Sunrise Homes & Renovations, Inc.

Helping a Disabled Relative or Friend Buy a New Home? Here’s What to Look For

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The search for a new home is difficult enough for the average person, but if you’re helping a friend or relative who has a disability, there are even more things to be aware of. If you’re not sure quite how to tackle the housing market, here are a few things to look out for so that you can be sure your friend is getting the home they’ll need.

Consider The Flooring

Hardwood can be a great benefit when it comes to clean up, but it’s also the type of surface that can make it a lot easier to slip and fall. While carpet can be a better option for this reason, hardwood is not necessarily a deal breaker if your friend wants to utilize the option of area rugs.

Handrails And Grab Bars

In all likelihood, there will not be available handrails and grabs bars located in many houses you view, but it’s important to ensure that these can be installed without incident. While the shower is one area that you will not be able to avoid this, it can be quite expensive to replace so this may serve as a deal breaker.

Look Out For Levers

It may sound like a strange detail, but doors knobs can be inaccessible for many people so it’s important to check out the handles throughout the house. Lever handles are a relatively easy install, but the costs can stack up in a home with a lot of doors, so it may be best to choose a home that already contains the levered option.

With A Wheelchair

While there are many things that can assist the disabled in a home, there are a lot more things required if your friend uses a wheelchair. In addition to having walk-in closets that are accessible, it’s also important that the home features wide doors and hallways, open areas and wheelchair access to all entrances, if possible. Many of these items may not be present, but the ability should exist to have them added in if they’re required.

When helping a disabled friend search for a new home, there are a variety of things you’ll need to look for, from handheld bars and grips to lever door handles that will make their life easier. If you know someone who’s currently in the market for a home, contact your trusted real estate professional for more information.

What’s Ahead For Mortgage Rates This Week – December 26, 2016

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Last week’s economic news included readings on consumer spending, core inflation new home sales and regularly scheduled readings on mortgage rates and new jobless claims.

Consumer Spending Dips in November

Commerce Department reports on consumer spending in November indicated that consumer spending was lower in November with 0.20 percent growth as compared to October’s reading of 0.40 percent growth. November’s reading for core inflation, which excludes volatile food and energy sectors, was flat as compared to expectations of 0.10 percent growth and October’s reading of 0.10 percent growth.

New Jobless Claims Rise to 6–Month High

New jobless claims jumped to 275,000 last week as compared to an expected reading of 258,000 new claims and the prior week’s reading of 254,000 new claims. New claims typically rise during the holiday season due to school and other workplace closures.

There was good news as new jobless claims remained below the benchmark of 300,000 new claims for 94 consecutive weeks. This streak of new claims below 300,000 new claims is the longest since 1970. Increasing numbers of “contingent” workers contributed to volatility in employment; The Rand Corporation reported that 10.10 percent of the workforce was contingent workers in 2005; the percentage of contingent workers increased to 15.80 percent of the U.S. workforce in 2015.

Mortgage Rates, New Home Sales Rise

Freddie Mac reported a jump in mortgage rates last week; the average rate for a 30-year fixed rate mortgage was 14 basis points higher at 4.30 percent. The average rate for a 15-year fixed rate mortgage was 15 basis points higher at 3.52 percent; the average rate for a 5/1 adjustable rate mortgage rose 13 basis points to 3.32 percent. Analysts said that the 10-year Treasury rate rose 10 basis points in response to the Fed raising its target funds rate. New home sales gained in November with a seasonally adjusted annualized reading of 582,000 sales as compared to 285,000 expected sales and October’s annual rate of 563,000 sales of new homes. This was the second highest reading for new home sales since early 2008. Builders will be watching mortgage rates and new home sales in the New Year to determine how rising mortgage rates will impact new home sales.

What‘s Ahead

Next week’s scheduled economic news includes Case-Shiller Home Price Index reports, pending home sales and weekly readings on mortgage rates and new jobless claims. U.S. Financial markets will be closed Monday in observance of the Christmas holiday

3 Simple Tips for Boosting Your FICO Credit Score Before Applying for a Mortgage

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3 Simple Tips for Boosting Your FICO Credit Score Before Applying for a MortgageThere are a variety of factors that are involved in getting your mortgage approved, but few things will have more of an impact than your FICO score and the credit history that goes along with it. Instead of leaving your score up to chance when submitting your application, here are a few ways that you can boost your financial wellbeing and leave your credit score better off than it was before.

Put More On Your Card

It’s important to put purchases on your credit card that you can afford to pay off consistently, but many people are not aware that how much debt you owe can actually positively contribute to your credit score. While it’s good to use up to 30% of your available debt load, a significantly higher percentage than this can be a signal to lenders that you are experiencing financial difficulties. By putting everyday items on credit, it will be easier to give your score an instant boost.

Clear Your Credit History

Many people who think they have bad credit are too afraid to even review it, but it’s very important to take a look at your credit history when it comes to taking control of your finances and your FICO score. If there happens to be incorrect information on your credit report, this will enable you to contact the appropriate lenders and dispute the charges so they can be corrected prior to your mortgage application. It may not seem significant, but this can actually have a marked impact on the outcome of your application.

Make Your Payments On Time

It’s often the case that those who are struggling with debt may push away the bills altogether and give up on the minimum payment, but it’s very important that the minimum is made to keep your financial health in check. It may take a few months to see the results of putting down this amount before the due date, but it will improve your credit over time and forge good habits for the future.

