Your REALTOR®:
Kevin Kleifges
June 2022
Real
Helping people find their Dream Homes


Is a Bigger Down Payment Always Better?
When you’re buying something major with a loan, namely a house, you likely need a down payment. A down payment covers part of the purchase price.
      Your down payment plays a role in whether you are approved for a mortgage at all. Down payments also impact your interest rate and the borrowing costs throughout the life of your loan.
      Your down payment usually comes from your savings. The down payment should be a percentage of the total purchase price, and then you pay off the rest of the loan by making installment payments.
      If you’re buying a house for $200,000 and want to make a 20% down payment, it’s $40,000.
MORTGAGE RATES
U.S. averages as of June 2022:


30 yr. fixed: 5.1%
15 yr. fixed: 4.31%
5/1 yr. adj: 4.2%






You would pay that when you close on your home loan. Then, you’re actually only borrowing $160,000.
      There are arguments to be made both for and against
houseWondering What Your Home Is Worth?

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Comparing a Pre-Approval and Pre-Underwriting
     When you’re shopping for a new home, there are a lot of steps in what can be an overwhelming and frustrating process.
      Much of that frustration comes from getting mortgage financing.
      Before you start to look for a home, you might decide to get pre-qualified or pre-approved. There’s also the option to go through pre-underwriting. When the housing market remains competitive and bidding wars are common, there are some benefits to pre-underwriting, which we detail below.
      What is Pre-Qualification? Pre-qualifying for a loan is a single step on your way to a pre-approval. Pre-qualifying is part of a process when you work with a lender, and they decide the type of guarantee they will



How to Stock Your Airbnb
     When you own a short-term rental, your ultimate goal is to increase the occupancy as much as possible, meaning more revenue. You need to build a strong reputation and have great guest reviews to do this.
      Impeccable guest reviews mean your listing is honest and transparent, so they know what to expect. You also want to go the extra mile to make their experience great.
      While an Airbnb experience is different from staying in a hotel, you still want your guests to have what they need. There’s no requirement that you have to stock a short-term rental with hotel-like amenities and supplies, but not doing so could be disappointing, and your reviews and ratings could take a hit.
      When you supply what your guests needs, it’s an upfront cost, but often not a major one, and it can easily pay for itself and then some.
      So what’s most important to the

Buying a Home Right Now: Easy? No. Smart? Yes.

Through all the volatility in the economy right now, some have put their search for a home on hold, yet others have not. According to ShowingTime, the real estate industry’s leading showing management technology provider, buyers have started to reappear over the last several weeks. In the latest report, they revealed:

“The March ShowingTime Showing Index® recorded the first nationwide drop in showing traffic in eight months as communities responded to COVID-19. Early April data show signs of an upswing, however.”

Why would people be setting appointments to look at prospective homes when the process of purchasing a home has become more difficult with shelter-in-place orders throughout the country?

Here are three reasons for this uptick in activity:

1. Some people need to move. Whether because of a death in the family, a new birth, divorce, financial hardship, or a job transfer, some families need to make a move as quickly as possible.

2. Real estate agents across the country have become very innovative, utilizing technology that allows purchasers to virtually:

  • View homes
  • Meet with mortgage professionals
  • Consult with their agent throughout the process

All of this can happen within the required safety protocols, so real estate professionals are continuing to help families make important moves.

3. Buyers understand that mortgage rates are a key component when determining their monthly mortgage payments.

Mortgage interest rates are very close to all-time lows and afford today’s purchaser the opportunity to save tens of thousands of dollars over the lifetime of the loan.

Looking closely at the third reason, we can see that there’s a big difference between purchasing a house last year and purchasing one now   

Rates today on average are 3.33% versus 3.94% one year ago.  On a 200K loan, you will save $25,000 over the life of the loan! 50K on a 400K loan not to mention the lower monthly payments!

Bottom Line

Many families have decided not to postpone their plans to purchase a home, even in these difficult times.

If you need to make a move, reach out to me today at 703-346-3783. I am a trusted and experienced real estate advisor that will safely and professionally guide you through the process

 



  Daily News and Advice

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.
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Kevin Kleifges, REALTOR
E-mail: kkleifges@gmail.com
Website: http://www.KevinsProperties.com
703-346-3783
Coldwell Banker
703-346-3783
1900 Baton Drive
Vienna VA 22182


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