In May, the Reno-Tahoe region comes alive with an array of events sure to captivate locals and visitors alike. From outdoor adventures in the breathtaking wilderness to local festivals and sporting events, there's something for everyone to enjoy. Join us as we dive into the diverse and dynamic events unfolding in Reno-Tahoe this May.
This month Washoe Little League celebrated its 65th Opening Day of baseball. Incredibly, I have had the opportunity to coach seven of those 65 years now. While coaching baseball is a lot of time and effort, it has been a rewarding experience to work with so many kids and their families over the last seven years. We have met and made so many friends at the park that we can't go anywhere in Reno without knowing a kid or a parent.
Throughout the numerous seasons, my good friend Jason and I have dedicated ourselves to coaching our sons' baseball teams. With each of us having two boys of the same age, it has been a special journey witnessing their growth and development on the field. However, in the past couple of years, we have focused on coaching our younger sons, allowing our older boys to showcase their skills in the Majors Division under different mentors. This season marks the final chapter for our eldest sons as they will bid farewell to Washoe Little League. Starting from T-ball, these boys have conquered six different levels, including a challenging season disrupted by the pandemic. Their Little League experience has been nothing short of exhilarating, filled with cherished memories playing together and representing on All-Star teams. As we eagerly anticipate their performances this year, we reflect on the invaluable lessons they have learned about baseball and themselves throughout their journey in Little League.
Whether you're a first-time homebuyer or seasoned in the real estate game, navigating the terrain of home loans involves grasping various elements—from prevailing interest rates and contractual specifics to the array of loan options tailored to your needs. In this blog post, we've compiled a vital glossary of loan and lending terms to equip you with foundational knowledge for a smoother journey through the process of purchasing a new home.
Term. Mortgages are generally available at 15-year, 20-year, or 30-year terms. In general, the longer the term, the lower the monthly payment. However, shorter terms mean you pay less interest over the life of the loan.
Fixed vs. adjustable interest rates. A fixed-rate allows you to lock in a low interest rate as long as you hold the mortgage and, in general, is a good choice if interest rates are low. An adjustable-rate mortgage (ARM) usually offers a lower rate that will rise as market rates increase. ARMs usually have a limit as to how much and how frequently the interest rate can be increased. These types of mortgages are a good choice when fixed interest rates are high or if you expect your income to grow significantly in the coming years.
Non-traditional mortgages. Also sometimes called “exotic,” these mortgage types were common in the run-up to the housing crisis, and often featured loans with low initial payments that increase over time.
Balloon mortgage. This is a form of non-traditional financing where your interest rate will be very low for a short period of time—often three to seven years. Payments usually only cover interest so the principal owed is not reduced. This type of loan may be a good choice if you think you will sell your home at a large profit in a few years.
Government-backed loans. These loans are sponsored by agencies such as the Federal Housing Administration or the Department of Veterans Affairs. They offer special terms, including reduced interest rates to qualified buyers. VA Loans are open to veterans, reservists, active-duty personnel, and surviving spouses and are one of the only options available for zero down payment loans. FHA loans are open to anyone, and while they do require a down payment, they can be as low as 3.5 percent. Drawbacks include a slower loan process and—for FHA loans—the need to pay mortgage insurance.
As the housing market shifts, so do lending practices. A mortgage broker—an independent professional who acts as an intermediary between you and lending institutions—may be able to help you find a better rate than you can on your own. Also, be sure to shop around; slight variations in interest rates, loan amounts, and terms can significantly affect your monthly payment.
It is important to do your research and understand what options are available for you. Many home buyers do not take the time to get prequalified for a new home loan. They also often do not take the time to shop around to find the best mortgage for their particular situation. It’s important to ask plenty of questions and make sure you understand the home loan process completely. You can learn even more about the process pre-approval process and what to expect here.
If you would like to learn even more about lending and home loans, our local market, and the entire real estate process, we have many videos with local experts available. Just visit our YouTube Channel and be sure to subscribe to our channel for the latest real estate videos.
As the weather warms up, it's the perfect time to refresh your living space and ensure your property is in top-notch condition. Spring cleaning isn't just about decluttering and dusting; it's also about maintenance tasks that can help preserve your home's beauty and functionality throughout the year. If you are looking for professional help to tackle your spring cleaning list we have a carefully curated list of trusted contractors to help you tackle all of your springtime projects.
Nestled in the picturesque landscape of South Reno, Nevada, lies a hidden gem known as the Virginia Foothills. Tucked away from the hustle and bustle of the city, this tranquil neighborhood offers a unique blend of natural beauty, rural charm, and modern amenities. I recently teamed up with Virginia Foothills resident Elena Boland from Wholesale Mortgage to uncover the area's hidden gems. My neighborhood video tour offers highlights and insights into this wonderful area in south Reno. Watch the video:
As winter melts away, the Reno-Sparks region comes alive with a symphony of colors and activities. From cultural festivals to outdoor activities, there's something for everyone in this dynamic region this April. In this blog, I will highlight some of the fun springtime events happening this April in the Reno-Sparks area.
As we get ready to welcome the month of April, lets take a look back at the Reno-Sparks real estate market in March 2024. I recently sat down with Brian Cushing from American Financial Network to provide a comprehensive overview of the March 2024 real estate market in the Reno-Sparks area on my podcast.
As time passes, our needs and priorities evolve, leading many to consider downsizing our living space. Whether it's a desire to escape the chilly Northern Nevada winters, the burden of maintaining a large property, empty nest syndrome, or simply craving a change, downsizing offers a refreshing way to simplify our lives and focus on what truly matters.
As we welcome the month of March, let's take a look back at the housing market in the Reno-Sparks region last month. In my latest podcast, my co-host Brian Cushing and I delve into the intricacies of the Reno/Sparks housing market as of February 2024. As someone deeply immersed in real estate, I understand the hurdles buyers face in such a competitive environment. Thus, I'm thrilled to share valuable insights and tips to help you navigate this tight market effectively. In the podcast, as we dissect key statistics, including median home prices, closed sales, price per square foot, new listings, and inventory levels. Staying informed about these metrics is crucial for making well-informed decisions in today's dynamic market. I have included the link to watch the podcast below in this blog post.