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Norristown, PA Real Estate News

By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Federal housing agencies and government-sponsored enterprises Fannie Mae and Freddie Mac are responding to the COVID-19 outbreak with multiple relief programs for homeowners experiencing hardship due to illness and job loss.60-Days Forbearance on Home Mortgages Owned or Backed by Fannie Mae or Freddie MacMany U.S. home loans are owned or guaranteed by Fannie Mae or Freddie Mac. Homeowners can determine if your loan is connected with Fannie Mae here. Please check here to check if your mortgage is affiliated with Freddie Mac.CARES Act Provide Relief for Eligible HomeownersThe federal Coronavirus Aid, Relief and Economic Security Act provides two protections for homeowners: Payment forbearance for homeowners impacted by the COVID-19 emergency. Forbearance periods up to 12 months may be app...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Many homeowners enjoy DIY, or Do-it-Yourself, home improvement projects. There’s nothing quite like the pride of knowing you used your own hands to put together or improve something.With the explosion of social media sites such as YouTube, Pinterest,and TikTok, spending a weekend on DIY projects seems easier than ever before. After just a couple of minutes spent searching, you can find a step-by-step tutorial, before and after photos, or a time-lapse video of any project imaginable. Anyone can do this! Right?Not so fast. In some cases, it may not make sense to DIY. How do you decide whether it will be worth the elbow grease or if you should leave it to the professionals?To DIY Or Not To DIYBuilding, fixing, painting, or any other -ing isn’t always easier or more affordable, despite what...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
In the overwhelming majority of the 50 largest cities across the U.S., monthly rent is more than the mortgage payment for single-family homes. In several cases, much more. Global answering service and chat support company Moneypenny compiled data from Zillow on median rent and mortgage payments from July 2014-July 2019.In order to calculate the monthly mortgage payments, Moneypenny took the median home sale prices during the same time period and in the same major cities and then used nationally-average mortgage terms: 30-year fixed rate at 4% with approximately 6% down. Once the two figures — median monthly rent and median monthly mortgage — were calculated for each city, they were compared side-by-side. The data may surprise you. From Less Than Half To More Than TripleIn just seven of ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
There are many homeowners who hire contractors to make repairs or upgrades on their homes. It is critical for home improvement contractors to follow all rules and regulations set forth by the law. These regulations have been set forth under the Home Improvement Consumer Protection Act, or HICPA. An Overview Of The Home Improvement Consumer Protection ActThe Home Improvement Consumer Protection Act was put forth to ensure that homeowners and contractors come to an appropriate agreement. Some of the rule and regulations that are included in the Home Improvement Consumer Protection Act include: All contractors need to obtain a registration number Home contractors are required to register with the Office of the Attorney General All home contractors need to pay the required registration fees...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
For most individuals and families, their home is the most expensive investment they will ever purchase. Therefore, it is important for everyone to take care of their home. Routine maintenance can prevent costly repairs from arising down the road.It is important for homeowners to make sure they budget for home maintenance and repair costs. Even with a meticulous repair schedule, it is still possible that a major repair might be required. There are a few home repairs that are more expensive than others.Damage To The Foundation Of The HomeOne of the most expensive home repairs that might come up involves damage to the foundation. The foundation is the part of the home that supports the rest of the structure. Therefore, its strength is vital to the integrity of any building.Depending on the...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Chimneys are as old as homes themselves. Yet, when it comes to chores, cleaning the chimney is one of the most neglected tasks. While people often think about yard work and housework, they often forget to clean the chimney.When someone neglects to clean the chimney, they risk the development of mold. This can influence the efficiency of the chimney, causing debris to back up into the home. For this reason, it is essential for people to clean their chimneys on a regular schedule. Make Sure To Inspect The Chimney ProperlyChimneys are used seasonally. When the temperature starts to drop outside, people are going to start up the fireplace and use the chimney. Prior to lighting up the chimney for the next season, it is important to make sure they are properly inspected.Cleaning grout and mol...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
