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7 Black Americans Who Made Housing History

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In honor of Black History Month, we recognize the role and legacy of the many Black Americans who have made housing history and paved the way forward for Black homeownership. Read on to hear the incredible stories of seven Black Americans whose impact is still felt today.

Zipporah Potter Atkins (1645–1705)

The First African American Property Owner in Colonial Boston

Zipporah Potter Atkins was born free in Boston, Massachusetts, to parents enslaved by a wealthy merchant. When the merchant drew up a will, he left money to Atkins’ parents and specified that if Atkins’ father were to die, the money should go to her. On the seventeenth anniversary of her father’s death, Atkins purchased a home and land, becoming the first known recorded African American woman to do so in Boston. When she sold the home in 1699, she wrote her initials on the deed of sale, indicating she had achieved a level of literacy, another remarkable feat in colonial days.

 

Biddy Mason (1818-1891)

One of Los Angeles’ First Black Real Estate Moguls

Biddy Mason was enslaved until age 37 when a California judge declared her free forever in 1856. With her freedom, Mason and her daughters moved to Los Angeles where she worked as a nurse and midwife. Her friends encouraged her to invest in real estate, and Mason was able to save up by 1866 to purchase a home on Spring Street. She ran a daycare, held civic meetings and hosted the First African Methodist Episcopal Church at her home. She continued to invest in real estate and helped her family buy properties. Although Mason became one of the wealthiest women in L.A. with a $300,000 fortune, she generously gave back to her community and is remembered for her philanthropy and incredible resilience.

Philip A. Payton Jr. (1876-1917)

The Father of Harlem

Philip A. Payton Jr. arrived in New York City in 1899 where he worked as a barber and later a janitor for a real estate office. After he opened his own office with a partner that ultimately failed, Payton and his wife moved to Harlem where he started advertising his services for guiding Black tenants from Midtown to new homes. He started the Afro-American Realty Company in 1904 to reestablish Harlem as a place for Black Americans who had faced housing discrimination. Payton is remembered as the “father of Harlem,” and by the time he died, 75 percent of the city’s black population had moved to Harlem, according to the New York Times.

Loren Miller (1903-1967)

Black Civil Rights Attorney Involved in Landmark Housing Litigations

Loren Miller became the go-to representative for Los Angeles’ Black homeowners in cases of discrimination. In 1945, Miller represented Black residents in the Sugar Hill community who were facing eviction because of racially restrictive real estate covenants. Miller successfully argued that these covenants violated the Fourteenth Amendment. The Sugar Hill case set a legal precedent for the 1948 U.S. Supreme Court Case Shelley v. Kraemer where Miller once again fought for Black homeowners. The Court’s decision made the enforcement of racially restricted covenants unconstitutional.

Clarence Mitchell Jr. (1911-1984)

NAACP Lobbyist for Fair Housing

Clarence Mitchell Jr. was the Chief Lobbyist for the national NAACP and the Washington director of the NAACP. Originally from Baltimore, Maryland, Mitchell spent his career advocating for civil rights on Capitol Hill. He was instrumental in the passage of the Civil Rights Act of 1957, the Civil Rights Act of 1960, the Civil Rights Act of 1964, the Voting Rights Act of 1965 and the Fair Housing Act. Mitchell was so influential that a Republican senator nicknamed him “the 101st senator.”

Ernesta G. Procope (1923-2021)

Insurance Industry Pioneer

Ernesta G. Procope was an investment banker from Brooklyn, New York, who founded E.G. Bowman, a private insurance company. She served local businesses and homeowners in the 1950s, including the primarily Black community of Bedford-Stuyvesant where other insurers had been hesitant to service. Procope advocated for black homeowners her entire career, including pushing for the Fair Access to Insurance Requirements Plan that provided coverage in high-risk areas. E.G. Bowman became the first Black-owned business on Wall Street and the nation’s largest Black woman-owned insurance agency.

Ben Slayton (1942-)

First Black Member of the National Association of Realtors®

In the 1960s, there were no Black members of the National Association of Real Estate Boards, which is now known as the National Association of Realtors®. At the time, Ben Slayton needed another member to sponsor him to join. His adoptive Jewish family, who had taught him the real estate business, helped him find a white member who charged Slayton $5,000 to sponsor his membership. Thus, Slayton became the first Black Realtor® in 1964. He later became the first Black Century 21 Real Estate Franchisee broker-owner. In 2018, he started his own mortgage company to close the approximate 30% homeownership gap between Black and white Americans.

