Kim Abbott

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An Often-Overlooked Trick Can Help You Afford A Second House

January 10, 2023 by Kim Abbott

The whole idea of investing is to use a portion of your money now to get more down the road. It is important for everyone to diversify their investments, and you might be thinking about buying a second house to do so. Investing in real estate is a goal that a lot of people have, but how can you get started? It was challenging enough to buy your first house, so how can you afford a second one?  Use A Cash-Out Refinance To Buy Your Second House One trick that many people overlook is that they can actually conduct a cash-out refinance to purchase a second house. In general, your lender will … [Read more...]

Filed Under: Real Estate Tagged With: Cash Out Refi, Mortgage

An Overview Of A Drive By Appraisal

July 22, 2022 by Kim Abbott

If you are applying for a home loan of any kind, there is a high likelihood that your lender will require a home appraisal. An appraisal is done to figure out how much your home is actually worth because the lender does not want to lend you more money than you could theoretically sell the home for in the future. There are some situations where the lender might be fine with a drive/by appraisal. What does this mean? Comparing A Traditional Appraisal To A Drive By Appraisal A traditional appraisal is a very thorough process where the appraiser comes to the home and inspects almost every portion … [Read more...]

Filed Under: Real Estate Tagged With: Appraisal, Drive By Apprasial, Mortgage

The Most Common Mistakes First-Time Sellers Make

July 8, 2022 by Kim Abbott

Even though many people are focused on some of the most common mistakes that first-time home buyers make, there are also a lot of mistakes that first-time sellers make. Your house is an investment, and the time to capitalize on that investment is when you sell your house. What are some of the mistakes you need to avoid if you want to find the best deal possible? Setting The Price Too High One of the most common mistakes that sellers make is setting the price too high. Yes, you want to get as much money for your house as possible, but you do not want to be unrealistic about the money you think … [Read more...]

Filed Under: Real Estate Tagged With: First Time Sellers, Mortgage, Offer

Common Fees During Refinancing

May 3, 2022 by Kim Abbott

As interest rates fluctuate, you might think about refinancing your mortgage. This is the cost of taking out a new home loan to replace the one you currently have. If you get a significantly lower interest rate, you could save tens of thousands of dollars over the life of the mortgage. On the other hand, you need to think about potential expenses you might incur during the refinancing process. Because you are taking out another home loan, you may need to pay closing costs a second time. What are some of the most common expenses you might have to pay? The Mortgage Application Fee One of the … [Read more...]

Filed Under: Real Estate Tagged With: Fees, Mortgage, Refinance

Comparing Long-Term And Short-Term Rentals

March 31, 2022 by Kim Abbott

Owning rental properties is a great way to diversify investments. Similar to the stock market, homes come in many shapes and forms. Some people are looking for short-term rental properties while other people are looking for long-term rental properties. What are the differences between them, and why might one person choose to own one of these properties over the other? What Is A Long-Term Rental? In general, long-term rental property is defined as any property that has a standard lease that is longer than 12 months. Many people think about apartments, condos, and single-family homes as … [Read more...]

Filed Under: Real Estate Tagged With: Long Term Rental, Mortgage, Short-Term Rental

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Kim Abbott

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