Posts for Syndication

If you’re a homeowner who is experiencing financial hardship because of the coronavirus, then you may be concerned about making your mortgage payments right now. It’s important to know that help is available. The federal government and many private loan providers and servicers have plans in place to provide assistance to those who are struggling. Here’s what you need to know if you find yourself in this position.

What mortgage relief options are available?

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was created to help homeowners who have mortgages backed by the federal government. These include mortgages backed by Freddie Mac and Fannie Mae and those that are guaranteed by the FHA, VA, or USDA. This act ensures that you will not face foreclosure until May 17, 2020 unless the deadline is extended. Homeowners also have the right to request forbearance for up to 180 days, and then request an extension of another 180 days. You will be charged no fees, penalties, or interest during this time and no documentation of need is required. Though the CARES Act only applies to federally backed mortgages, many other loan providers and servicers are offering help as well.

What relief options do I qualify for?

If you don’t know who owns your mortgage, then it may be difficult to determine what relief options are available to you. To find out who owns your mortgage, call your loan servicer and ask. You can find the contact information for your loan servicer on your monthly mortgage statement or in the payment book they provide. Alternatively, you can look it up online at the MERS Servicer ID website. Find out the name, address, and phone number of who owns your loan.

How do I request mortgage relief?

After you’ve determined who owns your loan, contact your loan servicer. Be aware that all loan servicers are experiencing high call volumes, so be prepared to wait on the line. If your loan is covered by the CARES Act, then alert the servicer that you are experiencing financial hardship as a result of the pandemic. If the federal government does not own your loan, then ask your servicer what options are available to you. This could include suspending or reducing payments, forbearance, loan modification, or waived late fees. Once you’ve determined what option best suits you, get it in writing so you know what the terms are.

What happens next?

Once you’ve secured your mortgage relief or forbearance, you should keep updated on what happens. Keep all records related to the relief and monitor your monthly mortgage statements for errors. If your mortgage payments are automatically deducted from your account, then make the necessary adjustments so you can avoid fees or other charges. Routinely check your credit report for errors and report them if you find any as they can negatively impact your credit score. You should also confirm with your servicer if your property taxes and home insurance will continue to be paid through an escrow account. If not, you will need to continue to make those payments.

Compliments of Virtual Results

Did you know you could learn almost everything you’d want to know about a neighborhood without leaving your couch? With most Americans still practicing social distancing and staying at home, it’s become more important than ever to utilize available resources when searching for a new home. Luckily, there’s much you can learn just by surfing the web or picking up the phone. Here’s a look at all the different ways you can learn about a community without visiting in person.

Search on social media

One of the easiest places to find all kinds of great information about a neighborhood is on social media. You can search Facebook for groups that are active in the neighborhood to find out more about local organizations and connect with residents. You can also search for events that are happening around town and look for restaurants and shops to find out what the local favorites are. You can also try searching hashtags with the name of the city or neighborhood to find out what other people are sharing.

Explore with Google Maps

Using the street view that’s available on Google Maps, you can explore the neighborhood by taking a virtual walk around town. See what amenities are nearby, check out other homes in the neighborhood, and get a lay of the land. You can also use street view to get a good idea of what your commute will be like. How busy are the nearby roads? Is there just one way to get to work, or are different routes available? Research has shown that the shorter your commute time, the happier you will be. So it pays to know this information upfront. Plus — by the time you visit in person, you’ll already know your way around!

Learn about the schools

Whether or not you have school-age children, it’s important to know about the quality of the school system in a neighborhood. Schools can affect home values, so the better the school district, the higher your home value will be. There are many resources available online to learn about the schools in a community, such as GreatSchools and Niche. You can also check the websites for the school district and each individual school.

Check crime rates

How safe is the neighborhood where you want to buy a home? Obviously, you want a home in a community that has a low crime rate. You can do an online search for crime rates in any area, which will often turn up public records that you can browse. You can also search the National Sex Offender Public Website to search for registered sex offenders in the neighborhood.

