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Thursday, August 22, 2019   /   by Brandon Gonzales

Should I Refinance My Home?

With the recent lower interest rates, many homeowners are wondering if they should refinance.


To decide if refinancing is the best option for your family, start by asking yourself these questions:


Why do you want to refinance? 


There are many reasons to refinance, but here are three of the most common ones:





Lower your interest rate and payment – This is the most popular reason. If you have a 5% interest rate or higher, it might be worth seeing if you can take advantage of the current lower interest rates, hovering below 4%, to reduce your monthly payment and overall cost of the loan.






Shorten the term of your loan – If you have a 30-year loan, it may be advantageous to change it to a 15 or 20-year loan to pay off your mortgage sooner.






Cash-out refinance – With home prices increasing, you might have enough equity to cash out and invest in something else, like your children’s education, a vacat ...

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Tuesday, August 20, 2019   /   by Brandon Gonzales

A Great Way to Increase Your Family’s Net Worth

Every three years, the Federal Reserve conducts its Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016.


The study revealed that the median net worth of a homeowner is $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).


These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.


Owning a home is a great way to build family wealth.


As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.


That is why Gallup reported Americans picked real estate as the best long-term investment for the sixth year in a row. According to this year’s results, 35% of ...

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Thursday, August 15, 2019   /   by Brandon Gonzales

The Benefits of Growing Equity in Your Home

Over the last couple of years, we’ve heard quite a bit about rising home prices. Today, expert projections still forecast continued growth, just at a slower pace. One of the often-overlooked benefits of rising home prices is the positive impact they have on home equity. Let’s break down three ways this is a win for homeowners.


1. Move-Up Opportunity


With the rise in prices, homeowners naturally experience an increase in home equity. According to the Homeowner Equity Insights from CoreLogic,




“In the first quarter of 2019, the average homeowner gained approximately $6,400 in equity during the past year.”



This increase in profit means if homeowners decide to sell, they’ll be able to put their equity to work for them as they make plans to move up into their next home.


2. Gain in Seller’s Profit


ATTOM Data Solutions recently released their Q2 2019 Home Sales Report, indicating the seller&rs ...

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Tuesday, August 13, 2019   /   by Brandon Gonzales

Is Renting Right for Me?

If you’re currently renting and have dreams of owning your own home, it may be a good time to think about your next move. With rent costs rising annually and many helpful down payment assistance programs available, homeownership may be closer than you realize.
According to the 2018 Bank of America Homebuyer Insights Report, 74% of renters plan on buying within the next 5 years, and 38% are planning to buy within the next 2 years.
When those same renters were asked why they disliked renting, 52% said rising rental costs were their top reason. The results of the survey can be seen here:It’s no wonder rising rental costs came in as the top answer. The median asking rent price has risen steadily over the last 30 years, as you can see below.There is a long-standing rule that a household should not spend more than 28% of its income on housing expenses. With nearly half of renters (48%) surveyed already spending more than that, and with their r ...

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Thursday, August 8, 2019   /   by Brandon Gonzales

Appreciation Is Strong: It Might Be Time to Sell

There’s no doubt that today’s housing market is changing, and everything we see right now indicates it is time to sell. Here’s a look at why selling now is likely to drive the greatest return on your largest investment.
Home values have been appreciating for several years now, growing at a strong, steady, and impressive pace. In fact, the average annual appreciation rate since 2012 has nearly doubledthe average rate from the more normal market of the 1990s (think: pre-bubble).Appreciation, however, is projected to shift back toward normal, meaning home prices will likely keep climbing over the next few years, but they are not projected to continue to increase at such a high rate.
Here’s What That Means for Homeowners: 
As noted in the latest Home Price Expectation Survey (HPES) powered by Pulsenomics, experts forecast an average annual appreciation rate closer to 3.2% over the next five years, which is more in line with a histori ...

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