If you’re self employed getting a mortgage secured is a slightly different process than traditional mortgages. It often comes with additional requirements and red tape.
Here are some tips to help you get organized and approved if you’re self employed!

Apply For A Mortgage When Your Income is Up
We know this is easier said than done but lenders will look at your last two years income most closely, and if you’re income fluctuates its best to apply on an up year. This can help you qualify for a greater loan amount and lower interest rate.

Get That DTI Lower
Your debt-to-income ratio is one of the key factors in getting approved. So you’ll want to try to pay down debts (both business and personal) as well as avoid opening new lines of credit a few months before applying.

Don’t Mix Business and Personal
Keep your business and personal finances separate. Have separate bank and credit card accounts for your business and personal use. This will help lenders easily see the business income and expenses as well as show you are running your business in a professional manner.

Contact A Mortgage Professional
Give us a call or contact us from our pre-qual app and we can see what product best fits your needs. You may be a candidate for QM (Qualified Mortgage) or non-QM lender, either way we can review and help you get started!

If you are about to purchase a house – you are going to be excited and maybe a little nervous. Here are 5 things to do to help lower any anxiety or future surprises.
1. Look For Wet Spots
Check the ceilings for wet spots (rings or circles) and discoloration around windows. They can cause issues down the road and be hard to fix!
2. Check The Wiring
Turn on the switches, dimmers, check the doorbell, garage door, basically check it all. If things are not working right, there could be an overall wiring issue.
3. Inspect the Bathroom
Again look for water damage around toilets, showers and tubs. Also make sure everything is working properly, flush the toilets, check the showers and faucets to make sure the hot water works.
4. Test the hardware
Basically check everything from fans to the washer and dryer. Make sure it all works.
5. Run the heat and AC
You want to make sure the heat and AC are working properly – turn them on and let it run a few minutes.
Finally make a checklist for all the items to be included in the sale and have the owner signoff or initial it so there’s no confusion or disagreements at closing.

Fall is officially here (even if it doesn’t fell like it 🙂
Here are a few tips for getting ready for the changing of the seasons and colder weather.

First you’ll want to rake up your leaves as leaving them on a lawn can cause mold and damage the grass. Next clean the gutters as leaves somehow have a magnetic ability to get stuck in them (if you do it yourself make sure to practice good ladder safety!)
Check your windows and doors for leaks – this can you really help keep cold air out. If you find a leaky window, you may want to apply caulk to the frames.
If you have a fireplace and chimney and haven’t had it cleaned lately call a chimney sweep to clean it before you start your first fall fire!
If you have other fall prep tips you like, let us know as we’d love to hear them 🙂

As some high-demand markets and areas are red hot with limited inventory, we are seeing bidding wars with multiple offers on a house or property which can result in a bidding war.
Here are a few tips to win a bidding war and if you’re the seller how to pick a winner. Don’t forget to get feedback from your real estate agent as they may have important knowledge about the seller. And don’t get too frenzied where you bid yourself to a point where its going to break your budget!

Up the Ante
Of course if there are multiple bids on the property, increasing your offer is going to help. In addition you can make a larger down payment on the mortgage to make financing easier, especially if the purchase price goes above the appraised value. And the old saying cash is king is applicable here as well. Paying in cash shows you’re serious and it also can make for a faster closing.

Preapproval
You’ll want to do this anyway but definitely make sure you are preapproved as it shows you are a viable buyer. Please contact us for a pre-approval letter whether you are in a bidding war or not!

Escalate
You can also add an escalation clause where if someone matches your offer you will raise your offer above it!

Write a Letter
This may sound hokey but we have seen a lot of cases where sellers want their house to go a buyer that is going to care for and appreciate the house. Tell them why the house is special to you and you might not even be the highest bidder and still have the winning offer!

Picking a winner
If you’re lucky enough to be on the selling end of a bidding war here are some tips to pick a winner. Again cash is king. Cash offers give you a lot more certainty that there won’t be surprises during the closing. And if its not a cash offer review the buyers offer, make sure they are preapproved before starting. Also review special offers and escalation offers like an offer to waive some contingencies or beat matching offers.

Many people are finding their house has turned into a virtual office and a virtual school. Making sure your kids are properly learning through zoom and at the same time making sure you are working productively can be a juggling act! 🤹‍♀‍
Here’s a few tips to help keep the balls in the air!
Make Clear Schedules
Your kids need to know your schedule and if there are important meetings not to interrupt and you need to make sure you know your kids schedule including online class schedules. A great way to do this is with google calendars you can make one for each parent and child and share them with each other.
If the kids are younger you can make it old-fashioned and do it on a whiteboard for them to clearly see.

Make School and Work Places
You can have designated areas for work and school, maybe a desk or table that is the work table during the day. If you’re tight on space consider having in home cubicles (ok that doesn’t sound fun) but you can get an inexpensive divider screen or even just some posterboard!

Block Off Time To Work
Ideally you can set up chunks of focus time that are roughly the same time for you and your kids to have focused work and studying. You can try 45 minute or one hour blocks of focused time to get things done.

