Monthly Archives: February 2020

The Best Homebuying Strategy

You don’t want to throw money away on rent anymore, do you? Instead, you can build an asset that can grow large if you handle your money wisely.

Your best strategy? Prepare financially now.

Down-payments.  Small down-payments spell risk for lenders. You’ll pay a higher interest rate, and you’ll have to get private mortgage insurance, about 0.5 to 1.0 percent of your mortgage. That’s about $2000 a year on a $200,000 mortgage, which will add about $167 to your monthly bills.   

While 20% down is ideal, paying PMI allows you to get into a home faster with less money down. You’ll benefit in a desirable housing market where home equity is rising.

The costs of homeownership. According to The Motley Fool, you should prepare to pay about two to five percent of the transaction in closing costs. Afterward, expect to pay for maintenance and repairs, which average about 1% of your home’s value annually. Property taxes can be reassessed annually by multiplying your home’s value by the mill rate (percentage) for your county. Prepare for utilities to rise in winter and summer.

Debt management. Money guru Dave Ramsey says buying a home when you’re in debt is like running a marathon with weights chained to your legs.

Rutgers University economists suggest your monthly consumer debt service should be no higher than 10% of your net income. At 20% or more, you’re in the danger zone. Divide your monthly consumer debt payments by your total net income to find your percentage.

Berkshire Hathaway HomeServices 2019 Award Winners

Congratulations to all of our Berkshire Hathaway HomeServices Hodnett Cooper Real Estate award winners! Pat Hodnett Cooper was pleased to recognize several of our REALTORS for their outstanding performance in 2019. Thank you to Savannah Bee for a fabulous breakfast! (Not pictured Dawn Miller & Crystal Akers – Leading Edge Society and Keith Dean, Jeanette Pewitt & Jessica Oswald – Honor Society)

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Full List of Award Recipients:

Honor Society (Top 14% of the Network)

Keith Dean

Jessica Oswald

Jeanette Pewitt

Vicki Coolidge

Lisa Wilson

Patsy Bryan

Becky Canter

Wanda Greeson

Jill Wright

Ken Haynes

Janice Morgan

Evelyn Murphy

Sue Nyeste

Leading Edge Society (Top 8% of the Network)

Luke Pigge

Dawn Miller

Len Hoshall

Crystal Akers

Missy Neu

Felder Garner

Nancy Usher

Katie Brown

President’s Circle (Top 5% of the Network)

Kelly Bennett

Stephanie Foster Webb

Melinda Laager

Ann Dempsey

Chairman’s Circle, Gold (Top 2% of the Network)

George Skarpalezos

Winnie Skarpalezos

Erin Vaughn

Pat Hodnett Cooper