28
Jun
By First Rate Financial Group
Home Values

Renovating a Bathroom: DIY vs Hiring a Professional

Renovating a Bathroom: DIY vs Hiring a ProfessionalThe bathroom is one of the most important and frequently used spaces in a home. Over time, it may start to show signs of wear and tear or become outdated. If you’re considering renovating your bathroom, one of the first decisions you’ll face is whether to tackle the project yourself or hire a professional. Both options have their pros and cons, and it’s essential to weigh them carefully before deciding.

DIY Renovation:

One of the most significant advantages of a DIY bathroom renovation is the potential cost savings. By doing the work yourself, you eliminate the labor costs associated with hiring a professional. You have control over the materials and can find budget-friendly options to stay within your desired price range.

Taking on a DIY bathroom renovation also gives you complete control over the project. You can choose the design, materials, and timeline that suit your preferences and schedule. This level of flexibility allows you to customize your bathroom to your exact specifications.

Completing a DIY bathroom renovation can be a rewarding experience. Seeing the transformation unfold before your eyes and knowing that you accomplished it on your own can provide a great sense of pride and satisfaction. It can also be a learning opportunity, as you’ll gain new skills and knowledge throughout the process.

Hiring a Professional:

Professional bathroom renovators bring a wealth of knowledge and experience to the table. They are well-versed in all aspects of bathroom renovations, from design to construction. Their expertise ensures that the project is executed efficiently and to a high standard, resulting in a beautiful and functional bathroom.

Hiring a professional allows you to save time and effort. They have a team of skilled workers who can complete the renovation quickly and efficiently. Professionals also have access to specialized tools and equipment that can streamline the process and deliver excellent results. Professional bathroom renovators take pride in their work and strive to deliver exceptional quality.

The decision between a DIY bathroom renovation and hiring a professional depends on your skills, budget, and personal preferences. DIY projects can be cost-effective and rewarding, but they require time, effort, and a certain level of expertise. Hiring a professional ensures expertise, efficiency, and high-quality results but comes with a higher cost and limited control. Whichever option you choose, thorough planning, research, and realistic expectations are essential for a successful bathroom renovation.

27
Jun
By First Rate Financial Group
Mortgage

Most Common Questions First-Time Home-Buyers Ask

Most Common Questions First-Time Home-Buyers AskBuying your first home is an exciting milestone in life, but it can also be overwhelming and filled with questions. As a first-time home buyer, you want to make informed decisions and ensure a smooth process. Below we will address some of the common questions that first-time home buyers often ask.

1. What Exactly Is a Mortgage? A mortgage is an agreement between you and a lender that allows you to borrow money to purchase or refinance a home and gives the lender the right to take your property if you fail to repay the money you’ve borrowed.

2. What is the Difference between Pre-Qualification and Pre-Approval? A Pre-Qualification is informal and can be done over the phone or internet with no obligation or paperwork to complete and will only be able to tell you roughly what you can borrow. A Pre-Approval is a formal commitment to lend, and the lender collects all required documents to verify your income, assets & credit and will give you a definite idea of what you can afford.

3. What Steps Do I Need to Take to Secure a Loan? The first step is to complete a Loan Application and provide documentation to verify the application information.

You will need to provide:

  • Pay Stubs
  • W2 Forms or Tax Returns
  • Recent Bank Statements
  • Any other documents requested by the underwriter

4.  How Can I Find Out What My Credit Report Score Is? There are several ways to obtain a copy of your credit report. You can request a free copy of your credit report from each of the three major credit reporting agencies.

5. What Are My Responsibilities During the Lending Process? The key thing to remember is to keep your financial circumstances steady during the loan process.

Here are some simple guidance tips:

  • Do not change jobs, become self-employed or quit your job.       
  • Do not acquire more debt (This includes cars, boats, jewelry, household items or furniture etc.)
  • Do not charge large amounts to your credit cards and keep all payments current.
  • Do not spend money you have set aside for closing.
  • Do not apply for loans.
  • Do not change bank accounts or make large or unusual deposits into your account.
  • Do not agree to co-sign or co-borrow with anyone during the process of your loan.

6. What Does it Mean to “Lock in a Rate?” Interest rates fluctuate  day to day, when you lock the loan it will guarantee that you will receive that rate for the duration of the lock.

7. What does Loan-To-Value mean? Loan-to-value is the amount of money you borrow compared to the purchase price conveyed as a percentage.

8. What Is Included in the Monthly Mortgage Payment? There are five items that are included in a mortgage payment. principal interest, property taxes, homeowners’ insurance, and mortgage insurance

9. What Is Mortgage Insurance and Why do I need It? Mortgage Insurance protects the lender if you fail to pay your mortgage and it is usually required if you put down less than 20%. There are many mortgage insurance options to fit your needs.

10. What Should I Expect on Closing Day? Be sure that you have everything that you need. At closing you will sign a lot of papers, but they will all be explained to you. BE SURE you arrive to the closing on time, and you will be guided from there.

26
Jun
By First Rate Financial Group
Financial Reports

What’s Ahead For Mortgage Rates This Week – June 26, 2023

What's Ahead For Mortgage Rates This Week - June 26, 2023Last week’s scheduled economic reports included readings on housing starts, existing home sales, and Federal  Reserve Chair Jerome Powell’s congressional testimony. Weekly readings on mortgage rates and jobless claims were also released.

National Home Builders Association Releases June Housing Market Index

U.S.  home builder confidence rose by five points to an index reading of 55 in June according to the National Association of Home Builders Housing Market Index. The June reading surpassed the expected reading of 51 and May’s housing market index reading of 50. Component readings for the Housing Market Index also rose as builder confidence in current market conditions rose five points and confidence in market conditions for the next six months rose six points.

NAHB said that a shortage of previously-owned homes for sale is driving sales of new homes and rising builder confidence. Many current homeowners refinanced to very low rates available during and immediately after the pandemic and are not inclined to refinance or buy new homes at current higher interest rates.

Mr. Robert Dietz, the chief economist for the NAHB, said: “A  bottom is forming for single-family home building as builder sentiment continues to gradually rise from the beginning of the year.” Mr. Dietz also noted that “with the Federal Reserve nearing the end of its tightening cycle, it’s good news for future market conditions in terms of mortgage rates and the cost of builder and developer loans.”

June’s reading was the sixth consecutive month showing increasing home builder confidence and the 11th month since builder sentiment moved into positive territory.

Mortgage Rates Fall

Freddie Mac reported lower average mortgage rates last week as rates for 30-year fixed-rate mortgages fell by two basis points to 6.67 percent and rates for 15-year fixed-rate mortgages fell by seven basis points to an average rate of 6.03 percent.

Sales of previously-owned homes rose to a seasonally-adjusted annual rate of 4.30 million sales as compared to the expected reading of 4.25 million sales and April’s reading of April’  reading of 4.29 million sales.

What’s Ahead

This week’s scheduled economic reporting includes readings from S&P Case-Shiller Indices, new and pending home sales, and inflation. Weekly readings on mortgage rates and jobless claims will also be released.