Navy Fellas Realty Group

Real Estate, Residential sales and purchase

3 Simple Tips for Boosting Your FICO Credit Score Before Applying for a Mortgage

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3 Simple Tips for Boosting Your FICO Credit Score Before Applying for a MortgageThere are a variety of factors that are involved in getting your mortgage approved, but few things will have more of an impact than your FICO score and the credit history that goes along with it. Instead of leaving your score up to chance when submitting your application, here are a few ways that you can boost your financial wellbeing and leave your credit score better off than it was before.

Put More On Your Card

It’s important to put purchases on your credit card that you can afford to pay off consistently, but many people are not aware that how much debt you owe can actually positively contribute to your credit score. While it’s good to use up to 30% of your available debt load, a significantly higher percentage than this can be a signal to lenders that you are experiencing financial difficulties. By putting everyday items on credit, it will be easier to give your score an instant boost.

Clear Your Credit History

Many people who think they have bad credit are too afraid to even review it, but it’s very important to take a look at your credit history when it comes to taking control of your finances and your FICO score. If there happens to be incorrect information on your credit report, this will enable you to contact the appropriate lenders and dispute the charges so they can be corrected prior to your mortgage application. It may not seem significant, but this can actually have a marked impact on the outcome of your application.

Make Your Payments On Time

It’s often the case that those who are struggling with debt may push away the bills altogether and give up on the minimum payment, but it’s very important that the minimum is made to keep your financial health in check. It may take a few months to see the results of putting down this amount before the due date, but it will improve your credit over time and forge good habits for the future.

Your credit score is an important aspect of determining your financial health for lenders, and this means that your credit history is of significant importance when it comes to your mortgage. Instead of leaving it up to chance, ensure that you’re making the minimum payments and correct any discrepancies in your credit report. If you’re currently in the market for a home and are considering your options, contact your local real estate professional for more information.

Goodbye, Curtains: Try These Fun and Fashionable Ways to Dress up Your Windows

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Goodbye, Curtains: Try These Fun and Fashionable Ways to Dress up Your WindowsWindows can add a lot to the look of your home, and this means that dressing them up properly is an important key for aesthetic appeal. While draggy, neutral-colored curtains can be one of the less exciting aspects of decorating your home, here are a few ways you can adorn the most basic of home fixtures and turn your windows into something truly unique.

A Reconstituted Valance

A short curtain can be a nice, less fussy way to adorn your windows, but if you have a kitchen space in need of warming up, try a piece of wood or metal painted with a color or texture of your choice. Whether it’s covered in words or you stick with a neutral paint color, it can easily add texture and character while letting a lot more light in.

Stylish and Singular Shades

If you want something that will cover the window without getting in the way, you may want to opt for window shades that you can pull down or pull up at your leisure. While this might sound like a pretty tame option, shades are available in a variety of shapes, colors and motifs that are sure to add spark to your room.

Frosted Glass Find

If you want to forego having blinds altogether but you have large windows that need to be covered, you may want to try installing frosted glass in order to maximize the available light. Not only can this be a means of maintaining your privacy at any hour of the day, it will also leave your room feeling airy, well-lit and open well into the evening.

Parade Of Plants

It may seem like a strange solution to the traditional curtain, but a row of plants placed on the window ledge can add a lot to your frames while limiting the need for curtains. While this trick will work especially well for kitchen windows and other areas where you can use smaller plants, you can always try mixing it up to create a different effect.

The idea of long, white curtains isn’t necessarily something that will work for every room, but there are plenty of ways you can dress up your window frames without having to reach for a piece of fabric. If you’re looking for new design tips because you’re considering a move in your future, contact your trusted real estate professional for more information.

Self-Employed? Here’s What You’ll Need to Get a Mortgage Approval

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Self-Employed? Here's What You'll Need to Get a Mortgage ApprovalThere’s a lot of flexibility and personal freedom associated with self-employment that can be a great benefit to your lifestyle and your pocketbook. However, because of the somewhat unpredictable nature of self-employment, it can make acquiring a mortgage a little more difficult. If you’ve recently become self-employed or have been in the game for a while, here are some things you may want to consider before submitting your mortgage application.

