Fees Are Involved with a Reverse Mortgage?

Investing in a home may be one of the most significant purchases you’ll make in your lifetime, but many people forget that there are several other costs associated with buying a home. If you’re considering a reverse mortgage and want to be clear on all fees involved, here are a few things you can expect to come across.

Initial Home Appraisal Fee
To ensure that you qualify for a reverse mortgage, you’ll need to spend a lump sum up front to determine the market cost of your home. While the amount of this fee will depend on the size and age of your home, it generally runs from a couple hundred dollars to less than a thousand and will be paid to the appraisal company that you’re dealing with.

Mortgage Insurance Premiums
At the time that you close on your mortgage, you’ll be required to pay a mortgage insurance premium (MIP) to secure your loan. This amount will vary from lender to lender and will be calculated based on the lesser-appraised value of your home. In addition to this, annual mortgage insurance premiums will be charged throughout the entire period of the loan and will be a percentage of the outstanding balance of your mortgage.

Loan Origination Fee
To process and underwrite your loan, you will also be required to pay a loan origination fee, which covers the administrative costs. While this amount has come down in recent years, it is a sizeable lump sum that hovers around 2% of your home’s value up to $200,000. If the home’s value exceeds this amount, it will go down to 1% after the initial amount is charged.

Third-Party Fees
Like any mortgage loan, there are several one times fees that you’ll need to pay in order to secure your mortgage. In addition to a monthly servicing fee, there will also be fees like surveying, title fees and credit checks that will be added on to the total cost of your mortgage product. It’s important before choosing this option to ensure that you know what costs you’ll be dealing with.

A reverse mortgage may be the right mortgage product for you, but it’s important to be aware of all of the costs before choosing this option.

If you have any other real estate question or interested in the real estate market in San Diego County, you may want to contact me Andy Pheasant  “Specializing in San Diego County” for more information.

Whether you are selling your home or buying a new home in San Diego County, I can help you with your endeavor.

 

 

 

 

Converting Your Attic into a Usable Living Space

The attic may be one of the spaces in the house that everyone prefers to avoid, but many people forget that an attic can be a great place for a bedroom or an additional living room. If you’re wondering how you can go about upgrading your attic for everyday use, here are some things to think about before you move forward.

Consider the Access Routes
For an attic to function as a truly livable space, you will need to have access to it and there will also need to be a fire escape route. This means that, in addition to a staircase that has a minimum clearance height, you will also require a window that will function as another means of exit. If you’re not interested in doing a lot of construction, fixing up your attic may not be worth the effort, but if you already have some of these features in place, you’re on the path to a space you can really use.

Supporting the Floor
Most of us have seen the visuals in movies or on television of someone crawling up to the attic only to fall through the floor, and it’s a familiar image for a reason. Because the attic floor will likely be relatively thin, it will need to be reinforced so that it can function as a space for consistent use. When it comes to making these changes, it’s important to keep in mind that how much floor you’ll add will also impact the available height in your attic.

Adding in Insulation
Whether you want to use your attic as a living room or an exercise area, one thing for certain is that you’ll need to install some insulation to keep the temperature consistent with the rest of the house. It will also be necessary to have heating and cooling units for cold winter weather and hot summer air, as these will ensure that you don’t have to deal with any moisture issues in the space. However upscale or down home you want your attic to be, you’ll need to consider how to control temperature.

Attics may be the stuff of many myths and scary movies, but by making some structural changes they can be a much-loved extra space in your family home. If you’re currently renovating your home and are preparing to sell in San Diego County, you may want to contact me Andy Pheasant  “Specializing in San Diego County” for more information.

Whether you are selling your home or buying a new home in San Diego County, I can help you with your endeavor.

 

 

*Photo source courtesy of Pinterest

Dated Design Features to Get Rid of Before Listing Your Home for Sale

Most homeowners get used to a certain aesthetic in their own home that they’re comfortable with, but if you’re putting your home on the market it may be time to get rid of some of the old familiarities. While it won’t be worth your time or money to renovate everything, here are a few design-style duds that you may want to update before you decide to sell.

Oversized Bathtubs or Jacuzzis
It may be very appealing for most people to find an oversized tub in their hotel room, but when it comes to the home you live in, big tubs have made their exit. While a tub can certainly allow a person to stretch out in comfort, gone are the days of big homes and large bathrooms. Instead of a sizeable tub, you’ll want a bathroom space that you can maximize.

Tiled Counter Tops
The concept of kitchen tiles may look great in a magazine, but when it comes to the real deal tile can be a huge drawback. Despite your best efforts, it’s quite likely the grout will need to be replaced and will provide an unclean appearance over time. Instead of leaving the tile behind, you may want to stick with a solid surface like marble so there will be no issues with cleanliness or damage.

Too Bright Colors
An accent wall or brightly hued design feature may have made a comeback in recent years, but the popularity of colorful pieces has died away in recent years. Instead of the kind of feature that will turn off potential homebuyers, opt for neutral tones so that homebuyers can imagine themselves in your place without the necessity for renovations.

Bulky Furniture Pieces
Much like the oversized tub in the bathroom, the boxy piece of furniture in your living room may be comfortable, but it’s not the best when it comes to selling your home. Instead of having a huge piece of furniture command the attention of your entire room, choose smaller pieces that will offer comfort but still provide a positive impression to potential buyers.

Design trends can change a lot over the years, but by being aware of how styles are evolving you can be on the cutting edge of selling your home in style. If you’re currently making some small renovations and are preparing to sell your home in San Diego County, you may want to contact me Andy Pheasant  “Specializing in San Diego County” for more information.

Whether you are selling your home or buying a new home in San Diego County, I can help you with your endeavor.

 

Things to Consider in a Neighborhood before You Purchase a Home

From finding the right agent to discovering the home you can truly feel comfortable in, there are a variety of things involved in the home buying process. However, it’s important not to get caught up in the home and ignore altogether the community you’ll be living in. If you’re planning a move to a new neighborhood, here are some things you should look into before putting in an offer.

Local Amenities
A peaceful, picturesque community is ideal, but if there are not a lot of resources nearby for your family, it’s possible that your new neighborhood may not be the best fit. Instead of having to get in the car and drive everywhere, ensure you research nearby community centers, green spaces and recreational spots so your family has somewhere to spend their weekends.

Research the Crime Rate
You can certainly get a good sense of the well-being of a community just by looking at it, but be sure that you’re informed about exactly how safe the surrounding area is so your family will feel at ease in their new locale. While you can easily research the community and find information online, websites like Neighbourhood Scout and Crime Report also make it simple to discover the less well-known details.

Transportation and Accessibility
A community you love is ideal, but if you work in the downtown core or an area far away, it will be important to determine the effect this will have on the length of your commute. In addition, you’ll want to be sure there are local transportation options like buses and shuttles that provide access all over the center in the event that it’s needed.

Learn About the Locals
There’s something to be said for the perfect home, but you’ll also need to feel a certain sense of comfort in the place you live so ensure you choose a place with nice neighbors and a community feel. This may seem hard to determine before buying a house, but try visiting the local community center or knocking on a few doors for a quick impression of what the locals are like.

It can be easy to throw everything else out the window as soon as you’ve found the perfect home, but it’s important that your home is situated in a neighbourhood you’ll feel comfortable in. If you’re currently considering a few different neighborhoods for your home purchase in San Diego County, you may want to contact me Andy Pheasant  “Specializing in San Diego County” for more information.

Whether you are selling your home or buying a new home in San Diego County, I can help you with your endeavor.