Month: December 2023

As we usher in the new year, we want to extend our warmest wishes to you and your family. May this year bring new happiness, new goals, new achievements, and a lot of new inspirations to your life. Remember, a new year means new beginnings, new adventures, and thankfully, new homes! We're excited to be a part of your journey, whether you're buying your first home, refinancing, or simply exploring your options. Happy New Year from all of us! Here's to a prosperous and joyful 2024! 🎉

As 2023 comes to end its a good idea to do a year end financial checkup. 1. Review your budget and savings plan Analyze your spending and saving for the year. Your savings might not have gone to plan this year and that’s ok – focus on replenishing your emergency fund first if needed and recalibrate plan for 2023 if needed. 2. Maximize Retirement Plan Contributions If you participate in a 401k make sure you maximize contributions before the December 31 deadline, you have until April for Roth contributions 3. Review Your Insurance Coverage Check your insurance coverage in many parts of the country housing prices went up, make sure you home is covered under current market prices. Also check your liability coverage and consider getting an umbrella liability policy…

As 2023 comes to end its a good idea to do a year end financial checkup. 1. Review your budget and savings plan Analyze your spending and saving for the year. Your savings might not have gone to plan this year and that’s ok – focus on replenishing your emergency fund first if needed and recalibrate plan for 2023 if needed. 2. Maximize Retirement Plan Contributions If you participate in a 401k make sure you maximize contributions before the December 31 deadline, you have until April for Roth contributions 3. Review Your Insurance Coverage Check your insurance coverage in many parts of the country housing prices went up, make sure you home is covered under current market prices. Also check your liability coverage and consider getting an umbrella liability policy…

A lot of homeowners that are thinking about moving have an option with their home: rent it out or sell it? What to do hinges on various factors, including one's financial situation and local market conditions. Let's explore the key aspects to consider, including the financial implications of both options. Deciding Between Selling and Renting Out Your Home: A home is often the largest financial asset for many people, making the decision of what to do with it a significant one. Selling your home offers a substantial cash windfall, while renting it provides a steady monthly income. Renting also allows you to continue building equity if property values rise. Consider your personal circumstances to determine the best choice. When Selling is the Best Option: Need Cash for Next Home Purchase:…

This year has seen challenges for home buyers, with higher rates and lower inventory. However as the year closes, current trends suggest a shift that could be beneficial for homebuyers. This change is primarily due to falling mortgage rates and an increase in the number of properties for sale. Decrease in Mortgage Rates: Freddie Mac reports that the rate for a 30-year fixed mortgage has fallen to an average of 7.03%. This is a considerable drop from its 23-year peak of just over 8% recorded in early October. Such a reduction in mortgage rates can greatly influence the affordability and appeal of buying a home. Surge in Mortgage Applications: In response to lower mortgage rates, Redfin has observed a 15% increase in mortgage applications since early November, which previously reached…

The Federal Housing Administration (FHA) has recently made a significant announcement that will impact many homebuyers and homeowners across the United States. As we step into the calendar year 2024, the FHA has updated its loan limits for both Single Family Title II forward and Home Equity Conversion Mortgage (HECM) insurance programs. This change, driven by the persistent rise in home prices throughout 2023, brings new opportunities and considerations for borrowers. Reflecting on the Housing Market Trends Julia Gordon, the Assistant Secretary for Housing and Federal Housing Commissioner, highlighted the changes as a response to the continuous upsurge in home prices witnessed nationwide in 2023. With affordability becoming a growing concern, these increased loan limits aim to make FHA’s low-down-payment financing more accessible, ensuring that well-qualified borrowers can still enter…