Many of us are guilty of plopping on the sofa and binge-watching reality TV home flipping shows. The allure of buying and selling homes for big profits with no boss looking over our shoulders has major lifestyle appeal.Shows like “Love it or List it,” “House Hunters,” “Flip or Flop” and others make it look incredibly simple. Even when they face adversity such as rotted wood or bad pipes, the way the reality TV stars overcome adversity is more of an inspiration than a deterrent. And plenty of everyday people do manage to succeed in the house-flipping industry.But many of the myths these ratings-driven shows perpetuate could use a little busting.Consider these four common house-flipping myths and the true facts behind them.1: Three Viewings And A ClosingReality TV shows tend to show viewe... 10/09/2018

You probably already know that qualifying for a mortgage can be the biggest hurdle — aside from actually finding that dream property — along the path to home ownership.Rather than agonizing about it, however, there are some positive actions you can take in advance to help you realize your dream.Take A Close Look At Your BudgetIf you don’t currently operate with a comprehensive household budget, get started now to analyze your income and monitor your spending habits. There’s no better way to prepare for home ownership than by being realistic about how you spend your money. If you don’t have a regular savings program, or if you’re constantly short on cash prior to the next payday, take steps to remedy the problem. Plan for the future by getting the present in check.Gather Employment And E... 10/04/2018

Reality TV shows have energized everyday people to dive into the real estate market and make money flipping houses. The dramatic presentation and profitable end results make the industry seem like a sure thing. But house-flipping, like any industry, has its share of challenges.Television often props up ratings by showing industry pros overcoming adversity and getting a big win. But reality, unlike Reality TV, is filled by behind-the-scenes unknown obstacles. While house-flipping has emerged as a viable niche profession, these are some of the common misconceptions entrepreneurs may want to consider before wading into the business.Perfect Properties Are AvailableOn television, the home-flipping team often settles on that perfect property that will yield amazing results. It’s important to ... 09/25/2018

Burdensome student loan debt and a penchant for purchasing new electronics by 20- and 30-somethings can make saving up for a down payment on a home seem impossible. But Millennials and other potential home buyers may be surprised to discover that previous generations had money-saving challenges of their own.Consider for a moment that many of our valued elders did not have the level of opportunity to attend college and earn a high-paying job. Look further back and you may realize that the Greatest Generation suffered through the Great Depression only to fight World War II.Somehow, these outstanding Americans found a way to save money and become homeowners. So can you. By employing these money management techniques, you can cull together a down payment and still enjoy the latest gizmo.Do ... 09/11/2018

What are some of the most important factors that buyers take into consideration when looking for a new home? There are the obvious things like price, square footage, location and lot size. Those are the basics. Other things that are often weighed are garage size, how updated the kitchen and baths are and whether or not the basement is finished.All of these are very important to consider, but there are other more “hidden” aspects of a home that many prospective buyers may not take into account. And it’s these aspects that could really come to bite them where it hurts if they’re not also assessed throughout the process.Here’s a closer look:Roof/SidingRoofs tend to last about 20 years these days before replacement is necessary. The home inspector you hire to assess the home will be able to... 08/31/2018

“Move-in ready” homes are desirable — there’s no doubt about it! But sometimes it makes better financial sense to opt for a house with dated decor and a less than trendy kitchen or master bath. You may not get your dream home immediately, but the opportunity to transform a property into your own swan can be rewarding. It can also be easy on the pocketbook.When looking at Ugly Ducklings, however, look first to structural integrity and the condition of major home systems. including plumbing and septic, driveway and drainage. A home inspection is invaluable, even though no inspector can guarantee trouble-free systems. Inspections will alert you to potential problems: Needed roof repairs, leaking faucets, inoperable appliances, termite infestation or dry rot and the like.All home components... 08/21/2018

Popular TV shows like Fixer Upper and Property Brothers have brought the charms of owning a fixer upper to light. A fixer-upper can be a great option if you are prepared for the experience of owning a house that needs work and time.A house that needs work can be a great investment if you are ready to invest the time and money into it. On the other hand, buying a fixer upper might be a problem if you are not aware of what you are getting into.Not sure if owning a fixer upper is worth it? Here are some considerations to think about.Start With This Easy EquationStart with the likely market value of the house after renovations will be made. Then, sum up the cost to renovate the home. Then, add another 25 percent to the renovation costs for unforeseen problems that will no doubt come up duri... 08/01/2018

