Category Archives: Home Buying & Selling

10 Tips for Selling Your House Fast and at Top Dollar

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When you’re trying to sell your house, you want to do it as quickly as possible. But did you realize you only have six seconds? Your house may be on the market longer than that, but that’s not what we’re talking about. Homebuyers generally make their purchase decisions based on first impressions, and real estate experts estimate those impressions are formed within the first six seconds—three from the curb and three from the entryway.

If you’re going to win over a prospective buyer, you’ll have to get their attention quickly to convince them that your house is their next home. Yes, location is key. And yes, price matters too. With a few strategic preparations, you can make your property as attractive and inviting as possible. By doing so, you’ll set it up to sell sooner rather than later.

10 Ways to Prepare Your Home to Sell ASAP

1. Think like a buyer.
It can be tempting to present your home in a way that highlights the aspects you like the most. The problem with this approach is that your favorites are just that—your Potential buyers won’t be looking at your house through the lens of nostalgia. Help them see your home as a blank slate where they can form their own identity.

2. Focus on curb appeal.
It’s incredible what a tidy lawn and freshly mulched flower beds can do for a house. Most buyers will drive by your property before deciding whether or not to take a closer look. A house that looks welcoming from the street stands a much better chance of selling quickly.

3. Freshen up your front door.
If curb appeal is a friendly invitation, a freshly painted front door is a cheery welcome. Every buyer who looks at your home will most likely enter through the front door, so giving it a new coat of paint can cover up any scuffs and dings that have shown up over time. This small step will help the house look livable—not lived in.

4. Make basic repairs.
If you’ve lived in your home for any amount of time, there are probably a few problems you’ve learned to live with. Chipped paint, missing fence boards, leaky kitchen faucets, flickering lightbulbs, etc. These are just a few of the minor inconveniences that you might overlook on a daily basis. They’re also the little details that could make your house less attractive to a buyer. Make the simple fixes – you’ll be glad you did.

5. Stay neutral.
If you personalized your house by using vibrant colors in each room, it might be a good idea to repaint. While you might love bold colors, there’s no guarantee the next owner will. Painting the walls in neutral colors will let potential buyers observe the overall house without getting hung up on whether or not they like the colors you chose.

6. Make it less “you.”
While we’re focused on the interior, make a special effort to remove decorations and knick-knacks that reflect your personal tastes and identity. No matter how friendly and familiar they may be, family photos will make buyers feel like their visiting someone else’s house. You want them to feel like they’re spending time in their own.

7. Clean and declutter.
You don’t have to channel your inner Marie Kondo, but clearing clutter will not only make the house look cleaner, it will make it feel bigger. And when it comes to cleanliness, there’s no such thing as too clean. When you think things are finally clean enough, go over them once more. Buyers will notice.

8. Use some common scents.
It goes without saying (or at least it should) that you should do your very best to eliminate offensive smells like pets, dirty laundry, or cooking odors. If you want to increase your chances of selling your house, go a step beyond deodorizing and introduce a pleasant scent. Candles, essential oils, and fresh baked cookies can do a wonderful job of creating a welcoming environment for house hunters.

9. Stage strategically.
If you can’t afford to hire a professional real estate stager, you can still arrange each room to highlight your home’s top features. While each room matters, pay particular attention to the family room, the master bedroom, and the kitchen. These are the three rooms where the new owners will spend most of their time, so staging them well is a small task that can make a big difference.

10. Hire a real estate agent.
If you want to sell your home as quickly as possible, enlisting the help of a professional is a smart way to accomplish your goal. Experienced realtors know the local market, and their expertise can help you sell your house faster and for more money. Selling a home on your own might sound like a good idea, but when you consider that a real estate agent can handle the marketing, negotiations, and legal details, their commission can be money that’s well spent.

Potential home buyers want to walk through a house that feels exciting and new. They also want it to feel like home. Following the tips listed above can help you give them exactly what they’re looking for. And the faster you make that happen, the sooner those buyers will give you what you want—a house with a SOLD sign in the yard.

Have you recently sold your home and now need a mortgage on a new home? If you live, work, worship, volunteer, or attend school in Monmouth or Ocean Counties in NJ – we’re sure we’ve got a mortgage product that will meet your needs!* Learn more on our website, and if you’re ready to get preapproved or have questions about the mortgage process – give us a call at 732.312.1500, Option 4. We’re happy to help you finance your dream home!

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum mortgage loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Rates and APRs listed are based on a mortgage loan amount of $250,000. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.

Can Buying Your First Home Actually Hurt Your Credit?

