6 Ways Buyers Can Save on Their Mortgage

Photo Credits: Kindel Media With mortgage rates on the rise, it’s easy to feel extra financial stress when buying a new home. In the past month, mortgage rates have hovered around 7%. They are predicted to fall in the second half of the year, but affordability continues to be an issue when buying a home. Here are 6 ways homebuyers can save on their mortgage and afford their dream home.   Shop around: Credit: Alena DarmelTens of thousands of dollars can be saved from shopping around and getting quotes from multiple different mortgage lenders. Different lenders have different qualifications and standards used when deciding who to lend money to, which is why the exact same person can get such different quotes from other lenders. Make sure you get at least two different quotes, but keep in mind that buyers who get five or more quotes can save almost three times as much money over the lifetime of their loan then those who get two quotes.    Negotiate:While you may know it's standard to negotiate the price of your new home if necessary, many people do not consider negotiating a mortgage rate. The amount of room to negotiate a mortgage can depend on the lender but some lenders will consider negotiating on either the rate or the closing costs. One way to improve your negotiation is to show quotes from other lenders and ask for a better rate from them in order to keep your business. Do not be afraid to ask for a better rate, it never hurts to ask!   Buy down the mortgage points:Mortgage points are a type of prepaid interest, meaning you can choose to pay more upfront and receive lower interest rates and monthly payments. The downside to this is that it costs more upfront; however, if you have the money to pay extra to buy down mortgage points you can save money in the long run. When considering whether buying down mortgage points is for you, ensure you have enough money saved that spending the extra money on points will not deplete your savings past a point you are comfortable with.   Ask for discounts: Few people know that banks can sometimes offer “relationship discounts” to customers that already bank with them. These discounts can include waiving the loan processing fee or a certain percentage off of your loan. Ask your bank if they offer any relationship discounts before you sign your mortgage!   Watch out for float-down policies: A float-down option in a mortgage allows the borrower to adjust their rate downward if mortgage rates decrease during the closing timeline. Different lenders have different rules regarding their float-down policy, so make sure you ask what your lenders are before you have locked down your mortgage with them. Some policies include charging a percentage of your loan amount as a fee if you switch to a lower rate. Educate yourself on the float-down policy for the different lenders you are considering!   Consider the terms: Although a 30-year mortgage is the most common length for homebuyers, a 40-year mortgage may also be offered by some lenders. A longer loan saves you money on your monthly payments, but you will likely be paying more interest in the long term. You also may be able to get an adjustable-rate mortgage, which starts with a lower interest rate and then resets to the current rate every 5 to 7 years. Refinancing a loan down the road when there are lower interest rates is another thing to consider. 

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Why Fall is a Great Time to Sell A Home

Credit: Vlada Karpovich Fall is just around the corner in Boise. The leaves begin to change and the fall smells fill the air. Although the spring market is always spoken about as the best time to sell a home, at Lysi Bishop Real Estate we find the Fall market to be one of our favorites.   Serious buyers are in the market: Many buyers sense the change in season and want to nest just in time for the holidays. This can work to your advantage as a seller because the buyers looking at your home will feel an urgency to choose to move in before the snow hits.   Autumn can add ambiance to your home: Fall colors can make a house feel homey and cozy. Autumn smells in the air and a fireplace going can help buyers envision themselves living in your home. Trees full of leaves changing color can also add to the curb appeal of your home! Just make sure to keep leaves on the ground raked and the gutters clear.    Less competition: With fewer homes for sale in the fall, your home has a better chance of standing out.  Quicker sales can occur because businesses such as home inspectors and mortgage lenders will have fewer customers, and therefore be able to prioritize your home more. This is a major advantage with the fall market!  

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Design Trends in 2023

Interior design in 2023 is less about trends, and more about creating spaces that feel and look good, not just today… but for years and years to come. With that in mind, here are a few “trends” that are timeless enough to invest in, that we think you’ll start to see more of this year.  IN: Wood/Warm Tones OUT: Monochromatic/minimalist  For the past several years, we have seen white everywhere. And for good reason… white is classic, clean, timeless, and inoffensive to pretty much everyone. However, too much white can often feel devoid of any personality or warmth, which is why the “all white” look is losing momentum going into 2023.  A seamless alternative that adds warmth leans into colors and textures found in nature. An organic material palette is arguably more everlasting than “all white” if done well. Think brown, beige, green, black, wood, stone, brick, etc. This year is all about resisting the urge to paint all natural materials white, and taking advantage of textures that add depth to your home. Think of it like this… there is nothing more beautiful than going on a hike and being surrounded by trees, rocks, grass, dirt, flowers, etc… now imagine looking around and seeing everything covered in a thick layer of white paint… IN: Curated Interiors OUT: Themed Interiors   When selecting finishes and furnishings, elevate your home by mixing styles, eras, and textures. Focus on filling your home with details that you truly love vs following a specific trend. Going all in on the farmhouse, ultra-Modern, boho, or vintage aesthetic will not only date everything in your home as soon as that trend cycle is over but can make your home feel mass-produced and cold.  An effective way to create a timeless space is to focus on opposites and contrast. Mix light and dark, old and new, feminine and masculine, patterned and neutral, and most importantly… displaying things that mean something to you. This curated approach will look fresh for much longer.  IN: Molding OUT: Accent Walls  Accent walls have been everywhere for the past few years, creating an easy, cost-effective way to add personality to your home in just a short weekend. However, the splash of color can sometimes make a room feel unfinished and arbitrary.  Wall molding is a tried and true way to bring your walls to life, adding texture, depth, and a subtle piece of historical charm. There are countless styles of wall molding but think of it as anything that adds visual interest to your wall... This can be done with heavy trim work, wainscoting, wall paneling, box beam ceilings, chair rail, etc.  IN: Space to spread out OUT: Open Floorplans The open floor plan concept was introduced in the 70’s, an idea that allowed homes with smaller footprints to have an open space to host and entertain guests without owning the largest house in the neighborhood.  Since the 70’s this open concept has become standard for building today. You would be hard pressed to find a home built within the past 15+  years that doesn’t contribute to some kind of open floorplan, however covid changed the way we live in our homes and highlighted some discrepancies in this ever so popular layout.  Humans have always needed the sense of comfort and privacy that defined rooms provide, but with the increase in remote work and school, it has become even more necessary. The combination of living quarters makes working, studying, reading, talking on the phone, or entertaining much more difficult with the backdrop of pots and pans banging…. The need for privacy may explain the rise of man caves and she-sheds that have been built in the past few years. Additionally, large continuous spaces are much harder to keep clean. Messes and smells are no longer isolated, but can be easily tracked throughout the entire living quarters… keeping a tidy home is more difficult, or I guess harder to hide!  Lastly, open living spaces hinder the ability to cultivate different feelings throughout your home. Say you want a white open kitchen, but would prefer a dark and moody living space, and found the perfect wallpaper for your dining room… The idea of giving off a different feel in each space can be challenging. 

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