If you are thinking of buying a condominium or a home that is part of a planned community, you have likely come across the term “homeowners’ association” or HOA. In short, the HOA is a coalition of local homeowners who have banded together to manage the needs of the local community. Let’s explore the concept of the homeowners’ association, why they charge fees and what you can expect from your HOA if you buy a home that is part of one.

HOA Fees Are Meant To Make Things Easier

HOA fees are meant to make your life easier. Common sense dictates that all homeowners won’t be able to commit to investing some of their time in community upkeep. So the HOA charges a monthly fee to everyone to cover the costs of keeping everything in order. Of course, some HOAs can make mistakes or foolish investments that don’t benefit all equally. But most are well-intended and do positive work.

What Do HOA Fees Cover?

Your HOA fees will be used to pay for needs that benefit all homeowners’ in the community. If you live in a building, this will be everything from elevator maintenance to keeping the doors in good order. If you live in a townhouse complex or planned community, this includes landscaping, gardening, road maintenance and more. As long as your HOA leaders are doing their job, they will use fees to maintain and improve the community for everyone.

Some Pros And Cons Of HOA Fees

The main benefit of paying HOA fees is that you are offloading your share of the responsibility for building or community upkeep. In essence, you are trading a monthly payment so that you don’t have to vacuum the common areas, change the light bulbs or worry about repairing the gate when it breaks. The main downside to paying HOA fees is that you only have a single vote as to how they are spent and you may disagree with other homeowners about the HOA’s priorities.

All things considered, whether or not you have a favorable view of your HOA generally comes down to you. If you are the type that likes to share their opinion and is willing to commit the time to improve your local community, you may want to join your HOA. However, if you are less interested in having someone spend your money, you might disagree with their approach. Whatever the case, when you are ready to buy your next home, contact our professional mortgage team. We’re happy to help you find the right financing for your new home – HOA or not.

Are you in the market for a new house? Whether you are a first-time home buyer or are upgrading to get more space, you will need to choose between buying an existing home or building a brand new one. As you might imagine, there are pros and cons to each kind of home. But if it is in your budget, you may want to lean towards a newer home over an older one. Let’s explore three reasons why new construction homes are better than existing homes.

Customize Every Aspect To Your Tastes

Ask anyone living in a custom-built home and they are likely to tell you that the ability to customize everything was a major deciding factor. When you build a brand-new home, your input isn’t limited to the floor plan or room layout. Your family can choose everything from the paint colors to the door hinges. Imagine having your pick of appliances, cabinets, flooring, and trim in every room – that’s what new construction is all about.

Modern, Efficient And Convenient

A brand-new home means a home that is energy-efficient and built for convenience. Your home can be designed with as much advanced technology as you have in mind. Seamless Wi-Fi and other wireless connectivity for all your devices. A cutting-edge video security system to keep your family safe. Efficient heating and cooling that offers superior indoor air quality. And, of course, lower energy costs and a smaller carbon footprint.

If you are a fan of technology and the conveniences it can provide, a new construction home is a perfect choice.

Many Years of Trouble-Free Living

Another benefit of living in a new home is that everything around you far less likely to fail over the next few years. Moving into an older home means worrying about the roof, the electrical wiring, the appliances and a whole host of other potential problems. In a new construction home, you will be surrounded by brand-new machinery that is built with the future in mind. Also, even if you do run into any issues with your home or appliances, it should all be under warranty.

If you’re ready to discuss financing options for a new construction home, contact us today. Our professional mortgage team is happy to help.

Are you a renter that has become tired of paying someone else’s mortgage and not building any equity? Or a homeowner who has a growing family and is in need of more space? Whatever the case, if you are in the market for a new home there is no time like the present. Let’s explore a few tips that will help you to prepare for the home buying experience.

Tip #1: Prepare For A Busy Spring Season

First, it should be pretty obvious that you aren’t the only house hunter on the market. Other local individuals and families alike will be searching for a new house to call their own. As you may know, the spring is generally when the local real estate market starts to heat up. So, if you are looking to buy, you may want to address your needs earlier in the spring rather than later. The sooner you can get the paperwork signed, the less of a chance you end up in a bidding war.

Tip #2: Mortgage Rates May Be Trending Up

While this is in no way a prediction, there have been some indications that mortgage interest rates may be trending higher in 2018. If this does end up being the case, the cost of buying a home is going to be a little bit more. So if you can move quickly and get your mortgage pre-approved now, you may find that you end up with a better deal than those families who wait until the summer to make a move.

Tip #3: Prepare Your Finances And Credit In Advance

Finally, it’s a great best practice to ensure that your personal finances are prepared in advance. Your real estate agent will be able to assist you with which documentation you will need to have ready. You should also check in with one of the major credit reporting agencies. They will be able to advise you as to whether you have any issues with your credit rating or FICO score.

Buying a home is always an exciting experience – one which can be relatively stress-free if you are prepared. When you are ready to discuss financing your dream home, give our offices a call.

Did you recently receive your annual notice that the rent is going up? If so, you’re not alone. Millions of renters are seeing more and more of their income drained away due to higher rents. To make matters worse, every dollar in rent is one that you are not saving, investing or using to build your net worth. If you’re feeling the pinch of higher rents, it might be time to buy your first starter home.

Comparing Rent With A Mortgage

Have you ever done the math to understand how close your monthly rent might be to a mortgage payment? Here’s a quick and easy exercise. Multiply your monthly rent by twelve, and then multiply that number by 25. For example, if your rent is $1000 per month, that is $12,000 per year and $300,000 over 25 years. So if nothing changed from today, you could afford a $300,000 mortgage.

