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Mortgage 101: This Is How Mortgage Refinancing Works

mortgage ratesThere are so many unfamiliar terms involved in the real estate market that it can be easy to be confused by the jargon. However, some words are more important to learn than others if they can end up benefitting you in the long run. Whether or not you’ve heard of mortgage refinancing, here are the basics on what this may mean for your home and whether or not it’s an option you should consider.

Acquiring A Lower Rate

If you’re new to refinancing, the primary reason that most homeowners choose this option is to get a lower interest rate and pay less on the overall cost of their mortgage. Because a lower interest rate means that a higher amount is paid on the principal each month, you may be able to pay off your mortgage at a quicker rate. While this may sound ideal, you’ll need a certain percentage decrease in your interest rate in order to make this option financially beneficial.

A Shorter Loan Term

While refinancing doesn’t necessarily mean that you’ll be paying less on your mortgage payment each month, it does mean that you may be able to take advantage of a shorter loan term. Since the overall amount you pay on your mortgage may be lowered with refinancing, you may be able to pay off your mortgage more quickly without it bumping up the amount of your monthly payment significantly. There may be a slight difference, but the benefits can definitely outweigh the drawbacks when it comes to paying less over time. 

Weighing The Refinancing Option

The decision to refinance may very well end up being a boon for your financial well-being, but it’s important to consider the pros and cons ahead of time in order to make an educated decision. You’ll also want to make sure you’ll be staying in your home a while to reap the benefits of your equity. Because there will be fees associated with utilizing this mortgage option, like closing costs and application fees, it’s important to look at the numbers and ensure that it works out in your favor at the end of the day.

Mortgage refinancing to acquire a lower interest rate can be a great financial decision, but it’s important to determine whether or not the price is right before you move forward with this option. If you’re currently considering refinancing your mortgage, you may want to contact one of our mortgage professionals for more information.

Thomasville GA real estate agents

Thomasville Realty

Thomasville real estate


 

Dealing With a Tight Housing Market? 3 Tips to Ensure You Get the Mortgage You Need

In many cities around the country, real estate prices are on the rise and potential buyers are working hard to find a home they can feel good about. However, finding the right home in a tight market can be even more of a challenge when it comes to striking the right balance. If you’re hedging around the market in the hopes of finding the perfect home, here are some things you should do to ensure you don’t miss out on a good opportunity.

Keep An Open Mind

When wading into the real estate market, it can be very easy to get so enamored with the kind of house you want that you don’t see what’s in front of you. However, not paying attention to the potential of a particular house can mean a missed opportunity that will end up costing you down the road. Instead of waiting around for your dream home, make sure you take a look at homes you might not have thought about as they may end up being a welcome surprise.

Be Confident, But Not Too Confident

Since many homeowners have history with their home, they want a homebuyer who’s going to be just as invested in their property as they were. On the other hand, though, it’s important not to be too excited about a home as the seller may use your interest to get a higher offer. Instead of playing on opposite poles, show your interest and get into the game with a respectable offer, but be willing to back off if the seller isn’t interested.

Don’t Demand Too Much

Many potential homebuyers have been told to be aware during the home inspection and ensure they get the repairs they’re requesting, but in a tight market, you may want to let a few things slip. While ignoring certain items like foundation or roof issues can be a major misstep, letting small things like a broken doorknob or peeling paint slide may be something you can easily remedy that won’t push you out of the game.

It can be complicated to get into the real estate market as a new buyer in a competitive market, but by letting the small stuff slide and being open-minded, you may just find the home you’re looking for. If you’re currently getting prepared to dive into the real estate market, you may want to contact one of our mortgage professionals for more information.


 

4 Ways to Reduce Your Closing Costs

closing costsInterest rates may be on the rise, but many people aren’t aware that the closing costs on mortgages have also increased in recent years. While it may not seem like a significant cost, the closing costs on a mortgage can add up to a lot by the time the final deal is sealed. If you’re wondering how you can go about reducing your final expenditures, here are some tips to lower your overall cost.

Research Your Lenders

Many people go with the first lender they come across for the sake of ease, but researching your lenders will actually help to improve your odds of getting a better deal. Instead of settling with a lender you know, get estimates from multiple lenders so you can carefully consider the amount they are charging for closing. The research may very well be worth the financial gain.

Read The Fine Print

Different lenders have different associated costs, and that means it can be tricky when it comes to comparing two different quotes. Instead of ignoring the items you don’t understand, break down the quotes separately to get an idea of the difference in fees. If it still doesn’t make sense, ensure you ask your lender to clarify the applicable charges.