When considering buying a home in an “as-is” condition, the buyer takes all the risk of anything needed to bring the property back up to current building codes and make it ready for occupation or re-sale. There can be bargains in as-is properties if you know how to hunt for one. How To Find As-Is Bargain PropertiesTo find these properties, look for those that sell at auction for tax liens or other reasons for governmental asset-seizure. The might be distressed as-is properties that are foreclosures, short-sales, or estate sales.A popular home-flipping strategy is to buy an as-is property at a price that is far below market value, make the repairs necessary, and then resell the home for a price that covers the repair costs plus makes a profit.Tips On Buying As-Is PropertiesIt is a guessi...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Electricity plays an important role in your home. It helps keep you warm, allows you to cook meals, and brightens up the interior of your house. At the same time, electricity is a common hazard.Electrocution accidents can lead to burns, serious injuries, and even death. You should feel safe in your own home. Therefore, it is a smart idea for you to remember a few important tips when it comes to electrical safety at home.Watch Out For Damaged Power CordsOne of the most common causes of electrocution accidents at home is from damaged power cords. Over time, the wires that run through the home might start to degrade. This is a danger that is often overlooked. If the protective coating on any of your wires has been stripped away, cover the cord or replace it. If you need help doing this, ca...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
There are many reasons why you might be interested in hiring a home contractor. These professionals are an important part of helping someone attain their dream home. While everyone cares about the price of the contractor, this is not the only factor that you should consider.After all, the home is where people spend a lot of their time. By thinking about price alone, you might be sacrificing quality. It is important for you to take the proper steps when it comes to hiring a home contractor. There are a few factors that you should keep in mind.Start The Process With A Detailed PlanThis is the step that absolutely must be completed before you even approach a contractor. If you need help with this, think about reaching out to a designer or an architect who can help you. Walk your contractor...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
You are supposed to feel safe in your own home; however, accidents can happen and there are plenty of hidden dangers that might land someone in the hospital. It is important for you to understand the common household dangers. Knowledge is power and you can take steps to prevent these issues from arising. Carbon Monoxide PoisoningThis is one of the most common household dangers that everyone should know. Homes always have a smoke detector; however, carbon monoxide detectors are often overlooked. This is an odorless gas that can actually kill someone if the levels get too high. Make sure that your carbon monoxide detectors are working. This gas commonly arises from the tailpipe of a running car.Lead PoisoningLead can be absorbed through the skin or the mouth. Lead poisoning can lead to se...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
For a long time after the real estate housing crisis in 2008, buyers with a poor credit history had a difficult time finding mortgage financing. It was a problem that trapped those seeking to buy a home because so many lost their homes from the inability to pay their mortgages.Some suffered damage to their credit history that was severe. Millions filed for bankruptcy.Not only did mortgage lending requirements get stricter for home buyers, but the funds available for home loans were also severely reduced. Even those with a good credit history found it more difficult to qualify for mortgage financing.Time For A Second ChanceNow, there is a much better environment for homebuyers with a bad credit history who are seeking a loan. Those with a bankruptcy on their record, which was settled at ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Opportunity Zones were created by the 2017 Tax Cuts and Jobs Act to encourage investors with capital gains on other investments to invest that money in low-income and undercapitalized communities. They get a reward of deferring capital gains tax. They avoid a portion of it altogether if they keep the investment for five years or longer. What started with a trickle of a few Opportunity Zones scattered around the country is now a deluge with over 3,000 approved Opportunity Zones approved in just about every part of America. 4,700 more areas may also qualify.Opportunity Zones Expanded DramaticallyThe very generous definition of Opportunity Zones not only includes poorer areas but it also includes wealthy areas within larger poor areas. Some are wealthier areas adjacent to poor areas. For e...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
The federal government adopted the Housing and Community Development Act in 1977, and the Community Reinvestment Act (CRA) portion was designed to prompt lending institutions to provide mortgages for low- and moderate-income Americans. The underlying reasoning for the CRA was to discourage discriminatory lending practices that inhibited low-income communities and neighborhoods.Over the years, its regulations have been revised to improve effectiveness. During the early 1990s, upwards of five changes were made and more following the 2007 financial crisis. With the country currently in the midst of an economic comeback, the Office of the Comptroller of the Currency announced that it favored making changes to the rules that govern lending under the CRA. These changes could have a significan...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
