FORGET ABOUT THE BANK OF MOM AND DAD - HERE'S HOW YOU CAN SAVE YOUR OWN DOWN PAYMENT

Are you considering buying a home for the first time? For some, it can seem nearly impossible to come up with the funds for the down payment. 

Fortunately, there are a few ways that you can save a little over time and not have to borrow from the “Bank of Mom and Dad.”

If you’re looking to invest in a home in the short-term and are looking for solutions to save up, here are some tips on how to get to your down payment amount more quickly.

Create A Budget

Most people don’t like the idea of a budget, but few things are going to help you reach your financial goals like having one. Instead of sticking your head in the sand, add the numbers up and see approximately how much you’re spending each month. It may not seem like it, but getting a sense of what your monthly costs are can help you get a good idea of your overall financial picture and how much you really should be spending.

Get An Extra Job

Whether you want to do a freelance job on the side or get some part-time work, there are few things that are going to help you achieve your goal of home ownership like a little extra money. It may seem like a drag to go to a part-time gig from your full-time job, but it can be well worth it when you begin to see your bank account fill up. It’s just important that your part-time gig pays enough that it’s going to make up for the extra time you’ll be giving up.

Trim The Excess Costs

Now that you’ve got some extra money coming in and you’ve crafted a budget, you’re certainly on the right track. However, indulging in life’s little luxuries can eat away at your savings. While you’ll want to keep a little aside for meals out or entertainment, if you have other sizeable costs you’ll want to eliminate these in order to save for your greater goal.

It can take some time to save up for a down payment, but you may be able to avoid borrowing money if you bring in more each month and get rid of excess costs. For more information, contact your trusted mortgage professional and we’ll be happy to help.

BUYING A HOME IN A FIRE RISK AREA: HERE'S WHAT YOU NEED TO KNOW

Outside of the significant financial responsibility of delving into home ownership, there can also be a lot of other risks involved that you may not have thought about before investing in a home. 

You’ll need to protect your home against theft or burglary. And homeowner’s insurance to protect your home and belongings is almost a requirement. But there are other less common occurrences you may not have thought about. 

If you happen to be living in an area that’s at high risk of fire, here are some things to consider beforehand.

Defining “High Risk”

It’s easy to be swept away by a beautiful home and forget about what the natural landscape around it consists of. Many homes across the United States are built in areas close to trees and shrubs, which can be dangerous in times of high temperatures, so it’s important to do your research. While hot spots can occur in many different areas, California and the southwest region are particularly vulnerable in times of drought.

What It Means For Your Mortgage

Nearly all homes can be adversely affected by a fire so it’s important to realize that buying in a high-risk area will not impact your ability to get a mortgage. It can, however, impact some of the costs associated with investing in your home. While homeowner’s insurance is a requirement of buying a home and it will generally cover you in the incidence of a fire, it can be a bit pricier. Fortunately, you may be able to guard against some of the additional costs by purchasing a home with materials that are more fire resistant.

In The Event Of Fire

If the worst happens and your home incurs damage from a fire, you’ll want to assess the extent of the damage before making a decision. For a home that is minimally impacted, you may want to use insurance to repair the property. However, if the property is significantly or completely destroyed, a payout may be required in order to pay off the mortgage. 

Before purchasing a home in a fire-prone area it’s best to be aware of all aspects of your insurance policy so you can be prepared.

It’s a more significant risk to buy a home in a fire-prone area, but you can be prepared for the worst by knowing your options. If you’re currently considering purchasing a new home, contact your trusted mortgage professional or real estate agent for more information.

$100 WELL SPENT: 5 USEFUL HOME UPGRADES THAT COST LESS THAN $100

Whether you’re trying to improve the look of your home or are getting ready to put it on the market, the idea of renovations might seem like a significant financial burden to take on. 

Fortunately, there are a variety of easy solutions for improving the look of your home without spending a lot of money. If you’re wondering how you can spend $100 wisely, look no further than the following upgrading tips. 

A Funky Light Fixture

It might seem like a cool light will cost an arm and a leg, but there are plenty of options available on the market that will instantly add a unique touch to your place. Whether you decide to go mod or classic, a fixture can draw the eye and instantly add interest to a room.

