8 weeks before you move

If you’re going the professional mover route, it’s important to book your movers as far in advance as possible before they’re full for the summer. Booking early also means you’ll have a better chance of beating the heat with a morning move time.

• Take inventory of your stuff. What are you keeping? What are you selling/donating? What needs to be thrown out? 
• Arrange moving transportation, whether that’s a friend’s pickup truck or professional movers.
• Transfer school and vet records if needed. Getting your human and fur babies to the new place is only half the battle.

Pro Tip: If you’re booking movers, they’ll ask for a detailed inventory of your belongings to provide the most accurate estimate of your moving costs. This is also how they determine what size truck they’ll be bringing to move your stuff, so don’t lowball it. In addition to your furniture, use this guide to give your movers an estimate of how many boxes you’ll have come moving day.

6 weeks before you move

Before you buy packing supplies, think strategically about how soft items (like towels and bedding) can be packed with more fragile items to minimize how many supplies you’ll need. Plus, it’s great for the environment.

• Buy packing supplies (more than you think you’ll need).
• Remember that casserole that’s been sitting in your freezer? Time to use it or lose it.
• Measure your new space to make sure your furniture will fit. No sense lugging a dresser across state lines only to find that it won’t fit through your new doors.

4 weeks before you move

• Packing time! Make your life easier by setting aside a box of items you’ll be using up until the day of the move.
• Disassemble furniture you’re not using. Your movers will likely do this anyway, but nobody cares for your furniture like you can.
• Label your boxes. Your future self will thank you when it’s time to unpack.
• Change your address and update your billing information once USPS has processed your request.

Pro Tip: Packing early isn’t just important for saving you last-minute complications. If you have pets, seeing their home packed up gradually gives them more time to adjust to the change, rather than everything they’re familiar with disappearing overnight. You can find more helpful tips for moving with pets here.

2 weeks before you move

These next two weeks will fly by. As you get closer to moving day, it’s time to tackle all those moving tasks that fall outside of the actual moving process, like car maintenance, requesting time off from work, and more.

• Submit your workplace PTO requests for moving day (or week, moving is stressful) if needed.
• Make sure your car is ready for the trip. Even if it’s just across town, it’s one less thing to worry about on moving day.
• Confirm moving day details with your mover (or friend with a truck). Where can they park? Is it a gated community that they’ll need a code to enter? What time are they arriving? What form of payment is preferred?
• Schedule utility account transfers for your move-in day (electric, internet, gas, and water are the big four).

Week of your move

It’s almost time! In the week before your move, make sure your payment for your movers is ready to go and that your billing address has been updated on all relevant accounts.

• Refill prescriptions if you have them.
• If you have pets, update the address associated with their microchips.
• Defrost your freezer if it’s moving with you.
• Get cash to tip your movers (or buy your friends a round).
• Remember that box of items you’re still using? On the day of your move, tape it up and add it to the stack for your movers to handle.

Bonus items for your summer moving checklist

Even if you’re not doing the literal heavy lifting on moving day, the summer heat is no joke. Consider adding these items to your summer moving checklist to keep things cool.

• Stock a cooler with cold beverages so you’ll have hydration on hand while transitioning between your old fridge and your new one.
• Turn off the AC but keep a fan going while movers are coming in and out to avoid wasting energy.
• If you have pets that need to be kept in a separate area while movers are in the home, make sure that space has plenty of ventilation and cool water (and shade if it’s outdoors).
• Don’t forget to celebrate. Moving is a big deal!

Since summer is peak moving season, it’s important to book your movers as far in advance as possible before they’re full.

The post Summer Moving Checklist: How to Nail Your Warm-Weather Move appeared first on Cardinal Financial.

7 Tips for Buying a House in Fall

• Understand your credit score
• Prepare for your down payment
• Get your paperwork in order
• Budget for renovations
• Hold off on the holiday shopping
• Stay flexible
• Get a head start on tax season

1. Understand your credit score

These days, there are more loan options than ever that offer flexible credit requirements. A higher credit score typically means lower rates, though. So while a perfect score isn’t necessary, it’s important to understand what you can do to keep your credit healthy and lower your homeownership costs.

