Mortgage Archives - Navy Fellas Realty Group

Running A Quick Financial Health Check Before You Apply For A Mortgage

May 18, 2023 by James Scott

Running A Quick Financial Health Check Before You Apply For A Mortgage Getting a mortgage is a significant financial decision, and it is crucial to ensure that you are financially prepared before applying for one. Conducting a quick financial health check before applying for a mortgage can help you determine your financial standing and your ability to afford a mortgage payment.

Here are some reasons why you should consider conducting a quick financial health check before applying for a mortgage:

Check your credit score: Your credit score is an important factor that lenders consider when deciding whether to approve your mortgage application. Check your credit score to see where you stand and take steps to improve it if necessary.
Review your debt-to-income ratio: Lenders will also look at your debt-to-income ratio, which is the amount of debt you have compared to your income. If your debt-to-income ratio is too high, you may not be able to qualify for a mortgage. Try to pay down debt and increase your income to improve your debt-to-income ratio.
Calculate your down payment: Most lenders require a down payment of at least 20% of the purchase price of the home. Calculate how much you’ll need for a down payment and make sure you have enough savings.
Determine your monthly housing costs: Take a look at your monthly income and expenses to determine how much you can afford to spend on your mortgage payment, including property taxes and insurance. Make sure you’re comfortable with the monthly cost before applying for a mortgage.
Get pre-approved for a mortgage: Once you’ve completed these steps, it’s a good idea to get pre-approved for a mortgage. This will give you an idea of how much you can borrow and the interest rate you’ll receive.

Conducting a quick financial health check before applying for a mortgage is a smart move. It can help you identify any financial issues, improve your mortgage eligibility, and ensure that you are prepared to take on the financial responsibilities of homeownership.

By following these steps, you’ll be able to quickly assess your financial health to increase your chances of being approved for the loan and determine whether you’re ready to apply for a mortgage.

The Benefits Of Working With A Real Estate Agent You Need To Know

May 3, 2023 by James Scott

The Benefits Of Working With A Real Estate Agent You Need To Know When it comes to buying or selling a home, working with an experienced real estate agent can be the difference between success and failure. Not only do agents possess access to the Multiple Listing Service (MLS) — a comprehensive database of properties for sale — they also provide invaluable insight into local markets, saving buyers and sellers time by handling many of the tedious tasks associated with transactions.

Access To The Multiple Listing Service: MLS

From scheduling showings and negotiating offers to managing paperwork from start-to-finish, having an experienced professional on your side makes all the difference in navigating even complex deals without any hassle. Furthermore, their knowledge allows them to source homes that match exactly what you’re looking for — saving hours of research at no extra cost!

A Real Estate Agent Saves Time

Real estate is never easy, but having someone who knows how this industry works inside out gives you peace of mind throughout every step along the way. Whether you’re buying or selling a property; entrusting these responsibilities to an expert means allowing yourself more free time while knowing that your transaction is in capable hands.

An Agent Can Help Identify Potential Concerns With The Home

For buyers and sellers alike, partnering with a qualified real estate agent can make all the difference when it comes to navigating the complex world of real estate. From uncovering potential issues that may have gone unnoticed to negotiating for better prices on both ends – an experienced agent has the expertise needed to simplify and expedite transactions while ensuring their clients get what they deserve.

Save Money And Negotiate On The Final Price

A knowledgeable professional can spot problems such as structural damage or legal hiccups that may be hidden from novice eyes; helping buyers avoid costly repairs or fees down the line. Sellers, too, benefit from working with an agent who knows how to maximize exposure of their property in order to attract potential buyers, ultimately fetching them top dollar for their home.

Work With A Qualified Real Estate Agent

Real estate agents offer countless advantages over going it alone when buying or selling a house; understanding local markets, saving time by streamlining processes, and employing savvy negotiation skills are just some of them! Ultimately, investing in an expert partner is often well worth it — so don’t hesitate to ask for help today if you’re looking into making your next move!

What Is A Mechanic’s Lien?

