Category: Mortgage + Real Estate Tips

Millennials would really prefer to live in these 10 cities

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Younger home shoppers are set to become the No. 1 homebuying cohort throughout the coming years, but they’re not opting to buy a home just anywhere. Realtor.com took advantage of its website user data to create a list of the top 10 markets where Millennials are looking for a home. While a chunk of the cities on the list are affordable, it’s not true for all of them.

Outside of being in a market with a lot of similarly aged people, the report also broke out exactly how affordable these markets are, along with the unemployment rate.

Read the source article at U.S. Housing Finance News

Will You Go Mobile This Summer?

Are you looking to go mobile this summer and explore our country living in an RV? If so, there are lots of factors to consider for your new home away from home.

Type of Adventure

Will you be taking the RV out just for weekend trips or do you plans to spend a few weeks at a time on the road? Or could it even be a trip lasting several months? Be sure you think about the type and length of your adventure before considering the type of RV to buy.

Types of RVs

After planning your course, then it is time to determine which type of RV will best fit your needs. Here are the different types:

  • Class A Motorhomes – ideal for long distance, bigger families, living in style. Typically include living rooms, sofas, dining tables, TVs, complete kitchens, full bathroom(s), bedroom(s) and closet space. This is the most expensive option with price ranges from $60,000 to more than $1 million.
  • Class B Motorhomes – similar in features to the Class A, but in a smaller size. It is ideal for 2-3 travelers and more like driving a large sized SUV.
  • Class C Motorhomes – a mix between Class A and B, this type is a popular rental RV. Range from 20-40 feet so the size can be close to the Class A but the amenities are not as plenty. This is a good choice for a long weekend or possibly a week away.
  • Travel Trailers – a lightweight, towable option that can sleep up to six people. Sizes range from 12-33 feet and some offer designer-grade interiors. This option is a hit for those who want to leave their trailer on a campsite while exploring surrounding areas with the tow vehicle.
  • Fifth-Wheel Trailer – Easier and more stable to pull than a travel trailer. Excellent for long distance travel or a quick trip to the mountains. Range in size from 18-40 feet long.
  • Pop-Up Trailer – Smallest and lightest of the trailer options. Most economical too with prices starting at $4000. These can normally be towed safely by a minivan and are easy to park. Considered the “starter” RV because many people purchase these affordably to test the waters with camping and road travel before investing in a full-sized motorhome.
  • Sport Utility RV Trailer – This is the newest option of trailer which has a garage area built into the rear to haul motorcycles, quad runners, watercraft, etc. The garage is separated by a solid wall from the rest of the trailer.
  • Truck Camper – This option slide into the bed of a pickup truck, can be offloaded and then set up at a camping site. Typically include a bedroom, small kitchen, toilet and shower.

Rent or Buy?

If you’re a newbie to the RV world, most experts suggest that you rent the rig you’re interested in a few times before you buy. Time to get planning a test weekend adventure or two!

Purchasing Tips

If you’re like most RVers, you’ll probably be financing at least part of your purchase. Check to see what type of loan you can obtain before you go shopping.

TAX TIP: Because virtually every motorhome and many trailers feature beds, kitchens, sinks, and bathrooms, the IRS considers them to be homes. And that means that the interest on your loan may be tax deductible as a home mortgage.

As with any type of home, everyone’s tastes and needs are different. Be sure to do your homework before investing in an RV.

Happy trails to you!

Source: Reserve America

Skyline Financial Corp. and its loan officers are not tax advisors. Always consult a tax professional for details. 

Best and Worst Markets for First-Time Homebuyers

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I know what it feels like to be a first-time homebuyer. There’s so much to think about and so many factors to take into consideration before making the jump to being a homeowner. It can be overwhelming. But staying updated and making an informed decision can help.  

In a recent article from HousingWire, housing experts took a look at 2017’s Spring buying season and what we might expect. While rates may be rising and inventory is tight, not all markets are the same. 

