Navy Fellas Realty Group

Real Estate, Residential sales and purchase

Understand Coronavirus Mortgage Relief Options

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Understand Coronavirus Mortgage Relief OptionsThe coronavirus pandemic has impacted everyone. For homeowners, they might be wondering how they are able to keep up with their mortgage in light of shelter in place orders, financial difficulties, and unemployment problems.

Federal agencies and regulatory authorities are putting relief measures in place during the pandemic to help people who might have trouble keeping up with their mortgage. When it comes to coronavirus mortgage relief, there are a few tips that everyone should keep in mind. 

Talk To The Lender First

The first step is always to talk to the lender directly and see if there are relief options. The last thing A lender wants us to have a bunch of loans go into default. When this happens, the lender might be forced to sell the property for a significantly reduced cost, meaning they will lose a significant amount of money. They do not want their borrowers to foreclose either. Therefore, as long as they are given enough notice, they should be able to help borrowers by adjusting their payment plans. 

Understand The Options

Everyone has a different type of mortgage and every contract is different. Borrowers me to take a look at the details of their plans and make sure they understand what their options are. For example, borrowers with certain types of loans might have lenders who are obligated to offer deferred or reduce mortgage payments for a period of six months. This is called forbearance. 

This means that borrowers do not have to pay their mortgage for a few months and will not be charged late fees or added interest. It is important to know that they will owe this money eventually. All borrowers need to read their contracts to see if they qualify for forbearance. 

Foreclosures And Evictions Have Been Halted

Finally, during the pandemic, Federal officials have imposed a nationwide halt when it comes to foreclosures and evictions. This moratorium only affects borrowers with certain plans. Therefore, everyone needs to read their contracts closely to see if they’re playing qualifies. Furthermore, there are certain cities, counties, and states that have halted foreclosures for everybody. 

The coronavirus pandemic has been difficult for everyone. It is important to keep these mortgage relief options in mind and ask for help from professionals. That way, everyone can understand all of your options.

 

Shopping For Home Improvement Supplies Safely

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Shopping For Home Improvement Supplies SafelyThe coronavirus pandemic has impacted everyone and everyone is trying to go about their lives in a safe manner. With so many people spending time at home, now is the perfect time to conduct home improvement projects. At the same time, carrying out a home improvement project is going to require supplies.

While many people are trying to avoid going to the store to buy supplies right now, there are also no contact ways to shop for home improvement supplies. Take a look at the tips below and collect supplies for the home improvement project in a safe way.

Invest In Curbside Pickup

There are lots of home improvement stores that have curbside pickup options available. Even some of the biggest department stores in the country are offering the service. Therefore, take a look at the website of some of the local stores. Then, see if they do curbside pickup. If they do, then it might be possible to place an entire order online. Then, simply pull up to the curb and have it loaded into the trunk. 

Have The Supplies Delivered

In some cases, it might even be possible to have these supplies delivered to the home. Even though this is going to come with an extra cost, there are some home improvement projects that are large enough to make this option worth it. That way, not only is this a no-contact way of shopping but it also prevents the supplies from being damaged on the way to the house. 

Hire A Personal Shopper

There are lots of people who are looking for ways to avoid going to any store right now. This includes not only grocery stores but home improvement stores as well. Therefore, it might be possible to use an app to hire a personal shopper to do all of the shopping. This is a great way to not only have the supplies delivered to the home but also a boy having to take a trip to the store. 

Shop For Home Improvement Supplies Safely

These are a few of the most important tips to keep in mind when it comes to shopping for home improvement supplies during the coronavirus pandemic. These no contact tips can help people pull off home improvement projects safely without having to set foot in a store.

 

You May Need More Than You Think To Buy Your First Home

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You May Need More Than You Think To Buy Your First HomeThose who are thinking about buying their first home soon are likely saving up for a down payment. This can be a challenging process because, for many people, this is the largest amount of money they have ever saved in their lives. Sadly, the amount that people might need to buy their first home is more than they think.

There are numerous other costs that go along with buying and maintaining a home. As a result, people need to save up more than they think. Even for starter homes that are usually less expensive than family homes, there are numerous costs that need to be included.

Think about a home that is $250,000. A 20 percent down payment is $50,000. That is already a lot of money. Even for those who might try to get away with a 10 percent down payment, that is still $25,000. That is enough money to buy a very nice car. Where do these other expenses come from?

Buying A Home Has Other Costs

There are other costs that go along with buying a home. For example, there are closing costs that accompany this process. This could be thousands of dollars. In addition, there might be points due at signing and origination fees that accompany the process of taking out a loan. Of course, people could avoid these costs by buying the house in cash; however, for most people, this is simply not realistic.

