Albert Rodriguez

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Tips For Getting A Mortgage Application Approved

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Tips For Getting A Mortgage Application ApprovedRight now, mortgage rates have fallen to rates that haven’t been seen in years. This opens the door for many people to apply for a mortgage that they previously may not have been able to afford. Sadly, not everyone who applies for a mortgage is going to be approved. There are a few steps that applicants can take to increase their chances of getting their mortgage application approved.

Increase The Credit Score

Applicants need to make sure that their credit scores are as high as possible when they apply for a mortgage. The greater the credit score is, the more trustworthy they look to lenders. In general, applicants are going to need a credit score of 620 or higher to qualify for a home loan; however, those who want to get the best interest rates possible need to make sure their credit score is as high as possible. Try to ask for a free copy of the credit report from one of the major credit bureaus and correct any inaccuracies that might be present. Then, pay down as much debt as possible before applying for a mortgage.

Add More To Savings

Those who want to qualify for the best interest rates will need to be willing to put more money down. The only way to make this happen is to increase the amount of money in the savings account. Lenders are more willing to provide people with a home loan if they know the potential homeowner is supplying some of the capital as well. Delaying the home search by a month or two to collect more money in a savings account can dramatically improve someone’s chances of getting approved.

Increase Employment History

The longer someone has been employed, the better the chances of the application being approved. Lenders want to make sure that the potential homeowner is going to be able to pay back the loan. The longer the applicant has been employed, the greater the chances that he or she is going to remain in that position. A longer employment history could help someone qualify for lower interest rates.

Get A Mortgage Application Approved

These are a few steps applicants can take to improve the strength of their application. That way, they can get the home of their dreams.

Three Hot Renovations That Will Boost Your Home’s Value Without Breaking the Bank

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Three Hot Renovations That Will Boost Your Home's Value Without Breaking the BankAre you feeling the “renovation itch” or perhaps looking for a fun project that you can take on which will provide you with a return on your investment? There are numerous home upgrades and renovations that can add value to a home without costing a large sum of money to complete.

Let’s take a look at three popular home renovations that can increase your home equity without draining your bank account.

Paint Your Home Inside and Out

Painting the interior or exterior of your home costs very little when compared to how much it can freshen up your home’s appearance and increase its value. Painting is also an excellent time to get rid of any old wallpaper or other decor touches that are outdated. Spend some time browsing through Pinterest or through home improvement websites in order to choose a color palette that is warm and inviting without being too bold. Remember, if the goal is to increase your home’s value you’ll need to paint using colors that buyers will find attractive.

Upgrading Your Windows

If your local environment is cold or wet during parts of the year you may find that upgrading your windows improves your home’s appearance and provides you with some additional savings in the form of reduced energy costs. Look for windows that are energy-efficient and that are guaranteed to eliminate drafts. Depending on the area of the country that you reside in, you may find that windows that are insulated with vinyl or aluminum are your best bet.

Finishing Your Basement into a Suite

If you have an unfinished basement which has a lot of space and running water you may want to consider finishing it in to a full basement suite. Some buyers will be enticed by the additional rental income that can come from a suite, while others will be excited at the opportunity to provide an older child or family member with their own suite inside of the same home.

You’ll find that investing a little time and money in your home now can pay huge dividends later when it’s time to sell and move on.

When Is The Best Time Of Year To Buy Things For A Home

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When Is The Best Time Of Year To Buy Things For A HomeFor those who are trying to buy things for their home, it is important to think carefully. Nobody wants to overpay; however, reaching for something cheap may simply end up getting replaced quickly. There are a few highlights that everyone should consider purchasing for their home in January!

Purchase Some Furniture In January

First, everyone has to make sure they think about buying furniture either in January or July. A lot of furniture manufacturers provide retail stores with new pieces in February and August. Therefore, a lot of furniture will go on sale starting either in January or July.

Storage Items Go On Sale In January

Again, a lot of stores will roll out sales in January for storage essentials such as baskets, shelves, and organizing systems. There are a lot of student’s who are looking for inexpensive items before the start of the new semester and what’s leftover after Christmas will often go on sale in January.

Major Appliances Go On Sale During January And The Holidays

One of the most expensive items that people purchase for their home is a new appliance. These tend to go on sale during the holidays and shortly after Christmas. With new versions coming out at the start of the new year, the prior year’s models need to be cleared out and retail stores will slash their prices in January.

Flooring And Paint Will Go On Sale In January

A lot of homeowners will take breaks from remodeling projects during the holiday season. Therefore, paint manufacturers and flooring specialists are often desperate for business during the winter. For this reason, a lot of paint and flooring essentials will go on sale during January, providing homeowners with a chance to save some significant money on their next renovation projects.

Linens And Towels Go On Sale In January

Finally, anyone who is looking for new linens and towels should try to wait for January. These are common gifts during Christmas so retail stores will be looking for ways to clear out the leftover inventory after the holidays. As a result, a lot of linens and towels will be marked for major discounts following Christmas.

Build A Home Gym For Your New Year’s Resolution

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Build A Home Gym For Your New Year's ResolutionWhile many people claim every January that they are going to exercise more, a lot of them give up after the first couple of months. It takes a great deal of effort to make it to the gym before work or have the energy to go afterward.

So don’t make a New Year’s resolution you know you won’t keep. Set yourself up for success by bringing the workout to you. Build your own home gym.

Designate A Space

The ideal situation would be to dedicate an entire room to your new home gym. That way you can close the door, crank up the music, block out the children arguing and focus on you.

However, a section of your garage or the back of your basement will also work. You just need enough room for a set of weights, a mat, a bench and a cardio machine, if you have one.

