The Patriots lost to the Tennessee Titans this past Saturday with a score of 20-13. The biggest media hype in New England surrounds Tom Brady and if he will retire, or if he will remain a part of the Patriots Dynasty this upcoming 2020 football season.
Is Tom Brady’s Reign Over?
plan on retiring? Does he want to
retire? (Does not seem like it!)
could it be, that Belichick does not plan on keeping Brady around any longer?
Or, is it
possible that everybody just needs to take a step back and give The Patriots
Dynasty a few days to clear their minds from the unfortunate defeat that
Back in October, Brady and his wife Gisele Bundchen were found to have purchased a new house in Connecticut and their Brookline, Massachusetts home was on the market this past August. Did it sell? Nobody seems to know yet.
The Reality of Tom Brady’s Situation
fans would love to see Brady stay and retire with a last-game win, but should
he be considering retirement, we should be applauding him for his reign of
success and applauding him for focusing on his future with his family.
He may be a football star, but he is a real person just like us! Tom and Gisele are a married couple who need to work together and make decisions based on what is best for their marriage, their children, their careers, and their overall quality of life.
Reality Check – Moving on in Life – Buying and Selling A House
Though celebrities do have more security and more protection when it comes to their private endeavors, Tom Brady is a perfect example of a busy and successful man who is just as likely to hire a real estate agent for his buying and or selling needs.
individual needs to focus on what their strengths are, and we all know Brady is
a strong quarterback and is a great speaker on camera.
people feel they can buy or sell a house on their own.
Though there are people far, few, and in-between that are capable, sometimes in the real estate market it is in the best interest of a homeowner or property owner to leave their real estate needs to the professionals.
Ready to List and Sell Your House Like Tom and Gisele?
You were approved for a loan of $240,000 to cover the
remainder of the mortgage.
You are the property owner and
your lender does not own any portion of the property.
However, keep in mind, that even though your lender does not own the property, the lender is still utilizing it as collateral for your loan.
All this means, is that should you not pay your
mortgage as your terms outline, a lender can secure its interest by getting a
lien on the property.
If a lien is put on your property, this means you are unable
to sell your property without resolving
the debt with your lender first.
How Can Home Equity Increase?
Loan repayment: By paying down your mortgage loan balance, your equity increases. Especially with standard amortizing loans! Why? Well, this type of loan comes with equal monthly payments in which each month, your payment goes towards the principal AND interest. As more time progresses, the amount that goes towards the principal repayment increases, therefore building equity at an increasing rate each year!
Price appreciation: Now how about this? Your home can gain additional value solely because of improvement projects or a healthy real estate market. What does this mean? Well, you can build equity without exactly even trying!
So WHY is Home Equity an Asset?
Though there is still much more to learn about the different type of home equity loans, the main take away here is that home equity is an asset.
Well, because it is part of an individual’s total net worth!
If you have
equity in your home or
any of your other properties,
you can take lump-sum or partial withdrawals out of your equity. It basically acts as a line of credit!
When you have equity, you can borrow against it for just about anything (though not recommended for paying your current expenses)!
Buying your next home, borrowing against equity, and funding
retirement are popular choices homeowners with equity will make, but it is
recommended that you as a homeowner are fully aware of your specific agreement
with your lender to truly reap the benefits of your home equity!
If you are
looking to further discuss how to best use your equity to achieve your home-buying
or home-selling goals, contact
Apex Realty Group to further discuss your options!
So, you have heard of a homeowners association and you are familiar with the acronym HOA.
Sure, you can probably make some educated guesses as to what it means to be a part of an HOA, given the name—BUT, why do communities even have them?
Let’s explore how one develops in the first place, so we can fully understand the purpose they serve and what benefits a HOA provides a homeowner!
The Development of a HOA
Created by the developer of a community, the association starts as a non-profit organization which includes an HOA Board of Directors who are identified as a leadership team for the community.
When a family purchases a home in such a development, they become a member of the HOA.
Furthermore, as the community grows, residents get to elect members who are the most qualified and interested in overseeing the association to serve on their board.
The developer turns full control of the HOA over to the board once a certain percentage or number of community homes are sold.
The Main Benefit of a HOA
Though every HOA still must abide by its state’s laws, each HOA has their own governing documents that include rules and regulations, bylaws, ARC’s, and other restrictive covenants. These guidelines are intended to define the principles of the community for the sole purpose of shielding property values.
The biggest advantage of a HOA is the shared common areas within the community. Many HOAs have pools, clubhouses, volleyball courts, and other amenities an individual may not be afford on his or her own. By HOA members paying dues, the accumulation of these funds contributes to these exciting amenities!
Additionally, the HOA works to make sure dues are paid on time and that rules surrounding late fees are enforced, because the funds contributed by the residents, also pays for maintaining the neighborhood—with regard to the exterior of a building, the interior of a building, and of course, the landscaping!
A HOA can be great for various reasons, but keep in mind, though this is a general breakdown, you will want to be aware of the fact that member fees can vary and the governing rules of a HOA in one community may differ greatly than that of a HOA in another community.
In closing, residents in a neighborhood like to see a well-maintained area where they live and come home to every day. So, it really comes down to preference, but a HOA is created to do the job everyone part of its residential community wants with the goal of keeping all members happy so that they stay living in the community!
Thinking of buying or selling, but need to take your HOA into consideration? Give Apex Realty Group a call, we are here to help!
For an estimate of how much someone can afford to spend on a home, a mortgage pre-qualification can of course be useful. However, a pre-approval has much more value. Why?
What is a Pre-Approval?
To be pre-approved. means the lender has checked: • the potential buyer’s credit • Proof of income • Proof of assets
The Potential Buyer’s Credit
To approve a conventional loan, most lenders require a FICO score of 620 or higher.
Even for a Federal Housing Administration loan, some lenders require a FICO score of 620 or higher.
When it comes to the lowest interest rates, lenders typically reserve these for customers with a credit score of 760 or higher.
Approved borrowers with a score of 580 or higher can pay as little as 3.5% down, according to FHA guidelines.
Those with lower scores must make a larger down payment, but usually lenders will work with these types of borrowers and suggest ways to improve their score.
Proof of Income
Part of the pre-approval process will require potential home buyers to provide:
• W-2 statements from the last 2 years
• Recent pay stubs showing a buyer’s year-to-date income
• Proof of any additional income (such as bonuses, alimony, etc.)
• The buyer’s two most recent tax returns
• Should the borrower be self-employed, he or she will need to provide additional paperwork concerning the business and income to prove financial stability is current and will continue in the future
Proof of Assets
Bank statements and investment account statements need to be provided by the potential borrower to prove there are funds for the down payment and closing costs, in addition to cash reserves.
• The down payment, though it is a percentage of the selling price, will vary by loan type. • The basic types of mortgage loans, potential home sellers and buyers should be aware of, are as follows: o Conventional/Fixed Rate Mortgage o Interest-Only Mortgage o Adjustable Rate Mortgage (ARM)
• These loans cater to certain groups that qualify for special assistance: o FHA Loans o VA Loans
• Exotic types of loan are as follows: o Combo/Piggyback o Balloon o Jumbo
If you are considering selling your house or buying a new house this upcoming New Year of 2020, you now know that you will need to be pre-approved for a mortgage. Keep in mind, the final loan approval will occur once you, as a buyer, have had an appraisal done on the property that the loan will be applied to.