Call a professional real estate agent

If you want to really get the low down on a neighborhood, then call a professional real estate agent who is an expert in that market. Real estate agents know all the ins and outs of their communities and can offer a wealth of information, guidance, and advice. Find out everything you want to know from a trusted professional who is in the know.

Compliments of Virtual Results

Take These Precautions For In-Person Showings

While virtual tours have become popular for many homebuyers during the pandemic, some serious buyers will still want to see a home in person before they make an offer. After all, buying a home is one of the biggest financial decisions we make in our lifetimes. It makes sense that a buyer wants to know exactly what they’re getting into. If you’re selling your home, then what should you do to prepare for these situations? Here’s what you need to know to keep you and your family safe.

Insist that buyers have a pre-approval letter

Now is not a good time to cater to buyers who may be “just-looking.” If a buyer wants to see your home in person, you want to make sure they are serious about potentially making an offer on your home. As a condition of an in-person showing, ask for a loan pre-approval letter. When a buyer has taken the time to get pre-approved for a home loan, you can be reasonably sure that they are ready to buy a home.

Have them take a virtual tour first

If you want to limit the number of potential homebuyers who see your home in person, then ask them to take a virtual tour first. Sellers and their agents can either prepare a virtual tour with available software that buyers can view at any time. Or the buyers can arrange to take a virtual tour in real-time with the aid of video-conferencing software like Zoom, FaceTime, or Skype. In addition, buyers should be given the seller’s disclosure statement before making an appointment for an in-person showing. That way, if there are any issues that may be deal-breakers for them, they can know this ahead of time and not bother with seeing the home in person.

Make a “showing kit”

Once you have serious buyers that want to see your home in person, then sellers and their agents should create “showing kits” to have at the home. The kit should include items like hand sanitizer, gloves, masks, and booties. Hopefully, the buyers will already have most of these things with them. But if not, you’ve got all your bases covered by having extras on hand. You should also have hand soap available at all sinks so that buyers can easily wash their hands if needed.

Thoroughly clean and disinfect

Before potential buyers come over, sellers should thoroughly clean and disinfect their homes following CDC guidelines. Pay close attention to frequently touched surfaces such as countertops, doorknobs, and light switches. Put out a sign that asks guests to either remove their shoes or use the booties provided. Once you return to the home, you should clean and disinfect all these surfaces again.

Prepare the home before the showing

One of the best things you can do before the showing is to anticipate everything that a buyer may touch. Turn on all the lights before you leave the house. Open all closets and cabinet drawers so buyers can easily see everything without having to touch anything.

By having a little forethought, buyers and sellers can easily stay safe for in-person showings provided they all follow the guidelines outlined above.

Compliments of Virtual Results

Despite all the changes that the coronavirus pandemic has caused in the real estate industry, one thing hasn’t changed – you’re still going to need a home appraisal before you can close. But certain restrictions that have been put in place including social distancing have made it difficult to carry out an appraisal in the traditional fashion. Luckily, the industry has been able to quickly adapt to keep appraisals moving forward. Here’s what you need to know.

Home Appraisals During the COVID-19 Pandemic

What is an appraisal?

A home appraisal is a crucial step in the closing process. Your lender will order an appraisal of the property as part of the loan application process. A professional appraiser will evaluate your home to determine its fair market value, which could impact your ability to qualify for a loan if the loan amount exceeds the value of the home.

How does a typical appraisal work?

During a typical appraisal, before the pandemic forced many communities to shelter in place, appraisers would conduct their evaluation on-site. The appraiser would go to the home and inspect it. Using this information as well as comps and other data, the appraiser would determine the value of the home.

How has a typical appraisal changed?

Since the federal government continues to suggest social distancing, appraisers have had to modify how the process happens. Most appraisers will ask the seller to leave the home before they enter, and the appraiser will most likely be wearing both a mask and gloves. They may also ask the seller to thoroughly disinfect surfaces like doorknobs and light switches before they enter and to have cleaning products like soap and Palm Antibacterial Hand Gel: The Best Protection Against Germs.

Are other appraisal options available?

Given the unique circumstances under which we’re all currently living, many appraisers have adopted alternative appraisal strategies to determine the value of the home. These alternatives have always been available, and have been used in certain situations when taking into account the loan amount, the borrower’s creditworthiness, and the risk to the lender. The most common alternatives are desktop appraisals and drive-by appraisals.

