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Moving can be a daunting task, but with proper preparation and organization, you can make the transition smooth and stress-free. As you embark on a new chapter in your life, it's time to plan a seamless move to your new abode. In this blog post, we'll share valuable tips to help you navigate the post-selling phase and ensure a hassle-free move.
Whether you are purchasing your first home or you have purchased a home in the past, there are many things to know about securing a home loan—from the current rates to the terms and conditions and the types of available loans for your situation. We have put together a list of important loan and lending terms in this blog post to help you get a head start on understanding the different aspects of this crucial piece of the home-buying process.
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 summer heats up, many fun-filled events can be found going on in the Reno-Sparks-Lake Tahoe region. From thrilling outdoor adventures to cultural festivals, there's something for everyone in this beautiful region. We've compiled a list of the must-attend events, so you don't miss out on the fun. Let's dive into some of our favorites!
Hot August Nights (July 29 - August 7, 2023): Classic car enthusiasts, this one's for you! Hot August Nights is a renowned annual event where vintage cars line the streets of Reno and Sparks. Enjoy live music, food vendors, and a friendly atmosphere that celebrates all things retro.
Classical Tahoe (July 9 - August 17): Enjoy orchestra, jazz, chamber music, and family concerts set in an intimate outdoor pavilion on Lake Tahoe’s North Shore. Musicians include some of the very best from the top orchestras in the country such as the MET Opera Orchestra, LA Phil, NY Philharmonic, Philadelphia Orchestra, Cleveland Orchestra, San Francisco Symphony, Dallas Symphony, Toronto Symphony, and more.
It’s time for a real estate market update for Reno-Sparks! In this blog post, we will delve into the latest trends, statistics, and developments in the housing market to give you a comprehensive overview of what's happening in the area. As of July 2023, Reno-Sparks continues to be a dynamic and competitive market.
Your home is more than just four walls; it's a sanctuary that holds your cherished memories and personal belongings and provides a sense of security for you and your loved ones. However, unforeseen events like natural disasters, theft, or accidents can threaten your home and its contents. This is where homeowners insurance comes into play. In this blog post, we will explore the importance of homeowners insurance and why it is essential for every homeowner to have adequate coverage.
After spending many years studying the local area market, comparing it with the national market, and reviewing recent sales data, I have come to understand that pricing a home is more of an art form than a science. In this blog, we will look deeper into why a Comparative Market Analysis (CMA) is vital when setting the selling price for a home.
Summer is in full swing, and the Reno-Tahoe region is buzzing with an array of exciting events to make your July unforgettable. From fireworks displays to art and cultural celebrations and baseball games to starstudded golf tournaments, there's something for everyone to enjoy. Get ready to embrace the summer vibes as we highlight some of the top events happening in Reno-Tahoe this July.
As homeowners, we strive to create a safe and healthy environment for ourselves and our loved ones. While we often focus on visible threats such as fire hazards or indoor air pollution, radon is a silent danger that deserves our attention. This colorless, odorless, and tasteless gas can seep into our homes from the ground and pose a significant risk to our health. In this blog post, we'll explore why homeowners should test for radon and the steps that can be taken to ensure a radon-free living space.
Selling a property can be a complex and challenging process. Many homeowners consider the option of selling their homes without the assistance of a Realtor, known as "For Sale By Owner" (FSBO). While FSBO might seem like an attractive choice due to potential cost savings, it's crucial to understand the numerous advantages of hiring a professional Realtor. In this blog post, we'll explore the reasons why you should seriously consider working with an experienced Realtor - like the Angst Real Estate Team - when selling your property.
Selling a house can be a complex process, but when the property is held in a trust, it adds another layer of intricacy. Trusts are legal arrangements that allow individuals to transfer their assets, including real estate, to be managed by a trustee for the benefit of designated beneficiaries. In this blog post, we'll explore the key steps involved in selling a house that is held in a trust, highlighting important considerations and providing you with a comprehensive guide to navigate the process smoothly.