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Conventional Conforming loan limits now up to $647,200

August Journal 2021

REACH YOUR GOALS

The Sticker Shock Tied to Becoming a New Homeowner

When purchasing a home, most buyers understand that additional costs will follow for new locks, paint, and light fixtures. What many new homeowners may not realize is the pricier improvement projects that may follow. In a recent survey from Thumbtack and Zillow, millennials indicated that they expected to pay between $10k-$15k to make a new home their own. However, the study found that homeowners should prepare to spend nearly $27k on repairs and updates, with the most expensive project being on HVAC systems, costing roughly $3,600 on average. So, if you're in search of a new home, ensure you have additional funds available for post-purchase expenses.1

 

MORTGAGE IQ

Why You Need a Property Title Search

Buying a home is an adventure. One of the most thrilling times in life; it can also cause some stress. When purchasing a home, most people think the seller is authorized to sell the property; however, a claim or lien on the home could get in the way. That's where a property title search comes into play. The title search allows you to verify the home's legal owner and can also reveal if there are any claims or liens on the property. While not a deed, the title is your reference to ownership rights. When seeking financing, the search will be required by the mortgage lenders. A title company or attorney will be able to perform the property title search on the home.2

 

FINANCIAL NEWS

Say Farewell to COVID-19 Refinance Fee

Here is some great news for homeowners interested in refinancing. Beginning August 1st, the Federal Housing Finance Agency said that Fannie Mae and Freddie Mac will no longer be charging The Adverse Market Refinance Fee on home loans. The additional fee was established to cover losses projected to occur due to the pandemic. With the fee removed, more families will have the opportunity to save money and take advantage of current low rates.3

 

DID YOU KNOW?

Bold Paint = Bad Idea

Are you selling your home or making some updates before listing? Or maybe you aren't selling but looking to do some remodeling for a possible future sale. Regardless, if painting is on the list of to-dos, be careful what color choices you select. According to a new survey from Zillow, bright colors in some areas of the home can be a turnoff to buyers. When choosing paint colors, try to stick with more neutral tones like whites and grays, and avoid bright yellows, greens, and pinks, especially in the kitchen, living room, and bathrooms. If you want to add some pizzaz, stick with the bedrooms, or you risk turning off home buyers and, potentially, a sale.4

 

PERSONAL FINANCES

Is Refinancing the Right Choice

Whether you're dealing with debt, changing your existing mortgage loan term, looking to move from an adjustable-rate to fixed-rate mortgage, in need of making improvements to your home or ready to invest more in your retirement savings, refinancing can be the gateway to helping you reach your financial goals more quickly. After all, even a small change in your mortgage interest rate can save you thousands of dollars on your home loan.5

 

REAL ESTATE TRENDS

The Cleverest TikTok Tips and Tricks for Your Home

TikTok has taken the social media world by storm as a place where you can watch a plethora of videos on every topic imaginable, including household hacks! Ever check the blades of your ceiling fan? They are likely covered in dust! Try putting a pillowcase over each blade them slowly pull back the pillowcase to collect the dust and prevent it from going airborne. Find it difficult to clean your oven racks? Try freezing dish soap in ice cube trays then use the dish cubes to scrub away the grim on the wire racks. Want more? Check out all the hacks for your home!6

 

 

 

1 themreport.com; 2 realtytimes.com; 3 magazine.realtor; 4 inman.com; 5 realtybiznews.com; 6 realtor.com

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