All Blog Entries by Debbie Drummond

Found 389 blog entries published by Debbie Drummond.

How to Choose Between 15-Year and 30-Year MortgagesWhen potential home buyers begin to research mortgages for buying a home, they are confronted with a lot of different and possibly confusing words or contract terms. One of those terms is the length of the mortgage. The length of the loan is an important decision to make. Although there are mortgages with a variety of term lengths, 15 and 30 years are the most common. Home buyers should understand the differences between these loans, how they can affect the monthly payment and the way the loan is paid off. This comparison will help buyers make a more informed decision about their mortgage options.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

Monthly

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Buying a Home: Understanding Mortgage Interest RatesPeople in the market to buy a home may notice changing interest rates in the news - especially in todays rising interest rates environment. Since interest rates tend to rise or fall slowly over many months or years, home buyers may have difficulty understanding why experts concern themselves so much with the issue. In fact, interest rates can often dictate part of the housing market's health, including home prices and what a homeowner may have to pay for a mortgage each month. Because of this, home buyers should understand various aspects of mortgage interest rates, and how they can affect the mortgages people can get to buy a home.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any

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Debt-to-Income Ratio InformationA person's debt-to-income ratio can have a big effect on whether or not they can buy a home. Too much debt can impact a buyer's interest rates and may even be cause for a loan to be denied. Understanding debt-to-income ratio can be important during the home buying process, especially for people who have significant amounts of debt.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

Understanding Debt-to-Income Ratio

Debt-to-income ratio is a factor that lenders pay attention to when a loan application is being processed for approval. The ratio consists of two numbers: the amount of money that the potential home buyer owes to lenders every month versus

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What You Need to Know About Refinishing Your Kitchen CabinetsRefurbishing kitchen cabinets can be a big project for homeowners. Understanding the benefits and knowing the process can help homeowners decide whether or not kitchen cabinet refurbishment is right for homeowners.

Replace or Refurbish Kitchen Cabinets?

The average cost to refurbish kitchen cabinets starts at around $1,000 and goes up from there. This is much less expensive than installing all new kitchen cabinets, which can costs an average of $3,560. For homeowners on a budget who want to enjoy the look of kitchen cabinets without the great expense, refurbishment is an excellent option.

DIY or Contractor?

One of the things that a homeowner must decide when trying to install new cabinets is whether or not to hire a contractor or do the

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Good Reasons to Obtain an Updated Property SurveyBuying a home is complicated with a lot of moving parts. In addition to the purchase and sale agreement, there are inspections, appraisals and very often surveys. A home survey lets a home buyer know for sure where the boundary lines are for their property. But beyond that, what are the other details of a home survey?

Types of Surveys

There are actually several different survey types, each with a specific purpose. While commercial property surveys may be more comprehensive and detailed, a survey is always a good idea when buying both raw land or a home, or prior to building. Some of the various types of surveys include:

  • ALTA/NSPS Survey: The initials stand for American Land Title Association and National Society of Professional
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Deferred Maintenance: What Is it?When looking for a new home to buy, one of the things that may come up during the search is deferred maintenance. When a home has deferred maintenance, it can have a big impact on the homeowner. But just what is deferred maintenance? This guide will explain what deferred maintenance, and what it means for buyers and sellers alike when dealing with a home that has it.

What Is Deferred Maintenance?

Deferred maintenance on a home is exactly what it sounds like: when a homeowner continually postpones necessary repairs, resulting in the home to fall into disrepair. This is often done in order to save money, stay underbudget, or simply because they can’t afford to have their home repaired. Examples of deferred maintenance include things like: 

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    Home Addition Information For HomeownersThe decision to add on to a home is usually not made easily. Homeowners in The Ridges of Summerlin have many factors to weigh when they're trying to decide if a home addition is right for them. Knowing what usually leads people to get a home addition, how a home addition can improve property value, and what to expect during the construction process can help homeowners decide if they would like to proceed.

    For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

    Reasons Why Homeowners Get Additions

    There can be many reasons why a homeowner will eventually decide to get an addition. Some of the most common reasons for bedroom or master suite additions

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    Jumbo Loans: Everything You Need to KnowFor home buyers who want to buy a property with a big price tag, jumbo loans are a clear path to securing a mortgage. Most often, jumbo loans are necessary to buy luxury property. However, in high cost of living areas, jumbo loans may be required to purchase modest homes as well. Either way, a home buyer who wants to take out a loan that is higher than the conforming loan limit must do so with a jumbo loan. Knowing the difference between a jumbo loan and other types of loans can help you get a loan for the house you want to buy.

    For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

    What Is the Conforming Loan Limit?

    In most cases, the conforming loan limit

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    How to Spot the Signs of a Housing BubbleIt's not always clear to buyers and sellers when they're in the middle of a housing bubble. This is because their perspectives can be compromised by the sheer weight of the numbers in front of them. Plus, certain markets, such as San Francisco or Los Angeles, have proven that prices can continue to rise for years at a time—even as experts say that the good times won't last much longer. However, Roma Hills new home buyers can look for specific signs to see if their dream home is located inside a ready-to-burst bubble.

    For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

    Home Prices Outweigh Salaries

    If people in a neighborhood are making relatively modest

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    Fast Facts for First-Time Pool OwnersA home swimming pool is often considered a sign of luxury, especially when the summer sun refuses to hide its head. MacDonald Highlands home buyers imagine weekend barbecues and playful water fights as they enjoy their backyard in all its glory. However, there's more to pool ownership than the chance to take a dip whenever the mood strikes. Before adding an in-ground or above-ground pool, it's time to consider the following facts.

    How Much Will the Pool be Used?

    It's not always obvious to homeowners whether or not they'll use the pool until they actually have the pool for longer than a few months. The initial novelty usually means plenty of use at the beginning but after a while, the pool may see fewer and fewer swimmers and more and more

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