Real Estate Finance

National Snapshot: What’s Ahead for Real Estate

  The U.S. unemployment rate is at a 50-year low, and consumer confidence remains high. In fact, the University of Michigan’s latest Surveys of Consumers found that Americans have their most positive personal finance outlook since 2003.   However, if you follow national news, you’ve probably heard speculation that we could be headed toward a recession. Global trade tensions and a...

How To Increase Your Credit Score When Buying a Home

  Credit scores take a long time to increase, but it’s worth taking some steps to increase yours, especially if you’re in the process of buying a home. A mortgage will eventually build your credit, but it may make your credit score drop at first since your lender will have to run a credit check. Follow these steps to keep your credit score up during the process.     Make...

Top 10 Myths That Trip Up First-Time Home Buyers

Everyone has a crazy story about their first time buying a home, but some of those stories are riddled with common real estate myths. With so much information to sift through during the process, it can be hard to distinguish fact from fiction. Here are the most common home buyer myths I hear: Myth #1: You need a 20% down payment. Sure, a 20% down payment is great, but that doesn’t work for everyone....

Top 4 Things To Know About 1031 Exchange

No one wants to pay taxes, especially if there’s a smart financial solution that can save you money. A 1031 Tax Deferred Exchange is a well-established strategy used to defer taxes on the sale of a home or business by purchasing another property. It has become increasingly popular with real estate investors. 1031 exchanges are pretty common in Mammoth Lakes as often people are selling properties in...

Financing A Condo-tel Property

You probably know about condos and single family homes, but have you heard of a condo-tel? A condo-tel is a condominium project that is operated as a hotel with a lobby, registration/front desk, cleaning services and more. The units are individually owned (like condos) but there is a rental desk onsite. Owners have the option to place their unit in an onsite rental program and have it rented out like a...

Estimate Your Home Purchasing Power

ESTIMATE YOUR HOME PURCHASING POWER Once you have the required credit score, savings for a down payment and a list of all your outstanding debt obligations via your credit report, you can assess whether you are ready and able to purchase a home. It’s important to have a sense of how much you can reasonably afford—and how much you’ll be able to borrow—to see if homeownership is within...

Saving for a down payment, www.sonjabush.com, Mammoth Lakes

Saving Up For a Home Down Payment and Closing Costs

The next step in preparing for your home purchase is to save up for a down payment and closing costs. Down Payment When you purchase a home, you typically pay for a portion of it in cash (down payment) and take out a loan to cover the remaining balance (mortgage).  Many first-time buyers wonder: How much do I need to save for a down payment? The answer is … it depends. Generally...

Is a 15 or 30-year Mortgage Better? www.sonjabush.com, Mammoth Lakes

Is A 15 or 30-Year Mortgage Better for Your Home?

Home buyers have many choices to make when purchasing a home and one of those choices has to do with the length of the loan. There are pros and cons to both the 15-year mortgage and the 30-year mortgage and the answer may not necessarily mean that one is “better” than the other; it simply depends on what the home buyer’s needs are. The 15-Year MortgageIf you choose the 15-year mortgage, your...

What is Included in a Sellers Closing Costs? www.sonjabush.com, Mammoth Lakes

What is Included in Seller Closing Costs for a Mammoth Lakes Home?

Closing costs can seem to be endless, annoying in nature and end up in a lot of cash.  Closing costs are itemized in the closing statement, which can be referred to as a HUD-1, the settlement statement, and of course the closing statement.  The net effect is that the seller ends up with less cash after paying all the closing costs on their home. A buyer’s closing costs typically range from...

The Best Reasons to Refinance Your Mortgage, www.sonjabush.com, Mammoth Lakes

The Best Reasons To Refinance Your Home Mortgage

There are times when it pays (literally) to refinance a mortgage. Refinancing a mortgage means paying off the existing loan and replacing it with a new one. There are many reasons why homeowners refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching types of mortgage loan, to tapping into equity. Below are some of the reasons to consider refinancing: One of...

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