YOU MAY BE ABLE TO BUY MORE HOME THAN YOU THOUGHT:
Your down payment and monthly income will, in part, determine how much home you can buy in today’s market. But there are some other factors to consider as well.
Take interest rates, for example. When rates are low, the cost of financing goes down, leaving more money available to pay for the home itself.
The state of the local and regional economy has an effect too, and we are on an upswing here in our Texas market area. With so many more people able to purchase a home now, people have started putting their homes on the market. And with so many buyers, it's a great time to sell, too!
Although you can’t control interest rates and the economy, you can time your purchase to take advantage of them. And you can control several key factors to home affordability, including the type of mortgage you choose. And there are lots of different options available now.
In fact, there are lots of ways to stretch your home-buying dollars to get the most for your money. Want to learn more? Give me a call and I’ll be happy to discuss all the possibilities with you.
Lynne Renaud’s 4 Tips For Retired Homeowners
Now that you’re “free” from work and many other obligations, it’s a good time to rethink your financial and housing situation. What should you do when your Social Security Income isn’t the same as your pre-retirement income? Consider downsizing your home in order to save money and reduce energy costs. Lynne Renaud with Century 21 Sunset, Realtors has 4 Tips for Retired Homeowners…
1. Ask for help
¡Work with Lynne Renaud, a Real Estate professional who has a successful track record in selling homes in your area.
¡Also, talk to your tax, financial planning, and estate planning advisers so that you are sure you understand all of your options.
2. To sell then buy, or buy then sell?
¡If you sell first…there is the challenge of finding a place to live while you house hunt, but you have the security of knowing how much you have to spend on a home, based on the proceeds of your sale.
¡If you buy first…you could face some serious financial stresses if your home takes a long time to sell or sells for less than you expected. You also may face challenges paying an extra mortgage payment, and be burdened with maintaining and paying property taxes on two homes at once. You’ll find security in knowing that you have a place to move to once your home does sell.
3. Consider Your Situation
¡you’re buying to downsize,
¡moving to a less expensive area,
¡you have a hefty savings or asset portfolio or
¡the homes you’re targeting are modestly priced vis-à-vis your income…you might not need to sell your existing home before you qualify to buy the next one.
¡Have your mortgage broker run all the numbers and tell you what loan and mortgage amount you will qualify for before and after you sell your home.
4. Get Creative
¡If you choose to sell your home first, consider renting a Hill Country Cottage, or travel for a year, while you house hunt.
¡Talk with Lynne Renaud about the possibility of selling your home, then leasing it back from the buyer.
¡Short-term financing for your new home might afford you a lower interest rate and monthly payment than a long-term loan.
Call or Email Me Nowbecause I have several marketing plans to help you with your real estate needs.
When ready, please use this coupon as reimbursement for any expenses you incurred during the listing period.
If you know of another friend or family member who may be interested in selling, the coupon is transferable.
The amount on the coupon will be credited to you at closing and funding.
I feel confident that we will begin a professional relationship that can continue for years. I want to be your REALTOR.
*Based on a 30-year fixed rate of 4.75% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to
change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for
our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
CONNECTING YOU WITH YOUR DREAM OF THE TEXAS HILL COUNTRY LIFESTYLE