Bill Hoey - RE/MAX Renaissance Inc.



Posted by Bill Hoey on 2/24/2021

Photo by Vlada Karpovich from Pexels

While your credit score will play a role what your mortgage interest rate will be, there are also various types of loans that can increase or lower your monthly mortgage payment. In general, there are two specific loan types, adjustable rate loans, known as an ARM and fixed rate. However, within these two categories, there are various options you should be aware of before shopping for a mortgage.

Fixed Rate Loans

The fixed rate loan is exactly what it sounds like. This means your interest rate will remain stable throughout the life of your loan. Keep in mind, this does not mean your payment will remain the same — if your property taxes or insurance premiums increase and are part of your mortgage payment, the monthly payment will increase.

There are four categories of fixed rate loans that are available to borrowers. The shorter the term of the loan, the lower the interest rate. However, the shorter the term of the loan, the higher your monthly payment will be. The four categories are 10 years, 15 years, 20 years, and the most popular, the 30-year fixed rate mortgage.

Fixed rate mortgages can be as short as 10 years and as long as 30 years. Assuming you were able to secure a $100,000 30-year mortgage at a fixed rate of 3.92 percent, your total mortgage payments would be $172,000 over the life of the loan. If you were to secure a 20 year at a fixed rate of 3.5 percent, you would pay approximately $139,190 over the life of the loan. As you can see, a small decrease in rate, and decrease in time can make a significant difference.

Adjustable Rate Mortgages

If you are considering an adjustable rate mortgage, your lender may offer you different options. The most common types of ARMs are 3/1 ARMs, 7/1 ARMs and 10/1 ARMs. What this means is the first number (3, 7 and 10) means your rate will be fixed over that number of years. The second number (1) means your rate will change every year after the fixed rate period ends.

ARMs typically have what is known as a “cap” which means the amount your loan can increase cannot increase more than a specific amount. The caps may be defined as how much the monthly payment can increase over the life of your loan, over how much the rate can rise over the life of your loan, or how much the rate can increase from year to year. Before agreeing to accept an ARM, make sure you have a full understanding of the terms. It is also worth noting that many ARMs also have prepayment penalties associated with them. This means you may pay a fee to the lender if you sell your home, or you decide to refinance your mortgage.

Deciding whether a fixed rate or an adjustable rate mortgage is the right choice for you can be challenging. Some borrowers may opt for an adjustable rate, so they can meet other criteria such as debt to income ratios. Your real estate agent, and your mortgage lender can help you determine which loan is right for your needs based on the value of your home, how long you plan to own the home, and your current financial status.




Categories: Mortgage  


Posted by Bill Hoey on 2/17/2021

In todayís world, many people are concerned about the harm that chemicals may do. Especially in homes with pets and children, families may want to do everything to protect their loved ones from harm. Having chemicals in your home may not only be hazardous, but they could also aggravate certain health conditions like asthma and allergies. There are many things that you can use that are right inside of your own kitchen cabinets to do the same job of cleaning that industrial strength cleaners do. The best part s that you wonít need to worry about your kids or pets getting into dangerous materials. You may also be surprised at what a great job all of these natural cleaners do in cleaning up your home. If youíre trying to save money, you might also   


Stock Up On Supplies


The first thing youíll need to do if you want to have all natural cleaning supplies is to stock up on the essentials. Specific items do a great job of cleaning that a part of any cleaning recipe. Youíll be surprised at how much you can scrub in your home with just a few simple items.  


Baking Soda


Baking soda is such a versatile cleaner. It does everything from deodorizing to act as an abrasive. You can use it in many places in your home from the kitchen to the bathroom to the plumbing.  


Vinegar


Vinegar works to dissolve scale, gets rid of mold, and cuts down on soap scum. Itís also a fantastic stain remover. Itís a great base to use in many cleaners from the kitchen counters to your shower.  


Hydrogen Peroxide


Peroxide is an eco-friendly cleaner that helps to whiten surfaces. You can even find this substance in your toothpaste!


Borax


This substance helps to cut grease, oil, and dirt. Itís great to clean stainless steel with and is a great stain remover.   


Essential Oils


Essential oils are great to add scent to any homemade cleaners that you have. Get anything from tea tree oil to lemongrass to lavender to eucalyptus scents and use them as a part of your natural cleaning recipes.

Homemade cleaning supplies can save you money, time and even space in your closets! Itís easy to see why stocking up on a few essentials can not only keep your home clean but your home and family safe from harmful compounds as well. Try cleaning with something natural and notice the difference in your home!       






Posted by Bill Hoey on 2/10/2021

Photo by Light And Dark Studio via Shutterstock

In a sellerís market, comparable sales and competition can drive up a homeís price. This is especially true in a sellerís market where offers from multiple buyers try to outbid each other. And, while this sounds like a fantastic deal for the seller, a low appraisal can kill the deal.

Many variables affect appraised values. Some of these include artificially inflated prices from seasonal activity, rising market values, foreclosures or short sales among the comparable properties, increased or decreased supply and demand, overlooked pending sales data, mistakes made by or inexperience of the evaluators, etc.

What do you do?

