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How to Save Money on Your Kitchen Remodel

by Sandi Pressley

The kitchen is without question one of the most important rooms in any home, and a main selling point when selling your home in Albuquerque. In fact, it can make or break a deal. In fact, a home with a remodeled kitchen can sell up to 8% faster, according to Realtor.com.

In the "old days", the kitchen was kept in the background to reduce heat and control odors. Now, the kitchen is the center of attention in modern homes. That's why your kitchen is such an important room, and how it looks and operates makes such a huge difference.

If you plan to remodel your kitchen soon, here are some tips to help save money.

Choose mid-range efficient appliances 

There's no law saying you must buy the most expensive appliances for your kitchen, especially if you plan to sell your home soon. There's a great range of affordable, practical, energy-efficient appliances that look amazing.

When you choose your appliances, keep an eye on consistency of how they look together. In other words, try to stick with one brand and appearance. Stainless steel is the way to go, as it gives your kitchen a high-end and modern look.

Opt for affordable yet durable counter materials 

When home buyers walk into a kitchen, they will usually look at the counters first, since that's is where all the work happens, and they make up for most of the look of your kitchen. The counters should dictate the look of the rest of your kitchen, such as the cabinetry, room furnishings, and color scheme. 

To save money on granite countertops, you can get away with granite that has a rating of 2, as opposed to 3. This difference won't usually be noticed by most buyers, and can save you a good deal of money, offering a greater return on investment.

Another way to go is with laminate countertops. They look like granite, but without the higher cost. In the past, you wouldn't be able to install an under-mount sink in a laminate countertop, but designs have changed and now you can. Laminate hovers at an affordable $5 to $30/sq. ft.

Quartz (an engineered stone) and concrete countertops are other cost-saving options. The average cost of quartz is $55 to $200/sq. ft. and concrete runs $75 to $200/sq. ft. Resurfacing an older countertop with tile is another option. This project typically costs around $10 to $70/sq. ft. 

Go for a cosmetic upgrade instead of a whole cabinet replacement

When it comes to upgrading your cabinets, you don't have to replace them completely. A complete cabinet replacement can run into the thousands of dollars. Instead, think about resurfacing them. You can even make it a DIY project and save even more money.

If you absolutely need to replace your cabinets, you can go with veneer models instead of real wood. you can expect to spend around $70 to $100 per linear foot for budget cabinets.

When it comes to hardware for your cabinets, you can also save money, as you don't need to spend a ton of money. You can really define your price range with hardware, as you can spend as little as $1 for knobs and hinges.

Remodeling your kitchen is a great way to increase the value of your home. Just make sure you don't eat up that profit by spending too much.

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

1541 Nez Perce Loop NE, Rio Rancho, NM 87144  $599,000

4 Bedrooms / 4 Bathrooms (2 full, 2 half) / 3644 Square Feet

Stunning Views! This home will WOW your buyers! Wide open floor plan with 2 living areas, perfect for entertaining. Gorgeous wood beam accents, custom kiva fireplace & large picture windows with mountain and city views. Well appointed kitchen features granite counter tops, custom cabinets & SS appliances. Brilliant floor plan offers 2 master suites, 2 additional spacious bedrooms and 2 bonus rooms, plus a formal dining room overlooking the wrap around balcony. Master suite is a gem has a picturesque jetted tub, separate snail shower & large walk in closet. Enjoy the views from your covered patio & wrap around balcony year round! New Septic and Well in 2017 - All New Paint inside and out 2019! Hardwood floors refinished 2019! New Driveway! This home is sure to impress!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

Dress Up Your Porch and Sell Your Albuquerque Home Faster

by Sandi Pressley

There are a lot of beautiful homes in Albuquerque for sale. So when you sell your home, you need to make sure it stands out from all the competition, especially these days. Your porch will be one of first things that potential home buyers in Albuquerque will see, so you want to make sure it welcomes them to their new home. Having an inviting porch is an important part of staging your home so that it sell more quickly. Here's a few ideas that will help your porch stand out and welcome guests and home buyers alike.

1. Plants in the Foreground

You can lead your guests right to your porch with plants and flowers that follow the path to your front door. Pretty flowers can really make a big difference in curb appeal. And for those sitting on the porch, it's also a relaxing scene to look at.

2. A Doormat

This step involves nothing more than replacing that tired old doormat. For a more custom affect, try layering a traditional coir doormat atop a larger striped outdoor rug.

