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David and Erika Bailey

Creating Clients for Life!

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Can I Qualify for a Mortgage After Declaring Bankruptcy? Yes — and Here’s How

It may feel like a very daunting task to consider buying a home after you’ve declared bankruptcy, and there’s no doubt that it’s an uphill battle. Fortunately, while you’ll have hard work ahead, there are things you can do in order to make your dream of home ownership a possibility. Whether you’ve just declared bankruptcy or some time has passed, here are some things you should consider before getting into the market. Wait It Out It might not be what you want to hear, but it’s, unfortunately, the case that you’ll have to wait at least two years before you purchase a home following bankruptcy. Since lenders will not want to take the risk on someone that has proven to have poor financial habits, they...

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A Home Loan For an AirBnB Property: What To Know

If you are looking for a way to diversify your investments, you might be thinking about buying a rental property. One of the most common rental options is AirBnB. Given the number of people who use AirBnB, this could be a great way to generate a steady stream of short-term renters. On the other hand, can you take out a loan to buy an AirBnB property? There Are No Mortgages Specifically For AirBnB Properties First, understand that there are no home loans available specifically for AirBnB or VRBO properties. If you go to a lender and ask for an AirBnB loan, they will direct you to a traditional investment property mortgage. Regardless of whether you want to do short-term loans through AirBnB or a long-term loan that you handle on your own (or...

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3 Closing Costs That Most Buyers Forget to Factor in and What You Can Expect to Pay

If you’re in the process of buying a home, you probably have your deposit and monthly mortgage charges in a spreadsheet, along with a chart of your other expenses and your monthly income. But when it comes to buying a home, there are lots of different costs that will come into play – and it’s easy to forget something. When you’re preparing to close on your new home, make sure you consider these three closing costs that most buyers forget. Home Inspection Fees: A Small Charge For Peace Of Mind Most home purchase agreements are contingent upon a successful home inspection – and if you’re planning to buy a home, you should definitely have it inspected before you buy it. However, home inspectors don’t work...

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What’s Ahead For Mortgage Rates This Week – June 21, 2022

Last week’s economic news included reporting on home builder confidence in national and regional housing markets, a post-meeting statement from the Federal Reserve’s Federal Open Market Committee, and Fed Chair Jerome Powell’s news conference. The National Association of Home Builders released its national and regional housing market indices. Weekly readings on mortgage rates and jobless claims were also published. NAHB Housing Market Indices Reflect Slowing Growth in Housing Markets June readings from the National Association of Home Builders showed slower growth in builder confidence in current and future U.S. housing markets. The NAHB reported the lowest reading in two years for June’s housing market indices as builder confidence fell for the sixth consecutive month. June’s index reading for the National Housing Market index fell two...

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Updating Your Home: The Top Options

If you want to improve your quality of life while also increasing the value of your home, you might be interested in updating it. You probably want to live in a home that is well-designed, and a prospective buyer wants the same thing. Unfortunately, performing a major renovation can be time-consuming and expensive, but there are more cost-effective ways to update your home. What are a few of the top ideas? Paint Your House One of the first ways you can update your home is to give it a fresh paint job. If you have an older home, a fresh coat of paint can go a long way toward making your home feel younger. Furthermore, there are still homes that have very outdated color schemes,...

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