Putting More Money Down

20% is often considered the magic number when it comes to the down payment because this will allow you to avoid homeowner’s insurance. However, if you’re self-employed, you may want to consider putting even more money down as this will be an even stronger signifier to lenders that you’re prepared for homeownership and in control of your finances. While your down payment will provide you with equity instantly, a higher payment will also lower your monthly cost and make your finances even more secure from month to month.

Minimizing Your Debt

The amount of debt a potential homeowner has can adversely affect any mortgage application, but in the event you’re self-employed, a high debt load means even more money is being paid out of a salary that is not necessarily predictable. By paying off the debts you can before applying for your mortgage, you’ll be able to invest that much more of your hard-earned money into your monthly payment without breaking the bank and cutting monthly expenditures.

A History Of Self-Employment

Being self-employed means you’ll have more to prove to your lender, but if you have a spotty self-employment history and long periods without bringing in any income, this will make it even harder. Instead of jumping into the mortgage market soon after becoming self-employed, try and have at least two years of successful self-employment behind you. By being able to prove this, the lender will see that you’re a solid financial bet and an experienced professional who will be able to find work when it’s required.

The nature of being self-employed and the fluctuations in income that can come along with it can make a mortgage lender nervous. However, by having a solid history of self-employment behind you and minimizing your debt load, you’ll be able to prove to the lender that you’re serious about home ownership. 

After the Sale: The Next Steps and What You’ll Need to Do Before You Move Out

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After the Sale: The Next Steps and What You'll Need to Do Before You Move OutGetting an offer on your home can certainly make it feel like the hard part is over, but even after the deal is sealed there’s still a lot to do when it comes to moving out. Whether you’re getting prepared for a future move or your buyer has just signed on the dotted line, here are the first steps to take once it’s certain your property is off the market.

Start The Packing

For many people, packing is something they would rather put off until the last minute, but boxing up your stuff is actually a great opportunity for a little spring-cleaning at any time of the year. Instead of procrastinating, get started early and ensure that you’re only packing up the items you will make use of. Whether you decide to pass the extras off to friends or donate them, this is a great way to make your next home clutter free.

Book The Moving Trucks

The day you have to be out of your home by will be set in stone, so it’s important to get ahead of this process and contact the movers as soon as you can. Moving companies have busier times of year and by booking in advance, you won’t have to comply with their loaded schedule. While you’ll want to make a reservation if you’re working under a time crunch, it still might be worth shopping around to see if you can find a better deal.

Complete The Last Minute Fix-Ups

In all likelihood, there’s a list of minor tasks the homebuyer will want you to complete prior to move-in. It’s important to prioritize these things so they’re not left until the last minute, so ensure you make a list and pick a day or a certain window of time to complete them. Whether you’ve agreed to paint a room or get the windows re-sealed, not making these fixes can end up costing you money so it will be worth the time you spend.

It’s a wonderful feeling to get your home off the market at the purchase price you were looking for, but there are still things that need to be done before the deal is sealed. By making a list of any outstanding maintenance and booking the moving trucks, you’ll be well on your way to your new home. If you’re currently looking for a new home, contact your trusted real estate professional for more information.

What’s Ahead For Mortgage Rates This Week – December 19, 2016

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Housing news was boosted by the National Association of Home Builders Housing Market Index, which posted its highest readings since July of 2002. In other news, the Federal Reserve’s Federal Open Market Committee voted to raise the federal funds rate and Fed Chair Janet Yellen gave a press conference. Mortgage rates rose and weekly jobless claims fell.

Home Builder Confidence Highest in 14 Years, Home Construction Lags

According to the National Association of Home Builders, builder confidence in housing market conditions reached its highest rate since 2002 in December. The NAHB Housing Market Index reading topped out at 70 as compared to November’s reading of 63. Analysts said that December’s high reading resulted from a post-election bump in builder confidence. While high builder confidence could bode well for supplies of new homes, construction rates continued to lag strong economic indicators such as low unemployment and high demand for homes. While builders gained confidence in current and projected housing market conditions, they continued to face shortages of labor and buildable lots.

