Real Estate Tips

Quick tidbits of advice and ideas about real estate.

Found 85 blog entries about Real Estate Tips.

Owning a home is one of the surest ways to build personal wealth. But you don't need to have "wealth" to get started. There are many first-time buyer home loan programs available – each with its perks and particular qualifying requirements. In this overview, we'll share the 7 most popular first-time homebuyer programs.

Which of these is best for you? Apply online at Legacy Home Loans today to find out fast! 

FHA Home Loan

This mortgage is the go-to for many, especially first-time home buyers and those with less than ideal credit history. An FHA loan is guaranteed by the government, which allows lenders to expand their qualifying requirements. With an FHA, borrowers can also put less money down -- as little as 3.5%!

Low rates also

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It’s no secret that most New Year’s resolutions are tossed out about a month after the tree is taken down, but this year, dear homeowner, things will be different. In 2021, you have the opportunity to make resolutions on behalf of your home rather than your waistline or still-blank journal pages, and we believe you’ll enjoy the sense of pride and wellbeing that you’ll gain as a result of sticking to them.

As homeowners, we must stay focused on saving money, maintaining and improving our homes, and keeping interior spaces organized and gleaming. Sound daunting? By following Parks' Top New Year’s Resolutions for Homeowners, you’ll have a handy guide to keep you on-track from now on.

1.) Budget for Emergencies

The average homeowner would be wise

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Even though Tennessee is considered a “southern state,” late fall and winter overnight temperatures can fall into the freezing range here. Thus, you may be wondering whether your next home should be more energy-efficient. If your current home was built before the year 2000, it’s likely far less energy-efficient than houses built more recently. Homeowners will tell you that weather extremes in a less-efficient home lead to higher utility bills and uncomfortable inside temps. Today, we’re sharing the top reasons we recommend buying energy-efficient homes.

1.) Your Home’s Air Quality Will Be Better

Far more concerning than an eye-watering heating or cooling bill, the air quality in older homes is likely inferior when compared to new construction.

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Are you considering a 30-year fixed-rate mortgage? We're not surprised. Thanks to an extended repayment period and fixed-rate, homeowners can count on a predictable low monthly payment. Here's what you need to know about a 30-year fixed-rate loan and it’s alternatives!

What is a 30-Year Fixed-Rate Home Loan?

A 30-year home loan is a mortgage that would be paid off entirely in 30 years if you make every payment as scheduled. 30-year mortgages typically have a fixed rate, meaning that the interest rate stays the same throughout the loan's life.

Benefits of a 30-Year Fixed-Rate Mortgage

  • Lower payment: A 30-year term stretches out the loan's repayment, which often translates to a more comfortable monthly payment. 

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VA home loans have impressive rates and terms, making them some of the most desirable mortgage loans to apply for. Curious as to what it takes to get a veteran home loan? Here's everything you need to know to get started!

How To Know If You Qualify for a Veteran Home Loan

You'll need a document that confirms that you meet VA home loan requirements. This document is called a VA Certificate of Eligibility (COE). It's an official document that proves that you are an active-duty military member, a veteran, a National Guard or Reserve member, or a surviving spouse of someone who served in the military in that capacity. 

While you're able to apply for a VA loan without a certificate of eligibility, you'll need to provide it before the home loan

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Buying a move-in ready home is appealing, but there are benefits to purchasing a "diamond in the rough" too. Here are the top 5 reasons home shoppers prefer a fixer-upper!

Pro Mortgage Tip: Did you know that there are many home loan programs, especially for buying a home that needs renovation? It's true! Contact Legacy Home Loans to see which option is best for you.

Lower Price Point

Budget-conscious home seekers often check out fixer-uppers first. Properties that need TLC are typically priced on the lower end of the scale, and the slightly lower price may also be just what you need to break into that neighborhood you dream of living in. A word of caution, however. Before making an offer, request quotes from a few contractors to get an idea

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If you’re seizing the moment this year by purchasing a home in Middle Tennessee, you’ll have dozens of beautiful areas to choose from. The first step toward narrowing down your dream neighborhood is determining whether the city or the suburbs are right for you. Today, we’re examining the pros and cons of life in both the city and the suburbs. 

Depending on what you prioritize at this stage of your life, you will likely feel strongly drawn toward one way of life or the other. Whichever you choose, remember that properties tend to increase in value over time, so if you decide to pack up and move into—or out of—the city, contact Parks Realty for assistance making the leap ASAP!

Pros of Living in the City

1.) Reduced Commute Time

Let’s face

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Thinking about buying a first home or a second? You have many loan options, and each one varies as far as their down payment requirements. Use this quick guide to get an idea of the amount you'll need to put down on your next purchase.

Is 20% Down Always Necessary to Buy a Home?

The down payment refers to the monies you'll put down during the mortgage closing, and it's often expressed as a percentage of the property price. For example, 20% down on a $200,000 home means paying $40,000 at closing.

20% down can make homeownership feel too out of reach. But take heart, very few loan programs are firm about needing 20% at closing. You can even get a conventional mortgage with as little as 3% down! Read on to learn more.

**Make better

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With rates at incredible lows, Americans across the country are refinancing their mortgage. But if you have poor credit, you may be wondering if it's possible. 

Refinancing with a low credit score isn't the ideal position, but it is possible. Here's everything you need to know about refinancing into a lower rate mortgage while having bad credit. 

But first, why bother refinancing in the first place? 

Refinancing saves you money because you end up paying less interest over the life of the loan. That can also translate to lower monthly payment, but if nothing else, it means that more of your payment will go to the principal than the lender. 

A handsome prospect for anyone! But for those with less-than-ideal credit, refinancing at a fair

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Most homes have an element that could use some improvement before putting on the market. Perhaps the wood flooring is looking scratched and dingey. Or the tub and shower are showing their years. Or maybe the shingled roof is making your home look outdated. 

No matter what needs improving, when it comes to selling your home, there's a decision to be made: will you invest in upgrading and repairs, or will you sell as is?

 

Both of these scenarios have their perks, so the deciding can be tough. One the one hand, investing in remodeling and renovation can boost your home's value so you'll likely recoup the money and gain some extra. 

On the other hand, value-minded shoppers aren't afraid of a fixer-upper and may even prefer a home that they

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