28
Aug
By Todd Grey
Home Building Tips, ,

Preparing Your Finances for a Home Loan Application

Embarking on the journey to homeownership is an exciting milestone, but it requires careful financial preparation. Ensuring that your finances are in optimal shape is crucial to securing a home loan with favorable terms. This guide will walk you through the essential steps to get your financial profile in top shape before applying for a mortgage. Assess Your Credit Score and Report The foundation of a strong financial profile begins with a thorough examination of your credit score and report. Start by obtaining your credit reports from the major credit bureaus and reviewing them for accuracy. If you spot any…
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27
Aug
By Todd Grey
Mortgage Application, ,

Unlocking the Potential of Cash Only Properties with a Renovation Loan

Navigating today’s real estate market can be challenging, especially when dealing with properties listed as "cash-only." These homes often require extensive repairs or are in poor condition, making them difficult to finance through traditional means. Fortunately, a renovation loan offers a solution, allowing you to finance both the purchase and renovation of these properties with a single loan. What Are Cash-Only Properties? Cash-only properties are usually homes that need significant repairs or updates, which disqualifies them from conventional financing options. These properties might be in disrepair, lacking essential features, or have other issues that prevent standard home loans from being…
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26
Aug
By Todd Grey
Financial Reports, ,

What’s Ahead For Mortgage Rates This Week – August 26th, 2024

Last week's light release schedule suggests that the Federal Reserve may be planning to cut rates this year, as most inflation data align with this expectation. This week, the only notable releases are the minor FOMC Minutes and the U.S. leading economic indicator index. While these indicators came in slightly worse than expected, the results are not significant enough to impact the upcoming rate decision.U.S. Leading Indicators The leading index for the economy fell 0.6% in July, the fifth straight monthly decline, the Conference Board said Monday. Economists polled by the Wall Street Journal had forecast a 0.4% decline. FOMC…
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23
Aug
By Todd Grey
Home Buyer Tips, ,

How to Transition from Renting to Homeownership

Transitioning from renting to homeownership is an exciting and significant milestone in anyone's life. This journey, while thrilling, can also be filled with questions and uncertainties.  I am here to guide you through this process, ensuring a smooth and successful transition working with your real estate agent. We will discuss the steps you need to take to move from being a renter to a proud homeowner. Assess Your Financial Readiness First and foremost, evaluate your financial situation. Owning a home involves more than just a monthly mortgage payment. You'll need to consider property taxes, homeowners insurance, maintenance costs, and potential homeowners…
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22
Aug
By Todd Grey
Homebuyer Tips, ,

Strategies to Make Homeownership Accessible for All

The dream of owning a home can seem out of reach for many. However, various affordable housing initiatives are making homeownership more accessible. I want to share some strategies and programs designed to help you achieve your dream of owning a home. Understanding Affordable Housing Firstly, it's important to understand what affordable housing means. Affordable housing refers to housing units that are affordable to individuals or families with low to moderate incomes. This is often determined by the percentage of income spent on housing costs. Ideally, housing costs should not exceed 30% of a household's income. Government Programs and Assistance…
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