What is a desktop appraisal?

A desktop appraisal is exactly what it sounds like – the appraiser can do all the work from their desk. The appraiser will use available data such as market research, tax records, MLS records, and comps to determine the value of a property. Be sure to pay attention to recent comps before making an offer, however. Your offer should match recent sale prices in the neighborhood. If it’s higher, it will be more difficult for the appraiser to evaluate why the home is worth more without seeing it in person. You could potentially lose your financing as a result.

What is a drive-by appraisal?

A drive-by appraisal can be used in conjunction with a desktop appraisal to determine the value of the home. In a drive-by appraisal, the appraiser might also rely on photos of the house, an inspection report conducted by another party, a virtual tour of the home given by the seller, or even a drive-by of the property.

What’s the bottom line?

The bottom line is that even with all the restrictions in place, buyers should not have a problem getting an appraisal on a home. Appraisers have a variety of tools they can use to determine the value of a home and keep the closing process moving forward smoothly and on schedule.

Compliments of Virtual Results

The real estate market has made great efforts to adapt to the constraints of social distancing, providing virtual tools to help buyers and sellers get to the closing table. But as we look into the future, we can’t help but wonder how the events of today will affect the real estate market in the coming days. How will the coronavirus transform what homebuyers want?

Let’s take a closer look and if case you feel like getting more information, you might also want to read this article about the Coronavirus impact on construction. To summarize, certain jobs that wouldn’t be an issue otherwise, like residential roofing projects, can take a little longer to perform. Likewise, booking a roofing contractor might also take slightly longer, but the good news is that they are still perfectly doable. All you have to do is keep that in mind and find and book a roofing contractor as soon as you decide you will need their assistance.

How COVID-19 May Affect Your Next Home Purchase

Buyers may favor suburban locations

In recent years, urban centers have seen a real comeback in the real estate market. Major metropolitan areas have seen a rise in new construction and the creation of new jobs. Many buyers have been looking for homes with amenities that are within walking distance, which is much more prevalent in big cities. But with COVID-19 hitting urban centers particularly hard, more homebuyers may turn their eyes to the suburbs. The suburbs offer more space – making social distancing easier and time spent at home more enjoyable. And if telecommuting to jobs continues after the pandemic slows, then living in the suburbs might be even more appealing to some buyers who will no longer have to worry about a long commute.

Buyers may want bigger homes

With more than 90 percent of Americans under some kind of stay-at-home orders, we have never spent more time at home. Most of us are accustomed to sleeping at home and doing most of our activities outside the home including working, shopping, and dining out. But when you’re forced to stay at home, some people might feel they need more room – whether it’s a home office or a dedicated place for kids to do schoolwork. In the last few years, homeowners have opted for smaller homes, especially as more Millennials enter the market. But the COVID-19 pandemic could shift that trend, with future homebuyers searching for larger homes.

More buyers will be searching for second homes

For homebuyers who have the money, having a second home can provide a great sense of security. It’s easier to live in a dense city when you know you have a home in the country or on the beach to which you can escape. The pandemic also shut down the short-term rental market, making homeowners the only people with the option to leave. The market for second homes tends to be tied to the strength of the stock market, so whether or not buyers will be shopping for second homes depends largely on the economy. 

The closing process will become even more virtual

While the real estate market has generally been slow to adopt new technology, the pandemic greatly accelerated this trend. With the ability to meet face-to-face or see homes in person substantially reduced, the process of buying a home is now relying on technology. Homebuyers are scheduling detailed virtual tours, lenders are conducting drive-by appraisals, paperwork is signed electronically, and drive-thru closings are becoming popular. Even as we phase out of the pandemic, look for many of the aspects of buying a home to remain virtual.

Compliments of Virtual Results

Back in March, the federal government cut interest rates in an attempt to stimulate the economy during the COVID-19 pandemic. In addition, many lenders are offering programs that will allow homeowners who have lost income to pause mortgage payments without hurting their credit. There are many ways that these tactics are impacting the current real estate market. Here’s what you need to know.

