HELOC 

Understand Mortgage Hacks for Homeowners A Home Equity Line of Credit, also known as a HELOC, is a line of credit secured by the home that gives the borrower a revolving credit line. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible. Much like a credit card, you can draw on the HELOC, pay it off, and draw on it again. There are several ways a homeowner could benefit from using a HELOC:

  1. Use the equity from the home without refinancing.
  2. Use the equity for a down payment on a new home while keeping the current home.
  3. Use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards.
  4. The additional line of credit may increase their…

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April 2024 Market Statistics

Published on May 10, 2024

Highlights (the highlights are a comparison between April 2023 and April 2024)

  • Median detached home price increased 2.0 percent to $350,000
  • Average detached home price increased 4.8 percent to $409,580
  • Overall inventory of detached homes for sales increased 23.9 percent to 1276

Additional Reports

April 2024 Showings Report

April 2024 Local Market Snapshot Reports (by zip code & MLS Area)

Credit GAAR.com

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How it Works

A 3-2-1 buydown is a concession to the buyer that reduces the buyer's interest rate and monthly payment for the first three years of homeownership making the home more affordable. In the below example, the seller agrees to finance three years of a lower interest rate for the buyer.

  1. The interest rate for Year 1 is reduced by 3 percentage points
  2. The interest rate for Year 2 is reduced by 2 percentage points
  3. The interest rate for Year 3 is reduced by 1 percentage point
  4. Year 4-life of loan are subject to the original interest rate

The cost to the seller is based on the note rate minus the 3% for the first 12 months and the same for the 2% (13-24 months) and the 1% (25-36 months). To get the total cost from the seller, add…

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#1. Early payoff hacks 

There are several early payoff hacks that homeowners can take advantage of:

Make 1 extra loan payment each year

How it Works

By making one extra payment per year, a homeowner can reduce the amount of interest they will pay over the life of the loan and the duration of the loan. In this example, the monthly payment is $3,160, so by making 1 extra monthly payment of $3,160, the mortgage will be paid off six years ahead of schedule and net over $156,000 in savings.

Tip: By making the extra payment in January, you are hacking the total number of days the mortgage is collected on.

Using the following terms:
Mortgage Term - 30-year Interest Rate - 7% Loan amount - $475,000 Monthly payment - $3,160

Extra Mortgage Loan Payment

#2. EARLY…

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#1. Buydowns

This Playbook Series is designed to explain several mortgage programs available today as well as some hacks to help those with current mortgages pay less over time.

There are a few common buydown products that clients can take advantage of, including an Interest Rate buydown, 3-2-1 buydown and a 2-1 buydown. While the following examples reference sellers paying for the buydowns specifically, buyers or lenders can also pay for interest rate buydowns.

Interest Rate Buydown

How it Works
A rate buydown is a way to pay for a lower interest rate by purchasing discount or mortgage points.

Value to Clients

Buydowns can be a benefit to both buyers and sellers. Sellers get a competitive advantage and buyers get to make a one-time…

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This may be the best time!

Perhaps it's a prime moment to tap into your home equity. The opportunities are abundant, whether you're eyeing home renovations, aiming to clear hefty debts, or funding education expenses. Given the soaring home prices, a significant portion of Americans' wealth lies tied up in home equity. Thankfully, streamlined loan options exist, making it swift and straightforward to ascertain how much you can leverage.

Contact me at (505) 350-8184 for more information on our Preferred Lender.

How much can you access?

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Volcano Mesa by DR Horton Homes

Volcano Mesa in Northwest Albuquerque is DR Horton's newest community. View Listings Here

  • Starting in the high 300's
  • 3 - 4 Beds | 2.5 Bath | 1 - 2 Story | 2 Car Garage
  • 1,345 - 2,209 Square Fee
Community Map

Volcano Mesa Subdivision Map

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March 2024 Market Stats

  • Highlights (the highlights are a comparison between March 2023 and March 2024
  • Median detached home price increased 3.7 percent to $351,000
  • Average detached home price increased 2.8 percent to $396,556
  • Overall inventory of detached homes for sales increased 10.3 percent to 1192

Additional Reports March 2023 Showings Report March 2023 Local Market Snapshot Reports (by zip code & MLS Area) 

Full Market Report

Green Market Report

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February 2024 Market Stats

Highlights are a comparison between February 2023 and February  2024

  • Median detached home price increased 4.8 percent to $340,458
  • Average detached home price increased 6.8 percent to $389,869
  • Overall inventory of detached homes for sales increased 7.7 percent to 1110

February Reports  

  • Green Sheet
  • Full Market Report
  • Showings Report  
  • Local Market Snapshot Reports (by zip code & MLS Area)  PLEASE CONTACT SWMLS Help Desk for this file at support@swmls.com          

Courtesy and Reference GAAR.com

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Discover Carriage Cove: your gateway to luxury living in Rio Rancho by Hakes Brothers

Nestled amidst stunning mountain vistas, our new homes offer elegance and convenience like never before. With easy access to the Santa Ana Star Center for entertainment and close proximity to Rio Rancho's largest employers such as Intel, Hewlett Packard, and Presbyterian – Rust Medical Hospital, your daily commute is a breeze.

Experience the best of both worlds with our prime location offering quick access to shopping and Rio Rancho's finest restaurants.

Choose from our range of homes featuring open-concept floor plans, modern designs perfect for first-time homeowners and young families, and customizable options to make your living space truly yours.

See…

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