Funding for Home Upgrades

September 9, 2022/in Blog /by Shauna Morris

Now that the market has shifted slightly, inventory is rising, and buyers have more options. As a result, you may need to reevaluate the appearance and condition of your home before you list. A little remodeling can increase your home value, but it shouldn’t break your bank. It is essential to research which home renovations are worth the investment before starting on upgrades. Once you’ve determined which renovations offer the highest return, you have to figure out how to fund them. Here are expert tips on how to find funding for home upgrades.

ROI

The 2022 Cost vs. Value Report for Reno, NV, found that curb-appeal projects, including changes to siding, garage doors, and windows had an average payback of 83 percent, compared with about 39 percent for interior upgrades like a major kitchen remodel. While kitchens and bathrooms are known to make or break a sale, be sure that your spending is compatible with the house’s total worth and that of your area if you plan to remodel. You don’t want to over-improve your home because you’ll never get that money back when you sell. It is advisable to check out comparable listings in your area before you begin renovations to keep pace with but not exceed the local market.

Budget

Whether you have money saved or are looking to take out a loan for your upgrade project, you need to create a ballpark estimate of what you are willing to spend. First, browse home improvement stores and sites for materials and fixtures that you like and price them so you can turn your estimate into a realistic budget. If pricing materials yourself feels daunting, you can enlist the help of a sales associate for smaller projects. They will be able to walk you through your options and answer your questions. For larger upgrades, however, it is advisable to enlist the help of a design consultant. A design consultant will be able to help with pricing options and ensure that you don’t leave anything out so that every necessary item makes it into your budget. For extreme renovations that require a contractor, a good rule of thumb is to get at least three estimates. The Real Remodeling Costs tool by Houzz is a great resource for city-by-city estimates on typical remodeling costs.

Financing

You can finance smaller projects with a credit card. You may already have one with a high credit limit and a low interest rate, or, depending on your credit score you could qualify for a new card with 0 percent interest for 12 months or longer. Just be sure to stay mindful of payments and get the balance paid in full before interest begins or you could wind up paying three times over for a small upgrade.

Most large hardware stores offer credit cards or financing options with introductory rates of low or no interest. If your entire project will be completed through the design arm of a large hardware store, that could be an excellent option.

Home Equity

There are a couple of options for using your home equity to fund home upgrades. The most flexible may be a home equity line of credit. A home equity line of credit uses your home as collateral for the amount of credit the lender approves. The upside is that you only pay interest on the money you draw out from the line of credit. The downside is that the interest rate is variable, which could get expensive if interest rates go up while you’re working to pay back the amount you’ve borrowed.

A home equity loan offers the security of a fixed interest rate. With the loan option you get a lump sum and pay interest on the entire amount over time until it’s paid back in full. An equity loan is a great option if interest rates are low, it will end up costing a lot more money to pay back if interest rates are high.

Run the numbers and figure out what makes sense for you, then budget accordingly. If an upgrade or renovation is simply out of your price range then reconsider the parameters of the project. Always consider the economic realities of an ever-changing market when considering home upgrades 1) don’t overbuild the rest of your home or your neighborhood 2) don’t go over budget or put yourself in financial trouble 3) take a step back and consider smaller cosmetic projects that have a big impact.

If you have questions about the Reno real estate market, contact the David Morris Group. We’re happy to be your guide. Give us a call at (775) 828-3292.

Most Popular Home Design Trends

August 8, 2022/in Blog, Lifestyle /by Shauna Morris

The most popular home design trends help us understand society’s overall mood and provide new ideas on how we want to decorate our own homes. Here are the top trending colors, materials, and styles that homeowners are using.

Color

There is a renewed interest in adding bright and bold colors to interiors, which is definitely a departure from the grey and beige of the past. This is a sign that folks are feeling more adventurous and optimistic. Bold colors and warm natural materials create a more interesting and welcoming space. This trend could be a post-pandemic effect; folks discovered that their space lacked uniqueness and style after being holed up in their homes for almost two years. A renewed interest in authentic decor that is joyful and inviting and reflects their personality has led to a demand for folks to reinvent their interiors.

Wallpaper

Homeowners are ready for a more lively interior. As a result, many interior designers have noticed a renewed interest in bold and unique wallpaper. It adds personality and style to a space that paint cannot accomplish alone.

Warmth

Creating a home that feels like a haven from the stresses of daily life is still very important. Folks want it to be a place to rest, relax and recharge. As a result, homeowners have been moving more toward finishes that add softness, warmth, and texture to their rooms.

