04/15/25

As you may know, April is National Financial Literacy Month. Plus, buying – or selling – a home is often the biggest money move a person can make. So, while we don’t like to hand out specific mortgage advice in this space, we thought it was important to provide a list of related advice anyone can use.

Here are two tips for buyers, two for sellers, and one for refinancing that everyone should keep in mind. If you have any questions or concerns about your individual situation, we advise you to speak with your loan officer or real estate agent for help.

For buyers

You should talk to a lender early in the process. In fact, some buyers choose a loan officer before they even pick an agent. Your lender is key in making sure that you’re preapproved and can talk to you about steps to improve your buying power before you even seriously look.

PMI is not always a bad thing. This fact goes with the common myth that a 20% down payment is required, or at least recommended, for a house. Depending on your situation, paying what’s known as Private Mortgage Insurance isn’t a negative. Instead of viewing it as a penalty, you could consider PMI a small monthly fee that gives you the financial flexibility to own a home sooner rather than later.

For sellers

You don’t have to renovate your whole house before you sell. It’s true that you want your home to be a showcase to prospective buyers, but not every upgrade is worth making. If the only thing stopping you from listing right now is the renovations you think buyers want, it’s worth talking to an agent about current trends and ROI regarding improvement projects. You may be closer to being a perfect house than you think – both physically and financially.

You can list your home whenever it is right for you. Don’t think because spring is known as the traditional homebuying season, that it’s the only good time to sell a home. Inventory is still low in many areas, which means even with economic uncertainty, there will likely still be many buyers looking for a home like yours when the time is right. What helps price more than the season you sell in? Working with a good REALTOR® who can guide you on what repairs/renovations you should make (as mentioned above), the right pricing strategy for your home, staging and more.

For everyone

Remember that refinancing is still a future – or present – option. It’s time to talk about mortgage rates again for just a second. Even though the Federal Reserve likely won’t do much with its interest rate this year, mortgage rates are still fluctuating. In fact, they recently dropped, and plenty of buyers pounced on the opportunity. Whether you’re a homeowner looking to refinance as soon as you can or a buyer already planning to do it in the future, it’s perfectly fine to always have refinancing as part of your plans down the road.

Thank you for trusting our teams to get you to the finish line and carefully handling your transaction. A move is an event that comes with huge financial implications, and we’re always aiming to make the experience smooth for all involved. Reach out to us anytime!