April 27, 2023 by James Scott

What is A Mechanics Lien A mechanic’s lien is a legal claim placed on a property by a contractor, subcontractor, or supplier who has provided labor, materials, or equipment to improve the property. The lien serves as security for the payment of the debt owed to the party who provided the services or materials.

Mechanic’s liens are typically used in the construction industry, where contractors and subcontractors may perform work on a property and then have difficulty obtaining payment from the property owner. The lien provides the contractor with a legal means to collect payment for their work by placing a hold on the property until the debt is satisfied.

How a Mechanic Lien is Placed

To initiate a mechanic’s lien, the contractor or supplier must follow a specific set of procedures, which can vary depending on the jurisdiction. Generally, these procedures involve filing a notice of claim with the appropriate government office, notifying the property owner of the claim, and giving the owner an opportunity to dispute the claim.

If the claim is not disputed, the lien will remain on the property until the debt is paid. If the debt is not paid, the lien can be enforced through legal means, such as a foreclosure sale.

Reasons a Mechanic Lien Would be Placed

There are several reasons why a mechanic’s lien may be placed on a property:

Non-payment: The most common reason for placing a mechanic’s lien is non-payment. A contractor, subcontractor, or supplier may place a lien on the property if they have not been paid for their work, materials, or services.
Breach of contract: If a property owner breaches a contract by failing to pay for work that has been completed, a contractor or supplier may place a lien on the property.
Unpaid taxes or fees: Mechanic’s liens may also be placed on a property if the property owner has not paid property taxes, assessments, or other fees associated with the property.
Fraudulent or deceptive practices: In some cases, a mechanic’s lien may be placed on a property if the property owner engaged in fraudulent or deceptive practices, such as misrepresenting their financial position or misrepresenting the scope of the work that was required.
Dispute over work performed: Occasionally, a dispute may arise between a property owner and a contractor or supplier over the work that was performed. In such cases, a mechanic’s lien may be placed on the property as a way to resolve the dispute and secure payment for the work that was completed.

It is important to note that the laws surrounding mechanic’s liens can vary from state to state, and the specific reasons for placing a lien may also differ depending on the jurisdiction.

Mechanics’ liens can be complicated, and the laws surrounding them can vary from state to state. Therefore, it is recommended that contractors and property owners consult with an attorney who is familiar with the relevant laws in their jurisdiction.

The Top Ways To Keep Pests And Infestations Out of Your Home

November 22, 2022 by James Scott

The Top Ways tp Keep Pests Out Of Your Home There are a lot of pests that may try to make their way into your home, and they can cause significant health and safety issues in addition to detracting from your property values. It can be very difficult to remove infestations once they have infiltrated your home, so it is always better to prevent them from happening. What are a few tips you should keep in mind?

Seal The Doors And Windows

One of the easiest ways for pests to get into your home is to crawl through open doors and windows. Therefore, you should start by sealing your doors and windows from time to time. You may want to reach out to an expert who can evaluate your doors and windows for possible cracks and crevices. By eliminating them, you make it significantly harder for pests to infiltrate your house.

Properly Dispose Of Trash And Recycling

You should also properly dispose of all garbage and recycling. As long as it is safe for you to do so, try to put food down the garbage disposal. Then, don’t forget to clean your garbage disposal from time to time. Furthermore, try not to wait until your trash is overflowing to take it out. Also, be sure you rinse all of your recycling before you put it in the recycling bin. That way, it becomes less attractive to pests.

Clean Your Drains Regularly

Remember that you should also clean your drains regularly. Your drains can collect a lot of mold, mildew, strange odors, and food waste that become attractive to pests. While you might once the drains after you put food down them, that is not enough. You should try to deep clean your drains regularly to prevent pests from taking advantage of them.

Keep Pests Out Of Your Home

Ultimately, these are a few of the most important tips you should keep in mind if you want to keep pests out of your home. A pest infestation can become a serious health risk while also making your home less attractive to a potential buyer. If you believe you have a pest infestation, reach out to a professional who can help you.

