Navy Fellas Realty Group

Real Estate, Residential sales and purchase

Pet Safety Checklist

by

Pet Safety ChecklistMany people view their furry friends as members of the family. If you have pets at home, you need to make sure they are well taken care of. That means taking a closer look at an important pet safety checklist. What are a few of the most important items you need to include on this checklist if you want to make sure your dogs and cats are safe?

Regular Checkups Are Critical

First, you need to make sure that you take your pets to the veterinarian at least once per year. Just as you go to the doctor once per year, your pets need to go to the doctor once per year as well. Regular check-ups are important because the veterinarian could identify issues that you might not otherwise have noticed. In addition, this gives a veterinarian an opportunity to make sure your pets’ vaccinations are up-to-date.

Spay Or Neuter Your Pets

Unless you plan on having kittens or puppies, you also need to make sure that your dogs and cats are spayed and neutered. There are already far too many animals in animal shelters, so if you are not planning on breeding dogs and cats, you do not want to add to the population unnecessarily. There might be opportunities for you to get this operation financed, which could make it more affordable.

Lock Up Unsafe Items

Keep an eye on your home environment as well. Keep a close eye on how much human food you give your dog or cat. There are certain items that are simply not healthy for dogs and cats, and some items could be poisonous. You should also make sure that any cleaning supplies are locked behind a cabinet door. That way, your pets do not ingest anything that could poison them.

Protect Your Furry Friends

These are a few critical steps that you need to take to make sure your dogs and cats are safe. If you are interested in learning more about the steps you can take to protect your furry friends, consider reaching out to a veterinarian who can help you.

How Do You Actually Write The Check To Buy A House?

by

How Do You Actually Write The Check To Buy A House?After you have found the right house to meet your needs, you need to make the down payment to complete the transaction. Can you show up at the closing table with a suitcase full of cash? Of course, that would be a bit suspect, so that is not actually how it happens. What do you need to do to actually hand over the funds to buy the house? 

The Down Payment Is Verified Beforehand

First, understand that the down payment is usually verified before you agree to the deal. Your real estate agent will work with you and the seller’s agent to ensure that you actually have the funds needed to buy the house. For example, you might need to send screenshots of your bank balance or investment portfolio as proof that you have the money. Your agent will work with you to ensure your confidential information remains so.

The Funds Are Typically Given Using A Wire Transfer

When it is time for you to complete the actual transaction, the real estate attorney will handle just about everything. The attorney will be responsible for collecting the money from the sale and ensuring that everyone gets the money they are owed. The attorney will provide you with the account information for where you need to wire the money. Prior to the closing date, you need to go to the bank and work with one of their experts to ensure the money is in your account and wired to the correct account destination.

The Real Estate Agent Will Confirm The Process Is Done

It is best not to wait until the last minute to wire the money into the account. Try to do this process ahead of time, and make sure either the attorney or your real estate agent says that the process has been completed. You do not want to run the risk of missing your closing date. If you have questions about the process, make sure you give the attorney’s office plenty of time to respond to you.

Determine Your Budget With The Help Of Your Real Estate Agent

This process is important for making sure you can afford the house you want. Work with your real estate agent to ensure you have the necessary funds for the down payment.

 

Lower Your Interest Rate During The First Couple Of Months With A Buydown

by

Lower Your Interest Rate During The First Couple Of Months With A BuydownIf you are thinking about purchasing a house today, you have probably realized that mortgage rates have increased significantly. This has made it much harder for people to afford home loans, and these higher rates have had an impact on the lender’s business as well. In an effort to make it easier for people to afford a home, you might be able to access something called a buy-down loan or a buy-down mortgage. It could help you save a significant amount of money during the first few months or years of your loan.

How A Buydown Mortgage Works

If you decide to go with a buydown mortgage, your interest rate will be lower for a temporary period of time. For example, it might be two percent lower for the first year, 1.5 percent lower for the second year, and then one percent lower for the third year. It will normalize for the rest of the loan. Because the interest rate is lower, your monthly payments will be smaller for the first few years. This could be an attractive option for a buyer who expects his or her income to go up in the future. Or, this option could be provided by a custom home builder to get more people through the door. 

Who Funds The Buydown Account?

