Blog – Page 781 of 875 – Fred Gruber - First Rate Financial Group

08

Jul

Home Seller Tips

Let’s Talk Hardwood: Why Converting Your Home to Hardwood Flooring Will Boost Its Value

Let's Talk Hardwood: Why Converting Your Home to Hardwood Flooring Will Boost Its Value When a homeowner makes the decision to upgrade flooring in one area of the home or throughout the entire space, there are numerous materials that may be considered. While each material option has its unique benefits and advantages, many are drawn to hardwood flooring as an option. This is a material that has the potential to boost home value, and a closer look at its benefits will reveal why this is the case.

A Durable, Long-Lasting Material

With many flooring options, homeowners understand that the material will need to be replaced or upgraded over the years. With hardwood flooring, the timeless appeal and incredible durability of the material means that the floor may be an investment to enjoy for many long decades. In fact, with periodic maintenance and regular care of hardwood floors, some hardwood floors may provide the homeowner with 50 years or more of beautiful use in the home.

Numerous Stylish Options

More than that, there are numerous style options for homeowners to consider, and this provides the ability to easily select a material that is ideal for the look of the home. In addition, hardwood floor generally has universal appeal that many desire, and this increases the desirability of the home to future home buyers. This is especially true when a more classic tone of wood is selected rather than a modern or trendy tone.

Improved Indoor Air Quality

Some flooring materials, such as carpet, may have a detrimental impact on indoor air quality, but this is not the case with hardwood flooring. The material is easy to clean, and this means that dust, dander and other allergens can easily be removed from the floor. This will have a direct and beneficial impact on indoor air quality that current owners as well as future home buyers can enjoy.

While hardwood flooring can be desirable and beneficial for current property owners, the appeal of the material will extend to future home buyers. When hardwood flooring is well-maintained by the owner, it is a true investment that will add true value to the home and that may help the owner to sell the property more quickly when the time comes.

07

Jul

By support

Home Mortgage Tips

Start with the Basics: How to Create a Budget to Determine How Much Mortgage You Can Afford

Start with the Basics: How to Create a Budget to Determine How Much Mortgage You Can Afford A mortgage is typically one of the biggest monthly payments and financial responsibilities that a person is responsible for. Mortgage payments usually impact the person’s budget significantly for several decades or longer.

While there are mortgage calculators online that can be used to estimate an affordable mortgage payment, it is important to start with a basic budget. A budget will allow you to more accurately determine how large of a mortgage payment is truly affordable before applying for a new mortgage.

List Income From All Sources

The first step to take to prepare a budget is to list all sources of income that is received regularly. This may include regular paychecks from both spouses, dividends, annuities, and any other sources of income that the individual or the family receives on a regular basis. Most budgets are prepared on a monthly basis, so ensure that the total amount of take-home income for a typical month is included in the budget.

List Recurring Expenses

Create a list of all expenses for the month to complete the next step in the budget-making process, and this should include utilities, minimum credit card payments, car loans, monthly food and gas expenses, and more. Ideally, it will include an allotment for savings, home maintenance expenses, and other expenses that the individual or the family may have. The more accurate the list of expenses is for the budget, the easier it will be to estimate a new mortgage payment amount that is actually affordable.

Think About Irregular Income and Expenses

It is important to think about irregular sources of income and irregular expenses. This may include seasonal income from a part-time or temporary job that is expected to continue into the future, as well as quarterly payments for homeowners’ insurance or annual property insurance premiums. While these are not monthly income sources or expenses, they nonetheless should be accounted for.

When a person takes on a larger mortgage payment than the budget allows for, it can quickly become unaffordable for the individual to continue to pay over time. A high mortgage payment also increases the risk of a default in the event of unforeseeable circumstances.

It is best to set up a monthly mortgage payment that is affordable for the individual’s or family’s budget, and these steps provide basic guidance for establishing a budget. A trusted mortgage professional can assist with setting up a mortgage payment that is affordable based on the budget that is created.

06

Jul

By support

Market Outlook

What’s Ahead For Mortgage Rates This Week – July 6, 2015

Whats Ahead For Mortgage Rates This Week July 6 2015

Last week’s housing-related economic events included the Case-Shiller Home Price Index reports for April, the Commerce Department’s Pending Home Sales report and a report on Construction Spending. In other economic news, Non-Farm Payrolls, the ADP Employment report and Consumer Confidence reports were released. Freddie Mac’s mortgage rates summary and the weekly unemployment claims report were released as usual.

Case-Shiller: Home Price Growth Slows in April

The Case-Shiller 20-City Home Price Index reported that year-over-year home prices slowed in April with a reading of 4.20 percent as compared to the March reading of 4.30 percent. David M Blitzer, chairman of the S&P Dow Jones Indices Committee, said that home prices continue to grow, but are not accelerating. According to the 20-City Index, home prices rose 1.10 percent from March to April and were bolstered by the onset of the spring selling season.

The Department of Commerce reported that pending home sales increased to their highest level in more than nine years in May. Pending home sales were 10.40 percent higher than they were in May 2014, which is a further indication of a stronger housing sector. Analysts consider pending home sales as an indicator of future closings and mortgage originations.

Construction Spending Lower, Mortgage Rates Higher

Construction spending dipped in May to 0.80 percent as compared to April’s reading of 2.10 percent; analysts had expected a reading of 0.50 percent in May. The outstanding news is that construction spending for manufacturing building is up by 70 percent year-over-year in May. While not directly connected to housing, this reading suggests that manufacturers are expanding their businesses and will likely expand hiring as well. Concerns over the labor market have kept many would-be home buyers on the sidelines, but improved hiring reports and wage increases are expected to compel more buyers to enter the housing market.

Freddie Mac’s weekly Primary Mortgage Market Survey brought another increase in average mortgage rates; the average rate for a 30 year fixed rate mortgage rose six basis points to 4.08 percent. The average rate for a 15-year fixed rate mortgage rose by three basis points to 3.24 percent and the average rate for a 5/2 adjustable rate mortgage rose by one point to 2.99 percent. Discount points for a 30-year fixed rate mortgage dropped from 0.70 percent to 0.60 percent and were unchanged for 16-year fixed rate mortgages at 0.60 percent and 0.40 percent for a 5/1 adjustable rate mortgage.

Non-Farm Payrolls Lower; ADP Employment

The Bureau of Labor Statistics reported that Non-farm Payrolls dropped to a reading of 223,000 new jobs added as compared to expectations of 225,000 new jobs added and 254,000 new jobs added in May. The ADP employment report, which tracks private-sector hiring, fared better with 237,000 new jobs posted as compared to 203,000 new private sector jobs added in May.

Weekly Jobless Claims Rise to Highest Level in Five Weeks

New claims for unemployment reached their highest reading in five weeks with 281,000 new claims filed against expectations of 275,000 new claims filed and the previous week’s reading of 271,000 jobless claims filed. The four week rolling average of new claims filed showed an increase of 1000 more claims filed for a reading of 274,750 new claims filed. Analysts said that new jobless claims remained below the 300,000 benchmark for the 17^th consecutive week.

The Commerce Department reported that the National Unemployment Rate was lower at 5.30 percent as compared to an expected reading of 5.40 percent and May’s reading of 5.50 percent. June’s national unemployment rate was the lowest reading since 2008 and is a good sign that labor markets are steadily if slowly improving.

No economic reports were released Friday due to the Fourth of July holiday.