You Have To Sell Your House Twice During The Real Estate Process

Most homeowners want to understandably get the most money for their house. However most Long Island Home Buyers are buying with a mortgage. Thus the banks have the last word. Mark Schreier Licensed Sales Associate with Century 21 American Homes and Scott Loyer of Connect Appraisal discuss this subject.
For More Info: Scott Loyor 631.745.8705 Connectappraisal.com Mark Schreier Century 21 American Homes Real Estate markschreier.com
516.263.9094

Want to buy a home? Do the math

(BPT) - It is a common misconception that a 20 percent down payment is required to buy a home. Advice to wait and save a large down payment is often based on the theory that the cost of mortgage insurance (MI), which is required when you buy with a smaller down payment, should be avoided. This may not be the best advice and is, in fact, not in line with market trends, considering the median down payment for first-time homebuyers is 7 percent, according to the National Association of Realtors.
Yes, you can qualify for a conventional mortgage with a down payment as small as 3 percent of the purchase price. It is also true that you can reduce your monthly mortgage payment by paying for discount points at closing, but that can be 5 or 10 percent of the purchase price — not 20. And because every buyer’s situation is unique, it’s important to do the math. In today’s market, it could take a family earning the national median income up to 20 years to save 20 percent, according to calculations by U.S. Mortgage Insurers using a methodology developed by the Center for Responsible Lending; a lot can change during that time, in the family’s personal finances and in overall mortgage market trends.
How can buying now save you money later?
Consider you want to purchase a $255,000 home. A 5 percent down payment is $12,750 versus $51,000 in cash for 20 percent down. With a 740 credit score at today’s MI rates, your monthly MI payment would be about $110, which is added to your monthly mortgage payment until MI cancels. MI typically cancels after five years; therefore, you will only have this added cost for a short period of time versus waiting an average of 20 years to save for 20 percent.
With home price appreciation, today’s $255,000 home will likely cost more in the years ahead and this will also have an impact on the necessary down payment and length of time required to save for it. There are other variables in the equation too, such as interest rates. As federal rates rise from their historic lows, so too will the costs associated with financing a mortgage. The savings a borrower might calculate today could be altogether negated by waiting even a few more years. Another factor is that rents are on the rise across the nation, leading to a reduced capacity for many would-be homebuyers to save for larger down payments.
If you decide to buy today with a low down payment mortgage that has private MI, keep in mind that the monthly MI payments are temporary and go away, lowering the monthly payment over time. Again, private MI typically lasts about five years as it can be cancelled once a homeowner builds approximately 20 percent equity in the home through payments or appreciation and automatically terminates for most borrowers once he or she reaches 22 percent equity. Importantly, the insurance premiums on an FHA mortgage — a 100 percent taxpayer-backed government version of mortgage insurance — cannot be cancelled for the vast majority of borrowers.
So, do the math and let the numbers guide you. There are many online mortgage calculators that can help. Check out lowdownpaymentfacts.org to learn more.

Connectivity is king this home-buying season

(BPT) - The spring home-buying season is just around the corner and that means people are busy making improvements to get their homes ready to sell. These days, home upgrades are increasingly focused on one key feature: connectivity. In 2019, buyers want smart homes they can easily control from anywhere. From smart HVAC and sprinkler systems to connected garage door openers, it’s all about creating convenience and comfort.
Security gets connected
Security systems are nothing new, but the technology used to arm those systems is changing rapidly. More and more home security companies now offer fully connected systems that allow users to protect and monitor their homes from any smart device. Whether it’s a live video feed, the ability to lock and unlock doors remotely or just checking that all sensors are working properly, integrated security systems offer peace of mind. Having the infrastructure in place can be a selling point for buyers who want to make sure their new home is as safe as possible, given they’ll only have to set up the monitoring subscription upon move-in.
Updated garages add value
According to Remodeling Magazine’s 2019 Cost vs. Value survey, a garage door replacement is the number one home improvement project in terms of return on investment. But these days, more homeowners are taking it a step further and installing new technology to make the garage more user friendly. For example, the SilentMax Connect garage door opener from The Genie Company comes with Aladdin Connect technology built-in to improve convenience and functionality. Not only is the opener super quiet — ideal for attached garages — but the connectivity features allow you to check whether your garage door is open or closed, grant individual access with virtual keys, instantly know when someone is operating your garage door (authorized or not), and provide a log of when each opener was used — all from your phone or smart device. Thanks to this technology, you can open the garage door remotely for delivery people, a housekeeper or for your child coming home from school. Considering your garage is one of the most accessed points in your home, this functionality is a great security feature and proves that garages offer more than just storage space. With the right connectivity tools and features, they can provide convenience that will be attractive to future owners.
Save energy, increase comfort
As home improvement trends go, increased connectivity is rivaled only by the desire for more energy-efficient homes. Smart thermostats accomplish both these aims and can increase the value of your home in the process. Smart thermostats let you easily control the temperature in your home from any connected device. You can set a daily schedule for your heater, adjust the temperature in individual rooms or let the system program itself based on your usage history. For energy-conscious buyers, this kind of technology provides a way of living that’s as aspirational as it is attainable.
Lighting the way
Smart lighting has turned from a novelty to a practical tool as products have gotten more advanced. Programmable lighting allows you to schedule when your lights will come on, turn on and off lights remotely or change the lighting to improve aesthetics. With a smart lighting system, you’ll never have to get out of bed to turn the lights off downstairs, and you can always come home to a fully lit house, boosting your sense of security. With these kinds of applications, your home’s lighting can go from a ‘given’ to a must-have, attracting buyers like a moth to a flame.
New, smart products are hitting the market every day. For homeowners savvy enough to incorporate this new technology into their homes, they’ll not only be more connected, but they’ll likely see more offers rolling in when it comes time to sell.

