As you are nearing retirement age, you need to decide where you want to live. When determining where you want to spend your golden years, you need to take into account several important factors, including:
- Tax Rates
- Cost of Living
- Quality and Availability of Healthcare
- Cost of Housing
- Number of Retirement Communities
- Public Transportation Options
- Crime Rates
Using these factors, you can decide what city is perfect for you. It is also a good idea to visit cities you are considering, first, before relocating.
Most retirees choose cities located either in Florida or Arizona, mainly for the warmer temperatures, quality healthcare, lower crime rates, golf courses, fishing, and other public services and activities. Aside from these two states, cities in California, Nevada, Texas, and Louisiana are also noticing an increase in retirees.
- Scottsdale, AZ
- Cape Coral, FL
- Clearwater, FL
- Mesa, AZ
- Scottsdale, AZ
- Metairie, LA
- Paradise, NV
- Petersburg, FL
- Thousand Oaks, CA
- Tyler, TX
- Richardson, TX
- Roseville, CA
- El Paso, TX
- Kendall, FL
- Glendale, CA
Some of these states, like Florida, Texas, and Nevada, do not have state income taxes, which can also be beneficial for retirees.
In addition, retirees can also take advantage of reverse mortgage loan programs to help eliminate the financial responsibility of a monthly mortgage payment and have more income to do the things they love. For more information about reverse mortgages, cash-out refinances, and new home loan programs, call Elite Financial at (800) 908-LEND (800-908-5363) or 805-494-9930 today!
You have two general loan types to choose from when buying a home: fixed rate mortgages and adjustable rate mortgages (ARMs). Under these two loan types fall a wide array of loan programs and products, such as FHA loans, VA loans, and hybrid ARMs. It is important to understand how these two loan types work to ensure you make the best financing decisions.
Fixed Rate Home Loans
This type of mortgage locks in the interest rate for the life of the loan. Every month you pay the same monthly amount. If interest rates increase, your payments do not, since your rate is already locked in. The only drawback to these types of loans is when interest rates fall and you have to refinance the loan to get the lower rate.
Adjustable Rate Loans
As the name suggests, these mortgage loans have an adjustable interest rate. Even still, they do appeal to some homebuyers because the initial rate is often an “introductory” rate that can be lower than a fixed rate loan, which can be great if they only intend to keep the home for a short period of time.
After the “introductory” period, depending on the terms of the loan, the rate will adjust to reflect current market rates. One of the main drawbacks to ARMs is that rates on some loans could jump significantly at the end of the initial rate period, especially if interest rates have risen.
As you can see, there are benefits to both types of mortgages. For assistance in determining which loan programs are best for you, please feel free to contact Elite Financial at (800) 908-LEND (800-908-5363) or 805-494-9930 today!
Prior to shopping for a home to buy, you first need to determine how much you can afford. A good place to start is by learning about different types of home loans
and their down payment requirements. Some might only require 3% down while others could require as much as 20%, so having this knowledge will be useful.
- Prepare a list of your current monthly expenses. Remember to include car loans, student loans, credit cards, utilities, and rent.
- Calculate your debt to income percentage. Take your monthly gross income—income before taxes and deductions—and multiple it by 0.43. This amount should cover all of your monthly debts, including your rent.
- Are your debts more than 43% (0.43) of your gross income? If so, depending on how much, you may still be able to qualify for a loan—but be prepared for a higher interest rate.
- Don’t base how much you can afford on your rent alone. Many people forget there are other costs of owning a home, like property taxes, house insurance, repairs, and homeowner association fees.
- You will need to budget for a down payment and other costs. The more you can put down, the better, as it can help you avoid having to get private mortgage insurance, which is another monthly expense you have to pay. Plus, you need to set aside money for a home inspection and closing costs.
For more tips and help determining how much of a monthly mortgage payment you can afford, call Elite Financial at (800) 908-LEND (800-908-5363) or 805-494-9930 today!
After signing your mortgage loan papers, closing on your house
, and moving into your new home, you will have a million things to do, from cleaning to unpacking all of your belongings. This is a perfect time to make checklists to help keep you focused and on track.
Some items you will want to include are:
- Use the home inspection report to make a checklist of items to inspect and repair.
- Have a programmable thermostat installed.
- Add more attic insulation, if needed.
- Replace caulking around windows.
- Install a hot water heater blanket over the hot water heater or replace it with a tankless model.
- Replace all furnace filters.
- Have the home heating and cooling system
- Look for signs of leaky water pipes.
- Replace all lighting with energy efficient bulbs.
- Replace all locks and have new keys made.
Many of these items can help save you money on your new home’s electric, heating, and cooling costs, which you will continue to reap the savings on, for as long as you own your home.
It is also recommended to get an amortization schedule from your mortgage lender. This schedule will show a breakdown of all of your monthly payments. You can save money and pay your loan off faster by paying extra principal payments from the schedule when you make your normal monthly payments. For assistance in finding the best loans to purchase or refinance a home, contact Elite Financial at (800) 908-LEND (800-908-5363) or 805-494-9930 today!
A Home Loan that’s more than a loan!
Often people would purchase a home they found “if only.” If only if it had a pool, because we can’t afford to put one in later. If only if it had an addition, an extra bedroom, bathroom, new landscaping, etc. Now there is a way to include these improvements into the home loan for work to be installed after the close of escrow!
Here’s how it works :
The process is simple. Realtors will close their escrow in the normal fashion. The buyer will submit the plans and costs for the improvements they want to finance, and the home will be appraised assuming these new amenities. At the close of escrow, the funds for the cost of the amenities are funded to escrow, and as the work is completed, the contractors are paid as scheduled to make sure the buyer is protected.
This is an exciting way to make the house the dream home buyers always wanted, or the home in need of a lot of TLC a wonderful place for that new home buyer. It is an excellent way to compete with new home communities, as resale homes often have larger lots, mature vegetation and other qualities homebuyers’ desire. Most of all, the homebuyer gets to customize many of the features of the home to make it everything they wanted!