Real Estate News: Mortgage Rates at Record Lows

Mortgage rates greatly influence a family’s decision to either purchase a home or refinance their current mortgage. High mortgage rates can discourage people from purchasing a home and gives little incentive for homeowners to refinance their current mortgage. Fortunately, mortgage rates have been improving all year and are now near a record low, meaning excellent news for both potential home buyers and current homeowners.


Your primary goal is to achieve the best interest rate while keeping your monthly payments at the lowest possible price.  Now is the opportune time to take advantage of low mortgage rates as current rates are reaching record lows, hitting some of the lowest levels in decades.  In July 2012, mortgage rates have dropped 3.49% alone.  Don’t let the low percentage difference fool you, if you’re current mortgage rate is only 1-2% difference, the money you will save will be reflected in long term savings.


Determining the length of stay at your current home can help you decide whether you want to refinance your mortgage.  If homeowners are committed on staying at their current home long term, should highly consider refinancing.  This is not to say that everyone should refinance their mortgages. On the other hand, homeowners who do not plan to stay at their current home for an extended period of time are recommended to compare the closing costs of refinancing to how much they will save every month with this new rate.


Potential home buyers should consider buying a new home in the near future while mortgage rates are at historical lows.  Within the next few years, mortgage rates are expected to rise and the current rates may not decrease significantly.  It is important to take into consideration that the home buying process can potentially take months, so act now to take advantage of these record-low mortgage rates!


Mirabal Montalvo & Associates provides you with the most up to date latest real estate news.  Our real estate experts always provide the most up to date real estate news, offering professional service and quality advice.  Contact Mirabal Montalvo & Associates today for more information.

Relieving the Common Stresses of Buying a Home

A home purchase will most likely be the largest financial investment you will make. The pressures of this life-changing decision can cause stress, anxiety, for the home buyer. Mirabal Montalvo would like to help you put your ‘buyer discomforts’ at ease.


Choosing Trustworthy Professionals


Your advisor might be a real estate agent, real estate lawyer, or possibly your tax attorney. For the best experience, make sure you are explicit with those you are working with to get exactly what you’re looking for, don’t settle for anything less! If you have a friend that works in your area of interested business, keep in mind that friendship alone isn’t enough to establish a professional’s credentials. Set your standards high when choosing a trustworthy professional. Mirabal Montalvo firmly believes that the client comes first and every step must be taken in order to get their home sold. Here at Mirabal Montalvo we guarantee that all of our real estate professionals will provide our clients with exceptional service, honesty, and commitment. Contact Mirabal Montalvo today for all of your real estate needs including buyer and seller services, and commercial and residential listings.


Keeping Credit Clean


As you are getting ready to close your home purchase transaction, do not make large financing purchases or decisions. These large investments may work against your credit. You want to keep your credit as clean as possible, especially if you loan underwriting conditions have not yet been approved. Find out exactly what your credit report says about your credit history before you apply for a home loan, Do your homework to fully understand your credit score.


Is this the One?


Choosing your dream home isnot an easy task, make sure you are not overlooking anything as you get ready to make an offer or close on your home purchase transaction. Does this home fulfill all of your desired living requirements and personal preferences? Consider all of the amenities in both your dream home and neighborhood that you can’t live without. Create a list that conveys the minimum requirements (things you can live with and others you can’t live without), or even a pros and cons list if you’re highly considering two different properties. Buying a home usually implies a long residency, even permanency for some, so you have to be completely sure about your final home decision. Mirabal Montalvo realtors can help you make the best choice for your dream home!


To experience the best in Corpus Christi Real Estate visit Mirabal Montalvo & Associates is one of the top selling brokerages in Corpus Christi, Texas specializing in the residential and commercial South Texas real estate market.

