Sunday, July 26, 2015

The Cost of Common Home Repairs

In my 7+ years of homeownership I've found out firsthand the cost of the dreaded "home ownership" type repairs.  I've replaced a sump pump, got a new HVAC, new carpet, had electric work done, the list continues with little items here and there.

While I was reading one of my favorite blogs, The Simple Dollar, I came across the article linked below on the cost of common home repairs.  The costs of these repairs obviously will differ based upon location and severity of damage (among other variables) but I thought that the article had a great message about the costs that you should budget for as a homeowner.

When parents tag along during the buying process with young buyers I often overhear the discussion of repairs and hidden costs.  This is a time when mom and dad are right, the costs are real and they are something you should be prepared to encounter.  It's certainly a negative side effect of homeownership, but if you plan ahead and expect that these unexpected costs will pop up, you'll be prepared to face the adversity without breaking the bank.

Take care,

Thursday, July 16, 2015

When Will Mortgage Rates Go Up?

I love the reminder in the final paragraph of the article I've linked to below.  The article posted on the website, The Simple Dollar, says "If a small bump in mortgage rates will mean that you'll no longer be able to buy a home, consider whether you should be in the market in the first place."  

This is one of the first conversations I have with each of my clients.  Not necessarily the mortgage rates conversation, but more broad discussion around making sure that this is the right time to search for a home.  You can never time the market, if we could, we'd all know when to buy and when to sell and we'd all be rich and happy!  

The best you can do is to make sure that you do your homework.  Meet with the right people, have the right people advising you, and begin the home buying process when it is right for you, don't just rely on the market.  

Take care, 
Scott Morrison

Friday, July 10, 2015

FHA vs Conventional Loans

The first step in the home buying process is getting your finances in order.  Sitting down with a lender and finding out what programs your qualify for, what your monthly payment would be in specific price ranges, and laying the foundation for your purchase is essential.

One part of the equation will be determining what type of loan your will apply for.  This article provides some baseline information about the most common types of loans...

FHA vs CONVENTIONAL via Money Under 30

I have several lenders that I have worked with, and continue to refer people to, that I'd be happy to connect you with whether you are buying, selling, refinancing, investing, or just interested in knowing what you'd qualify for if you ever were to decide that a real estate transaction is in the near future.

Have a great week!  Someone chase the rain away please!

Take care,