Answers You Need To Know When Selling Your House With Sandra Radna Esq.

Mark Schreier LSA, CBR of Century 21 American Homes Real Estate interviews Sandra Radna Esq. of the Law Offices Of Sandra Radna.  They discuss tips necessary to help the seller get ready for the sales process.

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Market Vs Appraised Value Interview With Scott Loyer Connect Appraisal

What is the difference between appraised value and market value in residential real estate?  Mark Schreier Licensed Sales Person with Century 21 American Homes Real Estate and Scott Loyer Certified Appraiser and President of Connect Appraisal give you answers in a homeowner friendly way. 

Questions please reach out to us via the urls below.
www.connectappraisal.com
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Budget checkup for homeowners and future homeowners

(BPT) - Sponsored Ad Content from Vanderbilt Mortgage and Finance, Inc.
A budget is an important tool for first-time homebuyers and current homeowners. Throw out any negative feeling you may have toward budgeting. We're here to tell you that budgeting is a great exercise, and can free your financial mind! A budget is meant to be a guide to where you should spend your monthly income.
Budgeting can mean guilt-free fun. By making and sticking to your budget, you can spend money knowing exactly how much you need to set aside for necessities, and how much you can spend on other activities! Budgets are an important tool for the first-time homebuyer because it can help you make your move into a home with a payment that fits your lifestyle and circumstances. For existing homeowners, budgets can help you achieve or maintain financial freedom.
Budgeting can be done by anyone - it just takes time initially to set it up correctly. Gather paychecks, bills and bank statements to get started. You can write down all this information or use a budget tool. Start by calculating your monthly income, which includes not only the amount you may get from a regular paycheck, but also any money you get in government aid, child support or pensions. The next step is to look at your bills and bank statements to find out truly what you spend in each category. This accurate information will empower you to take control of your finances.
Do you see a surplus? That is great! You can take that surplus and contribute to your financial goals, whether that be saving for a down payment, taking a family vacation or building a nest egg.
Do you see a deficit? If so, you can make the changes needed to balance your budget. You can cut back on nonessential items, like eating dinners out, to get financially fit. Having this knowledge is powerful and can help you take the right steps toward financial stability.
A budget is crucial for home ownership, whether you're a first-time homebuyer or you currently own a home. A sound budget can relieve stress and help you feel confident in the way you spend your hard-earned income.
About Vanderbilt Mortgage and Finance, Inc.
Vanderbilt Mortgage and Finance, Inc. is a national housing lender that specializes in financing manufactured homes. In business for more than 40 years, the company currently services more than 200,000 home loans and works hard to tailor loans to each family's needs. Vanderbilt has an A+ grade from the Better Business Bureau and is a Berkshire Hathaway company. For more information, visit VMFHomeLoan.com.

Thinking Of Selling Your House? You Have To Sell It Twice When Dealing With A Bank

Thinking of selling your house? You have to sell it twice when dealing with a bank. Mark Schreier of Century 21 American Homes Real Estate explains the appraisal process.