We’re grateful to these seven individuals and countless others who boldly made history and dedicated their lives to the advancement of fair housing for Black Americans.

At Premier Mortgage Associates, we’re an equal housing lender dedicated to helping families all over the nation reach their dream of homeownership.

Keep Your Home Happy: A Season-by-Season Maintenance Guide

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Let’s face it – being a homeowner means wearing a lot of hats, including that of a maintenance manager. But don’t let that overwhelm you! We’ve put together this practical guide to help you tackle home maintenance one season at a time.

Spring into Action

Once winter waves goodbye, it’s time to assess any battle scars from the cold months:

  • Give your roof and gutters some TLC – winter can be rough on them. A quick check now prevents headaches later when spring showers hit.
  • Those window and door seals might have taken a beating. Run your hand around the edges – feel any drafts? Time for fresh weatherstripping.
  • Your HVAC system deserves a spa day – clean it up and pop in a fresh filter. Trust me, your summer self will thank you.
  • If you’ve got sprinklers, fire them up for a test run. Winter freezes can be sneaky pipe-breakers.

Summer Projects

Warm weather is your friend for outdoor maintenance:

  • That deck or patio got you through countless BBQs – show it some love with a good cleaning and repair check.
  • Think of tree trimming as your home’s haircut – it keeps everything tidy and prevents unwanted “visitors” from using branches as highways into your house.
  • Walk around your house like you’re house hunting. Peeling paint? Wonky siding? Now’s your chance to fix it.
  • Here’s one people often forget: clean your dryer vent! It’s not glamorous, but it’s a real fire-prevention hero.

Fall Prep Work

Time to cozy up your home before winter crashes the party:

  • Book your HVAC pro early. Everyone wants their furnace checked in fall, so it’s best to beat the rush.
  • Those gutters need another check after the leaves throw their annual party.
  • Draft-proof everything. Seriously, everything. Your heating bill will be much friendlier.
  • Time to say goodbye to garden hoses until spring. Drain and store them!

Winter Watch

Indoor months are perfect for interior projects:

  • Pop your head up in the attic – good insulation is your best friend against ice dams.
  • Monthly detector tests might seem like overkill, but they can be lifesavers.
  • Keep an eye out for ice dams and icicles. They’re pretty but can signal insulation issues.
  • Show your furnace filter some regular attention – it’s working overtime this season.

Real Talk Tips

  • Phone reminders are your friend – set them for seasonal tasks.
  • Before and after photos aren’t just for home makeover shows, they help track wear and tear.
  • Keep notes on what you did and when as memory can be tricky.
  • Know when to call in the pros – YouTube can’t teach everything.

Here’s the thing about home maintenance – it’s like exercise. Regular small efforts prevent major problems down the road. Your home keeps you comfortable through every season; these maintenance checks are just returning the favor.

Have questions about managing your home? Looking to turn that fixer-upper into your dream house? Drop us a line at Premier Mortgage Associates. We’re real people who love helping you succeed!

Slash Those Utility Bills: Your Guide to Home Energy Innovation

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Tired of eye-popping utility bills? You’re not alone. The good news: Today’s technology offers some pretty amazing ways to create an energy-smart home that’s both comfortable and budget-friendly. Let us walk you through some game-changing solutions we’ve seen work wonders for homeowners.

Tech That Actually Pays Off

These aren’t just cool gadgets, they’re real money-savers:

  • Smart thermostats are like having a money-saving assistant. They learn when you’re home and adjust automatically. My clients regularly see heating bills drop 10-12% and cooling costs shrink by 15%.
  • Ever heard of energy vampires? Those are devices secretly sapping power in standby mode. Smart power strips kick them off the grid when you’re not using them, saving up to 10% on your electric bill.
  • Motion-sensing LED lights sound fancy, but they’re super practical. They use 75% less juice than old-school bulbs and never stay on in empty rooms.
  • Smart blinds do the thinking for you. They adjust to the sun’s position, keeping your home cooler in summer and warmer in winter.

