Pre-Approvals Are Pointless
Getting pre-approved for a mortgage can give you an upper hand when it comes to putting in offers on a home. Even though a pre-approval isn’t a guarantee, it’s a good step. It shows that you’re a serious buyer and locks you in with a lender so they can process your paperwork a bit more quickly when you do want to put an offer in on a home.
Use Your Own Bank
While your own bank may be a good place to start when it comes to buying a home, you don’t need to get your mortgage from the place where you already have an account. You need to compare rates at different banks to make sure you’re getting the best possible deal on a mortgage. You’ll also want to check on the mortgage requirements for each bank. Different banks have different standards based on down payment, credit scores and more. You’ll want to get your mortgage from the bank that’s right for you and your own situation.
The Lowest Interest Rate Is Best
While this could be true, it’s not set in stone. A bank with a slightly higher interest rate could offer you some benefits that you otherwise might not have. If you have a lower credit score, or less downpayment money, a bank offering a higher interest rate could be a better option for you. Low interest rates can have some fine print that might end up costing you a lot more in the long term. Do your research before you sign on with any kind of bank for your mortgage.
Borrow The Maximum
Just because you’re approved for a certain amount of mortgage doesn’t mean that you need to max out your budget. It’s always best to have a bit of a financial cushion for yourself to keep your budget from being extremely tight. When life throws you a curveball like unexpected medical bills or a job loss, you’ll be glad that you didn’t strain your budget to the end of your means. Even though the bigger, nicer house always looks more attractive, you’re better off financially if you’re sensible about the amount of money you borrow to buy a home.
Selling a home can be challenging, even for an individual who is laser-focused on getting the best price for his or her house. Fortunately, we're here to help you achieve the best-possible results during the home selling journey.
Now, let's take a look at three tips to help you obtain the best price for your residence.
1. Study the Prices of Comparable Residences in Your Area
Your home may seem like it is one of a kind, but there likely are comparable houses in your city or town. If you take a look at the prices of comparable houses in your area, you may be better equipped than ever before to establish a competitive initial asking price for your residence.
Also, studying the prices of comparable residences in your area enables you to see how your house stacks up against the competition. And if you find your home pales in comparison to its rivals, you may want to dedicate time and resources to upgrade your house. That way, you can help your house stand out to potential buyers.
2. Conduct a Home Appraisal
A home appraisal commonly is requested by a buyer after a seller accepts his or her offer to purchase a residence and a property appraisal has been completed. However, it may be beneficial for a seller to conduct a home appraisal, especially if this individual wants to get the optimal price for his or her residence.
By conducting a home appraisal, you can receive expert insights into how much your house is currently worth. Then, you can use your home appraisal results to set an aggressive initial asking price for your residence.
3. Collaborate with a Real Estate Agent
If you are unsure about how to price your residence, you may want to hire a real estate agent. Because if you have a real estate agent at your side, you can quickly and effortlessly accomplish your property selling goals.
First, a real estate agent will meet with you and learn about your residence. This housing market professional next will help you establish a competitive initial asking price for your home that accounts for the current state of the real estate market. A real estate agent then will list your home, promote it to potential buyers and set up home showings and open house events. And if you receive an offer to purchase your residence, a real estate agent can help you review this proposal and decide how to proceed.
Of course, a real estate agent will do everything possible to help you maximize your house sale earnings too. He or she will negotiate with a buyer's agent on your behalf and ensure you can get the best price for your residence – regardless of the current housing market's conditions.
Don't wait to list your home and maximize your home sale profits. Instead, take advantage of the aforementioned home selling tips, and you can boost the likelihood of a fast, profitable property selling experience.
Although it may seem like the Internet and email have always been an integral part of our daily lives, those modes of modern communication have only been around for the past two decades or so.
With technology like video teleconferencing, online document sharing, and other collaborative tools becoming commonplace in the business arena, more and more companies are allowing (and even encouraging) their employees to work from home -- at least a couple days a week. For better or worse, many employees, managers, and executives are putting in lots of overtime from their home offices.
