Tag Archives: #advisors

Tips for Ensuring a Smooth Move for Seniors!

DHREA 01/11/2019

Moving can be overwhelming for anyone, let alone some of our great seniors. Here’s some tips to make their move as easy as possible.

1. Communication and Choice

Seniors can be emotionally vested in the home they’re leaving, and it’s expected that there will be sadness and apprehension about the move. It can be a tough conversation to have with your aging parent, but give them time to grieve the change and talk about where they will be living and why they are moving, in order to help make the transition smoother. When seniors are asked to leave their longtime homes, a frequent cause of distress is their perceived loss of control, so give your loved one as much choice as possible as they plan and implement the move.

2. Plan Effectively

Before families begin the sorting and organizing process, it will help to have a visual of what they are getting into. What rooms need to be furnished? How many square feet is the new residence? Writing for AARP, Ann Goyer recommends plotting the floor plan of your loved one’s new home on graph paper, and suggests cutting out pieces to represent furniture.

3. Enlist Relatives

This will undoubtedly be a big job, so enlist help from your family. Encourage siblings or other close family members to take a few days off of work. Even children and younger members in the family can participate. Surrounding your senior parents with loved ones who are supportive and encouraging could help ease the emotional stress of moving as well.

4. Sort and Organize

Moving your elderly parents will involve downsizing. Go through the house item by item with your support team. You can categorize objects to make the process easier: items to be moved, keepsakes to be left with family, items to be sold or donated, and items to be thrown out. Don’t allow yourself to become a packing robot lacking feelings. Honor the emotional attachment to personal belongings and allow your senior parent to reminisce as you help sort out their possessions. Remember, these are not just things you’re moving; they’re memories. Also, be open to your own emotions, especially if this was your childhood home.

5. Clean and Repair

After the organizing and packing is complete, there is work that still needs to be done. Whether the house is going to be sold, rented or passed on to another relative — the general requirements are the same. The house should be cleaned, and they should consider making any required repairs now before any get worse. It’s better to take care of maintenance issues all at once rather than dealing with them later while the house is for sale (or after renters move in).

6. Plan the Moving Day

There are a few different strategies for moving your senior loved one into their new home. A full service mover is the easiest way to go, but also the most expensive. They will load everything, deliver to its destination and put things in place. We looked at quotes from movers and found the cost of moving the contents of a two bedroom home across the country exceeds $6,000.  Families can save some money on the move by using a self-service mover, which means their family will load the moving truck, but the cargo will be hauled by a professional mover.  Then there’s the do-it-yourself (DIY) option where you can rent a moving truck or trailer. But, even the DIY option of renting a U-Haul or Ryder is not cheap: a move from Atlanta to Los Angeles in a 26 foot truck could exceed $3,000 when you factor in gasoline.

Of course, each family’s circumstances are unique, so we’re hesitant to give blanket advice. However, I hope these tips help you better plan and execute your elder loved one’s next move!

Network with over 700 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
738 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

Join Alex Deacon’s fast-growing Pittsburgh Landlord Group on MeetUp.com! Connect with other Landlords for monthly seminars with Q & A! Click below!

Pittsburgh Landlord Group

Carnegie, PA
227 Members

This is a great venue for Real estate investors, real estate agents and property managers to expand your knowledge and to help others in the field of being a landlord. We will…

Check out this Meetup Group →

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

Red Tree Mortgage: https://www.redtreemtg.com/

Read More

Tara Mortgage Services Featured Blog: The Ultimate Guide to Closing Costs

DHREA 21/10/2019

Just like when you purchase a car, the listed price of the home does not include the additional fees. Essentially, the “sticker price” is not the out-the-door price. For home purchases, these additional fees are lumped together and called “closing costs.”

Here are the fees you can expect to pay in the final stretch of your home purchase. 

Closing Costs Explained

Closing costs cover the expenses that finalize your home loan, whether its a purchase or a refinance. Most of the closing costs responsibility falls on the buyer. However, the seller will pay a few as well, such as their real estate agent’s commission. 

If negotiated, the seller may also cover all or part of the buyers closing costs. 

How much will you pay in closing costs?

Average closing costs run between about 2% and 5% of the loan amount. So on a $300,000 home purchase, you can expect to pay between $6,000 to $15,000. 

The most cost-effective way to handle closing costs is to pay it upfront, out-of-pocket though some choose to finance their closing costs by rolling them into the loan. However, that’s not always an option, plus it’ll end up costing more since you’ll also pay interest.

List of Buyers Closing Costs

Property-related fees

Appraisal fee: A home appraisal checks that the property is worth the amount you are borrowing. The typical cost is about $300 and $400.

Home inspection: Home inspections are usually required, especially if you’re getting a government-backed loan such as an FHA. A home inspection is also a smart move for you, the buyer, as it will reveal any potential problems before the deal is final.

