Posts by : Rosette Garcia

Mortgage interest rates are higher today than they were three years ago. If you are buying a home and applying for a 30-year, fixed-rate mortgage today, you can expect an interest rate near 7%, even if you have a solid credit score. Is there a way around this?

Assuming a mortgage

An assumable mortgage is one that a home's seller can transfer to the home's buyer, who then takes over payments on the existing mortgage. Not too long ago, many homeowners qualified for 30-year, fixed-rate loans with interest rates around 3%. If you can assume such a mortgage, you can save significantly in monthly payments given  today's near 7% rate.

Experian says that if you take out a $320,000 30-year, fix...

The Story Behind the Name: Myrtle Beach

Myrtle Beach is one of the most beloved vacation destinations on the East Coast, but have you ever wondered how it got its name? The story takes us back to the turn of the 20th century, when this now-bustling resort town was just a quiet stretch of South Carolina coastline. Many locals viewed the beach as worthless since you couldn’t grow timber, rice or tobacco there. 

From “New Town” to “Myrtle Beach”

In the late 1800s, what we now call Myrtle Beach was part of the Withers Swash area and referred to as “New Town” by locals. The land was largely undeveloped, owned by the Burroughs & Collins Company, which envisioned transforming it into a seasid...

Characterized by simple, functional teak furniture, MCM style is valued for its form-follows-function principle. The clean lines of the furnishings of this period are designed to take up as little space as possible, which is why they adapt well to small spaces. The ornate frilly details of the past were no longer desirable for people who wanted to raise their families in a simpler setting. According to one designer, "Every piece serves a purpose and beyond, casting shadows on the days where rooms were beholden to being used once a year for a special occasion due to their ornate, elaborate design."

MCM is in sync with today's passion for natural materials. The hallmark of the style is the...

Revamping a single room or creating the right "look" for an entire home can be an overwhelming and costly process. There are a multitude of interior decorating decisions you need to make, including choice of color schemes, furniture style, floor coverings, window treatments, lighting and accessories. There is no doubt that hiring a professional to take charge of the project from beginning to end will save you time and energy.

Your first question is probably cost. According to a recent Forbes report, you can expect to pay anywhere from $50 to $250 per hour on average. Flat rate costs can range from $1,500 to $15,000, depending on the scope. If you are planning to customize the furniture o...

Home inspections and appraisals are not the same. Let's explore the differences between them and why both are so important.

When do you order a home inspection?

You order a home inspection after you make an offer on a house and the seller accepts it. Your home inspector will tour the property, looking for problems both large and small. When the report arrives, you finalize the sale, adjusting the price in light of what the inspector found.

For example, if the inspector found a major issue such as a sinking foundation or a damaged roof, you can request that the seller fix the problem, lower the house's final sale price or provide you with the funds to hire a contractor on your own.

In ...

No one relishes the thought of spending time deep cleaning their kitchen, but it is a job that must be done. While everyday spills and messes are cleaned up as they happen, over time, dirt accumulates in hard-to-reach places that are often overlooked. Places like under appliances, above cabinets and inside the refrigerator are prime targets that need some much-needed cleaning attention. Don't expect to get the job done in one day, as it can be tiring. Set aside several days to complete the work by keying in on specific areas of the kitchen. 

To get the process started, there are a few necessary things to have on hand. Like Snow White and the Seven Dwarfs, you may find things go easier if...

If you work as a freelancer or independent contractor, your income might vary from month to month. Maybe one month you generate $8,000 of income but the next only $4,500. You might be satisfied with your yearly income, but mortgage lenders might balk at the way your earnings fluctuate each month.

Why? Because mortgage lenders want to be certain that you can afford your mortgage payment each month, not just during those in which your income is high. Lenders look for consistent income.

Does this mean that you can’t qualify for a mortgage if your income rises and falls each month? Not at all. You’ll just have to take extra steps to reassure your lender that you won’t miss any mortgage paym...

How much you'll pay to refinance your mortgage depends on the size of your loan and your lender's closing costs. In general, though, you can expect to pay from 2% to 6% of the amount you are borrowing in closing costs. Say you are refinancing a $200,000 mortgage. You can expect most lenders to charge you from $4,000 to $12,000 in closing costs.

Why so much money? There are plenty of closing costs involved in a refinance. You'll need to pay your lender's origination fee, pay a fee to the appraiser who determines the market value of your home and cover the cost of your new loan's title insurance.

Closing costs, then, involve a lot of money, which is why many homeowners opt for no-closing-...

There's a natural ebb and flow of supply and demand with condos along the Grand Strand. As the fall approaches, it is prime time to find a vacation condo or an income producing condo. Typically, as summer ends, owners have enjoyed the property one last summer and they are going to list it. Or, they have maximized the rental income through the summer and they are listing it as the season ends. This means there should be more inventory to choose from and also that the properties are easier to see. Please note- this means you’re signing up for HOA payments through the slower winter rental season. If you plan to use this is a vacation home, perfect! If you are planning to rent it out, please ...

Start by looking at your three-digit FICO credit score. This number sums up how well you've handled your credit and paid your bills. The higher this number, the more likely you are to be ready for the financial responsibility of a monthly mortgage payment.

FICO scores range from a low of 300 to a high of 850, with most lenders considering scores of 800 or higher to be excellent ones and those of 740 or higher to be very good. If you are close to those scores, it shows that you've done a good job of paying your bills and using your credit, skills that are essential when you take on the added responsibility of a monthly mortgage payment.

