All Blog Entries by Debbie Drummond

Found 405 blog entries published by Debbie Drummond.

Reverse Mortgage Information for HomeownersThere are many types of home loans available to homeowners who have equity in their home, and a reverse mortgage is one of these loans. Understanding reverse mortgages and how they work can help homeowners who qualify to decide whether or not a reverse mortgage is for them. If you're a homeowner seeking a funding source or extra money to live on, here's what you need to know about reverse mortgages.

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

What Is a Reverse Mortgage?

A reverse mortgage is a type of loan available to homeowners who are at least 62 years old or older. In order to be eligible, the senior must own their own single family or

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4 Ways to Evaluate a Purchase OfferOnce a home has been listed for sale, sellers should be ready to look at any purchase offer they receive from a potential buyer. Buyers often include a variety of details in the offer that could be beneficial to the buyer or the seller. People who get several offers at the same time may need to evaluate them quickly and make a decision. This guide identifies common features of purchase offers that sellers should look for, and what they mean for the transaction.

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

1. Price

One of the first things sellers look for is the price of the offer. Although this may be the most important aspect of the contract,

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Tips for Writing a More Competitive Purchase OfferThe home purchase offer is generally the first official communication between the buyer and seller, making it a document that buyers should take seriously. Now is the time to think through both the terms and contingencies if the home buyer ever hopes to make it to the next step. With your real estate agents assistance in creating a home purchase offer, most buyers will go make more than one offer, meaning they have a little leeway to experiment with trial and error. However, it's still important to understand how to write a solid offer in case the buyer spots their dream property early on in their journey.

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

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All About Fixed Rate MortgagesWhen the time comes to get a mortgage, many home buyers are faced with the question of whether they should get a fixed rate mortgage or an adjustable rate mortgage. Knowing the difference between these two mortgages can help the home owner determine which type of mortgage is right for them.

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

What's a Fixed Rate Mortgage?

A fixed rate mortgage is a standard mortgage with a fixed interest rate. The interest rate does not change over the life of the loan. Whether the mortgage lasts for 15 or 30 years, the homeowner will always make the same monthly payment until the loan has been paid off.

What are the

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Red Flags When Home SellingSelling a home can be stressful, especially if the buyer is difficult, demanding or unprepared to purchase a home. Homeowners who want to have a positive experience selling their home must be aware of the warning signs that a buyer might potentially be a problem. Once the seller is locked into a contract with a buyer, backing out of the deal can be difficult or impossible. Here's what you need to know.

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

Excessive Contingencies

Contingencies are conditions that enable the buyer to back out of the contract without losing earnest money. There are three types of contingencies that are typically included

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4 Red Flags All Home Buyers Should KnowBuying a new home is a big decision in anyone’s life, and all home buyers want to make the process run as smoothly as possible without any hiccups or setbacks. One way buyers can help ensure everything goes as intended is by keeping an eye out for red flags. But just what are the red flags home buyers need to know? Here are some of the different red flags buyers may encounter when looking for their next home and what they mean.

1. The Listing Has No Photos

Online listings are extremely important when trying to sell a home. These listings are going to be most buyers’ first impressions, so it’s essential to make sure they put the home’s best foot forward by posting plenty of photos and information. This is why if a listing doesn’t have any

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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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