The garage is often the last thing on seller’s minds when it comes to home staging. It is prudent to make sure your kitchen and bathrooms are perfect for showings. Make sure that you don’t neglect your garage when getting your home ready to sell.A good-looking garage can be a great selling point. Has your garage become a greasy, junk-filled space that you don’t like to visit? If so, then buyers won’t want to see it either. Fortunately, it is easy to get your garage in top shape before your showings. Up the appeal of your garage with these easy tricks.Get Rid ClutterThe first step to getting your garage in tip-top shape is to remove all of the clutter. The garage often becomes a storage place for random things. Purge everything that you don’t need. Getting rid of junk can help make movin... 07/26/2018

The perfect home has been found, the one in the right neighborhood with the right amount of bedrooms and bathrooms. The home inspection is complete, but a few issues have been found. At this point, a home buyer has decisions to make. What Repair Requests Can Be Made After a Home Inspection?Structural defects found during a home inspection are the responsibility of the seller and must be fixed. In addition, Realtor.com states that the following must also be repaired by the seller: Water penetration such as mold or wet basement/crawlspace Any code and safety violations like unstable decking or missing handrails Cosmetic issues like bold paint choices or peeling paint, nail holes, and other normal wear-and-tear are the responsibility of the buyer, not seller.Additional Repairs To Request H... 07/20/2018

Carving out space for a home office isn’t always easy, but if you have the option to work from home even part of the time, it’s essential to have a space that works for you.Here are 5 great ways to meet those needs:Adapt A ClosetA guest room closet with bi-fold doors can become a perfect workspace with the addition of a shelf at the proper height to hold a computer or calculator and proper task lighting. Hang a bulletin board or add open shelving on the back wall. Multiply the functionality with a small cabinet or a portable file rack. The advantage of going to work in a closet is that you can close it off completely without having to do a daily cleanup. Grab A Corner From Living Room or BedroomTuck a table desk into a corner of the living room or bedroom, assuming that you can work dur... 07/10/2018

Most consumers believe if they pay their bills on time, they need not worry about their credit score. Oftentimes, it is a rude awakening when they apply for a mortgage loan, car loan, or any revolving credit to learn they are not going to get the lowest rates available due to their credit score. This is because paying bills on time only accounts for 35 percent of your credit score. The remaining 65 percent is spread out among other factors that impact your credit score.Credit Usage and Impact on ScoreNearly one-third, 30 percent, of your credit score is based on how much of your available credit you are using. For example, if you have combined credit available of $100,000 and you use $90,000, you will suffer a decline in your credit score. Those consumers who have similar credit lines a... 06/27/2018

Home buyers are typically advised to put at least 20% down for a mortgage. Coming up with that amount can seem almost impossible if you have little to no money left over after paying bills each month.Fortunately, if you want to buy a house but are worried about coming up with the 20 percent down needed for a downpayment, you still have plenty of options. There are still plenty of programs that allow you to buy a home with a low down payment or even no money down in 2018. Here are some of the best programs that designed for homebuyers who don’t have a massive chunk of cash to put down at closing. Maybe one of these options will be the perfect solution to make your dreams come true. #1 VA Home Loans If you are a veteran, in the National Guard and Reserves or an active-duty service member,... 06/21/2018

If you have been looking for a new home, and you find one offered under a short sale, this may be to your advantage. While some buyers are wary about buying a home that needs to be sold with the approval of the lender, it’s a great way to get a bargain on a home that you love.A short sale may be a perfect way to buy a home, as long as you are able to wait until the offer is approved.The Basics Of A Short SaleA short sale occurs when the homeowner is facing a foreclosure and trying to avoid it. The true owner of the property, is the lender who provided the money to purchase the home. The borrower owes more on the home than it is worth, and many stop making mortgage payments. Instead of allowing the home to sit there and go to a foreclosure, the lender tries to cut their losses through th... 06/15/2018