The coronavirus impact on mortgage rates

Last month, the Federal Reserve cut interest rates and also announced that it would buy more mortgage-backed securities. These were both in an effort to keep the market functioning smoothly. Buying mortgage-backed securities means that lenders will have money for buyers to borrow. Between mid-March and mid-April, fixed mortgage rates fell by almost half a percentage point. For homebuyers, this can mean significant savings, especially if you lock-in the interest rate.

The coronavirus impact on refinances

Current homeowners may be even more enticed than buyers by the drop in mortgage rates. Many are deciding if now is a good time to refinance their loans. Keep in mind that even a small reduction of your rate can net you significant savings over time, even when you consider the closing costs. This is especially true if you plan to stay in your home long term. Be aware that this is a busy time for lenders who are processing refinance applications, and as a result it may take longer to finalize your new loan. And just like when you got your first mortgage, you should shop around so that you get the best possible rates and terms.

The coronavirus and home appraisals

One crucial step in the closing process for a home loan is an appraisal. The lender typically sends a professional appraiser to the property to determine its fair market value. Of course, with strict social distancing guidelines in place around the country, it is difficult to perform an appraisal in the traditional way. For this reason, new rules have been implemented to help keep the process moving forward without putting anyone in unnecessary danger. Some lenders have approved drive-by appraisals, where the appraiser drives by the home to evaluate it. Other lenders have also authorized the use of desktop appraisals where the appraiser uses existing data to determine the value of the home.

The coronavirus and mortgage relief

If you’re one of the millions of Americans who is suddenly out of work, then you may qualify to get mortgage relief. The recently enacted CARES Act directs lenders that hold federally backed mortgages to offer payment suspension for as long as 12 months. During this time, homeowners will not be charged late fees. They will also not be reported to any credit bureaus for late payments. In addition, foreclosures and evictions will be suspended for at least 60 days. Federally backed home loans are those that are insured by the FHA, the VA, and the USDA, among others. If the federal government does not back your loan, then contact your lender or loan servicer to determine if there are options that may be available to you.

Compliments of Virtual Results

The coronavirus pandemic has not stopped the real estate market — it has just moved most of the process online. While the industry has been slow to adopt technology in the past, the pandemic has created a seismic shift in how real estate transactions are handled.

A rapid embrace of existing technology has made buying and selling a home during the pandemic easier, safer, and more streamlined. Let’s take a look at how technology is making real estate transactions possible during the pandemic.

Using Technology to Close on a Home

Virtual meetings

It’s still important to interview real estate agents when you’re getting ready to list your home and to devise a selling plan once you’ve settled on an agent. Instead of going into an office for these meetings, you can have them virtually. It’s easy to conduct a video chat with an agent so you can have a face-to-face meeting, and there are several platforms you can choose from to have these virtual meetings.

Online home searches

Even before the pandemic, most homebuyers were starting their home searches online. There are many websites available where you can search for homes for sale. Online listings will give you a good sense of what’s on the market in your location and help you narrow down properties you’d like to see in more detail.

Virtual tours

To get a better sense of the layout of a home, buyers and sellers can use video tours. These can be pre-recorded by the seller or agent and uploaded to many online listing services. In addition, video tours can be done that allow buyers to virtually tour the home. These can be created if you try a site like major geek to download new programs for netsuite software implementation or done in real-time through video chatting services like FaceTime or Skype.

Digital signing

Although regulations differ from state to state, many real estate transactions that require signatures can be performed digitally. The agent or lender can upload documents that can be signed electronically on your device without leaving the comfort of your home. With the help of IT services, we managed to go from an in-person meeting to a virtual meeting. You could use Treasure Valley It or a firm local to you for any managed IT services.

Sending money

Sending money is also easy to do without having to come into contact with other people. Depending on the service and what your local regulations are, you may be able to pay with a credit card. Wiring money directly from the bank is also an option. For a more old school approach, you can even send a check in the mail, or arrange to have an agent pick up a check from you (from a safe distance, of course). Just make sure that if you’re wiring money that you don’t become the victim of wire fraud.