Question The Fees

Whether it’s an administration fee or a loan-processing fee, there are a lot of fees associated with a mortgage that may be negotiable. However, the lender is not going to offer to take anything off if you don’t ask. Instead of leaving the stone unturned, see if the lenders you’re considering will drop off some of the fees. It may not seem like much, but it can make a difference when all is said and done.

Get A Discount

We’ve all seen mortgage advertisements that offer the best rates, but if you’ve found a company that you’re seriously considering, you may want to consider what they can offer you. Instead of beating around the bush, address deals on the market with your lender directly and see if they’re willing to bend in your direction.

A mortgage is enough of an investment on its own without having to worry about all of the additional closing costs on top of it. Instead of leaving these to chance, research your lenders and see what they can do for you. If you’re currently on the market for a home, you may want to contact one of our mortgage professionals for more information.

Thomasville ga real estate

thomasville real estate

Thomasville Georgia real estate

 


How to Ensure You’re Buying a Home in the Right Community

buying a homeWhen buying a home, one of the most important things is buying a place that you and your family can feel comfortable in. However, while a place you can envision yourself in is important, it’s not worth neglecting the neighborhood you’ll be moving into for the perfect home. If you’re wondering what you should be looking for in the neighborhood you choose, here are a few things to consider before making an offer on a home.

Is It Safe?

It may be common to feel bowled over by a home and want to invest immediately, but the right home in the wrong neighborhood may not be the best choice for many reasons. Part of feeling comfortable in your home is being safe among its streets, so ensure you research the neighborhood and its history, and check in on the crime rate. You may even want to consult with your agent or some local neighbors to see what information they can provide about the area’s history.

Are There Local Amenities?

If you’re used to getting in the car to run errands, it might not be important to not have a grocery store or pharmacy nearby. However, if there are no amenities you use frequently close by, it can start to be a bit of a drain on your lifestyle. While you don’t necessarily need to have the trendiest restaurants or best shopping, it’s important to have a few choice places in case you run out of something and need to make a quick run to the store. 

What’s Your Neighborhood Style?

It might seem like a strange thing to ask yourself, but the neighborhood you live in is going to become a big part of your life and that means you’ll have to see yourself in it. If you want neighbors you can trust and community-mindedness, you’ll want to seek out an area with these qualities. On the other side, if you happen to prefer a busier urban atmosphere that offers more independence, this may be the way to go.

There are a lot of things that go into finding and buying the right home, but it’s important not to forget about the neighborhood you’re living in and what it will mean for your lifestyle. If you’re currently considering homes and are trying to determine an area that will work for you, you may want to reach out to one of our real estate professionals for more information.

Thomasville GA real estate agents

Thomasville Realty

Thomasville real estate


 

Thinking About Investing in Real Estate?

Investing in Real EstateInvesting is real estate is a big decision for many people, but if you’re making the foray into real estate the second time around, it’s even more important to be financially aware and prepared. If you’re wondering what you’ll need in order to get approved for an investment property, here are some things that you’ll want to consider before deciding a second property is in your future. 

 A Larger Down Payment

Due to the risk factor involved in taking on more than one loan, acquiring a second mortgage for an investment property will likely require you to put more money down up front. Because you’re already paying into your home and are taking on an additional loan, you’ll have to prove to the mortgage lender that you’re a viable choice and have the financial wherewithal to stick to your payment schedule.

Knowledge Of The Market

It’s well and good to want to invest in a property so that you can find renters and turn a profit, but you’ll need to have a good place at the right price to make the investment worthwhile. Before you decide on a place, make sure that you research the neighborhood and the type of home you’re looking to buy so you can ensure there’s a viable market. A rental property is good, but you’ll need to have reliable renters in order to make it profitable. 

A Property Manager

If you’re planning on being the landlord and doing all the little fix-its, you may not need to worry about a property manager. However, it’s important to weigh the decision carefully beforehand and ensure what will work best for you. If you’re not prepared to do emergency work or basic property maintenance, you’ll need to look for a property manager you can trust.

A Mortgage Pre-Approval

Without a doubt, a second mortgage will require you to take on more risk, so it’s important to speak with a lender about pre-approval before getting too involved. If you’ve crunched the numbers, you may already have an idea of what you can and can’t afford, but a lender will be able to give you a price range that suits your financial position and income set.

Investing in Real Estate can be a financially lucrative decision, but it’s important to be knowledgeable about your investment and your finances before diving in. If you’re currently getting prepared to invest in a home, you may want to contact one of our area mortgage professionals for more information.

Thomasville GA real estate for sale

Thomasville mls

Thomasville Georgia