HOW TO MAKE YOUR HOME PET-FRIENDLY

by Rupa Nunamaker

dog and cat, love

An estimated 67% of U.S. households are home to one or more pets. These animals bring a special joy to many homes, but they also bring unique needs. If you have a pet or plan to get one, here are some ways you can make your home more pet-friendly.

Create a special spot

Pets, like people, enjoy having a place that’s truly their own. Provide them with just such a space by designating a spot in your home that’s just for them. You may wish to include a bed, a blanket, a few toys or whatever other amenities your pet loves.

Pet-proof your home

Failing to properly “pet-proof” your residence can be harmful for your pet and your home alike. Secure anything that could injure your pet or that your pet could damage, including garbage cans, cleaning products, pet-toxic plants and fragile or unstable objects. It may be best to limit your pet to certain areas of your home by closing doors or installing gates.

Protect your furniture

If your pet sheds or chews or is accident-prone, you may need to protect your furniture. Consider pieces with easy-to-clean materials like leather or microfiber, or purchase furniture covers to protect your upholstery. Choosing materials that match the color of your pet’s fur can help hide shedding. Furniture with bare wood may be a poor choice if your pet loves to chew.

Choose the right flooring

Pets can be tough on your floors, which is why it’s a good idea to be mindful of your flooring choices. Hard floors such as tile, hardwood or laminate are often best for pets because it’s easy to clean up fur and accidents from these surfaces. Just make sure your pet’s claws won’t be liable to scratch your flooring of choice. If you prefer carpet, look into varieties with “pet-proof” qualities.

Use pet-safe cleaning products

It’s important to follow pet-safe cleaning practices if there are furry family members in your home. Some cleaning solutions are harmful to animals and should be used with care or avoided altogether in favor of safer alternatives. If you do use harsh cleaners such as bleach or ammonia, ensure any pets are kept away until the chemicals and any fumes safely dissipate.

Secure your outdoor space

Protecting your pet from dangers outside your home is also important. Keep their outdoor area clear of any tools, chemicals or plants that could harm them. If your pet is prone to running away, a physical or “invisible” fence may be recommended to safely keep them in bounds.

Source

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Rupa Nunamaker

727-430-2350

rupa.nunamaker@cbrealty.com

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WHICH HOME RENOVATIONS ADD THE MOST VALUE?

by Rupa Nunamaker

Home renovations are a great way to enhance your home’s space, utility and appearance. Whether it’s an exterior project like adding on a new deck or an interior improvement such as updating the kitchen, there’s no shortage of ways to improve your home. Although almost all renovation projects will increase your home’s value, some have a greater return than others. By choosing your project wisely, you could pass most of the cost of your upgrade on to your hom

wood decking by water

e’s future buyer in the form of a higher sales price.

What to know before you start

There are a few things to know before diving headlong into a major renovation. To start with, each type of remodeling project typically has a certain expected return on investment (ROI). Adding a wooden deck, renovating the kitchen or bathroom and replacing windows generally have the highest ROI. Another consideration is that while you may be able to recoup a significant portion of a project’s cost when you sell your home, you likely won’t recover the full amount unless the renovation fixes a structural problem or design flaw. The exception to this is if your project involves a rental property. Because property investors can increase rent based on improvements, they can recoup the cost over time and not just during a one-time sale.

Location matters

The type of home improvement project isn’t the only factor to consider before starting a remodel. Location plays a major role in determining if the type of project makes sense for the area where your property is located and how much its ROI will be.

One common mistake homeowners make is enhancing their home well beyond the market value of neighboring properties. Prospective homebuyers often gravitate toward neighborhoods based on nearby amenities, local school rankings and, crucially, general home prices. Performing a major home renovation may still increase the interest of potential buyers, but it’s not likely to increase the home’s value well above other homes nearby.

Geographic location also comes into play when thinking about ROI. For instance, an in-ground swimming pool may offset its cost more easily in states with warmer climates where the pool can be enjoyed more months out of the year.