Drive-by or desktop appraisals

If you’re applying for a home loan, then getting an appraisal will be part of the closing process. Usually this involves an appraiser coming to the house to evaluate its condition. But Fannie Mae and Freddie Mac have eased restrictions on appraisals and are now allowing drive-by or desktop appraisals. This eliminates the need for an appraiser to enter the home.

Drive-thru closings

Believe it or not, you can even finalize the closing and maintain proper social distancing. Instead of closings where you meet around a table with all parties, many title companies are allowing drive-thru closings. This is similar to how you might do a drive-thru transaction at a bank.

Compliments of Virtual Results

While the coronavirus has changed so much about our daily lives, one thing hasn’t changed – people are still buying and selling homes. In fact, many sellers are facing big life changes that require they sell their homes now. If you’re one of those sellers, then you may be concerned that now is not a great time to put your home on the market. However, you should be aware that it is still possible to safely and successfully sell your home. Here is what you need to know if you’re selling during the pandemic.

Get ahead of the curve

It’s true that some home sellers are removing their listings from the market right now. But that could be a very good thing for those that are ready to sell. Fewer homes on the market means less competition. And you can bet that those who are searching for homes right now are serious buyers. Plus – you can expect to see a glut of homes on the market once the pandemic passes and social distancing guidelines are relaxed. Once those restrictions are lifted, your home will face fierce competition if you decide to wait. Get ahead of the curve by moving forward with your listing now and by seeking professional help from real estate business coaching.

Have a great online listing

With more than 90 percent of Americans under stay-at-home orders, you can bet that there are more people than usual looking at online home listings. Those in the market for a new home have the time to browse and many may be reaching out to listing agents to take a virtual tour of the home. Make sure your listing stands out among the competition with great photos.

Make a video tour

In addition to taking high-quality photos of your home, consider having your agent make a video tour. Many buyers will not want to schedule in-person showings unless they are very interested, so having a video tour will give them a better idea of how your home really looks so they can decide if they want to see it in person.

Follow CDC guidelines

At some point, other people will need to enter your home. They could be potential buyers who want a tour or a home inspector who needs to evaluate the property. While you should always clean your home before a showing, now it is more important than ever. Follow CDC guidelines for cleaning and disinfecting your home. Wipe down all surfaces including light switches and door handles with disinfectant. It’s also a good idea to clean everything again when you return home. Consider having an array of cleaning products on hand so that visitors can use them, such as hand sanitizer and disinfecting wipes. Be sure to put hand soap at every sink so people can frequently wash their hands.

Work with a trusted partner

Finally, one of the best tips for selling right now is to work with a trusted real estate professional. Selling a house can already be a stressful endeavor – now it’s doubly so given the current conditions. An expert agent can help you more easily navigate the process and give you valuable insight and advice about how to succeed. In addition to a realtor, you may also need to work with property conveyancing professionals.

Compliments of Virtual Results

With warmer weather on the way, homeowners with backyards will no doubt be spending much more time outdoors. But does your yard lack the privacy you desire? Whether your yard gets too much sun or too many curious looks from the neighbors, you may be looking for ways to make your space more intimate. Here are some clever ways to create privacy in your backyard without breaking the bank.

Grow a bamboo fence

Nothing says “Zen” quite like bamboo. If you want to create a tropical retreat in your backyard, then bamboo could be a great choice. You can use it to create a green fence that blocks a view. Or use it to fill in gaps in your landscaping. Be aware that bamboo can be invasive. Be sure to choose a variety of bamboo that is compatible to your environment and can be contained easily. Opt to plant it in pots or purchase clumping, slower-growing varieties.

Use large planters

One of the easiest ways to create privacy in your backyard is with planters. Buy extra-large sized containers and fill them with tall plants. Great plant choices include tall decorative grasses, dwarf trees, and tall shrubs like arborvitae. Place the planters on wheeled discs, which will allow you to move the plants around to create the privacy you desire. Just don’t forget to water them.

