What Is a Summer House and Are They Worth the Investment?

Who doesn’t want somewhere special to relax on holidays and vacations? A summer house is a term frequently used to describe a vacation house. It’s somewhere you stay on long weekends, family trips, and just to get away from it all. These homes are usually located away from cities, either near parks, lakes, the ocean, or a favorite natural destination.

 

Many people own summer homes as a second home, but some own a summer home in addition to renting a property. Why would someone rent and own at the same time? Namely, the location. These individuals work in the city, so they rent a property nearby for a quick commute. On top of this, they own a summer home to have a place to stay outside of the city when they need a break from the hustle and bustle of city life.

 

Summer homes are certainly a nice luxury, but are they worth the investment? Is this a smart idea for a first-time homebuyer or a more experienced property owner? There are a lot of things to consider before you hit the road in search of your dream summer home.

 

 

Why Consider a Summer Home?

Why might a summer home be a smart idea for you? It all comes down to your motives. If you’re buying this property as an investment with a strategy to make it work for your financially, then there is a lot more potential. However, if you’re just looking for a fun place to make memories, you might be better off renting, at least in the short-term.

 

Summer homes are usually purchased in areas the buyer is already familiar with. Owning outside of an urban area is a different type of investment, and there will be additional property taxes, maintenance, and more that will need to be at the forefront of your decision.

 

Ultimately, a summer home is an investment you can really enjoy with your friends and family. You can’t say that about other types of investments. Even if you’re unable to turn a profit, there’s a lot to love about having a place to spend your summers (and beyond).

 

Earn a Profit on Your Summer Home

If you do decide to pursue purchasing a summer home, you’re probably wondering how to best make it work for you financially. First, recognize that owning an investment property, especially an investment vacation property, is a lot of work. It’s much more than qualifying for a mortgage and adding an Airbnb listing when you’re not using the home.

 

You’ll need to factor in the cost of maintenance, repairs, taxes, and more. At the end of the day, all of this likely will cost more than it would have been to rent the space in the first place for your vacation. If you don’t live there full-time, the home will be more prone to problems, and you might need to hire a property manager.

 

Finally, you’ll need to create a plan for earning a profit if you plan to use your home as a rental property. According to the National Association of Realtors 2018 survey, 30% of vacation property owners planned to use their summer home for short-term rentals. This number is only rising. How much you can possibly make will depend on a number of factors such as where your property is located, it’s size, and the weather throughout the year.

 

Is Your Summer House Worth It?

At the end of the day, you’ll need to decide for yourself if owning a summer home is a smart investment. While it’s true this is an investment you can use yourself, it might not be worth the ongoing maintenance, costs, and upkeep.

 

Decide what’s most important to you. A summer house should make your life more relaxing, not more stressful. There might be better alternatives, especially if you prefer to vacation in different locations. Ultimately, a summer home isn’t always the walk in the park it sounds like.

 

To the right buyer, a summer home can be a dream come true. If you have a strong rental strategy and a local property manager, you might even earn a pretty penny on top of your vacation home. Is a summer home right for you?

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What Is A Streamline Mortgage?

The circumstances of life can change, and nothing is set in stone. Interest rates and the property market are no different. Home mortgage refinancing is a viable option for some people and, depending on your circumstances, can make your home loan more affordable. If the thought of refinancing gives you flashbacks of masses of paperwork and jumping through hoops to appease your lender, you probably haven’t heard about a ‘streamline’ mortgage.

 

What Is A Streamline Mortgage?

A streamline mortgage is a refinancing option for your existing home loan. Streamline programs offer borrowers a quick and typically less laborious way of refinancing their home.

The Federal Housing Administration (FHA) offers a streamline mortgage program that can lower your interest rates – but only if you have an existing FHA mortgage and plan on using an FHA-approved lender.

 

What Are The Benefits Of An FHA Streamline Mortgage?

 

No Appraisal

In a typical refinance, an appraisal is required by the lender to determine the market value of the property. The FHA streamline refinance program offers borrowers an FHA-insured home loan without requiring an appraisal. This is particularly useful for homeowners who are ‘underwater’ on their home loan and owe more on their mortgage than the market value of their property.

 

 

Limited Paperwork

When opting for an FHA Streamline mortgage, there is no need to verify your income and assets again. Not having to verify your income can be hugely beneficial for homeowners who have recently found themselves unemployed. In addition, less paperwork means that the turn-around time of FHA Streamline Refinancing can be as little as 2-3 weeks.

 

 

Easy to Qualify

FHA refinancing is specifically designed to help homeowners with less than stellar credit scores. Although there is no requirement from the FHA to verify your credit score, lenders tend to prefer it if your credit score is at least 620.

 

 

 

 

What Are The Draw-Backs Of An FHA Streamline Mortgage?

 

Time is of the Essence.

To qualify for a streamline refinance you must have owned the property for at least six months. Plus, if your mortgage is less than 12 months old, you must be current and up to date with no previous late payments.

 

 

The Sky is Not the Limit

If you opt for an FHA no appraisal loan, the loan amount cannot exceed the current loan. Avoiding an appraisal may not be beneficial to homeowners who have equity in their home. If you are underwater on your home loan, not having an appraisal would be preferred, as it removes one more hurdle in the refinancing process.

 

 

Everyone’s a Winner

For the FHA to approve your new refinance deal, it must meet what is known as the “net tangible benefit” requirement. This requirement states that the new loan terms must do one of two things; help you avoid future mortgage rate increases or will reduce your total monthly payment by at least 5%.

 

A streamline mortgage can be an excellent option for homeowners who are underwater or would have difficulty refinancing conventionally. Alternatively, your individual circumstance may mean that a streamline refinancing option isn’t optimal or beneficial. An experienced mortgage broker can help to guide you through the process of refinancing your home loan and help you to find the right fit. 

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Real Estate Terms That Everyone Should Know

When going into real estate, always consider the specific terms and verbiage that will be used from your fellow homebuyers/sellers or even from your real estate agent (if you go that route). Either way, it is always wise to make sure that you know what each term means. So, we made a list for you below with each definition.

