Sunrise Homes & Renovations, Inc.

3 Common Mistakes That First-time Mortgage Borrowers Make and How to Easily Avoid Them

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3 Common Mistakes That First-time Mortgage Borrowers Make and How to Easily Avoid ThemDeciding to purchase a home will be one of the biggest investment decisions you’ll make in your life, but it can be confusing for the first-time home buyer to know all the ins and outs of buying a home. If you’re wondering what things first-time buyers often forget about before purchasing a home, here are three important things that you’ll want to keep in mind.

Ignoring Their Credit History

If you have a high debt load or you haven’t been making your minimum payments, it can be pretty frightening to consider looking at your credit report, but it’s very important to do this before applying for a mortgage. A lender will be taking a look at your credit history and reviewing it carefully before approving your application, so it’s important for you to be aware of what your credit history says about you and how it might impact your mortgage.

Buying Too Much Home

It’s easier than you might think to be swayed into purchasing your dream home, but it’s necessary to keep a cool head and make an informed decision so that your home investment can be financially beneficial for you. The amount you should be paying for a home on a monthly basis will leave you with enough that you can pay for the necessities, any existing debts and any extras while still having wiggle room in case of emergency. While you may want to spend a little more, this can end up being a mistake if things don’t go as planned.

Forgetting The Documentation

This may be among the easiest of steps, but not having the appropriate documentation can push back your home purchase, so ensure you have all the necessary paperwork for when you need it. Beyond the Verification of Rent you’ll need from your previous landlord, it’s also important to make sure that you have liquid assets not just investments and RRSPs as this will prove to the lender that you can handle a financial hurdle in the event that it arises.

There are so many things involved in obtaining a mortgage that it can be easy to forget some very important aspects of approval. By being aware of your credit history and keeping your payment price within your means, you’ll be well on your way to a sound purchase. If you’re currently looking at homes, contact your local real estate professional for more information.

Luxury Selling: How to Qualify Potential Buyers to Ensure They Can Afford Your Home

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Luxury Selling: How to Qualify Potential Buyers to Ensure They Can Afford Your HomeLuxury estates can be a challenge to sell. The more expensive a home is, the less potential buyers there are. The biggest hassle is going through the process with people who can’t actually afford the home, only to have it fall apart at the last minute.

Here are some ways to make sure the property is only being viewed by qualified buyers.

Only Accept Offers From Buyers Who Are Pre-Qualified From A Lender

One of the only ways to guarantee a buyer will be able to afford a luxury home is to let the bank do the work on your behalf. By only accepting offers from people who have been pre-qualified by a lender, it allows the seller the peace of mind of knowing that every offer is a legitimate one.

Luxury Agents Will Have Vetted Their Clients

Working with a real estate agent with a specialty in luxury properties is one way to make sure the vetting process is handled effectively and legally. These agents do not have time to waste with people who can’t afford a home in this price range and they will have a roster of clients who are not only looking for a new luxury house, but can afford one. Talk to the neighbors and see who their buying agent was. This will give an idea of which professionals are working with clients who can afford the neighborhood.

Use Broker Open Houses Over The Traditional Open House

Hosting an open house in a luxury home is a dangerous prospect. There is no way of knowing how many visitors can actually afford the home and how many just want to look around to see how the other half lives. On top of that, it’s a serious safety risk as luxury open houses bring out potential thieves to case the place and see what the security is like.

For luxury sellers a broker open house is the best course of action. These open houses are closed to the public and only available to brokers who have clients that are looking for a luxury home.

There are more luxury homes on the market than buyers and standing out is important if you want to sell quickly. Trying to sell a home like this on your own is a disaster waiting to happen. Make sure to talk to real estate agents in the area who deal with luxury properties until you find one you are comfortable with. Contact your local real estate professional today for more information.

The Major Keys to Understanding When It’s Time to Refinance Your Mortgage

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The Major Keys to Understanding When It's Time to Refinance Your MortgageAs a homeowner, you may have heard the term re-financing without being aware of exactly what it means, but there are a lot of pros and cons associated with what it can do for your financial situation. While getting a different new loan for your mortgage can be a good financial decision in certain situations, here are some things you should consider before you decide that this is the right choice for you.

