Visit newagerealestate.com on your mobile browser to search for real estate on your phone.


Posted by New Age Real Estate on 7/19/2019

No homeowner wants to borrow more money. However, if you’re experiencing hard financial times or looking for a way to fund a home improvement project, there are ways to borrow money with your home as collateral.

In this article, we’re going to talk about home equity loans and home equity lines of credit (HELOC). We’ll explain how they differ and break down their benefits and risks.

Before the bubble

Before the financial crisis of 2007-2008, many homeowners were borrowing readily based on the equity of their home. Interest rates were low on home equity loans, encouraging homeowners to leverage their portion of homeownership.

During the recession, however, all of that changed. People owed more money on their mortgages than their homes were worth, and banks became reluctant to lend.

In recent, years, however, house prices have been creeping back up, and banks and homeowners alike have gained confidence in the equity of their home.

As a result, a growing number of homeowners are turning back to home equity loans and lines of credit as a source of low-interest financing.

So, what exactly are these loans and credit lines?

The difference between a home equity loan and a line of credit

A home equity loan is a lump sum of money that you borrow which is secured by the value of your home. Typically, home equity loans are borrowed at a fixed rate. Lenders take into consideration the amount of equity you have in your home, your credit history, and your verifiable income.

A home equity line of credit (HELOC) is a bit different. Like a credit card, you are able to borrow money as you need it via a credit card or checks. HELOCs often have variable interest rates, which means even if you’re approved for an initial low rate it could be increased. As a result, HELOCs are better suited for borrowers who can withstand a higher leverage of risk and variation each month.

Is now a good time to borrow?

If you’re a homeowner, there’s an understandable temptation to use the equity you’ve built over the years to your advantage. In some cases, home equity loans and HELOCs can earn you better interest rates than other forms of borrowing.

However, as with other loan types, it’s important for homeowners to realize that HELOCs and home equity loans are not the same as having cash in your savings account.

Another danger that borrowers face is the potential for foreclosure if things go badly. While most lenders won’t seek foreclosure after a few missed payments, your home has been put up as collateral for repaying the loan. Most lenders will choose to sell a defaulted loan to a collections company rather than seek foreclosure.

Ultimately, the best course of action is to avoid borrowing unless it will help you out financially in the long term. However, for those with high home equity who may, for one reason or another, need to borrow, a home equity loan or line of credit might be the best choice.





Posted by New Age Real Estate on 7/12/2019

If you're planning to sell your house soon, you should prepare for the property selling journey. This can mean identifying potential home selling obstacles so that you can address these issues right away.

Now, let's take a look at three issues that house sellers commonly face, along with tips to address these problems.

1. Exorbitant Initial Asking Price

You may believe your house is worth more than you originally paid for it. However, there is no guarantee your home's initial asking price will fall in line with buyers' expectations. And if you ultimately set a high initial asking price for your home, your residence may linger on the real estate market for an extended period of time.

Oftentimes, it helps to evaluate the housing market in your city or town. This enables you to see how your residence stacks up against comparable houses. Then, you can use this housing market data to price your house appropriately.

You may want to conduct a home appraisal as well. Once you obtain an appraisal report, you can use the report's property valuation to determine how to price your house.

2. Poor Curb Appeal

How your house looks to buyers is key. If your residence has a messy front lawn, deteriorating siding, and other exterior problems, it is unlikely to garner buyers' interest.

For a home seller, it is important to allocate time and resources to boost a house's curb appeal. By mowing the lawn, repairing cracked or damaged home siding and performing other property improvements, a seller can instantly upgrade his or her residence's curb appeal.

If you need help with home improvements, you can reach out to local professionals. With assistance from landscapers and other home improvement specialists, you can quickly transform your house's appearance from drab to fab.

3. Cluttered Home Interior

If you have collected a vast array of antiques and artwork over the years, you may want to remove these items from your house before you sell it. Remember, the goal of a home seller is to make it easy for a buyer to envision what life may be like if they purchase your residence. If your house is filled with myriad personal belongings, it may be tough for a homebuyer to do just that.

To cut down on clutter inside your home, you can always host a yard sale or list various items online. You can also donate any unwanted items to a local charity, or give them to family members or friends.

As you get set to sell your house, don't forget to hire a real estate agent, too. This housing market professional can help you identify and resolve potential home selling obstacles. In addition, they will do whatever it takes to help you get the best price for your house.

Ready to list your residence? Consider the aforementioned home selling issues, and you can take steps to minimize these problems prior to embarking on the house selling journey.




Categories: Uncategorized  


Posted by New Age Real Estate on 7/5/2019

Ready to add your house to the real estate market? Before you list your residence, it helps to take plenty of high-quality photos both inside and outside your home.

Ultimately, home photos can make or break a homebuyer's first impression of your residence.

For example, if your home listing includes photos that show off the true beauty of your house, a homebuyer may want to check out your residence in-person. Or, if home photos make your house look small and cluttered, a homebuyer may shy away from your residence altogether.

Don't let bad photos affect your ability to sell your house.

Now, let's take a look at three tips to help you get your house ready for a photo session.

1. Clean Your Residence

A beautiful home is likely to stand out to homebuyers. Meanwhile, if you clean your residence from top to bottom, you can get your house photo-ready in no time at all.

Mop the floors, wipe down the walls and ceilings and perform assorted home interior cleaning. Also, don't forget to mow the front lawn and complete various home exterior improvements.

If you need help with home cleaning tasks, you should contact a professional home cleaning company. With a professional home cleaning company at your side, you can receive expert support as you prep your residence for a photo session.

2. Declutter As Much As Possible

Although your home may be filled with assorted artwork, antiques and photographs, now may prove to be the best time to declutter as much as possible.