 

 

Appraisal

An appraisal is a way for real estate value to be determined in an unbiased manner by a professional. Appraisals are another way for professionals to estimate (depending on the location, condition, and property itself) what you will get for it.

 

 

Closing Costs

Closing costs are all of the fees that you pay at the close of a real estate transaction when you sold or bought a home.

 

 

Escrow

Escrow is meant to be a term that describes a third party who has a say in the process to make sure both parties remain honest and accountable. The escrow confirms that the contracts are signed, funds are allotted properly, and the title or deed is transferred properly.

Inspection

Inspection is when a licensed inspector will visit the property and create a report that shows the condition and the repairs in order to meet the requirements of the contract. A buyer will do an inspection in order to ensure that the home is being sold in the condition it has been presented to be.

 

 

Title & Title Insurance

The title is the document that provides evidence as to who is the lawful owner of a property. The title insurance protects the owner of the property and any lender on that property from loss or damage that could be done to the property.

 

 

Title Company

A title company makes sure that the title the property is legitimate and free of any liens, judgements, or any other issue.

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How To Stage Your Home and Not Have To Spend Too Much Money

Staging your home is another way that you can prepare to sell your home, if you are looking to sell your home. This also pertains to selling your home and making sure that it appeals to all who are interested in buying the home. If you are going to stage your home, here are some tips to keep in mind.

 

1. Focus On The Main Rooms

When beginning to stage a home, always start with the main rooms first. We all agree that the room that is the most important to interest buyers is the living room. Start there. Once the living room is done, move on to the main bedroom, then the bathroom, and then the kitchen.

 

Even if you plan on staging the entire inside (or outside) of the home, these are the 3 most important rooms in the house to stage and prepare.

 

 

2. Think About The Buyers

When you are going through the staging process, it’s important to keep in mind who you are staging the home for. It is always going to be the buyers, whom you are staging the home for. Keep in mind that the personal taste or style is not always going to be the same as you. Make sure you are staging the house for them.

 

When decorating, stay away from convoluted styles, stick to classic and simplistic looks. Declutter and rearrange furniture as much as possible so that it’s easier for buyers to look and see the whole inside (or outside) of the house. Also, be sure to remove any personal items that may be on walls, counters, shelves or tables.

 

 

 

3. Lastly, Touch Up The Outside Just In Case

While you’re spending all this time staging the inside of your home, don’t forget about the outside of your home just in case the interest buyer wants to see it. After all, the outside is what potential buyers will see at first.

 

Clean all the windows and clear or clean walkways/driveways. If you have a porch, dust off the steps and consider adding a welcome mat. Also, it won’t hurt to plant new flowers, trim lawns and shrubbery, and add landscape lighting.

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How A Swimming Pool Can Add Value To A Home

Purchasing a home is one of the largest investments you’ll likely make in your life. Whether or not you plan on selling your home any time soon, it is important to take steps to preserve and increase the value of your home.

 

There are many cost-effective renovations that you can make to improve the quality of your home and increase its resale value.

 

Adding a swimming pool is one such renovation that can add significant resale value to your property, depending on a number of conditions.

 

Here are a few things to know about how a swimming pool can add value to a home.

 

 

 

 

How Much Does a Pool Cost?

The cost of installing a swimming pool can vary greatly. The total cost will depend on factors such as the size of the pool, in-ground vs. above-ground, whether or not your yard needs landscaping, and more.

 

According to HomeAdvisor, the average cost of installing a pool is $24,495 with a range of $12,424 to $37,038. These figures account for both in-ground and above-ground pools.

 

In-ground pools tend to cost $35,000 and $65,000 while above-ground pools cost between $1,500 to $15,000. These prices include the cost of labor.

 

While in-ground pools are more expensive, they also add much more resale value than above-ground pools do.

 

 

How Much Value Does a Pool Add?

 

Installing a swimming pool will often add value to your home, but how much?

 

The answer depends on a number of factors, including:

 

• Whether or not you are located in a warmer climate
• Whether or not most of your neighbors have pools
• The style of pool
• The size of the pool
• Your neighborhood

 

These factors, among others, determine the value that a pool adds. Under the right conditions, HomeAdvisor indicates that you could see an ROI of around seven percent.

 

Depending on the current value of your home, the cost of the pool installation, and the added resale value, it may or may not make sense for you to consider adding a pool to your home.

 

For example, if your home is valued at $200,000 and adding a pool increases that value to $220,000, but the installation cost you $30,000, then adding a pool wouldn’t make sense financially.

 

 

Getting an Appraisal

Ultimately, the best way to determine whether or not adding a pool to your home would increase the value by enough to offset installation costs is to get an appraisal.

 

An appraiser will be able to give you a fair estimate regarding your home’s current value. Additionally, your appraiser will be able to estimate how much value a pool could add by comparing your home to similar homes in your area that do have a pool.

 

In some cases, you’ll find that adding a pool may not be worth it if your only incentive is to increase the market value of your home. The installation and construction costs may be more than the added value.

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Why Buying A House Is An Investment And Should Be Taken Seriously

“Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world” – Franklin D. Roosevelt.

 

Owning your home is the American Dream. There are few other investment opportunities in which you can put a small amount of the total value down and still reap 100% of the profit. Real estate has always been the investment of the common man, and owning your own home is one of the most significant milestones a person can achieve – but it doesn’t come easily. Buying a home is a huge commitment which should not be taken lightly. If you’re thinking about buying a home, there are a few things to consider:

 

 

You Can’t Divorce Your House

If you realize that your marriage is no longer working, you can start the legal proceedings to divorce. You don’t have to find a potential suitor to take over the responsibility of your spouse, after all, that’s not your problem. A house, on the other hand, is very much your problem, at least until you can find someone who wants to take it off your hands. This can be problematic, especially if the market isn’t doing so well or there are any issues with the home that need to be fixed before a new buyer will touch it.

 

 

You Are On Your Own

When you buy a house, you are entirely responsible for the upkeep and maintenance of that property.  Anything that needs attention, be it a leaky roof, frozen pipes or natural disasters. As a homeowner, you cannot call the landlord if the HVAC stops working in the middle of July, or if the pipes freeze in December.

