17
Aug
By Jim Hasek
Mortgage,

Vacation Home or First Mortgage Payoff?

Imagine having some extra cash on hand, enough to make a significant financial decision that could potentially shape your future. You've worked hard to build equity in your home, and now you find yourself at a crossroads. Should you invest in a vacation home or use the money to pay off your first mortgage? Vacation Home-Pros A Place to Escape: Owning a vacation home provides you with a tranquil getaway, a place to unwind and recharge. It offers the potential for making lasting memories with family and friends. Rental Income: If you decide not to use the vacation home year-round,…
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04
Aug
By Jim Hasek
Mortgage, ,

Will Buying A New Car Impact The Ability To Buy A New Home?

Making major life decisions often involves a delicate balancing act. Among the most significant choices individuals face are buying a new car and purchasing a new home. Both ventures represent milestones in one's life, bringing excitement and anticipation. However, there is a complex interplay between these two financial endeavors that can significantly impact a person's ability to achieve their dream of owning a new home.  Here are some factors to consider: Debt-to-income ratio: When you apply for a home loan, your lender will consider your debt-to-income ratio (DTI) to determine whether you qualify for a mortgage. Your DTI is the…
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14
Jul
By Jim Hasek
Home Financing Tips, ,

Insufficient Property Appraisal: What to Do When the Appraisal Falls Short

When buying or selling a property, one crucial step in the process is obtaining an appraisal to determine its value. Appraisals provide an objective assessment of a property's worth, influencing important decisions such as mortgage approvals, negotiations, and even insurance premiums. However, there are instances when the appraisal falls short, causing challenges and uncertainties for both buyers and sellers. In this blog post, we will explore what to do when faced with an insufficient property appraisal and provide some practical steps to navigate this situation. Understand the Appraisal Process: Appraisals are typically conducted by licensed professionals who evaluate various factors,…
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27
Jun
By Jim Hasek
Mortgage,

Most Common Questions First-Time Home-Buyers Ask

Buying your first home is an exciting milestone in life, but it can also be overwhelming and filled with questions. As a first-time home buyer, you want to make informed decisions and ensure a smooth process. Below we will address some of the common questions that first-time home buyers often ask. 1. What Exactly Is a Mortgage? A mortgage is an agreement between you and a lender that allows you to borrow money to purchase or refinance a home and gives the lender the right to take your property if you fail to repay the money you've borrowed. 2. What…
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13
Jun
By Jim Hasek
Mortgage, ,

Millennials Are Finding Home Buying Overwhelming

Many millennials find home buying overwhelming due to a variety of factors such as high housing prices, student loan debt, competition from investors, economic uncertainty, and a lack of knowledge about the home-buying process. These challenges can make it difficult for millennials to save enough money for a down payment, find a suitable property, and navigate the complex process of buying a home. It is important to note that not all millennials may face these challenges, and there are also many resources available to help first-time homebuyers navigate the process. Housing counseling agencies: These agencies provide guidance and education on…
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22
Mar
By Jim Hasek
Mortgage, ,

Navigating A Market With Higher Interest Rate

Even though interest rates have gone up significantly during the past few months, there are still opportunities for you to find a home at a great price. The high interest rate can be discouraging for some people, but as long as you know how to navigate the market, you can still put yourself in a position to be successful. Put More Money Down The easiest way to combat a high interest rate is to reduce the amount of money you borrow. That means that you might need to put more money down. Of course, this means that you might need…
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