Green has been a repeated hue in trend talks over the past couple of years. But lately, designers say there’s an increased interest in sage green, from walls to kitchen cabinets. Soft gray hues and wood-tone decor also bring a warm aesthetic into homes.

Natural Materials

Natural materials rarely go out of style, but they’ve spiked in popularity lately. These materials include the previously mentioned natural wood elements as well as various stone accents. Folks are using materials that feel more established or handmade and more authentic to their space.

Textures

Textural elements create inviting elements in a space. Texture awakens the senses and invites folks to reach out and touch while being at peace and relaxed. Items like wood, rattan, pottery, and metal, mixed with soft or smooth fabrics, create a visual feast for the eyes.

You may already have some of these items in your home that you’ve put away or long forgotten. Perhaps it’s time to join in on some of these most popular home design trends and add some personal pizazz to your space!

If you’d like to stay up to date on what’s happening around Reno, follow our blog, and if you have questions about the Reno real estate market, contact the David Morris Group. We’re happy to be your guide. Give us a call at (775) 828-3292.

Beat the Summer Heat in Reno-Sparks

July 7, 2022/in Blog /by Shauna Morris

Reno packs some serious summer heat but also provides some of the best and most beautiful places to cool off! From Kayaking to water parks, we have plenty of cool activities to explore. Here are a few ways to beat the summer heat in Reno-Sparks:

KAYAKING

The Truckee River Whitewater Park is in the heart of downtown Reno. This 2,600-foot-long park has class 2 and 3 rapids for kayakers, canoes, and boats. Whether you’re a novice or new to the sport, kayak lessons and clinics are offered by Sierra Adventures.

PADDLEBOARDING

Stand-up paddle boarding (SUP) is one of the fastest-growing watersports. The Sparks Marina is an excellent location in Reno, and if you’re looking for more action, the Truckee River is a must! Lakeshore is based in Reno and has turned into a premier paddleboard spot. You can rent a paddleboard at Marina PaddleFit, and they offer clinics to learn new SUP skills.

TRUCKEE RIVER RAFTING

Reno is a perfect place for whitewater enthusiasts. It’s close to the Truckee and the Carson River, both of which have fantastic whitewater options. The Truckee River delivers some wilder rapids with classes 3 & 4 if you’re down for a hair-raising adventure, while the Carson River is known for its milder rapids. The most popular route down the Carson River is a 21-mile stretch called “Hangman’s Run.” Tahoe Whitewater Tours and Sierra Adventures offer excellent guided tours down the rivers.

FLOAT ABOUT

Truckee River rafting is right in the heart of the city, with easy access through Wingfield Park. The park is the endpoint for most float trips, and you can find plenty of places to launch your raft. Popular launching points include Crissie Caughlin Park, Dorostkar Park, and Mayberry Park. If you’re looking for something less extreme, floating the day away is a great way to enjoy the river without rapids.

RENO-SPARKS’ WATER PARK

Wild Island Family Adventure Park offers summer fun for everyone! With water slides, a wave pool, go-karts, mini-golf, and bowling, it’s a great way to wear out the kiddos and have a little fun yourself.

We haven’t forgotten about fun in the sun at Lake Tahoe ~ Keep an eye out for our next blog to get the latest on the lake’s summer options!

To stay up to date on what’s happening around Reno, follow our blog, and if you have questions about the Reno-Sparks real estate market, contact the David Morris Group. We’re always happy to be your helpful guide. Give us a call at (775) 828-3292.

Common Homebuyer Regrets

July 1, 2022/in Blog, Reality of Real Estate /by Shauna Morris

A home-buying experience can feel rushed and frantic. Add in rising mortgage rates, low inventory, and bidding wars, and the home-buying process is downright chaotic! For some, buyer’s remorse can creep in once they rush to buy and then begin to notice little things about their new home that they didn’t see before. According to a Zillow survey, 75% of recent homebuyers have at least one regret about their new home. Here are the most common home-buying regrets.

Missing the Bigger Picture

We are still in a seller’s market, meaning there are still more buyers than inventory. This shortage has caused buyers to feel pressured to grab the first home they can find rather than weighing their options more carefully. Fewer homes to choose from, coupled with competition from other hungry buyers, causes pressure. That pressure can cause buyers to miss the big picture. Not fully understanding a new home’s impact on daily life is the most common regret new homebuyers report. Buyers need to anticipate what life will be like in their new home one to five years down the road rather than what their lives are like at the time of purchase. Make sure the home fits the lifestyle you foresee, not the one you’re currently living.

