Tag: real estate

Is Your Family Ready to Upsize Their Living Space?

Written by Marybeth Heckler on . Posted in Real Estate.

When the housing bubble burst in the early 2000s, a lot of people realized they had purchased homes that were too big for them. Since then, many people have been skittish about upsizing their homes for fear of taking on more than they can afford.

This is certainly a valid argument, but you should still be able to upsize if your finances and lifestyle allow for it. Here are some things to think about as you decide whether or not upsizing is right for your family.

  1. Determine what you need…and if it is a need—The first thing you want to do is determine just how much house you need. If you are currently in a two-bedroom, two bath home with three or more children, then you are going to have to look at a larger home. However, a family with only one child may be able to live comfortably in a two-bedroom home. Ultimately, think about what you want in your new home that your old one does not have. Then decide if these are absolute must-haves or features you can live without.
  2. Do some financial soul-searching—Take a look at your budget for each month. If you are barely scraping by after paying your bills, then you are going to probably have to stay where you are. But if you are able to put a lot into savings or you have discretionary funds that you can use, then you need to calculate that into what you can afford to buy. Look closely at what you can afford before you start to shop around.
  3. Don’t forget to calculate utilities and other expenses—Remember that a larger house also means a higher utility cost. Use your current utilities cost as a baseline. For example, if you are in a 1500 square foot house and pay, on average, $250 a month in power costs. If you upgrade to a 3000 square foot home, you could see your power bill climb to $500. That’s a big jump that you need to factor in when making your plans. The same can be said for other expenses such as lawn care if you move into a home that sits on a larger lot.
  4. Location can have an impact—Remember that it’s not just about the size of the house, but also about the location. If you buy a 2000 square foot home in one neighborhood, you may be able to get a 2500 square foot home for almost the same cost IF you are willing to move to a less desirable neighborhood. This might mean moving farther away from your work or other social requirements. But if you are willing to make this sacrifice, you may be able to afford a larger home.

If your family is growing and you are in need of a larger house, then it’s time to do some research when it comes to your finances and home needs. If you’re ready to make the move to a larger home, you need to make sure that you can afford it before you decide to commit.

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Whether you’re buying, selling, refinancing, or building your dream home, I’m here to help you explore the many financing options available. Ensuring that you make the right choice for you and your family is my ultimate goal. I am committed to providing my customers with mortgage services that exceed their expectations. Find out more by visiting my website.

How to Prepare to Buy Your First Home

Written by Marybeth Heckler on . Posted in Real Estate.

If you’re thinking seriously about buying your first home, then you should know that the experience can be trying and difficult at times. The process can be a long one and can sometimes feel a bit overwhelming.

In the end, however, when you walk into that home knowing that it’s yours, it feels so much more satisfying than renting. You should feel pride in what you have accomplished, especially knowing the economic benefits of owning versus renting.

With that being said, here are some things you need to do as you prepare to buy your first home:

  1. Check your finances—The first thing you need is a realistic appraisal of your finances. You have to determine if homeownership is something that you are financially ready for. Look at all of your monthly expenses and figure out if you will have enough money to put into emergency savings in case something breaks and you have to fix it. You will also need to have a substantial amount in savings for the down-payment on the loan.
  2. Get pre-approved—Next, you should start shopping around for the best interest rate on a pre-approved loan. If you get into a bidding war with other potential buyers, a pre-approval will actually swing in your favor since you don’t have to take the time to do extra paperwork. A pre-approved loan helps you find the cheapest rate possible and also helps you figure out exactly how much house you can afford.
  3. Find a realtor—Next, you will need to find a realtor with whom you can work closely. You want a realtor who will take into consideration all of your must-haves and who can find the best fit for your needs and budget. A realtor should be familiar with all of the neighborhoods in your area and should be able to find you the home that will work best for you.
  4. Hit a lot of open houses—An instinct for many first-time homebuyers is to go with the first house that catches their eye. Instead, you should look at as many homes as possible. Don’t settle on any until you are absolutely sure it’s what you want. This isn’t like a lease where you can move out after a year. You are making a long-term commitment, so you don’t want to rush in.
  5. Get an inspection—Once you find a home you are interested in, it’s essential that you get a home inspection. You don’t want to buy a house with serious plumbing or electrical problems, only to have to sink thousands into it for repairs.

