Lori Blank & Associates

09

Apr

Real Estate

Essential FAQs for Homebuyers

Join us as we navigate through the common queries that may emerge throughout your mortgage journey. Remember, your quest for homeownership should be illuminated with comprehension and direction. Let’s discuss the primary 4 mortgage inquiries and decode the secrets to unlocking the gateway to your ideal home. What Sets Fixed-Rate Mortgages Apart from Adjustable-Rate Mortgages (ARMs)? A fixed-rate mortgage boasts a steady interest rate over the loan period, ensuring consistency in monthly payments. Conversely, an adjustable-rate mortgage (ARM) features a fluctuating interest rate that may shift periodically. While ARMs often commence with lower rates, they can escalate, potentially impacting monthly…

08

Apr

By Lori Blank

Financial Reports

What’s Ahead For Mortgage Rates This Week – April 8th, 2024

With the upcoming CPI and PPI reports this week, last week still had a number of important data points to consider. First, the non-farm payroll data, helping reveal the situation of pay versus inflation data giving an overall description of the state of the economy in the future. Among that, the manufacturing data has shown to be contracting the past year, with the first signs of relief this month. Lastly, trade data has shown that the trade deficit has grown bigger than expected with Q1 coming to completion. All of these are broader indicators of the state of the economy…

04

Apr

By Lori Blank

Real Estate Tips

Negotiating Repairs After a Home Inspection

So, you’ve found your dream home, made an offer, and had the home inspection done. But wait—what happens next? For many homebuyers, negotiating repairs after a home inspection can be a daunting task. However, with the right approach and some negotiation skills, you can ensure that your new home is in tip-top shape without breaking the bank. 1. Understand the Inspection Report The first step in negotiating repairs is to thoroughly review the inspection report. Take note of any major issues that could affect the safety or structural integrity of the home. These are the items that should be your…

03

Apr

By Lori Blank

Homeowner Tips

Down Payment Options: Your Guide to Homeownership

So, you've decided to take the plunge into homeownership – congratulations! One of the most critical aspects of buying a home is figuring out your down payment. It's a significant financial commitment that can shape your home-buying journey. But fear not! There are various down payment options available to suit different financial situations and goals. Let's explore them together. Traditional 20% Down Payment: The traditional route suggests putting down 20% of the home's purchase price. This option often allows you to avoid private mortgage insurance (PMI), potentially saving you money in the long run. While a 20% down payment may…

02

Apr

By Lori Blank

Real Estate

How Schools Influence Property Values

When you're in the market for a new home, you're not just buying a piece of property. You're investing in a community, its amenities, and its future. One of the most significant factors influencing property values is the quality of nearby schools. Whether you have school-aged children or not, the impact of schools on property values is undeniable. Let's delve into how schools influence property values and what it means for prospective homebuyers. Quality of Education: High-performing schools tend to attract families seeking the best educational opportunities for their children. Homebuyers are often willing to pay a premium to reside…

01

Apr

By Lori Blank

Financial Reports

What’s Ahead For Mortgage Rates This Week – April 1st, 2024

As expected from the prior inflation reports with CPI and PPI, the PCE index had also shown the same corollary among its data points, reporting a higher than expected increase for the month of February across all products. In addition, the Chicago PMI had shown a declining trend of activity among businesses for the 6th week in a row. All this points to that there might be a case for the Federal Reserve to continue holding rates in the next rate decision coming up in the summer of 2024. There has been much speculation that the Federal Reserve will begin…

29

Mar

By Lori Blank

Real Estate

Unveiling Hidden Gems: A Guide for New Investors to Spot Real Estate Opportunities in Emerging Neighborhoods

For new investors venturing into the dynamic world of real estate, the prospect of finding the perfect investment can be both exciting and daunting. While established neighborhoods often seem like the safest bet, emerging neighborhoods can offer untapped potential and higher returns for those with a keen eye. We will look into the art of spotting real estate investment opportunities in emerging neighborhoods, tailored specifically for new investors looking to make their mark in the industry. Understanding Emerging NeighborhoodsEmerging neighborhoods are areas undergoing transformation and revitalization. These locations often feature increasing property values, improved infrastructure, and a growing community. Identifying…

28

Mar

By Lori Blank

Home Mortgage Tips

First-Time Homebuyer’s: Understanding Mortgage Terminology

Obtaining a mortgage can seem to be filled with perplexing terms and concepts. Don't worry, though – we're here to decode the complexities and make it easy for you to navigate the mortgage landscape with confidence. Let's break down some of the most common and confusing terms in simple, easy-to-understand language. 1. Down Payment: Complex Term: The initial payment you make when purchasing a home. Simple Explanation: It's like a security deposit when you rent an apartment but for your house. The more you can put down upfront, the less you'll need to borrow. 2. Principal: Complex Term: The amount…

27

Mar

By Lori Blank

Homebuyer Tips

Insider Tips for Buying a Foreclosed Property: Your Ultimate Guide

Foreclosed properties can be diamonds in the rough for savvy homebuyers and investors alike. These distressed properties often come at discounted prices, presenting an opportunity to snag a great deal. However, navigating the process of buying a foreclosed property can be tricky and requires careful consideration. To help you make the most of this opportunity, here are some insider tips to keep in mind: 1. Do Your Research: Before diving into the world of foreclosed properties, it's crucial to arm yourself with knowledge. Research the foreclosure process in your area, understand the legalities involved, and familiarize yourself with the terminology…

26

Mar

By Lori Blank

Homebuyer Tips

Is Buying a Remodeled Home a Smart Move

While watching shows like Property Brothers, Flip or Flop, Fixer to Fabulous, Fix My Flip and Fixer Upper may paint a rosy picture of buying a remodeled home, the reality often differs significantly. While these shows depict smooth transformations and stunning results, real-life experiences with remodeled homes can be far more complex and challenging. Many flipped houses come with hidden issues. Contractors sometimes prioritize speed over quality, resulting in careless workmanship. Despite the initial aesthetic appeal, problems may emerge months down the line. While purchasing a flipped property can be enticing, thorough research is paramount. Here are some red flags…