Getting creative in a high rate market may be your ticket to qualifying for a home. An effective strategy people are using is house hacking.
This is where you purchase a home with an accessory dwelling unit, or a 2-4 unit property The units you don’t live in you rent out.
This produces monthly cash flow that offsets your monthly mortgage payment.
Following a strategy like this may make it possible to buy a home.
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A recent study showed 47% of homeowners have a regret regarding their purchase.
To help you avoid regrets with a home purchase, here are some simple steps to follow.
* Determine how much you can afford
* Don’t over stretch yourself financially on a mortgage payment
* Understand the age of the home and potential repairs coming up
* Research the area you want to buy in
Following these simple steps will help ensure you avoid regret down the road.
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When it comes to one of your biggest financial decisions, hire the right professionals.
I’ve worked with clients that were advised by their realtor to go under contract before getting pre-approved.
Listening to this advice caused them to have a very poor experience buying a home.
As you evaluate who to hire, ensure they have your best interest at heart.
And are there to guide you throughout the process.
Surrounding yourself with a team of professionals will ensure you have a great experience.
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A client of mine saved thousands of dollars by doing this simple thing.
Her realtor found a new construction home that had been on the market for a few months.
The realtor negotiated with the seller to cover 2% of the purchase price in seller paid closing costs.
This allowed my client to reduce the total out of pocket expense at closing.
If you’re searching for a home, have your realtor ask for closing costs from the seller.
Doing so may save you thousands of dollars.
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One of the most influential books I’ve read on my self development journey has been “Letting Go, The Pathway to Surrender.”
In the book I learned all about different concepts related to letting go of limiting beliefs, past trauma, etc…
Learning about this was one thing, but applying these teachings was a whole other thing to actually do. It’s taken me a long time to let go of different trauma, relationships, and limiting beliefs. Doing so has been the game changer in my life.
To listen to the full episode of this podcast you can find it on my YouTube channel (link in my bio will take you there), in the near future it will be released on Apple and Spotify.
Inflation has increased the cost of just about everything in recent years.
Here are 4 simple tips I've used to fight inflation.
* Cut costs at grocery store - buy store brands
* Review budget each month
* Pay-down credit card debt
* Cut unnecessary expenses
Though this doesn’t cover everything one can do, following these simple steps will help.
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Just because you can qualify doesn’t mean you should buy. When you are qualified for a mortgage loan, a lender uses your gross monthly income.
Your debt-to-income ratios are calculated off this amount.
Let's say you make $84k a year, that's $7k a month. If you lived in Utah and filed your taxes jointly here’s a breakdown of what you would net per month.
Your take home pay is used for all your bills: housing expense, car insurance, utilities, groceries, credit cards, etc…
As you can see from the numbers gross pay is much different than your net income. This is where knowing your numbers before buying a home is so important as this will help you avoid being house poor.
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If you’re waiting for rates to drop before buying a home, here’s what you can do to be ready.
1) Review financials with a loan officer
2) Create a budget and stick to it
3) If your credit is in need of repair, start working on it now.
Following these steps will help you be ready to execute when rates come down.
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Homeowners, you could be throwing away money each month and not even know it. If you purchased a home with less than 20% down, you will have private mortgage insurance as part of your monthly payment. Here’s what I did to ditch PMI:1. Reach 20% Equity: Home renovations helped get to this point.2. Current on payments. 3. Have no junior liens.4. Servicer required 2 years from loan start date before we could cancel PMI6. I sent a written request to my servicer to request PMI cancellation.From there it took about 2-3 weeks before they were able to verify the value and cancel out PMI. As each homeowner's situation is different, reach out to your loan servicer to find out how you can remove PMI and save each month. For more mortgage finance tips subscribe! NMLS 1519991 Equal Housing Opportunity
Here’s why you should never put 20 percent down when you're buying your first property.
Our parents used to give us the advice to save all our money so that way you could put 20 percent down and avoid PMI.
But here's the thing, by waiting years to buy a property, the prices of these properties increases more than what the PMI would have cost you.
If you've got good credit, PMI has become extremely cheap these days and for many types of loans you only have to pay this temporarily.
By putting less money down on that first property, you can get into the game quicker.
Plus you'll have money left over for reserves, repairs, and most importantly for future investments.
NMLS 1519991
Equal Housing Opportunity
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In competitive markets, winning bidding wars is crucial.
Here's how:
Set a realistic budget and stick to it. Calculate all costs upfront.
Get pre-approved for a mortgage. Show sellers you mean business.
Act swiftly and decisively. Time is your ally.
Make a strong initial offer. Stand out from the crowd.
Master the art of bidding wars. Happy house hunting!
NMLS 1519991
Equal Housing Opportunity
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