1. Kitchen Remodeling: The heart of any home, the kitchen, is often considered the most critical area to invest in for a high ROI. A well-designed and modern kitchen can significantly boost your home’s value. According to Remodeling Magazine, a minor kitchen remodel has an average ROI of 72.2%, while a major kitchen remodel has a respectable ROI of 54.9%. Upgrading countertops, cabinets, appliances, and fixtures can revitalize your kitchen and attract potential buyers.

2. Bathroom Renovation: A well-appointed bathroom is another renovation that yields a high return on investment. Homebuyers are often attracted to updated bathrooms with modern fixtures and amenities. According to the same Remodeling Magazine report, a midrange bathroom remodel has an average ROI of 57.1%, while an upscale bathroom remodel has an ROI of 49%. Focusing on enhancements to functionality, aesthetics, and energy efficiency of your bathroom will maximize appeal.
3. Outdoor Improvements: Curb appeal plays a crucial role in creating a favorable first impression for potential buyers. Investing in outdoor improvements can greatly enhance the value of your home. Upgrading your landscaping, adding a deck or patio, or installing outdoor lighting can make your property more appealing. The National Association of Realtors (NAR) states that a well-maintained landscape design can offer an ROI of 100% to 200%.

4. Energy-Efficient Upgrades: In today’s environmentally conscious world, energy efficiency is highly sought after. Upgrading your home with energy-efficient features not only reduces utility bills but also increases its marketability. Installing energy-efficient windows, upgrading insulation, and investing in high-efficiency HVAC systems can yield substantial long-term savings. According to the U.S. Department of Energy, energy-efficient upgrades can save homeowners up to 30% on annual energy costs.

5. Basement Renovation: Transforming an unfinished or underutilized basement into a functional living space can be a wise investment. Adding extra living space, such as a bedroom, home office, or entertainment area, expands the usable square footage of your home and increases its value. The ROI for a basement renovation can vary depending on the region and the extent of the project, but it generally offers a good return on investment.  For those without a basement or in areas of the country where basements are uncommon, other space increases can offer a similar ROI.  Think attic conversions, garage conversions, or even a room addition if your home has sufficient space.

When considering home renovations, it’s important to balance personal preferences with potential ROI. While over time styles and preferences will vary, kitchen remodeling, bathroom renovations, outdoor improvements, energy-efficient upgrades, and basement renovations have consistently shown a solid return on investment.  Before undertaking any major renovation, it’s a good idea to consult with a real estate professional (we know some great ones!) to discuss how renovations could effect the marketability of your home.  In addition, you’ll want to speak with a contractor to understand the project details and costs so you can decide on the best ways to invest in your home.

Did you know?  MasonMac offers renovation financing through our Conventional renovation loan and the FHA 203k program.  We also have HELOCs to access home equity to complete your home projects.  Questions?  You can ask an expert here!

The post The Home Renovations With The Highest Return On Investment appeared first on Mason-McDuffie Mortgage Corporation.

This is huge news to help address the affordability challenges that are prevalent in much of California.  For those looking to buy their first home that haven’t been able to save enough for a down payment, Dream for All can help assist with covering down payment requirements and closing costs.

As with most CalHFA loan programs, there are restrictions and unique qualifying considerations to meet the Dream for All program:

• Buyers must be first time home buyers, defined by CalHFA as those buyers who have not owned a primary residence within the most recent 3 year period
• Buyers must meet county area median income requirements (income limits vary by county)
• The Dream for All program is a 2nd mortgage that ‘piggybacks’ on to a conventional first mortgage loan, which must be a CalHFA first mortgage
• Funds are limited and program is set to end when allotted funds are exhausted
• California home buyers only, property must be a primary residence

With MasonMac’s Dream for All offering, a 2nd mortgage is set up that covers down payment and closing cost requirements, and the borrower does not have to make payments on this second mortgage.  Since it is a shared appreciation program, the loan is due to be repaid when the home buyer sellers their home, refinances, or pays their first mortgage in full.  When the loan is repaid, the original amount borrowed is repaid, and depending on the borrower’s income in relation to their area median income, a percentage of the earned home appreciation is also paid back to CalHFA.

