Finding the Best of Many Mortgage Options

I wanted to take a minute to talk about mortgages, and what they mean to you in the Carson Valley marketplace.

Firstly, I’m often asked if you need a 20% down payment to buy a house. Well, that’s one of the many options you have. The 20% down payment is a way to keep your mortgage payments down, and get rid of mortgage insurance in a conventional loan. Conventional loans also allow you to put 5% or 10% down.

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The old standard of 20% down isn’t
the only option anymore.

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Other options like FHA loans allow 3.5% down, and VA loans allow for 0% down. It’s important to know the options for loans because you’ll also need about 3.5% of the purchase price to cover all the closing costs.

Another question I get is why mortgage interest rates get quoted higher than the advertised rate. Well, the advertised rate is the best possible option. If you have a credit score better than 750 and you’re willing to pay points for a better rate, then those rates may apply. Unfortunately, most people take the advertisement at face value and think that’s the interest rate they’ll get.

Another common questions is about 30-year loans and if they are the best option. It really depends on each individual situation. Some financial situations only allow you to get a 30-year loan. If you do a 15-year loan, the benefit is that you pay less than half of the total interest that you would with a 30-year loan. The downside is a much higher monthly mortgage payment.

There are so many options for loans and how long it will take the pay them off, so it’s really good to have your lender sit down with you and go over all the advantages and disadvantages of each option.

If you have questions or you’d like a referral for a great lender to speak with, I’d be happy to provide you one. If you have any other questions for me about buying or selling a home, give me a ring soon!

5 Ways to Avoid Grief After Buying in Henderson

There are certain details that are important to pay attention to when buying a home in Las Vegas or Henderson.

Sometimes buyers walk through a home, get emotionally attached, and miss the problems. There are a few steps you can take to avoid the grief down the road.

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Sometimes buyers walk through a home, 
get emotionally attached, and miss 
the problems.

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1. Put marbles on the floor. Yes, really! Put them on the floor and see if they roll anywhere; that could mean foundation issues.
2. Look at the ceilings. You might not ordinarily do this, but if you do, you might spot cracks from settling, leaks, or other major issues.
3. Look for dirt on the outside by the foundation. If dirt is climbing up the wall to where the wall meets the concrete, there might be a termite problem.
4. Look under the sinks. When you turn on the faucets, don't forget to open the cupboard doors to see if there are problems with the sink or damage to the wood.
5. Apps. The handyman app can help you determine costs of repairs, and a sunseeker app can look at your home and figure out which rooms the sun will shine into and at what times of the day. This is especially true here in Las Vegas or Henderson where it gets very hot.

The main thing to remember is that when you find a house you love, don't overlook potential problem areas that could cause you grief down the road. If you have any questions or need any real estate help, don't hesitate to call or email me!