Sunrise Homes & Renovations, Inc.

Honoring Our Heroes and Celebrating the Meaning of Home

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This Memorial Day, we pause to remember the brave men and women who gave their lives in service to our country. Their courage, sacrifice, and commitment to freedom have made it possible for all of us to pursue our dreams, including the dream of home ownership.

What Home Truly Means
Home is more than four walls and a roof, more than a place to lay your head at night, it is where memories are made, milestones are reached, and futures are built. It is the front porch where your friends and neighbors gather, the backyard where barbecues bring families together, and the neighborhood that welcomes you. None of that would be possible without the dedication of those who fought to preserve our freedom.

Our Role in Building Dreams
In both the real estate and mortgage world, we have the privilege of helping individuals and families find a place to call home, a place they can grow, thrive, and live out the freedom so many fought to protect.

With Gratitude to the Families
On this solemn day, we also extend our deepest gratitude to the families of fallen heroes. Your strength and sacrifice do not go unnoticed. As we help our clients find homes and build futures, we carry that gratitude with us in everything we do.

Support for Those Who Serve
If you or someone you know is a veteran or active-duty service member, don’t forget there are special mortgage programs available to make homeownership more accessible. It’s one small way we can give back to those who have given so much.

Looking Ahead with Purpose
This Memorial Day, as we honor the past, we also look forward to helping build a future, one home, one family, and one dream at a time.

Wishing you peace, reflection, and time with loved ones on this Memorial Day holiday.

Inspecting Foreclosures Before You Buy

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If you have been thinking about investing in a foreclosure property, you will want to make sure the home you choose does not have major hidden issues. Before hiring a professional inspector, you can do a preliminary check by looking out for some of these common problem areas:

Ceilings
Ceilings are typically made of plaster or plasterboard. Keep an eye out for:

  • Cracks, holes, or uneven areas
  • Dampness or mold growth
  • Crumbling surfaces
  • Bulging or cracked spots

Walls
Walls may show similar signs of damage as ceilings, but also look for:

  • Loose skirting boards
  • Dampness or rot
  • Discoloration, blisters, or peeling wallpaper
  • Hazardous materials like asbestos or painted polystyrene tiles (always consult a pro if you suspect asbestos)

Floors
Regardless of the flooring type, structural supports are key. Watch for:

  • Uneven surfaces
  • Cracks, movement, or lifted tiles
  • Loose boards or coverings
  • Large gaps between floorboards
  • Missing or broken tiles

Plumbing
Check both the kitchen, bathrooms, and elsewhere for:

  • Rusty or leaky pipes
  • Pipes that bang or knock
  • Lead piping
  • Poorly supported water tanks

Wiring
Outdated or damaged electrical systems can pose serious risks. Look for:

  • Rubber or exposed wires
  • Failing or blackened sockets
  • Brittle or cracked wiring
  • Overheating plugs

No matter how thorough your personal inspection is, always follow up with a licensed home inspector before making a purchase. A professional can ensure the home is safe and free from costly surprises.

Are you ready to find a great deal on a foreclosure property? We specialize in helping buyers through the process with confidence. Give us a call — we would love to help you get started today!

Should You Get a 15-Year Mortgage?

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There are a lot of financing options available to help you purchase real estate, especially if you meet credit guidelines.

Most lenders prefer to offer 30-year mortgage loans. With a longer loan term, they collect more money in interest over the life of the loan, but if you have strong credit, a 15-year mortgage may be a better option, and one worth considering. Here’s a breakdown of the two:

What About a 30-Year Mortgage?
Thirty-year mortgages are the most common option for homebuyers. Monthly payments are typically more affordable, which is why lenders frequently recommend them. You may even qualify for a larger loan amount with a 30-year term. However, you’ll usually end up paying a higher interest rate over time, and significantly more in total interest.

What Are the Benefits of a 15-Year Mortgage?
A 15-year mortgage can save you a substantial amount of interest. While the monthly payments are higher, the loan term is cut in half and so is much of the interest you’d otherwise pay.

After just 16 years, you could be mortgage-free and ready to redirect that money into investments, other real estate properties, or long-term financial goals. Building wealth becomes easier when you are no longer tied to a three decade-long mortgage.

What About Prepayments?
Even if you decide on a 30-year loan, you can still benefit from early repayment strategies. Making extra payments toward the principal allows you to shorten the life of the loan, often dramatically, while maintaining the flexibility of lower minimum payments. Just check with your lender first to ensure there are no penalties for prepaying.

A 15-year mortgage is often the better financial choice because of the potential to save thousands in interest. You’ll pay off your home faster, build equity quicker, and gain more financial freedom in the long run.

No matter how you decide to finance your real estate purchase, we can help you find the best fit. Give us a call today!

What Do Points Have to Do With Real Estate?

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You may have heard of points when looking for real estate. Maybe your loan officer told you that you can trade points for a better interest rate. That sounds good, but just what are points? We’ll give you a better idea of just what points are and how they work.

What Are Points?
Points, more specifically discount points, are a percentage of the total loan amount for the house that is pre-paid to the lender. Each point is worth one percent. Your lender may offer a lower interest rate for your mortgage loan if you buy discount points. 

What do Discount Points Cost?
The cost of each point is equal to one percent of the loan amount. For instance, for a $200,000 loan one discount point equals $2,000.