Getting A Lower Rate

One of the main reasons that re-financing can be a popular option for many homeowners is that it can provide the opportunity for considerable money savings. Since you will be acquiring a new loan with a lower interest rate, this will be an opportunity to reduce your monthly payments, increase your equity at a faster rate and invest the extra funds into something else. While a lower rate can definitely mean money savings, it’s important to consult with a mortgage professional so you’re aware of any associated fees and can make a decision that will be financially beneficial.

Consolidating Your Debt

It is often the case that people will choose to refinance their mortgage with a lower-interest rate in the hopes of paying off the debt they’ve accumulated, but with the cost of refinancing this is not necessarily the best financial decision. While consolidating debt can be great if you go into it with a budget that you plan on sticking too, if you’re leaning too much on the idea of a lower interest rate meaning instant savings, it may be a good idea to take a look at the numbers.

Investing In Your Home

For many people, re-financing their mortgage is a good opportunity to renovate their home and increase its value. However, while renovating your home can be a good idea for resale, there are many home renovations that will not necessarily increase the value of your home and make up for the amount you’ve invested. If you’re making forward-thinking renovations, refinancing is one thing, but ensure you’ve seriously considered what will add value.

There can be a number of financial benefits when it comes to refinancing your mortgage, but it’s important to work out your tentative budget and crunch the numbers before you make a final decision. If you’re currently looking into re-financing your home and are curious about what it entails, contact your local real estate professional for more information.

Staging Tips: 5 Interior Paint Colors That Will Help You Sell Your Home Faster

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Staging Tips: 5 Interior Paint Colors That Will Help You Sell Your Home FasterIt’s important to remember that when a home is put up for sale it should appeal to as many people as possible. Sometimes those flashy paint colors the owners grew up with will not charm new buyers.

Here are five ideas for paint colors that will help any home sell quickly.

Keep It Neutral For A Reason

The first thing everybody hears when they try and sell their home is to paint in neutral colors. There is a good reason for this. Every person who walks through the front door should be able to picture living in the home and not think about the people who had lived there before. Neutral colors provide a blank canvas for buyers to paint their future on

Creams Photograph Better Than Almost Any Shade

Neutral colors are not just the standard beiges everyone is used to. Rooms painted in creams tend to look better in pictures, which helps out tremendously when listing the house online. Since most people’s first impression of a home is the online photographs, this technique helps a house stand out from the very beginning.

Using Gray To Expand The Space

Making rooms appear larger is one technique to help sell a home quicker. A light gray can help make large, clean rooms appear even larger to visitors. This works on rooms that are clutter free and do not have much furniture in them. As an added technique, try painting the moldings the same color of gray so that the walls appear higher.

Accent Natural Surroundings With Earth Tones

Anybody who owns a house that has a lot of brick, stone or wood should take a moment to browse through some earth tones to accent the room. These colors, while still neutral, are found in nature and accent the natural surroundings of the room. Sienna and umber are two popular choices.

Give A Splash Of Green In A Sunny Room

When the rest of the home is in neutral tone, it provides the opportunity to spring a room to life with a dash of color. A light green is perfect for an indoor patio or den that overlooks a garden. This is one way to give a natural and earthy feel to a room that has plenty of sunlight.

Before painting, talk to your local real estate agent to walk through your home with you and give you some pointers on which colors they think will work and which ones may be problematic.

What’s Ahead For Mortgage Rates This Week – October 31, 2016

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Last week’s economic reports included S&P Case-Shiller Home Price Indexes, along with readings on new and pending home sales. Recurring weekly reports on mortgage rates and new jobless claims were also released.

Case-Shiller: Pacific Northwest Shows Fastest Home Price Growth

According to the Case-Shiller 20-City Home Price Index for August, home prices in Portland, Oregon and Seattle, Washington grew fastest year-over-year. Portland posted an August index reading of 11.70 percent and Portland followed closely with a reading of 11.40 percent. Denver, Colorado rounded out the top three cities with the fastest rates of home price growth with a year-over-year reading of 8.80 percent. The 20-City Home Price Index rose 0.30 percent year-over-year to 5.30 percent in August.

Low inventory of available homes poses challenges for housing markets, but Case-Shiller reported that the national home price index was 0.60 percent lower than its peak reading in 2006. The 20-City Home Price Index was 7.10 percent lower than the 2006 peak. This provides a positive context for healthy home price growth, but concerns linger about a repeat of the housing bubble that burst and caused home prices to crash.