Timing plays a role

How much value your home improvement project can recoup in costs also depends on the state of the housing market. When demand for homes is high, home renovations tend to have a more significant impact on a property’s value than in low-demand situations. Improvements will also have the greatest effect on homes that fall into the average- or below-average pricing category. A knowledgeable real estate agent can help you understand the different market scenarios if you’re looking to time your renovation and get the most value back.

Some projects maintain their value longer

The type of work you plan on doing to your home is something else to consider. Building an addition to your home or finishing a room such as a basement or attic will create a long-term increase in value to the property that’s less impacted by the passage of time. On the other hand, updating the appliances in your kitchen or installing a new HVAC system will enhance your home’s value immediately but will eventually become outdated as time goes by, lessening the long-term ROI.

The renovations with the greatest ROI

Average Renovation/Remodeling Cost ROI
Project	Average ROI
Wood Deck Addition	80%-85%
Siding Replacement	75%-83%
Minor Kitchen Remodel	75%-83%
Window Replacement	75%-80%
Bathroom Remodel	70%-78%
Major Kitchen Remodel	70%-78%
Attic Bedroom Remodel	65%-76%
Basement Remodel	65%-75%
Two-Story Addition	65%-74%
Garage Addition	60%-70%

Source: Remodeling Online

Source

Conclusion

In the end, the most important reason to undertake a home renovation is for the enjoyment and utility you’ll get out of it. But if you’re weighing the options among several home improvement projects or your goal is to generate the greatest cost recovery for your investment, all projects aren’t created equal. Understanding your location, the current housing market and the long-term effects of a project will help you maximize your renovation’s value.

If you need funds for a home renovation – either for a place you currently own or one you are considering buying – get in touch to learn about the financing options we offer.

Connect with me when you are ready to sell your home, whether it is renovated or not, I’m here to help.

Rupa Nunamaker

727-430-2350

rupa.nunamaker@cbrealty.com

Info for Homeowners, sellers and/or home buyers • Uncategorized • July 15, 2022

Inflation Rate vs Interest Rates

by Rupa Nunamaker

Inflation is a general increase in the overall price of goods and services over time.

The Federal Reserve, the central bank of the United States, tracks inflation rates and inflation trends using several key metrics, including the Consumer Price Index (CPI), to determine how to direct monetary policy. A target inflation rate of 2% is considered ideal for maintaining a stable economic environment over the long run.

When inflation is on the rise and the economy is in danger of overheating, the Federal Reserve may raise interest rates to cool things down.

Interest rates reflect the cost of using someone else’s money. Lenders charge interest to borrowers who take out loans and lines of credit as a premium for the right to use the lender’s money.

Higher rates can make borrowing more expensive while also providing more interest to savers. People borrowing less and saving more can have a cooling effect on the economy.

When the economy is slowing down too much, on the other hand, the Fed can lower interest rates to encourage borrowing and spending.

What Affects Mortgage Rates?

Inflation rates don’t have a direct impact on mortgage rates. But there can be indirect effects because of how inflation influences the economy and the Federal Reserve’s monetary policy decisions. Again, this relationship between inflation and mortgage rates is related to how the Federal Reserve adjusts interest rates to cool off or jump-start the economy.

The Federal Reserve does not set mortgage rates, however. Instead, the central bank sets the federal funds rate target, the interest rate that banks lend money to one another overnight. As the Fed increases this short-term interest rate, it often pushes up long-term interest rates for U.S. Treasuries. Fixed-rate mortgages are tied to the 10-year U.S. Treasury Note yield, which are government-issued bonds that mature in a decade. When the 10-year Treasury yield increases, the 30-year mortgage rate tends to do the same.

So in terms of what affects mortgage rates, movement in the 10-year Treasury yield is the short answer. Higher yields can mean higher rates, while lower yields can lead to lower rates. But overall, inflation rates, interest rates, and the economic environment can work together to sway mortgage rates at any given time.