There are different ways a buydown account might be funded. It could be provided by a home builder, or it might be provided by the seller if you are purchasing the house from somebody else. It might even be offered by a mortgage lender that is having a difficult time getting people to sign mortgages. Depending on the current interest rates, there are different options available. For example, some buydowns give you a one percent break for two years, while others might start with a three percent break the first year, dropping by one percent each year until it normalizes.

Is A Buydown Mortgage Right For You?

Like any option, there are pros and cons. If you lower your monthly rate during the first few years, it is possible that the rest of your mortgage might have higher payments than it would otherwise have had. Be sure to talk to a professional who can help you figure out if this is the right option for your needs. 

Why Your Kitchen Features Matter

by

Why Your Kitchen Features MatterIf you are interested in purchasing a house in the near future, you need to pay close attention to your kitchen. The kitchen is considered to be the heart of the home, and you need to make sure the kitchen is laid out appropriately. You need the kitchen to match your expectations, but you also need to pick a kitchen that will help you maximize the value of your home if you decide to sell it down the road. What are a few of the most important examples of kitchen features you need to pay attention to?

The Cabinets 

Always take a close look at the cabinets. Look at the inside of the cabinets for signs of water damage, and make sure the cabinets are aligned appropriately. If the cabinet doors do not open and close properly, it can be a significant problem when you are trying to cook in the kitchen. Cabinets are often the most expensive part of a kitchen remodel. 

The Backsplash

You should also pay close attention to the backsplash. You need the backsplash to completely cover the area between the counters and the cabinets. You do not want the backsplash to be too short. Otherwise, you expose the wall to additional stress when you are cooking. 

The Kitchen Island

A kitchen island is often the gold standard when it comes to a kitchen. This additional feature can significantly increase the value of your home, but you need to make sure the island is in the right location. For example, you need the island to be close enough to the workspaces in your kitchen, such as the stove and refrigerator. You also want it to be centered in the kitchen itself.

Think About These Key Kitchen Features

These are just a few of the most important examples of kitchen features that you need to think about when you are interested in purchasing a house. Remember that these features need to match your needs, but you also need to think about how much money you can get for the house if you sell it down the road. Pay close attention to these kitchen features when you are looking for a new house.

 

Owning vs Renting: Why High Rents Are Worse Than a Mortgage over the Long Term

by

Owning vs Renting: Why High Rents Are Worse Than a Mortgage over the Long TermIf you’re at the stage in life where home ownership is nearly within your reach, you’re probably wondering whether you should start looking for a home or whether you should just keep renting. Renting is easier, people say, and it gives you more mobility. But over the long term, all that rent money can really add up – and it eventually reaches a point where buying a home is a better deal.

So why is paying a high rent a worse option than buying a house and getting a mortgage? Here’s what you need to know.

Renting Doesn’t Generate Equity

One of the single biggest sources of wealth in the United States is home equity – as you pay down your mortgage, you invest more and more of your money into your property, and it appreciates in value. When you eventually sell that home, you make a profit. The monthly payment is something you’d have to make anyway, whether you rent or own – but when you rent, your monthly rent money lines someone else’s pockets, while when you own, paying down your mortgage actually creates wealth for you.

Renting Doesn’t Give You Access To Homeowner Tax Credits And Deductions

There are all sorts of tax benefits available to homeowners that renters simply can’t access. As a homeowner, you can deduct your mortgage interest from your taxes owing, reducing your taxable income – but there’s no such deduction for renters. You can also deduct property taxes and some closing costs when you buy a home – there are no corresponding tax benefits for renters.

There are also several tax credits available to homeowners that aren’t available to renters. Things like renovations or simply buying a home for the first time can give you tax benefits that renters can’t access.

If You Can Muster Up A Down Payment, Owning Is Cheaper In The Long Run

One of the biggest hurdles keeping young people out of the real estate market is the down payment. It’s not easy, but if you can save up enough money for a down payment, you’re actually better off buying a home than continuing to rent.

According to Trulia, the median home price in metro Houston in Texas is just under $163,000, while the median monthly rent for an apartment is $1,550. That means renting would cost $18,600 per year, while buying a home (assuming a 20% down payment and 30-year term) would cost $9,384 per year in mortgage payments. In other words, owning is about half as expensive as renting in the long run.