Modern Insulation Magic

Keep your money from literally floating away:

  • Today’s spray foam insulation is incredible stuff. It finds nooks and crannies you didn’t even know existed. I’ve seen it cut energy bills by up to 15%.
  • Energy-efficient windows might seem pricey, but they’re like sunglasses for your house – blocking heat while letting in light.
  • Smart vents are genius – why heat or cool rooms nobody’s using? They let you control temps room by room.
  • Good weatherstripping is like a cozy sweater for your house. It keeps the comfort in and the elements out.

Water Wisdom

Because water bills shouldn’t make you sweat:

  • Smart sprinklers are like weather forecasters and gardeners rolled into one. They know when your lawn actually needs water.
  • Modern washing machines are water-saving ninjas using 25% less water while still getting clothes squeaky clean.
  • Smart leak detectors are like tiny plumbers on duty 24/7. They catch problems before they become floods.
  • New low-flow fixtures are nothing like the wimpy ones from years ago – great pressure, less waste.

Power Production and Storage

For those ready to take energy savings to the next level:

  • Solar panels paired with modern batteries mean you can actually use the sun’s power when you need it most.
  • Solar water heaters can slash water heating costs in half, sometimes even more.
  • Power monitoring systems show exactly where your energy dollars are going in real time.
  • Geothermal systems sound sci-fi, but they’re amazing – using Earth’s steady temps for super-efficient heating and cooling.

Money-Smart Moves

  • Check your utility company’s website. They often have rebates they don’t advertise.
  • Start with an energy audit – it’s like a treasure map for savings.
  • Begin with quick wins like LED bulbs – small changes add up fast.
  • Keep tabs on your bills to see what’s working.

Remember, you don’t have to do everything at once. Pick what makes sense for your home and budget, then build from there. Every change helps your wallet and the planet.

Want to explore financing for energy upgrades? Give us a shout at Premier Mortgage Associates. We’ve helped countless homeowners make their energy-saving dreams reality, and we’d love to help you too!

Student Loans and Mortgages: How to Buy a House with Student Debt in 2025

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Do you have student loans weighing on your mind as you consider homeownership? You’re not alone.

The State of Student Loan Debt in America

According to Experian, the average student loan balance was about $38,787 as of Q3 2023.

The outstanding balance for federal student loans as of March 2024 totaled $1,620.1 billion spread out among 42.8 million borrowers, according to the office of Federal Student Aid – an office of the U.S. Department of Education.

That’s not even including private student loans, which have an estimated $130.28 billion total private student loan balance as of Q3 2023, according to Enterval Analytics’ Private Student Loan Report.

Additionally, according to The 2024 National Association of REALTORS® report, buyers reported that debt delayed them from saving for a down payment or buying a home for a median of four years. Of buyers who cited saving for a down payment as difficult, 52% pointed to student loans as the debt that delayed their savings the most.

Suffice it to say, student loan debt can make it seem like homeownership is out of reach. Thankfully, we’re here to let you know that your debt doesn’t have to hold you back.

Student Loan Refinancing Can Help You Buy Sooner

Our refinancing program isn’t just another financial product – it’s your bridge to homeownership. By rolling those scattered federal and private student loans into one manageable payment, we’re helping clear the path to your new home.

Why does our approach work better?

  • Trade those sky-high rates for a lower interest rate loan
  • Free up cash each month (hello, down payment fund!)
  • Boost your mortgage approval odds with a better debt-to-income ratio
  • Ditch the headache of juggling multiple student loan payments for just one monthly payment

Your Roadmap to Success

Buying a home with student loans takes some planning. Here’s how we break it down:

First Up: Smart Money Management

  • We’ll dig into your current loans – no sugar coating, just real talk
  • Find refinancing options that give your budget room to breathe
  • Build a game plan for a stronger mortgage application

Next: Down Payment Strategy

  • Student loans can add years to the saving process – we’ll help you cut that time down
  • Use refinancing to unlock more monthly savings
  • Get the scoop on down payment programs you might not know about

Finally: Getting That Approval

  • Tackle DTI head-on (it’s easier than you think)
  • Walk in with a rock-solid application
  • Work with people who understand both worlds – student loans and mortgages

Real People, Real Success

The best part of our job? Seeing how different folks make it work:

  • Fresh grads proving the doubters wrong (even with $25K in loans)
  • Mid-career pros balancing bigger loans with bigger dreams
  • Experienced buyers showing it’s never too late to make a smart move

Let’s Get Started

Here at Premier Mortgage Associates, we love turning “maybe someday” into “yes, now.” Our team knows how to look at your whole picture – not just the numbers on a page.