 

 

You Can’t Turn Back Time

Have you ever heard the phrase ‘It’s better to do it right, than right away?’. When purchasing a home it can be easy to get swept away in the excitement, but all of that excitement doesn’t help you make smart decisions. It is important that when you find the house you want, you take your time to research the area it’s in, the values of comparable homes and the condition. If you are working with an agent, don’t be afraid to ask them questions about the house prices, and don’t be afraid to negotiate. Realizing you’ve paid too much for a home, or that it has significant issues, is not fun – You can’t turn back time.

 

 

You Have To Know Your Budget

Buying a house is almost always the single biggest purchase any person will make. Before you start looking for your dream home, it is imperative that you speak to a trusted lender and get pre-approved for your loan. By getting pre-approved, not only will you be more competitive in a buyers market, but you will also know what you can afford.  Owning a home is an ongoing expense, from property taxes to insurance payments and utilities, your budget can quickly become stretched. Understanding the affordability of a house before you buy it is non-negotiable if you don’t want any nasty surprises.

 

 

You Have To Shop Around

Not all mortgages are created equally. What may be a fantastic deal for one person could be terrible for another; it all depends on your individual circumstance. Having a knowledgable lender who understands your financial situation and can educate you on the mortgage products available goes a long way when buying a home.  Shopping around for a mortgage ensures that you are giving yourself the best chance at getting a deal that you can afford and are happy with.

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How Soon After Paying Off Debt Do I Have To Wait For My Credit Score To Change?

If you are in debt, you should understand the situation is temporary.  Do not lose hope.  Pay down your debt in due time and your credit score will gradually increase.  The length of time you have to wait to see this increase depends on your unique financial situation.  Everything from your debt load to the length of time your line(s) of credit have been open, account charge-offs and the length of time that has passed since your last payment influence your credit score.

 

 

Play the Waiting Game

There is no way to determine exactly when your credit score will increase after paying off debt.  In general, it takes several months for credit scores to significantly increase after debt is paid.  Your credit score should rise at least 50 to 100 points in the months after you pay your debt.  The wait is due to the fact that it takes some time for businesses to transmit credit report updates. 

 

The best possible scenario is a credit score increase in the days after the debt payment.  However, most people have to wait a minimum of several weeks if not several months for their credit score to increase.  It is even possible for your credit score to decrease if you pay off the entirety of your debt.  The unfortunate truth is carrying some debt is good for your credit score.  Furthermore, if you do not use a line of credit for six months or longer, the lender might decide to close your account as you are not a profitable customer.

 

 

 

The Factors That Influence Credit Score Updates

Credit scores are calculated with data from credit reports.  If your credit report is not updated in a reasonable amount of time, it will take quite a while for your credit score to increase.  It will be difficult to qualify for a new line of credit in the days, weeks and possibly even months after paying off debt.  The period of lag noted above will likely disqualify you from obtaining a large loan for a major purchase such as a home or a new automobile.  Be patient and your credit score will gradually increase in the months ahead as your credit report is updated.

 

 

Wait a Month Before Taking Action

It is a mistake to complain to the credit bureaus and lending institutions about an unchanged credit score until at least a full month has passed.  As detailed above, it might take several months for your credit score to increase after paying down debt.  Though it would be nice if paying off debt immediately improved your credit score, it will likely take 30 days for a noticeable increase to be processed. 

 

Refrain from complaining about your stagnant credit score unless several months have passed.  Give the system 90 days to process your payments, bump up your credit score and ultimately set the stage for a mortgage approval, car loan or another line of credit.

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Can I Dispute An Appraisal As Ordered By The Bank?

A bank appraisal is a necessary step in the home buying or selling process. Since it is a decisive factor on how much the lender will be willing to loan to the buyer, waiting for the results can be heart-wrenching. If the appraisal comes in significantly lower than the house is under contract for, the entire deal is in jeopardy.

 

An appraisal is an opinion of value. The appraiser establishes that value by comparing the house you are buying/selling with other properties with similar features (size, age, condition, number of bedrooms and bathrooms, etc.) that recently sold in the neighborhood: those properties are known as comparables or “comps.” Since two houses are rarely exactly the same, the appraiser adjusts each feature if they are better or worse than the subject property.

 

If you are convinced that the bank appraisal is not accurate, there are some steps you can take to dispute the results.

 

 

1. Ask for a copy of the appraisal

In a bank appraisal, you are not the client: the lender is. Although the appraiser is not at liberty to give you a copy of the appraisal, you are entitled to ask the lender for one. The first step to disputing a bank appraisal is to have a thorough look at the report, which describes which comparables the appraiser has used and how much those comparables were adjusted for.

 

 

2. Make sure that there are no mistakes on your house description

The appraiser only spends a relatively short period of time in your house and may have missed some significant features that may affect the results of the appraisal. Check if the data the appraiser used is up to date and if he/she took into account recent improvements.

One thing to carefully consider is if all the proper permits were pulled for the improvements were made. Unfortunately, if it is not the case, the appraiser cannot include them in the appraisal.

 

3. Find comparables

Finding the appropriate comparables is a crucial element of any appraisal, and it is most likely where you will find discrepancies with your own opinion of value. Don’t hesitate to ask for help from your real estate agent to find comparables supporting your views.

Some things to look for in a comparable include:

 

• Did the comparable sell recently (less than six months)?
• Is the comparable a distressed sale, like a foreclosure or a short sale?
• Is the house located in the same neighborhood?

 

 

4. Request a Value Appeal from your lender

Once you have identified which issues may have led the appraiser to conclude to a lower opinion of value and which comparables can support your views, you can request a value appeal from your lender. You can provide the appraiser with the research you have done to help him or her change the value.

If you provide enough evidence, the lender may request a second appraisal.

 

 

5. Get a second opinion

As a last resort, your best argument would be to order for an appraisal yourself at your own cost. However, it is up to the lender to accept the result of that appraisal or not. Most likely, lenders prefer to use their own appraisers.

Although you can dispute an appraisal ordered by the bank, it is a complicated process that will require a lot of research and a solid argument on your part. The lender has the last word in terms of accepting the challenged value or not, and there is no guarantee of success.