Due to the shared appreciation, the program may not be financially beneficial to everyone, however it’s a tremendous option for those with low to moderate income living in high cost areas since it eliminates the burden of saving a large amount of money for down payment or closing costs.

Want to know if MasonMac’s CalHFA Dream for All program is right for you?  Give us a call and we’ll be happy to answer any questions you may have about this or any of our other down payment assistance options.

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Have you ever had your credit report pulled when applying for a loan, only to be swarmed with calls from creditors trying to sell services or offer loans?  This isn’t a coincidence, and is one of the most annoying aspects of applying for credit for today’s consumers.  If you’ve ever wondered why you get bombarded with calls when applying for credit, it comes down to one thing:  Trigger leads.  Trigger leads are data sold to lenders by the credit bureaus.  When you have your credit pulled, the credit bureaus let other creditors (that you may not have any relationship with) know that you’re seeking a loan, and they provide your contact info so those creditors can reach you.

While consumers sometimes think the lender they applied with has done something wrong or their information has been leaked, the reality is it’s the credit bureaus selling this data.  Consumers do have some recourse in opting out by calling 1-888-5-OPT-OUT (1-888-567-8688), but the reality is some unscrupulous lenders may still call, disregarding the do not call list and betting on the fact that consumers won’t follow through with complaints.  The only other recourse aside from opting out is in fact pursuing complaints and lawsuits against companies violating the do not call list.

Is there anything lenders can do to stop ‘trigger lead’ calls?

Yes, and no.  Lenders can remove some personal information when pulling a credit report, but some information is required to get the report.   With the massive increase in data gathering over the past decade, it’s very likely that even if a lender removes some of your personal info, the credit bureaus will likely have it stored away.

So your lender may do their best to protect you, but thanks to big data, there’s little to stop the credit bureaus from selling your data.

Who are the lenders that are calling?

Any lender that is willing to pay the credit bureaus for your data may end up with your information.  They may be reputable, they may not be.  The credit bureaus sell your info to just about any bidder, and it’s not uncommon for dozens of creditors to end up with your personal contact information along with information that you’re applying for a loan.

What can consumers do?

We recommend opting out to drastically reduce the numer of inbound calls: 1-888-5-OPT-OUT (1-888-567-8688).  Aside from that, if you find it offensive that you’re required to have credit run to obtain a loan, with 0 protection from the credit bureaus regarding the sale of your data, it may be worthwhile to drop your local congressperson a note or file consumer complaints against the credit bureaus themselves.

Otherwise, it’s best to ignore the calls as best as you can – they should stop after a few days or, at worst, weeks, and they’re usually worst within a few days of having your credit run, so if you know you’ll be having your credit pulled or are applying for a loan, it may be best to just ignore unrecognized callers for a few days.

Do credit bureaus sell your information – they do, but hopefully we’ve provided some ways to help, or at least offer an understanding of what’s happening when your credit is pulled.  It’s not your lender causing the influx of calls, and there’s little anyone other than you can do to mitigate or eliminate the calls altogether.  The good news is that the huge influx of calls is usually short lived, and you can rest assured ignoring the calls results in unscrupulous lenders having wasted money purchasing your data.

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This question is one of the most common questions we see from consumers, investors, real estate agents, and many others with interest in the real estate market.  The answer is ‘yes’.  But it also depends on your specific situation, what’s important to you, and where you are financially.

The reason the question “is it a good time to buy a house” comes up frequently today is because interest rates have risen substantially year over year, making the monthly payment rise for many people considering a home purchase.  With these higher payments, many are wondering if it’s a bad time to buy a home, but it’s important to remember that with increasing rates has come a softening market – meaning buyer’s today are seeing both lower median home prices and reduced competition, allowing for seller concessions that weren’t widely available during the market craze of 2020-2021.  So while payments might be higher today, total price tags may also be lower, allowing buyers to keep more money in the bank at closing time.

Median home prices in the US have come down from their 2021 highs

The other consideration many people have when asking ‘is it a good time to buy a house’ is what will happen with home values in the future.  The real estate crash of 2010 is still fresh in a lot of minds, but it’s important to look at the economics of today’s market and compare them to the crash to see what’s likely to happen in the coming months.