Save Money On DIY Projects Around The House

July 21, 2022 by James Scott

Save Money On Your Cost Of Living With DIY Tips Around The House It is not exactly a secret that inflation is a significant issue. With inflation continuing to increase the cost of living all over the world, there are many people who are looking for ways to save money. Home improvement and renovation projects have been popular during the past few years, but many homeowners are starting to put them on hold because of how expensive everything has gotten. What are some of the ways you can save money on your home repair and renovation costs?

Know What You Can Do Yourself

First, you need to think about home repairs that you can complete on your own. It has gotten exceedingly expensive to call the contractor for help. There might be some small issues that you can handle on your own. This might include broken cabinet pulls and slanted doors. On the other hand, you need to think about your safety. For example, you should never work on a gas line yourself unless you are properly certified.

Scale Back The Price Of The Renovation

You might also need to scale back the scope of the renovation project. For example, if you were going with a specialty company for those beautiful kitchen counters, you may want to go with a less expensive option. You might even be able to find a single company that can handle everything for you, which means that you may enjoy a significant discount.

Consider Going With Used Options

You might be able to save even more money if you go with a used option. For example, if you are looking for a way to save money on kitchen cabinets, consider looking for the second-hand often that someone is trying to get rid of. This is also a great way for you to protect the environment. When you work with a kitchen contractor, see if they know somebody who is looking to get rid of kitchen items. They might give you a discount if you take them off of their hands.

Save Money On Your Repairs And Renovations

These are a few tips you may want to follow if you are looking for a way to save money on repairs and renovations. Make sure you know what you can do yourself and when you need to reach out to a professional.

Avoid These Home Projects If You Are Selling Your House Soon

June 24, 2022 by James Scott

Avoid These Home Projects If You Are Selling Your House Soon If you have paid attention to the housing market recently, you might be thinking about selling your home soon. You might even be thinking about taking on a few remodeling projects in an effort to maximize the return on your investment. On the other hand, not every project will help you turn a profit, and some might even make your house less appealing. Take a look at a few home remodeling projects your should avoid if you plan on selling your house soon.

Remodeling The Bathroom

You might be thinking about remodeling your bathroom to turn it into a miniature spa. While this might be attractive for you, it will not necessarily help you increase the value of your home. Remodeling the bathroom doesn’t generate a huge investment return, and if the plumbing system has to be moved or adjusted, it could delay the sale of your home. Problems often arise, parts are hard to find, and a project that should have taken a week could last a month. Avoid remodeling the whole bathroom if you want to sell your house soon.

Renovating The Living Room

While the living room is often the central area of the home, it is not an area you should renovate if you want to sel your house soon. In addition to being a major project, not every buyer wants an updated living room. Eclectic color choices and odd dimensions that often result from a living room renovation can shrink the number of people who make an offer on your home, depressing your potential sale value. If you leave the living room as it is, you could appeal to a wider market, potentially putting multiple offers on the table.

Reducing The Number Of Bedrooms

Before you take a hammer to the closet, remember that it could reduce the number of bedrooms you have. This could significantly harm the sale price of your house. A creative workshop or art studio might appeal to you, but it won’t appeal to a wide market, particularly people with kids. Those buyers could offer more money. In general, more bedrooms means more money, so keep the bedroom intact.

Consider looking for smaller projects if you want to sell your house soon.

The Top Signs Of Readiness To Own A Home

April 21, 2022 by James Scott

The Top Signs Of Readiness To Own A Home One of the top ways to build wealth is to own a home; however, it can be challenging to qualify for a home loan. Not everyone has the finances to maintain a house, and some people might not be ready to settle down for a prolonged amount of time. Therefore, everyone has to think carefully before deciding homeownership is the right move. What are the top signs that someone is ready to be a homeowner?

There Is Enough Money for a Down Payment

One of the top signs that someone is ready to be a homeowner is that they have enough money for a down payment. Even though it might be possible for someone to qualify for a first-time home loan with only 3.5 percent down, this might not be the best financial move. Putting more money down could secure a lower interest rate, helping someone save thousands of dollars over the life of the loan.