Renting may be a good short-term solution, but over the long haul, owning is almost always better. Call a local mortgage professional to learn more.

How To Finance A Home Renovation

by

How To Finance A Home RenovationThe housing market continues to be very competitive, so you may have to be a bit more flexible with what you are looking for. For example, you may come across a home that is not quite perfect, but it has a lot of the features that you need. In that case, you may be wondering how you can finance a home renovation. One of the best ways to do so is using the FHA Streamline 203(k) program. 

What Can The FHA Streamline Program Finance?

There are several examples of home renovations you may be able to fund using the FHA Streamline 203(k) program. For example, you might be interested in updating the kitchen or bathroom. You might also need to repair the roof or purchase new appliances. If you need to add energy-efficient upgrades to your home, you might be able to finance them using the FHA Streamline 203(k) program.

What Are The Guidelines Of The FHA Streamline Program?

If you decide to go with the FHA Streamline 203(k) program, you have multiple options available. This means that you can customize your financing to meet your needs. For example, you might be able to reduce the cost of your renovation with a lower down payment. You can also take advantage of fixed and adjustable-rate loans. You might even be able to finance your down payment using funds from a relative, making it easier for you to complete your home renovation.

What Are The Main Advantages Of The FHA Streamline Program?

Ultimately, you might have to complete a home renovation before you move into your home. Renovating a home can be expensive, and you might not have the capital to do so right after purchasing a new house. With access to the FHA Streamline 203(k) program, you can increase your financial flexibility, making it easier for you to complete your home renovation project. If you choose wisely, your home renovation might even increase the value of your home, so you should view a home renovation project as an investment. Consider talking to an expert who can help you.

The Top Tips For Making A Successful Offer

by

The Top Tips For Making A Successful OfferAre you interested in purchasing a house? If so, you probably know that the market is more competitive today than it has ever been in the past. There are a lot of people who are interested in purchasing a home, and you need to take a few extra steps if you want to make your offer as competitive as possible. What do you need to do if you want to maximize the chances of having your offer accepted?

Make An Offer Early

If you want to increase your chances of getting your offer accepted, you need to make an offer as early as possible. If you know there is a property coming on the market that you are interested in, you should try to get your offer in on the first day. There is a chance that the seller is going to be drowned in offers, and they might not even accept your offer if they already have too many. Get your offer in as early as possible.

Cover Closing Costs

If you want the seller to take your offer seriously, offer to cover closing expenses. It is true that closing costs can be expensive, but it is a way for you to separate yourself from the other offers on the table. If the seller knows that they can save some money by picking your offer, you increase your chances of getting your offer accepted.

Pay With Cash 

Finally, there is a chance that the seller wants to get to the closing table as quickly as possible. Therefore, if you can do so, consider making an offer that is entirely cash. If you provide the seller with a cash offer, you can save the seller a significant amount of time and money, so they might decide to pick your offer over the others.

Get Your Offer Accepted

These are a few of the most important tips you need to follow if you would like to increase your chances of having your offer accepted. Even though the market has gotten exceedingly competitive, there are ways for you to get your offer to stand out from the crowd. Consider reaching out to an expert who can help you make a competitive offer right off the bat.

 

The Importance Of Paint Colors When Selling A Home

by

The Importance Of Paint Colors When Selling A HomeIf you are interested in selling your house, you need to make sure you get as much money for it as possible. There is never a second chance to make a first impression, and every detail matters when you want to get an offer on the table. That means you need to pay attention to the color of your paint as well. Even though this might sound like a relatively minor detail, the color of your paint does matter. What do you need to know about paint color and its impact on your home’s value?

The First Impression

First, the color of your walls matters because it is responsible for the first impression. Even though the buyer can repaint the house, the paint throughout your house will give the buyer a certain vibe. You want the people in your house to like it, so make sure you select colors that most people will be happy with.

Ease Of Matching 

When you are selecting paint for your house, you want to pick colors that are relatively easy to match. For example, gray will go with just about everything. On the other hand, colors such as lime green and pink are going to be harder to match. If more people can match their decorations to your home, you will have an easier time getting an offer on the table.

