Knowing whether the price is right for a property you’re interested in is vital to avoid problems further down the road.

It can be easy to miss though, especially in a hot market. With stiff competition, an overpriced listing can still get plenty of bids as if nothing is amiss — the downsides of overpaying often come later on, like during the appraisal process or when reselling.

Luckily, there are a few easy ways anyone can look out for a potentially overpriced home. Here are five signs to look for during your search:

1. It’s been on the market awhile. If a home was listed several weeks or months ago, it could mean that something about the property made other buyers avoid offering. If the reason isn’t obvious, asking for your agent’s input or taking a thorough tour are both good ideas.

2. The price doesn’t compare to neighboring offers. You can ask your agent to do a comparative market analysis (CMA) on a listing. This will provide an expert check on how the price compares to similar properties in the area.

3. It has recent (needless) upgrades. Making essential repairs (like new roofing) before selling is common practice. But not all upgrades add value, and some sellers use low-effort renovations (e.g., new wallpaper) in order to justify a much higher price.

4. The price per square foot is high. This number can be especially helpful if there are not many comparable listings nearby. However, keep in mind any valuable property features that might warrant a higher price per square foot.

5. It has a shifty market history. Has it been bought and sold repeatedly in the past few years? Did pending sales fall through? You may want to ask your agent about it.

Ready to start your home search? Get in touch to set your home financing journey up for success.

You don’t need two incomes to buy a house. It’s becoming quite common (and necessary in some cases) to buy property with a single income these days.

Whether you’re buying your first property on your own or buying a family home with one income for the household, your financial situation shouldn’t hold you back from your goals.

Follow these tips to help build your path to homeownership.

1. Check your credit. The better your credit score is, the easier it usually is to get a mortgage. Be sure to look for any late payments and collections on your credit report — they’ll need to be settled before you can buy a house.
2. Consider your savings and cash flow. Take a look at your broader financial picture. You’ll need to have enough saved for your closing costs, down payment and an emergency fund. You’ll also want a good handle on what you can afford for a monthly payment, so reach out to start the preapproval process.
3. Look into government loan programs. FHA, VA and USDA loans can be great options for first-time homebuyers, with low or no down payment requirements. We can discuss if any of these are a good fit for your credit standing and budget.
4. Bring in a co-signer or guarantor for the loan. If your credit isn’t where it needs to be or you’re worried about qualifying, you can bring in a co-signer or guarantor to apply for the loan with you. Their solid financial standing could make it easier to qualify and get a lower interest rate than you might on your own.
5. Have an income protection plan. These plans ensure you have guaranteed earnings should you be unable to work. It should give you some reassurance that you’ll be able to afford your payments, even through hardships.

Get in touch if you need help finding the right mortgage program for your goals.

You’ve spent years handing over your hard-earned cash to a landlord. But what do you really have to show for it?

Life as a renter can be frustrating, as well as expensive. But is the huge financial commitment of homeownership actually a viable alternative to renting? You may be surprised to know that the answer is usually “yes.”

Purchasing a home can be more beneficial than continuing to rent. These five reasons will prove it:

1. Cheaper Payments: With rental rates on the rise, low fixed-rate mortgage payments can be a more affordable option. And while purchasing a home could require a large deposit upfront, the chances of recovering those initial costs increase the longer you stay in the home.
2. Tangible Value: Unlike renting, homeownership is a long-term investment that stands to provide a substantial return. Quality properties in sought-after locations tend to appreciate in value. And, as you pay down your mortgage, your home equity will increase.
3. Community Ties: As a homeowner, you’ll be more invested in your community and have an incentive to get to know your neighbors. In fact, 30% of homeowners make friends with their neighbors — something renters are far less likely to do.
4. Freedom: Rental properties come with rules and regulations. That often means no painting, no remodeling, and — perhaps worst of all — no pets. And even if pets are allowed, you’re likely to be paying exorbitant pet deposits and monthly fees. As a homeowner, you can customize your home at will and keep your pets!
5. Tax Benefits: While it’s true that homeownership comes with additional expenses, some of those costs might actually be tax-deductible. They may include mortgage interest, property taxes, energy-efficient updates, and private mortgage insurance premiums.

And these five advantages are just the beginning — you’ll also enjoy more privacy, less noise, and no more pesky landlords. So yes, homeownership can be better than renting.

Ready to become a homeowner? Get in touch for a mortgage consultation today.

There’s nothing like walking into a house and realizing it’s the one — your dream home!

But before you go house hunting, you should get preapproved for a loan that’s just as perfect for you. Making sense of the financial language might initially seem intimidating, but it’s the first step to living that dream.

Get in touch if you’d like help answering the following questions:

15 or 30 years?
If paying off your loan sooner is important to you, a 15-year mortgage might be a good fit. These typically have a lower interest rate, but you’ll have a higher monthly payment due to the shorter loan term.

If you need (or want) a lower monthly payment, a 30-year mortgage might be better suited to your lifestyle.

Fixed or adjustable?
Fixed-rate mortgages are generally uncomplicated and have specified monthly payments that make budgeting easier. You neither save when market rates go down nor suffer when they spike.

Adjustable-rate mortgages (ARMs) typically start with lower interest rates that stay fixed for a set amount of time. Once that period ends, your rates vary at predetermined intervals.

Conventional or government?
The typical 20% down payment you’ve probably heard about is associated with conventional loans, but it isn’t a must. Your credit score, debt-to-income ratio and down payment all factor into your interest rate.

Don’t have a big down payment or excellent credit? Consider a government-backed loan. With an FHA loan, you only need a small down payment, dependent on your credit score. The VA offers mortgages with no down payment to active military, reservists, veterans and spouses. And if you’re in a rural area, you may qualify for a zero-down USDA loan.

Curious about which type of home loan will be the best fit for you? Reach out today.

There are a lot of myths and misconceptions in the personal finance world, and some of them could hold you back — from saving money and improving your credit score to qualifying for loans.

No matter what your next financial goal may be, having a solid strategy is integral to getting you there safer and faster. With that being said, let’s take a look at four of the most common yet easily overlooked money myths and set the record straight.

Myth 1: Savings are only what’s in your bank account.
For loan applications, your liquid assets are your savings, and personal bank accounts are only a part of it — 401(k)s, brokerage accounts, IRAs and more are also considered savings. Once you tally up all of your liquid assets, you might be surprised by the amount!

Myth 2: Investing isn’t worth it unless it’s a large amount.
Small amounts of money can be a smart investment, especially if they have plenty of time to gain interest. In fact, investing meager amounts of money consistently over time can make a big difference in your financial future.

Myth 3: Debt is always bad for credit.
Only debts you don’t pay on time or that take up too much of your income hurt your credit score. If you keep your balances in check and always pay on time, debt can actually help your credit score quite a bit — and even make it easier to qualify for loans, too.

Myth 4: Small balances can raise your credit score.
Constantly carrying a balance won’t improve your credit score, but paying it off regularly will. You’re charged interest for remaining balances, so it won’t benefit you.

Want to learn more about how your financial choices could impact your journey to buy a home? Reach out today.