Stimulus Money – Where Will You Receive It?

The stimulus package has been passed and many Americans will receive a boost to their income in April.  If you meet the criteria set forth, you can receive at least $1200. But the question is; where will you receive this money?  Most of the money will be directly deposited to accounts tied to your last tax filing. But many members in our communities don’t have bank accounts, whether it be from previous issues with a bank account you had, mistrust, or a myriad of things, many in our community don’t have access to safe accounts.  

This means many people will receive paper checks and take them to an expensive check casher to get their money.  This doesn’t have to be the case! There are many financial institutions that provide bank accounts to people even if you owe another bank some money.  Aside from any previous bad experiences, the bank or credit union is the best, safest and cheapest place for you to keep your money and conduct financial business.  Click the links below to find out the stimulus criteria and banks and credit unions that can help you keep your money in your pocket. In addition, I have attached the BankOn Seattle-King County grid that will give you the list of banks in the state that can provide safe banking opportunities with their individual requirements. 

Stimulus Information

List of Financial Institutions

Buying A Home While Quarantined

Soooo, I am very much an introvert and haven’t been too bothered by this ‘shelter in place’, but I am just about caught up on my shows that I record and realized that I am a bit antsy today.  For those of you who are finding you are running out of things to do, I decided to share somethings you can do virtually and guess what, you can buy a house during quarantine! 

 

I just recently had a couple do just that and they are closing in 3 weeks!  Here is how it works:

  • We may be in doors, but homes are still online and finding a home is still very accessible!  As a broker, I am still able to show homes as long as an appointment is made, and we don’t overlap visits. (homebuying was never a group activity, so that hasn’t changed much)
  • My lender partners all have online approval processes and can provide you insights on your pre-approval and/or what you need to do if you aren’t quite ready yet. (I have two couples working on this piece, they should be ready to go in a matter of weeks!)
  • If down payment assistance is what you need, all programs have an online option if you need to take a class and doesn’t require you show up in person. 
  • The title/escrow companies all have virtual document preparation, earnest money delivery, and signings.
  • I am glued to my computer, so I am available to help you in anyway you require my assistance! 

This epidemic does not have to stop your life, and with rates being so low this is a great time to get in the homebuying market! Contact us today at nicole@bascombrealestate.com or 206.250.3133

The Great Debate

The Great Debate

With social media abuzz around the great debate of ‘is this a new decade or not’, I for one am excited for what this year and the 20’s will bring!
I stopped practicing new years resolutions many years back when I realized, they just didn’t work as measurements that were going to be truly attainable in a new year.

 

What I have found effective is practicing goal setting throughout the year. BUT, I do have specific goals I set at the top of the year to get me motivated for the year to come. The beginning of a year is a time of reflection, renewal, reworking and revitalization for me; and this new year and decade (I chose a side) has come with a sense of accomplishment just waiting for me to get there!

In order to walk into what is waiting for me, I have a few things I do to prioritize:

1. Identify the most important thing(s) I need to accomplish this year with realistic dates set to accomplish them
2. WRITE IT DOWN and post it prominently so that I see them daily, weekly etc.….
3. Create a process and/or processes to ensure I have the tools and support necessary to achieve them
4. Revisit my list of goals at set times to ensure I am on track
5. Get started and stay committed to my process.

I am beyond excited for this year and what’s instore. Whether your decade started 01/01/20 or will start 01/01/21, I pray you walk in His will for your life and blow your goals out of the water! I know I am!

Nicole & Bascomb Real Estate Group

Moving For Work, Should I Buy?

When you move to a new area, particularly for a new job, one of the many decisions that may be considered is whether you should rent or buy a home in your new city.  There are additional questions one would consider:

  1. How long will I be here?
  2. Does it make sense from a financial perspective?
  3. Where would I live if I am not familiar with the area?

The list of questions goes on, but for transplants to the Pacific Northwest the answer is pretty simple, YES! Buying property in either King, Pierce or Snohomish Counties is a practical move given our booming economy and market.  If you stay 1 year or 10 years, the property you purchase will more than likely cost you less than renting while you reside in the area. Given the increase in rents, if you leave the area you can convert your property to an investment vehicle or sell it and use the equity for your next move.  Finding the right area is just a click or call away, let us help you answer those burning questions around buying!

