Financing

By: G. M. Filisko
Source: Houselogic

By knowing how much mortgage you can handle, you can ensure that homeownership will fit in your budget.

Homeownership should make you feel safe and secure, and that includes financially. Be sure you can afford your home by calculating how much of a mortgage you can safely fit into your budget.

Why not just take out the biggest mortgage a lender says you can have? Because your lender bases that number on a formula that doesn’t consider your current and future financial and personal goals.

Think ahead to major life events and consider how those might influence your budget. Do you want to return to school for an advanced degree? Will a new child add day care to your monthly expenses? Does a relative plan to

How long have you been in residential real estate? Is it your full-time job?

Like most professions, experience is no guarantee of skill. But much of real estate is learned on the job.

Do you have any designations or certifications?

Real estate professionals have to take additional specialized training in order to obtain these distinctions. Designations and certifications help define the special skills that an agent can apply to your particular real estate needs. One designation buyers should look for is the ABR®, or Accredited Buyer’s Representative.

What’s your business philosophy?

While there’s no right answer to this question, the response will help you assess what’s important to the agent and determine how closely the agent’s goals

You’ll save yourself thousands if you know why people mess up.

Can’t wait to cozy up in that cute Colonial, but anxious about signing up for your first mortgage?

We get it. Buying your first home is a big stinking deal. But with a little know-how, it’s easier than expected to make smart mortgage moves and save big bucks over the course of your loan.

By avoiding these mistakes, you can put your home-buying butterflies to rest.

#1 Finding Your Home Before You Find Your Mortgage

How Much It Could Cost You: Enough to send your future kid to college. Seriously, over the life of the loan, you could end up paying tens of thousands of dollars more in interest and fees than you need to.

Why People Mess This Up: If you don’t have your financing

4 ways to secure the best financing and save yourself hundreds on a home loan. In partnership with: That's Who We R®

Source: "How to Improve Your Credit Score"

Get personal finance tips to help you reduce monthly expenses -- and meet your #housegoals. In partnership with: That's Who We R®

Source: "5 Tips to Save Money for a Down Payment"

REALTORS® are community leaders – That’s Who We Are®. You shape and help build neighborhoods that thrive. By promoting diversity and inclusion you unlock access to opportunities that transform lives and boost business. Thriving communities mean:

• A strong economy = more jobs, more income, more business
• Healthier people
• A cleaner environment
• Higher-achieving students
• Safer streets

Fair Housing Month is Here. So is Coronavirus.

April is upon us. This time of year is usually a flurry of spring market activity. It’s also a time when we reflect on the ways people are shut out of the housing market, and commit to expanding housing opportunity, with our annual observation of Fair Housing Month. This year is different. Because of

Whether you are a first-time buyer, or looking to upgrade, buying a home is an exciting time. But, before you download all those home buying apps and start imagining yourself in each beautiful home you see, read these tips to streamline your mortgage process.

1.      Choose A Reliable Mortgage Lender

There are so many options when you are looking for a mortgage loan, from big banks and finance companies, to local banks and credit union.  There are several advantages to choosing to finance with a credit union over your other options.

•        You can save money. Credit Unions will typically offer the lowest rates, which can save you a ton of money over the life of your loan.  They may also offer lower closing costs than you would find at a big

To manage your biggest asset, create a financial plan that covers repairs, upgrades, mortgages, insurance, and taxes.

Do you pay each home-related expense as it comes? If so, you’re missing opportunities for upgrades, or much worse, heading into a financial crisis when a slew of surprise maintenance items hit. So take a holistic look at what it costs to operate your house and set up a home financial plan.

Use our home financial plan budget worksheet, and start by writing a list of expenses, such as:

• Mortgage
• Taxes
• Home insurance, including liability
• Repairs and maintenance, such as new furnace, roof, painting
• Voluntary upgrades, such as a swimming pool, a premium range, a new powder room

• With this newfound grip on your home’s

Public Improvement Districts (PIDS)

Public Improvement Districts (PIDs) are created to help developers finance infrastructure in new communities such as roads, parks and other amenities.

Bonds are sold to finance these improvements and property owners are each assessed a portion of the bonds. This assessment is added to an owner's property tax bill and paid off over time.

New Mexico state law requires that sellers of homes within PIDS disclose certain information to the buyer before accepting offers. There are currently 11 PIDs in the Greater Albuquerque Area.

Tax changes for 2019 change the landscape for homeowners.

Tax season is upon us once again, and to make it even more interesting this year, the tax code has changed — along with the rules about tax deductions for homeowners. The biggest change? Many homeowners who used to write off their property taxes and the interest they pay their mortgage will no longer be able to.

Stay calm. This doesn’t automatically mean your taxes are going up. Here’s a roundup of the rules that will affect homeowners — and how big of a change to expect.

Standard Deduction: Big Change

The standard deduction, that amount everyone gets, whether they have actual deductions or not, nearly doubled under the new law. It’s now $24,000 for married, joint-filing couples (up