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Home Safe HOME

by Morris Pyle Team

Home Safe Home

 

Home is a place you should feel safe and secure. Sometimes, we take it for granted and unfortunately, we do need to remain vigilant about things we do that could compromise our safety. Here are a few tips to consider:

• Everyone loves an inviting home including burglars. Make sure it looks occupied and is difficult to break in.

 

    • Always lock outside doors and windows even if you’re only gone for a brief time.

    • Lock gates and fences.

    • Leave lights on when you leave; consider timers to automatically control the lights.

    • Keep your garage door closed even when you’re home; don’t tempt thieves with what you have in your garage.

    • Suspend your mail and newspaper delivery when you’re out of town or get a neighbor to pick it up for you.

 

• Posting that you’re out of town or away from home on social networks is like advertising your home is unprotected.

• Equally dangerous could be allowing certain social network sites to track your location.

• Don’t leave keys under doormats, in flowerpots or the plastic rocks; thieves know about those hiding places and even more than you can think.

• Trim the shrubs from around your home; don’t give criminals a place to hide.

• Use exterior motion detectors and yard lighting.

• Have an alarm system and use it when you leave home and go to bed.

• Put 3 ½” deck screws in door plates and door hinges.

• Have good deadbolts on all exterior doors.

• Exterior doors should be solid core.

Assumptions are an Alternative

by Morris Pyle Team

Assumptions are an Alternative

FHA VA Assumption.png

In the late 80’s, both FHA and VA began requiring buyers to qualify to assume their mortgages. The main reason there haven’t been many assumptions in the past 25 years is that interest rates have been steadily going down and if a person has to qualify, they might as well do it on a new loan and get a lower interest rate.

Based on projections by Fannie Mae, Freddie Mac, the MBA and NAR, rates for the second half of 2017 and 2018 are expected to be higher. When interest rates on new mortgages are higher than the rates of assumable FHA and VA mortgages in the recent past, it becomes more advantageous to assume the existing mortgages.

FHA and VA loans originated with lower than current interest rates have great advantages for buyers and sellers.

  1. Interest rate won't change for the qualified buyer
  2. Lower interest rate means lower payments
  3. Lower closing costs than originating a new mortgage
  4. Easier to qualify for an assumption than a new loan
  5. Lower interest rate loans amortize faster than higher ones
  6. Equity grows faster because loan is further along the amortization schedule
  7. Assumable mortgage could make the home more marketable

An Assumption Comparison can help determine the savings and financial benefits of an assumable mortgage with a lower rate.

Down Payment Problem - are you Sure?

by Morris Pyle Team
Down Payment Problem - Are You Sure?

There is increasing difficulty for first-time home buyers to save for their down payment as indicated in the graph.  Several factors that contribute to this trend include rising rents, rising home prices, student loan debt and flat wages.

down payment graph.png

Some would-be buyers feel they cannot buy a home today but a large part of those decisions may be based on inaccurate assumptions.

Nine out of ten non-owners believe they need ten percent or more for a down payment. The typical down payment for first-time buyers is six percent. VA has 100% loan programs as well as USDA for certain qualifying areas and buyers. FHA is known for 3.5% down payments. And FNMA and Freddie Mac have down payments as low as 3% and 5%.

There are gift provisions available for buyers who have an “angel” who would like to help them with their down payment.

There are ways to borrow against a person’s qualified retirement program for a down payment. It isn’t necessarily limited to the buyer but could include a relative. Interestingly, a son or daughter can borrow against their retirement to benefit their parents.

In some respects, having good credit and sufficient income is more important than the down payment. Don’t rely on “common knowledge.” Get expert advice and counsel to see if there is a way to advance your dream of owning a home.

3 Steps to Home Buying!

by Morris Pyle Team

A professional Realtor can go a long way in helping you get through the home buying process with the least amount of drama.

Step 1 to buying a home should be Find a Real Estate Agent you trust to help you. This person may become your lifeline during what can be a somewhat stressful transaction. You may end up making many calls and/or emails to seek guidance, information; and sometimes, quite honestly, just to vent about the loan process or financial hoops you have to jump through.

Step 2 is Get Pre-Approved For a Loan before you start shopping. This will help you have a realistic expectation of what you can afford for a house. This also gives you the ability to move forward quickly when you find a house you want to buy.  I am happy to recommend a Loan Officer and lender who will work hard to approve a loan for you!

