Thomas Murphy - Pine Shores Real Estate



Posted by Thomas Murphy on 5/9/2021

Obtaining a mortgage can be overwhelming, particularly for a first-time homebuyer. Lucky for you, we're here to help you streamline the process of analyzing various mortgage options and choosing one that matches or exceeds your expectations.

Now, let's take a look at three tips to help first-time homebuyers secure the ideal mortgage.

1. Assess All of the Mortgage Options at Your Disposal

Both fixed- and adjustable-rate mortgages are available, and homebuyers who understand the pros and cons of these mortgage options may be better equipped than others to make the right mortgage decision.

A fixed-rate mortgage ensures a homebuyer will pay the same amount each month. For example, a 30-year fixed-rate mortgage enables a homebuyer to budget for monthly home payments over the course of three decades. And in many instances, a homebuyer may be able to pay off a fixed-rate mortgage early without penalty.

On the other hand, an adjustable-rate mortgage may start out with a lower monthly payment that escalates over the course of a few years. An adjustable-rate mortgage, for instance, may allow a homebuyer to acquire a home that surpasses his or her initial budget thanks to a lower initial monthly payment. However, after the first few years, the monthly mortgage payment may increase, and a homebuyer will need to plan accordingly.

Assess your mortgage options closely you'll be glad you did. By doing so, you can boost your chances of selecting a mortgage that works well based on your current and future financial needs.

2. Evaluate Your Credit Score

Believe it or not, a first-time homebuyer's credit score may impact his or her ability to get the right mortgage. Fortunately, a first-time homebuyer can analyze his or her credit score without delay.

You can request a free copy of your credit report annually from each of the three credit reporting agencies (Equifax, Experian and TransUnion). Then, with your credit report in hand, you can better understand how potential lenders may view your mortgage application.

Of course, if you receive a copy of your credit report and find glaring errors, be sure to let the credit bureau know immediately. This will enable you to get any mistakes corrected and ensure these problems won't slow you down as you pursue your dream residence.

3. Consult with Potential Lenders

Although getting a mortgage may seem like an uphill climb at first, consulting with potential lenders may prove to be exceedingly valuable, especially for a first-time homebuyer.

Banks and credit unions employ friendly, knowledgeable staff who are happy to educate you about assorted mortgage options. These lenders can teach you about the ins and outs of various mortgage options at your convenience.

Lastly, if you need extra help in your search for the perfect mortgage, real estate agents may be able to offer assistance. These housing market professionals can provide honest, unbiased recommendations about lenders in your area so you can move one step closer to securing your ideal mortgage.

Ready to get a mortgage for the first time? Use these tips, and you can accelerate the process of obtaining a mortgage that suits you perfectly.




Tags: mortgage   Buying a home  
Categories: Uncategorized  


Posted by Thomas Murphy on 5/2/2021

Although all home buyers have different tastes, expectations, and preferences, there are several things you as a home seller can do to make your home more appealing.

Three priorities worth keeping in mind are spaciousness (or, at least, the appearance of it), brightness, and cleanliness.

Whether your home is a compact cottage or a large colonial, a feeling of spaciousness will enhance its visual and psychological appeal.

Sometimes getting a second opinion can make all the difference in identifying ways to improve the look and feel of your home. As an example: If you're unsure whether a bulky piece of furniture, a huge plant, or a rarely used side table is detracting from that desired look of spaciousness, your real estate agent or an interior decorator can provide you with helpful feedback.

One common room decorating mistake that many people make is to choose a coffee table that's either too big or too small for the furniture or available space. It may seem like a small detail, but it's one of many elements that can throw off the balance and flow of a living room.

Another staging tip for home sellers is to have groups of chairs and couches face each other to create "conversation areas." That effect often helps to add warmth to a living room or family room, and makes it easier for potential buyers to imagine living there and enjoying the space with friends and family.

Lots of illumination, whether it's natural light or artificial light, can make your home appear more cheerful and inviting. It also reduces shadows and dark corners, which can detract from the beauty of your living space. While there is the possibility that some of your lights may be too harsh or glaring, dimmer switches can often be a quick and easy solution to that problem.

Keeping your home impeccably clean every day is one of the biggest challenges of putting your house on the market and making it available to agents for client showings. Since first impressions are one of the most important aspects of attracting a serious buyer, cleanliness should be among your main priorities. The good news is that keeping your home clean will become easier when you get into a routine. As you scramble to make sure your home is ready and presentable for the next showing, you'll find yourself becoming more and more adept at streamlining the process.

One strategy for increasing efficiency might be to get your family in the habit of cleaning up after themselves on a consistent basis. It may require a little gentle nagging now and then, but if it helps get your house sold faster, it'll be worth it! Create a cleaning checklist you can refer to when you're getting ready for a house showing to improve your efficiency. Evenly divide the work among family members, and make sure nothing important is overlooked along the way.





Posted by Thomas Murphy on 4/25/2021

As a home seller, your goal is to optimize your property sale earnings. Yet doing so may prove to be difficult, particularly for those who are operating in a fierce real estate market. Lucky for you, we're here to help you differentiate your residence from the competition and boost the likelihood of a profitable home selling experience.

Now, let's take a look at three tips to help you optimize your home sale earnings.

1. Enhance Your House's Curb Appeal

How homebuyers perceive your residence when they view it for the first time may impact your ability to maximize your home sale earnings. If buyers see a home with a pristine front lawn, dazzling garden and other stunning exterior features, they may set up home showings right away. Then, after buyers see all that your residence has to offer, they may submit homebuying proposals that match or exceed your expectations.

Ultimately, your house's curb appeal can make a world of difference during the home selling journey. If you allocate time and resources to trim the hedges, mow the lawn and perform other home exterior upgrades, you can boost your residence's curb appeal in no time at all.