The Importance of Location

Location is one of the most important factors when purchasing a new home. Buyers need to weigh the pros and cons of the neighborhood and community. The area needs to complement how you live, work, and play. Spending twenty minutes inside a property in the middle of the afternoon is only a fraction of the picture. Is there a time of high traffic that contradicts your work schedule? Are you near a school that will have speed limit restrictions and bumper-to-bumper car-line each day? The function and flow of the area are things to consider before signing on the dotted line.

Waiving a Home Inspection

A home inspection is an integral part of the home buying process. It lets you know what’s behind the freshly painted walls. In this competitive housing market, buyers look for ways to make their offers the most attractive, and several have waived the home inspection contingency. DO NOT do this! There could be hidden problems that lead to hidden expenses, and the only way to know that is with an inspection!

Aesthetics over Functionality

Aesthetics can sometimes distract buyers. The interior of a home on the market is cleaner than usual if not staged to look better. Buyers need to focus on the whole house and think about whether it will suit their lifestyle for years to come, not just today. If a newly renovated kitchen is still too small to meet your needs, you will regret it down the line, regardless of the new backsplash. Focus on things you cannot change, like size, location, views, and the actual bones of the home rather than a new farmhouse sink.

Maintenance Costs

Many buyers regret that they didn’t consider annual costs such as HOA fees, property taxes, and insurance fees before purchasing their home. These fees typically increase yearly, and if you’re barely scraping by in the first year, imagine five years down the line. Unexpected maintenance expenses such as plumbing, HVAC, a leaky roof, etc., are all things the home inspection report should outline, and they should be factored in as maintenance costs for the future if they don’t need to be repaired right away.

Buyers who know about these often overlooked factors understand what to look for and feel more secure about their purchase. Setting your priorities before buying will help you feel more confident about your home purchase down the line.

History of Father’s Day

June 17, 2022/in Blog /by Shauna Morris

Father’s Day is this weekend. It’s the official day to honor wonderful dads and father figures and celebrate the men who put in the work to make us feel protected and safe. Have you ever been curious about the origins of this holiday? Or do you need some new trivia to ‘wow’ your dad when you see him? Here are a few fun facts about the history of Father’s Day.

First Recognition

The first event to celebrate fathers was on July 5, 1908, in Fairmont, West Virginia. A year before this celebration, a horrifying mining explosion occurred in a nearby town, known as the Monongah Mining Disaster. It killed 362 miners, 250 of which were fathers. A woman by the name of Grace Clayton encouraged her pastor to hold a service to honor the children who lost their fathers. She chose that specific date because her father had passed away years prior, and July 5th was close to his birthday.

While this was technically the first recognition of the paternal bond of fatherhood, it didn’t directly encourage the creation of Father’s Day. The town only promoted the memorial service in Fairmont, WV, which was overshadowed by July 4th celebrations.

Official Celebration

The idea of having a day to celebrate fathers was picked up again two years later by a woman from Spokane, Washington named Sonora Dodd. Sonora and her five brothers and sisters were raised by their father after their mother passed away, and she felt that fathers deserved equal recognition as mothers. She worked with her local church and YMCA to plan a day specifically to celebrate the men of the house. As a result, an official “Father’s Day” was held at the Spokane YMCA on June 19, 1910. Soon after, several cities and towns across the country followed suit.

Presidential Recognition

In 1966 President Lyndon Johnson issued a presidential proclamation that fathers would be honored each year on the third Sunday in June. President Richard Nixon signed the proclamation into law six years later and Father’s Day became recognized as a national holiday.

Commercialization

Today, as with Mother’s Day, Valentine’s Day, Siblings Day, Yoga Day, and any other celebratory reason you can think of, retailers begin their promotions for profit months in advance. The greeting card companies are pretty fond of the holiday as well.

Global Celebrations

Great Britain was the first area abroad to begin the annual celebration of Dad. It’s thought that they adopted the tradition right after WWII in 1945.

France was next to join in the celebration of le pére in 1949. However, the idea of profit from the holiday spurred Father’s Day more so than the idea of celebrating dear old Dad. As a matter of fact, a lighter manufacturer called Flaminaire brought the tradition to France with the slogan: “Nos papas nous l’ont dit, pour la fête des pères, ils désirent tous un Flaminaire” translated to say “Our fathers told us, for father’s day, they all want a Flaminaire.” It wasn’t adopted as an official decree across the country until three years after the Flaminaire promotion.