Let’s find out how we can help you achieve homeownership. Explore your student loan debt financing options today!*

Premier Mortgage Associates NMLS# 75597 makes homeownership possible through personalized solutions and genuine support.

*If you refinance federal student loans, you may no longer be eligible for payment options available to federal loan borrowers or other federal benefits.

NQM Funding, LLC is not affiliated with Bank of Lake Mills. NQM Funding, LLC offers home loan financing and does not offer student loans or debt consolidation services. A mortgage loan with NQM Funding, LLC is not contingent upon obtaining a student loan or using Bank of Lake Mills’ services. Please consult with a student loan advisor to understand the benefits that you may gain by consolidating or refinancing student loans. Bank of Lake Mills makes all credit decisions and is responsible for all student loan activities.

36 Gift Ideas for Every Kind of Homeowner on Your List

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Need ideas for the homeowner on your shopping list? We’ve got you covered. We’ve curated a list of 36 thoughtful gift ideas for every kind of homeowner in your life.

Gifts for The First-Time Homebuyer


Gifts for The Homeowner With Kids


Gifts for The Empty Nesters


Gifts for the Home Cook


Gifts for the Backyard BBQ Enthusiast


Gifts for the Home Gardener


Gifts for the Pet-Loving Homeowner


Gifts for the Hobbyist Homeowner


Gifts for Your Work From Home Friend

  No matter what you decide to gift the homeowner in your life, we like to think their home is really the gift that keeps on giving. Happy gifting!

*We do not warrant or endorse the merchandise or companies listed.

Your Guide to Using Gift Funds For FHA Loans

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Did you know you can use gift funds toward a down payment?

With an FHA loan, you can use gift funds to cover all or some of your down payment, closing costs or financial reserves.

So if you’re looking to pursue homeownership, why not put gift funds on your wish list this year? Read on to find out who can give, requirements and needed documentation.


What Are Gift Funds?

Gift funds are monies that are given to a borrower to go toward a primary or secondary home purchase. The funds can be put toward all or some of the down payment, closing costs or financial reserves.

Note: Gifts are not allowed on investment properties.

Who Can Give the Funds?

A Relative

Fannie Mae defines a relative as a spouse, child or other dependent or by anyone related to the borrower by blood, marriage, adoption or legal guardianship.

A Non-Relative

Someone who shares a familial relationship with the borrower which includes a domestic partner (includes relatives of domestic partners as well), a former relative, a godparent or a fiancé/fiancée, according to Fannie Mae guidelines.

Note: The donor can’t have an affiliation with the builder, developer, real estate agent or interested party.

Gift Fund Requirements


Minimum Borrower Contribution

For most purchases, a borrower doesn’t need to contribute a minimum amount of money and all funds needed for the transaction can come from a gift.

For borrowers who have a loan-to-value of over 80% and are purchasing a two- to four-unit primary home or a second home, the borrower must contribute 5% of their own funds before using gift funds, according to Fannie Mae guidelines.


Needed Documentation

Gifts need to be documented through a gift letter signed by the donor and list the name of the trust or estate account (if applicable). Gift letters include the following:

  • The actual or maximum dollar amount of the gift
  • A statement by the donor that they don’t expect to be repaid
  • The donor’s name, address, phone number and relationship to the borrower

Verifying the Gift Funds

To verify the donor’s contributions with your lender, the borrower must provide any of the following documentation:

  • A copy of the donor’s check and borrower’s deposit slip
  • A copy of the donor’s withdrawal slip and borrower’s deposit slip
  • Proof of the electronic transfer of funds from the donor’s account to the borrower’s account or to the closing agent
  • A copy of the donor’s check to the closing agent
  • A settlement statement showing receipt of the donor’s check

Your Home Purchase Starts Here

If a home of your own is on your wish list, we can help!

Our talented and knowledgeable Loan Officers will walk with you through all the needed documentation and steps, starting with preapproval so that you know how much you can afford when house hunting.

Get preapproved here to start your homebuying journey.

The Pros and Cons of Purchasing a Condo

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Are you eager to own a home, but hesitant about the maintenance that it might require or even the price? Thankfully, today’s homebuyers have a variety of property types to choose from, including condominiums, that offer unique advantages.

