HOW TO SHOP FOR THE BEST MORTGAGE RATES

Mortgage rates are still at historically low levels, they haven't changed much this year.  But this may change anytime soon. 

Both home prices and mortgage rates are expected to rise as season changes.  Mortgage rates vary depending on what product you choose and how you shop.  So how do you get the best rate? Here are some tips on how to shop for the best rates. 

Choose a term on your mortgage based on how long you expect to be in your home.  

30-year fixed rate is the most expensive among all mortgage products because the rate is the highest and you are paying for the longest term.  If you are planning to stay in your home for five years or less, then it is advisable to take a 5/1 adjustable rate mortgage (ARM) which is fixed for 5 years - it is a much cheaper option.  If you're conservative, try a 7/1 or 10/1 ARM - both rates are lower than the 30-year fixed rate and you can save thousands of dollars over the life of the loan. 

Complete the Required Documents

Make sure that you have the complete documents before even applying for a loan.  A great mortgage rate can turn into a bad rate if you have to extend it because you still need to complete your documents.  Remember, ALL lenders will not waive any of the required documents.

Beware of Hidden Fees 

Make sure that you review the full breakdown of closing costs before even committing to a lender so there will be no surprises come payment time. Also read all the fine prints to understand your contract. 

Compare Zero-closing Cost Mortgage 

At 12.5 basis points (.125 percent) added to your mortgage rate or equivalent of monthly payment increase of $30 to $50 may save you $4000 in closing cost or more. This of course, depends on how long is the term of your loan. 

Get One Credit Report Done

Asking multiple lenders to run your credit score can actually damage your score. Choose one lender to run your credit report,ask them to do a three merge score from Experian, Transunion and Equifax all together.

For a list of lenders, please do not hesitate to contact me.

Parade of Homes Special

Parade of Homes is a yearly showcase of both new and remodeled homes in several parts of the United States. The annual event was started by Salt Lake Home Builders Association back in 1946.  The Showcases include single family homes, condominium, duplex and townhomes. You'll find a wide range of prices, sizes and styles featuring the latest in construction, design, and decorating techniques. 

This year, the Anchorage Home Builders Association will present the 50th Annual Parade of Homes in Alaska.  Some of the finest homes in Anchorage and Eagle River will be open to the public during the dates and time mentioned below:

Open House Times 

Friday, September 12, 5 - 8 p.m.

Saturday, September 13, 12 – 6 p.m.

Sunday, September 14, 12 – 6 p.m.

 

The Golden Parade of Homes will feature "Made in Alaska" products which includes asphalt and insulation to windows and decorative finishes. "Made in Alaska Home" showcases building products that manufactured in Alaska.

James Team Real Estate listing is part of the entry in this 50th Annual Parade of Homes - featuring 12286 Vista Ridge Loop, Eagle River - a brand new townhouse in Eagle River minutes from schools, shopping, restaurants and bases minutes from schools, shopping, restaurants and bases. 15 minutes from Downtown Anchorage with 

great views of Alaska Range and Sleeping Lady! 

Big names in community development such as Spinell Homes, Spenard Builders Supply, FM Home Builders, Colony Builders and Petersen Group to name a few will be joining this year's Annual Parade of Homes.

Enjoy the weekend and hope to see you on the tour! If you have any questions, feel free to contact me.

Specialty Room - A Selling Point

We all know that kitchen, master bedroom and bathroom are main selling points of a home.  For sellers, you can generate buyer's interest if you have a room designed for special purposes where buyers can relate.  If you have an extra room or space that isn't really being used, consider staging it as a specialty room. It can be a media room, kids' study hall, art studio or a home office.  

If you have exercise equipment lying around your home, consider combining the exercise pieces into one room. Once you combine the pieces into one room, the buyer can see this room designed for exercising.  It also removes the extra clutter from bedrooms and living room. 

If you want to have a children's study area set up. Just remove excess toys and memorabilia from the children's bedrooms and create a small space for a reading/study nook.

Home offices are very popular these days. Refrain from combining your office furniture and your kid's toys in one room.  It's hard for the buyers to visualize them getting the work done if all the toys are lying around in the room. Take the toys and other items that don't belong in an office. 

There's no need to redo entire rooms to create that look and feel of the specialty rooms. You can easily convert a room into a specialty room by gathering out items that don't belong in a particular room. Maybe just shift some furniture to other rooms and then reorganize so it has a purpose. 

If you have any questions, please feel free to contact me.