You can buy your FICO scores from the national cred...

If you're buying or selling a home, you'll be working with a new set of rules as of August 17, 2024. According to a press release from the National Association of Realtors, offers of compensation will no longer be allowed on multiple listing services. However, "offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals."

Furthermore, says the NAR, "agents working with a buyer must enter into a written buyer agreement before touring a home."

What does this mean in practice?

An article on Bankrate says, "The biggest change is that listing agents (the age ​​​​​​​nts who represent home sellers) may n...

Eclectic decor allows you to select the best of all worlds by choosing your favorite elements from the decorating styles that best express your preferences. The key to pulling off this style with fun and taste is to be selective in what you choose. An eclectic living room expresses your personality with a relaxed and casual atmosphere that is well thought out. The room should not look cluttered and chaotic.

While eclectic decor does not have a set rule book to follow, there are some characteristics that do define the style:

• Color sense — An eclectic room should be anchored with one neutral color on the walls. From there, add in bold, vibrant hues and tones. Don't be afraid to choose c...

Most states offer homestead exemptions that will reduce the assessed value of your home. And by reducing this value, the exemption also reduces the amount you pay in property taxes each year.

How does this work? Maybe your local tax assessor says that your home is worth $250,000. If you qualify for a homestead exemption of $50,000, you will now pay taxes as if your home is worth a lower $200,000. This will reduce your property tax bill.

Say the assessed value of your home is $300,000 and your property tax rate is 2%. Your property tax bill would equal $6,000. But if you were eligible for a homestead tax exemption of $50,000, the taxable value of your home would drop to $250,000. At that...

Home renovations and improvements can be costly, running tens of thousands of dollars. Fortunately, you can borrow against your home’s equity to finance the cost of these projects. And you have two main options when deciding how to best do this, both involving home equity.

One of the benefits of owning a home is building equity. This is the difference between what you owe on your mortgage and what your home is worth. Say your home is worth $350,000 and you owe $150,000 on your mortgage. You have $200,000 of equity. You can borrow against a portion of that equity to pay for anything you’d like, including  home improvements. How do you do this? With either a home equity loan or a home equi...

When you take out a mortgage loan, you’ll have to pay closing costs, the fees that your lender and other third-party companies charge for originating your home loan. These fees can run thousands of dollars, and you’ll typically have the option to pay them upfront as a single payment or roll them into your total mortgage amount and pay them back with your regular payments. Which choice is best? As usual, it depends on your financial situation. 

How much are the closing costs?

How much you pay in closing costs will vary, but you’ll usually pay from 2% to 6% of your total loan amount. For example, if you are borrowing $325,000, you can expect to pay from $6,500 to $19,500 in closing costs....

PMI protects your lender in the event you default — but you have to pay the premium. Depending on the size of your loan, you can expect to pay $120 or more with each mortgage payment because of PMI. You can avoid this payment, though, with what is known as a piggyback mortgage.

First, understand how PMI works: You’ll pay PMI when you take out a conventional mortgage — one not insured by a government agency — and come up with a down payment of less than 20% of your home’s final purchase price. How much you’ll be charged can vary, but you can expect to pay from 0.5% to 1.5% of your original loan amount in PMI each year. For a mortgage of $300,000, you might pay from $1,500 to $4,500 a year...

Lenders and banks check your credit before they approve you for new credit cards or loans. They do this to be sure that in the past you've paid your debts on time. If you have, you are more likely to pay your new loan or credit card payments on time.

When lenders check your credit in response to your request for a new loan or credit card,  it's known as a hard inquiry. These inquiries are listed on your three credit reports. And each inquiry could cause your three-digit credit score to dip by about five points.

Why? The more credit or loan debt you take on, the more likely you are to miss payments. Lenders are especially worried that if you apply for several credit cards or loans at onc...

Your home's primary bedroom is a sanctuary made just for you. Often combined with a bathroom for an en suite experience, the primary bedroom should be just as functional and beautiful as the rest of your home. Here is our checklist for creating the best primary bedroom to suit your needs:

Consider the bed

Sleep is essential to your health and well-being. Creating a space for a good night's rest is critical. Here are the essentials you need:

1. Bed frame: A sturdy bed frame that matches your design aesthetic should be chosen to fit the size and scale of your bedroom.
2. Mattress: Choose a mattress that works for your sleep preferences. Many options and materials are available, including ma...

The key feature of quiet luxury is an appreciation for high-quality, timeless materials such as solid wood flooring, marble countertops, natural stone and plush fabrics. It's all about creating a luxurious serene atmosphere without looking like you put too much thought into it. A room decorated in quiet luxury screams sophistication and simplicity at the same time. While it may seem expensive to implement, here are a few decorating guidelines to help you achieve the elegance of quiet luxury in your own home:

Keep it simple

The idea is to avoid clutter so that the eye is drawn to the important, high-quality pieces in the room. For decorative pieces, stick with natural materials like glas...

You finance a big purchase right before applying

When you apply for a mortgage, the lender looks at your debt-to-income ratio. This ratio measures how much of your gross monthly income is consumed by your monthly debts. Most lenders want your monthly debts, including your estimated new mortgage payment,  to be no more than 43% of your gross monthly income. If you finance a big purchase, such as a new car, that results in large monthly payments, your debt-to-income ratio will rise, which will give lenders pause. You might want that new car, but it's best to wait until after you've earned approval for your mortgage.

You pay your credit card bill late

When determining whether you qualify ...