The Credit Score Is High Enough

For someone to afford a home, they need to have a solid credit score. A credit score is a reflection of someone’s financial character. Most lenders have a minimum credit score someone has to achieve before they can qualify for a home loan. There are many credit monitoring systems that will provide a free credit report, so potential homeowners should frequently check the report and make sure there are no inaccuracies. Then, when the credit score is high enough, it might be time to apply for a home loan.

Geographic Stability

Finally, potential homeowners should make sure they are going to stay in one place for the foreseeable future. There is not a lot of stability when renting. A landlord could decide to terminate the lease, or they could decide to sell the property entirely. This is not an issue with homeownership. If someone is not planning on moving in the near future, they should consider buying a house.

Consider The Prospect Of Homeownership

These are a few of the top signs someone is ready to own a home. Anyone who is tired of throwing money away on rent should consider purchasing a home instead. This is one of the top ways to build wealth and save for retirement.

Make One Extra Mortgage Payment Every Year To Save Big

March 18, 2022 by James Scott

Make One Extra Mortgage Payment Every Year To Save Big When you buy a home, you probably have a budget you will try to stick to. Many people choose a 30-year fixed mortgage, and by the time you pay off the home loan, you should own your home outright. At the same time, you might be thinking about paying off your mortgage more quickly to save money on interest. Even making one extra mortgage payment per year can provide a number of significant benefits.

You Can Build Up Equity Faster

One of the first benefits of making an extra mortgage payment every year is that you can build up equity faster. If you make an extra mortgage payment, that payment should go directly toward the principal. This means you don’t have to worry about paying down any interest with that extra mortgage payment, allowing you to build up equity in your home more quickly.

You Save Money On Interest

If you make an extra mortgage payment, you pay down the principal more quickly. This means there is a lower remaining balance on which interest might accrue. Even making one extra mortgage payment every year can add up to tens of thousands of dollars in interest saved at the end of the loan.

You Free Up Financial Resources Down The Road

If you make one extra mortgage payment every year, you could pay off your home loan years in advance. This means you don’t have to worry about making mortgage payments down the road, which can free up financial resources to cover other expenses. For example, you might be able to use the money you would have put toward your mortgage to put a child through college or retire early. Your savings will increase exponentially.

Consider Making One Extra Mortgage Payment Per Year To Save Big

If you stay in your home for 30 years, there is a chance your income will go up even though your mortgage payments stay the same. Therefore, you may be able to afford to make an extra mortgage payment per year. Making only one extra mortgage payment every year can add up to big savings very quickly.

Make One Extra Mortgage Payment Every Year To Save Big

March 18, 2022 by James Scott

You Can Build Up Equity Faster

You Save Money On Interest

You Free Up Financial Resources Down The Road

Consider Making One Extra Mortgage Payment Per Year To Save Big

Do You Want To Own A Second Home?

March 15, 2022 by James Scott

Do You Want To Own A Second Home?

Build Wealth More Quickly

One of the first benefits of owning a second home is that you can build wealth more quickly. One of the major benefits of investing in real estate is that you can leverage the bank’s money to help you build wealth. Even though you may have only put down 20 percent, 100 percent of the property’s appreciation benefits you, as you own the home. If you own a second home, you can build wealth more quickly because you are doing this with two separate properties.

Enjoy Switching Up The Scenery

Many people like to own a second house because it allows them to switch up the scenery. If you live in the northeast, you may want to own a second home in the Southeast. If you live on the coast, you may want to purchase a second property in the mountains. That way, when you are ready for a change of weather or scenery, you can simply go to your second home.

Generate Another Income Stream

Owning a second home allows you to generate another income stream. When you are not using the house, you can rent it out to other people. Or, you might be interested in the stability of a long-term rental. This is something that you can discuss with a real estate professional.

Consider Owning A Second Home

In the end, there are numerous benefits that come with owning a second house. If you are looking for a way to diversify your investments, or if you are simply looking for a bit more flexibility, you should consider owning a second home as well. A professional can help you plan your finances accordingly, so you can put yourself in the best position possible to be successful.