Homes Are More Affordable Than You Think

Many first-time home buyers are convinced that they can’t afford to enter the market, but that is not the case. There are homes available that fit almost every budget or price range. In fact, it is less important to worry about the total cost and more important to worry about location, size and local amenities like schools and parks.

Remember, when you buy a house you aren’t just locking yourself into a rental contract. You are investing in a home and property have the potential to gain in value over time.

A Few Other Considerations

Of course, there are some considerations that you will need to make as you start down the path to homeownership. The first is that your mortgage is unlikely to be your only monthly expense. You will also encounter property and other taxes, utility fees and if you buy a condominium or apartment, homeowners’ association fees. You will also be responsible for maintenance and upkeep since you own the home. But that also means that you are free to customize and renovate as you see fit.

Keep in mind that it is never too late to escape the rental trap. When you’re ready to start building your future by investing in your first home, contact us. Our experienced mortgage team is happy to share financing options that will suit your budget.

Are you in the market for a new house? If so, you may be considering having a custom-home designed and built to your specifications. There is no better way to get exactly what you want in a house than to have it built from scratch.

With that in mind, let’s take a look at our quick and easy guide to finding the right builder to construct your dream home.

Have Ideas In Mind Before You Start

Try to have some ideas in mind before you contact a builder. For example, how many bedrooms do you want? Are you interested in a two-car garage? Do you want a suite in the basement or elsewhere on the property for rental purposes? What about an office, workshop, media room, home gym or other amenities? Invest a bit of time in crafting a list, and your builder can help design a home that fits.

Find A Builder Before You Buy Land

At first, meeting with and securing a home builder before having a plot of land might seem premature. After all, you still don’t even know where you want them to build your house! But, in fact, this is the best way to go. A good home builder can help you understand permit rules, city or county regulations, which utilities are available in the area and more. Once they understand precisely what you are looking for in your dream home, they will be able to make an honest assessment of any particular lot. This alone can save you a significant amount of both time and money.

Verify Licensing, References And Past Work

Once you have settled on a potential builder, it is time to start the due diligence process. Ask the builder and any sub-contractors for their license details to ensure they are certified to do the work. Try to chat with at least 1-2 past references as well so you can get an idea of what it’s like to work with them.

Get All The Details In Writing

Finally, there are few financial transactions in life that should be done on a handshake and this is no exception. Your builder is going to have a contract that they will ask you to sign. Have your attorney look this document over and have them add in any specifics that are important to you.

A new construction home can be the ultimate in comfort, convenience, and luxury. When you’re ready to learn more about financing your new home, contact us today.

Are you in the market for a new house? If so, you may have been comparing your options when it comes to open listings on the local market. One decision you will need to consider: do you want to purchase an existing home or build a new one? Let’s explore a few reasons why new construction homes are a popular choice for today’s home buyer.

A Home Designed (By You) With The Future In Mind

Ask anyone who has recently invested in a brand-new home, and many will share that all of the built-in technology was an essential factor. Today’s homes are designed with the future in mind. High-speed networking, better wireless connectivity, high-tech security and other features are all benefits that typically can’t be found in older homes.

Of course, don’t forget that you play a role in the design choices in a new construction home. It is your chance to design all of the features you would want in a dream house.

Energy And Cost Efficient

As you might imagine, homes constructed with modern designs and materials are vastly more energy than older homes. Tighter seals, better insulation and more efficient heating and cooling all translate to lower utility costs. Moreover, while the savings per day might seem small, over time, they add up. Leaving more money in your pocket for investment, saving or other purposes.

If you want to take it a step further, you may even decide to expand your new construction home with solar panels or other high-efficiency upgrades.

Less Maintenance Means More Free Time

Finally, you can sleep soundly knowing that a new construction home needs far less maintenance work than an older home. Of course, there will still be the occasional job that needs taking care of. So you will want to be diligent in fixing up any damage or issues that do occur so that the problem does not spread. But overall, you can expect to spend less of your free time repairing things and more of it relaxing and enjoying life.

These are just a few of the many great reasons to invest in a brand-new home. To learn more about financing a new construction home, contact us today. Our professional team is happy to discuss your needs.

Whether the kids have moved out or you just aren’t using the extra bedrooms, having a house that feels ‘too big’ is rarely fun. In today’s post, we will share a few changes you can expect when you downsize from a large house to a smaller apartment or condo.

Why Downsize At All?

As you might imagine, having too much space is the primary reason that couples and families downsize. Larger homes cost more to maintain and can feel empty if it’s just one or two people living there. In many cases, old items and clutter tend to build up as there is so much storage space. Downsizing to a smaller home helps to maintain a lifestyle that is more efficient but no less luxurious.

Ask Yourself: Are You Ready?

Another consideration that you will need to make: are you ready to move? If you are retired from work, then you likely have enough time on your hands to manage a move. Conversely, if you and your spouse are both working full-time and live near your workplace, you may want to source a smaller home nearby.

Don’t forget that if you own the house you are living in now, this might mean having to list and sell it while buying your new home. This is a common situation and isn’t a significant problem, but it will require a bit of scheduling and financial planning.

The Hardest Part: Choosing What To Keep

Ask any couple or family that has downsized their home about the toughest part, and many will share that it was choosing what stays and what goes. When space is at a premium, everything from shoes to appliances needs to be considered.

Spend some time going through each room in your house, taking an inventory of what you have. Are there any family heirlooms or other emotional items that you can’t part ways with? After that, is there anything that will be usable in your new home? Everything else should be considered fair game. Sell it, donate it or toss it out.

Moving to a smaller home can seem challenging at first, but it is a lifestyle choice that can pay significant dividends. When you are ready to make a move, contact our professional mortgage team.