Become An Early Bird
Try getting up early, a couple of hours before your kids. This will help you get things done and be organized and have more time to help them during the day. That means turn off the tv AND especially the phone a little earlier at night (we recommend this anyways 🙂

Get Some Fresh Air
If possible schedule a daily walk with your kids. You both will need a break from being inside and in front of a screen all day, plus some fresh air and vitamin D are always good!

Have a safe and Happy Labor Day!

The federally chartered Freddie Mac is reporting that interest rates are holding near record lows below 3 percent!
They reported an average rate on 30 year fixed mortgages of 2.93 percent with 0.8 percent average in closing costs.
What does this mean for you?
Well if you are considering buying – you have basically never seen better rates.
And there’s a good chance you can refinance into a lower a rate with lower monthly payments.
Contact us today and we can review your situation and calculate how much you may be able to save!

Should you remodel your bathroom?
If you are planning on selling a home and want to know if remodeling is a good idea, generally the answer is actually no. Statistically, you will get about 70% of the price spent back in terms of purchase price. Now a remodel can help you sell faster and if you’re bathroom is very old or in bad shape, needing of repairs then it can be a good idea!

If you are moving into a new house and want to remodel your bathroom that’s a completely different story of course, but either way here are some guidelines to start with….

Budget
Set a budget first (this actually might be a good rule of thumb in most cases 🙂
Bathroom remodeling can go from low to high cost faster than you can find parking at home depot.

Type and Layout
Decide if you’re going with a traditional standard bathroom, half or wet. Then figure out the layout. We generally recommend keeping the existing layout if you want to keep costs down! If you have to replumb things costs can go up quickly. Things to keep in mind do you want a bathtub – stand alone or built in with the shower – if you’re splurging or space is at a premium a wet bathroom can be fun (but not cheap).

Lighting and Outlets
You want to make sure lighting is flattering and well placed – a light right over your countertop can cause reflections. Also make sure there’s enough light for activities like applying make-up.
And don’t forget the outlets! Imagine finishing up and then realizing you don’t have a place to plug in the hair dryer or electric toothbrush 🙁

Plan and Communicate
If you’re not DIYing this and hiring a contractor then we cannot stress communication enough. You want this planned out, written out with dates, scope and materials to be used. You might think you went over it and the contractor understood everything and then on installation day you’re not on the same page – don’t assume – that and set a budget will get you far 🙂

What about a mini-upgrade?
Sometimes just upgrading a few fixtures like lights and faucets can actually make a big difference so especially if you’re selling consider a mini upgrade instead of remodel!

If you’re thinking about selling and want to sell your house faster at a higher price then curb appeal is one of the first things should focus on. And you can make dramatic improvements for only a few hundred dollars!
First Impressions are important so lets focus on a few easy and low cost ways to boost your curb appeal.

Check the numbers
This might seem silly but if people can’t find your house, they can start the tour on the wrong foot. Look into getting new house numbers as it will make your house look fresher too.
This goes for the mailbox as well! A beatup or old mailbox is an eyesore and a new one might only be $20!

Keep It Clean
If you’re sidewalk or driveways are dirty, get a pressure washer to clean them up. Also make sure walkways are safe and even – if you have a broken walkway or paving stones consider getting those fixed!

Frame the Entrance
Make sure the entrance to the house is welcoming from lights to railways – if you have an old screen door, consider replacing. A fresh coast of pain on the front door can help too.

A New Coat
If you haven’t painted the house in a while consider painting it or at least touching up problem areas. Another low cost way to make your house pop is just repainting the trim and doors in a contrasting color. Be bold but not too bold in the color choice!

Freshen up with Flowers
Ok if doesn’t have to be flowers but check your landscaping. A tree might help frame the house and can boost the appeal for as low as $50! Flower boxes in the windows might be a nice low cost touch. After you put in new planting make sure to keep them watered so the look fresh and healthy for you the open house!

Look at Your House with New Eyes
You look at your house everyday but walk around your house as first time visitor and see what sticks out in need of repair – unhealthy plantings, weeds, cracks in the pavement – fixing the little things can make a big difference!

Should you refinance for less than half a percent difference on your current loan?
You’ve probably heard that interest rate are at record lows and if you’re current rate is one percent higher than today’s rates then we would usually say refinancing is a no-brainer. But what if you already have a low rate and its less than half a percentage point less than your current rate, should you refinance then?
There are a few key factors to consider.
1. Do have an Adjust Rate (ARM) Mortgage?
Getting into a lower fixed rate mortgage can definitely make sense in this case as you’ll lock in a lower rate, as the ARM rate may rise in the future.
2. Do you have a high loan balance?
If your loan balance is $500,000 a quarter percent difference could mean over $300 dollar less in monthly payments!
3. Do you plan on staying in the house more than a few years?
There will be closing costs to pay when you refinance so in order to get see the savings you’ll generally need to stay in the house for a few years.

Of course when in doubt make sure to contact us, we can crunch the numbers see how much you’ll save and if it makes sense for you!