The best way to get the full picture of your credit score is to pull a copy of your credit report from one of the three major reporting agencies (Equifax, Experian, or TransUnion). You can do this by visiting AnnualCreditReport.com. Each reporting agency calculates your score differently, and not all creditors report to all three bureaus. While they may vary slightly, they all consider factors like account age, payment history, balances, and number of accounts.

Pro Tip: Try these tips to get your credit where you want it.

2. Prepare for your down payment

Did you hear the one about putting 20% down? It’s a myth. Realistically, the average home buyer just doesn’t have 20% of their home’s purchase price readily available. Some loan types have down payment requirements as low as 3%. Some, like VA and USDA loans, require no down payment at all. Still, there’s no denying that putting down more upfront can help you qualify for better loan terms. As you get ready to buy a house in fall, crunch the numbers to determine how much down payment is realistic for you. Try to aim for at least 10% down if your credit score is below 580.

Pro Tip: Get the full explainer on down payments with our free guide.

3. Get your paperwork in order

Buying a house in any season means paperwork. Most lenders will ask for documentation covering your income, taxes, and more when you apply for financing. Getting all that information together before starting the application process will save you a lot of time and stress. 

Plus, you can use that documentation to get pre-approved and make a stronger offer on your home.

4. Budget for renovations

In today’s market, you’re unlikely to find a home in your budget that meets all of your expectations perfectly. Renovations are almost a given for most people who buy a house in fall. And with colder weather already rolling in, you may not be able to delay home projects like HVAC repairs, new windows, or updated plumbing. So, if you plan to buy a house in the colder months, make sure your budget allows for renovations that need to be addressed immediately.

5. Hold off on the holiday shopping

Good news: You officially have an excuse to put off holiday shopping until the last minute. Why? Big purchases can impact your credit score and debt-to-income ratio (DTI).* Those numbers help determine your loan terms. So, if you apply for home financing and then make a big purchase before closing, your lender will likely need to update your application with your updated finances.

*DTI is the percentage of your gross monthly income spent on debt payments. Mortgage lenders add current debts to projected mortgage payments to help determine loan qualification and usually like to see the debt percentage below 40%. 

6. Stay flexible

Fall weather can be unpredictable. From showings to moving day, your plans may have to change on short notice. As with any home purchase, it’s important to stay flexible and keep your eye on the prize: A place to call home for the holidays.

7. Get a head start on tax season

One of the biggest perks of homeownership is the tax deductions* you may qualify for. To make sure you don’t miss out on any write-offs, get everything you’ll need in order as you’re finalizing your home purchase and moving in. With your mortgage fresh on your mind, you’re a lot less likely to miss important details or lose track of necessary documentation. Plus, if you have any questions about filing taxes as a homeowner, your real estate agent and lender might have tips.

*This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors before making the decision to buy or refinance a home.

If you buy a house in fall, make sure you understand your credit score, budget for renovations, and avoid big holiday purchases until after closing.

The post Buying a House in Fall: 7 Tips to Keep it Simple appeared first on Cardinal Financial.

10 Tips for Refinancing a Home Loan

• Calculate your savings
• Consider your home equity
• Make a plan to pay off your loan
• Get to know the refinance process
• Get multiple refinance quotes
• Do the math before deciding to buy down your rate
• Factor fees and closing costs into your refinance budget
• Read your closing documents carefully
• Find small ways to cut costs
• Weigh the pros and cons of staying with your current lender or getting a new one

1. Calculate your savings

Will refinancing a home loan actually save you money? A simple budgeting tip for refinancing your home loan is to use a refinance calculator. It factors in your original loan amount, APR, and term; your new loan amount, APR, and term; and various fees associated with the transaction to come up with an estimated new monthly payment and savings. The right calculator can help you shop for the right loan, give you a good idea of what to expect, and calculate how long it might take you to recover from the costs of refinancing. Doing your own research can be beneficial, but keep in mind this is an estimate. You’ll have a better idea of your real payment and costs once you get in touch with a loan originator.

Pro Tip: Many Borrowers tend to think refinancing is all about the rate, but we recommend focusing on your savings (or, for cash-out refinances, the amount of equity you’re tapping into).