2. Remove Clutter from Inside Your Home

Although you may have collected many antiques, paintings and knick-knacks over the years, these items may actually do more harm than good when you try to sell your house. In fact, your personal belongings may make it tough for buyers to envision what life may be like if they purchase your home.

Oftentimes, it helps to rent a storage unit before you list your residence. This will enable you to keep assorted personal belongings safe and outside your home until your residence sells.

You also may want to host a yard sale or list items online prior to selling your house. This will allow you to simultaneously remove clutter from your house and earn extra cash.

3. Hire a Real Estate Agent

For home sellers who want to maximize their home sale earnings, it pays to hire a real estate agent. This housing market professional will work with you throughout the home selling journey to ensure you can get the best price for your home.

Typically, a real estate agent will meet with you, learn about your house and craft a home selling strategy. He or she then will host home showings and open house events to promote your residence to potential buyers. And if a buyer submits an offer to purchase your house, a real estate agent can provide a recommendation about whether you should accept, reject or counter this proposal.

A real estate agent can respond to your home selling concerns and questions too. As a result, he or she can help you make informed decisions throughout the home selling journey.

Ready to list your home? Use the aforementioned tips, and you should have no trouble enjoying a quick and profitable home selling experience.




Categories: Uncategorized  


Posted by Thomas Murphy on 4/18/2021


 Photo by Andy via Pixabay

A potting bench can provide you with a place to work on your garden, from starting seeds to grafting and transplanting. Ideally, your bench should be at a comfortable height for you to work at, be sturdy enough to support plants and tools and enhance the look of your yard. You have several options when it comes to creating a potting bench; choose the one that works best for you: 

Reinvent an existing piece: Think outside the box and update an existing piece to make it into a potting bench. A fresh coat of exterior paint, some hooks for tools and a few other extras are all you need to convert a piece of furniture to meet your needs. Sideboards, dressers, desks and other pieces of furniture that are sturdy but that have gone out of style are ideal candidates. 

Build it yourself: A potting bench is an ideal beginner's building project; a drill, wood screws, hammer and nails are usually enough to make your own potting bench. You do not need to have a saw-- most big box stores will cut lumber to your specifications when asked. A potting bench made from construction 2x4's is sturdy and affordable to make and free plans can be found online from a wide range of sources. If you have some tools, want to develop your skills and make something that is uniquely yours, then this approach will do. 

Use a kit: Love DIY, but not sure where to start? You can purchase a kit to make your own potting bench from a variety of sources. Kits come with pre-cut lumber, fasteners and other items to create your own piece; you'll need to decide what finish to use when you are done. A kit combines the ease of repurposing another piece with the customization of a true DIY build. 

Before you begin, list out how you'll use the potting bench and what you want it to do. You should also measure the space you want the bench to go and determine the right height for you -- the height will vary depending on your own physical stature and how you like to work. Once you have these details, you can look for peices to repurpose or plans to build from. Give yourself a weekend to complete this project, then expect to enjoy it for years to come. 




Categories: Uncategorized  


Posted by Thomas Murphy on 4/11/2021

Image by Kevin Schneider from Pixabay

Some people just have an entrepreneurial spirit and a willingness to roll up their sleeves and get things done. But more than a few people feel restrained from maximizing their business potential because they don’t seem to have enough cash on hand.

The good news is that you don’t necessarily need deep pockets to venture into the house-flipping industry. An increased number of lenders recognize that house flippers can be a secure investment, under the right circumstances. Qualifying for a loan requires some due diligence and proof you can pay it back.

How To Get A House Flipping Loan

Traditional mortgage lenders are highly unlikely to float you a loan for this endeavor. If you think about it logically, a 15- or 30-year note doesn’t fit a relatively quick fix-and-flip scenario.

House flipping outfits typically work with hard money lenders. These resources generally approve loans with the idea that they will be paid off in a short period. In many ways, the business model employed by money lenders mirrors that of house flippers. You both want to invest, recoup your cash and enjoy a tidy profit. There are other sources to consider, such as:

  • Crowdfunding: Internet-based platforms provide opportunities to request funding from a pool of investors. These people all contribute a small portion, which minimizes their risk. The interest rates can be exceedingly high in some cases.
  • HELOC: House flippers can borrow against the equity in their home to invest in a house flipping project. A Home Equity Line of Credit does not necessarily set parameters on how the money is used.
  • Private Firms: Some companies lend money through non-traditional channels as a type of business transaction. They may charge higher interest than some banks. The added expense can be factored into the resale expenses.

To qualify for traditional loans, you need to meet certain requirements. These typically include reasonably good credit scores, assets and a sizeable down payment that demonstrates you have a large investment and interest in the project.

How Does A House Flipping Loan Work

One of the reasons that hard money lenders and others remain open to business speculation projects stems from the fact a tangible real estate asset will be in play. You can anticipate that part of the deal will seat the lender as the first lien holder. Should the real estate market dip or offers don’t cover your expenses, the lender can recover its loan at the closing. In essence, the property serves as a security deposit. Fix-and-flip loans are typically determined in one of the two following ways.

  • Loan-to-Cost: The borrower receives a percentage of the total cost. The other portion comes out of the house flipper's pocket. Fix-and-flip lenders allow broad flexibility about how you get startup money, unlike traditional banks.
  • Loan-to-Value: In this scenario, the loan generally equals a percentage of the total anticipated market value after renovations.

One of the promising aspects of securing a loan from these sources is that you do not necessarily need previous experience. A sound business plan, good credit score, down payment and an independent property valuation can persuade a loan officer you are worth the risk of an 18- to 36-month note.




Tags: loans   Flipping   House-Flipping  
Categories: Uncategorized