For market value and the comfort of a home’s occupants, home security is just as important as energy-efficiency. Innovation in smart home technology focuses on both of these areas.Here are some tips about things a homeowner can do to make a home more secure and a few pitfalls to look out for, which may not be obvious.Smart View DoorbellNo matter how reinforced the front door of a home is, it is not secure if it is opened by someone inside without first knowing who is there. Additionally, smart doorbells allow the homeowner to view the front of their home using a smartphone application, even when they are not home.These systems use motion sensors and video cameras. When someone approaches the front door, the motion sensors trigger and the camera captures the images of what is happening. ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
For those who have less than a stellar credit history; yet, who still want to have their own home, a rent-to-own option is worth considering. A rent-to-own (RTO) agreement is a hybrid between buying a home and renting a home.Usually, RTO deals require a significant down payment that applies towards the home purchase. An RTO tenant/buyer gets the option to buy the home for a certain price at some date in the future. The down payment is lost if a tenant/buyer does not go forward with the home purchase.Another common characteristic of RTO deals is that a portion of the rent applies to the home purchase.The Pros Of Rent-To-Own DealsThe significant down payment on an RTO deal is usually more than would be required as a security deposit for a lease agreement on a home of a similar type. This ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Foreclosure is a process that happens over many months. There are various opportunities to acquire real estate that is in a different stage of foreclosure, including before the foreclosure process completes. This short guide identifies the different stages and the opportunities that may exist to acquire a property at a discounted price.Get the Money Lined Up FirstTo acquire a property at any part of the foreclosure process requires cash or pre-approved credit. Have the full amount of cash available to pay for the transaction or have a recent pre-approval letter from a reliable lender. The letter shows the amount of mortgage financing available and approved for buying a foreclosure.Pre-ForeclosureBefore a lender forecloses on a home, to take legal possession of it, they must go through a...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Those who want to renovate a home usually do this to make it more spacious, improve its condition, and to add amenities. However, it is also important to consider if the renovation has the potential to add value to a home.Unless the plan is to live in the same place for life, there is a strong likelihood that, at some point, the home will go on the market for sale. It is nice if it sells for a high price and there is some profit for the seller in the transaction.It is not the amount spent on renovations that is the key consideration. In fact, spending a lot of money making certain renovations may not improve the sales price, when the home sells. This guide helps decide between renovations that add value and ones that do not add value.Renovations That Add ValueRenovations that add value ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
From a sophisticated couch to a stunning art print, there are plenty of ways that you can dress up your living room and instantly change its vibe. You may not realize it, but wallpaper is back in fashion and becoming another popular way to instantly revamp a room.If you’re contemplating ways that wallpaper can benefit your space, here are some options you may want to try out.Add An AccentA brightly colored accent wall may still be a popular trend, but a way to bring your wall into current fashion can be to add wallpaper. In addition to a fun print, wallpaper can instantly add elegance without overpowering the look of your living room.Cover The Closet DoorsIf you’ve come across a wallpaper pattern you like, try applying it to the front of the closet doors. It will be an easy way to dress...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Maintenance is an important part of home ownership. Improper care compromises the safety of your property and can result in big repair bills. Include these strategies in your maintenance plan to reduce your out-of-pocket costs.Educate YourselfIt’s usually cheaper to do most home maintenance jobs yourself. Teach yourself some basic skills to save yourself from professional fees.Take some classes. Community colleges and hardware stores often host community courses that help you plan projects, get familiar with new tools, or gain more value from property assessments.Invest in beginner books on carpentry, electrical work, and plumbing. These will be invaluable references throughout your home ownership journey. Online versions allow searchable access to necessary information.Experience is th...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
When you started thinking about putting your house up for sale, you probably made a list of repairs that need to be done ahead of time. If that list was long, you might be at a point where you’re asking if it’s all worth it. Will prospective buyers really notice the little things? And even if they do, will that affect how much you’re able to get for your home?You Can Sell An Imperfect HouseYour house doesn’t need to be perfect in order to sell it. Many older homes have some issues like outdated kitchens and bathrooms or wall-to-wall carpeting that needs to be replaced or gotten rid of.But be aware that a house in need of repair or is different than a house that needs updating. Outstanding repairs are a red flag to buyers that you haven’t maintained the home as you should have over the y...
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Norristown, PA Real Estate Professionals