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For generations, owning a home has been considered an integral part of the American Dream. Life without a home of your own, two kids, golden retriever, and a white picket fence just didn’t make sense. Okay, that last part may be a bit of an overstatement, but the fact remains – family members and financial experts have long recommended home ownership as a sensible path to financial stability.

When done correctly, buying a house can be one of the smartest investments you’ll ever make. It will undoubtedly be one of the biggest. As a first-time home buyer, your finances will face the scrutiny of mortgage underwriters, so it’s essential to have all your economic ducks in a row before you even begin applying for a mortgage. And while a smooth financing process is reason enough to be smart with your money, financial stability can also help when your credit takes a hit for five or six months following your big purchase. Wait. What?! Yep. That’s right. Your credit score can, and probably will – drop a bit for a few months after you become a homeowner.

Great for you. Not so great for your credit. Why does buying a house – which, by all accounts, is a wise financial decision – have a negative impact on your credit? The answer isn’t as crazy as you might think. When you apply for real estate financing, mortgage companies pull your credit report to determine whether it makes sense for them to lend you money. In credit industry terms, this is known as a “hard inquiry.” Since these inquiries signal you could be incurring additional debt, they often result in a small, temporary dip in your credit score.

Fortunately, it’s relatively simple to limit the negative impact of hard inquiries. If you’re going to apply for financing with multiple mortgage lenders, do your best to conduct all of your searches within a 30-day window. Because they understand that many people shop for the best rate even though they’ll only secure a single loan, major credit bureaus structure their rating systems to account for multiple inquiries within the same one-month reporting period. While there may still be a dip in your score, grouping your credit pulls will help you minimize the damage. And don’t worry, once you start making payments on time and establishing a positive mortgage history, your credit score should bounce back to where it was before.

Experience a little short-term pain for a long-term gain. From the opportunity to build equity to the satisfying sense of home ownership, there are a variety of excellent reasons to leave the renting life behind. A temporary dip in your credit score shouldn’t scare you away. If you entered the homebuying process with your finances in order and you resist the temptation to rack up additional debt as you furnish your new home, your credit rating should be just fine in the long run. And let’s be honest, you’ll probably be so busy remembering the new route to work and rearranging your living room furniture, that six months will pass before you’ve had a chance to think about your credit score anyway.

If you’re just beginning your home search and in the Monmouth or Ocean County area, your local First Financial Federal Credit Union branch is a fantastic place to start. In addition to reviewing your current financial situation, our representatives can also help you determine how much house you can afford and which mortgage program is right for you. We may even be able to help you get prequalified, which can give you the extra leverage you need when you do find that perfect house. If you have questions about the mortgage process or don’t know how to get started, we are here for you. Contact the Loan Department at 732-312-1500, Option 4 or learn more about First Financial mortgages on our website.

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum mortgage loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Rates and APRs listed are based on a mortgage loan amount of $250,000. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.

 

The 3 Best Categories for Boosting Your Home’s Value Without Going Broke

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Everyone makes home improvements for different reasons, but most of the time they’re either a necessity like a roof repair, something for personal enjoyment, or intended to increase a home’s market value. Whether you’re getting ready to move or just sprucing things up, it’s wise to be mindful of how the improvements you’re making will affect your home’s value when it comes time to sell your home.

Based on what real estate experts say, the top home improvement categories that deliver the biggest bang for your buck are:

1. Practical Appeal

When we think of home renovation, our minds jump to fun projects like updating a kitchen or adding a deck, but standard projects like routine maintenance and repairs go a long way in creating a baseline appeal and value to your home.

  • Maintenance & Repairs

Home hunters want to know the place they’re considering is in good condition. No matter how great a renovated bathroom looks, it won’t persuade a buyer to overlook a major repair they’ll have to deal with right away. Performing routine maintenance on furnaces and septic systems, fixing problems like plumbing leaks or rusty gutters, and making practical improvements, are all investments that will raise and maintain your home’s value in the long run.

  • Energy Efficiency

Home buyers are looking more carefully at utilities – one of those controllable expenses that can be drastically improved with energy-efficient appliances and heating/cooling systems. Besides the personal savings on your utility bills and taxes, making your home greener may also improve the value of your home by up to 20 times the annual energy savings.

2. Curb Appeal

Potential buyers decide within the first few moments of walking up to a house whether or not they’re interested in seeing more. First, there’s landscaping. Overhanging trees and unruly bushes can obscure your home’s best features, darken the interior, encourage mold, and can even cause expensive damage.

Then there’s the entryway. Is it neat, well lit, and protected from weather? Is your front door in good shape and does it look secure?

Finally, fix other exterior issues like missing siding or chipped paint. These small fixes can make a pretty big difference when it comes to shaping the first impressions of anyone who sees your home.