Fed Raises Rate

The Federal Open Market Committee of the Federal Reserve announced it would raise the federal funds range by 0.25 percent to 0.50 to 0.75 percent. FOMC said strengthening job markets, lower unemployment and rising household spending supported the decision to raise the federal funds rate. Inflation, while below the Fed’s target of 2.00 percent, is gradually moving toward the Fed’s medium term goal. FOMC’s statement indicated that the Fed’s monetary policy would remain accommodative.

Fed Chair Janet Yellen held a press conference and cited “considerable progress” toward the Fed’s dual mandate of maximum employment and price stability as factors supporting the decision to raise the target federal funds range. Labor markets continue to improve; Chair Yellen said that the economy has added 180,000 jobs per month over the last three months. 15 million jobs have been added in the past seven years. Inflation is growing gradually, and the Fed expects to achieve its target inflation rate of 2.00 percent over the next two years.

Month-to-month consumer spending readings held steady at 0.20 percent growth. Core consumer price index data, which excludes volatile food and energy sectors, rose from 0.10 percent to 0.20 percent in November.

Mortgage Rates, Weekly Jobless Claims

Mortgage rates were higher last week, but Freddie Mac said that its survey data was collected before FOMC raised the federal funds rate. Analysts at Freddie Mac suggested a wait-and see position on rate forecasts due to the changing political climate. The average rate for a 30-year fixed rate mortgage was three basis points higher at 4.16 percent; the average rate for a 15-year fixed rate mortgage rose one basis point to 2.37 percent and the average rate for a 5/1 adjustable rate mortgage was two basis points higher at 3.19 percent. Average discount points for fixed rate mortgages held steady at 0.50 percent and dipped to 0.40 percent for a 5/1 adjustable rate mortgage.

New jobless claims were lower last week at 254,000 claims filed. Analysts had expected a reading of 250,000 new claims based on the prior week’s reading of 258,000 new claims filed. Volatility in weekly readings for new jobless claims can be expected due to seasonal hiring and layoffs.

What‘s Ahead

Next week’s economic releases include readings on new and previously-owned home sales, inflation and consumer sentiment. Readings for mortgage rates and new jobless claims will also be released.

Making the Grade: How to Research Local Schools Before Buying Your Next Home

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Making the Grade: How to Research Local Schools Before Buying Your Next HomeThere are so many things involved in moving into a new home in a different neighborhood that it can be easy to forget about the proximity of many nearby amenities. However, if you have children, the local schools available can make-or-break the decision on whether or not to invest in a house. If you’re wondering how you can find out more about the local school, let the following tips be your guide.

Take a Web-Search To SchoolMatch.com

One of the benefits of so many things being online these days is that local schools are no exception, and SchoolMatch.com is a great resource that puts this information at your fingertips. While you’ll have to pay a fee to get the details on many public and private institutions, this resource features ratings on schools throughout the country which can make it worth the price.

Contact The NAEYC

With a wealth of information on preschools, kindergartens and elementary schools located throughout the country, the National Association for the Education of Young Children is another helpful website to visit. While the organization offers informational pamphlets that can help you decide a school’s benefits, you can also call in if you want to speak with someone directly about a particular institution.

Make A Visit To The Neighborhood

While it can take a lot of time to visit the schools in the neighborhood you’re considering, this is a great way for you to get a sense of the area you’re moving to and what it affords. By taking a walk through the hallways to view the building’s upkeep and even visiting the office to talk with the Principal, you’ll be able to decide whether it’s a good fit.

Talk To An Agent

It might seem a bit strange to talk to a realtor about local schools, but real estate agents are responsible for providing a multitude of information to potential homebuyers so they have to be in the know. Whether they’re able to help you with a house or not, it’s certain they’ll have some of the basic details about your neighborhood’s educational offerings, whether it’s good or bad.