Find out which markets are expected to be the best and the worst for first-timers in 2017. Read the full article and review the detailed chart which ranks the toughest and easiest states for first-time homebuyers based on five key measures:

  1. Housing affordability
  2. The job market for young adults
  3. Housing market tightness
  4. Credit availability
  5. Homeownership among the under-35 crowd

After reading it, do you have questions about your area? I’d be happy to discuss them with you. Give me a call or send me an email anytime! If 2017 is your year to buy, I hope that you’ll give me a chance to help you fulfill that dream. 

New Flood Insurance Service Provider for FEMA

The Federal Emergency Management Agency (FEMA) recently announced that it has chosen Torrent Technologies as a direct service provider for the National Flood Insurance Program.

As a direct service provider for the program, Torrent will help in the response to flood events and in improving the customer experience for the program’s policyholders. The company will also handle data security.

Torrent is a subsidiary of Marsh LLC, a global insurance broking and risk management company.

FEMA is looking to Torrent and its advanced technology to help pay households and businesses more quickly and accurately after a flood.

Source: National Mortgage News

To Sell or Not to Sell?

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If you’ve been considering whether or not to sell your home, now might be a good time to get more serious about it. There are several reasons why now is as good of a time to sell as it has been in more than 10 years. Here are just a few:

 1. Rates Are Still Low. In fact, even with interest rates rising slightly and expecting to continue to climb, they are lower than they have been in many years. That leads us to the next reason.

 2. Buyers Are Watching.  Record low interest rates have increased demand, making it possible for buyers to lock in great deals on mortgages. Many buyers are pre-approved and ready to go as new low down-payment programs are making it easier for first-time buyers to make the leap from renting to home ownership.

 3. Inventory is Low. On top of low interest rates and eager buyers, there just aren’t that many quality homes on the market. Total housing inventory is decreasing and top-quality homes are selling fast, according to the National Association of Realtors.

 4. Values Are Rising. And if high demand, low inventory and affordable rates aren’t enough to encourage sellers, there’s also rising home values. That means you’re likely to get more for your home now than you would have previously.

 

 

Source: National Association of Realtors

Current as of February 2nd, 2017

Want to Buy Your First Home This Year? 4 Easy To-Do’s to Check Off Your List First

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(Image credit: Lauren Kolyn)

Buying a home is a big financial (and life!) step, and if you’ve never done it before, it can feel overwhelming. Diving straight into the murky waters of mortgage rates and median home prices can be scary, so doing a few little steps can help you rack up some easy wins and put you in a positive homebuyer headspace. Here are four super simple tasks that you can easily check off your list.

Read the source article at Apartment Therapy

A Step-by-Step Guide to Creating an Emergency Binder

When an emergency strikes, you usually don’t have the time to go around the house and find what you need. Having your most important documents in one easy to grab binder and save you time in an emergency and hassle later on.

What you should include:

  • Birth certificates
  • Social Security cards
  • Immigration and naturalization paperwork
  • The deed to your house
  • Pink slips and car registration information
  • Phone numbers and addresses for your children’s schools and daycares
  • Copies of your insurance policies
  • Passports
  • Cash
  • Copies of prescriptions
  • Will, power of attorney, advance directive
  • A written plan of where to meet your family members in case of an emergency
  • Anything else that might be hard to replace

Where you should store your emergency binder:

Keep your binder in a fireproof safe or a lockbox. Make sure your binder is hidden but is still easily accessible and close to an exit. Your emergency binder can even have a misleading title so that it’s not a target for theft.

Yes, it can be risky to keep all this sensitive information together, but the costs of not having some of these documents and essentials in an emergency can be even greater. You never know when an emergency will strike and how much time you’ll have to gather necessities. Having an emergency binder will help you feel more secure and organized, no matter what happens.

Source: Ventura County Star, Jan 14, 2017

30 Tips for Increasing Your Home’s Value

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The road to selling a home can be a long one. Learn to improve the value of your home based on your budget with these 30 tips.

Home Improvements: Under $100

Tip 1: Spend an Hour With a pro

Invite a realtor or interior designer over to check out your home. Many realtors will do this as a courtesy, but you will probably have to pay a consultation fee to a designer. Check with several designers in your area; a standard hourly fee is normally less than $100, and in an hour they can give you lots of ideas for needed improvements. Even small suggested improvements, such as paint colors or furniture placement, can go a long way toward improving the look and feel of your home.

Read the source article at hgtv.com