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What Are “Lender Overlays”?

Government agencies such as the Federal Housing Administration(FHA) set forth specific mortgage guidelines. One example would be to qualify for a loan the FHA allows a minimum credit score of 580. However, some lenders require a much higher score to qualify for a loan from them. Why is this? Well even though the government sets forth guidelines lenders are allowed to set their own requirements and this is called lender or mortgage overlays.

 

Everything comes down to risk. Lenders want to minimize the amount of risk they take when giving out a loan. This is just another tool for them to minimize that risk. This allows lenders to potentially provide better rates.

 

There are some things to keep in mind when dealing with lender overlays that might help or hinder you.

 

 

 

What Incites Lender Overlays?

There may be some causes that are out of your control like an area declining in value, or there may be some things on your end you can manage.

 

Low credit score. The obvious first cause could be a lower credit score. Anything below a 740 could pose a potential risk to lenders. If this is the case you may need to raise your credit score quickly or compensate in other areas with your lender.

 

Debt-To-Income. If your debt-to-income (DTI) rate is too high then some lenders will back off even if you’re within their range.

 

Shaky Job History. If you have a history of instability holding a job or not enough experience a lender might show concern and issue a lender overlay. Typically more than 6 months at a job will start to ease lender tensions.

 

Short Credit History. Lenders want to see that you can handle dealing with credit. How you handle credit can show lenders how reliable you are.

 

 

How To Get Around Lender Overlays?

 

Lender overlays might be issued at good cause but if you feel like they aren’t fair then there might be ways around a lender overlay.

 

Explore Other Lenders. Other lenders have different regulations and restrictions. One lender might issue a 740 credit score and another 680. This alone could be the deciding factor on if you get a loan or not.

 

Improve Your Finance. Taking on things you might have been putting off for a while can really support you in getting the loan you desire and avoid the overlay. Start chipping away at the debt you owe and lower your debt-to-income ratio.

 

Down Payment. Making a large downpayment will show the lender that you mean business and are ready to make the move regardless of your history. This will show commitment and stability which is very attractive to a lender.

 

 

Patience Is Key

Regardless it’s going to take time to do any of these steps. Don’t sit around waiting for it to happen, take action now.The longer you wait, the more it will build up and the less you’ll want to do it. It seems tough now but before you know it you’ll be in a home that you’ve always wanted. How you deal with this can set you up for the next issue you may have. Enjoy it as much as you can!

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How Badly Does a Short Sale Affect Your Credit Score?

When you’re facing a foreclosure, it’s best to do whatever you can to salvage your credit score. A short sale is often seen as a solution to foreclosure and as a way to protect your credit.

 

What is a short sale? It’s the sale of a home in which the net proceeds from the sale of the property will fall short of the debts. Essentially, it recoups some of the lender’s money, freeing the homeowner from the property debt. In a short sale, the lender must agree to accept less than the amount owed against the home since there’s not enough equity to sell and pay the entire cost of the sale.

 

While not all lenders will negotiate a short sale, it can be an effective way to avoid foreclosing on the property altogether. However, how much of an effect does a short sale have on the seller’s credit score?

 

Short Sales and Credit Scores

While a short sale might still be a better option than a foreclosure, they both have a similar negative effect on credit scores. According to Fair Isaac, the average points lost on a FICO score are between 85 and 160 for both a short sale or a foreclosure.

 

However, the difference comes in the reporting. For instance, a short sale will be listed as “pre-foreclosure” on a credit report, and this could make a big difference in just how badly the individual credit score is hit. Short sales tend to carry less stigma than a foreclosure, and this could help with the seller’s credit in the future.

 

 

Short Sale and Buying Another Home

One reason to consider a short sale over a foreclosure is that it has a much shorter waiting period to buy another home. A foreclosure on your credit record will keep lenders from considering you for a mortgage for upwards of 2 years.

 

On the other hand, the wait is much shorter for short sale sellers. The FHA has guidelines saying that a seller who is current on their payments and does a short sale can qualify immediately for a new mortgage. However, if there are any late payments or delinquencies over 30 days, this will slow down the process dramatically.

 

Choosing a Foreclosure or a Short Sale

When it comes to your credit score, a short sale won’t make a significant difference in how severely your credit is hit compared to a foreclosure. However, the waiting period to find a new home is shorter, and it is a less severe mark against you on your credit score than a foreclosure.

 

The level of damage you’ll experience from a short sale will most likely depend on how behind you were on your home payments. If you actively take measures to repair your credit after a short sale by paying bills on time, keeping credit balances low, and only taking on new credit on a limited basis, you can recover from a bad hit within a few years.

 

Unfortunately, it’s nothing but a myth that a short sale will have less of a negative impact than a foreclosure. Like most things regarding credit score, it will always be related to the individual situation. A short sale is a settlement with the lender and not a perfect solution. If you’re considering how a short sale will affect your credit score, talk to your lender about the best option for your situation. Many are willing to work with you to help you pay on time, become current, and protect your credit score.

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Is It Possible To Refinance 2 Loans When You Are Under Water?

Buying a home is almost always the most significant purchase that a person will make in their lifetime. Traditional investment knowledge tells us that purchasing real estate is one of the best ways to grow your net worth. But what if the property market takes a dip and the value of your home drops along with it?

 

If you are ‘underwater’ with your home loan, it means that the principal owed on the home is higher than the market value of the property. After the 2008 property crash, over 20% of homeowners had negative equity in their home. Being underwater can be an extremely stressful and disheartening situation for a homeowner. Fortunately, there are options for homeowners who find themselves in this predicament.

 

 

What is Refinancing?

Refinancing pays off the debt of the existing home loan and replaces it with a new loan. The new loan typically has more favorable terms or is more affordable to the borrower. Details can vary heavily dependent on the type of loan and your lender, but usually, the homeowner can use the equity accrued their home as leverage for their newly negotiated loan.

But what if you don’t have any equity in your home?