Must Have Tools for Homeowners

 

 

When you own your home, things are going to break and, unless you want to spend your money on visits from a neighborhood handyman, you’re going to need to fix them yourself.

Luckily, you don’t need an arsenal of tools to handle most home maintenance fixes. These five tools will cover most of your basic projects.

1. Cordless drill. A cordless drill is a must-have for installing cabinets, drawer pulls, hinges, picture frames, shelves and hooks, and more. Whether it’s for do-it-yourself projects or repairs, you’ll use your cordless drill just about every month.

2. Drain cleaners. Shower and bathroom sink drains are susceptible to clogs because of the daily buildup of hair and whisker clippings. You can use chemical clog removers like Drano, but they’re expensive and the lingering chemical scent is unpleasant. Instead, buy some plastic drain cleaners that can reach into the drain to pull out the clog of hair and gunk. You can purchase them on Amazon or at a local hardware store for a low price.

3. Shop-vac. No matter how careful you are, spills and accidents will happen and there are some tasks that just can’t be handled with paper towels or a standard vacuum, like pet messes or broken glass.

4. Loppers. Even the minimum amount of care for your landscaping will require some loppers to remove damaged branches, vines, thick weeds, and any other unruly plants in your yard.

5. Flashlight. You’re going to want something a little more powerful than your iPhone flashlight when you’re in the crawlspace!

Want more relevant content about homes? Click here and learn more!

Cautionary Tale of a First Time Homebuyer

 

 

As a real estate broker, my relationship with my clients doesn’t end at the closing of their transactions. I provide support with whatever my clients need; questions about rates as they are ready to refinance; home renovation; new purchases and the list go on.

Recently one of my clients contacted me, she had purchased her home the previous year and had some concerns regarding her transaction. She was a first-time homebuyer and had purchased a condo and after a year she confessed she wasn’t happy with her transaction. We got together for tea, so I could find out what exactly her concerns were and help her resolve them. What she disclosed to me was one of the many things I discuss with my clients but may not always get; full disclosure.

She acknowledged that, although I talked with her about providing me and her lender full disclosure regarding her purchase, she did not provide it. There was pertinent information that needed to be shared with us as her homebuying partners, but she omitted these crucial pieces. Now she finds herself in a situation she isn’t necessarily happy with because she did not provide me with all the critical information I needed to help her make the right decisions when it came to her purchase. She is very happy she bought a home, but not necessarily the circumstances by which it was purchased. This is the first time I’ve had a client admit this to me, and I was so glad she did. We were able to discuss a plan of action and next steps and we are on the way to her turning this situation around for the better!

As a buyer or seller, it is imperative you work with someone who you can trust. You need to trust in their ability to execute your real estate transaction properly, their capacity to council you through the process, and your comfort in sharing all the information that must be shared. Even if you have bought and sold before and are not a first-time homebuyer, every transaction is different and requires a professional to ensure your needs are met and you end up with the best-case scenario for you! Study after study and survey after survey reflect the need for a real estate professional and consumers wantonness to work with one. What is not shared is the need to provide your Seattle broker with the adequate tools she/he needs to support you and your family!

Consider This: When To Refinance Your Home

 

Refinancing your mortgage is something most homeowners consider at least once throughout the lifespan of their home loan. It allows you to pay off your previous loan by applying for a new one that has better financial advantages. While there are many good reasons to refinance, here are five common ones.

  • Scoring a lower interest rate. The number one reason homeowners decide to refinance is to secure a lower interest rate on their mortgage. Not only does this save you money in the long run and decrease your monthly payment, but you can start building equity in your home sooner.
  • Using an improved credit score. Even if interest rates have not dropped in the market, if you’ve improved your credit score over the last few years, you may be able to reduce your mortgage rate.
  • Shortening the loan’s term. If interest rates are decreasing, there is a chance you may be able to get a shorter loan term with little to no change in your monthly payment, allowing you to pay off your loan sooner.
  • Switching from an adjustable rate to a fixed rate. If you chose an adjustable-rate mortgage with great introductory rates when you initially financed your home, that rate may increase significantly over the years. By switching to a fixed rate while interest rates are low, you can protect yourself from future increases.
  • Cashing out home equity. If there is a big purchase or payment on the horizon, such as funding a wedding or going back to school, your best option may be to use the equity you’ve built in your home to borrow money at a lower cost.

