- Chernov Team

Our Real Estate Blog

30-Year Fixed Rate Mortgages Approach 4%, Signaling a Healthy Q2 Housing Market

For the prudent home buyer, watching the shifting mortgage rates has become a habit; this habit may be paying off. Over the last week, the rate on a 30-year fixed rate mortgage (“FRM”) dropped to 4.06%, this represents the largest single week reduction in the mortgage rate in roughly 10 years. While home sales typically drop during the second quarter of the year, the 4% FRM is a very good sign that this year might be better. Ultimately, lower rates have a psychological effect on would be buyers, and that bodes well for Q2 sellers. While a low FRM rate is a good indicator that housing sales will increase, there are certain factors that get in the way. The primary hurdle for people seRead Full Post »

Total Loss Coverage and You

Approximately 6 percent of homeowners file claims with their insurance companies annually; the average payout on each of those claims was roughly $10,600. It is unclear whether the average payout represents complete coverage for the costs, or whether the homeowners were required to pay some of the expenses out of pocket; it is clear though that obtaining the right coverage is critical. Thus, many homeowners are face with the question “How much coverage do I need?” Naturally, you don’t want more coverage than you need; you’d essentially be wasting money. Similarly, you don’t want too little coverage; you’d essentially be wasting money in that situation as well. This article will bRead Full Post »

“Free Government Housing Grants” and You

Everyone has heard about so called "free government housing grants." Have you ever wondered if they really even exist? And, if they do exist, are they really free? The not so simple, but honest, answer is: yes and no. Yes, several government programs do exist for home improvements, renovations, housing, down payment assistance, and rental assistance. These programs span across different citizen categories. HUD, the department of Housing and Urban Development, is the federal government agency that offers financial housing assistance to qualifying applicants. To the second point, are these programs really "free", or is there a catch? Well, not all the time. Every government program has dRead Full Post »

VA Loans and You

As a veteran, you have faced immense challenges in your service to our country. Like most home people, purchasing a new home will be one of your life’s highlight real purchases. Having a knowledgeable real estate agent to walk you through the process is always important, and the Chernov Team has extensive knowledge of all things real estate, and this is particularly true when you're purchasing a home with a VA Home Loan (also referred to as a “VA mortgage”). VA mortgages come with a plethora of benefits, which includes zero down payment, lower than average interest rates, and no requirement to obtain private mortgage insurance. However, obtaining these benefits has lRead Full Post »

Millennial Decoration: An Emphasis on “Unique”

It’s no mystery that Millennials are the butt of jokes regarding their eccentric, and sometimes baffling nature; particularly when staples of previous generations are treated like garbage. Things like paper napkins, canned meats and Buffalo Wild Wings come to mind. Instead of these staples, Millennials want "stuff." This generation prefers spending cash on experiences. Like Coachella, the Museum of Torture, or a selfie-filled trip around the world. As it turns out, they still need “stuff” to decorate their homes. And in true millennial fashion, of course, the decor must to be unique. Millennials care about their home appearing as an eclectic mix of experRead Full Post »

Mind Your Manners: Purchasing A Home

As a general concept, we all understand that there are general rules of etiquette for everyday life, and specific rules of etiquette for a myriad of specific situations; buying a home is one of those specific situations that have a specific set rules when it comes to etiquette. Having good manners in everyday life has a direct impact on the quality of your interactions and failing to follow the rules when buying a house may result in the seller opting not to deal with you. This article will briefly address some of the specific rules for buyers, to help you avoid a residential faux pas. Just Because You See a House You Like, Doesn’t Mean You Should Call the Listing Agent Standard pracRead Full Post »

Selling Your Home, The Play: Setting the Stage

We have said it 100 times, and we will say it 100 more times, your home needs to make the best first-impression possible to would-be purchasers; and staging your home goes a very long way towards making a great first impression. This article will briefly discuss a few tips to help make your life easier when it’s time to stage your home; staging a home properly is difficult, the Chernov Team just makes it look easy. A Clean Home is A Sold Home If you are planning on selling your house, it is useful to change how you look at moving around your home for the duration of the process, at least. Whenever you travel between rooms, grab something that doesn’t belong and put it where it doesRead Full Post »

Week of March 7, 2019: Mortgage Market Snapshot

        It appears that the mortgage rate has finally had a less-than-stellar week, curbing the enthusiasm of potential buyers despite the fact that long-term projections still favor aggressive borrowing.         During the week of March 7, the 30-year fixed rate mortgage (“FRM”) hovered around 4.41%, which represents a modest increase from the previous week. Similarly, the 15-year adjustable rate mortgage increased marginally to 3.88%.         It is common knowledge that FRMs rise and fall in near lockstep with the 10-year U.S. Treasury Note’s yield, though Read Full Post »

The Dating Game: Mortgage Lender Edition Part I

        It’s finally happened, you have reached a point in your life where purchasing a home is a very real option. Of course, you’re going to need a loan to obtain the full purchase price; how do you decide which mortgage lender to go with? Like most things in life, it pays to interview multiple candidates and ask the right questions. This article will briefly discuss the questions you should ask your potential mortgage lender to make sure you have obtained the very best terms you can. What Are the Different Kinds of Home Loans They Offer?         Lenders come in two basic forms, the lender who Read Full Post »

How to Avoid A Home Inspection That Tanks Your Sale

It’s a seller’s worst nightmare: you nailed the open house and marketing, everybody loves your home, all that’s left is a home inspection; if all goes swimmingly, you are well on your way to the sale of your home. Unfortunately, a not-so-stellar home inspection can put a buyer on the retreat, particularly if they have a contingency clause in place. You are likely aware then, that a good home inspection is critical to a sale. In fact, it is prudent to have your home inspected before placing it on the market, so you can identify any issues with the major systems of your property and the physical structure of your house itself. If you want to increase your chances of a good inspeRead Full Post »

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