After you’ve gone through all of this, it’s time to make an offer and see if your bid is accepted. Then comes the worst part of the whole process—the waiting. But once you get that call that your offer has been accepted, the feeling of elation makes the process well worth the experience.

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Whether you’re buying, selling, refinancing, or building your dream home, I’m here to help you explore the many financing options available. Ensuring that you make the right choice for you and your family is my ultimate goal. I am committed to providing my customers with mortgage services that exceed their expectations. Find out more by visiting my website.

Are You Ready to Be a First Time Homebuyer?

Written by Marybeth Heckler on . Posted in Real Estate.

Home ownership, for most Americans, is both a dream and a sign of financial independence. But buying a home can be a scary proposition for many first-timers who may not understand everything about this complex process.

Here are some steps you need to take to become a first-time homebuyer:

  1. Get your down payment together

First-time homebuyers can generally get a loan with as little as 3% down. However, this may come with additional fees and requirements such as having to buy private mortgage insurance. Twenty percent is often a better option for a down payment, but that can put home ownership out of most people’s range. A good 10% down means $10,000 for every $100,000 of a home that you want to buy.

  1. Research mortgages

Next, you are going to want to look at different mortgage options. Become familiar with conventional loan programs like Fannie Mae and Freddie Mac as Federal Housing Administration (FHA) loans. If you are a veteran, you can also look into VA loans that may require no down payment.

  1. Set your budget

Look at your finances and determine what you can afford to spend each month on a mortgage. This will prevent you from wasting time looking at houses that are outside of your budget range and keep you from getting in over your head with a mortgage that you can’t afford.

  1. Shop around for interest rates

Don’t take the first bank you look at as the best for interest rates. Saving just a fraction of a percentage point has the possibility to save you thousands of dollars in the long run.

  1. Get pre-approved

One of the best things that you can do as a first-time homebuyer is to come to your real estate agent armed with a pre-approval from a local bank. This can give you an advantage when you make an offer on a home as an owner will generally choose someone with pre-approval over someone without it.

  1. Research the neighborhoods

If you are looking for a home, you need to list out the amenities you are looking for—such as proximity to public transit or shopping sites or the quality of the schools. Once you start looking at neighborhoods, be sure that they fit into these qualifications. Before you make an offer on a home, you should also research the crime rate for that area.

  1. Don’t forget about closing costs

Another thing you need to do when you are calculating your budget is to remember to figure in closing costs. Estimate between 2% and 5% of your total loan when you are making this figure.

Being a first-time homebuyer can be an exciting (and terrifying) prospect. But with a lot of research and acquired knowledge, you can take the nervousness out of this process and perhaps even find the home of your dreams.

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Whether you’re buying, selling, refinancing, or building your dream home, I’m here to help you explore the many financing options available. Ensuring that you make the right choice for you and your family is my ultimate goal. I am committed to providing my customers with mortgage services that exceed their expectations. Find out more by visiting my website.

Tips for Jumping into the Spring Homebuying Season

Written by Marybeth Heckler on . Posted in Real Estate.

If you know anything about the home real estate market, then you know that spring is the biggest season for home buying. Buyers have been cooped up in their old homes all winter and are looking to move while sellers have had the same time frame to get their homes ready for sale.

But, if you’re looking to get into the homebuying market, then there are a few tips you should take care of before you start shopping.