Other countries recognizing Father’s Day on the third Sunday in June include Mexico, Ireland, France, Greece, China, and Japan.

Father’s Day is called Vatertag in Germany, or Männertag, which means “men’s day.” The German celebration of der Vater falls on the Thursday 40 days after Easter. It is traditional for groups of men to go into the woods with a wagon of booze and meats in certain regions. Which is quite a bit different than spending the day being gifted with silly ties and handmade crafts, but to each his own!

No matter when it’s celebrated, what the traditions are, or what it’s called, the father figures in our lives deserve recognition for the role they embrace. We wish all of the Pops out there a very Happy Father’s Day, and we hope you are appreciated for all that you do!

If you have questions about the Reno real estate market, we are happy to help! Contact the David Morris Group, or call us at (775) 828-3292.

Industry Partner Spotlight

May 27, 2022/in Reality of Real Estate /by Shauna Morris

Several players are involved in buying or selling a home. As your REALTOR®, we will guide you through every step of the process, but we rely on our industry partners to help us get the job done. We’d like to recognize Mortgage Lenders in our Industry Partner Spotlight.

What Does a Mortgage Lender Do?

Lenders assist buyers with the application procedures to qualify for a home loan. The lender will pre-qualify the buyer for the money they are financially qualified to borrow. In today’s market, buyers need to be prepared to show their pre-qualification letter when they make an offer to purchase.

How Do I Find a Mortgage Lender?

There are several ways to find a mortgage lender, but finding the right one matters most. Buyers can go online, go through a mortgage broker, or ask their local bank or credit union for a home loan. Most REALTORS® work with preferred lenders and can provide a list for you.

Is a Mortgage Lender a Bank?

It can be a bank, but it doesn’t have to be. Credit unions, non-bank lenders, and online companies have the ability to offer mortgage loans. There are many options to compare and consider. Finding the best option that fits your financial needs is the goal.

How Many Lenders Should I Contact?

A good rule of thumb is to apply with at least three. The rule of three allows you to get a solid idea of the bigger picture and find the best option for your financial situation.

What Questions Should I Ask?

What type of loan do you qualify for? There are several types of loans. The loan you are eligible for will determine your down payment, the loan terms, financial qualifications, and more.
What is the APR?
Will rate locks be available? If so, what are the fees?
Ask about mortgage insurance.
Ask for a detailed estimate of your total expenses and additional fees over the life of the loan.

Is it Better to Go Through a Broker?

A Broker is not a lender. They collect your financial information, then shop and compare lenders on your behalf. Brokers make the selection process easier and smoother for homebuyers. They typically have a higher chance of finding the best options since they are familiar with the industry.

We’d like to recognize and thank the professionals that we work with:

Chris Finley | Bay Equity
C: 775-846-3663 | E: [email protected]
Julie Millare | Summit Funding
C: (775) 815-8480 | E: [email protected]
Brian Urbani | Movement Mortgage
C: 775-813-2136 | E: [email protected]
Patrick Winchell | New American Funding
C: 775-230-5023 | E: [email protected]

If you have questions about the Reno-Sparks real estate market, financing, buying, or listing a home, contact the David Morris Group. We’re happy to be your guide. Give us a call at (775) 828-3292.

Most Unexpected Housing Costs

May 26, 2022/in Reality of Real Estate /by Shauna Morris

It is no secret that the current market is a Seller’s Market. Bidding wars have become the norm, and homebuyers have stretched their budgets to the limit. In a recent survey conducted by Consumer Affairs, homebuyers reported spending an average of $10,334 over what they initially budgeted. Going over budget has left new homeowners unprepared for the most unexpected housing costs.

Property Taxes

This year, property taxes were the most unexpected housing costs for new home buyers. The spike in housing prices has increased property value, which has caused an increase in property taxes.

Utilities

With 26% of those surveyed saying they hadn’t budgeted enough for their utilities, this bill came second as the most unexpected housing cost for new homeowners.

Maintenance & Repairs

The recent market has not been favorable of contingencies in offers to purchase, allowing sellers to decline repair requests. New buyers have been left to fend for themselves to repair items that due diligence would have handled in a less competitive market.

HOA Fees

While HOA fees were an expense on the survey, they weren’t necessarily unexpected. Still, 7% of homeowners surveyed said they are among the most expensive costs of owning a home.