One of the important considerations is one of the foundational aspects of economics and pricing – supply & demand.  If you consider the US population has continued to increase and believe that means more people will require housing, the next place to look for a clue on where home values will go is to housing supply.

Housing inventory is far below the 2007 market peak

In the image below you can see that housing supply is far below the supply of homes that was on the market in 2007 preceding the crash in home values.  While low inventory isn’t a guarantee of home price growth, in terms of supply and demand, the lack of inventory for a growing population should provide some support for home values and continued appreciation, even if that appreciation is slower than the abnormally high appreciation rates home owners saw in 2020 and 2021.  It’s also important to note that real estate is very local, and some markets have more inventory than others, along with varying populations, so examining these numbers in your local market is important!

So interest rates are up, but it appears home values have some support.  Interest rates also ebb and flow, so while you should never buy a home based on the hope that your payment will eventually get cheaper, that possibility does exist!  If rates dip, refinance possibilities may exist for home owners to reduce their monthly mortgage payment, but this is no guarantee – it would just be a cherry on top for today’s would be home buyers.  As you can see below, home prices have historically climbed on a consistent basis outside of the great recession over a decade ago, and for that reason home ownership has been a key metric in helping Americans establish wealth and grow their net worth.  For many, the alternative (renting) doesn’t offer that same level of financial security.

Home values have climbed since 1975

So while we’re a mortgage company and home ownership is in our interest (pun intended), a look at the data supports home ownership being a great idea for those who can afford their monthly payment, and those who have the financial stability to consistently make a mortgage payment.  The lack of inventory nationwide is good support for home values, and rising rates have diminished some demand, giving buyers more power and control in the purchase process than they’ve had in recent years.

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Here is the chart showing the loan limit updates for the year 2023:

FHFA announced increases to conventional loan limits for 2023

What does this mean for borrowers?

Borrowers can benefit from the increases in loan limits mostly due to the fact that conventional lending guidelines are more forgiving than jumbo loan guidelines.  Any loan above the conventional loan limit falls into jumbo loan territory, and may be more difficult to qualify for.  For example, many jumbo loan products require at least 10% down payment and good to great credit scores.  Conventional loans require 3-5% down payment, and are far more forgiving in terms of FICO score.

These increases also mean that more cash is available to home owners who want to use conventional cash out refinance mortgages, and investors who want to purchase more expensive investment properties using conventional guidelines.

With home prices rising drastically year over year since 2020, these loan limits should help more borrowers access competitive financing terms , and help those in higher priced markets buy a home without an immense down payment.

1st Time Over $1 Million

2023 marks the first year FHFA will allow Fannie Mae & Freddie Mac backed conventional mortgage loans exceeding $1 million dollars in high cost markets for single family homes.  This will help buyers obtain loans to help buy homes in expensive metro areas or areas where median home values have exceeded the million dollar mark, without the need for an intimidating down payment.  To fully understand the benefit, take a competitive jumbo loan product and compare the down payment requirement on a $1.1M home.  With a competitive jumbo product requiring a 20% down payment, that’s a $220,000 investment (before closing costs!) to get into a home.  With a conventional loan product requiring just 5% down, the initial investment shrinks to $55,000, helping to make it easier to achieve the dream of home ownership in higher cost communities.

For more information, or to see what the loan limits are in your community, reach out to your MasonMac loan officer today!

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A mortgage rate lock allows customers in need of mortgage financing to “lock” in their interest rate.  This is an important feature of mortgages because the markets that influence mortgage rates (Mortgage backed securities, or MBS) trade each day and in certain markets can be very volatile.  Rates can change daily, and sometimes even multiple times in a single day, so having the option for a mortgage rate lock can protect against some of that volatility.

How It Works

With most mortgages a mortgage rate lock happens during the process and a rate is locked to cover the period of time from when the loan process starts through closing and funding.  A borrower will select a lock period and their rate is set at the locked rate for the duration of the lock period.  The most common mortgage rate lock time frames are 30 or 45 days, but in extremely busy markets it can be more typical to see 60 day locks.  In improving markets when rates are going lower, sometimes a lender will wait until just before closing and do a 15 day (or less) rate lock.  Typically, the shorter the rate lock period, the better the rate/pricing will be.