Your credit score is an important aspect of determining your financial health for lenders, and this means that your credit history is of significant importance when it comes to your mortgage. Instead of leaving it up to chance, ensure that you’re making the minimum payments and correct any discrepancies in your credit report. If you’re currently in the market for a home and are considering your options, contact your local real estate professional for more information.

Goodbye, Curtains: Try These Fun and Fashionable Ways to Dress up Your Windows

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Goodbye, Curtains: Try These Fun and Fashionable Ways to Dress up Your WindowsWindows can add a lot to the look of your home, and this means that dressing them up properly is an important key for aesthetic appeal. While draggy, neutral-colored curtains can be one of the less exciting aspects of decorating your home, here are a few ways you can adorn the most basic of home fixtures and turn your windows into something truly unique.

A Reconstituted Valance

A short curtain can be a nice, less fussy way to adorn your windows, but if you have a kitchen space in need of warming up, try a piece of wood or metal painted with a color or texture of your choice. Whether it’s covered in words or you stick with a neutral paint color, it can easily add texture and character while letting a lot more light in.

Stylish and Singular Shades

If you want something that will cover the window without getting in the way, you may want to opt for window shades that you can pull down or pull up at your leisure. While this might sound like a pretty tame option, shades are available in a variety of shapes, colors and motifs that are sure to add spark to your room.

Frosted Glass Find

If you want to forego having blinds altogether but you have large windows that need to be covered, you may want to try installing frosted glass in order to maximize the available light. Not only can this be a means of maintaining your privacy at any hour of the day, it will also leave your room feeling airy, well-lit and open well into the evening.

Parade Of Plants

It may seem like a strange solution to the traditional curtain, but a row of plants placed on the window ledge can add a lot to your frames while limiting the need for curtains. While this trick will work especially well for kitchen windows and other areas where you can use smaller plants, you can always try mixing it up to create a different effect.

The idea of long, white curtains isn’t necessarily something that will work for every room, but there are plenty of ways you can dress up your window frames without having to reach for a piece of fabric. If you’re looking for new design tips because you’re considering a move in your future, contact your trusted real estate professional for more information.

Self-Employed? Here’s What You’ll Need to Get a Mortgage Approval

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Self-Employed? Here's What You'll Need to Get a Mortgage ApprovalThere’s a lot of flexibility and personal freedom associated with self-employment that can be a great benefit to your lifestyle and your pocketbook. However, because of the somewhat unpredictable nature of self-employment, it can make acquiring a mortgage a little more difficult. If you’ve recently become self-employed or have been in the game for a while, here are some things you may want to consider before submitting your mortgage application.

Putting More Money Down

20% is often considered the magic number when it comes to the down payment because this will allow you to avoid homeowner’s insurance. However, if you’re self-employed, you may want to consider putting even more money down as this will be an even stronger signifier to lenders that you’re prepared for homeownership and in control of your finances. While your down payment will provide you with equity instantly, a higher payment will also lower your monthly cost and make your finances even more secure from month to month.

Minimizing Your Debt

The amount of debt a potential homeowner has can adversely affect any mortgage application, but in the event you’re self-employed, a high debt load means even more money is being paid out of a salary that is not necessarily predictable. By paying off the debts you can before applying for your mortgage, you’ll be able to invest that much more of your hard-earned money into your monthly payment without breaking the bank and cutting monthly expenditures.

A History Of Self-Employment

Being self-employed means you’ll have more to prove to your lender, but if you have a spotty self-employment history and long periods without bringing in any income, this will make it even harder. Instead of jumping into the mortgage market soon after becoming self-employed, try and have at least two years of successful self-employment behind you. By being able to prove this, the lender will see that you’re a solid financial bet and an experienced professional who will be able to find work when it’s required.

The nature of being self-employed and the fluctuations in income that can come along with it can make a mortgage lender nervous. However, by having a solid history of self-employment behind you and minimizing your debt load, you’ll be able to prove to the lender that you’re serious about home ownership. 

After the Sale: The Next Steps and What You’ll Need to Do Before You Move Out

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After the Sale: The Next Steps and What You'll Need to Do Before You Move OutGetting an offer on your home can certainly make it feel like the hard part is over, but even after the deal is sealed there’s still a lot to do when it comes to moving out. Whether you’re getting prepared for a future move or your buyer has just signed on the dotted line, here are the first steps to take once it’s certain your property is off the market.

Start The Packing

For many people, packing is something they would rather put off until the last minute, but boxing up your stuff is actually a great opportunity for a little spring-cleaning at any time of the year. Instead of procrastinating, get started early and ensure that you’re only packing up the items you will make use of. Whether you decide to pass the extras off to friends or donate them, this is a great way to make your next home clutter free.

Book The Moving Trucks

The day you have to be out of your home by will be set in stone, so it’s important to get ahead of this process and contact the movers as soon as you can. Moving companies have busier times of year and by booking in advance, you won’t have to comply with their loaded schedule. While you’ll want to make a reservation if you’re working under a time crunch, it still might be worth shopping around to see if you can find a better deal.

Complete The Last Minute Fix-Ups

In all likelihood, there’s a list of minor tasks the homebuyer will want you to complete prior to move-in. It’s important to prioritize these things so they’re not left until the last minute, so ensure you make a list and pick a day or a certain window of time to complete them. Whether you’ve agreed to paint a room or get the windows re-sealed, not making these fixes can end up costing you money so it will be worth the time you spend.

It’s a wonderful feeling to get your home off the market at the purchase price you were looking for, but there are still things that need to be done before the deal is sealed. By making a list of any outstanding maintenance and booking the moving trucks, you’ll be well on your way to your new home. If you’re currently looking for a new home, contact your trusted real estate professional for more information.