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Can’t Qualify for a Home Mortgage Because You’re Self-Employed?

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Content provided by Dean Hayes, Bay Equity Home Loans

We all know the challenges that self-employed individuals have when it comes time to qualify for a home loan. Being self-employed, you have the opportunity to write off as many expenses as you can, which helps you show a lower net income and pay less federal income taxes.

Unfortunately, that works against you when it comes time to qualify for a home loan.

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Top 5 Reasons People Fear Running their Credit Report

Dean-Hayes

Content provided by Dean Hayes, Bay Equity Home Loans

As a mortgage provider, we must run a credit report in order to have an accurate picture of how you might qualify for a home loan. Every now and then, I run into someone who is concerned about having their credit run. They want me to give them an idea of how they might qualify, but they don’t want me to pull their credit report. However, without it, anything we say is purely conjecture.

It’s just like going to see your doctor for an illness. She will want to have have a thorough evaluation (blood pressure, pulse, lab work) in order to provide an accurate analysis. Without that information, it’s malpractice.

The concerns that I see most people have about having their credit report ran can be summarized in 5 general categories.

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Homeownership: A savings lifeline

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Content from Dean Hayes, Bay Equity Home Loans

With home prices rising to all-time highs, many potential buyers may imagine drowning in a sea of monthly payments stretching across many years.

Naysayers bob to the surface with harrowing tales of home-buying gone wrong. If the down payment doesn’t get you – well the property taxes, maintenance and insurance surely will!

These so-called “savvy” investors say renters who dutifully put all money not spent on housing into stable investments – like mutual funds – may get a greater rate of return.

Criticism of home ownership as an instrument of wealth-building has understandably become louder in the last decade, after a Housing Bust that put more than 10 million homeowners upside-down, and 4 million more into foreclosure.

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What does FHA look for with an Appraisal?

House diagnostics. House with stethoscope isolated on white background. High quality 3d render.

Content from Dean Hayes, Bay Equity Home Loans

When an FHA loan is being used, the appraiser has two objectives. The Department of Housing and Urban Development (HUD) requires the appraiser to determine the current market value, as with any appraisal. But they also require a property inspection to make sure the home meets HUD’s minimum standards for health and safety.

Note that the appraiser does not replace your home inspection. The appraiser has a duty to report to your lender the comparable value of the home your buying as well as the overall condition of the home. Only a home inspector will do a thorough analysis of the condition of every aspect of your home.

HUD is mainly concerned that everything in the house functions properly and there are no health and safety issues. The basic concept of meeting FHA minimum requirements is that everything must work as it was designed to work.

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Do You Know How to Prep Your Home For Summer?

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While the Anacortes summertime is perfect for outdoor gatherings with friends and family, it can also be a dangerous, and inefficient, time for your home. That’s why it’s important to have a preparation strategy in place before the hotter months arrive. These quick tips will help you prep your home for summer, and ensure it stays safe and inviting all summer long.

Schedule an Air Conditioning Inspection

Having an AC professional look at your unit before summer officially arrives will address any potential problems before they become major headaches. You can also DIY some preliminary maintenance. Clearing saplings, grass and other underbrush away from your unit will improve airflow and help prevent clogs. Replacing the air filters in your home’s HVAC will also help your AC function at its peak efficiency.

Look for Insulation Leaks and Inefficiencies

Poor insulation will allow cooled air to escape, resulting in a hot home and enormous energy bills. Fortunately, spotting faulty insulation isn’t difficult. Begin by looking for deterioration around your doors and windows. Caulk, door sweeps and weather stripping should address the majority of your door- and window-related leaks. It’s also a good idea to have a professional perform an energy audit. Pros will be able to identify hard-to-spot inefficiencies in other parts of your home and HVAC system.

Prep for Pests

In addition to being an annoyance, some pests can actually damage your home — and even present health problems. Spraying insect barriers around the exterior of your home is a good beginning, but it’s also important to prep the interior of your home. Sealing all food sources and potential entry points like window frames and doors is an important part of finalizing your pest proofing.

Inspect Your Roof

Summer is mostly known for its beautiful weather, but it can also be a time of severe thunderstorms — or worse. This makes having a sturdy roof very important, especially during inclement summertime weather. Begin your inspection by looking for loose shingles, faulty flashing or other clear signs of damage. Your attic can also be home to leaks, rot and other problems not obvious from the outside of your home. Examining your attic insulation, walls and rafters for signs of moisture will help you prevent water damage and structural deterioration. If you notice signs of damage, it’s best to call a pro. Roof repair can be extensive and are rarely DIY-appropriate.

Reinvigorate Your Outdoor Spaces

Wintertime can take a toll on the appearance of your yard, patio and other outdoor living areas. Removing downed tree limbs, replanting dead flowers and power washing your patio and decking are simple ways to jumpstart your home’s summertime exterior. Your grill can also accumulate gunk during the colder months. Be sure to clean its interior and exterior before your first BBQ. Updating your tired outdoor furniture will also improve the looks and comfort of your entertainment areas. Wrap-around sofas, comfy love seats and luxurious hammocks are ideal additions to any outdoor space. You can perfect your entertainment areas with colorful throw pillows, planters, hanging candles and outdoor lighting.