3. A Pair of Chairs

If there's room for it, having two chairs instead of one is more welcoming, as it paints the scene of family and friends spending time on the porch together. Some photos may show a chair on each side of a porch, but that doesn't make sense in real life, unless you want to shout back and forth across the porch. Put them together.

4. Thoughtful Color Coordination

Use the color of your front door or trim as a starting point for choosing a color scheme for your porch. You can then repeat that same hue in the accents, like pillows, cushions, door mat, and flower pots.

5. A Fan

Fans are a great way to deal with the bugs and warm weather, and as such make a great investment. A ceiling fan installed by a professional is an ideal choice, but you could also use a standing or tabletop fan as well.

6. Outdoor Curtains

If your porch is lacking in shade, you can add a set of outdoor curtains to diffuse the sun. You can open and close them as needed, just like indoor curtains. If you choose a color other than white, make sure it's a fade resistant fabric to make sure the colors stay vibrant.

With these tips, you'll be on your way to making your home in Albuquerque stand out from the rest of the pack.

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

60 SANDIA MOUNTAIN RANCH Drive, Tijeras, NM 87059  $575,000

4 Bedrooms / 3 Bathrooms (1 full, 2 half) / 4255 Square Feet

Very special mountain home with incredible views, patios and balcony! Well designed floor plan with 3 wings. Master suite retreat with walk-in closet, jetted tub and connecting laundry. Two bedrooms in the second wing with bath and an office or 4th BDR in the third wing. Great room with cozy fireplace, formal dining room with private deck, gourmet kitchen with granite counter tops, SS appliances, wine fridge, gas cooktop, bar, recessed lighting, bkfst nook with amazing views! Special features include an elevator and approx 1500sf of living space; game room, exercise room, media room and workshop!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

What Are E-Closings?

by Sandi Pressley

Back in the days before the coronavirus, closing on a home purchase in Albuquerque was an affair that included a bunch of people passing pens and paper around the table, exchanging handshakes. Today, that's a scene that evokes a bit of cringing. Times have changed, and so have the way we close on home purchases. Now, lenders use what are called e-closings to navigate social distancing guidelines.

An e-closing doesn't mean that the whole process is done online only. There is still some limited personal interaction. The interesting thing is that this new way of mortgage closing is likely to proceed faster than a traditional mortgage closing, and you’re probably going to be more well-informed about what’s happening each step of the way.

What is an e-closing?

An e-closing is a loan closing where at least one document is signed electronically. 

In the past, closing documents were paper and ink. Lately, this has been transitioning to include electronic methods. The most important documents, such as the promissory note, transfer deed and deed of trust or mortgage, are still signed with ink on paper. The less important documents, such as the Closing Disclosure and escrow disclosure, can signed electronically.

Not all e-closings are the same

There are three types of e-closings:

  1. Hybrid e-closing. The borrowers and notary meet in person, and they sign some documents digitally and they sign some documents traditionally. Most e-closings are of the hybrid type.
  2. In-person e-notarization, or IPEN. The borrower and notary public meet face to face. All the documents are digital and are signed electronically on a tablet or computer and digitally notarized.
  3. Remote online notarization, or RON. All documents are signed electronically, and the borrower and notary meet by webcam instead of in person. Not all states, including New Mexico, allow RON, but that list is shrinking, as more states are allowing this provision. 

What happens at an e-closing?

Simply put, you sign documents digitally at an e-closing. This may be done by typing your name, or by adding a snapshot of your signature by clicking a mouse or tapping a tablet.

A notary still must confirm your identity. This may be done in person or by an online meeting service. They may as you questions that only you would be able to answer, such as questions about your personal or credit history.

How e-closings benefit mortgage borrowers

The convenience of e-closings is quickly becoming apparent, as it allows borrowers to close from virtually anywhere in the world.

According to a study conducted in 2015 by the Consumer Financial Protection Bureau “to explore whether the use of e-closing technology combined with more time to review closing documents with embedded educational tools can help consumers navigate the closing process”, it was concluded that borrowers understood the closing process better. They got their disclosure documents earlier, giving them more time to review the paperwork. 

What mortgage lenders get out of e-closings

Lenders have much less paper to deal with on an e-closing. Plus, they can track electronic documents much more accurately. The process of closing is also faster.

Another benefit is that an electronic document can't be submitted without a signature. That's not the case with paper documents. On a paper document, a missing signature might not be detected immediately, causing headaches and delays.