2. Consider your home equity

No matter your refinance goals, your home equity is key to reaching them. The more equity you have in your home, the easier it is to refinance. With the exception of a few loan programs, most lenders will verify that you have at least a small amount of equity in order to refinance. That doesn’t mean a lack of equity should keep you from applying though! There are loan programs, like the FHA Streamline refinance, that are built especially for homeowners with little to no equity in their homes. Ask your loan originator about refinancing options for homeowners with low equity if you think you’ll have trouble refinancing.

3. Make a plan to pay off your loan

Once you’ve decided that refinancing is a financially wise decision, it’s time to sit down and figure out how you’ll pay back the loan. Your long-term mortgage plans aren’t just about your rate. Talk with your financial advisor and come up with a plan to pay off the loan that leaves room for your other living expenses. Don’t rely on unpredictable income like tax refunds or employment bonuses to reach your payment goals. You can still use these to make additional payments, just think of them as a “nice to have” in your plan rather than essential.

4. Get to know the refinance process

Refinancing can be a quicker process than a home purchase, especially if you get a streamline refi. However, most of the steps of the process still apply. You’ll want to consult your loan originator before you take out a line of credit, change jobs, transfer large sums of money, or make any other major financial decisions. 

Pro Tip: Watch this video for an overview of the refi process.

5. Get multiple refinance quotes

Don’t be afraid to chat with a few different mortgage lenders and get a loan estimate from everyone you talk to. A loan estimate outlines the offer the lender is willing to make in detail, which allows you to make a clear comparison between offers so you can more easily decide which lender to choose.

6. Do the math before you decide to buy down your rate

These days, the average time an individual owns their home is often shorter than the time it would take them to recuperate the closing costs. If you choose to buy down your rate, there are many tools available online that can help you do the math. And, as always, your loan originator should be able to calculate this for you over the phone, so consider giving them a call.

7. Factor fees and closing costs into your refinance budget

When you’re refinancing a home loan, you have to pay many of the same fees you would with a home purchase. Property taxes, homeowners insurance, and closing costs are just a few of these fees. Make sure you set aside some money to cover these expenses at closing.

8. Read your closing documents carefully

Don’t just sign your closing documents—review them carefully. After all the moving parts of the refinance process have settled, it’s possible that there may be a mistake or two on your closing documents. Mortgage lenders are legally required to give you a closing disclosure before you reach the closing table. Take the opportunity to make sure these documents represent the offer you agreed upon at the beginning of the refinance process. 

9. Find small ways to cut costs

When it comes to lowering your refinance costs, every little bit helps. So, one of the most timeless tips for refinancing a home loan is to look for small ways to cut costs. For example, some lenders allow lower monthly payments when you opt-in to auto-pay instead of paying manually each month. Other potential ways to save could include:

• Timing your refi to the market. When rates are low, take advantage!
• Getting a streamline refi to avoid appraisal fees
• Avoid big purchases before applying to keep your credit score where you want it

10. Weigh the pros and cons of staying with your current lender or getting a new one

Deciding whether to stick with your lender or choose a new one for your refinance is up to you. On one hand, a new lender might be more incentivized to offer you lower rates. On the other hand, sticking with your current lender means they already have all your mortgage history available, which can help you speed up the process. And if you’ve taken out an FHA or VA loan and plan to refinance to the same loan type, your current lender can help you streamline your refi. This typically means less paperwork, no appraisal required, and faster turn times.

If all this sounds like a lot to consider, don’t worry! You made it through purchasing a home, and your refinance is within reach, too. And if you have any questions or concerns, we’re here to help.

The post 10 Tips for Refinancing Your Home Loan appeared first on Cardinal Financial.

Whether you believe in climate change or not, there’s no denying that the housing market has been heating up for a while now. According to Danielle Hale, chief economist for Realtor.com, this year’s spring market is shaping up to be the most competitive housing market we’ve ever seen. But why? Simply put, there are a lot of buyers, and not a lot of sellers.

A variety of factors have pitched in to create a harsh environment for anyone looking to buy a home these days, and from the looks of things, it’ll only get worse with time. Years of underbuilding and labor shortages have led to record low inventory while Millennials have begun to reach prime home buying ages. It’s a collision course that has been set for years, and the catch-up effort is too little too late. It’s rough out there. But a challenge never scared you off. In fact, you welcome it. You’re a survivor! You’re going to get the house you want for a great price, and here’s how.

