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Friday, June 24, 2022   /   by Laura Larson

THE GAME OF CHESS IN TODAY’S HOME BUYING PROCESS

The game of chess can provide incredible lessons to apply to all aspects of life, including the home buying process. Chess requires you to plan and think about your strategy from the very beginning of the game,
The home buying process, like chess, requires strategy and planning. Here are a few things to keep in mind to ensure your plan is as strong as possible when you begin your home search.
Pre-Approval: The Best Opening Play To Make as a Homebuyer
It’s important to have a great opening play when you’re buying a home. And the best move you can make when you begin your home search is getting pre-approved by a lender. You’ve probably already heard this is an important step, but what exactly is a pre-approval and what benefits does it provide you? As Freddie Mac puts it: “The pre-approval letter from your lender tells you the maximum amount you are qualified to borrow. Getting a pre-approval letter is not a loan guarantee, it simply states how much your lender. ...

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Friday, June 24, 2022   /   by Laura Larson

The Average Homeowner Gained $64K in Equity over the Past Year

If you own a home, your net worth likely just got a big boost thanks to rising home equity. Equity is the current value of your home minus what you owe on the loan. And today, based on recent home price appreciation, you’re building that equity far faster than you may expect – here’s how it works.
Because there’s an ongoing imbalance between the number of homes available for sale and the number of buyers looking to make a purchase, home prices are on the rise. That means your home is worth more in today’s market because it’s in high demand. As Patrick Dodd, President, and CEO of CoreLogic, explains: “Price growth is the key ingredient for the creation of home equity wealth. . . . This has led to the largest one-year gain in average home equity wealth for owners. . . .”
Basically, because your home value has likely climbed so much, your equity has increased too. According to the latest Homeowner Equity Insights from CoreLogic, the av ...

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Friday, June 24, 2022   /   by Laura Larson

Things To Avoid After Applying for a Home Loan

Once you’ve applied for a mortgage to buy a home, there are some key things to keep in mind. While it’s exciting to start thinking about moving in and decorating, be careful when it comes to making any big purchases. Here are a few things you may not realize you need to avoid after applying for your home loan.
Don’t Deposit Large Sums of Cash
Lenders need to source your money, and cash isn’t easily traceable. Before you deposit any amount of cash into your accounts, discuss the proper way to document your transactions with your loan officer.
Don’t Make Any Large Purchases
It’s not just home-related purchases that could disqualify you from your loan. Any large purchases can be red flags for lenders. People with new debt have higher debt-to-income ratios (how much debt you have compared to your monthly income). Since higher ratios make for riskier loans, borrowers may no longer qualify for their mortgages. Resist the temptation to make any large pu ...

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Friday, June 24, 2022   /   by Laura Larson

Homeownership Is a Great Hedge Against the Impact of Rising Inflation

If you’re following along with the news today, you’ve heard about rising inflation. Today, inflation is at a 40-year high. According to the National Association of Home Builders (NAHB): “Consumer prices accelerated again in May as shelter, energy, and food prices continued to surge at the fastest pace in decades. This marked the third straight month for inflation above an 8% rate and was the largest year-over-year gain since December 1981.”
With inflation rising, you’re likely feeling it impacts your day-to-day life as prices go up for gas, groceries, and more. These climbing consumer costs can put a pinch on your wallet and make you re-evaluate any big purchases you have planned to ensure they’re still worthwhile.
If you’ve been thinking about purchasing a home this year, you’re probably wondering if you should continue down that path or if it makes more sense to wait. While the answer depends on your situation, here’s how homeow. ...

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Friday, June 24, 2022   /   by Laura Larson

Why You Still Need Staging in a Seller’s Market

Selling your home is a big deal, and can sometimes be stressful. Between deciding when to list your home for sale, for how much, and what home renovations you should do beforehand, there is a lot of planning involved. One important aspect that many sellers overlook is staging.  Staging your home will make your listing stand out among the other homes listed for sale in your area, and increase interest from more potential buyers. Continue reading to learn more about why it is important to stage your home, even in a seller’s market.
What is a seller’s market?
A seller’s market is when there are more homebuyers looking to purchase a home than actual houses listed for sale. A seller’s market usually results in rising home prices, stiffer competition, and increased bidding wars among homebuyers. During these times, home sellers will have the upper hand when it comes time to negotiate.
Do I still need professional staging?
The short answer is: yes. Although we. ...

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