 

For Buyers and Sellers Who Just Aren’t Sure

The holidays are coming, on a rocket, I might add; I know buying or selling a home is the last thing on your Christmas to-do list.  But the market is prime for just that this time of year!

Our local real estate market has come off the fever pitch of summer to a very healthy pace, and the numbers from October certainly support this assertion.  For South Puget Sound, there are still numerous homes for sale at many price points.  Providing a great opportunity for buyers, with the ability to negotiate a strong contract; and sellers who can be confident that the market is supporting listings that are priced right!

Make Christmas 2018 one to remember and contact us to buy and/or sell today!

Buyers Now is the Time!

Fall is upon us, which signifies a slowing in the heated seller’s market of the past several months. With that comes the most opportune time for buyers to get in the market, the month of October! Listings are staying on the market longer AND pricing is slowing and leveling off, which gives buyers more options in the marketplace. In addition, this is also the best time to take advantage of Down Payment Assistance (DPA) programs available to not just first-time buyers, but anyone looking to purchase a new primary residence.
 
There are so many misconceptions around buying; you must save 10%-20% to even think about buying. NOT TRUE!!! There are multiple programs that require as little as 3.5% down and DPA programs can cover it! As a buyer, you do need to have the cash for an earnest money deposit and an inspection, which I highly recommend. Outside of that, the money is out there for you to buy today! Just go to our website www.bascombrealestate.com/buy/ and click on the link ‘Down Payment Help’ to see which programs you qualify for, then give us a call!

How to Prepare for a Mortgage Loan?

Unless you are independently wealthy, using the financing to buy a home is the option for most consumers.  Mortgage lending has changed drastically due to the housing crash in 2007. The market did not immediately recover which resulted in stricter lending standards.  But, don’t let this preclude you from buying a home. There are many programs available for everyone, and there are many factors you must consider if you are interested in a mortgage loan. Here are the top 4 things you should consider when shopping for a mortgage.

 

Select a Mortgage Suitable for your Financial Situation

One of the major benefits of buying a home is the tax deductions that you can realize once you are a homeowner. In addition, you must choose the correct mortgage product suitable for your financial situation. For example, a fixed-rate mortgage will give you a higher starting rate, but your principal and interest payments stay the same. While an adjustable rate mortgage’s interest rate tends to be lower, it has periodic adjustments throughout the life of the loan affecting your monthly payment.  Be mindful of the entirety of the mortgage you are selecting. It is important that you do a personal accounting of your finances and consults a great mortgage loan officer.

Reduce your Debt-to-Income Ratio

If you are applying for a mortgage, lenders always look closely at your debt-to-income ratio. Debt-to-income ratio is the ratio of your monthly debt payment divided by your gross monthly income. It is one way for the lender to measure a person’s ability to manage their monthly payments and debts and their capacity to repay the loan.

Minimize Your Borrowing

More often than not, applying for new credit can have a huge effect on your credit report, which in turn impacts your eligibility when applying for a mortgage. If you know you will be applying for a mortgage in the near future, be sure to suspend any further inquiries on your credit until after your home closes. Inquiries and new accounts can and will affect your credit score and debt to income.

Educate Yourself

Knowledge is power. When dealing with a mortgage, you must be fully aware of your financial capacity, what you need, what you can afford, and what type of mortgage is perfect for you. You can conduct your own research regarding mortgages or consult your real estate broker regarding a good referral.

 

Homeownership is a dream for most but does not have to be difficult to achieve. If you are prepared prior to shop for your home, it makes the process that much smoother. Buying your home is the single largest investment most American’s will make, so the best thing to do is to assess your preparedness and give us at Bascomb Real Estate Group a call!

About Us

Purposeful in providing the most personal of services, our firm is small in size by design in order to enhance the exceptional service we provide.  We are a firm that prides ourselves in offering superior knowledge and skill making us the only choice for your real estate needs.