Furnishing A New Home

On top of this, there are costs that come with furnishing a new home. Think about how much money coffee tables, dressers, desks, beds, and wardrobes cost. This might also include new kitchen appliances, a washer, a dryer, and more. All of these need to be included when trying to figure out the cost of a new home.

Take Advantage Of Low Mortgage Rates

It is possible for people to save up enough money to buy their first home. They simply need to keep a few tips in mind. First, take advantage of low mortgage rates. Use this to avoid PMI, origination fees, and points. Then, find ways to reduce moving costs. Bring old furniture to the new home and try to make sure that all appliances are up to date to avoid repair bills. This will make a new home more affordable.

3 Handy Tips That Will Prevent Serious Stress when Buying and Selling a Home at the Same Time

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3 Handy Tips That Will Prevent Serious Stress when Buying and Selling a Home at the Same TimeIf you’re in the process of simultaneously buying and selling a home, you may be in for the most stressful experience of your life. One UK-based real estate survey of over two thousand people found that buying and selling a house is more stressful than divorce, bankruptcy, a death in the family, becoming a parent for the first time, and even planning a wedding!

It’s not easy, but staying calm will help you to plan for your upcoming home purchase and sale and make the process easier. So how can you avoid the stress? Here are three strategies that will keep you calm, no matter what may happen.

Have A Thorough Plan In Place…

Much of the stress that you’ll experience will probably be the result of poor planning. You may feel stressed if you don’t have enough time to move or if you have to pay mortgages on two homes because your old home isn’t selling fast enough.

Before you get too far into the buying and selling process, talk with a real estate agent and ensure you have a solid plan in place for how you’ll manage buying and selling at the same time. Leave a time and expense buffer for unexpected complications – even if nothing goes wrong, it’s still nice to know you have some room to work with.

…But Be Ready To Improvise If Things Go Sideways

There are a number of ways that buying and selling at the same time might result in complications. Poor timing might mean you need to move out before you have a home to move into, or it might mean you don’t have the money for your new home if your old home hasn’t sold. Be prepared to rent a hotel room, take out a short-term loan, or move your belongings into storage if the sale doesn’t go according to plan.

Talk Out Your Problems With Loved Ones

In times of stress, it’s helpful to turn to friends and family for a helping hand. Studies have shown that having a strong social support network can mitigate the effects of stress, and even the Mayo Clinic suggests reaching out to loved ones when you feel overwhelmed. Don’t be afraid to ask your friends for emotional support, and whenever you have an opportunity to socialize, take it – you’ll find it easier to handle stress after a fun night out with friends.

Buying and selling a home at the same time is bound to be stressful, but an experienced real estate agent can minimize the agony. Call a real estate agent near you to learn how you can successfully buy and sell a home at the same time.

Tips For Deciding The Value Of A Home

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Tips For Deciding The Value Of A HomeHomes are more than just a building. They are filled with memories of children taking their first steps, holidays that were celebrated with family members and friends, and Super Bowl parties filled with smiles and cheers.

These memories are priceless; however, people cannot let emotions cloud their judgment when they are trying to sell a house. Instead, it is important to focus on the building. There are a few tips that everyone should follow as they try to figure out how much their home is worth.

Be Reasonable

The first tip is not to price a home too high out of the gate. While it is tempting to start high and reduce when necessary, the reality is that a price that is too high is going to scare off potential offers. It is better to start with a reasonable price that will get people interested. Then, if the offers start to pour in, there is a bidding war. The price will naturally take care of itself.

Upgrades Don’t Always Lead To A Higher Price

It is tempting to follow in the footsteps of TV shows and pour money into renovations that might lead to a large return on investment. The sad fact is that this is not always the case. Even though the homeowners might love the renovation, this doesn’t mean that a potential buyer will. Do not renovate purely to raise the value of a home. Upgrades can go out of style just as quickly as they came in.

Don’t Price Out Of Necessity

Never price a home based on a dollar amount that has to be reached. It is always better to price a home relative to what the market indicates. Nobody is going to make an offer on an overpriced home purely because that is how much money the seller needs to make.

Leave Emotions At The Door

Finally, do not price a home based on emotions. Yes, a home is a special place; however, remember that the home is on the market, not the memories. Instead, always price a home based on what the comparables are showing. This will lead to a smoother selling process, a higher price, and a bigger return on the initial investment.