Prepare The Area

Put down a rubberized floor, especially if you’re in a basement or garage with concrete surfaces. You can purchase them pretty cheaply in foot-by-foot interlocking squares. Then hang mirrors.

This is important so you can watch your form when lifting weights. Also, you might want to put in a stereo system and TV for when you want to listen to music or watch instructional videos.

Decide How Much To Spend On Cardio Equipment

Cardio machines can get expensive and there are many types to choose amongst. If you’re a marathon runner, then you’ll probably want a treadmill. However, you can choose as many or as few as you want, such as an elliptical, stair stepper or stationary bike.

If you don’t want to break the bank for a fancy machine, then a good old jump rope will do the trick.

Choose Your Weights

You can go with a barbell weight system with resistance pulleys or just a set of dumbbells. Make sure you get a bench, so you can vary your lifting routine and properly stabilize yourself for certain exercises.

Make Space For Your Yoga Mat

Yoga mats are great for padding your knees, hands and back when doing abs and stretching — or for actually practicing yoga.

Many people don’t take the time to stretch after a workout, but it’s extremely important in order to improve flexibility, correct posture and prevent injuries. If you create a defined plan to limber up, then it’s more likely to become a regular part of your routine.

What’s Ahead For Mortgage Rates This Week – January 11, 2021

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What's Ahead For Mortgage Rates This Week - January 11, 2021Last week’s economic reports included readings on construction spending and reports on the national unemployment rate and job growth. Weekly reporting on mortgage rates and jobless claims were also published.

Construction Spending Increases as Demand for Homes Rises

Homebuilders responded to increased demand for single-family homes and increased their spending in November. Construction spending rose by 0.90 percent as compared to projected spending of 1.10 percent and  1.60 percent growth in November. Demand for homes increased in recent months due to the coronavirus pandemic. Homeowners left urban areas and bought larger homes in suburban and rural areas. Low mortgage rates, flight from cities, and needs related to working from home and homeschooling fueled demand for single-family homes.

Construction spending tapered off in November due to seasonal slowdowns and winter weather but is expected to continue growing as record-low mortgage rates encouraged prospective and current homeowners to seek larger homes.

Mortgage Rates Mixed, Jobless Claims Fall

Freddie Mac reported lower rates for fixed-rate mortgages as the average rate for 5/1 adjustable rate mortgages rose. Rates for 30-year fixed-rate rate mortgages fell by two basis points to 2.65 percent. The average rate for 15-year fixed-rate mortgages dropped by one basis point to 2.16 percent. Rates for 5/1 adjustable rate mortgages averaged 2.75 percent and were four basis points higher. Discount points averaged 0.70 percent for 30-year fixed- rate mortgages and 0.60 percent for 15-year fixed-rate mortgages. Discount points averaged 0.30 percent for 5/1 adjustable rate mortgages.

Jobless claims fell last week with 787,000 first-time claims filed as compared to 790,000 new claims filed in the prior week. Analysts expected 815,000 initial claim filings. Ongoing jobless claims were also lower with 5.07 million claims filed as compared to the prior week’s reading of 5.20 million continuing jobless claims filed.

Jobs Growth Falls in December; National unemployment Rate Holds Steady

ADP reported 123,000 fewer private-sector jobs n December as compared to 804,000 private-sector jobs added in November. The federal government’s Non-Farm Payrolls report showed similar results for December’s reading on public and private-sector jobs. 140,000 fewer jobs were reported in December as compared to 336,000  public and private-sector jobs added in November. December’s national unemployment rate was unchanged at 6.70 percent. 

What’s Ahead

 This week’s scheduled economic reports include readings on inflation, retail sales, and consumer sentiment. Weekly readings on mortgage rates and jobless claims will also be reported.

Prevent Icy Drafts with Our Easy Three-Step Guide to Weatherizing Your Windows

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Prevent Icy Drafts with Our Easy Three-step Guide to Weatherizing Your WindowsIn the cold winter months, you’ll probably want to be outside enjoying the snow when you get a chance – perhaps building a snowman or having a snowball fight with the kids. However, you’ll get cold, and you’ll want to come inside to your well-heated home.

While you may have dealt with insulating your attic, walls and other areas of your home, if you’ve neglected your windows you may find that they become a source of very cold drafts.

In today’s blog post we’ll share a quick three-step guide to weatherizing your windows which will keep you warmer and help to prevent wasted energy and high heating bills.

Between Window Frames and Walls

The first step to weatherizing your windows is to check for spaces in between the window frames and the windows. You can often see any gaps clearly as they will allow you to see straight outside. If you’re dealing with small gaps you can use caulking as a temporary solution.

If you’re dealing with larger gaps, you’ll want to have professionals come in to repair or rebuild the wall.

Between Window Frames and Windows

If you have windows that can be open and closed, you’re going to need to check these to ensure they seal tightly and that the weather-stripping hasn’t worn away. Weather-stripping is typically sold in rolls, and most types have at least one adhesive side so that you can quickly apply it to your windows and frames. Note that there are different types of weather-stripping on the market, so be sure to purchase a type that will work with your windows.

The Window Panes

The window panes themselves can be used to your advantage. On sunny winter days, you can open the windows and let the sunshine in to warm up your home. At night, close the curtains or blinds to help make a sort of insulation to keep out the cold. The thicker the curtains or drapes are, the more they will help insulate your home and prevent heat loss through your windows.

The benefits of weatherizing your windows will serve you well past this winter if done right. Don’t forget that doing the opposite with curtains or blinds in the summer will help keep your home cool, and the value of a house goes up when these kinds of details are covered. When you’re ready to sell your home, be sure to contact your local real estate agent and they’ll be happy to assist.