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Judi Monday, Your Green Valley AZ Expert

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8 Traditional Indian Home Elements We Love

by Judi Monday, Your Green Valley AZ Expert

A Baker's Dozen Colors For Kitchen Cabinets

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Act Decisively

by Judi Monday, Your Green Valley AZ Expert

Act Decisively

Whether it is hesitation or procrastination due to uncertainty, it can cost buyers by having to pay more for both the house and the financing.  This is one of those markets where most of the experts expect interest rates and prices will continue to rise through 2019.

The National Association of REALTORS? reports there is currently a 4.2-month supply of homes for sale which is close to the same as last year's inventory.  Normal inventory is considered to be a 6-month supply.

If during the period you're waiting to buy, the price of the home goes up by 5% and the mortgage rate increases by 1%, the payment on a $275,000 home with a 95% mortgage could be $233.80 more each and every month.  Over a seven-year period, the delay to purchase would total close to $20,000.

To act decisively, you need good information; a confused mind will not generally make a decision.  In today's market, you need to know exactly what price home you can qualify for and you need to know what kind of home you can expect for that price.  

You'll want a housing and a mortgage professional you can trust to give you the information you need to make good decisions for yourself and your family.  We'd like to be your real estate professional and can recommend a trusted mortgage professional.

To get a better idea about what it may cost you for a home in your price range, use the Cost of Waiting to Buy calculator.  If you have any questions, call me at (520) 241-7780.

Bright, Inviting Kitchen Upgrade For $6,400

by Judi Monday, Your Green Valley AZ Expert

Creative Edges For Garden Borders And Paths

by Judi Monday, Your Green Valley AZ Expert

Transform Your Yard With This One Simple Item

by Judi Monday, Your Green Valley AZ Expert

Reduce Refinancing Costs

by Judi Monday, Your Green Valley AZ Expert

 Reduce Refinancing Costs

There is much more than a lower rate and payment to determine whether to refinance a mortgage.  Lenders try to make refinancing as attractive as possible by rolling the closing costs into the new mortgage so there isn't any out of pocket cash required.

The closing costs associated with a new loan could add several thousand dollars to your mortgage balance.  The following suggestions may help you to reduce the expense to refinance.

 

  1.        Tell the lender up-front that you want to have the loan quoted with minimal closing costs.

  2.       Check with your existing lender to see if the rate and closing costs might be cheaper.  

  3.        Shop around with other lenders and compare rate and closing costs.

  4.         If you're refinancing an FHA or VA loan, consider the streamline refinance.

  5.       Credit unions may have lower closing costs because they are generally loaning deposits and their cost of funds is          less.

  6.       Reducing the loan-to-value so mortgage insurance is not required will reduce expenses and lower the payment.

  7.       Ask if the lender can use an AVM, automated valuation model, instead of an appraisal.

  8.      You may not need a new survey if no changes have been made.

  9.      There may be a discount on the mortgagee's title policy available on a refinance.

  10.      Points on refinancing, unlike a purchase, are ratably deductible over the life of the loan ($3,000 in points on a 30-         year loan would result in a $100 tax deduction each year.)

  11.      Consider a 15-year loan.  If you can afford the higher payments, you can expect a lower interest rate than a 30-           year loan and obviously, it will build equity faster and pay off in half the time.

 

A lender must provide you a list of the fees involved with making the loan within 3 days of making a loan application in the form of a Loan Estimate and a Closing Disclosure Form.  Every dollar counts, and they belong to you. 

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Up Your Bathroom Style

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Displaying blog entries 11-20 of 692

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Judi Monday
RE/MAX Valley Properties In Green Valley, AZ
210 West Continental Road
Green Valley AZ 85622
Direct: (520) 241-7780
Fax: (520) 648-2221