House Jumping

Need to buy a new house and sell current one?

You and half the population!

But how to you make that jump with a mortgage on each home?

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There are several way you can make the transition:

1.Take a Home Equity Loan

-This requires that you first have equity.

– Second, you must qualify to carry the payment on Home Equity loan, current mortgage and the new mortgage. All these payments usually rule it out as an option for most people.

2. Take a ‘Bridge Loan’

Also called ‘Swing Loans’, this is a short term refinance of your current mortgage, which helps in two ways:

-First, you can pull equity out (provided again you have equity) for your down payment and closing costs.

-Second, this reduces the payment on your current home to interest only, in order to make it easier to qualify to pay both mortgages.

The ‘Swing Loan’ is paid off once current home is sold.

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3. Go ahead with a new mortgage

–  If you have enough income, you may qualify to pay both the current mortgage and the new mortgage. Now, most people have NO desire to pay two mortgages, and that’s okay.

Usually, as long you qualify on paper, you can write the offer on the new home. Sell your current home quickly, and then close on the same day, with NO overlap in payment.

Even with a small overlap in payment, it is usually not a hardship. When selling a home, the amount in your ‘Escrow’ account that is set aside for property taxes every month by your bank, is refunded to you a month after closing. This refund allows you to cover the extra payment for a month or two.

-The other caveat here is that you must have the money for down payment saved. If this is hard to achieve, it is a good time to call on family for a short term loan, to be repaid once current home is sold.

Every situation is unique, and we work with you to help make the decision that fits best.

-Call us, and let’s get started helping you make a House Jump!     Call/Text: 717-819-2825

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New Year’s Resolutions for your Home

New Year’s Resolutions for your Home

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Being a few days into the New Year, many people like to set goals for what they hope to accomplish in the months to come. Your home can definitely be part of these aspirations! Here are a few small ways you can improve your home for 2017.

Plan a Budget for Improvements
Take a look at home improvements you hope to accomplish this year. Whether you’re ready to buy a new refrigerator, purchase new flooring, or it’s time to replace your roof, improvements are costly. Plan your yearly budget with these projects in mind to prevent you from overspending, that way there is money available for when you’re ready to make the changes.

Limit Water Use
Our homes eat up about 400 gallons of water each day which can equal hundreds of dollars in water and sewer costs. Save money this year by installing EPA certified WaterSense products. Purchase low-flow shower heads and replace old toilets with low flow toilets. These high efficiency toilets use compressed air and electric water pumps to flush using less than 1 gallon of water. Older toilets can use up to 8 gallons per flush.

Cut Energy Use
Start 2017 by cutting energy use in your home. A great place to start is checking the duct work on your HVAC system. Leaking ducts cause serious energy waste. By sealing and insulating your duct work, you will save big this winter on heating bills and also save this summer when it’s time to turn up the AC.

Purify Air
Did you know that the EPA has indoor air quality listed as a top environmental health hazard? During the winter when the doors and windows are closed the air is full of possible contaminants such as dust, mold spores, and viruses. Make sure the ventilation systems in your home exhaust air to the outside rather than in an attic or between ceiling joints. You can also purchase a portable air purifier for each room to remove pollutants.

Improving the livability of your home benefits all who live there. If you need a new home in the new year, contact me to for information on walking through that process.