If the inspection finds problems, you can use it to negotiate a lower price. Depending on how bad the issues are, you may be able to back out of the contract. Home inspection fees are about $300 to $400.

Loan-related fees

Application fee: This fee covers the cost of processing the loan, such as credit checks and administrative expenses. This fee varies depending on the amount of work it took to put process your loan. 

Our office uses digital mortgage processing, which helps to speed up the timeline as well as lower our overall expenses. We pass these savings to our clients!

Assumption fee: This only applies if the seller has an assumable mortgage in which you are taking over the remaining balance. The amount depends on what that balance is.

Attorney fees: Some states require an attorney to be present at the closing. The amount depends on how much the attorney charges per hour and how many hours they are present at the signing.

Prepaid interest: In some cases, you’ll be required to pay the interest that accrued between the settlement date and the first mortgage due date. The fee depends on the amount borrowed and your interest rate. 

Loan origination fee: Also known as an underwriting fee, administrative fee, or processing fee, this covers the evaluation and preparation of your mortgage loan. You can expect to pay about 0.5% of the amount you’re borrowing. 

Discount points: Discount points reduce your interest rate and are especially attractive if you plan on staying in your home for several years. The cost of one point equals 1% of the loan. So for a loan of $350,000, a 1-point payment would be $3,500. This fee only applies if you purchase points.

Mortgage broker fee: Brokers usually charge a commission as a percentage of your loan amount. The amount varies. 

Mortgage insurance fees

Mortgage insurance application fee: If your down payment is less than 20%, you’ll have to get private mortgage insurance (PMI). This fee varies by lender.

Upfront mortgage insurance: Some situations require borrowers to pay the first year’s mortgage insurance premium upfront. Expect it to be about 0.55% to 2.25% of the purchase price of the home.

FHA, VA, and USDA fees: If your loan is government-backed, you’ll have to pay the following fees:

  • Mortgage insurance premiums for an FHA loan
  • Guarantee fees if it’s a loan funded by the Department of Veterans Affairs or the U.S. Department of Agriculture. 

Property taxes, annual fees, and insurance

Property taxes: Buyers usually pay two months’ worth of property taxes at closing.

Annual assessments: If your homeowners’ association requires a yearly fee, you might have to pay it in one lump sum upfront.

Homeowners insurance premium: Homeowner’s insurance covers your property in case of damage. Some homeowner’s associations include it in the monthly fee, so it’s worth asking before you purchase it separately.

The amount depends on where you live and the home’s value.

Title fees

Title search fee: A title search makes sure that the person selling the house is the true owner and that there are no claims or liens against the property. It’s relatively labor-intensive, especially if the records aren’t computerized.

It’s about $200 but varies among title companies. The search fee may be included in the cost of title insurance.

Lender’s title insurance: This protects the lender in case there’s a mistake in the title search, and someone makes a claim on the property. Coverage lasts until the mortgage is paid off.

Owner’s title insurance: Similar to the above, except this insurance helps to protect you, the buyer. It lasts as long as you or your heirs own the home and costs about 0.5% to 1% of the property purchase price.

Insider tip: A discount is sometimes available if you purchase the lender and owner policies at the same time.

It may seem like it’s a lot to handle, but with preparation, all of these fees are quickly taken care of. Plus, some may even get covered by the seller! Contact Tara Mortgage Services and let us show you how affordable homeownership can be. 

Network with over 700 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
737 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

Join Alex Deacon’s fast-growing Pittsburgh Landlord Group on MeetUp.com! Connect with other Landlords for monthly seminars with Q & A! Click below!

Pittsburgh Landlord Group

Carnegie, PA
223 Members

This is a great venue for Real estate investors, real estate agents and property managers to expand your knowledge and to help others in the field of being a landlord. We will…

Check out this Meetup Group →

Read More

Congratulations to Our September Rock Stars!

DHREA 15/10/2019

Deacon Hoover Real Estate Advisors is pleased to announce our September leaders:

Congrats to Anthony Angotti and The Angotti Team for being the top producing team in the month of September, with over $2.185MIL in production!

Congrats to Gina Giacchino for being the top producing Advisor for the month, with over $255k in production!

Contact any of are Advisors to list or buy your home. Don’t forget to ask about our #90DayGuarantee and #OneStop!

Network with over 700 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
736 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

Join Alex Deacon’s fast-growing Pittsburgh Landlord Group on MeetUp.com! Connect with other Landlords for monthly seminars with Q & A! Click below!

Pittsburgh Landlord Group

Carnegie, PA
222 Members

This is a great venue for Real estate investors, real estate agents and property managers to expand your knowledge and to help others in the field of being a landlord. We will…

Check out this Meetup Group →

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

Red Tree Mortgage: https://www.redtreemtg.com/

Read More

Tara Mortgage Services featured blog: Mortgage Mythbusters: First-Time Homebuyer Edition

DHREA 25/09/2019
This image has an empty alt attribute; its file name is download.jpg

Entering the housing market as a newbie can be intimidating. Even more so when you hear rumors about how “difficult” or “expensive,” it is. But don’t believe it! As the experts in first-time home loans, we have all the answers and resources to make your home purchase happen with ease.