Landscaping

First-time home-buyers who have rented since leaving their childhood homes were reported to be caught off guard by the expense of landscaping and yard maintenance.

While costs are rising for homeownership, Americans still want to buy. Those surveyed said that owning a home made them feel proud, independent, and satisfied despite the financial strain.

If you need help creating a financial plan to buy a home this year, we are happy to help! Contact the David Morris Group. Or give us a call at (775) 828-3292.

Best Restaurants in Reno

April 29, 2022/in Lifestyle /by Shauna Morris

From perfect steaks to fresh seafood to gourmet soups, Reno has a delicious dining scene. With Mother’s Day on the horizon, here are a few of the best restaurants in Reno so you can treat the Family CEO to a lovely brunch or dinner!

Atlantis Steakhouse

Experience the attention to detail and art of unsurpassed service at this award-winning fine dining steakhouse. Set in a glitzy, casino-based setting, Atlantis Steakhouse is considered one of the best dinner spots in Reno.

Atlantis Sky Terrace Sushi & Oyster Bar

This sushi bar offers a selection of over 50 types of nigiri and maki sushi. The scenic Sky Terrace offers a unique dining experience under the sea!

Bimini Steakhouse

This tropical-inspired steakhouse is located in the Peppermill resort and has quite the dining room! With savory, wood-grilled meats, fresh, delicate fish, enticing small plates, and magnificent desserts to choose from, Bimini Steakhouse will not disappoint!

Beaujolais Bistro

This charming French cafe celebrates authentic French cuisine and French-style cocktails and is one of the most popular restaurants in the Arts District of downtown Reno.

Fourk Kitchen

Experience the best lunch in Reno at Fourk Kitchen. This formal four-course dining experience with a casual vibe serves a “prix-fixe” menu that changes with the seasons.

Great Full Gardens Cafe and Eatery

The Great Full Gardens Cafe & Eatery in MidTown Reno is a casual restaurant that serves items from local farms and its own greenhouse. While their menu caters to vegan, gluten-free, and Paleo diets, there are plenty of delicious options for the whole family!

The Grill At Quail Corners

The Grill at Quail Corners offers an upscale-casual vibe with a stunning view. This restaurant offers a bright atmosphere and courtyard seating to enjoy the surrounding landscape and mountains.

La Strada

Located at the Eldorado Resort Casino, La Strada was voted one of America’s top ten Italian restaurants.

Laughing Planet Cafe

Laughing Planet Cafe brings healthful, organic, and sustainable food to the Midtown Reno area. With a philosophy that one doesn’t have to sacrifice taste to eat healthily, this charming cafe is one of the coolest local restaurants.

Peg’s Glorified Ham n Eggs

This family-owned and operated diner serves up comforting American breakfast and lunch. The charming restaurant offers some of the best egg dishes and sandwiches in Reno.

Squeeze In

The fun and eclectic vibe at Squeeze In is matched by its extensive menu and giant omelets prepared in various ways. They specialize in breakfast and lunch and offer the best bloody marys and mimosas!

Toucan Charlie’s Buffet & Grille

Toucan Charlie’s Buffet offers a champagne brunch and a buffet like no other! With eight live-action stations, including Sauté & Grille, Charcuterie, Far East fare, Pho, Seafood, Southwest, Specialty Salads, and Carving stations, you’d better bring your appetite!

Von Bismarck

With two patios and an outside grill, this modern family-style restaurant takes authenticity and tradition seriously with its German and Eastern European cuisine.

If you’d like to stay up to date on what’s happening around Reno, follow our blog, and if you have questions about the Reno real estate market, contact the David Morris Group. We’re happy to be your helpful guide. Give us a call at (775) 828-3292.

David Morris Group Blog-Reno Real Estate-Sparks Real Estate-buying a home-selling a home-real estate market-real estate professional

Fixed-Rate or Adjustable-Rate Mortgage

April 26, 2022/in Reality of Real Estate /by Shauna Morris

When shopping for a home loan, the first step is determining which loan type best suits your needs: a fixed-rate or adjustable-rate mortgage.

Fixed-Rate Mortgage

A fixed-rate mortgage remains unchanged throughout the life of the loan by charging a set interest rate. The payments will be the same each month which makes budgeting easier. A buyer can choose either a 15-year term or a 30-year term. The term is the time it will take to pay off the loan. A shorter-term mortgage will have a lower interest rate at a higher monthly payment. The payment is higher because the borrower must repay the principal amount of the loan in less time. The main advantage of a fixed-rate loan is that the borrower is protected if interest rates rise over the life of the loan. The downside is that when interest rates are high, the payments are less affordable, making it more challenging to qualify for a loan. Another downside is that borrowers are locked into their interest rate if interest rates drop. The homeowner will have to refinance their existing loan to take advantage of lower interest rates, which can be a cumbersome process.