In other situations where a customer wants to lock in a rate to avoid market volatility (ie a market where rates are expected to go up), a mortgage rate lock can be obtained for a longer period of time.  In some cases, this requires an up front fee, usually used more as a deposit that gets refunded at closing, as is the case with MasonMac’s “Lock & Shop” program .  This type of lock can protect home buyers during a new build, rebuild, or a situation where they’re looking for the right home and want to ensure their monthly payment ends up being what is expected.  These longer term mortgage rate lock programs offer that option.

What If the Markets Get Better (or Worse)

By the very nature of a mortgage rate lock, if markets get worse (rates rise), a borrower is protected by their mortgage rate lock.  The rate on their loan cannot increase if it’s locked, even if market rates rise.  But what if rates get better after a borrower locks in?  There are some protections in place.  Usually, if the market sees just slight improvements, a locked loan will retain it’s locked rate.  But if the market improves substantially, borrowers can be offered the opportunity to “float down” their rate to the current market levels.  Sometimes there is a cost for this, but a borrower who has already locked their rate can take advantage of an improving market.  This makes a mortgage rate lock a good idea because in a bad market (rates rising) a borrower is protected, and if the market gets really good really fast, a borrower can usually still take advantage.  Every lender has a different policy on “float downs” so it’s important to ask your loan officer to explain further.

How to lock your rate

Your MasonMac loan officer can review lock options with you to see which type of mortgage rate lock best fits your situation.  If you’re interested in new builds and think rates may go up (or the numbers for you to qualify are tight and rising rates could disqualify you from a loan completely), our lock & shop option may be best.  If you’ve identified a home and are under contract, a shorter term lock would offer you better pricing and protection to your rate through closing.  Our experienced team of loan officers can help you select the option that’s right for you, and talk to you about the best mortgage rate lock options available.  Once you decide to lock, it’s an easy process for your loan officer to make it official, and you’ll receive documentation that reiterates the terms of your mortgage rate lock.

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Enter, MasonMac’s Lock & Shop loan program.  With our Lock & Shop product, home buyers can lock in their interest rate for an extended period of time prior to identifying a property.  This is a great benefit to buyers because they can take the time to find the right home without the pressure of a rising rate environment weighing on the decision making process.

So buyers are protected from volatile rate increased while shopping for a home, but what if rates improve while they look for a home?  Wouldn’t the locked rate then be a bad thing?  MasonMac has you covered!  Our Lock & Shop product features a 1 time float down option, so if the market improves, our customers are able to take advantage by choosing to exercise the float down option within 30 days of their settlement to take advantage of the improved market.

With the float down function, MasonMac customers get the benefit of both protection from rising rates and the ability to take advantage of an improving market, offering some peace of mind to what can be an otherwise stressful home buying process.

When considering buying a home, we think you’ll love the options we present – with long term locks, this Lock & Shop program, and our Buyer’s Advantage process, we put our customers in the best place for a stress-free house hunting and home buying process.  Add to that our highly experienced team of loan officers ready to assist with in depth product knowledge and armed with the technology to streamline the loan process, and home buyers are in the best of hands when working with the team at MasonMac!  

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The Budget and the Plan

In order to get a renovation loan, you need to have a pretty good idea of the scope of your home project.  The cost and timeline are 2 things to be aware of, and when applying, it helps if contractors are already lined up with budgets and the cost breakdown for materials and labor (for most renovation loans, you’ll need contractors familiar with the draw schedules of renovation loans) as well.  Once you know the scope of your project, how much the work will cost, and who will complete it, you’ll be able to move forward with an application for the proper type of renovation loan.

Conventional or FHA?

Both conventional and FHA loan programs offer renovation loan options as part of their product suite.  Conventional has limited offerings, and FHA renovation loan offerings vary based on the scope of the project.  Generally speaking, minor projects with no major changes to an existing structure can be covered under an FHA 203k (streamline) loan, and FHA offers financing as well for energy efficient home upgrades through the EEM program.  For more complex, expensive, or structural projects, the full 203k is offered by FHA, and conventional offers the FannieMae Homestyle Renovation options.

