Thursday, 25 June 2015
What a Rise in Mortgage Rates Can Mean for You
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After months of record-low rates in the world of home mortgages, several reliable sources have been reporting that a rate increase is on the way for the 30-year-fixed mortgage. According to Bankrate.com, "Mortgage rates floated higher this week after the Federal Reserve signaled that at least one interest rate hike is on its way later this year. The uptick comes as the housing market's momentum strengthens."


Mortgage applications and home sales continue to rise as people fear the end of low rates. Bankrate.com also reports that "sales of new homes rose 2.2% last month to the highest level in seven years. Boosted by demand for single-family homes, existing-home sales increased 5.1% in May, clocking in a 9.2% year-over-year gain. The median home price also rose 7.9% from the previous year to $228,700, the National Association of Realtors reported June 22."

There's no such thing as a "perfect" time to buy, but if you've been thinking of buying a home in the Brentwood, Tenn., area, taking advantage of low rates is still a great idea. And if you're going to be selling a home, the rise in the median home price is really great news for your equity. There's no way to predict exactly what will happen in the future, so you need to do what is best for you and your family right now. According to the Washington Post, "Although rates are rising, they remain near their all-time lows. The 30-year fixed-rate average hasn't been above 5 percent since February 2011, and it hasn't topped 6 percent since November 2008." Even if rates do go up, there's always a chance they will go back down, and refinancing is always an option if you need it in the future.


The bottom line is that you shouldn't panic and feel like you have to make a hasty decision. Call me and let's walk through your options. I will help connect you with a great mortgage lender who will be happy to help you if you're ready to make a big move.
 

Jarod
jarod@realtracs.com
615-669-8265

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Posted on 06/25/2015 11:55 PM by jarod
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Monday, 8 June 2015
Make the Most of Your Final Walk-Through
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Closing day should be a time to celebrate the purchase of your new home, but before you sign papers and take ownership, you have one more chance to make sure there are no ugly surprises. At least 24 hours before your closing, you have the chance to do a walk-through inspection. I highly recommend doing this with your Realtor, so be sure to give him or her plenty of notice. You might also want to consider paying an inspector to come with you to make sure any repairs you agreed on after the original professional inspection were made correctly. Here are my thoughts on that inspection: The Benefits of a Thorough Home Inspection


Without proper instruction, many people use the walk-through as a chance to discuss furniture placement and paint colors, but you should also use this time to look at more serious issues. One way to be prepared is to bring a checklist to remind you what you need to inspect and so you can take notes if needed. There are several online that you could copy and/or print out if needed. Here is a pretty thorough one: Sample checklist


As you walk through the home, consider these broad categories:


FIXED ITEMS
Are the items that are supposed to remain in the home or on the property still in place? For instance, if the contract stated the play set would remain, is it still there? Are drapes and blinds still hung? Appliances still in place? Also, check to make sure there are owner's manuals and remote controls for anything important that must remain in the home.


WORKING ORDER
Don't be afraid to spend time running appliances, turning on lights and fans, or lighting gas fireplaces or stoves to make sure everything is still in working order. Again, you don't want any surprises.


CLEANLINESS
Check to make sure all areas are clean and completely cleaned out, including the attic, basement, and any outdoor storage areas. You do not want to be left with large items that are difficult to discard.


LEAKS AND MOLD
Check for signs of water leaks or mold. Your home inspector should have already done this, but water leaks can happen after inspections and mold can form quickly. Look under the kitchen sink, behind the refrigerator, around bathroom faucets, and anywhere else the water lines run. Mold is a nasty problem and it needs to be addressed.


REPAIRS
Did agreed-upon repair work get done to your satisfaction? If not, you need to bring it up. You do have legal protection. If you find any new problems that need repairs, you will need to bring those up as well, but you may have to determine if the problem is big enough to walk away from the deal if the sellers refuse to fix it, or if it's something you can work with on your own.


If you are displeased with anything, discuss with your Realtor what actions you should take and use those hours before your closing to get everything taken care of. The goal is to be able to walk into your closing with confidence that the house you chose is in the condition in which you agreed to buy it, so make your final walk-through count!


Jarod
jarod@realtracs.com
615-669-8265

 

Photo credit: freedigitalphotos.net

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Posted on 06/08/2015 11:42 PM by Jarod
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