On the fence about listing your home?

The Best Time to List Your House? TODAY!

The Best Time to List Your House? TODAY! | MyKCM

You may have heard that the housing market is softening. There is no doubt that buyer traffic has decreased. There are fewer purchasers in the market than there were last month and at this time last year. What you may not have heard, however, is that there is still a severe shortage of listing inventory …

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Posted on January 11, 2019 at 5:44 pm
Julie Kennedy | Category: Uncategorized

Interest Rates???? Is this the time to buy?

Is the Recent Dip in Interest Rates Here to Stay? | MyKCM

Interest rates for a 30-year fixed rate mortgage climbed consistently throughout 2018 until the middle of November. After that point, rates returned to levels that we saw in August to close out the year at 4.55%, according to Freddie Mac’s Primary Mortgage Market Survey. After the first week of 2019, rates have continued their downward …

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Posted on January 9, 2019 at 4:03 pm
Julie Kennedy | Category: Uncategorized

Buying A Vacation Property? Now Is A Good Time!

Buying A Vacation Property? Now Is A Good Time! | MyKCM
Considering a vacation home??

Every year around this time, many homeowners begin the process of preparing their homes in case of extreme winter weather. Some others skip winter all together by escaping to their vacation homes in a warmer climate. For those homeowners staying at their first residence, AccuWeather warns: “The late-week cold shot should fade next week, but …

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Posted on January 8, 2019 at 10:37 pm
Julie Kennedy | Category: Uncategorized

Top Renovations to Complete Before You Sell Your House 

Top Renovations to Complete Before You Sell Your House [INFOGRAPHIC] | MyKCM

Some Highlights: If you are planning on listing your house for sale this year, here are the top four home improvement projects that will net you the most Return on Investment (ROI). Minor bathroom renovations can go a long way toward improving the quality of your everyday life and/or impressing potential buyers. Upgrading your landscaping …

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Posted on January 5, 2019 at 5:00 pm
Julie Kennedy | Category: Uncategorized

Thinking of buying a home this year? Look at what to watch

Excited About Buying A Home This Year? Here’s What to Watch

Excited About Buying A Home This Year? Here's What to Watch | MyKCM

As we kick off the new year, many families have made resolutions to enter the housing market in 2019. Whether you are thinking of finally ditching your landlord and buying your first home or selling your starter house to move into your forever home, there are two pieces of the real estate puzzle you need …

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Posted on January 2, 2019 at 5:21 pm
Julie Kennedy | Category: Uncategorized

How to save thousands on mortgage interest

How to Save Thousands of Dollars in Interest on Your Mortgage | Simplifying The Market

How to Save Thousands of Dollars in Interest on Your Mortgage

One of the most common loans you can get to buy a home is a 30-year fixed rate mortgage. If the thought of paying for your home over the course of 30-years seems daunting, here are some easy ways to shorten that term which will actually end up saving you money over the life of your loan.

Any additional payments to the principal amount (the original sum of money borrowed in a loan), helps to cut down the amount of interest that you will pay over the life of your loan and can also help to shave years off the loan as well.

When you make ‘extra’ payments toward your loan, the key is to let your lender/bank know that you want the extra funds to go toward your principal balance as they will not automatically do this for you.

You don’t have to double your mortgage payment to make a big difference either!

If you have a 30-year mortgage on a median-priced home ($250,000) with a 5% interest rate, you’ll be responsible for a $1,342.05 monthly principal and interest payment. Over the course of the loan, if you pay your exact monthly payment, you will have paid $233,133.89 in interest alone!

Paying a Little Extra Can Pay Off Big

1. Pay an additional 1/12th of your mortgage payment every month

Benefit: In the example above, adding $111.84 to your monthly mortgage payment might not seem like a lot, but each year you will have paid one extra month’s worth of payments which will shorten the term of your loan by 4 years and 8 months, all while saving you $42,000 in interest!

2. Pay an additional $50 per month towards your mortgage

Benefit: Fifty dollars might not seem like enough to make a difference on the term of your loan, but that small amount will save you over $21,000 in interest and will take over 2 years off the end of your loan. Twenty-eight years from now, you’ll be happy to pay off your loan that much sooner!

3. Make one-time lump sum payments when you can

Benefit: If you find yourself with a little extra money after a yearly bonus, a tax return, or from investment dividends, paying that money towards the principal can cut your costs. This option, however, is less predictable than the extra monthly payments.

If you have higher interest debts, like credit cards, consider using any extra funds you have to pay those debts down before applying that money towards your mortgage. Also, if you do not plan on staying in your home for more than 10 years, paying extra toward your mortgage might not make sense.

Bottom Line

If you’re wondering what strategies would work best for you to shorten the term of your loan, let’s get together to answer your questions.

Posted on December 27, 2018 at 6:52 pm
Julie Kennedy | Category: Uncategorized

Why get pre-approved?

Getting pre-approved for a mortgage with a lender before or at the early stages of your home buying process is a very important step. This allows your realtor to work fast if you find just the right home for you. It also keeps everyone looking for homes in the correct price range. Usually a realtor can give you some great references for a mortgage lender, if you do not already have one. We work hand in hand to complete the home buying process, so we get to know the good ones in the industry. Having experts on your side can make the home buying process way less scary and confusing.  If you have every wondered whether you could purchase a home, it does not cost anything to have a conversation with a realtor or mortgage lender, they can help you through the process.

Posted on October 19, 2018 at 5:43 pm
Julie Kennedy | Category: Uncategorized

Rising Interest Rates…How do they affect you?

Posted on July 23, 2018 at 9:26 pm
Julie Kennedy | Category: Uncategorized

Different Types of Home Loans ???

Posted on July 23, 2018 at 8:52 pm
Julie Kennedy | Category: Uncategorized

Confusing Real Estate Terms

   

What is an Earnest Money Deposit:

Many home buyers are a bit unsure of what an Earnest money deposit is. The buyer makes this deposit to tell the seller that you are a committed and serious buyer. In today’s fast paced market, the larger the deposit the more serious the seller may take your offer.

Things to know:

  1. The average earnest money deposit usually equals 1-3% of the purchase price of the home.

2. This money is not paid to anyone until you have an offer that has been accepted by both buyer and seller. Upon reaching an agreement, you will have 3 days to deposit these funds.

3. In Oregon the money is paid to the title & escrow company which will be the neutral third party in the real estate transaction. These monies are not paid to the seller or real estate agent.

4. This money will ultimately be used towards your down payment funds or closing costs needed at the time of closing the transaction

5. This money can be refunded for specific reasons if you exit the real estate contract. For example, you have a home inspection and you find something that is alarming and you choose not to proceed with the transaction. Your earnest money deposit would be refunded to you.

There are so many terms that are used during a real estate transaction that the first time home buyer many not know. That is certainly a reason to have a real estate professional by your side, to help you understand and navigate all those aspects of the transaction that you may not be familiar with. Don’t be afraid to ask questions even before you start actively looking for a home.

Posted on May 26, 2018 at 6:26 pm
Julie Kennedy | Category: Uncategorized

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