Curious if a condominium might be a good fit for you? Read on to find out the pros and cons of purchasing a condo and if it’s the right option for your lifestyle.

First, What Is a Condo?

When you buy a condominium, or condo, you own an individual unit that typically shares ownership of common spaces within a community of units. Common areas can include hallways, pools, gyms, elevators and more that are managed by a condominium association.

Pros of Buying a Condo

More Affordable

Condos typically cost less to purchase than a single-family home, making homeownership more accessible. In Sept. 2024, the median price of existing single-family homes was $409,000 compared to a median price of $361,600 for existing condos, according to the National Association of Realtors®.

Less Maintenance

Typically, you only need to care for your condo interior while common spaces are handled by a professional management company. So, you get to enjoy any amenities like a pool or gym without having to maintain it or having to rake leaves or mow the lawn.

Amenities

When you live in a condo, depending on how upscale it is, you will have access to amenities that you share the cost of with your neighbors like dog parks, gyms, playgrounds, pools, hot tubs and parking garages to name a few.

Community

Living in close proximity with others and sharing common spaces allows for more communal living and social opportunities. Plus, many condominium associations will organize events to help you connect with your neighbors. Some condos can have 24/7 staff like a concierge, doorman or security that can help residents who live by themselves feel safer and less alone.

Cons of Buying a Condo

Less Privacy

The reality of condo ownership is that you share spaces and oftentimes walls with your neighbors, so you will see and potentially hear them at times when you may not want to.

Condo Association Rules and Fees

Under the authority of a condominium association, you’ll be responsible for paying certain monthly fees to account for services like trash pickup, amenities and more. You’ll also be subject to its rules and less autonomous than you might be in a single-family home. There may be limits to what you can do inside and outside your home as it pertains to things like pets, home improvements or changes to your unit.

Less Space

Condos tend to have less square footage than single-family residences, which could be a positive if you live alone and want less of an area to clean. However, it might not be ideal for larger families as you’ll have less living space and often limited outdoor space.

The Bottom Line

If the downsides of condo living aren’t dealbreakers and you enjoy living communally with less maintenance and access to amenities, a condo might be a great fit for you! The good news is Premier Mortgage Associates provides the perfect loans to satisfy your condo financing needs. We offer a variety of condo loans at competitive rates that are suited for primary homes, second homes and investment properties. Our condo loans can be customized to address your unique scenarios, and our knowledgeable loan officers can provide you with a seamless loan experience.

Trigger Leads: What They Are and How to Opt Out

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If you’ve ever applied for a mortgage, credit card or had a hard credit inquiry, you’ve probably experienced other lenders or financial service providers contacting you with unsolicited phone calls, email or mail.

Why Does This Happen?

When you apply for a mortgage, your credit report is pulled from the three major credit bureaus: Equifax, Experian and TransUnion. As a lender, we take steps to ensure your privacy by removing your email address and phone number from the report.

However, the bureaus collect and keep detailed information about your credit history, and they may unfortunately sell your information to third-party companies – a practice called “trigger leads.”

What Can I Do to Stop it?

Thankfully, the bipartisan U.S. Senate bill called “The Homebuyers Privacy Protection Act of 2024” might lead to a ban on trigger leads in 2025, according to the National Mortgage Professional.

In the meantime, the good news is you can stop these unsolicited mail, phone calls and emails by opting out. And if you plan to apply for a mortgage in the next year, we recommend opting out ahead of time to prevent it from happening altogether.

How to Opt Out

There are two options: You may opt out for five years or opt out permanently.

How to opt out for five years:

Call 1-888-5-OPT-OUT (1-888-567-8688) or visit optoutprescreen.com.

How to opt out permanently:

Make your request at optoutprescreen.com – you will be provided a Permanent Opt-Out Election form that must be signed and returned. You’ll need to provide certain personal information that will be kept confidential and used only for the purposes of opting out.

Alternatively, you can send a written request to each credit bureau that includes your phone number, name, Social Security number and date of birth.

Experian
Consumer Opt-Out
P.O. Box 919
Allen, TX 75013
888.397.3742.

TransUnion
Opt Out Request
P.O. Box 505
Woodlyn, PA 19094
800.916.8800

Equifax
Opt Out
P.O. Box 740123
Atlanta, GA 30374
888.548.7878

Your Privacy Matters to Us

As a mortgage lender, Premier Mortgage Associates takes your privacy seriously and make every effort to ensure your information is secure. If you plan to apply for a mortgage any time in the future, we encourage you to opt out in advance so you can prevent the calls from coming in the first place.

