Things every homeowner should know about mortgages!

Things every homeowner should know about mortgages!

MortgagesChoosing the right home mortgage will effect your entire financial future. It’s a crucial decision, so you do not want to get into it without proper information. Knowing what you need to know will help you make the right decision.

When it comes to getting a good interest rate, shop around. Each individual lender sets their interest rate based on the current market rate; however, interest rates can vary from company to company. By shopping around, you can ensure that you will be receiving the lowest interest rate currently available.

Organize your financial life before going after a home mortgage. If your paperwork is all over the place and confusing, then you’ll just make the entire mortgage process that much longer. Do yourself and your lender a favor and put your financial papers in order prior to making any appointments.

You may wish to refinance without closing costs. You do not always need to spend your money to save money when you refinance. Many lenders will offer mortgages that have no closing costs. Lenders make up for these costs by charging you an interest rate that’s slightly higher. This slight increase sometimes translates into some extra dollars in your monthly payment, but you can save thousands in your closing costs.

If you are able to pay more for your monthly payments, it is a good idea to get a shorter-term loan. Most lenders will give you a lower rate if you opt to pay your mortgage over 20 years instead of 30 years. Borrowers who get shorter term loans (such as 15 or 20 years terms) are considered less risky than those with longer term loans, resulting in lower interest rates.

There are many different types of home mortgage loans available, and some are much easier to get than others. If you are having a problem getting a conventional loan, try applying for an adjustable rate mortgage or a balloon. These are short term loans ranging from one to 10 years, and need to be converted when they expire.

You may be so excited about getting a new home that you go out and start buying all types of furniture. Unless you are paying for the furniture in cash, you need to hold off on this. You don’t want to open any lines of credit or make any large purchases until after your loan is closed.

Use what you learned and make the right decision. There are plenty of resources and information out there available to you, and there is no need to be disappointed with the mortgage you sign up for. Try using this information help you make the best decision possible.

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The Hayden Home Market

Hayden Home MarketThe Hayden home market is very different from Coeur d’Alene. Coeur d’Alene real estate is rapidly increasing in price, causing most people to get priced out of the market. Unless your looking at prime downtown real estate, the commute times between Hayden and Coeur d’Alene are similar, and your dollar gets way more house in Hayden! As our area continues to grow, the Coeur d’Alene home price spike will start effecting more areas, making now the perfect time to buy! If your in the market for a new home, make sure and consider Hayden!

  1. Location. Hayden (and all it’s communities) are located directly next to Coeur d’Alene. With a hard border south (the lake) the only way for commerce to expand is in to Hayden! Our area’s growth rate is off the charts, and businesses are opening all the time. With all that commerce and more residents, Hayden is “growing into” a great commerce area. Close to Hayden Lake, and the less “busy” parts of town, Hayden is perfectly situated to become a more natural hub then lakeside Coeur d’Alene.
  2. Home Values. In the past few years, Hayden homes have steadily started increasing in price. Originally, Hayden was far enough out of town that everyone didn’t want to live there. As “town” creeps into Hayden, it has been raising the home values tremendously, making it the next “move-to” area for the Idaho North.
  3. Hayden Home MarketRental Possibilities. Most of the valuable investment property is currently located in Coeur d’Alene proper. Hayden has been mostly sub divided and was to far out of town to buy investment property. With the natural expansion of commerce in north Idaho, Hayden is now starting to open up as a great investment location!
  4. Long Term Value. Our home market is very unique. We have so many different geographical features, that our market tends to change depending on your location. Coeur d’Alene homes are about to hit the market cap for pricing, making investment very difficult (the cost of entry is so high), This means that Hayden is undervalued. Buying your investment home now can be the answer! If you have questions about investing and our changing market please give me a call. The Hayden home market is heating up, and you can as well!
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The Coeur d’ Alene Home Market

Coeur d' Alene home marketCoeur d’ Alene home market has been on fire lately! Depending on the type of home your looking for, we are down to single digits of inventory! I have been real estate for a long time now. I love real estate investing and (obviously) have been doing property management for years. Rates for rental homes keep going up, resulting in a buying spree for the Coeur d’ Alene home market. Here are a few of the trends i’ve seen recently in our real estate marketing.

  1. Home prices aren’t going down anytime soon. With mortgage rates at historic lows, the average home price will only continue to increase. We are also at capacity for rentals, and the housing shortage will push prices even higher. There are tons of affordable financing offers for first time home buyers, the price won’t get better. Get on it!
  2. Our bedroom communities are growing. The Coeur d’ Alene home market has steadily increased to almost unaffordable, however, the surrounding areas have great prices on homes. If your willing to drive a few miles outside of town, your money will go much further. Post Falls, Hayden, and Rathdrum all provide great opportunities for getting a great price on your home. If you are considering buying, I would widen the search!
  3. Investment opportunities abound. If you are looking for a new investment property, we have tons of great options! 4-plexes, and vacation rentals are actively on the market if you keep your eyes open! Real estate investing has drastically changed with the advent of services like VRBO and AirBNB. If you have never considered real estate investing, you would be shocked by the average return on investment. Seriously, give it a shot.

In future posts we will expound on our local real estate markets. The Coeur d’ Alene home market provides great opportunities for first time home buyers and investors alike. Let us know if you have questions! We love helping people find the perfect opportunity!

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Renting Vs. Buying: A Real Estate Guide

renting vs. buyingRenting vs. buying is often a question we get asked as one of Coeur d’Alene’s leading property managers. Millennial  have shown a big move towards renting instead of owning homes, putting a lot more stress on our rental market. On the other hand, home prices continue to rise in our area because of low inventory. It almost seems like your trapped between a rock and a hard place! This week we wanted break down some of the differences between renting vs. owning.

We have tons of renters. Renting a home comes with a big slew of benefits. You never have to worry about home maintenance! Just call us, and whatever problem you are faced with is taken care of at someone else’s expense. You can also control the amount you spend on your home within a yearly basis since your not tied to a mortgage. If you are not in a “steady” career, haven’t settled down yet, or just like moving around, renting is going to be a great solution for you!

renting vs. buying

Buying a home requires a lot of careful consideration. A 30 year commitment shouldn’t be taken lightly! You also want to ensure you have the proper down payment and budget to sustain your home purchase. If you can get your ducks in a row, there is a special pride that comes with owning your own home! While home ownership carries with it a lot of additional responsibilities, the benefits often outweigh the additional costs. Living in your own space is amazing! Having a driveway is even a luxury in this day and age. Choosing the colors of the walls, interior fixtures, and mowing your own lawn all help provide some serious pride of ownership. Its not all roses. When your furnace breaks, its your responsibility to fix it! Home repairs can be incredibly expensive and time consuming. You also have to content with HOA rules and the occasional annoying neighbors pet. Altogether renting vs. buying comes down to personal preference. If you like an independent life style and tend to be a free sprit, stick to renting. It will be easier in the short term. If you’re ready to “settle down” and prepare for the future, consider starting a home purchase. You will be glad you did!

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