Hang outdoor curtains

Don’t have a green thumb? Don’t worry – you can still create privacy without using a single living plant. Instead, use curtains around decks, patios, or other seating areas to create a cozy area for dining or hanging out. If you don’t have a place to hang curtains, that’s no problem, either. Drive wooden posts into the ground and fasten rods to them to hang your curtains.

Install a lattice fence

If you’re in a DIY mood, then consider installing a lattice fence to create privacy in your backyard. All you need for this project is a few wooden posts and sheets of wooden lattice to attach to the posts. Vacaville Fencing Pros – fencing contractors in fairfield ca have found a full proof way to secure your home and up the equity value for your home. If you’re looking for ideas for a new fence or even a repair – give them a look. You can stain or paint a western rail fence so that it blends well with the style of your home. You can also use plants to trellis on the lattice fence to create even more privacy. Some excellent choices include vining plants like morning glory or clematis, perennial vines like bougainvillea or passionflower, or even climbing roses. Not only will this provide a beautiful partition, but it will also help to reduce noise from neighbors or from the street. You may also consider installing aluminum fencing. Ask a fence company for aluminum fence installation services.

Buy an outdoor screen

Finally, you can create privacy on a budget in your back yard. Buy an outdoor privacy screen to create a secluded space. You can even purchase a portable screen that will allow you to create privacy in any area of your yard. Privacy screens can be made out of wood, fabric, or metal to match the style of your home. If you’re feeling creative, you can make your own privacy screen. Try using old doors hinged together, or create a frame with PVC pipe and use it stretch fabric.

When you’re purchasing a home, the down payment isn’t the only money you’ll need to have available. Homebuyers will be expected to pay certain fees and costs at the closing of the deal. If you’ve never purchased a home before, then these costs may come as a bit of a shock. And if you don’t have the extra money, you could risk losing the deal. Let’s take a look at some of the most common closing costs that homebuyers should be prepared to pay, like a notary, so for getting affordable services you can Call us for the best notary richmond va to help you with the process.

Home inspection fee

Your lender will probably require a home inspection that assesses the condition of the home. The average cost for a home inspection ranges from $300 – $500.

Appraisal fee

Is your property worth what you’ve agreed to pay for it? Your lender will want to know and will schedule an appraisal of the property. You can expect to pay between $300 and $400 for the appraisal.

Application fee

You will be charged a fee for filling out a mortgage application to cover administrative costs and credit checks. The cost of the application fee will vary from lender to lender depending on how involved the application process is.

Loan origination/underwriting fee

The loan origination or underwriting fee is one of the more expensive fees you can expect to pay at closing. It covers the work involved to evaluate and prepare your home loan, including document preparation and notary fees. Generally, you will pay approximately 0.5 percent of the amount of your loan.

Prepaid interest

You will most likely be required to pay the interest that accrues on your home loan between the closing date and the first monthly payment. This amount will vary depending on the size of your loan and the interest rate.

Attorney’s fees

If you live in a state that requires an attorney to be present at closing, then you will also be on the hook for those fees, which are usually calculated by the hour.

Mortgage broker fee

Did you work with a mortgage broker to find a loan? Then you will be required to pay the broker’s commission fee, which is usually a percentage of the purchase price. Typically you can expect to pay anywhere from 0.5 to 2.75 percent. NMLS PE course is a loan originator process and safe exam prep evening course taken by aspiring mortgage brokers.

Mortgage insurance application fee

If you secured a loan that does not require a 20 percent down payment, then you will need to have private mortgage insurance. The cost of the application will vary by lender.

Mortgage insurance

If you need mortgage insurance, you will pay up front for some or all of it, depending on your lender. This fee is usually between 0.55 and 2.25 percent of the purchase price.

Loan fees

Did you get an FHA, VA, or USDA loan? Then you will need to pay guarantee fees for these loans. Check the loan program for specifics.

Property taxes

Yes, you’ll be on the hook for property taxes at closing. You will usually pay two months’ worth of city and county property taxes.

Homeowners insurance premium

You will probably be required to secure homeowners insurance before you close. The amount of your premium will vary from location to location.

Title search fee

When you purchase a home, a title company will perform a title search to make sure there are no claims or liens against it. The fee for a title search is generally about $200.

Compliments of Virtual Results