Common Home Inspection Problems

1. Drainage/Grading Problems


Improper drainage and grading are the most common home improvement problems and are encountered by about 36% of home inspectors during the inspection process. These problems can lead to damp or wet footings and basements. The installation of new roof gutters and downspouts and the re-grading of lawns and areas surrounding the home will channel surface water away from the foundation


2. Excesssive Air Leakage


Sealing and insulating the “envelope” or “shell” of your home is the most cost effective way to improve energy efficiency, comfort, and prevent excessive air leakage. These areas include the home’s outer walls, ceiling, windows, doors, and floors. To prevent air leakage, add insulation to block heat loss in winter and heat gain in the summer. A poorly fitting door, deteriorating caulking, poor attic seals, and old or un-updated windows are the most common sources of air leakage. Generally, these repairs are simple and inexpensive and should be done immediately to improve energy efficiency.


3. Improper Electrical Wiring


Improper electrical wiring includes situations such as insufficient or undersized electrical service to the house. Many of these problems have to deal with aluminum wiring, inadequate overload protection, improper grounding and amateur distribution systems. Consult a professional to carry out the inspection as well as the necessary repairs. Immediate action should be carried out by an expert as electrical problems are considered very serious safety hazards.


4. Outdated or Damaged Roofs


Roof leakage caused by old or damaged shingles or improper flashing is a frequent problem. Generally, asphalt single roofs last about 15-20 years and should be inspected after this duration of time. It is difficult to determine the roof age from the ground. It is wise to investigate how many layers are under the roof to determine if the roof needs to be completely replaced before installing the new shingles.


5. Stucco Repairs


When applied correctly, exterior stucco walls can last a lifetime. However, a common flaw to stucco walls is that water can easily penetrate the stucco through cracks, around unsealed light fixtures, and exterior outlets. Excessive exposure to water can significantly decrease the quality of stucco. Stucco is water resistant but not water proof. Damaged or cracked stucco must be repaired through patching before the damage becomes more serious. Do-it-yourself repairs are also an option for stucco damages.


To experience the best in Corpus Christi Real Estate visit Mirabal Montalvo & Associates is one of the top selling brokerages in Corpus Christi, Texas specializing in the residential and commercial South Texas real estate market.

Choosing the Perfect Neighborhood

When in the market for buying a new home, consider the location for each property of potential interest. Remember that when you buy a house, you’re also buying a neighborhood. Location can make all the difference when buying a home. The surrounding neighborhood can often be overlooked, so it is important to take these tips into consideration before making your final decision.


Proximity to Amenities


Be sure that essential services in your neighborhood are easily accessible. Close proximity to community amenities are a bonus for most people. It would be ideal if your home was local to grocery stores, schools, post offices, etc.


It would be wise to take into account your personal needs lifestyle when choosing a home. If you have an interest in nightlife, consider moving to an upbeat urban city rather than a residential community. If you cannot go a week without golfing, make sure there is a course nearby. The surrounding community should appeal to you just as much as your home.


Commuting Costs


Commuting costs are often overlooked when considering a neighborhood. Think about the traveling distance from your neighborhood to your work office. Consider all of your traveling options, including public transportation, biking, and walking. If you are in doubt about the ease of the commute, try it a couple of times. Make the commute after work to your potential home and imagine doing it every day.Money spent on gas and transportation should be calculated in addition to the mortgage of every property to accurately calculate the cost of living.


First Impressions Aren’t Everything


If you are considering a property be sure to visit the home at different times of the day, including the night time. Visit the neighborhood on more than one occasion to get a more accurate feel of the neighborhood traffic and residents lifestyle. Remember, a home’s first impression could greatly change if you were to visit the property at night versus the daytime.


Interact with Residents


Talk to your neighbors and ask for their opinions. Most residents will offer honest opinions about neighborhood safety, noise levels, traffic, and other residents. Don’t be shy! Gathering more accurate information directly from your neighbors can help you determine the pros and cons of each community.


Do Some Research


Utilize the websites that offer information on neighborhood characteristics and statistics. Look into neighborhood safety and research recent crime rate around the area. Academic performances and rankings of local schools should also be investigated if you have children. Research price records of the homes in your area to gauge the relative value of your considered property.


Work with Mirabal Montalvo


Always communicate your neighborhood needs to your agent. All Mirabal Montalvo agents do everything they can to help you find the neighborhood that will fit your needs.


To experience the best in Corpus Christi Real Estate visit Mirabal Montalvo & Associates is one of the top selling brokerages in Corpus Christi, Texas specializing in the residential and commercial South Texas real estate market.