Secret Ingredient to Selling

Being open to flexibility can often be the secret ingredient to selling your house.

The idea of downsizing can feel daunting, like trying to fit your entire life into a tiny car. Yet, for those who’ve invested time and money into a large family home, the thought of moving into something smaller can seem overwhelming.

However, downsizing doesn’t erase the memories made in your old home – those family gatherings, the first steps of your children, or the grand holiday celebrations. As life evolves and your nest empties, the idea of downsizing can become more appealing. Many Americans embark on this journey, especially after retirement, seeking a simpler lifestyle, reduced housing costs, and freedom from maintenance tasks like painting and mowing.

According to Emmet Pierce’s article on downsizing for MoneyTalksNews, opting to rent can make selling your home and relocating a more straightforward decision. “Renters have the flexibility to live wherever they choose and experience life in different communities. And once your lease is up – sometimes even before – you’re free to move on.”

But whether you choose to sell and rent or buy something smaller, dealing with clutter becomes inevitable. An organization expert quoted by Pierce explains, “Retirees in large homes often find themselves using only a few rooms, while other areas collect clutter because maintaining such a vast space becomes overwhelming.” Downsizing offers liberation from unused items, providing more breathing space.

Moreover, downsizing can enhance your quality of life and reduce stress, according to aging experts. Letting go of unnecessary furniture, outdated gadgets, and unused exercise equipment can be liberating, giving you more room to relax.

Are you tired of navigating stairs daily, burdened by the constant ups and downs? Downsizing can address mobility issues, offering homes with better accessibility, enabling you to age in place comfortably.

If you miss the convenience of urban living after moving to the suburbs for a larger home, downsizing could be the answer. Transitioning to an apartment or condo in the city center brings you closer to amenities, entertainment, and even potential job opportunities, reducing the need for long commutes.

Source: MoneyTalkNews, TBWS

The Different Types of Home Mortgage Loans and Which is Right for You

Did you know there are many varieties of home loans, and that not every mortgage is the same? Rainbow Mortgage Inc. is a local mortgage broker with has access to more loan programs than the big banks, ensuring you get the best mortgage loan for your situation. Even though there are many different types of loans, the majority will fall into these categories:

Conventional Loans:

The standard home mortgage loan is a conventional loan. Many people believe you need a 20% down payment when applying for a conventional loan however, this is not true. Rainbow Mortgage Inc. is proud to be one of the few mortgage companies in Minnesota to offer a 1% down payment program.

FHA Loans:

FHA Loans are backed by the US Federal Housing Administration and carry mortgage insurance throughout the life of the loan. FHA Loans have a minimum down payment requirement of 3.5% which can be from a savings account or gifted monies. Not every property qualifies for an FHA loan, but FHA home loans are available to those who have lower credit scores.

VA Loans:

Active duty military members and veterans of all military branches are eligible for a VA Home Loan. Two of the best perks of a VA Loan are the lower rates and that there is no down payment required! In addition, a VA Loan provides the option of a cash-out-refinance for up to 100% of the home’s value for any reason.

Jumbo Loans:

In most counties, a home mortgage larger than $453,100 is considered jumbo! These loans typically require higher rates than conventional and FHA loans.  However, Rainbow Mortgage Inc. is now able to offer a high balance loan option (loan amount from $453,100-$679,650) while still keeping the loan “conventional”.  This option allows for lower rates, easier guidelines, and fewer documents than a jumbo loan.

USDA Loans:

For those looking for a home in a rural area, the home may qualify for a USDA Home Loan. This government loan program is designed to improve the economy and quality of life in rural areas. Although there are income limitations with this program, the loans have lower rates and don’t require a down payment.

Specialty Home Loans:

As a Twin Cities mortgage broker, our team has access to more lenders with more loan products than the big or local banks do. If you have a unique situation (self-employed, unemployed, need down payment assistance, or have had credit issues), we can help find the best home loan program for your scenario. At Rainbow Mortgage Inc. we never say “no”, we say “not now” as we’ll work with you create a plan to help you achieve your housing goals.

 

Ready to Learn More?

Contact the experienced mortgage brokers at Rainbow Mortgage Inc. to learn more about any of these programs and get started today!