 

 

Refinancing Options With Negative Equity

 

 

Government Backed Programs

Initiatives for refinancing programs such as the Making Home Affordable (MHA) program are available to homeowners who are in negative equity. MHA works with homeowners in a number of ways, including refinancing assistance, help with negotiating loan term modifications, and support for the unemployed. There are also options for owners of FHA loans to refinance an underwater mortgage, as long as it is their principal residence and their mortgage is current and up to date.

 

The Interest Rate Reduction Refinancing Loan (IRRRL) program is a government-backed scheme available for homeowners with VA loans. However, as VA loans are provided through a lender, if your house is in negative equity, you will need to shop around and find a lender who is willing to move forward without an appraisal.

 

 

What About Second Mortgages?

Occasionally homeowners may feel the best course for them is to take out a second mortgage against their home. Refinancing a second mortgage carries more risk to the lender than refinancing the original home loan. The risk is incurred because if the borrower finds themselves in financial difficulty and has to foreclose on the home, the lender of the first mortgage is paid first.

 

When refinancing a second mortgage, it is much easier if you have the same lender for both mortgages. When a property is mortgaged by two different lenders, it is best to ask the second lender to subrogate its lien on the loan. By surrogating its lien, the second lender is allowing the newly refinanced mortgage to go to first place to get paid off if the home goes into foreclosure.

 

Government back initiatives such as the FHA Short Refi are also available for homeowners whose combined first and second loans are greater than the market value of their home – as long as it is no greater than 15%. For example, on a $200,000 home, you could owe up to $230,000 on your first and second mortgage combined and qualify. The FHA Short Refi is only available on homes loans that are not already FHA backed.

 

Refinancing your property becomes more difficult if you have negative equity. Lenders view negative-equity refinances as a risk, therefore it may be wise to seek free housing advice from a U.S. Department of Housing and Urban Development Department sponsored housing agency.

The post Is It Possible To Refinance 2 Loans When You Are Under Water? appeared first on National Cash Offer.

source https://nationalcashoffer.com/is-it-possible-to-refinance-2-loans-when-you-are-under-water/

How Do I Do A Short Sale On My House?

How to start the process of short selling your house:

 

1.)  The first step is to list your home for sale. Do not do a short sale by owner, because there will be no money to be saved. Start obtaining and gettin paperwork that you will need for the short sale.  The next thing to do is to call the bank and ask them for a short sale packet. They’ll send you and tell you what you need to submit with the offer.

 

2.) The second step is to make sure that the agent or professional that you choose has experience doing short sales. Then pick a bank (at least two so you have options).  The same that goes for an agent that goes for a bank and each one has it’s own rules.

 

 

 

3.) The third step is to examine how you should price it? One would often think that an owner should try at least to sell their own home to recover the balance, but that isn’t the came. This is an option of what you could do starting at the price, and then lowering the price every week to show that there was effort made. One thing to note is that, in the home description make sure you type “Short Sale, bring all offers!”  This tells buyers to submit an offer and see what happens.

 

4.) The fourth step is to you obtain an offer. Next, you, your agent, or your professional needs to send the offer along with any requested paperwork from the bank in 1 package altogether. Please note that with the short sale package, do not send this in separate pieces. Keep fax confirmation sheets, emails if electronic, or mail via certified mail. The person who sends this should call as soon as possible to verify the bank has received it. Also, keep a log written or typed for every time the bank has called. They should be called every week for an update. This may seem like going overboard, but this is important because if your “file” is missing one item, then the process may have to start all over.

 

5.) The fifth step is when the bank says that your offer is accepted, read the fine print of what they are offering you. If you have a first and second mortgage, watch for, ” We reserve the right to demand the amount of the second mortgage in full.”

 

There are many options for help with a short sale, but overall we hope that these options have helped you in the long run.

The post How Do I Do A Short Sale On My House? appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-do-i-do-a-short-sale-on-my-house/

What Questions To Ask Mortgage Lenders

Obtaining a mortgage loan isn’t necessarily a breezy process. For that reason, you should have a list of questions at hand to give you a head start when you enter the lender’s office. Here are the top 7 questions you should always ask your mortgage lender.

 

 

1. Which Kind Of Mortgage Fits My Situation Best?

This is the type of question you should be asking before any purchase in life. Having a good understanding of how a mortgage correlates to you as an individual is extremely important. By asking this question, you should be able to unravel the advantages and disadvantages of a mortgage under your circumstances. From adjustable-rate loans to interest-only loans, there are many factors to put into consideration.

 

 

2. What Are My Rates?

In this instance, you’ll want to consider your annual percentage rate (APR) to start. Your APR includes your interest rate, as well as a list of other lender’s fees over the term length. Be careful though, as some lenders won’t give you an accurate APR. If you’re interested to see how you can calculate your own, check out this link here.

 

 

3. How Much Money Can I Borrow?

This may seem like a no-brainer, but getting the numbers right off the bat can provide peace of mind and help to narrow your options. A lender will take into consideration your income, employment, debt, credit history, and a number of other factors when deciding. You should also ask if you are able to prequalify for a loan.

 

 

4. What Is My Down Payment?

Typically, you should expect to pay a 20% down payment, as that is the minimum for most mortgage lenders. If you’re qualified, however, it is possible to start off with lower down payments. You’ll want to be careful though, as a lower down payment with added interest will just cost you more over time. Talk to your lender about your different options.

 

 

 

 

5. What Are My Initial Costs?

When you see a lender, you have to have money prepared for the lender fees. Alongside those fees, you must also have money for third-party fees. These types of fees include appraisals, credit reports, title policy, etc. Your lender is required by law to give you a loan estimate with all of these fees included, though asking ahead of time will give you a better idea of your overall costs before you get too deep.

 

 

6. When Are You Performing The Hard Credit Check?

To give you an interest rate quote, a lender must perform what is referred to as a hard credit check. If you are going around to different lenders to see your options, you’ll want to make sure that these hard credit checks are all made within small windows of time. The reason being is that hard credit checks can lower your credit score by a few points and make a negative impact for when you see the next lender.

 

 

7. What Is My Monthly Payment?

This is easily one of the most important questions, as you’ll need to know what you have to pay monthly. Though there are monthly mortgage calculators available such as this one, we recommend getting the correct information firsthand.