A simple way to see the relationship between inflation rates and mortgage rates is to look at how they’ve trended historically . If you track the average 30-year mortgage rate and the annual inflation rate since 1971, you’ll see that they often move in tandem.

They don’t always move perfectly in sync, but it’s typical to see rising mortgage rates paired with rising inflation rates.

Source

Rupa Nunamaker

Coldwell Banker

727-430-2350

rupa.nunamaker@cbrealty.com increase chart

Info for Homeowners, sellers and/or home buyers • Uncategorized • July 15, 2022

How Rising Inflation Affects Mortgage Interest Rates

by Rupa Nunamaker

While the inflation rate doesn’t directly impact mortgage rates, the two tend to move in tandem. Rising inflation can shrink purchasing power as prices of goods and services increase. Higher prices can then influence the Federal Reserve’s interest rate policy, affecting the cost of borrowing for lending products like mortgages.

Homebuyers looking for a home loan and homeowners who want to refinance a mortgage need to know that mortgage rates may rise as inflation increases. Therefore, understanding the difference between the inflation rate, interest rates, and what affects mortgage rates matters for all home finance consumers.

By Michael Flannelly · May 12, 2022

https://www.sofi.com/learn/content/rising-inflation-mortgage-rates/#:~:text=Rising%20inflation%20can%20shrink%20purchasing,for%20lending%20products%20like%20mortgages.

Connect with me if you are interested in buying or selling your home.

Rupa Nunamaker

Coldwell Banker

727-430-2350

rupa.nunamaker@cbrealty.com

Mortgage, Credit, Financing, Buying a Home • Uncategorized • July 15, 2022

Good news for first time home buyers that have been paying their rent on time.

by Rupa Nunamaker

Buying a home.

Good news for first-time buyers from Freddie Mac

First time home buyers are highly encouraged to build a spotless record of on-time rental payments.

Here’s why: mortgage applications processed by Freddie Mac’s Loan Product Advisor® (LPA) now allow on-time rent payments to be factored into loan purchase decisions. Since millions of Americans have limited or no credit history, this could help many renters move closer to owning a home.

Here is what you should know:

One year of on-time rent payments needed

With borrower permission, lenders and brokers can submit bank account information to identify 12 months of on-time rent payments. Other forms of permitted rent payment data include electronic transactions, checks, and digital payments made via Venmo, PayPal, and Zelle.

No change in the existing verification process

Bank account data will be obtained from designated third-party service providers using the same automated process now used to verify employment, income, and assets through Freddie’s LPA Asset and Income Modeler (AIM).

More requirements to come

Additional LPA requirements for submitting rent payment data will be released in a July Single-Family Seller/Servicer Guide Bulletin.¹

Connect with me for more details, for a lender to get pre-approval, or for any questions regarding buying or selling a home.

You might even be interested in a lease purchase option.

Rupa Nunamaker

Coldwell Banker

727-430-2350

rupa.nunamaker@cbrealty.com

Sources:¹rismedia.com;

Mortgage, Credit, Financing, Buying a Home • Uncategorized • July 14, 2022

Ways to Improve Credit

by Rupa Nunamaker

Improving Credit will help get a lower mortgage rate.

credit cards

Building a strong credit profile can increase your chances of qualifying for a mortgage and reduce the interest rate charged by the loan. When applying for a mortgage, your credit report will be used to determine whether you qualify for a home loan and what interest rate will be applied.

Here are 5 effective ways to boost your credit and get a lower interest rate on your mortgage:

Read up on your current credit standing

A crucial step of improving your credit is conducting research on your current rating. By doing so, you’ll be able to review, identify, and understand the factors that are affecting your credit and possibly preventing you from getting the rates you want. Remember, a poor credit history can result in a poor interest rate or even a declined application.

To learn more about your current credit standing, find your credit report through a credit bureau such as annualcreditbureau.com or experian.com. When viewing the report, make sure you pay attention to your high account balances contingent on your credit limits. In addition, make sure you take note of your current FICO® score.