Step 3 is Start House Shopping! Be sure you are buying a house that you can see yourself living in for a while. Typically you do not want to be back in the market in just a few years. The same is true for financing - make sure the loan you get is something you can handle for the long term. Be aware of the terms. If you decide on a variable mortgage, make sure you understand when rates are going to go up, and, if there are balloon payments, when balloon payments are due & how much.

Buying a home now, in the F-M Area, should be a great investment! Interest rates are very low, & our economy is one of the best! The Best time to buy is NOW! Prices are increasing!

Morris Pyle, Realtor Emeritus, RE/MAX Legacy Realty

Just call or email me to get my 40+ years of experience to help you purchase your dream home!  701-238-1652 or morrispyle@gmail.com 

 

We would love to help you Buy or Sell your Home.

The Morris Pyle Team will give you the Service only a top Realtor can give you!

The Morris Pyle Team has some of the best and longest experience in Selling and Buying homes in the Fargo / Moorhead market that you can find.

We also believe in using the tools that are available today to help our customers find the home they want and get their current home sold as fast as possible for the best Price!

CALL or  SEE us TODAY

http://87778.mobi/REALFARGO  to download our Mobile App

Where to put it all

by Morris Pyle Team

As you’re probably aware, one of the key steps to preparing your home for sale is to get rid of as much clutter as possible. You want to make every room look spacious and comfortable.

But what do you do with the pictures, boxes, clothing, tools, furniture and other stuff you need to take out of your home?

For items that you don’t want anymore, you have two options: dispose or donate. You can dispose of items at your local waste depot or recycling center, (but be sure to call ahead to confirm which items they will accept.) Donations can be made to organizations like Goodwill and The Salvation Army. These organizations are interested in good furniture, clothing, appliances (that work), bikes and other toys (that don’t need repair), and tools.

For items you want to keep, consider renting space at a local self-storage facility. Most offer a variety of storage options from lockers to garages, and typically charge by the month. As for security, most self-storage facilities have fencing, gates that require a passcode, cameras and other security features. You can also lock your own unit.

One of the drawbacks of self-storage is that you have to move your stuff twice – first to the storage unit, and then to your new home. An alternative that’s becoming increasingly popular is a Mobile Storage Unit. The unit is placed in your driveway for a few days while you load it with the items you want stored. Then it’s picked up by the mobile storage company and taken to their warehouse. When you move, the company simply drops the unit off at your new home for unloading.

Rural North Dakota – Great Outdoor Attractions Attract Home Buyers

by Morris Pyle Team

Looking for a great place to buy a home in North Dakota that offers small town living with big outdoor attractions, on top of being close to the big city?  These rural communities may just be what you’re looking for!

Oxbow is only 15 minutes from Fargo and is home to 300 residents.  Oxbow is home to the Oxow Country Club and is a popular attraction for golf, poolside activities, and events.

Horace is a suburb of Fargo and is one the fastest growing cities in North Dakota. There’s a number of parks for the family, including Freed park that offers a baseball diamond, jungle gym, skateboarding, basketball hoops, tennis court, horseshoe pit, and volleyball court.

Mapleton is located on the Maple River and is only 10 miles from Fargo. Christensen Park has a number of amenities for sports lovers. And for golfers, the Maple River Golf Club has everything you need in an 18-hole golf course.

If these great rural locations sound enticing, then Search For Homes in Oxbow, Horace, or Mapleton today!  Here’s a preview of some of the beautiful homes for sale!

Mortgage Rate Statistics for the Last 21 Years!

by Morris Pyle Team

DON'T DELAY!  IN THE LAST 21 YEARS, HOME PRICES IN THE GREATER  FARGO AREA,  WENT  UP EVERY  YEAR EXCEPT 2!

TAKE ADVANTAGE OF THE VERY LOW MORTGAGE RATES!


The Average Sales Price Indicated only includes Existing single-family residential property reported as  of the third working day of January which is the cutoff date to enter closings included in the year end report. Beginning with Column 3, statistics include ALL PROPERTY TYPES submitted to RMLS.


2015 Statistics were  run on January  6,  2016

 

 

Displaying blog entries 1-8 of 8

Contact Information

Photo of Morris Pyle Team Real Estate
Morris Pyle Team
RE/MAX Legacy Realty
4342 15th Ave. S., Suite 105
Fargo ND 58103
701-238-1652
701-281-0449