Your REALTOR®:
Ken Libby
January 2021
Real


Alternative Mortgage Lenders are Changing the Marketplace
Alternative mortgage lenders include online lenders and non-bank lenders. They’re shifting the real estate marketplace and making it much simpler and easier for consumers to get a mortgage. So what should you know?
      There are three main categories that alternative mortgage lenders tend to fall into.
      There are online mortgage lenders, which work to add transparency and efficiency to the home loan process. They simplify and shorten the timeline.
      There are marketplaces that help borrowers as they’re comparing rates and shopping around for mortgages.
      Then, there are non-bank
Mortgage Rates
U.S. averages as of January 2021:


30 yr. fixed: 2.66%
15 yr. fixed: 2.19%
5/1 yr. adj: 2.79%






lenders that tend to market their services to borrowers with less-than-perfect credit.
      Alternative Online Lenders Mortgage originators that serve as
Wondering What Your Home Is Worth?

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Get The Home You Want, Millennials: Smart Strategies For First-Time Homebuyers
     Hey, Millennials. Come on into the real estate market! We really need you to buy some homes so we can keep chugging along. Oh, wait. Prices are rising and so are interest rates, plus inventory is scary low. Hmmm. Well, come on in anyway, wontcha?
      It's not easy to buy a home in a hot market where inventory remains at historic lows - and that covers a lot of areas across the country at a wide range of different price points. But it's especially hard right now for Millennials, who aren't exactly getting a warm welcome from the market that has been begging them to participate.
      "I think it's fair to say this is the most competitive housing market we've seen in recorded history," Danielle Hale, chief economist for



Doing the Refinance Math
     Wondering whether or not to refinance an existing mortgage typically means running some numbers. You can do this on your own but it’s probably better to talk to a loan officer and get some assistance. It really all boils down to how much you’ll save each month compared to what you’re paying now. But there are other considerations.
      First, pay less attention to the change in rate. Old school myths say that it’s a good idea to refinance if current market rates are 1% or 2% lower than what you currently have. But the rate is only a part of it. The other component is the amount being financed. For larger loan amounts, maybe a reduction of only 0.5% makes sense. 
      For smaller loan amounts, 2% may not be enough. Instead, calculate the monthly savings and then divide that amount into the closing costs associated with the mortgage. The result is how many months it will take to ‘recover’ the closing costs in

Tips for Selling a Fixer-Upper
     Selling a house that needs work as-is is a challenge, but certainly not impossible. What helps when you’re selling a house that’s perhaps less-than-perfect is to research and understand your target market.
      Be Realistic About the Situation If you’re debating whether or not to sell your home as-is, you need to be realistic about your specific situation. A fixer-upper can be a house that’s generally in great shape but needs cosmetic updates to modernize it. On the opposite end of that spectrum, a home may have serious issues. For example, it might have plumbing, electrical, or foundation issues.
      You can start by pricing out the repairs to improve your home. You might do some but not all of them before putting your house on the market. By knowing how much needed repairs might cost, you're putting yourself in a better position to know the best way to move forward.
      Is it worth your time to make some of the repairs? A real estate agent can help you here. They’re going to be able to assess the needed repairs and give you a better idea of what changes might bring the most


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Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
More Articles
December Real Estate Roundup
What to Expect from a Home Inspection
Top Reasons a House Isn’t Selling
What to Know Before You Buy Land
Why the Second Investment Property is So Much Easier to Finance


Ken Libby,RSPS/ePro/RECS/TRC/Broker
E-mail: Ken@KenLibby.com
Website: http://www.stowearearealty.com
802-793-2002
Stowe Area Realty Group
at KW Vermont-Stowe

802-760-3100 * Fax 802-760-3105
1056 Mountain Road. Suite 1
Stowe, VT 05672


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