Adjustable-Rate Mortgage (ARM)

An adjustable-rate mortgage will change over the life of the loan based on market interest rates. Initial interest on an adjustable-rate mortgage (ARM) is set below the market rate for a fixed time. The fixed period could be anywhere from one month to seven years. Once the fixed period ends, the loan will reset to a new interest rate based on current market rates. When the loan resets, the homeowner’s monthly payments could increase or decrease, and they will be locked in until the next reset.

Low initial payments could enable the borrower to qualify for a larger loan. If market rates drop, the borrower will have lower monthly payments due to lower interest. However, if market rates go up, so does the monthly payment. An adjustable-rate mortgage may be a good choice if you know you’re going to move within a short period and won’t live in the home long enough for the term to change.

Adjustable-rate mortgages are not as straightforward as fixed-rate mortgages. Before jumping in, ask the following questions:

How soon will the payment change?
How frequently will the interest rate adjust?
Is there a cap on how high the interest rate could go?
Is there a limit on how low the interest rate could go?
What direction are interest rates heading today, and will that trend continue?

When choosing a mortgage, you need to consider the economic realities of an ever-changing market. If interest rates are high and expected to fall, an adjustable mortgage will take advantage of the drop. However, if interest rates are low, run the numbers to determine the worst-case scenario. If a predictable monthly payment is important to you, a fixed-rate mortgage may be the way to go. If you are not sure which mortgage is right for you, your mortgage broker will be able to help.

If you would like some more information about buying a home, or if you’re looking for a great REALTOR® to show you around the Reno-Sparks area, contact the David Morris Group. We’re happy to be your helpful guide. Give us a call at (775) 828-3292.

Questions to Ask Your Mortgage Broker

April 21, 2022/in Reality of Real Estate /by Shauna Morris

Mortgage brokers and mortgage lenders often get confused as the same entity; they are not. The mortgage lender is the financial institution that approves the amount of financing and lends funds with the expectation of repayment. It is wise to shop around before committing to a lender, which is where the mortgage broker comes in.

The mortgage broker is an advocate who acts as an intermediary between the borrower and various lenders. They shop around on the borrower’s behalf to minimize the hassle of going back and forth from one lender to another. The mortgage broker’s function is to educate you, advocate for you, and find the best loan option.

There are four questions your mortgage broker should answer explicitly:

Who pays the broker fee?
What is the best interest rate?
What are the down payment options?
What are the closing costs?

Who pays the broker fee?

It’s important to ask upfront who pays your mortgage broker’s fees. Many mortgage lenders will pay the broker fees, but that can create a conflict of interest. The broker might charge you directly for their fee. Ask exactly how much the broker’s commission is and who is responsible for payment.

What is the best interest rate?

Ask your broker about the best interest rate for your situation. Your rate will depend on your debt-to-income ratio, loan repayment history, factors surrounding the property you’re seeking, and credit factors. The mortgage balance, loan term, and interest rates for which you qualify will determine your monthly payment. Ask questions until you are absolutely positive you understand your exact APR, do not accept a guesstimate.

What are the down payment options?

The down payment is the cash you will need to pay upfront to purchase a property. While lenders prefer a 20 percent down payment, different loan types and programs are available to help lower the cost. Your broker should be willing and able to explain every option and scenario.

What are the closing costs?

There are multiple fees involved in the home-buying process. Each lender may charge different amounts, which will affect how much money you need to bring to closing. Ask your mortgage broker about fees for things like inspection reports, credit reports, origination fees, the appraisal, home inspection, and titling. The broker should compare fee structures between lenders to help you find the one that best meets your needs.

A mortgage loan is usually the most significant purchase in one’s life, and it’s essential to have an advocate that you can trust. The mortgage broker you choose should be your guide to navigate through the various lending scenarios and find you the best possible option. They should be knowledgeable, patient, and willing to work diligently on your behalf.

If you would like more information about buying a home, or if you’re looking for a great REALTOR® to show you around the Reno-Sparks area, contact the David Morris Group. We’re happy to be your helpful guide. Give us a call at (775) 828-3292.

Posts

ROI