1. The three ps

Persistence. Patience. Preparation. These virtues are essential to everyday life, and you’ll need all three in order to get a home you really like in this competitive housing market. Buying a home in today’s market isn’t easy by any means, but it is easy to get down on yourself if things aren’t going your way. That’s why it’s important not to give up, to stay patient, and to always be prepared and ready to act if an opportunity presents itself. The right attitude goes a long way when it comes to house hunting, and focusing on the Three Ps will make for a smoother, less-stressful process.

Persistence. Patience. Preparation. These virtues are essential to everyday life, and you’ll need all three in order to get a home you really like in this competitive housing market.

2. Cash buyer? No problem

So you’ve found the house you really want and you’re ready to make your offer, but there’s a problem. You’re going up against a cash buyer. For those of you who don’t know, a cash buyer is simply that: a home buyer who plans on paying for the home with cash. OK, well what’s the difference? Cash buyers are seen as more of a sure thing, and paying with cash can really expedite the closing process. However, that doesn’t mean you can’t win! Don’t panic! You can beat them if you follow a few simple steps.

• Move quickly: Part of the appeal of selling to a cash buyer is how much it speeds up the process. If you can expedite your part of the process to compete with the cash buyer, you’ll give yourself a decent shot at beating them. Ask your lender if you can get a head start on your mortgage by being proactive and sending any questionnaires that need to be filled out ahead of time.
  Ask your lender how quickly they can send an appraiser to the property and how long the loan will take to turn around. If you can get your appraiser in and out within 48 hours, you’ll be in good shape going forward.

  Finally, you’ll want to get your inspector in and out as quickly as possible after your offer is accepted. It may take a few hundred dollars extra, but it’s worth it to speed up what can be the lengthiest part of the process and show the seller that you’re serious about buying their house.

• Overpay: Yeah, I know. It doesn’t sound great, but cash buyers tend to expect a discount because they’re offering cash and it’s a sure thing. You can counter this by offering more money, even if you think it may be more than what the home is worth. A few thousand dollars may not do the trick, but if you can offer 5% more than the cash buyer, you may be able to swing the momentum in your favor.

Note: These tips will only work if you’re prepared. You need to have everything in order if you’re going to beat a cash buyer to the punch. Organization is a must, and a little extra dough saved up won’t hurt. I told you, those Ps are important.

3. get your mind right

It’s time to get serious. You’re buying a house, not picking what you want for lunch. You’re going to have to put the work in. Sure, a good real estate agent will help a ton, but ultimately, you’re the one who’s buying. It’ll take a lot of effort and some sacrifice on your part too, so you’ll have to be mentally prepared. There will be highs and there will be lows. The average home search takes up to TWO YEARS from start to finish, so the Three Ps are important here. This isn’t the time to play around. Go in with your best offer and if it doesn’t work out, be ready to regroup, switch gears, and try again somewhere else. There’s no time to pout—your plan B may be someone else’s plan A.

4. Tug at their heartstrings

Believe it or not, some buyers will bolster their offers with “love letters” to sellers about how much they want their house. Even crazier? They work! Don’t be afraid to make yourself known to the seller and appeal to their emotional side, especially if you’re competing with an investor or a cash buyer. Sellers almost always want to know something about the potential buyer. Here’s your chance to let them know. Tell the seller who you are, why you love the home, and what your intentions are for it. It’s been the difference in home buying successes and failures more times than one.

The right attitude goes a long way when it comes to house hunting.

Buying a home is an exciting time in anyone’s life, but it can also be really frustrating if you don’t go about it the right way. I know it sounds corny, but having the right attitude throughout is just as important to the house hunting process as your budget. You need to be flexible, open-minded, and focused throughout if you’re going to snag the home of your dreams. This competitive housing market is like the Wild Wild West, so you’ve got to be quick on your feet and can’t be afraid to shell out a few extra bucks here and there to get what you want. You may have to appeal to a seller emotionally if that’s what it takes, but take those Three Ps with you wherever you go. You’re ready now. Go get ’em, Champ.

Did you learn something new from this blog post? Have a story to share about your home buying experience? We want to know! Tell us on social media!

The post How to Win in a Competitive Housing Market appeared first on Cardinal Financial.