Protect Your Home When You’re On Vacation With These Five Simple Tips

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Protect Your Home When You’re on Vacation with These Five Simple TipsWhen making plans for a fun-filled vacation, you shouldn’t forget implementing certain home security measures to ward off thieves. Nobody wants to return home only to find that intruders had ransacked the residence from top to bottom.

If you’re going away on vacation, make sure you protect your home against break-and-enters with these five tips.

Alarm Intruders With Audible Deterrence Measures

Installing a professional home security alarm is one of the most cost-effective ways for people to protect their homes when they are away.

Buying and setting up the right system will ensure that the proper authorities will be notified if thieves break in or attempt to force their way in.

While determined crooks will be hard to discourage, most would-be intruders will look for easier targets if they inadvertently trigger a loud, piercing alarm that attracts too much attention from anyone who could call the police.

Make Forced Entry Difficult With Solid Doors

Some thieves will take a very direct approach to break-ins by simply trying to force their way through a locked door. If the exterior doors are hollow, thieves will have a pretty easy time getting through. This is why it is important to install solid doors rather than hollow ones; solid doors are much harder to break through. 

If you’re concerned about intruders forcing their way through your hollow doors, your best recourse is to upgrade to solid doors. Upgrading will cost a pretty penny, but the added protection they will provide will be well worth the investment.

While getting solid doors installed, you can go one step further by investing in good locks, deadbolts and reinforced strike plates.

Do Not Advertise Your Departures

A pile of newspapers at the front door or a mailbox full of mail and flyers will be proof positive to crooks that no one’s home. Homeowners who are going to be away on vacation should ask neighbors or other people they trust to collect their mail while they are away. 

If having a neighbor collect your mail isn’t an option, go to the post office and request that mail service to your home be suspended until you get back. It is also best to suspend newspaper deliveries for the vacation period as well.

Neighborhood Watch To The Rescue

One great home security solution that won’t cost a penny is having neighbors who look out for you. Homeowners would do well to ask trusted neighbors to keep an eye on their property while they are away on vacation. Tell those trusted neighbors to be on the lookout for any suspicious activity and to call the authorities if necessary.

Protect Sliding Doors With This Simple Trick

Before heading off on vacation, you should safeguard the sliding glass doors in your home by putting something like a metal rod in the track. This way, thieves will not be able to force the door open.

Vacations are a time to unwind and to have some fun. However, responsible homeowners will do what it takes to make their residence less attractive to would-be thieves while they are away.

For more information on how to safeguard your home, or to get answers to your pressing real estate questions, contact your trusted real estate professional for prompt and practical advice.

What Is The Impact Of COVID-19 On Home Value?

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What Is The Impact Of COVID-19 On Home Value?It is no secret that the COVID-19 pandemic has had an impact on everyone; however, there are a few impacts that are being overlooked. In addition to the public health crisis and the tanking of the stock market, there are also impacts of the virus on people’s home values.

Some of these impacts have been positive while others have been negative.

Regardless, it is important for everyone to understand how these impacts might impact someone’s home value, particularly for those who are looking to buy or sell a home in the future.

The Dropping Rates Of Mortgages

Because of the shelter in place laws surrounding the COVID-19 pandemic, not many people are looking to move right now. As a result, banks have had a hard time getting people to come in and sign up for loans. 

This means that many people who are looking to buy a home might be able to sign up for a loan at a very low cost. This might open the door for someone to buy a bigger home than they might have been able to during less turbulent times.

The Impact On Sellers

As a result of the low-interest rates from the COVID-19 pandemic, this also means that sellers should anticipate getting a large number of offers for their homes. There are still many people who are hesitant to sell a home in this environment. This means that there might not be many options on the market. For those who decide to take the plunge, they might be rewarded with more offers than usual. This is going to drive up the value of their home, which is good for their next purchase.

The Future Of The Market During The Pandemic

These are just two of the many ways that the COVID-19 pandemic has impacted the value of homes. While it is unclear when this pandemic is going to be behind us, it is important for everyone to understand how the pandemic is going to impact them if they are looking to buy or sell a home. This will help everyone make the right decision during a turbulent time.

Get Your Finances In Order With A Few Simple Steps

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Get Your Finances In Order With A Few Simple StepsIf you are looking to buy a home one day but don’t think you are ready just yet, you are not alone. One of the most important tasks that you have to complete involves getting your finances in order.

There are a few ways to get your finances in order before you buy, no matter how long you have been waiting to buy a home. Getting your finances in order with these simple steps can help you become a more competitive applicant both for a mortgage and a home that is on the market.