Whether you're telecommuting for a job or running your own home-based business, having a dedicated work space can make all the difference in your ability to stay focused and productive. Not only can you control distractions by closing the door, but having a separate work space at home makes it easier to stay organized and maintain a professional image. Depending on the layout of your house, the cooperation of your family, and neighborhood zoning regulations, it may even be possible to meet with clients at your home office.
While some people don't have a problem setting up their laptop and working at the kitchen table, in their bedroom, or the living room, problems can arise when your spouse or other members of the family want to use your temporary work space for something else!
Other potential complications are possible, too: When people in your household have easy access to your computer, work files, and research materials, there's also the possibility of accidentally losing unsaved documents, unfinished emails being prematurely sent or closed, and having to deal with spills, sticky surfaces, misplaced work materials, and other miscellaneous mishaps! On the other hand, setting aside a dedicated work space at home for tackling office projects, preparing reports, or creating client proposals can help you avoid losing valuable work, missing deadlines, and looking unprofessional.
Home Offices Are a Selling Point
In addition to making your own life more organized and less chaotic, there's also the advantage of increasing your home's marketability. If you happen to be considering putting your house on the market now or in the near future, having a dedicated office space will help make your home look more appealing to potential buyers.
Today, more than ever, the idea of having a home office is on many people's minds and priority lists -- or at least, their "wish list". When prospective buyers can envision ways in which your home can meet their lifestyle goals, business objectives, and career requirements, they'll be a lot more likely to seriously consider making an offer on your house.
As more and more people pursue work-at-home options, freelancing opportunities, advanced degrees, and home-based businesses, a dedicated office space will continue to be a highly desirable feature for both current and future home owners.
The homebuying journey may be long and arduous, regardless of whether you're pursuing a house for the first time. However, if you bring your A-game to the homebuying journey, you can speed up the process of finding and acquiring your dream residence.
Now, let's take a look at three tips to help you bring your A-game to the homebuying journey.
1. Establish Homebuying Criteria
There is no need to waste time and resources as you search for your ideal residence. Thankfully, with homebuying criteria in hand, you can streamline your home search.
Consider the cities and towns where you may want to reside. Then, you can narrow your house search to a select group of cities and towns.
Also, think about the features you want in your dream house. If you want to own a residence that offers a beautiful outdoor swimming pool, for example, you can hone your house search accordingly. Or, if you require a home that provides multiple spacious bedrooms, you can pursue houses that match your criteria.
2. Get Pre-Approved for a Mortgage
Pre-approval for a mortgage is paramount, particularly for homebuyers who want to know exactly how much they can spend on a residence. If you meet with banks and credit unions, you can get pre-approved for a mortgage in no time at all.
Of course, when you meet with banks and credit unions, don't hesitate to ask home financing questions. Banks and credit unions employ knowledgeable home financing professionals who can teach you about the differences between fixed- and adjustable-rate mortgages and much more. As such, these professionals can help you make an informed mortgage selection.
You should consult with a variety of banks and credit unions, too. That way, you can learn about all of the mortgage options at your disposal and choose a mortgage that suits you perfectly.
3. Work with a Real Estate Agent
Ultimately, there is no reason to work alone when you search for your ideal home. But if you hire a real estate agent, you can receive expert guidance as you navigate the homebuying journey.
A real estate agent knows the ins and outs of the housing market and is happy to share his or her homebuying insights with you. Plus, a real estate agent will craft a plan to help you quickly discover your dream home. And if you are concerned about acquiring a house at the lowest-possible price, a real estate agent is ready to negotiate with a home seller on your behalf as well.
Furthermore, a real estate agent can guide you through the home closing cycle. He or she will help you finalize your home purchase and ensure you can relocate to a new house without delay.
Bringing your A-game to the homebuying journey can make a world of difference in any housing market. By using the aforementioned tips, you can simplify your home search and accelerate the process of acquiring your dream residence.