These projects generally function in a similar fashion to each other, with a property value being considered after the completion of the noted renovations.  An appraiser will determine what the property of a home will be after renovations are done, and the financing is then based on that as completed valuation.  This allows a lender to finance most (and many times, all) of the costs of renovations without exceeding the value of a home.

While renovation loans aren’t necessarily difficult to process, it makes sense to work with a loan officer that’s familiar with the products being offered because there are certain forms, documents a contractor needs to complete, and some steps along the way that differ from more traditional financing.  Another consideration in recent years has been difficulties with supply chains and availability of workers – renovation loans require work to be completed within a certain period of time (usually within 6 months of closing) so it’s important to have professionals in place that can and will deliver on their promises and budgets.

Factoring in the above information, renovation loans can be a great way to turn a home with “great bones” into a dream home, or take a property that may be priced well but is “dated”, and update it to match the latest trends, creature comforts, and money saving efficiency upgrades.  From square footage additions to bath and kitchen remodels, depending on the type of renovation loan, there’s a lot that can be done (and financed!) with these product offerings.

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There’s a lot of economic jargon being tossed around in headlines these days, and one of the hot topics out there is inflation.  To start, it’s important to understand what inflation is.  When the value of a currency diminishes, the result is inflation – basically, you get less for the same or more.  The cost of goods and services increase, costing more money for the same (or worse, less) products or services.  There are many causes of inflation, and it’s a pretty complicated economic phenomena that has caused hardship for many people, and in the worst cases of hyperinflation, has even destroyed currencies throughout history.  The biggest question on many people’s minds today is ‘will inflation go down?’, often followed by ‘when?’.

Will Inflation Go Down?

Inflation is typically analyzed within 2 economic reports – the CPI (consumer price index) and PPI (producer price index).  Both gauge inflation, but PPI excludes volatile energy and food prices.  Each report is analyzed for month-over-month changes, and these month-over-month changes are added together over a 12 months cycle to determine an annual rate, which is usually the metric shared when discussing “inflation”.  For example, if we started with 0% inflation, and each month for the next 12 months, there was a monthly increase of 1%, inflation at the end of that year would be 12%.  This is important because current inflation is important, but it’s equally important to recall the months current readings are being compared to (each month replaces the same month’s reading from the previous year).

It’s important to understand how inflation is calculated to have an idea of when it may go down.  For example, summer of 2021 saw a small dip in inflation, and with inflation currently on the higher end of the spectrum, lower 2021 numbers will likely be replaced by higher numbers for the same months in 2022, making it unlikely that inflation will see a dip this summer.  However, because of the Fed’s rate hikes (an attempt to reign in inflation by making borrowing more expensive) and the fact that inflation was high in the fall months of 2021, it’s very possible we’ll see inflation numbers start to get some relief in the fall.  You can see how inflation has ebbed and flowed in the chart below, so when you see inflation numbers in future months, you can see the month’s being replaced, too, to determine overall inflation.

Will inflation go down? We’ll need to see lower month over month numbers than last year to see overall inflation dip, and summer 2021 saw relatively low inflation compared to fall 21′

This helps to answer the question “when” inflation might go down.  Assuming the Fed can reign in some inflation with their rate hike plan, and also assuming supply chains begin to normalize, you can see above inflation numbers were at a recent low in July-August 2021, so while month-over-month readings in 2022 are replacing these relatively low numbers, year over year inflation is likely to remain high.  Once new numbers begin replacing the higher numbers of late-2021 and early-2022, that year-over-year number, or the annual inflation often presented in headlines, may see some relief.

How does this relate to your mortgage or home buying plans?

A phrase we like to use is “you date your mortgage, you marry your house”.  Since inflation has a relationship with mortgage rates (all else being equal, higher inflation = higher mortgage rates and vice versa), it means mortgage rates may be set to remain on the higher end this summer, with some relief in the not so distant future!  For home buyers, higher rates have pushed some buyers out of the market, and with increases in home inventory in many markets, there may be a great buying opportunity.  And while no one wants a higher rate, if you consider most higher rates equate to higher payments in the ‘hundreds’ of dollars, the reduction in buyer competition and increases in home inventory may mean offers on homes don’t need to be ‘tens of thousands’ over list price as we’ve seen in many markets over the past 2 years.  And if & when rates dip, today’s home buyers may have a refinance opportunity to reduce their payment.