Focus On Your Credit Score

While it is true that your credit doesn’t have to be perfect in order to get a home, a strong credit score will increase your chances of getting approved. In addition, a great credit score can also help you get a lower interest rate on your mortgage.

Some of the ways that you can improve your credit score include disputing errors that might be on your report, reducing your debt, producing a long track record of on-time payments, and avoiding late payments. All of this will help you get ready to apply for a mortgage.

Open A Bank Account For Homeownership

The cost of a home is far more than a down payment and mortgage bills. The reality is that owning a home comes with a variety of expenses for which you must be prepared. Therefore, it is a prudent idea to open a bank account that is solely for homeownership expenses. This account should contain a variety of funds including those for utilities, maintenance, landscaping costs, and even renovation expenses. This will help you visualize the amount of money that you have set aside.

Calculate The Budget

Finally, it is also smart to calculate a budget for the home. Some of the factors that are going to play a role in the sticker price of a home include the down payment, closing costs, and potential taxes. For help with this calculation, it is a smart idea to meet with a trained mortgage professional.

Prepare To Buy A Home

These are a few of the steps that you should follow to get your finances in order. These steps will make you a more competitive applicant for a mortgage.

4 First Things You Should Do After You Move In

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4 First Things You Should Do After You Move InCongratulations on moving into your new house! But hold on. Now that the house is yours, there are a few things you will want to do in order to make life in your new home more comfortable and secure. Before you plan your housewarming party, here is a list of the first things you should do after you move in.

1. Change The Locks

As the new homeowner, you have no way of knowing how many others have keys to your new home. The previous owner may have made copies for their housekeeper, their parents, the babysitter, a neighbor, or anyone else. You definitely don’t want anyone else having keys to your home. Have a locksmith come in and change all the locks. The investment will help you sleep soundly.

2. Find Out Your Boundaries

Check in with town hall to see if there are documents on file that lay out the boundaries for the land you just purchased. If not, consider having a land surveyor come out to mark the boundaries around your new home. This will ensure that you don’t accidentally do things that encroach on your new neighbor’s land, such as planting trees or flowers, erecting a fence, or setting up a swing set.

3. Introduce Yourself To The Neighbors

Pencil in a day to go around and meet your new neighbors. Don not wait too long to do this; the longer you wait, the more awkward it becomes. In theory, they should be introducing themselves to you, but these days you could be waiting a long time for an apple pie to show up at your door. Just wait for the weekend and give a light knock on the doors on your street. Your neighbors will appreciate the gesture and you might just meet a new friend.

4. Make A House Map

A house map is just a general layout of where all the important fixtures are. The map should include the furnace, all outdoor spigots, the main water shut-off valve, the septic tank lid cover (if applicable) and the circuit box. Finally, invest in some fire extinguishers and mark their locations on the map, too. Have it laminated and put it someplace where all the family members can access it.

Once you take care of these four things, you willll feel better knowing that you’ve done all the necessary chores. Now, just sit back and enjoy your accomplishment!

 

How to Purchase A Luxury Home Without Up-sizing Your Costs

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How to Purchase A Luxury Home Without Up-sizing Your CostsSize matters when you are buying a new home. Whether you plan to expand your family, need more room for your stuff, or are concerned with resale value, you want to get the most space for your money.

Also, if you want to add a feel of luxury to your home, one of the best ways to do it is to create open spaces rather than cramming all your furniture in rooms so tiny you can barely walk around without knocking something over.

Traditionally speaking, the larger a home is, the more it costs. If there are two newly built houses side by side in a subdivision, the bigger one is likely to cost more. However, there are some tricks to finding spacious houses that are affordable.

Choose Emerging Neighborhoods

Houses in this year’s trending neighborhood are at their peak prices. Clever buyers look for neighborhoods that are in the process of being gentrified, buying at the bottom rather than the top of the market, to get more house for their money.

Fix It Up

Houses in perfect condition, that show well, sell for a premium. If you want to get more house for your money, choose something that needs a bit of TLC. A house that has pink walls and orange shag carpet might appear just too ugly to consider when you first view it, but it might just need a few coats of paint and some new carpet to become a spacious dream home.

Do Some Finishing

Unfinished areas such as attics and basements can be finished to create additional living spaces. The basement could become a family room and the attic an extra bedroom or study. An unfinished space can become the extra bathroom you need to make morning more manageable.

Consider an Addition

Contractors can add rooms to a house. If you have a large lot, you can build an extra wing. With a one story ranch house, it may be possible to raise the roof and add a second story.

The more stuff you have, the smaller your home appears. Reduce clutter and invest in smaller condo size furniture to give even the smallest home the appearance of spaciousness.