One of the most important financial considerations of buying a new home is
the interest rate paid on the mortgage. Over time, a higher interest rate can
add thousands of dollars to the true cost of buying the home. When interest
rates are low or steady buyers have greater confidence that they will get a
favorable rate when they go to secure the loan, but in our current
environment of rising interest rates, many lenders are suggesting a rate
lock at the time of pre-approval.
What is a Mortgage Rate Lock?
A rate lock freezes the interest rate on a mortgage for a period of time
before the close of the loan. Typically lasting for 30-60 days, the lender
guarantees the rate will not change during this period for a fee that is paid
when you agree to the loan terms.
A mortgage lock protects the borrower from rising interest rates while the
loan is processed and approved.
When should you lock in a Mortgage Rate?
Lenders will offer to lock in the rate at the time of loan approval. With
escrow periods of 30-60 days, the lock assures the buyer that their rate will
not increase during the time it takes to complete the loan process.
In a period of rising interest rates, as we see today, locking the rate may be
a smart idea. The borrower will pay a higher fee for the lock, as the lender
is also taking a risk, but it could be worth thousands of saved dollars over
the life of the loan. Even a small increase in the interest rate can have a
huge financial impact.
Natural design elements have been on trend for the past few years. Sustainable
wood, stone, and fabrics add simple beauty to spaces in all parts of the home. The
color palette of these materials tends to be soft beiges, creams, and browns;
lovely tones but without a pop of color, create cool, drab rooms that lack
personality. In keeping with the natural theme, designers and stagers are using
plants to add dimension and warmth.
Decorating with plants takes more strategy than adding a pretty pot to a coffee
table. Here are a few tips for incorporating plants into the design scheme that
home stagers use to make a home more appealing:
• Choose Low-Maintenance Plants – Choose plants that do not require a lot
of attention and water. This is especially helpful if the home is for sale.
• No Pollen – Asking ahead of time if a plant can trigger allergies will prevent
issues for guests and buyers.
• Mix and Match – Choose a variety of colors, heights, and textures.
• Showcase Home Features – Bight plants will attract attention. Consider a
tall plant to showcase the ceiling height or a bright bloom to draw the
buyer’s attention to a great view.
• Remember Stands and Pots – Make sure to choose pots or stands that
complement the design of the room.
Home design has embraced sustainable, green themes. Adding lush greenery to a
light-toned room will add warmth and make the home more inviting to potential
Couples dream of buying a home together, leisurely enjoying a latte while
dropping by open houses to look at remodeled kitchens and manicured
backyards. Today’s market is quite different. Desirable homes are snapped up the
moment they hit the market, often with multiple offers. Homebuyers in this
climate must move quickly. This may require jumping on an opportunity without
both partners adding their input.
Adding more complexity to a heated real estate market is job mobility. The US is
experiencing an unprecedented job market. More employees than ever before
are offering remote work environments. This business climate not only offers
flexibility in living location but also the opportunity to make a career move.
Making a change in location, regardless of the reason, often means one partner
can travel for house hunting.
So, how can you trust your partner to find the right house?
Before starting the home search, it’s important to work together to identify what
features are essential to the new home:
• Community amenities
• Local services; shopping, restaurants, entertainment, gyms, parks, etc.
All these and more should be discussed and expectations set. Fortunately, we also
have extensive virtual tools to use in the home search. Not only virtual tours,
video, and drones, but a simple cell phone can easily take the absent partner on
the house tour in real-time.
Can you trust your partner to choose the right house? With some honest
conversation, careful planning, and technology – yes, you can!
It may seem like there are a million steps to the closing process when buying or
selling a home. A title search is just one of the many stages and title problems
may account for almost 10% of closing delays. As a seller, doing a preliminary title
search can help avoid costly delays at the end. So, what is a title search and what
does it disclose?
In the simplest form, a title search identifies who owns the property. This may
obvious, but surprisingly, sometimes the party selling the home may not actually
have the legal right to do so, at least on paper. For example, in the case of a
married couple, the property might be in only one spouse’s name. Another
example would be a property held in trust or probate; it could take some
paperwork to correct title to allow a sale.
A title search also uncovers any existing liens on the property. This would include
any current mortgages and may find old debt or unreleased loans. Items which
must be paid off or removed prior to sale. Finally, a title search will list any deed
restrictions, such as easements or property restrictions.
If the title search does find any issues, the seller will need to remove them before
the closing can occur. Once the sale is closed, title insurance ensures the new
owner against any title issues that were not discovered during the search.
No one wants unexpected delays during closing. A seller can help mitigate title
issues by running a preliminary title search at the time of listing. This gives them
plenty of time to address any outstanding title issues before it costs buyer and
seller valuable time in delays.