Military Families: Rent vs. Buy

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With the highly-mobile lifestyle that comes with being in the military, often times renting a home seems like an easier decision than buying a home, even though renting can be a drain on your funds.

In a market like Anacortes and Oak Harbor where demand is high, it is important to consider your options and what is best for you.

Here are some things to consider and discuss:

  • How long will you be living there? Short-term buying options only work out when you can sell the house right afterwards, and while in an ideal market that might be possible, it can take months or even years to sell a house after putting it up. Also make sure to check out the fine print on your mortgage. Many banks have a minimum amount of years before you can sell.
  • How close is it to friends and family? People rely on other people, especially their loved ones. While a house may seem like a good idea, if it’s too far away from your existing life, it could be a hindrance in the long run. Family can also be a great asset if you plan on renting your house out, since they can manage the property in your stead.
  • Is the property rent-able? Chances are, you might not be in your house forever. Renting it out to someone else can be a good way to make money while you’re not living in it, and help pay off any existing loans or mortgages in the meantime. Check to see if the house is fit for rental, and make sure you have someone who can handle calls and visits when you’re on-duty.

 

With any questions about the local real estate market throughout the greater Anacortes area and for all of your real estate needs, Jean Groesbeck & Assoc. LLC is available seven days a week. Contact Team Groesbeck at (360) 941-3734 or via email at Jean@JeanGroesbeck.com, or stop by our office in Old Town Anacortes at 809 7th St.

How Hard is it to Get a Mortgage in 2017?

Dean-Hayes

From our guest blogger Dean Hayes with Bay Equity Home Loans

How hard is it to get a mortgage in 2017?

Another way to ask this question is – what is the current mortgage credit availability?

Some people are thinking that it’s too easy to qualify for a mortgage today – that we’re headed for another housing bubble. And if your entire existence in the housing market has been after 2009 (i.e. you never owned a home or thought about owning a home prior to 2009), then it might look that way to you.

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The Importance of Carbon Monoxide Detectors

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What is Carbon Monoxide?
Carbon monoxide is a poisonous gas that cannot be seen or smelled and can kill an individual within minutes of contact. Carbon monoxide can quickly build to unsafe levels in enclosed or poorly ventilated areas.

What Are Symptoms of Carbon Monoxide Poisoning?
Initial symptoms of carbon monoxide poisoning can include headaches, dizziness, fatigue, weakness, confusion and nausea. Low-level carbon monoxide poisoning can include symptoms similar to illnesses such as the flu.

As these may be difficult symptoms to diagnose, they could be a sign of carbon monoxide poisoning if:

  • Symptoms go away when you leave your home, and come back when you return.
  • Everyone in the home experiences similar symptoms at the same time.

 

What Should You Do if You Suspect a Carbon Monoxide Leak in Your Home?

If you suspect a carbon monoxide leak in your home, gather your family outside in the fresh air and immediately call 911.

  • During power outages, never use charcoal or gas grills indoors or in enclosed spaces. Do not burn charcoal in a fireplace, as charcoal does not produce a draft strong enough to push the carbon monoxide outside.
  • Never use a generator inside your home, garage, carport, basement, or near an opening into your home while outside. Generators should be kept at least 20 feet from buildings in the hope that airflow will direct carbon monoxide flows away from the home.
  • Never use a gas range or oven to heat your home and do not sleep in a room using an unvented gas or kerosene heater.

 

When is the Right Time to Sell Your Home?

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Have you been interested in selling your home, but still wonder when the best time will be?

Here are a few reasons why NOW is the time to list your home for sale in Anacortes:

– SUPPLY AND DEMAND –

Inventory in Anacortes is low, but the demand remains high! Because of this, it is currently a sellers market. Homes listed for sale that are priced correctly are selling very quickly!

– FEWER CASH BUYERS – 

In the past few years, all-cash and investment buyers have maintained the real estate market. With fewer all-cash buyers, the price growth in the housing market will make for more stable and sustainable growth.

– INCREASE IN INTEREST RATES –

It is predicted that mortgage rates are going to rise in the near future; this will encourage buyers to make their move in purchasing sooner rather than later.

– RISING COST OF RENT –

As the price of rent increases, tenants become potential buyers and want to invest rent money towards owning a home.

Before you decide if now the right time to sell your home is, contact Team Groesbeck to discuss your options. Our team of honest and experience brokers will guide you every step of the way, beginning with a no obligation comparative market analysis (CMA) of your property, in addition to a complimentary staging consultation for our clients.

To schedule an appointment with us or for more information, we are available daily at (360) 941-3734 or by email at Jean@JeanGroesbeck.com. As the #1 seller of pre-owned properties in Skagit County, Jean Groesbeck & Assoc. are market experts and can assist with all of your real estate needs, providing you 5 Star Real Estate Services since 2002!