Pro-tip: Make sure the credit bureaus’ report accurately reflects your credit history. However, it is important to note that if you receive multiple reports through different platforms, there may be subtle differences.

2. Avoid swiping that credit card

In the months leading up to submitting your application for a home loan, avoid using your credit card when possible. When you charge your credit card, it increases your outstanding balance and as a result you have lower available credit. Credit utilization, or your utilization rate, is a big determining factor of your FICO score. Your utilization rate is determined by the percentage of credit you’re using at any given time, which by extension can increase your debt-to-income ratio.

3. Increase the credit limits on your credit cards

Before you apply for a loan, you can request to increase the credit limit on the credit cards you have currently open. To do so, simply contact your credit card issuer for a credit line increase either online or over the phone. Doing this will reduce your utilization rate and cause your credit to increase over time. Information about your issuer’s credit limit increases may be found via the issuer’s online website. Remember to come prepared with your gross annual income and current monthly housing and interest rate.

After you provide this information, the credit bureau will determine if they can offer you an increase on your credit limit.

Pro-tip: This inquiry can temporarily affect your credit score. To avoid it affecting your home loan, make sure to inquire about this increase 3+ months in advance of submitting your mortgage application.

A credit limit increase can lower your credit utilization rate and result in a lower debt-to-income ratio, which is looked favorably upon by credit bureaus and mortgage lenders. By extension, it is easier to get a credit limit increase approved if you have low balances on your credit card. Essentially, this ensures that you’ve considered a low-risk borrower.

The caveat here is that a credit limit increase could possibly result in a hard inquiry into your credit history, which could temporarily cause a slight dent in your credit score. This can be alleviated by simply requesting the limit increase in advance of applying for a mortgage. You can find out how this will affect your credit score by contacting your credit bureau. Typically, however, any damage is short-lived.

4. Pay down your balances

Just as you should lower your spending, it’s important to pay down your existing balances before applying for a mortgage. This can be anything from existing loans to any credit card balances you can reduce. This will indirectly lower your DTI ratio, which may raise your credit score and enable you to receive a better available mortgage rate when applying for a home loan. In addition, you can potentially even qualify for a greater mortgage or a larger home.

5. Start saving!

Like any large purchase, a home requires an abundance of savings beforehand. This is why you’ll want to avoid large credit card purchases, refrain from taking on any additional debt, and reduce unnecessary spending before you apply for a home loan.

Pro-tip: If there’s a home purchase or a refinance on the horizon, put the credit card away! Practice frugality before and during the mortgage process, and don’t stop until the loan is funded!

You’ll need to practice patience and wait to resume any superfluous spending until your home loan is funded. Furthermore, the same can be said of spending an abundance of cash beforehand, as it can deplete your assets!

Before you apply for a mortgage or refinance, set aside money in a verifiable account several months in advance.

…

Keep in mind that when you apply for a mortgage, your credit report is a major determining factor of your applied interest rate and the acceptance of your application! By creating a strong credit profile, you’ll increase your chances of being approved for a mortgage and locking in a lower interest rate on your loan.

Ready to apply for pre-approval?

Here are a couple vendor links:

https://dkmortgage.com/rydberg/

https://people.grarate.com/andre-taylor-1427777

Please connect with me for any questions or for more information.

Rupa Nunamaker

Coldwell Banker Realty

call or text 727-430-2350

rupa.nunamaker@cbrealty.com

Source Reference: https://blog.listreports.com/5-ways-to-improve-credit-and-get-a-lower-mortgage-rate-b54022233315

HOW TO MAKE YOUR HOME PET-FRIENDLY

WHICH HOME RENOVATIONS ADD THE MOST VALUE?

Inflation Rate vs Interest Rates

What Affects Mortgage Rates?

How Rising Inflation Affects Mortgage Interest Rates

Good news for first time home buyers that have been paying their rent on time.

Ways to Improve Credit

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