Well we are almost ready to bid adieu to 2020, the longest year in memory! Its been a chaotic year to say the least, so its more important than ever to do your financial planning. Here are our top five things to check:

1. Review your budget and savings plan
Analyze your spending and saving for the year. Your savings might not have gone to plan this year and that’s ok – focus on replenishing your emergency fund first if needed and recalibrate plan for 2021 if needed.
2. Maximize Retirement Plan Contributions
If you participate in a 401k make sure you maximize contributions before the December 31 deadline, you have until April for Roth contributions
3. Review Your Insurance Coverage
Check your insurance coverage in many parts of the country housing prices went up, make sure you home is covered under current market prices. Also check your liability coverage and consider getting an umbrella liability policy that covers all your assets, you can get a million dollar policy for a few hundred dollars a year!
4. Health Savings Account
Make sure you contribute to your health savings account (if needed) as there are great tax benefits. Also check to see if you need to reimburse yourself from the account for out of pocket payments you made during the year!
5. Charitable Contributions
Finally especially this year, remember to give if you can! There are important tax changes this year, so even if you don’t itemize your taxes (most people) you can still deduct up to $300 for charitable contributions!

What is a guaranteed mortgage?
Well as you might have guessed, it’s a guarantee that your loan will be paid in case of default (fine print sometimes this is actually insurance), by a third party. In most cases the third party is the government.
Guaranteed mortgages are used when a borrower does not have the traditional required 20% of the purchase price to put down. In these cases the programs guarantee (or insure) the loan. In fact first-time home buyers often do not have the full 20% to put down, so these programs are very helpful in getting funding.

FHA, VA and USDA are the most common guarantors. FHA loans allow first time home buyers to put as little as 3.5% down (with a credit score of at least 580). VA loans allow veterans, active duty and surviving spouses to get funding for a new home loans or refinance with zero down and more flexible credit requirements. There is an upfront fee (but that can be waived in certain situations as well). USDA loans are designed for low and moderate income rural home buyers (although rural might not be as rural as it once was).

Check with us for more details and to see what program you can qualify for and what best fits your needs!

If you’re buying or selling (but especially buying) a home inspection is a crucial part of the process that too often is seen as just another step.
So here are the 3 keys to make sure you come out on top and avoid surprises after you move in!
1. Inspect the Inspector First!
Make sure your inspector is certified, qualified and experienced. You want someone who is going to check things thoroughly and not just check the boxes. Find a good inspector early as the good ones can often be like a popular restaurant – hard to get a reservation.
2. Be Present for the Inspection
If at all possible make sure you attend the inspection too! It may take a few hours so block out the morning or afternoon if needed. You can be part of process, ask questions, get feedback on possible costs if repairs are necessary.
3. Sellers do a pre-inspection Inspection
If you are getting ready to put your house on the market it’s a good idea to get a pre-sale inspection. If the inspections turns up things that need to be repaired or fixed this will help make a smooth sale and closing while avoiding surprises!

We wish you and your family a safe and happy Thanksgiving 2020! We know its been a difficult year but there is still much to be grateful for, including our friendship with you!

Thanksgiving has always been on of our favorite holidays. Seeing loved ones, sharing delicious food, taking a break from our hectic lifestyles for some old fashioned good times.
This year has been different to say the least and Thanksgiving is no different. Here are some tips to help safely enjoy Thanksgiving.
Keep Your Guest List Low
Make next year the Thanksgiving to invite old co-workers but keep this years gathering smaller. And if you have at risk family members strongly consider doing a zoom Thanksgiving with them.
Try For A Fresh Air Meal
If weather is permitting try to have your Thanksgiving outside, just like the original meals. If you can’t do it outside open a window and make sure you have good ventilation
Keep Families Together
If there are multiple families attending have them stay together and practice social distancing.
Limit the Cooks in the Kitchen
Make sure you don’t have a million cooks in the kitchen. Try to keep the people cooking and serving to a minimum (and be sure to show your appreciation if you aren’t the one cooking!)
Ditch the Buffet
Have your designated cook dish the plates in the kitchen to avoid passing plates all around.

We know its been a looong year and we never expected to do this, lets be grateful for what we have and remember that next year we can be thankful for something new the ability to celebrate a traditional Thanksgiving! 🦃

A big thank you this Veteran’s Day for all who have served as well as their families that supported them!

1. FHA Loan – This is most common assistance loan and you may already be familiar with FHA loans, these are widespread and help buyers with lower credit scores and less money saved for a down payment.
2. USDA Loan – are for lower-income borrowers in rural areas (but check with us you may not realize you are in a rural area 🙂
3. VA Loan – this is a great option for those who have service in the military and their families as it allows no down payment!
4. Fannie Mae/Freddie Mac Loan – these are conventional loans that are a good option for those with good credit scores but can put down as little as three percent.
5. Good Neighbor Next Door Loan – this HUD program provide aid for first responders and teachers.
6. FHA Section 203k Loan – if you are getting a fixer-upper this is a great option as home improvement costs can be rolled into the FHA primary mortgage.
7. HomePath ReadyBuyer Program – this is program pays ups to 3% of closing cost assistance for Fannie Mae properties in foreclosure (you must complete an educational course as well)
8. Native American Direct Loan – this program is for Native American veterans on federal trust land.
9. Energy-efficient Loans – there are a few federal programs that allow for savings on homes rated as energy efficient or loans that allow the borrower to add efficiency upgrade costs into the primary mortgage.
10. Local State and City Programs – last but definitely not least there are many local options people often don’t know about that can provide assistance to first time home buyers!

Check with us and we can review your situation and help you decide if any of these are a good fit!

We know 2020 has already been spooky! So we are wishing you and your family a safe and happy Halloween! No tricks – all treats! 👻

We are often asked about whether borrowers should take out a 15 or 30 year mortgage. You may have noticed rates on a 15 year mortgage are amazingly low. Lower rate is better right? Well its not quite that simple. Most people actually get a 30 year mortgage. Lets review the pros and cons.
The main pros of a 15 year mortgage are the aforementioned lower rate. You are also paying less in interest over the lifetime of the loan. For example a $200,000 mortgage at 15 years with today’s current rates you’d be looking at less than $45,000 in interest. While the same loan at 30 years you’d pay over double that, over $100,000 in interest over the life of the loan. You also have the benefit of paying of the loan free and clear in half the time.
Sounds great, why don’t people do it more? Well the kicker is higher monthly payments. Most people are looking for lower payments. The above loan for 30 years would have a monthly payment around $850, while the 15 year loan would have a monthly payment of over $1300. That’s a big difference to most people.
If you’re already saving comfortably for retirement, college, have savings and little other debt then the 15 year might be the call. But most people are looking for financial flexibility and the much lower monthly payment, hence the popularity of the 30 year term. But either way rates are low and we recommend taking advantage, so fill out the free consultation on our website and we can see what program best fits your needs!

You’ve probably heard that interest rates are currently at record lows. You’ve probably also heard 2020 is a year like no other. Many people are asking about cash out refinancing or getting a home equity line of credit.
Here are is quick breakdown of the similarities and differences between the two loan types.
Both allow you to get cash out immediately and in both cases you are borrowing against the equity in your home.
The major differences is with a cash out refinance, you are replacing your first loan with a new one and the home equity loan is a second loan to your existing first mortgage and an additional payment.
Cash out refinancing generally has a lower interest rate, as it replaces the existing first loan and is seen as less exposure to lenders.
Please contact us for a free custom evaluation and we can quickly review your case to see how much cash you qualify for and see what program works best for you!