Don’t Get Blindsided by Closing Costs

Don't Get Blindsided by Closing Costs

Have you ever decided to buy something, only to find out about additional costs at the end? The last thing you want is to be surprised by unexpected fees – especially at your closing.

You’ve made your financial calculations. Extra charges at the eleventh hour could make all your plans go bust.

But you can’t just skip the closing – that’s when the legal ownership is transferred.

Want to avoid being blindsided at your closing? Here’s how to plan ahead for closing fees:

What’s the deal with closing costs?
Closing costs typically run about 2% to 5% of the purchase price and are paid to lenders, attorneys and other third parties. Buyers often have more closing costs than sellers because most fees are related to the new mortgage loan.

Common closing costs for buyers:

  • Loan processing fees
  • Home appraisal and inspection fees
  • Property taxes

Common closing costs for sellers:

  • Mortgage payoff fees
  • Title transfer fees
  • Attorney fees for handling the closing

How can you lower the costs?
After applying for a mortgage, you’ll receive a Loan Estimate from the lender. It summarizes the loan terms, such as the loan amount, interest rate and all closing costs. Comparing Loan Estimates from different lenders is important.

Page 2 of the Loan Estimate also details the services you can shop around for, such as surveys, appraisals and title searches.

Are closing costs ever negotiable?
Yes. A seller or buyer sometimes agrees to pay part or all of the other party’s closing costs. This is something we can negotiate into the purchase agreement.

As for paying the closing costs? Some lenders will allow you to roll the cost into your mortgage. However, you’ll pay interest on it for the life of the loan. Paying cash upfront is a smarter option if you have the funds available.

Want immediate answers to your closing costs questions? Click on the link below:

https://caliberhomeloans.com/loan-consultant/arizona/litchfield/cgivens

Have more questions about closing on a home? Or are you ready to get your home search started? Reach out today.

Don’t need it? Then don’t pay for it.

For more ideas and tips or to speak specifically with Joe Bourland, please call 623-322-8588

Don't over spend.  Do's when purchasing.  Needs vs. Wants
Buying Tips….Do’s You Can Use

You know all those fantastic home features you hear your friends gushing about in their new home? The top-notch school district and Jacuzzi? The spacious third level and even more abundant yard? 

Well, there’s nothing wrong with any of those things. But they’re not right for everyone. 

In fact, for some buyers, they might even be a waste of money. 

Are you on the hunt for a home this year? Give careful consideration to whether you’re paying for features you’ll use. 

Want to know the three that people often overpay for?  

The Biggest House on the Block
Have three dogs and a few active toddlers? Then room to run is a must. Is it just you and your spouse? Springing for a five-bedroom corner lot might not be worth the cash. 

Buying tip: 
Buy for the space you need and are planning for – not the extra level you might use someday. You can always buy a move-up property if your plans change.

A Highly Rated School District
Great schools are important if kids are in your future – or if you have little ones already. But if that’s not in the cards for you, plotting your homebuying plans around them isn’t necessary. 

Buying tip:
You may find more affordable properties, and property taxes, if you search outside those school districts.

Custom Amenities 
Home theaters, quartz countertops and pools are popular amenities that many buyers are willing to pay top dollar for. Are you?

Buying tip:
Focus on the amenities you know you’ll use often and get the most value from. 

It’s not always easy to evaluate your short- and long-term needs. That’s why it’s essential for us to discuss how your future plans will affect your homebuying goals.  

Do you need help finding your perfect-fit home with features you’ll love (and use)? Reach out today to get started. 

Joe Bourland

Joe Bourland | RE/MAX Professionals
Team Leader JoeArizona.com
joe@joearizona.com
10320 W. McDowell Road
Suite B2005
Avondale, AZ 85392
Phone: 623-322-8588

Are you ready for some football????? IT’S GAME TIME!

Image result for Football

??? IT’S GAME TIME ??? Our yearly football contest has arrived! Have you entered to win your favorite NFL Jersey??? Watch video and see comments for details. #AFC #NFC #JoeArizona #GoCards

Posted by Joe Arizona Homes REMAX Professionals on Wednesday, August 15, 2018

Do you think you know who the Super Bowl teams are this year? Got a guess? Let’s hear it!

? Email: info@joearizona.com with the AFC and NFC team you think will be in the Super Bowl.

? If you are correct you will win a prize

? One correct entry will be drawn to win the Grand Prize, an Official NFL Jersey of your choosing.

? 1 entry per email address.

? Deadline 5pm, September 8th, 2018

 

 

Tiny Homes: What Are the Pros & Cons?

Tiny Homes: What Are the Pros & Cons?

The tiny house trend is a big movement. Everyone from millennials to retirees is opting to live small, but that doesn’t mean the lifestyle is right for you. Consider these pros and cons before you downsize.

What constitutes a tiny house?