3. Modern Appeal

It’s now time to give your home some modern appeal after the basics are taken care of. Real estate professionals say home buyers are looking for open floor plans, natural light, updated flooring, and bathroom and kitchen upgrades. A few of the most value driven ways to make your home look more modern, are to knock out a non-structural wall or kitchen island, and to improve light by replacing broken panes, or installing less expensive tubular skylights. You also want to fix squeaks in your floors, patch and repair boards and tile, and maybe even rip out some wall-to-wall carpeting and replace it with engineered hardwood. Updating a bathroom on a tight budget could mean cleaning grout, removing any rust stains, re-caulking, updating door knobs, or replacing faucets.

The bottom line is that you don’t have to spend a lot of money on improvements to increase your home’s value. Just choose your improvements wisely and you can easily recoup that investment back. The more you value your home by taking care of it, the more others will value it, as well.

In need of some home improvements but could use a little help? First Financial’s Home Improvement Loan is designed to help you create the home you’ve been imagining. It’s time to move your “wants” to the top of your to-do list.*

*Available on primary residence only. A First Financial membership is required to obtain a Home Improvement Loan and is open to anyone who lives, works, worships, volunteers, or attends school in Monmouth or Ocean Counties. See credit union for details. Rate will vary based off of applicant’s credit rating. Not all applicants who apply will be approved, subject to underwriting guidelines and credit approval. Visit firstffcu.com for additional information.

Article source: Jessica Sommerfield for Moneyning.com

3 Things You Should Never Hide from Your Mortgage Lender

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You’re ready to apply for a mortgage. The process of meeting with a lender and a getting a mortgage can be very complicated, especially for first time homebuyers. To help with this process, here are a few things to consider being up front about from the very start.

Career changes

When handing out large loans, lenders look for employment stability and steady income; most will check your employment history and income throughout the mortgage application process. Therefore, it’s better to be straightforward from the beginning. Failing to do so may jeopardize your eligibility or cause other problems prior to closing.

Other loans

If you have taken out other large loans or made a big purchase before applying for your mortgage, your lender needs to be in the loop. Making these financial decisions will affect your mortgage as it increases your “debt-to-income ratio” or DTI. Having a high DTI will also result in a higher mortgage interest rate, which makes you riskier in the eyes of your lender. So, come clean about that new car or any other significant loans – because it may affect the type of mortgage you qualify for.

Large deposits

When applying for a mortgage, the lender will usually ask for two months’ worth of bank statements. If they notice you’ve made multiple large deposits of over $100 (that are not attributed to income from your job), it’s imperative you provide them with documentation explaining the source of the income. These large deposits can be deemed quite questionable during the underwriting process – so in order to avoid delays, be prepared with all necessary documentation.

Looking to buy a home in the Monmouth or Ocean County area? If you have questions about the mortgage process or don’t know how to get started, we are here for you. Contact the Loan Department at 732-312-1500, Option 4 or learn more about First Financial mortgages on our website.

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum mortgage loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Rates and APRs listed are based on a mortgage loan amount of $250,000. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.

 Article Source: Wendy Moody for CUInsight.com

5 First Year Homeowner Expenses to Prepare For

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Most of us are prepared for costs like homeowner’s insurance, property taxes, and HOA dues. We can work these predictable expenses into our housing budget as we begin to shop around and start the purchasing process. But what about the other things? Many who share their experience and advice, learned the hard way that certain expenses crop up with surprising predictability the first year you own a home. If you’re not prepared, these expenses could create a budgeting crisis, or even worse — a debt crisis.

1. Appliance Repair or Replacement

Your prospective home’s appraisal will bring to light just about every major and minor repair you’ll need to complete within the next 10 years, whether it’s flooring, roofing, siding, plumbing, electrical, or structural issues.

The appraisal also lists the appliances included with your home, and this is something you’ll want to pay special attention to. Take careful note of how old the appliances are and how heavily they’ve been used, so you’ll have a game plan for repairs or replacements. For instance, are you purchasing from a single person who didn’t use the dishwasher much or a family of five who used it daily? Here’s a list of the usual life expectancy for major appliances:

  • Washers, dryers, refrigerators, and dishwashers: 10 to 13 years (depending on prior use)
  • Gas ranges: 15 years
  • Stovetops: 15 to 18 years
  • Microwaves: 9 to 10 years
  • Water heaters: 10 to 20 years (tankless water heaters last longer)
  • Furnaces: 15 to 20 years

2. Cosmetic Upgrades

During your first few walk-throughs, you probably started brainstorming about the fun projects you want to do, like painting and updating light fixtures or window treatments. These types of things don’t seem expensive, but they can quickly add up when you’re doing several of them at once.

