Lori Blank & Associates

27

Dec

Real Estate Tips

Exploring Down Payment Options for Homebuyers

Saving for a down payment is a common hurdle for many homebuyers, but there are several ways to make it happen. Whether you’re tapping into savings, receiving a gift, or utilizing assistance programs, understanding your options can make the journey to homeownership smoother. Common Sources for Down Payments Gifts from Family or Friends Gifts can come from immediate family members, relatives by marriage, legal guardians, or close friends (with proper documentation). Lenders require a gift letter confirming that the money doesn’t need to be repaid. Eligibility rules vary by loan program, so check with your lender. 401(k) Funds Loan Option:…

26

Dec

By Lori Blank

Real Estate Tips

5 Ways Owning a Home Builds Wealth

Owning a home is a milestone that goes beyond providing a roof over your head. It’s one of the most significant ways individuals can build wealth over time. Unlike renting, homeownership offers financial and personal rewards that grow with time and care. Let’s discuss five ways owning a home can help build long-term wealth. 1. Appreciation Over Time Real estate historically appreciates in value. While market fluctuations can happen, home prices generally trend upward over the long term. For example, a home purchased for $250,000 today might be worth significantly more 10-20 years later. This appreciation creates equity, which is…

25

Dec

By Lori Blank

Holidays

Looking Ahead with Gratitude and Hope

As the holiday season surrounds us with its warmth and cheer, we reflect on the incredible connections we’ve made this year. To our valued clients, whether we’ve worked together already or you’re considering partnering with us—thank you for trusting us to be part of your journey. This season is not only a time for celebration but also a moment to appreciate the opportunities ahead. We’re truly grateful for the chance to help you achieve your dreams, whether it's finding the perfect home or planning for a brighter financial future. As we step into the new year, we’re filled with hope…

24

Dec

By Lori Blank

Real Estate

Can I Buy a Duplex with an FHA Loan?

If you're in the market to buy a duplex or similar multi-unit property, you may be wondering whether you can use an FHA loan to finance your purchase. FHA loans are well-known for helping first-time homebuyers, but they can also be used to purchase duplexes. Here's everything you need to know about FHA loans, how they work, and whether they're a good fit for your homebuying plans. What is an FHA Loan?An FHA loan is a mortgage insured by the Federal Housing Administration, designed to make homeownership more accessible. These loans come with lower down payment requirements, making them ideal…

23

Dec

By Lori Blank

Financial Reports

What’s Ahead For Mortgage Rates This Week – December 23rd, 2024

The rate cut by the Federal Reserve was hotly anticipated, and as predicted, they proceeded with the reduction, signaling the possibility of further cuts depending on inflation data. Although markets were generally receptive to the positive news, other government-related issues had dampened the high spirits temporarily. Outside of the rate decision, the PCE Index (the Federal Reserve’s preferred inflation indicator) has performed positively by beating the forecast. In addition, the Consumer Sentiment was exactly where it should be as expected. PCE Index The PCE index increased a scant 0.1% last month, the government said Friday. That’s the smallest rise in…

20

Dec

By Lori Blank

Home Mortgage

First-Time Homebuyer Checklist For Success When Embarking On The Homebuying Journey

Purchasing your first home is an exciting milestone, but it can also feel overwhelming without a clear plan. With so many moving parts, from financial prep to evaluating potential homes, having a comprehensive checklist can help simplify the process. Here's everything you need to consider to make your home-buying journey smoother and more successful: 1. Get Your Finances in Order Check Your Credit Score: Lenders rely heavily on your credit score. Aim for a score of 620 or higher to qualify for a conventional loan, though some programs accept lower scores. Save for a Down Payment: Depending on the type…

19

Dec

By Lori Blank

Homebuyer Tips

How Younger Homebuyers Can Make A Dream Into Reality

For many younger individuals, especially those in Gen Z, the dream of owning a home can feel distant amid rising home prices, mortgage rates, and inflation. With these challenges, it’s easy to wonder if homeownership is truly within reach. While the current housing market may seem daunting, it’s important to know that it’s still possible to become a homeowner with the right strategies and support. With professional guidance, you can navigate the obstacles and achieve your goal of owning a home. Here are some helpful tips for younger homebuyers to make their dream a reality. 1. Explore Your Options for…

18

Dec

By Lori Blank

Home Seller Tips

Why Checking for Open Permits Is Essential Before Selling Your Home

When preparing your home for sale, there’s a checklist of tasks to tackle like decluttering, staging, and perhaps making minor repairs. One item that often gets overlooked, yet is critically important, is checking for open permits on your property. Ignoring this step could lead to unexpected delays, renegotiations, or even jeopardizing your sale entirely. Here's what you need to know about open permits and why resolving them is vital. What Are Open Permits? An open permit occurs when work done on a property hasn’t been fully approved or closed out by the local permitting authority. This can happen if the…

17

Dec

By Lori Blank

Real Estate

Tips for a More Productive and Comfortable Home Office Space

As remote work continues to progress, having a well-designed home office is more than just a luxury, it has become a necessity. A thoughtfully created workspace can increase productivity, boost creativity, and promote overall well-being. I have seen how creating a productive environment impacts work-from-home efficiency and comfort. Whether you’re setting up a corner nook or dedicating an entire room, here are six practical ideas to transform your home office into an ideal place to get things done. 1. Pick the Perfect SpotThe location of your home office can greatly affect your ability to concentrate and stay productive. Pick a…

16

Dec

By Lori Blank

Financial Reports

What’s Ahead For Mortgage Rates This Week – December 16th, 2024

Last week featured a light release schedule, with the key highlights being the CPI and PPI reports. The CPI has proven to be exactly within expectations, signaling the Federal Reserve should be on track for another planned rate cut. However, this was offset by higher-than-expected PPI inflation. Despite these mixed signals, both indicators show stable trends, and overall inflation appears to be moving toward the Federal Reserve's target. The Federal Reserve remains committed to reducing inflation until their goal is achieved. Consumer Price Index Consumer prices rose in November at the fastest pace in seven months. Still, the latest inflation…