Generally, tiny homes measure between 100 and 500 square feet. Many are portable, but some city ordinances and housing divisions require homes to be set on a foundation.

What are the pros?

People are drawn to tiny houses for a number of reasons. Owners of tiny homes often cite price as the deciding factor. Tiny homes range from $10,000 to $60,000, depending on the manufacturer. Even a top-of-the-line custom unit typically costs less than $100,000.

Other perks include the freedom of mobility and the ability to live more sustainably. There’s also the added flexibility to use the structure as a rental unit, add-on expansion or mother-in-law suite.

What are the cons?

Of course, not everyone is willing to contend with the realities of owning a tiny home. For instance, despite their low sales price, there are hidden costs that can sneak up on potential buyers. From construction crew markups and shipping fees to property taxes and plot purchases, the final figure can add up quickly.

What’s more, unless you have enough liquid funds to make a cash purchase, financing for tiny homes can be difficult, and there are also obvious drawbacks such as space restrictions that complicate hosting guests and storing nonessentials.

No doubt our collective desire for simplification and financial freedom has birthed the tiny home movement. However, before you commit to one, it’s important to educate yourself about the complicated regulations and overlooked nuances of owning a tiny home.

Joe Bourland

Joe Bourland | RE/MAX Professionals
Team Leader JoeArizona.com
joe@joearizona.com
10320 W. McDowell Road
Suite B2005
Avondale, AZ 85392
Phone: 623-322-8588

RE/MAX Professionals

 

5 Signs It’s Time to Sell Your Home

5 Signs It's Time to Sell Your Home

Have you outgrown your home? Or has your home outgrown you and your household? Fewer and fewer families expect to stay in their first or second home for the long haul. Here are some factors to determine if you’re financially and emotionally ready to sell your house:

  1. Growing or shrinking household — Are you about to welcome a new baby or take in aging parents? Maybe you’re sending your youngest off to college. In any event, if your living space has become too cramped or grown beyond your needs, it may be time to make a move.
  2. Plenty of home equity — Subtract the value of your home from the amount you have left on your loan. What’s left over is the equity — or the amount you’ll have post-sale. After you sell your home, you’ll be a buyer again, so having some funds to put down is key.
  3. Interest from potential buyers —You’ll want to list when you know buyers are looking. Some experts say late spring is the ideal time to sell, but peak seasons vary by region. Milder weather can increase buyer interest, but that also means more competition from other sellers.
  4. Changing circumstances —Location matters. Whether your neighborhood dynamics are changing, you’re unhappy with the schools in your area or a new job significantly increases your commute, your community needs to fit your lifestyle.
  5. Home improvements —Renovations may be a wise investment, but it’s best to avoid listing your home in the middle of a project. If you plan to sell your home as is, completing some minor home updates such as new paint and fixtures can be a huge selling point.

Moving is a big decision, one that requires careful consideration. If your needs have changed since you bought your home, don’t hesitate to get in touch.

Joe Bourland | RE/MAX Professionals
joe@joearizona.com
10320 W. McDowell Road
Suite B2005
Avondale, AZ 85392
Phone: 623-322-8588

RE/MAX Professionals

4 Famous American Estates That Inspire

4 Famous American Estates That Inspire

It’s never too early to dream up your next vacation. Whether you’re interested in a fun, educational destination or you’re on the hunt for home inspiration, visiting these famous estates may pique your imagination.

Architectural Icon
A tour through the Frank Lloyd Wright home and studio just outside of Chicago is like peering into the creative mind of one of America’s most iconic architects. Constructed in 1889 for $5,000, this Oak Park house served as the family home for Wright, his wife and their six kids. Bold, geometric shapes on the exterior and the interior’s high, barrel-vaulted ceiling make this visit a must for architecture enthusiasts.

Literary Cats 
One home of Nobel Prize-winning author Ernest Hemingway is tucked away in the heart of Old Town in Key West, Florida. The estate boasts Spanish colonial architecture and lush grounds; however, the Hemingway home is also well-known for its current occupants. No less than 40 polydactyl (six-toed) cats, descendants of those owned by Hemingway himself, still live on-site.

Presidential Family Estate
Get a historical perspective with a visit to Hildene, a 1905 Georgian Revival mansion in Manchester, Vermont, that belonged to Robert Todd Lincoln, the son of Abraham and Mary Todd Lincoln. Guests can take year-round tours of the home’s 24-room interior, stroll down approximately 12 miles of walking trails and visit the working farm.

As Seen on TV
Popularized by more than 70 feature films and television shows, including “Full House,” San Francisco’s Painted Ladies are a staple of the city’s skyline. This row of quintessential Victorian homes, also known as the Seven Sisters, ascends one of the city’s hilly neighborhoods. Snap a gorgeous photo from the famous Alamo Square Park across the street.