Separate what you need to do from what you’d like to do (the torn window blinds versus the ugly shade of purple in the bathroom), and draw up a cost estimate so you can start preparing for these upgrades before you move in.

3. Additional Furnishings

You may plan to use your current furniture, but typically you’ll need additional furniture items for your new home – especially if you’re gaining a guest bedroom or additional bathroom. Budget for this expense as well, and look for deals on swap sites and apps like CraigsList, Let Go or Offer Up.

4. Setting Up Services

This one is easy to take for granted, especially if you plan to keep the same services you’ve been using (at the same prices). Don’t forget that transferring services like telephone, internet, cable TV and satellite to a new location usually requires an installation and/or equipment fee. To save a little money, treat it as a new negotiation: don’t be afraid to ask about promotional deals and negotiate pricing based on the competition.

5. Re-keying All the Locks

Last, but not least, it’s always a good idea to re-key your home. Why? Unless your house is a new build, there have been multiple owners or even renters who could possess duplicate sets of keys to your house. This isn’t a major expense. Still, it could run as much as several hundred dollars depending on the number of doors and locks you have, so the expense will need to be budgeted to avoid charging up your credit card.

Handling These Expenses

Besides the previous advice, here are three more tips for preparing and handling these first-year home expenses:

  • Buy less house than you can afford to leave some wiggle room for these expenses in the housing category of your budget.
  • If time is on your side, save more than you think you’ll need for first-year expenses.
  • Prioritize these extra expenses and complete them slowly. After all, you plan on being in this house for awhile, right?

Looking to buy a home in the Monmouth or Ocean County area? If you have questions about the mortgage process or don’t know how to get started, we are here for you. Contact the Loan Department at 732-312-1500, Option 4 or learn more about First Financial mortgages on our website.

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum mortgage loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Rates and APRs listed are based on a mortgage loan amount of $250,000. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.

 Article Source: Jessica Sommerfield for moneyning.com

5 Tips for Homebuyers in a Seller’s Market

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Just because it’s a seller’s market doesn’t mean buyers can’t get their dream home. It may just take a mix of pre-planning, patience, and timing.

Here are few ways buyers can fast track their way into a new home:

Have your own real estate agent.

It may be tempting to think you can get a better deal working with the listing agent. That’s not necessarily true. Neutrality among listing agents means they can’t help one side over the other. So who is there to help you?

Set a realistic budget.

When you set a budget, make sure you include more expenses than just the monthly mortgage payment, down payment, and closing costs. Have you planned for utilities, insurance, Homeowner’s Association fees, lawn care, pest control, and more? Can you still fund your emergency savings account, college for the kids, and retirement?

Figure out what you want vs. need.

Do you want to be in a specific school district? Do you need a big backyard? It may mean compromising on other home wants such as hardwood floors or stainless steel appliances, which could be addressed later. What are you willing to compromise on? Having a clear idea will help in the homebuying process.

Get preapproved.

Want to show sellers you are a serious, qualified buyer? Take the extra step to be preapproved. A preapproval letter shows a buyer’s creditworthiness and ability to get a loan by the lender. But don’t stop there. Once preapproved, buyers should shop around to find the best deal. Don’t be afraid to review the different offers and negotiate with lenders to get the one that works with your budget.

Make a fair bid.

When there is a shortage of inventory, don’t miss out on your dream home because you failed to make a strong opening offer. If you find a home you love in the right location and price range, don’t wait to make an offer or try to lowball sellers. Buyers should be ready to submit a fair offer quickly, or they may risk missing out on the home altogether.

Looking to buy a home in the Monmouth or Ocean County area? If you have questions about the mortgage process or don’t know how to get started, we are here for you. Contact the Loan Department at 732-312-1500, Option 4 or learn more about First Financial mortgages on our website.

*APR = Annual Percentage Rate. Subject to credit approval. Credit worthiness determines your APR. Rates quoted assume excellent borrower credit history and are for qualified borrowers. Your actual APR may vary based on your state of residence, approved loan amount, applicable discounts and your credit history. Higher rates may apply depending on terms of loan and credit worthiness. Minimum mortgage loan amount is $100,000. Available on primary residence only. The Interest Rates, Annual Percentage Rate (APR), and fees are based on current market rates, are for informational purposes only. Rates and APRs listed are based on a mortgage loan amount of $250,000. Mortgage insurance may be required depending on loan guidelines. This is not a credit decision or a commitment to lend. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment. See Credit Union for details. A First Financial membership is required to obtain a Mortgage and is open to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.