There are a variety of amenities that can improve the appeal of a new neighborhood, but good schools are a necessity when it comes to the kids. If you’re currently searching for schools and are interested in local neighborhoods, contact one of our real estate professionals for more information.

5 Major Red Flags to Watch for When You’re Touring an Open House

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5 Major Red Flags to Watch for When You're Touring an Open HouseAn open house is one of the best opportunities a potential homeowner will have to take stock of a home and determine if it will work for them. However, it can also be a good opportunity to discover some glaring red flags that might make it a less worthwhile investment. If you’re currently perusing the open houses in your neighborhood, here’s some things you should make sure to watch out for.

A Selling Hot-Spot

It’s well and good if you love the home you visit, but ‘location, location, location’ is a popular phrase for a reason. If you’ve noticed a lot of homes for sale in the area, this could be a sign of neighborhood issues that are less than pleasing.

An Odd Smell

Baked goods or room spray are quite common when it comes to an open house, but it’s possible that they’re masking a less-than pleasant odor. Since this can point to a hard home fix-up, it’s worth checking out the closets or the basement where a strange smell can indicate mildew or mold.

A Bad Paint Job

Paint that’s peeling may mean that a few fresh coats are long overdue, but it can also indicate moisture issues in the home that have gone untreated. As this kind of repair can cost a pretty penny, it’s worth determining if there are sealing issues with windows or doors.

A Few Obvious Fix-Ups

A sticky door or a damaged wall may not seem so bad on their own, but if you notice a few things that need to be fixed around the home, it can be a sign that there’s more afoot. If a homeowner has cared for the property during their ownership, it will likely show in small details like this.

Incomplete Construction

It may seem like a good sign to see a house that’s undergoing a renovation, but it can actually be a risk to invest in a home that’s not complete. Instead of leaving this to chance, you may want to check with the construction contractor to determine the scope of the work and when it will be finished.

An open house may be a good time to decide if you’re interested in a home, but it can also be the perfect opportunity to search for deficiencies that may end up costing you. If you’re currently in the market for a new home, contact your trusted real estate professionals for more information.

Five Ways to Make Your Home’s ‘Curb Appeal’ Better Than Your Neighbors’

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Five Ways to Make Your Home's 'Curb Appeal' Better Than Your Neighbors'Curb appeal, or how your home looks from the street, is an essential part of preparing to sell your house. It’s also where comparison with your neighbors’ homes is inescapable which poses a problem if you’re both on the market. Read on for five ways to boost your own curb appeal.

Open Up: Garage Doors With Impact

In most homes, the external facade is taken up largely by the garage door which means it’s a big influence on how people see your home. Embrace that. Style your garage door to suit your home, touch up the paint or trim, or even do a full overhaul with a brand-new door.

Balance Out: The Appeal Of Symmetry

Not only is a symmetrical design visually appealing, it’s also quick and easy to do. If your home doesn’t allow for large symmetrical designs because of its structure — if it has a garage on one side, for example — focus in on specific elements. Consider the front door, maybe, where fixtures are easier and cheaper to update.

Sit Back: Inviting Outdoor Seating

A great way to attract buyers is to think like them and what search-weary buyer doesn’t enjoy a moment to relax? Arrange an aesthetically pleasing seating area outside your home. It will become a welcoming space that can offer buyers the chance to sit down and dream about owning your home. A clear and attractive walkway is also very inviting, so be sure to spruce yours up or install a whole new one to, literally, lead buyers to your door.

Admire The Art: Accent With Outdoor Pieces

Put a little of your home’s personality out front to attract the interest of like-minded buyers. Weather-resistant art pieces are a great way to accent your lawn or entrance. Consider the welcoming sound of wind chimes, or a sculpture or two. Even birdbaths can provide simple but effective artistic highlights.

Look Critically: Get Outside Eyes

When you’re close to your home, it can be hard to view it as a buyer would in other words, critically. This is an essential step, though, in creating effective curb appeal. So, consider getting another person involved. Someone who can look at your home objectively and provide a clear assessment of your home’s strengths and weaknesses.

