|  Financial, Purchasing a Home, Resources to Hire Professionals

Loans and Lending Terms

Below are a few terms that may assist you in your home search in terms of financing.   This is by no means a complete list or plan.  Be sure to always consult a trusted professional in these circumstances to protect your individual interest and rights.

Terms:  Mortgages are generally available at 15-, 20-, or 30-year terms. In general, the longer the term, the lower the monthly payment. However, shorter terms mean you pay less interest over the life of the loan.

Fixed vs. adjustable interest rates:  A fixed rate allows you to lock in a lo...

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 |  Company News, Financial, Purchasing a Home, Real Estate News, Resources to Hire Professionals

Prepare for House-Hunting

Know that there’s no “right” time to buy.   If you find the perfect home now, don’t risk losing it because you’re trying to guess where the housing market and interest rates are going.   Those factors usually don’t change fast enough to make a difference in an individual home’s price.

Don’t ask for too many opinions.   It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision.   Focus on the wants and needs of the people who will actually be ...

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 |  Financial, Resources to Hire Professionals, Selling a Home

How to Calculate Capital Gains for Real Estate Sales

WORKSHEET

Calculate Capital Gains

When you sell a stock, you owe taxes on the difference between what you paid for the stock and how much you got for the sale. The same holds true in home sales, but there are other considerations.

How to Calculate Gain

Your home’s original sales price when you bought it (not what you brought to closing).
Additional costs you paid toward the original purchase (include transfer fees, attorney fees, and inspections ...
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 |  Financial, Purchasing a Home, Real Estate News, Resources to Hire Professionals

What to Consider About Owning a Vacation Home

Wouldn’t it be great to own a place at the beach, in the mountains, or by the lake? If you are seriously considering buying a vacation home, you have probably weighed many of the pros and cons already.

But you should carefully consider everything before you buy. Have you taken these additional costs and benefits into account?

The Overlooked Costs of Homeownership

As any experienced home buyer knows, there are additional annual costs that come with owning a home, such as property taxes, home insurance, and any association fees.

Make sure you consider maintena...

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 |  Financial, Home Maintenance, Home Organization, Real Estate News

Seven Tips to Stay Cool and Save Money

It’s easy to just crank up the air conditioning during the hottest months of summer. Sure, the energy bill may be higher, but it’s worth the extra expense to keep your home cool — right? Or are there any sure-fire ways to save money and stay cool indoors?

Before you reach for the thermostat, try these DIY energy-saving tips to keep your home comfortable and keep you from breaking the bank.

1. Raise the A/C Temperature — Yes, Really

It’s better to keep the air conditioning down, but if you want to keep it on, raise the thermostat to a comfortable tem...

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 |  Financial, Home Maintenance, Home Organization, Purchasing a Home, Real Estate News, Resources to Hire Professionals, Selling a Home

Seven Things You Must Do When Relocating

Anytime you relocate to a new area, whether it’s a city just a few miles away or across the country, you face a unique set of challenges.

The housing market, the transit, and even the weather may not be what you’re used to. Planning your move can be difficult, too, since you need to coordinate when, where, and how you’ll be moving your belongings to a new area.

Because moving to a completely new area means learning about a new housing market and a new community, we wanted to share a few helpful relocation tips to make it a much easier experience for you.

1...

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 |  Financial, Purchasing a Home, Real Estate News, Resources to Hire Professionals, Selling a Home

Be Informed: Agency and Agency Relationships

The term “agency” is used in real estate to help determine what legal responsibilities your real estate professional owes to you and other parties in the transaction.

The buyer’s representative (also known as a buyer’s agent) is hired by prospective buyers and works in the buyer’s best interest throughout the transaction. The buyer can pay the agent directly through a negotiated fee, or the buyer’s rep may be paid by the seller or through a commission split with the seller’s agent.

The seller’s representative (a...

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What Every First Time Home Buyer Should Know About Home Loans

 |  Financial, Purchasing a Home, Real Estate News

First-time home buyers who work with us often have the same question: Should we or shouldn’t we get a first-time home buyer loan?

In fact, there are a number of advantages and disadvantages attached to this type of loan.

First-Time Home Buyer Loans 101

A first time home buyer loan offers financial assistance to qualified buyers by utilizing a variety of methods:

  • Very low down payments or none at all
  • Subsidezed interest costs
  • Grants
  • Forgive loans
  • Defer payments

Generally speaking, the best candidates for ...

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April is Fair Housing Month!

 |  Community Events, Financial, Purchasing a Home, Real Estate News, Resources to Hire Professionals, Selling a Home

The month of April is a very important time for real estate professionals all across the nation.

Why? This is in the month that we celebrate the anniversary of the passing for the Fair Housing Act and recommit to the goal that inspired the legislation.

For those of you who may not know, the fair housing act essentially eliminated housing discrimination and created equal opportunity in every community.

And, as you might imagine, it’s a critical piece of legislation for anyone interested in buying property in the Minneapolis Area.

A Closer Look at the Fair Hou...

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