Chris Nooney

The Nooney Team

Looking for a Value-adding Upgrade? Why Residential Solar Panels Are Becoming a Popular Renovation

Looking for a Value-adding Upgrade? Why Residential Solar Panels Are Becoming a Popular RenovationIf you’re looking for a home upgrade that can add resale value to your home while paying itself off over time, look no further than a solar panel setup. In the past few years, the cost of installing residential solar has declined while the efficiency of the panels has increased. This combination has made home solar one of the best investments that a homeowner can make – provided they live in an area that receives a good deal of sunshine.

Solar Adds Immense Value To Your Home

While solar panel installations are not inexpensive, in almost every case they add at least their total cost to the value of the home as soon as they are installed. If you decide to sell your home, it will be very attractive to those who are interested in leaving a lighter footprint or for anyone who was thinking of going solar after they bought their new home.

A Quality Install Will Pay For Itself Over Time

As they generate electricity which can be used in your home or sold back in to the public grid, residential solar panels are one of the only home upgrades that will pay for themselves over time. If you live in a very sunny area and watch your home energy consumption, you may even find that after a few years your solar setup actually begins generating a profit each month. Home solar setups typically come with a 25-year warranty so you can rest assured that your panels will be producing energy for at least the next couple of decades.

Tax Credits And Incentives Reduce The Up-front Financial Cost

Renewable energy sources like solar quality for significant tax credits and rebates which will vary depending on the city and state or province that you live in. A quick web search will show you which types of incentives that you will qualify for, or you can call a local residential solar installer as they’ll be fully aware of all of the various incentives that are available.

Setting Your Budget: How to Analyze Your Finances to Determine How Much Mortgage You Can Afford

Setting Your Budget: How to Analyze Your Finances to Determine How Much Mortgage You Can AffordWhether you’re buying a home for the first time or you’ve decided it’s about time that you upgraded to a larger, more expansive house, if you’re making a real estate purchase you’ll need to be aware of how much you can reasonably afford to borrow in a mortgage. In today’s post we’ll take a look at a few ways that you can analyze your financial situation to help decide how much mortgage you can truly afford.

Prepare An Honest Monthly Budget

The first step in understanding how much of a monthly payment you can afford is to create an honest monthly budget which includes all of your family’s income and spending. Although you won’t have to pay them every month, it’s also important that you include costs that show up irregularly like car repairs, Christmas gifts or tuition bills as these still need to be paid. The more information you can place in your budget, the more accurate your financial picture will be.

Your Down Payment Plays A Huge Role

As you might imagine, the amount you can invest in your down payment plays a significant role in how much mortgage financing you will need. Every dollar that you can place in your down payment today is one less dollar that you’ll need to borrow and pay interest on over the amortization period of your mortgage. Take some time to consider how much you can put down, and see if there’s any way you can bump this figure a bit higher.

What Interest Rate Will You End Up Paying?

Small changes to your mortgage interest rate can have significant impacts on how much you are required to pay back over the life of your mortgage. As you’re shopping around, be sure to consider how long your interest rates are valid for and try to determine the lowest rate you might qualify for. You may also find it helpful to use an online mortgage calculator which can help you to understand how your interest rate impacts your monthly payments.

Consult A Mortgage Professional To Learn More

While building a quick budget to analyze your family’s expenses is easy, factoring in all of the various items that a lender will consider might be harder than you expect. If you have questions about the mortgage process and whether or not you’re ready financially, contact your local mortgage professional today.

Case-Shiller: July Home Prices Cool Across U.S.

Case-Shiller: July Home Prices Cool Across U.S.The stifling heat of July did not penetrate U.S. housing markets according to the S&P Case-Shiller 10-and 20 City Home Price Index reports.

San Francisco’s sizzling home prices dropped in July and posted its lowest price gains since 2012. According to the Case-Shiller 10 and 20-City Home Price Index reports, month-to-month home price appreciation fell to identical readings of an 0.60 percent increase as compared to a 1.00 percent increase reported in June.

Case-Shiller also reported that home prices grew by 0.50 percent throughout the nation. This was the seventh consecutive monthly increase for national home prices.

Year-over-year, seasonally adjusted home price growth was lower in July. Both the 10 and 20 city index reports showed a gain of 6.70 percent over July 2013 as compared to June’s year-over-year reading of an 8.10 percent gain in June. 19 of 10 cities tracked in the Case-Shiller 20 City Home Price Index reports posted lower average home prices in July.

New York posted a 1.10 percent gain in July, while home prices dropped by 0.40 percent in San Francisco. San Francisco showed a marked loss of momentum with July’s year-over-year reading of home price growth decreasing to 10.30 percent from June’s reading of 12.20 percent

On average, July’s home prices were approximately 16 percent below a 2006 peak.

Slowing Demand Puts Brakes on Home Prices

Analysts report that reduced demand for homes is contributing to lower price growth. Rising home prices have put homes out of reach of first-time and moderate income buyers and stringent mortgage credit standards that became effective in January have taken the edge off of high demand and low inventories of homes seen earlier in 2014.

Home prices continue to grow at two to three times the inflation rate according to David M. Blitzer, chair of the S&P Dow Jones Indices Committee. Stagnant wage growth has also quieted housing markets.

New Home Sales Buck Slowing Home Price Trends

The Department of Commerce reported that August sales of new homes grew by 18 percent in August to the highest reading since 2008. August sales of new homes topped out at 504,000 new homes sold on a seasonally adjusted annual basis. Analysts predicted new 426,000 new home sales and July’s reading was 427,000 new home sales.

Demand for new homes grew in direct opposition to Case-Shiller’s July data for existing home sales in 20 major metropolitan areas. While good news for home builders and those employed by them, new home sales account for only about a tenth of the housing market.

Analysts also note that new home sales readings are somewhat volatile and often subject to revision. Increases in new home sales are seen as a positive sign for the general economy as builders are expected to increase hiring and will buy more materials as home construction increases.

Pursuant to the requirements of Section 157.007 of the Mortgage Banker Registration and Residential Mortgage Loan Originator License Act, Chapter 157, Texas Finance Code, you are hereby notified of the following: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. © 2021 Draper and Kramer Mortgage Corp. All Rights Reserved.
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Christopher James Nooney (NMLS ID # 179371 (www.nmlsconsumeraccess.org) TX:179371) Roger G Ryman Jr. (NMLS ID # 180704 TX:180704) Michele Domenico Zugheri (NMLS ID # 179379 TX:179379) are agents of Draper and Kramer Mortgage Corp. (NMLS:2551) an Illinois Residential Mortgage Licensee located at 1431 Opus Place, Suite 200, Downers Grove, IL 60515, 630-376-2100. TX: Draper and Kramer Mortgage Corp. NMLS ID 2551.

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