 

 

Conclusion

Getting a mortgage loan doesn’t have to be scary. It is a matter of knowing the right questions to ask so that you can make the most out of your lender meeting.

Do you have experience dealing with mortgage lenders and want to share? Let us know in the comments!

The post What Questions To Ask Mortgage Lenders appeared first on National Cash Offer.

source https://nationalcashoffer.com/what-questions-to-ask-mortgage-lenders/

How To Choose The Right Realtor Before The Tax Credit Ends

We get constant questions about being a first time home buyer tax credit and all of what comes with it. Due to this, we now have home buyers who are taking longer to find a home that fits their needs.

 

Here are some of the things to look out for when searching for a realtor before the tax credit ends below:

 

 

What Are You Looking For?

If you are in the market to buy a home, it is very important to interview who you are hiring to represent you and what you want. Here’s a couple of good questions to ask the Realtor you choose to help you find your dream home:

 

• How long have you been in realty?
• Are you full time or part-time?
• How is your current work load and do you have time for another customer?
• What specific area in real estate are you specialized in?
• How long have been a realtor for?
• How long have you seen homes on the market in “x” area?

 

These are just some of the things to ask your realtor before tax credit ends. A referral is great because it usually means they have done a great job for someone, but that doesn’t necessarily mean they will do a good job for you and that they are qualified.

 

 

 

An Added Cost You May Not Be Aware Of

Choosing the wrong Realtor for you can definitely cost you more in the long run and that is why you have to be choosy. Finding a home is one thing, but determining your needs and negotiating the terms is where it is at the most important bottom line of any realtor.

 

Most buyers see the $8,000 Tax Credit at the end, and they may think that this is a plus but it is wise to outweigh all of your options and be careful. Most don’t consider that they can possibly lose out on it if they are dealing with an unexperienced realtor.

 

You have:

• Earnest Money
• Option Fees
• Appraisals
• Inspections
• Termite Reports

 

All of these things can add up, and if in any case these things fall through then it can mean disaster for you.

 

Another option of course, is to call us over here at NationalCashOffer.com and we can help you sell your home and you can save overall. Call us today and we can help you sell your home in as little as 3 days!

The post How To Choose The Right Realtor Before The Tax Credit Ends appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-to-choose-the-right-realtor-before-the-tax-credit-ends/

How Long Does It Take To Close On A Home Mortgage?

Once you find the perfect home, you’ll likely want to jump on the opportunity as quickly as possible.

Unfortunately, if you haven’t already secured financing, you may end up missing your chance.

 

Closing on a home mortgage can take quite a bit longer than you might think. It’s not as easy as submitting your application and getting an immediate decision.

The mortgage application and approval process can take several weeks and depends on a number of factors.

So, how long can you expect it to take to close on a home mortgage?

 

 

Type of Mortgage

The time it takes for you to receive your mortgage may depend on the type of loan you are applying for.

 

 

Conventional Mortgage

Conventional mortgages are any loan that is not insured by the U.S. government. If you don’t have any special circumstances, this is probably the type of mortgage you’ll be applying for.

These can take as long as anywhere from three to six weeks.

 

The first couple of weeks involve the lender reviewing your credit report, getting an appraisal, and verifying your ability to make a down payment.

After you and the lender agree to terms, the loan is then sent to a closing agent to prepare closing documents.

 

 

 

FHA Loan

Federal Housing Administration (FHA) mortgages can take longer than conventional mortgages as the FHA does not provide the loans itself. Instead, the FHA insures loans provided by a third-party.

 

The extra time is a result of the lender having to send the mortgage agreement to the FHA for review and approval. Closing an FHA mortgage may take up to eight weeks.

 

 

VA Loan

Veterans Administration (VA) Loans may take longer for the same reasons as FHA loans.

 

The VA only insures mortgages, it does not lend money. In addition to the standard documents you have to submit for a mortgage application, you also have to verify your military service.

VA loans typically take around six to seven weeks to close.

 

 

Typical Timeline

Things That Can Delay the Process

There are a number of factors that can delay the mortgage closing process.

Mishandling of documents, appraisal delays, waiting for tax transcripts from the IRS, waiting to receive employment verification, and other events can delay the approval process.

 

However, one of the main factors that makes this process take longer than necessary is the applicant being unprepared to turn in required documents.

Your lender may not request everything that it needs all at once. Throughout the application process, your lender may contact you with various document requests. The best thing that you can do to ensure that the closing process is completed as soon as possible is to be prepared to hand over documents when required.

 

 

Start ASAP

In order to avoid missing an opportunity due to a prolonged mortgage application process, you should begin the process as soon as possible.

You should start by getting pre-approved for a mortgage. You can get pre-approved for a mortgage before you even start looking for a house. This will help speed up the closing process once you do find the house that you want to purchase.

 

Pre-approval may save you weeks when it comes time to apply for a home loan.

The bottom line is that there is no set timeline for closing a mortgage. Depending on your needs, it could take anywhere from two weeks to two months. As such, it is important that you get started on the process as soon as you enter the market for a new home.

The post How Long Does It Take To Close On A Home Mortgage? appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-long-does-it-take-to-close-on-a-home-mortgage/

How Soon Can I Buy Another Home After Short Sale?

Losing your home to a short sale can be a setback, but it does not mean that you have to give up on your dream of home ownership indefinitely.

 

A short sale occurs when a homeowner decides to sell their home below what they still owe to the mortgage company. Therefore, the debts associated with the property unpaid and the lienholder(s) must agree to accept less than what is owed.  It is a way to avoid the bank repossessing the house (foreclosure). There are many reasons why someone might find him or herself in a situation where a short sale is necessary. During the recession, property values dropped dramatically in a short time, and in 2012, 22 percent of real estate transactions were foreclosures.

 

Although the repercussions on your credit score are not as severe as they would be in the case of a foreclosure, it is likely that you will not be able to get another mortgage just after a short sale. The waiting period, however, depends both on the type of mortgage you will be applying for, your financial circumstances and on how much you can put down as a down payment.