  1. Make a list—Before you talk with a real estate agent, you should write out all of the must-haves that you want in a house. How many bedrooms and bathrooms will you need? Is there a specific location that you want? All of these will help narrow down the agent’s search so you don’t waste your time looking at houses that won’t work for you.
  2. Get your credit in line—A good FICO credit score is essential to buying a home. Let’s just say, hypothetically, you are buying a $300,000 home. A mortgage at 4.14% will run you a total of about $520,000. But if your credit is bad and your interest rate comes out to 5.73%, that same home will cost you about $630,000. That means that bad credit will make the same home cost you over $100,000 more than it would if you had good credit.
  3. Save as much as you can—One of the biggest problems with buying a home is that you have to keep a lot of cash on hand for down payments and emergencies. The more you put down, the better your interest rate and monthly payments will be. But you should also have at least 1-2 months of income set into savings for a potential emergency, such as a major home repair.
  4. Get preapproved—Because Spring is such a huge time for buying a home, you are going to be competing with a lot of other buyers that will be looking at the same prime properties. To make yourself look better to the sellers, you should arrive with a pre-approval from a local lender. These will generally carry more weight than a pre-approved loan from an online lender. You need to do everything that you can to make yourself look appealing to the seller.
  5. Be ready to negotiate—It isn’t enough to just make an offer, cross your fingers, and pray. In a competitive market, you will probably have to pay list price and not be able to haggle down on the price. But, you can still negotiate other areas like extended home warranties and closing costs. This can save you some money without asking too much that might wind up killing the deal.

This spring, thousands of homes, both old and new, will be placed on the market. If you want to jump into this “selling frenzy” then you need to get your finances in order and be ready to negotiate in order to be successful.

 

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Whether you’re buying, selling, refinancing, or building your dream home, I’m here to help you explore the many financing options available. Ensuring that you make the right choice for you and your family is my ultimate goal. I am committed to providing my customers with mortgage services that exceed their expectations. Find out more by visiting my website.

Why Moms Love Living in Denver

Written by Marybeth Heckler on . Posted in Denver, Motherhood.

Denver is a popular city that’s been growing steadily for about a decade. Ask any Denver mom, and they’re guaranteed to tell you it’s a great city for fun family activities, indoors or out.

But Denver’s also a great place for spoiling yourself and spending some “me time” to rejuvenate the body and spirit.  Here are some of the best spots in Denver for moms who need a little self-care this month:

  1. 5 Star Salt Caves — If you want a day spa experience unlike any other, then check out this man-made “salt” cave. The entire center surrounds the cave, which is made of Himalayan salt. Here, you can relax in a quiet environment and breathe in the salt-infused air – which is said to improve sinuses and breathing. In addition to salt therapy, the spa also features other traditional therapies such as saunas, massages, and footbaths.
  2. Upstairs Circus – Although this is better enjoyed with friends, it’s also a place you can come on your own to relax and get crafty. You can pay one fee for a variety of daily craft options and then design and craft all kinds of things including homemade jewelry and paintings as well as projects for the house such as key racks and serving trays.
  3. Movie Night – You don’t have to go see the latest blockbuster or yet another Disney cartoon. The Alamo Drafthouse in Littleton features special presentations of older movies in an unusual setting. One of their regular Signature Series features is an older, elegant movie such as Little Women or Sense & Sensibility, and you can skip the popcorn and enjoy high tea and biscuits or finger sandwiches. Or get the girls together for a night out dancing at the movies. Recent Dance Party nights have featured Brittney Spears and the Backstreet Boys for some flashback hits.
  4. BookBar – If you prefer a small, independent bookstore with real books rather than those big box stores or eBook readers, then you should check out this combination bookstore and wine bar. You can listen to a poetry reading, meet an author and get an autograph, or pick up a new book and curl up with a nice glass of wine.

Denver is a great city to explore and relax in. But for moms especially, it is filled with activities and opportunities that provide a break from the kids.

 

 

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Whether you’re buying, selling, refinancing, or building your dream home, I’m here to help you explore the many financing options available. Ensuring that you make the right choice for you and your family is my ultimate goal. I am committed to providing my customers with mortgage services that exceed their expectations. Find out more by visiting my website.