Why Put More Down

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The least amount in a down payment is an attractive option when people are thinking of buying a home.  A common reason is to have cash available for furnishing the new home and  possible unexpected expenses. Some people don't have any options because they only have enough for a minimum down payment and the closing costs.  For those fortunate buyers …

Financing Home Improvements

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Home improvement loans provide a source of funds for owners to finance the improvements they want to make.  These are usually, personal installment loans that are not collateralized by the home itself.  Since there is more risk for the lender with this type of loan, the interest rate is higher than a normal mortgage loan. In today's market, the rates on home …

House-Hacking Rental Property

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House-hacking refers to buying a multifamily property on an owner-occupied mortgage, living in one unit and renting the others.  If you're thinking about becoming a rental mogul, starting early is an advantage.  Not only will you have longer to accumulate a larger portfolio, you can increase the leverage on the first acquisitions if they are owner-occupied.  Leverage is the use …

Expectations

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Ideally, what every owner wants when they sell their home is to get the highest possible sales price in the shortest period with the least inconveniences.  They may not realize that's what they want but if you ask enough questions, they are the three most common expectations. Even when REALTORS® put their home on the market, they have the same three …

Reverse Mortgages

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Reverse mortgage loans are like traditional mortgages that permits homeowners to borrow money using their home as collateral while retaining title to the property.  Reverse mortgage loans don't require monthly payments. The loan is due and payable when the borrower no longer lives in the home or dies, whichever comes first.  Since no payments are made, interest and fees earned are added …

Downsizing in 2020

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Approximately 52 million or 16% of Americans are age 65 and over.  It is easy to understand that some of them are thinking of downsizing their home because they don't need the same space they did in the past. It can be liberating to divest yourself of "things" that have been accumulated over the years but are no longer needed.  Moving to …

Another Source for a Down Payment

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Borrowing from a 401k, 403b or the cash value of life insurance policy is a common financial strategy.  While taxpayers are not allowed borrow from either a traditional or Roth IRA, they can withdraw funds before age 59 ½ for specific purposes like a first home purchase, qualified higher education expenses or permanent disability without incurring a 10% penalty. First-time home …

Anticipating the Cost of a Home

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The largest expenditure a buyer has when purchasing a home is the down payment which can range from zero for veterans or 3.5%, 5%, 10% and 20%.  With mortgages come closing costs which can be another 2-4% and must be paid at settlement in cash. Most mortgages require an escrow account to pay the property taxes and insurance when they are …

Aspiring Owners

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12/17/2019 Non-owners' information was also reported in the 2019 Profile of Buyers and Sellers in an effort to understand aspiring buyers.  74% of those surveyed are currently renters and 26% currently live with someone else without having to pay housing costs. Millennials are the largest share of non-owners with GenXers comprising 26% and Younger Boomers at 12%.  Six out of ten non-owners …

Download the Charleston Home App

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Searching for Homes with our new Charleston Home app 1. Accurate Data straight from our MLSThe Charleston Home app gets you the latest homes without having to wait on other sites to update their information. The housing market can move quickly so you need the most accurate information!  2. Filtered & SearchFind the home of your dreams by being able to narrow down …