Find out the truth about buying your first home, and for personalized answers, contact us! 

Myth #1:

You need 20% downpayment.

While a 20% down payment means you won’t pay private mortgage insurance (PMI), you can buy a home with much less down. In fact, there are loan programs that require as little as 3% down. Are you a veteran, currently enlisted, or a spouse of a member of armed forces? Then you may qualify for zero down! 

20% down has its perks, such as no PMI and building equity a lot sooner. But that doesn’t mean you MUST have 20% now to buy a home. When it comes to how much you can afford to pay every month, an FHA loan with 3% may be the most affordable option.

Myth #2:

You won’t qualify for a home loan if you have student loans.

Got student debt! So do most borrowers! Student debt and credit card debt are different “in the eyes of lenders.” So even if you have substantial student debt, buying your first home is still very much possible. 

Myth #3:

Avoid adjustable-rate mortgages like the plague.

The 2008 housing crisis is still fresh on many buyer’s minds, and this may make you wary of adjustable-rate mortgages (ARMs). But you shouldn’t be! The bust was more of an issue of too-lax qualifying standards and less about the loan program itself. 

ARM loans are an attractive option because of the low fixed interest rate it offers for the first few years. An ARM is a great option if you plan on refinancing or selling within 10 years. In fact, it could potentially save you thousands.

Myth #4:

You won’t qualify for any government home loan program. 

Government-sponsored loans from Fannie Mae and Freddie Mac offer numerous affordable lending options. Eligibility is much easier than other loan programs and could be based on the location of the home, your income, your military status, and even your first-time homebuyer status! 

Curious as to which government loan you qualify for? Contact us today to get started!

Myth #5:

Your pre-approval can be used on ANY home.

The property itself may impact how much you’ll ultimately be able to borrow, especially when it comes to the final cost. So even if you were approved for a specific amount, your pre-approval might not be work in that particular property. This is most often the case when it comes to properties like condos and townhomes that may have higher final cost due to property tax rates and homeowners association fees. 

Myth #6:

You don’t need a real estate agent.

Searching home listings via the internet is easy but presenting you a list of homes for sale isn’t the only thing a real estate agent does! They work as your advocate. They know the housing market well, know all the right questions to ask, negotiate on your behalf, and make sure that you are absolutely satisfied with your new home purchase. 

Whether you’re a first-time buyer or an experienced “flipper,” real estate agents offer an invaluable service in the homebuying journey. 

So what’s the truth about purchasing a home as a first-time buyer? It’s easier than you think! Contact us today to get matched with a home loan program that fits your budget and lifestyle. For the fastest response, use our contact form located on our site or give Tara Mortgage Services a call. We look forward to serving your mortgage needs!

Network with over 700 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Analyzing your next RE Deal and the actions steps from A-Z to get to closing

Saturday, Oct 12, 2019, 10:00 AM

Hampton Inn Bridgeville
150 Old Pond Rd Bridgeville, pa

25 Members Attending

We will discuss the steps from start to finish in detail. From creating your business model, how to find the great deals before the other person does and the specific steps to get that deal under contract and to the closing table. We are going to cram in a lot in 2 hours but it will be worth every minute.

Check out this Meetup →

Join Alex Deacon’s fast-growing Pittsburgh Landlord Group on MeetUp.com! Connect with other Landlords for monthly seminars with Q & A! Click below!

Pittsburgh Landlord Group

Carnegie, PA
203 Members

This is a great venue for Real estate investors, real estate agents and property managers to expand your knowledge and to help others in the field of being a landlord. We will…

Next Meetup

The ABCs of Land-lording

Thursday, Oct 10, 2019, 6:30 PM
9 Attending

Check out this Meetup Group →

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

Red Tree Mortgage: https://www.redtreemtg.com/

Read More

Alex Deacon’s OCTOBER REAL ESTATE WORKSHOP Announced!

DHREA 24/09/2019

We will discuss the steps from start to finish in detail. From creating your business model, how to find the great deals before the other person does and the specific steps to get that deal under contract and to the closing table. We are going to cram in a lot in 2 hours but it will be worth every minute.

RSVP at the link below. We look forward to seeing you there!

Analyzing your next RE Deal and the actions steps from A-Z to get to closing

Saturday, Oct 12, 2019, 10:00 AM

Hampton Inn Bridgeville
150 Old Pond Rd Bridgeville, pa

15 Members Attending

We will discuss the steps from start to finish in detail. From creating your business model, how to find the great deals before the other person does and the specific steps to get that deal under contract and to the closing table. We are going to cram in a lot in 2 hours but it will be worth every minute.

Check out this Meetup →

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

Red Tree Mortgage: https://www.redtreemtg.com/

Read More
Call Now Button