 

Lenders may also take into account “extenuating circumstances” that may have led to the short sale, which will reduce the waiting period. Those circumstances vary, but common ones include:

 

• Death, illness or injury of the primary breadwinner

• Involuntary loss of a job
• Divorce (if the household income is affected)

 

 

 

FHA mortgages

FHA loans are a popular option among home buyers as they usually require a lower down payment. However, the property needs to satisfy the lender’s requirements.

You typically need to wait three years after the date of the short sale to apply for an FHA loan. If you can prove that you faced some extenuating circumstances, your lender may agree to shorten the waiting period.

 

In some circumstances, you will not need to wait to apply for an FHA loan. There is no waiting period if:

 

• You were not in default on your mortgage
• You made payments on time for the past 12 months

 

You will not be approved for new FHA loan if you are merely trying to take advantage of the short sale process to take advantage of a declining market and are trying to buy a similar, lower priced house.

 

 

VA loans

Veteran Affairs loans do not have a required waiting period to apply after a short sale. However, lenders typically recommend waiting for two years. If the borrower defaulted on a federal loan like FHA or USDA, he or she may have to wait for three years before buying another house.

 

 

Government-backed loans (aka conforming loans)

The typical waiting period to apply for a loan backed by government agencies, like Fannie Mae or Freddie Mac, also known as conforming loans, is four years with a 10 percent down payment. However, that period may be shortened to two years in case of extenuating circumstances or if the borrower puts down 20 percent. Borrowers with a down payment lower than 10 percent will have to wait seven years before applying for a conforming loan.

 

 

Conventional loans

The rules to buy another home after a short sale vary depending on the lender for conventional mortgages. Most of them follow Fannie Mae’s guidelines for post-short sale mortgages and may be more lenient for borrowers with high down payments (25 percent or more) or who agree to a higher interest rate.

The post How Soon Can I Buy Another Home After Short Sale? appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-soon-can-i-buy-another-home-after-short-sale/

How Can I Increase My Approval Amount To Buy A Home?

I’m sure it took some work to become approved for your mortgage and now you have a new challenge: your pre-approved loan is too low. Now you’re in the question of, how can I increase my approved amount? Let’s go over some awesome ways you can reach, or get a lot closer to the amount you need.

 

Raise Your Credit Score

Your credit score is directly linked to the loan you can potentially receive. By raising your credit score you’re able to get a lower mortgage rate, meaning you’ll probably be approved for a higher loan amount. What’s a quick way to raise your credit score? Start paying off debt that you owe. It may seem difficult right now but it may be worth it so that you can get the loan you need right now. Aim for getting your cards below 15% of your credit limit.

 

 

Put A large Downpayment

Once you pay at least 20% of a downpayment on a home then you can avoid the PMI(Private Mortgage Insurance). Sometimes the PMI rate can be as high as 1% of the loan amount. By paying big now you can avoid paying big later.

 

 

Evaluate Your Debt-To-Income Ratio

This ratio determines how much you are allowed to borrow. Some of this may be hard to change quickly, however, you may have some compensating factors you forgot to add to the equation such as a large down payment, high income, 5 or more years at current employer, good FICO credit score, or a large number of cash reserves.

 

 

 

Adjust Your Rate

Some lenders now offer 40-year loan rates. This opens up lower rates and can allow the opportunity for some people to afford more expensive homes. If your situation improves financially then you’ll be able to pay off that loan much faster of course.

 

 

Look For Other Incomes

The higher your income the more you can afford. Seems obvious right? Well, some people tend to forget their other sources of income. If you regularly sell things online, get checks in the mail, receive child support then you can add that to your income. Look around at what you think qualifies as income and then go for it!

 

 

Check For Other Lenders

Other lenders may give you a worse or better rate so it’s important to shop around. Even if you find a lender who is only willing to lend you $3k more then at least that’s something. You never know if you don’t ask around.

 

 

One Thing To Remember

Be patient. It’s difficult and frustrating when things hold you back from what you want but don’t add any more resistance to it by being impatient. Breath, and then move forward with what you can do. Soon before you know it you will have a new place to call home and then a new set of challenges. Enjoy the process as much as you can or at least accept it.

The post How Can I Increase My Approval Amount To Buy A Home? appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-can-i-increase-my-approval-amount-to-buy-a-home/

How Do You Sell Your Home That Is Worth Less Than The Mortgage?

If you are considering selling your house yet owe more on your mortgage loan than the home is actually worth, you should know you are not alone.  Plenty of people end up owing more than their home’s worth and ultimately decide to sell.  It is possible to sell such an “underwater” home.   Though it will be difficult to make a profit or even break even on an underwater home, you can still exit this arrangement as long as you can find a buyer or can convince the lender to give the go-ahead on a short sale. 

 

 

Consider a Short Sale

If you can convince the lender to allow a short sale, you can sell your home even if it is worth less than the mortgage.  In a short sale, the mortgage lender approves the sale of the home for less money than is owed.  This strategy has the potential to allow for a rapid home sale as it can be priced for less than what is owed or even less than comparable homes.  The lender is the party that ultimately takes the financial loss.  However, short sales often prove challenging.  It is possible the lending institution will not approve an offer even if you consider it an acceptable figure.  If the lender denies the offer, the sale will not be processed.  Sadly, there are some lending institutions that refuse to even consider a short sale. 

 

If your lender agrees to a short sale, your credit score will likely fall.  It is also important to note the buyer or the seller must make up the difference between the home’s sale price and the amount still owed.  Most home buyers will not pay more than market value for a house so it is almost always the seller who makes up the difference.  The lending institution does not care where the extra funds come from.  The lender simply desires to be made whole when the home sale closes.

 

 

 

Sell the Home on Your Own

There is no harm in listing your home at an elevated price to test the market.  If your local real estate market is hot, you just might get more than anticipated for your underwater home.  It is even possible the sale price will cover all or some of the money owed on the mortgage.  Consider listing the home for sale on your own as opposed to leaning on a real estate agent to list and sell the home.  You can put the savings from such a DIY (do it yourself) sale toward the money owed on the home. 