The Location Of The Colors

Finally, don’t forget that some colors are better in some rooms than others. For example, light blue is probably going to go well in the bathroom, but it might not go well with other rooms in the home. In addition, brown or red might be fine in your kitchen, but mint green is probably not going to look great in that room. Think about what colors are used in certain rooms of your house. 

Pick The Right Color For Your Home

While a potential buyer can simply repaint the house if they don’t like it, it will mean extra time and money that they need to worry about. Furthermore, remember that your paint will be responsible for the first impression you make on a buyer, so make sure you choose colors that other people will like.

Understanding ‘PITI’ and What Goes in to Your Monthly Payments

by

Understanding 'PITI' and What Goes in to Your Monthly PaymentsAsk any friend or family member that owns a home and they will share that it takes a bit of management to keep all the expenses under control. Let’s explore the concept of PITI and why it is vital to have a clear picture of how much your home is costing you each month.

Just What Is PITI, Anyway?

PITI is an acronym that stands for “principal, interest, taxes and insurance,” which are the four main components that make up your housing costs.

Principal – this is the amount that you are paying against the total amount that you borrowed when you purchased the home. For example, if you used a mortgage to cover $200,000 of the home’s purchase price, the remaining balance of that $200,000 is the principal. A part of your monthly mortgage payment goes to paying down the principal.

Interest – this is the extra cost that the lender charges for the service of lending you the principal amount. For most mortgages, you will see this expressed as an “interest rate” which is a small percent charged on the loan. A portion of your monthly mortgage payment goes to paying down the interest owed.

Taxes – tax costs are not included in your monthly mortgage payment, but will be added by your lender as part of your yearly expenses when calculating your debt-to-income ratio (see below). Property taxes and other assessments will need to be paid each year.

Insurance – this is the cost of insuring your mortgage and your home. Like taxes, your mortgage lender will typically include some insurance costs in your DTI ratio calculation.

How Lenders Use PITI

Many mortgage lenders use some form of PITI calculation when determining your debt-to-income ratio. This ratio helps the lender understand your ability to manage your monthly mortgage payments without being at risk of missing one. The lower the ratio, the more likely you can afford all your monthly expenses.

Don’t Forget Your Other Monthly Expenses

Finally, don’t forget that along with PITI you will have a variety of other monthly expenses that need to be budgeted for. Leave some space for utilities, repairs and other renovations that need to be made throughout the year.

Once you have the full picture of what is coming in and going out each month, managing your expenses is easy. When you are ready to discuss or apply for a mortgage, get in touch with us. Our friendly team of mortgage professionals is happy to help.

Should You Consider Purchasing A Newly Built Home?

by

Should You Consider Purchasing A Newly Built Home?If you have been in the process of looking for a home for a long time, you understand just how difficult it has been. You may have considered building your own house, but after seeing the bidding wars for land before you even start building, you may have crossed newly built homes off your list. Now, there are a few reasons why you should consider adding new homes back to your search. 

There Is An Elevated Supply Of Newly Built Homes

Right now, there is an elevated supply of newly built homes. Even though the overall inventory of available houses continues to lag behind, new single-family home inventory remains elevated. This means that builders may offer incentives to sell the homes they have already started building. They want to keep building homes, but they cannot do so until they sell the houses they have already constructed. They may even provide you with discounts on special features.

You Have Fewer Repair And Maintenance Expenses

Another benefit of purchasing a new house is that you will have fewer repair and maintenance expenses. Down the road, you may have to replace the hot water heater, the HVAC unit, and even the roof on your house; however, when a house is brand new, there is a much lower chance of something going wrong. That can free up money that you can spend in other areas.

You Customize The House To Meet Your Needs

Finally, if you purchase a new house, you also have the option to customize it to meet your needs. For example, you might want a bonus room that can serve as a separate area in which your kids can play. Or, you might want your kitchen to be laid out in a certain way. You may also want your garage to be large enough to fit multiple cars. Your builder may work with you to provide you with those specific features.

Consider Purchasing A Newly Built House

If you are having a hard time finding a resale home to meet your needs, consider working with a construction company to build your own house. It may be more affordable than you think, as builders may offer incentives if they have an oversupply.