A Makeshift Curio Cabinet

In these days of smaller living, many people have to pile their stuff into closets and cabinets in order to make it all fit. Fortunately, a bookcase-cum-cabinet can be an inexpensive purchase and can house a variety of items like books, dishes and appliances for an easy, eclectic look.

Covering The Cabinets

Kitchen cabinets are often one of the first things to show age in a home, but getting out the can of paint can be a great way to instantly modernize their look. While you’ll want to go with a neutral tone that will compliment the space, the right color can add instant oomph.

Re-Upholstering A Chair

There are pieces of furniture in your home that you may be tired of looking at, but there’s an easy way to improve them without buying new: re-upholster! By trying out a new fabric on one of your favorite chairs, you might be surprised by how much it improves the room.

Paint Does The Trick

Painting may be one of the least popular renovation tasks, but few things are as successful at improving the look of your home as a fresh coat of paint. Instead of going all out with a bright color, choose a neutral shade that complements the furniture for an instant brightening effect.

Home renovations may seem like an expensive endeavor, but you can easily improve the look of your home with a new light fixture or by giving your furniture some love. If you are interested in making valuable renovations to your home, contact your trusted mortgage professional today.

GOING GREEN(ER): 3 COMMON WASTE ITEMS YOU HAD NO IDEA YOU CAN RECYCLE

It has never been more popular to live a “green” lifestyle and develop sustainable living practices that will help out the planet. 

While you may be used to recycling cardboard boxes and giving away your old hand-me-down clothes, there are probably a few household items you didn’t even know you could recycle! 

If you’re wondering what to do with some of your old, used items, here are a few things that may be ready for re-use.

Re-constituting Your Lenses

It’s common to think your eyeglass prescription only works for you, but an easy way to re-use old eyeglasses is to take them to your local optician or optometrist’s office so that they can make use of them. 

Not only will someone in need be able to use the frames that you’ve provided, your lenses may be donated to another person with a similar prescription who will truly appreciate the gesture.

Old Phones & Electronics

It can be tempting to throw out an old phone with a shattered screen or an aging laptop that no longer turns on properly. However, with technology being obsolete almost as soon as it hits the market, it’s more important than ever to recycle these items. 

Old technology like iPods, iPhones, cell phones, chargers and digital cameras can be taken to your local electronics or “big box” store and recycled as part of their e-waste program. Before discarding any electronics that still work, you may want to look into other local places that refurbish these goods to donate them to less-fortunate families.

Improving Your Oil Change

While there are many renewable solutions on the market, oil is still one of the most common resources used in cars, trucks, motorcycles and other forms of transportation. 

Fortunately, while an oil change may be necessary maintenance on your car now and then, you can be more environmentally friendly by going to an auto repair shop that recycles and re-refines your oil. Before you make a trip to your old auto body, take a look at motor oil recycling locations on Earth911 for some options in your area.

It’s easy enough to compost food and throw your cardboard boxes in the bin, but there are many common waste items that can actually be re-used in your local community. If you’re looking for ways to go greener as you plan a move to a new home, contact your trusted mortgage professional for more information.

BUYING A FIXER-UPPER?

A fixer-upper. A handyman's special. Needs TLC. No matter how you phrase it, buying an ugly house means that you are signing up for a bit more work than any other home. Here are a few tips if you are looking to purchase a fixer-upper.

Take a good look at what needs to be done. Look particularly for structural issues like foundation cracks, water damage, and problems with rot or termite damage. If there are structural issues, bring in a contractor to give you an estimate as to the costs to repair.

Make a list of all of the repairs that are required and the estimated cost. Even if you intend to do the repairs yourself, it is best to use a cost estimate as if a contractor is doing the work. That way, if you do the work yourself, you will come in under-budget. It is not unusual for construction projects to cost more than expected, particularly if the work required is extensive.

Have your real-estate agent provide you with an estimate of the market value of the home as if it were in good condition. With that number in hand and your cost estimate for fixing the needed repairs, you will know what a fair price is to offer on that fixer-upper.

There are some really good REALTORS® that specialize in finding undervalued properties that, with a little Tender Loving Care, can again be loved and appreciated. Please give your local agent a call and together, he or she and you can start looking for that perfect fixer-upper.