 

 

When in Doubt, Contact Your Lender

Do not remain quiet and hope for the best!  This is a time to speak up and interact with the lending institution.  A simple phone call really does have the potential to make life easier for you and the lender.  Reach out to the lending institution to determine if there are mortgage modification plans available.  The lender might be able to refinance the loan or modify its terms by providing a lower interest rate.

 

Some lenders have plans that adjust the loan terms.  You might even be able to obtain an unsecured loan to cover the difference between what you owe and the value of your home.  As noted above, if you insist on selling, there is likely a way.  Discuss the option of a short sale with your lender and you just might be able to get out of this predicament and transition to new digs sooner than expected.

The post How Do You Sell Your Home That Is Worth Less Than The Mortgage? 
 appeared first on National Cash Offer.

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What Are Pocket Listings and Are They Legal?

A pocket listing is a real estate term that refers to any property a broker or agent holds a signed contract with but that’s never advertised on a multiple listing system (MLS). Think of it as the agent keeping the property hidden in their back pocket rather than on the market.

 

Why might an agent do this? Doesn’t it make sense for the agent or broker to promote the property as much as possible? In reality, there are a few legitimate reasons for pocketing a listing:

 

• The property isn’t ready to show – There might be tenants still in the home or perhaps it needs work before it’s ready to join the market.
• Listing agreement – The seller might have entered a listing agreement to only show the home to qualified buyers.
• Exclusivity – Many times agents will show these homes only to select clients, thus increasing the exclusivity of the home.
• Not sure about selling – Sometimes a seller will be on the fence about selling, and might not want their home listed on an MLS service. If the home doesn’t sell as a pocket listing, there’s no record of the home failing to sell on an MLS.

 

Pocket listings are more popular in some parts of the country than others. For instance, in some parts of Califonia pocket listings are said to make up 30% of all real estate listings. However, are these listings legal? Are they as shady as some might believe? We’ll tackle both of these questions in this guide.

 

 

Are Pocket Listings Legal?

In short, yes. Pocket listings, as long as they’re done in the best interest of the client, are completely legal. Sometimes, as with the reasons above, they actually serve to sell the home more effectively.

 

However, according to the Realtor Code of Ethics, Realtors are required to promote and protect client interests. Pocket listings become questionable when they’re not done in the best interest of the client. Because pocket listings usually result in the agent representing both the seller and the buyer, they’ll receive a higher commission. While this isn’t a violation of the Code of Ethics or illegal, this should not be the reason an agent suggests a pocket listing.

 

The agent must thoroughly discuss the realities of pocket listings when suggesting this to a seller. There are many benefits being waived by not using any listing services. This needs to be the most viable option for all parties.

 

How Pocket Listings Affect the Market

Pocket listings don’t just affect buyers, but they affect the entire market. Because these properties are rarely entered into the MLS once they’re sold, they limit the information available about local housing prices.

 

Both nearby sellers and appraisers use these numbers to determine the current market value of different properties, so without this information, the entire market suffers. It’s in everyone’s interest for agents to update the MLS after each pocket listing sale to keep the database accurate.

 

Conclusion

Though many agents treat pocket listings like a dirty word, they’re not as bad as they sound. There are, in fact, many reasons why an agent and seller might prefer a pocket listing to a traditional listing.

 

While they’re not right for everyone, they do make sense in a number of situations. However, it’s important for realtors to take the Code of Ethics seriously when considering a pocket listing for a client. It’s easy to mislead a client in favor of a higher commission or to manipulate a sale, but this only harms the industry as a whole.

 

Ultimately, pocket listings can be a great tool, but only if they’re used in the right circumstance. They require ethical and professional standards, and the agent must remember his or her duty to the client’s best interest.

The post What Are Pocket Listings and Are They Legal? appeared first on National Cash Offer.

source https://nationalcashoffer.com/what-are-pocket-listings-and-are-they-legal/

How To Protect Your Information When Applying For A Mortgage

The most vital information is often given out when applying for a mortgage for a home. Due to this, it can be scary knowing that your information may not be safe during this process. The confidential information that is given usually includes; pay stubs, W-2’s, bank accounts, stocks, bonds and your social security number. You may not know the person all that well who is handling your application for a mortgage, so in essence they are a stranger. This can be scary. So how do you know who you can trust?  Here are some tips and things to consider below:

 

 

1. Check to see if your loan officer is licensed in your state. This is crucial because they are the ones handling your personal information and you need to know if they are qualified. You can start by checking the NMLS (National Mortgage Licensing System) online. In order to be listed on the NMLS , a loan officer must go through a full background and credit check. If your loan officer is listed on the website, they have passed the background and security check. Not all states are currently listed on the NMLS, so make sure that your state is currently a participating state before you find out otherwise. If your state is not listed, do a search for your states mortgage originator license requirements. It is also wise to request that your loan officer provides you with a copy of their license. Something else to keep in mind is that your loan officer for federally chartered banks is not bound by the NMLS licensing requirements.

 

2. Try to work with someone that you know or someone who comes highly recommended as a qualified loan officer. You should also always check consumer reviews online.  If you have a loan officer with 95 reviews and all are 5 stars, they are probably someone that you can trust. Loan Officers are usually listed on various websites. However, not everyone online has a significant amount of reviews, or if any at all. In that situation, we recommend doing a little bit of internet research on your loan officer and the company that they work for as well.  Always interview your loan officer over the phone or in person to get the best overall review. As always, ask them tons of questions when doing so.

 

3. We also recommend going directly to your loan officer’s office to submit any financial documents. Also, when you are at their office look around for things that indicate their qualifications. Loan officers will usually have documents or rewards that make them qualified hanging or in plain site. Also, look for any loan files that may be spread all over the place, sensitive income documents in plain view, or things of this nature. If you see any of these signs, they are red flags. All loan documents should be kept under lock and key at all times, unless they are being reviewed.  A responsible loan officer will have a desk that is of sensitive information.

 

 

Performing these background and security checks through the NMLS licensing system will help you keep your personal information secure and we highly recommend it!

The post How To Protect Your Information When Applying For A Mortgage appeared first on National Cash Offer.

source https://nationalcashoffer.com/how-to-protect-your-information-when-applying-for-a-mortgage/