Swimming Pools: A Deep Dive on the Cost and Value

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Happy woman, man and little girl swimming in a pool on a green inner tube. If you don’t have the luxury of a close community pool or a neighbor nice enough to let you use theirs, you might be wishing you had a pool in the backyard to cannonball in as temps rise. Whether you’re on the fence or ready to take the plunge, we’ve covered what you need to know about residential swimming pools.

Types of Swimming Pools

First things first, there’s many types of pools that you can install on your property, with some more affordable than others.
 
  1. Inground Pools | Cost: $28K-$55K



    These are your most traditional, family-friendly type of swimming pool, and they are typically made of either fiberglass, concrete or vinyl-liner.

    Fiberglass costs more upfront but can be installed quickly and has the lowest cost of maintenance out of the three, according to Forbes.

    Vinyl-lined pools are highly customizable in size and have the lowest installation cost, but the liners can be susceptible to tears and will need to be replaced every 7-15 years, a process that can cost up to $4,000, Ecooutdoor reports.

    Concrete pools are the most durable and long-lasting option, and they are highly customizable. The downside is you’ll have to wait three to six months for the install, according to Forbes. They can also be difficult to maintain and prone to algae growth, meaning you’ll need to invest in more filtration and chemicals on a routine basis.

  2. Above-Ground Pools | Cost: $1,850-$5,000



    Pools constructed above ground on your property allow homeowners to enjoy the perks of a pool at a lower upfront cost and quicker turnaround time. Plus, they offer a safer option for families as there’s a lower risk of falling in. However, they’re considered not as “pretty” as inground pools, which can be a deterrent to potential buyers when it’s time to resell. Additionally, durability is an issue as many only last seven to 12 years, according to Ecooutdoor.

  3. Lap Pools | Above-Ground Cost: $15K-$30K | In-Ground: $20K-$70K



    Designed for swimming laps, these long, rectangular pools are a refreshing way to exercise. While not a very family-friendly option, lap pools tend to incur less maintenance costs since they usually have less water.

  4. Infinity | Cost: $55K-$130K



    If you want the resort experience from the comfort of your home, you can opt for a custom-built infinity pool. While beautiful, you’ll end up paying 30% more than a regular inground pool.

  5. Saltwater Pools | Cost: Varies



    Opting for saltwater over chlorine can give you lower monthly maintenance costs and can be gentler on skin, according to Forbes. However, they can be more expensive up front thanks to special generators that cost up to $1,500 and salt cells that range from $300 to $600 and need to be replaced every several years, according to National Pools & Spas. Additionally, salt is corrosive and can damage anything metal.

  6. Plunge | Cost: $14K-$25K



    Designed to be cold, small and one depth, plunge pools are intended as a cool down after athletic activity rather than swimming.

  7. Swim Spas | Cost: $18K-$26K



    Kind of like a hot tub, swim spas are small pools meant for lounging that can have jets and lights. They cost less than a full-size pool and are a relaxing option for a small household. However, you won’t get much serious swimming done in it and they’re usually too small for families.

  8. Indoor Pool | $40K-$200K



    If you live in a colder climate, an indoor pool makes it possible to enjoy your pool all year long without having to winterize it. You can have it installed in an existing basement, sunroom or screened porch. While you’ll have less maintenance with it not being exposed to the elements, enclosed pools are still very expensive and require dehumidification systems.
 

The Cost of Residential Pool Maintenance

Once you have a pool, maintaining is a key part of helping retain the value of it. According to Forbes, it takes an average of about $180 per month, depending on your location and the size, materials and type of pool. Plus, be prepared for utility bills to increase as well as home insurance premiums.

Do Swimming Pools Add Value?

Now that we’ve looked at the numbers, you’re probably wondering if it’s worth it to install a pool and how much return you’ll see on your investment. In hot climates like Florida and Arizona, a well-kept pool can raise your sale price by 7%, according to Forbes. However, some buyers may not want to deal with the maintenance or safety risks a pool entails. When it comes to your own personal satisfaction, no one can put a price on the joy of jumping into a cold pool on a hot day.

