Category: News

If you’re looking for a new house, many realtors will actually ask for a pre-approval in advance. And its good for you to know how much you can afford and if there are any issues, you will know in advanced instead of any last minute surprises! 1. Proof of Income This is usually W-2 statements but also includes any other sources of income like bonuses or alimony. 2. Proof of Assets This will include bank and investment account statements. If you are receiving a money from a relative or friend you may also need a gift letter from them. 3. Credit Score Your credit score will be an important factor on the down payment and interest rate on the loan. 4. Employment Verification Lenders may call your employer to verify…

We are in the middle of winter and that means more time indoors and often in the kitchen. If you’re kitchen is the before part of a makeover show then here is our top ten list of things to consider before starting a renovation project. 1. Budget Before getting started set a budget! (Can’t you say this before starting every project? :) 2. Lighting Gone are the days of dark cramped kitchens, make sure there’s plenty of light and consider a mix of light sources. 3. Walkways This one is especially important if you have or are planning on adding an island – make sure there’s enough room to move around without the kids getting in the way! 4. Countertops This is a big one of course and with more…

Spring is traditionally the busiest home buying season but is it a good idea to close on a home during the winter? According to a recent ATTOM Data Solutions seven year market study, it showed that buyers who closed on January 26 actually got some of the best deals, paying market value in a competitive market while buyers in June paid close to seven percent premium above market value! An example of this in actual numbers would have a $300,000 house costing almost $25,000 more in June than January! Currently inventory is tight in most markets which applies upward pressure on pricing, and the spring buying season is likely to show this, however housing construction was up five percent last fall to help meet demand. Rates are also at record…

As we start the new year, mortgage interest rates are actually going down. Freddie Mac reported the average 30-year fixed-rate mortgage was down to 2.77%, which is nearly a point below the average of 3.60% a year ago! The forecast is for rates to remain low with some possible rising later in the year. We definitely recommend contacting us for a quick refinance analysis, we will give you a recommendation and tell you to how much you can save monthly, get cash out or both! And most of us can use all the extra spending money we can get nowadays. Call us or fill out our quick qualifier on our site and we will get back to you promptly with your options.

Today the second round of PPP is starting. PPP or Paycheck Protection Plan is the government assistance program to small business owners to help them weather the downturn caused by the pandemic. Applications for round two start on January 19, 2021 and even if you received money last time, you still may be eligible. Two key criteria are that you must have opened the business prior to February 15, 2020 and if you’re a sole proprietorship you must have shown a profit on your 2019 tax return. How much can you get? First-time borrowers are eligible up to 2.5 times their monthly payroll or if you’re a sole proprietorship you can borrower up to 2.5 times the monthly profit. See this link for more info https://home.treasury.gov/system/files/136/How-to-Calculate-Loan-Amounts.pdf Do you have to…

It’s a New Year! And we’re betting and hoping its going to be a better 2021. Somethings are out of our control, some things are not. We want to start with New Year’s Financial Resolutions to help us get the year started right! Here’s our top seven for 2021! 1. Make A Budget We always here it but sometimes we don’t do it. So get the year started with the basics and make a budget. Figure out your money in (income and earnings) and your money out (bills, mortgage, taxes, etc). Then you have an idea of your monthly expenses and how much you can save! 2. Fund Your Savings And Retirement One great thing about creating the budget is it gives you a good idea of how much you…

Happy New Year 2021! 🎉 We wish you and your family a peaceful, prosperous, joyous and healthy new year! A New Year and New Beginnings!

We wish you and your family a safe and happy holiday season! As we bring 2020 to end, we wish you and your family a prosperous and healthy 2021!

Well we are almost ready to bid adieu to 2020, the longest year in memory! Its been a chaotic year to say the least, so its more important than ever to do your financial planning. Here are our top five things to check: 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 2021 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…

What is a guaranteed mortgage? Well as you might have guessed, it’s a guarantee that your loan will be paid in case of default (fine print sometimes this is actually insurance), by a third party. In most cases the third party is the government. Guaranteed mortgages are used when a borrower does not have the traditional required 20% of the purchase price to put down. In these cases the programs guarantee (or insure) the loan. In fact first-time home buyers often do not have the full 20% to put down, so these programs are very helpful in getting funding. FHA, VA and USDA are the most common guarantors. FHA loans allow first time home buyers to put as little as 3.5% down (with a credit score of at least 580).…