David M. Blitzer, Chairman of the S&P Index Committee said that a new housing bubble is unlikely. Home buyers are not taking out huge mortgages as was common prior to the Great Recession; mortgage lenders have adopted stricter qualification standards to help ensure that borrowers can afford their mortgages.

New Home Sales Rise in September

Sales of new homes rose to a seasonally-adjusted annual rate of 593,000 sales in September according to the Commerce Department. Although lower than analysts’ expected reading of 600,000 sales, September’s reading surpassed August’s reading of 575,000 sales. August’s reading was downwardly revised from its original reading of 609,000, which suggests that new home prices are growing at a slower rate than expected.

High demand for homes boosted September’s reading for pending home sales, which represents homes under contract for sale that have not closed. Pending home sales increased in September with a reading of 1.50 percent growth as compared to August’s negative rate of -2.50 percent. Pending home sales provide indications of future completed sales and mortgage loan volume.

Mortgage Rates Rise, New Jobless Claims Fall

Mortgage rates were lower last week according to Freddie Mac’s Primary Mortgage Market Survey. The average rate for a 30-year fixed rate mortgage fell five basis points to 3.47 percent; rates for a 15-year fixed rate mortgage averaged 2.78 percent, which was one basis point lower than the prior week’s reading. The average rate for a 5/1 adjustable rate mortgage was also one basis point lower at 2.84 percent. Average discount points were 0.60, 0.50 and 0.40 percent respectively.

In spite of growth in home prices and volume of sales, consumer confidence slowed in October. October’s index reading of 98.60 as compared to an expected reading of 101.00 and September’s reading of 103.50. Analysts said that uncertainty over the upcoming presidential election contributed to October’s lower reading.

What’s Ahead

Next week’s scheduled economic reports include readings on inflation, construction spending core inflation, and labor reports. Non-farm payrolls, ADP employment, national unemployment rates will also be released. Freddie Mac’s mortgage rates report and new jobless claims will also be released.

5 Futuristic, Connected Home Upgrades That You Can Install This Fall

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5 Futuristic, Connected Home Upgrades That You Can Install This FallThe future is now! You may know that there are already many smart (Internet-connected) appliances and items that you can use to update your home for the connected age. But for your reading pleasure, here are five of them already on the market.

Energy Efficiency: The Smart Thermostat

One of the first smart home upgrades to make it big on the market is the smart thermostat, specifically the Nest Learning Thermostat. Connected to your heating system, and to your phone through Wi-Fi, this device ‘learns’ your energy use habits so it can adjust to them. It saves you money by tailoring its output to your usage, which means it is kinder on the planet as well. Smart tech for the win-win.

Intelligent Alarms: Smart Smoke Detectors

In the same vein is the smart smoke and carbon monoxide detector technology. These alarm systems assess the danger and speak to you. They report on multiple details, including what kind of danger you’re facing (fire or carbon monoxide poisoning), where it is exactly in your home, and whether it constitutes an immediate risk to you.

Turn It On!: Smart Light Bulb

A-ha! The intelligence continues. There are smart light bulbs now like the Philips’ Hue Connected Bulb which speak through your Wi-Fi. This light can be controlled remotely through your phone or computer, where you can change its color and adjust the brightness without ever touching the bulb itself.

Baby Care: The Smart Onesie

You know those moments you need to yourself, when you step out of your baby’s room to let them sleep? Well, there’s now a device to help keep track of them even then. The Mimo Baby Shirt is a smart onesie. Its organic cotton is woven with sensors that monitor elements like your child’s temperature or sleep pattern and streams that info to your device through your home’s Wi-Fi. It can be fitted with a microphone, again linked to your phone and it’s machine-washable!

The Next Mouthful: The Smart Fork

Last but not least, there’s the HapiFork. This smart utensil monitors your eating habits how fast you’re eating, the time between meals, how many bites it takes to finish the meal. These tidbits can be uploaded to your laptop or phone, and can help you track and change how you eat.

As technology continues to progress, our homes are becoming smarter and smarter. Keep up with the tech by staying abreast of new developments starting with these five. Oh, and one last smart thing? Reaching out to your local real estate agent for more information, recommendations or just to chat about the future.