Where’s it’s Really Cool to Have a Swimming Pool

NAR data from 2021 showed the top five cities that had the most pools in the U.S. were all in Florida: Boca Raton (74%), Miami (70%), Fort Lauderdale (69%), Hollywood (67%), and Pompano Beach (67%). On the other hand, pools were pretty rare in Anchorage, Alaska (2%); Lincoln, Nebraska (2%); Pueblo, Colorado (2%); and Lancaster, California (2%).

Pros and Cons of Owning a Swimming Pool

Pros

  • You have many options as far as sizing, materials and type of pool available to you
  • Great for family fun, exercising, cooling down and entertaining
  • Can increase your home value in some markets
  • A private swimming experience as opposed to a community pool

Cons

  • Requires regular maintenance
  • Cost of installation
  • Higher utility bills and insurance premiums
  • Safety Concerns

 

How to Finance a Swimming Pool

You’re not on your own when it comes to financing a pool – we offer a variety of options.

Cash-Out Refinance

Our cash-out refinance allows you to access funds from your home’s equity to help with renovation projects like installing a pool. It works by replacing your existing mortgage with a new home loan that is for more than what you owe on your current mortgage. Then, at closing, you get back the difference in cash.

HELOC

A Home Equity Line of Credit (HELOC) allows you to use the equity you have built in your house as a line of credit to finance large expenditures over time. HELOCs are perfect for remodeling projects that add value back into your home. We offer HELOC loans ranging from $25,000 to $500,000 with investment property, bridge and interest-only options.

Final Thoughts on Swimming Pools

Whether you choose to install a pool in your home, purchase a pool home or want a house with a sweet community pool, we can help. Learn more about our financing options and friendly Loan Officers who are ready to help you with all of your homeownership goals.

We do not guarantee the accuracy of the information provided by the vendors.

Down Payments: A Guide for First-Time Homebuyers

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Ever wondered if you need to put 20% down to buy a home? Or if there’s a way to reduce your down payment? Or even, what exactly is a down payment? There’s no dumb questions here, and we’ve got the answers for you.

As a Reminder

A down payment refers to the amount of money you contribute upfront when buying a home.

The 20% Down Myth

You might have heard that you need to put 20% down to buy a home, but that’s not exactly true. The size of your down payment will vary depending on the loan program you apply and qualify for.

For example, VA loans do not require a down payment for qualifying active-duty military, veterans and surviving spouses. Buyers wishing to purchase a home in rural areas can apply for a USDA loan, another government-sponsored zero-down program.

FHA loans, backed by the Federal Housing Administration, can go as low as 3.5% down depending on the borrower’s credit score.

Conventional loans, also known as conforming loans, allow buyers to put as little as 3% down, but typically lenders will require you to pay for private mortgage insurance (PMI) that can be canceled once you’ve earned over 20% in home equity.

So, How Much Should You Put Down?

That’s a great question, and the answer will be unique to you and your family’s needs.

Last year, the typical down payment for first-time buyers was 8% and 19% for repeat buyers according to the 2023 NAR Buyers and Sellers Demographic Report.

It’s beneficial to put down a smaller down payment to make homeownership more accessible and immediate without draining your savings.

However, with a larger down payment, you can typically get a slightly lower interest rate, plus you will be lowering your monthly mortgage payment since you’ll owe less over the life of your loan. You’ll also have more equity in your home upfront and can typically avoid PMI with a down payment over 20%.

Down Payment Assistance Programs

For first-time home buyers, 38% said saving for a down payment was the most difficult step in the process according to the 2023 NAR Buyers and Sellers Demographic Report.

However, there are many programs offered by state, county and city governed agencies that are designed to reduce the amount needed for a down payment using loan and grants. These are called Down Payment Assistance (DPA) programs, and they allow for first-time homebuyers with low to moderate incomes to achieve their goal of homeownership.

The Bottom Line

The size of your down payment will vary based on your unique circumstances and the loan program you apply for. Thankfully, you’re not alone in your home purchase pursuit, and our expert Loan Officers will walk you through your options and find the best financing fit for your needs.

NQM Funding, LLC (NMLS # 75597) dba - Premier Mortgage Associates; Patriot Mortgage Solutions; Villa Home Loans;Texas: Consumers wishing to file a complaint against a mortgage company or a licensed residential mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, Suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out-of-pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov | www.nmlsconsumeraccess.org