Too much clutter can make your house appear tiny. However, if you dedicate the necessary time and resources to declutter your house, you can show homebuyers the true size of your house.

If necessary, you can rent a storage unit to hold your excess items. Moreover, you can always reach out to family members and friends to see if they can store your excess items in their residences until you find a new place to live.

3. Consult with a Real Estate Agent

When it comes to real estate photography, it pays to work with a housing market professional. Lucky for you, many real estate agents are available in cities and towns nationwide who can help you get your house ready for the real estate market.

A real estate agent can assess your residence and offer recommendations to help you improve your house's appearance. Plus, he or she can put you in touch with the best professional real estate photographers in your area.

Let's not forget about the support that a real estate agent can provide throughout the home selling journey too. A real estate agent is happy to set up home showings and open houses, negotiate with homebuyers on your behalf and do everything possible to help you maximize the value of your residence.

Use the aforementioned tips to get your house ready for a photo session – you'll be glad you did. Thanks to these tips, you can move one step closer to getting the best results from the home selling journey.





Posted by New Age Real Estate on 6/28/2019

Whether you've just moved into a new neighborhood or have lived there for decades, there are many advantages to maintaining friendly relations with neighbors.

If, on the other hand, you adopt more of an isolated lifestyle, then the experience of home ownership may be a lot less fulfilling.

Taking the time to have a friendly chat with your neighbors, once in a while, can be helpful both now and in the long-term. While not everyone has a gregarious, outgoing personality, making the occasional effort to say hello can open the door to a number of benefits.

Home Security: The best neighborhoods are those in which everyone looks out for one another. When you know your neighbors on a first-name basis, they'll be a lot more likely to keep an eye on your house and let you (or the police) know when they observe any suspicious activity. It's also nice to feel comfortable enough to be able to ask your neighbors to watch your property while you're away -- either for the weekend or when you're on vacation. Even in low-crime areas, burglaries and vandalism has been known to happen, so it's in everyone's best interest to know their neighbors and be ready to help. Although Neighborhood Watch groups are not active everywhere, there's no reason why people still can't be alert and responsive to loitering, trespassing, or other questionable activity.

Networking Benefits: You may not need a plumber, electrician, or a reasonably priced HVAC technician, right now, but sooner or later, you will -- guaranteed! There may also come a time when you need emergency child care or fast help jump-starting your vehicle. You're probably not going to approach your neighbors for help if you don't know them, but there's a good chance you will if you do have a rapport. By sharing information, resources, and recommendations with neighbors, you'll be paving the way for a mutually beneficial relationship. While you may or may not become best friends, it's nice to know that there's someone nearby you can count on for support and help.

Feeling of community: Although some neighborhoods have a more friendly, close-knit feeling than others, it's often easy to break the ice with neighbors when you're outside -- either doing yard work, walking your dog, or going for a stroll. By taking the initiative to welcome new people into the neighborhood, you'll not only have a positive impact on their lives, but you might even forge a new, long-term friendship. You can also make social connections by chatting with people at yard sales, block parties, or by joining and being active in neighborhood Facebook or Nextdoor groups. While it may feel easier to just keep to yourself and avoid venturing outside of your comfort zone, becoming part of a larger community in your neighborhood (and beyond) is often much more rewarding!





Posted by New Age Real Estate on 6/21/2019

Mortgage scams are everywhere, and many times are well disguised so they can be hard to uncover. Not all mortgage lenders have your interest at heart so when you go out for a mortgage loan, keep an eye on these warning signs and Mortgage scams are everywhere, but this time around they come like a wolf in sheep clothing, so it is pretty hard to uncover them. Not all mortgage lenders have your interest at heart so when you go out for a mortgage loan, keep an eye on these warning signs and be prepared to run away from any lender who does the following shady actions:

They pressure you to borrow more than what you want or need

Even though you are eligible for a certain sum of money that does not mean you have to spend heavily on buying a home. Paying less on a home purchase will prevent you from living from hand to mouth in your new home. An honest lender understands and will respect your choice to borrow less than you can afford instead that encouraging you to overspend or splurge on a house.

They rush you into signing documents without reading it

Getting a mortgage is complicated. There are piles of complicated paperwork, so it is crucial that you wrap your head around every document before putting your pen on it. If a lender encourages you or uses the familiar phrase "Everything is fine," it is best you withdraw yourself f from the mortgage. No matter how busy the bank may be, they would give you time to read through the papers.

They don’t give you a Good Faith Estimate

According to law, after three days of applying for a mortgage, a bank must provide a Good Faith Estimate showing your mortgage rate, closing cost, and other mortgage-related expenses. This way, a borrower will clearly understand their cost and know the estimated amount you will pay at closing. A shady lender typically does not provide this, so make sure you request one. Many banks hide this information to prevent borrowers from comparing the cost with other banks.

They use the bait and switch on you

To get more borrowers and get them excited about taking a mortgage, disreputable lenders promise borrowers one set of terms, but when it gets to closing, they deliver a different set of conditions. It is the sad truth some lenders get borrowers excited and take advantage of them when they're in a state of euphoria to alter the loan terms at the dying minute. If a lender uses this tactic on you, request an explanation. And if their reasons do not seem reasonable to you or your realtor, do not sign the mortgage documents.

They give you a blank loan form to sign

When going over mortgage document with your loan officer, be watchful for any blank forms or lines, and make sure the lender fills in all relevant information before you sign.

Getting a mortgage is not a stroll in the park. Experts recommend that you consult your attorney, local credit counseling agency or financial advisor to be on a safe side.




Tags: Real Estate   Mortgage   scams  
Categories: Uncategorized