For example, you are trying to buy real estate worth $200,000. The lender may tell you that if you buy 2 points at $2,000 each, you’ll get an interest rate two percent better.  

Should I Buy Discount Points?
Some lenders will allow you to purchase discount points to be approved for the loan. By buying a discount point, you’ll get a lower interest rate. This can reduce your monthly payments, which could put your credit to debt ratio in the right range.
    
You have to know how long you will live in the house or you could lose money purchasing the discount points. If you sell or refinance before you reach the break-even point, you will wind up with a net loss. Use an online mortgage point calculator to help you determine if buying discount points is a money saving proposition for you.

Points may be a good way for you to save money on your real estate if you plan to stay in your home for a long time. Want one more benefit? Discount points are tax deductible in the year in which they are paid.

Need help understanding mortgage and real estate terms? Feel free to reach out! We can help explain the process.

How To Save Money Moving Into Your New Home

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Moving into a new home is exciting, but it can also come with unexpected expenses that quickly add up. Between packing supplies, transportation, and time off work, costs can spiral before you even settle in. But with a bit of planning and resourcefulness, you can cut down on unnecessary spending and keep more cash in your pocket.

Plan Ahead and Get Creative
The key to saving money during a move is preparation. Start gathering your moving supplies weeks in advance. The closer you get to moving day, the more likely you are to overspend in a panic.

Save Money on Boxes
Boxes may seem like a minor expense, until you realize you need dozens of them. Buying brand-new moving boxes from a store or moving company can cost $2 to $5 each. Multiply that by 30 or 40, and you have spent a small fortune just on cardboard.

Here’s how to get boxes without blowing your budget:

  • Check Craigslist or Facebook Marketplace: Many people offer gently used moving boxes for free or cheap. They’ll often be happy to let them go just to free up space.
  • Look on eBay: Some sellers offer bulk moving boxes at discounted prices. Just be sure to account for shipping before checking out.
  • Ask local stores: Grocery stores, liquor stores, and big-box retailers regularly receive shipments and may have sturdy boxes available. Just ask a manager if they can set some aside for you.

Save on Packing Materials
Professional movers offer packing services, but they come at a premium. Labor, materials, and time all factor into the cost, and it can add hundreds to your final bill.

Instead, do the packing yourself and use items you already have:

  • Use newspaper for breakables like dishes, mugs, and wine glasses.
  • Wrap items with soft belongings such as towels, blankets, and T-shirts.
  • Use socks to fill gaps in boxes or cushion fragile items, just as effective as packing peanuts, and they’re already paid for.

Save on Transportation
Renting a moving van or hiring movers is often the biggest cost. Before committing, check with friends and family first. Someone may have a truck or trailer you can borrow or rent at a much lower rate than a commercial service.

Offer to pay for their gas or treat them to lunch, it will still be a fraction of the cost of a rental.

By planning ahead and being a little thrifty, you can cut moving costs significantly and reduce stress. Every dollar saved on moving is a dollar you can put toward making your new home feel like home.

Are you ready to start your next chapter? We can help you find the perfect home that fits your budget, lifestyle, and goals. Call today to begin the journey!

What’s Ahead For Mortgage Rates This Week – May 19th, 2025

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The latest inflation data has been released, offering insight into the near-term impact of the recent tariff measures. The results indicate that despite deflationary pressure on the economy, inflation continues to trend upward with the recent, ongoing tariff wars.

While the tariffs have been temporarily suspended, their effects are already being felt—consumers are experiencing price increases, and retailers have already been positioning themselves to increase prices due to the impacts of the tariff policies. While wholesale and producer inflation has seen a modest decline, this was expected as the market adjusts to the shifting economic landscape. Economists broadly predict that consumer prices will rise in the near term.

These findings reinforce what consumers have already been experiencing: sentiment has declined for the fifth consecutive month. Consumers are among the first to feel the direct effects of policy shifts.

Consumer Price Index

Consumer prices showed only a mild increase in April, but inflation probably won’t slow much further this year as the effects of the Trump trade wars ripple through the economy. The consumer-price index increased 0.2% last month, the Bureau of Labor Statistics said Tuesday, matching Wall Street expectations. Prices had posted a rare decline in March.

Price Producer Index

Wholesale prices posted the biggest drop in April, a -0.5% decline, since the pandemic in 2020, but economists say the decline in inflation appeared to be a one-off that might not be sustained if tariffs persist at current levels.

Consumer Sentiment

The University of Michigan’s popular gauge of U.S. consumer sentiment edged down to 50.8 in a preliminary May reading from 52.2 in the prior month. This is the index’s fifth straight monthly drop. Expectations for inflation spiked. Economists polled by the Wall Street Journal had expected sentiment would rise to 53.5.

Primary Mortgage Market Survey Index

• 15-Yr FRM rates saw an increase of 0.03% for this week, with the current rate at 5.92%
• 30-Yr FRM rates saw an increase of 0.05% for this week, with the current rate at 6.81%

MND Rate Index

• 30-Yr FHA rates saw an increase of 0.10% for this week. Current rates at 6.35%
• 30-Yr VA rates saw an increase of 0.12% for this week. Current rates at 6.37%

Jobless Claims

Initial Claims were reported to be 229,000 compared to the expected claims of 226,000. The prior week landed at 229,000.

What’s Ahead

A very light week with the Economic Leading Indicators, Job Data, and Manufacturing PMI dotting the landscape. The leading indicators are expecting a deflationary impact.