For anyone trying to time the market, it’s a tough task – when we look at charts, data, and history, it’s easy enough to make predictions, but there is still uncertainty over the supply chain, COVID-related issues in many export-heavy countries, and geopolitical issues that are tough to predict.  Our advice is that if you’d like to buy a home and you can afford the payment, it’s a good time to buy!  We recommend contacting a MasonMac Loan Officer before you begin your home search so you’re prepared and informed of the current market, and can be in the best possible position to begin to enjoy the benefits of home ownership!

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In today’s housing market inventory is low and buyer demand is high.  In such a market, many buyers need to get creative in structuring their offer on a home, and many sellers (future buyers) need to consider the fact that they, too, will soon encounter the same challenges that buyers vying for their home face.  One common consideration in today’s seller-friendly market is a rent back.  Simply put, a rent back is an offer that allows a seller to remain in their home after settlement on their property, as renters, for an agreed upon amount of time.  This can be a huge bonus for sellers, as it allows them to obtain the cash for their home sale to complete the purchase of another property.  Often, this gives sellers the flexibility needed to find their next home without the stress of needing to leave their home immediately upon settlement.  For buyers, a rent back is a beneficial way to offer a seller some benefit, while reaping benefits of their own!  Even while not moving in, a rent back allows a buyer to begin enjoying the perks of home ownership – in terms of tax perks, appreciation, and amortization – prior to actually moving in.  A rent back, like most aspects of home buying, some with some perks, and some draw backs.

The perks of a rent back

A rent back can be a big deal to a seller.  It allows them time to find a new home and orchestrate a move without having to worry about the stresses that come with a home sale – staging, keeping things around the house perfect for potential buyers, and avoid the time crunch that can come with simultaneously trying to sell and buy at the exact same time.  For buyers, they can officially take ownership of a property, enjoying perks like home appreciation, tax write offs, and paying off their mortgage without having to wait for an extended settlement.  In a time of rising rates, it also may help lock in better financing terms instead of paying extra for an extended rate lock or leaving fate in the hands of the markets.  All other things being equal, a rent back option can offer the flexibility needed to make an offer stand out and get accepted over offers that don’t include this option.  Another perk is that buyers can be compensated for the time a seller is renting from them.  While in a competitive market it’s not uncommon to see “Free rent back” as part of an offer, buyers have the option of demanding rent for the time they’ll be out of their new home.  Since their is a “gap month” when getting a mortgage (for example, if you settle on a home at the end of April, the first mortgage payment would be due not in May, but in June), this can help a buyer recoup some money spent on their purchase and get their finances in order.

Drawbacks?

A rent back, as with all things, doesn’t come without risk.  During a rent back, risks are assumed similar to any landlord-tenant relationship.  Since the sellers still live in the property, the potential for property damage, refusal to leave the property at the end of the rent back period, and other risks can still be present.  If traditional mortgage financing is being used by a buyer, most loans will require a buyer to take occupancy of an owner-occupied home within 60 days of settlement as well, so while a rent back can offer some flexibility, there’s still a deadline on when the move into a new home needs to take place without breaching the financing contract.

Another thing to consider is that toward the end of a rent back, a new owner will need to do a walk through and ensure the property is left in as-agreed-upon shape by the seller/now tenant.  The assistance and obligation of a real estate agent may or may not continue through the rent back period, so a new owner should be aware of their rights, expectations of the seller/tenant, and execution of all terms of a rent back.

Consider your market and your options

If you’re a buyer in today’s competitive landscape, we recommend having professional representation from a real estate agent to help you best structure an offer in your market, but a rent back is certainly something worth considering if you have the flexibility available to you.  Price is certainly important, but taking into consideration a seller’s circumstances and structuring an offer that’s competitive in price, but also provides some additional conveniences and stress relief for a seller can help your offer stand out amongst others that don’t offer the same considerations.  Every market is different, some consult with your agent to see if a rent back is something to consider in an offer, but make sure you’re aware of both the potential benefits and drawbacks of such an arrangement.

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