  • The seller can lower the price. While this is the least preferable by home sellers, if it means the deal goes through and if time is of the essence, itís certainly an option. The seller can offer this in exchange for the buyer paying some of the closing costs.
  • The buyer can increase their down payment. The lender typically cares about loan-to-value, so if the buyer can increase their cash in, you might save the deal.
  • A seller might offer to carry a second, approved mortgage on the difference.
  • Dispute the appraisal or order a new one. The seller can request a copy of the appraisal from the buyer. Then, you or the buyer can contact the lender and dispute the appraisal. Only the lender can require and insist on a new appraisal. Ask your agent to supply a list of recent comparable sales to justify your price and submit it to the buyerís underwriter for a review.

A well-written contract requires the seller to release back to the buyer any earnest money deposited at the time of the contract. You can then put your home back on the market. As long as the appraisal was not for an FHA loan, you can hope for a better appraisal next time. FHA loans connect appraisals to the property, so any new FHA buyer would end up with the same appraisal as the first buyer.

The best way to avoid this is to follow your professional real estate agentís advice when setting your homeís price. They follow the market trends, know the neighborhood, and have the pulse of what the market can bear.




Tags: home seller   appraisal   Buyer  
Categories: Real estate  


Posted by Bill Hoey on 2/3/2021

If you decide that moving on your own isnít for you, you need to find and hire good movers to get you from place to place. You can start with a simple internet search, but you need to find the right movers to be able to get dependable service. Below, youíll find some tips to help making the process of finding a moving company that much easier. 



Get Quotes From A Few Companies


Get quotes on prices from a few different moving companies. Donít just go with the first company that you find. Do a bit of research and even see if you can get some type of a background check on each company that you get a quote from. This way, youíll avoid any nightmare stories from your move.


Have A Mover Do An Assessment


Your movers should come and visit your home before you move. Will they be packing for you? Do They need a larger size truck? If the moving company comes to make an assessment of the home, they will know what needs to be done when moving day arrives. Make an inventory list of everything in your home so that youíll know what you have to take with you. Youíll also know what you have in your new home once you get there. This can really help streamline the process.   


Price Isnít Everything


The most expensive mover may not provide much more services over the least expensive moving company. Sometimes, itís better to pay a bit more if you get additional services like boxes or packing. If a quote is much lower than you think it should be, then you probably should be a bit cautious of hiring the company.


Look For Reputation


You need to be aware of the reputation that a moving company carries with them. If youíre moving locally, you can usually go with a local company that has some good reviews. If youíre moving across states, try and find a larger company that has a lot of experience and a reputation built up for those types of long-distance moves. 


Ask Questions


Youíre paying a lot of money to hire a moving company and have a right to know exactly what youíre paying for. Make a list of questions to ask each company. Find out their protocols and understand how your things will be treated. You want to know that your items will be in good hands. Some things youíll want to know about each moving company:


  • What kind of insurance do you have?
  • What types of fees do you have?
  • Whatís the timeline for my move? 
  • Have all your movers undergone background checks?


If the company tends to avoid certain questions, you should beware. With a little research, moving both near and far will be a breeze.





Posted by Bill Hoey on 1/27/2021

Photo by AVANTECTURE on Unsplash

Buying a luxury home is about more than just finding the right mortgage. Whether you are buying or selling, you should know that there are some key differences in the way that high end luxury homes are sold. Discovering the differences in the way that the luxury home market operates can ensure that you get the best possible outcome from your purchase. If you want to enjoy the lasting comfort and benefits of living in an amazing high end home and still get the best possible deal, here's what you need to know: 

Seasons don't matter: Conventional home sales follow specific seasonal trends, but according to Realtor.com, the high end market is not as impacted by the time of year that a home is listed. This is often because home buyers who are tied to a more conventional price range are also tied to trends -- they want to buy and move in summer, while school is out, need to work around regular jobs and don't have another home to retreat to for the holidays or vacations so that deals can be worked out. Luxury home sellers can afford to list a home and wait for the right buyer, so there is often no influx of homes at specific times or seasons. 

More staging, more perks: Luxury homes simply show better than their conventional counterparts, thanks in large part to the staging and design included in the listing process. For buyers, this means a chance to see the home fully furnished and in immaculate shape. For sellers, this means better selling prices and in many cases a faster turnaround time. Expect to spend more time per home, for more personalized experiences when you shop around -- looking at 10 conventional homes in a weekend is likely possible, but you may only get to 2-3 luxury homes, since you'll spend more time touring and more time checking out all the home has to offer. 

Fewer contingencies: In some markets, contingencies are not always acceptable anyway, but no matter where a luxury home is located, offers that are tied to contingencies may not be as appealing as those that come without strings attached. Sellers can usually afford to wait for the right offer, and have no reason to compromise or put a deal at risk, while buyers may be prepared to purchase or finance the home without having to add contingencies to offers. 

Discovering how luxury home sales differ from conventional ones can help you make the most of the process and come away with the results you truly want. You'll know what to expect, set aside the right amount of time and avoid common errors as you explore this rapidly growing but still exclusive marketplace. 




Tags: home seller   luxury   home sales  
Categories: Selling