Speaking of outside eyes, don’t forget about your local real estate agent. Turn to us with questions, or for advice, at any time after all, we know what works in your neighborhood!

3 Easy Ways to Make Your Home More ‘Pet Friendly’

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3 Easy Ways to Make Your Home More 'Pet Friendly'Whether you’re moving to a new home or you have a new family pet, it can be a struggle to make the place a little friendlier for them. From the garbage can to the cupboards and doors, there can be a lot of dangers that have the ability to hurt your furry friend you might not be aware of. If you’re looking for some simple ways to make their life a little easier, here are a few things you can do.

Take Care Of The Trash

The image of dogs sifting through the trash is common for a reason, so it’s important to guard your animal against the dangers of the dustbin. In addition to taking out any perishable goods on a consistent basis, it’s a worthwhile investment to purchase a tougher trash bin that your animal can’t get into. This will ensure they won’t be able to get at foods like fruit pits, coffee grounds and chocolate, which can be very harmful to their system.

Pick The Right Flooring

If you have the choice, ceramic tile or hardwood can be a great way to alleviate the tidy-up of having a live-in pet since you can easily wipe or sweep away the damage. If this isn’t possible and carpet is your only option, stick with something that closely matches the color of your pet. As well, if you’re letting your pet on the furniture, it’s worth investing in materials like leather and suede that are more durable and easy to clean.

Give Them Their ‘Space’

You may not have to worry about cleaning up after your pet as much if you can provide them with a space that’s all their own. While it doesn’t have to be anything fancy or sprawling, providing a comfortable bed where they like to nap and a water bowl or selection of toys will do the trick in making them feel right at home. It may also have the added benefit of keeping them away from the family couch!

Many homeowners are so pre-occupied with making themselves comfortable in their family home that they forget about the animal in the family. While it won’t necessarily take much to please your pet, watching the waste and giving them their own comfortable area can go a long way in making your home pet-friendly. If you’re currently in the market for a new home, contact our trusted real estate professional for more information.

What’s Ahead For Mortgage Rates This Week – December 12, 2016

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As 2017 winds down, analysts are forecasting economic developments for 2017. Forbes identified three indicators that the U.S. housing market has recovered. Mortgage rates rose again last week; jobless claims fell and consumer sentiment jumped rose five points. The details:

Housing Market Recovery Complete: Forbes

Three conditions were cited by Forbes as evidence that the housing market has recovered:

Analysts said that homeowners are putting their homes on the market after years of waiting for home prices to peak. On the flip side, mortgage rates are expected to rise further and home buyers may be taking a “now or never” plunge into buying homes before market conditions and mortgage rates combine to make home prices unaffordable.

The Federal Reserve reported that U.S. mortgage debt increased by 1.90 percent in Q3 2016; this was the highest growth rate for mortgage debt since Q3 2008. While population growth and household formation are lower, the overall ratio of mortgage debt to disposable income is near historically low levels. Stricter mortgage qualification standards are keeping home buyers from borrowing mortgage loans that they can’t repay.

After years of high demand for short supplies of available homes, home builders are ramping up construction. Housing starts rose by 25 percent in October and matched construction rates not seen since mid-2007.

Mortgage Rates Rise, New Jobless Claims Dip

Freddie Mac reported higher mortgage rates last week. The average rate for a 30-year fixed rate mortgage rose five basis points to 4.13 percent. The average rate for a 15-year fixed rate mortgage was two basis points higher at 3.36 percent. The average rate for a 5/1 adjustable rate mortgage also rose by two basis points to 3.17 percent.

New jobless claims fell last week to 258,000 new claims, which matched expectations and was lower than the prior week’s reading of 268,000 new claims. Job openings held steady in October with a reading of 5.50 million.

What’s Ahead

Next week’s economic calendar includes readings on retail sales and inflation along with the Federal Reserve’s Federal Open Market Committee Statement and a press conference by Federal Reserve Chair Janet Yellen. The National Association of Home Builders Housing Market Index will be released in addition to Commerce Department reports on housing starts and building permits issued. Weekly readings on mortgage rates and new jobless claims will also be released.