On the surface, a short sale seems like the perfect deal. However, before you take the plunge, you need to understand how this type of home purchase works.What Is a Short Sale?A short sale is a home sale in which the homeowner is selling the home for less than he or she currently owes on the mortgage. In most cases, this means that the buyer is paying less for the home than it’s worth, which leads to instant equity.Short sales allow homeowners to get out from under mortgages without damaging their credit as much as a foreclosure. Lenders often agree to short sales because the foreclosure process is lengthy and expensive, so short sales can be more beneficial for both parties in the long run.AdvantagesWhen you buy a short sale, you can often get a nicer home for a lower price. In most ca... 06/06/2018

Last week’s economic reports included readings on Case-Shiller home prices, pending home sales and construction spending. Weekly readings on mortgage rates and new jobless claims were released, along with monthly labor-related reports on job creation and the national unemployment rate.Case-Shiller: Home Prices Maintain Rapid GrowthS&P Case-Shiller home price indices for March showed home prices continued to grow at blazing rates. Seattle, Washington held on to first place with a seasonally-adjusted annual rate of 13.00 percent; Las Vegas, Nevada reported 12.40 percent growth in home prices in March.Analysts said Las Vegas markets benefitted from homebuyers relocating from high-priced coastal areas. Las Vegas home prices were 25 percent below their housing bubble peak. San Francisco repo... 06/04/2018

Borrowers who cannot qualify for a conventional mortgage are often able to obtain an FHA loan. However, to secure this type of loan, you must still meet certain requirements.What Is an FHA Loan?FHA loans are mortgage loans that are backed by the Federal Housing Administration. It is designed to help borrowers who are unable to meet the requirements for a conventional mortgage or other types of financing. These loans can be used to purchase single-family and multi-family homes.What Are the Requirements for an FHA Loan?When you apply for an FHA loan, the underwriter will consider many of the same characteristics considered when you apply for a convention loan, including: Your credit rating Your income Your outstanding debts Your down payment The value of the home you intend to purchase In... 06/01/2018

If your financial situation is limited, yet you’re handy with a hammer and nails, then purchasing a fixer-upper home can be an attractive option. Fixer-uppers typically require a bevy of updates and repairs to bring the home up to current market conditions.Because of this, the listing price is often considerably less than a move-in ready home.  Your trusted real estate professional can help you find the best projects to buy and sell.Getting StartedFixer-uppers aren’t for everyone, but there are plenty of resources available if you plan to do most of the repair and upgrades yourself. Let’s take a look at a few top resources to tap into if you’re in the market for a fixer-upper or if you’ve already purchased one and you are ready to get started. At Home: A Blog by Joanna Gaines: Chip and ... 05/22/2018

Before delving into tax-deductible home improvements, it’s important to understand that these tax deductions won’t be applied immediately. In most cases, homeowners can only benefit, tax-wise, from their home renovations later, when they sell their home.It’s important for homeowners to keep receipts for their improvements, though so they have proof of the improvements they made, even if it’s years later when they sell their residence.Typical Renovations/ Home Improvements That Can Yield Eventual Tax BenefitsA home improvement is any project that substantially adds value to a home. It can include adapting it to be more useful or be improvements that allow it to be used differently. The following are some general home improvements that can yield tax savings when a home is sold for a profi... 04/19/2018

The FNMA HomeReady ProgramThose who are involved in the mortgage industry must keep updated on changes to FHA, and Fannie Mae (FNMA) loans. Since loan limits and other changes are often made annually, keeping up with these changes helps make sure consumers get the right information at the time of their application.Many of the changes for 2018 are modest, but still impact existing, and new homeowners.Changes To Loan Limit AmountsFHA loan limits change on an annual basis as per the Housing and Economic Recovery Act of 2008. Using this, the FHA is required to base the insured mortgage amounts on 115 percent of median housing prices by county.  While many counties in the United States did not see changes this year, 3,011 counties saw a change for loan applications submitted after January 1,... 03/22/2018

Often times, home buyers can be disappointed when they find their dream home only to discover they are not able to get a mortgage to purchase the property. There are methods that potential buyers can use to ensure this does not happen to them.One of the options is to ensure you obtain a pre-qualification from your lender. It is important to understand the difference between a pre-approval and a pre-qualification. While both are helpful, they do not carry the same weight.What are the differences between these options?A pre-qualification allows a borrower to determine how much money they may be able to borrow. For most borrowers, this allows them to start the house-hunting process with a mortgage amount in mind. Borrowers should understand, while the loan amount can be calculated, changes... 03/01/2018