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

60 SANDIA MOUNTAIN RANCH Drive, Tijeras, NM 87059  $575,000

4 Bedrooms / 3 Bathrooms (1 full, 2 half) / 4255 Square Feet

Very special mountain home with incredible views, patios and balcony! Well designed floor plan with 3 wings. Master suite retreat with walk-in closet, jetted tub and connecting laundry. Two bedrooms in the second wing with bath and an office or 4th BDR in the third wing. Great room with cozy fireplace, formal dining room with private deck, gourmet kitchen with granite counter tops, SS appliances, wine fridge, gas cooktop, bar, recessed lighting, bkfst nook with amazing views! Special features include an elevator and approx 1500sf of living space; game room, exercise room, media room and workshop!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

Support Albuquerque Farmer's Markets

by Sandi Pressley

Albuquerque farmers and our local economy need your support! The farmer's markets in Albuquerque are offering their yield for 2020, but with a few changes to accommodate the COVID-19 restrictions. This year, you can take advantage of curbside "Farm to Car" pickup or drive through shopping. This is year has already taught us how to change with the times, and the local farmer's markets in Albuquerque are setting a great example of how to change. This is your opportunity to help our local farmers, as well as enjoy healthy and delicious local produce.

Downtown Growers' Market

(505) 252-2959

Offering pickup Saturdays 10am-1pm @ Fusion Theatre: 708 1st St. NW.

Rail Yards Market

777 1st St SW, Albuquerque, NM 87102 | (505) 600-1109

The Rail Yards Market is coming together in partnership with the Barelas Community Coalition and the City of Albuquerque to offer a pre-order & pick-up.

Sprouts Farmers Market

5600 Coors Blvd NW, Albuquerque, NM 87120 | (505) 355-3850

10701 Corrales Rd, Albuquerque, NM 87114 | (505) 890-7900

5112 Lomas Blvd NE, Albuquerque, NM 87110 | (505) 268-5127

Specialty chain offering a range of natural & organic grocery items. Offering curbside pickup at all locations.

Sichler Farms

820 San Mateo Blvd NE, Albuquerque, NM 87108 | (505) 255-3338

Shop online or call 505 255-3338 to order. Offering curbside pickup.

Corrales Growers Market

500 Jones Rd, Corrales, NM 87048 | (505) 898-6336

Drive through market open every Sunday from 9am - 12pm.

Pueblo Fruits Inc

3333 Los Arboles Ave NE, Albuquerque, NM 87107 | (505) 344-2554

Offering a small and large produce box at $19 and $25. Boxes can be picked up Thursday & Friday from 7am till 2pm & Saturdays from 7am till 11am.

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

400 Penny Lane, Corrales, NM 87048  $550,000

4 Bedrooms / 3 Bathrooms (3 full, 0 half) / 2275 Square Feet

Spectacular Sandia Mountains & Valley Views from this incredible 4BDR/3BA/3CG Corrales home! Enjoy the picturesque views from the great room, sunny breakfast nook, dining room, master suite & balcony! Open great room features wood ceiling, cozy kiva fireplace. Kitchen features granite countertops, beautiful cabinetry, island, bkfst bar, SS appliances, brick flooring. Study/Office/BDR and full Bath on the main floor. Two secondary bdrs share a Jack N Jill bath. Master suite features a double sided fireplace, East facing covered balcony, jetted tub, dual sink vanity and walk-in closet. Fully fenced property with gate entrance, lush grass, fruit trees, waterfall feature, raised beds, covered patio & balcony with amazing mountain and bosque views!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

Should You Downsize to a Smaller Home in Albuquerque?

by Sandi Pressley

Downsizing. It's a word that's been on more people's lips lately due to the economic situation we're living in now. Many people are thinking about how they can adjust their finances to ride this storm and be more secure. For those who own a home in Albuquerque, the thought of moving into a smaller and less expensive home has stood out as a way to make better use of income now, and in the future.

Traditionally, downsizing was a decision that mostly retired homeowners were faced with. Now, virtually all of us need to consider it. But is downsizing your home the right move for you? Here are some pros and cons to consider before you abandon your home for a smaller one in Albuquerque.

Pro: You Can Make Money Selling Your Stuff

Moving into a smaller home means that you will need to shed some possessions. You can sell your more expensive items using Facebook, Craigslist, or Ebay. Depending on social distancing restrictions in the future, you can have a garage sale. Whatever is left to dispense of can be donated.

Con: Purging Can Be Exhausting

Selling your personal items does take a good deal of time (which you may have more of now anyways), but it can be exhausting. Just deciding what to get rid of can be emotionally draining.

Pro: Live in a More Desirable Neighborhood in Albuquerque

As a smaller home in Albuquerque will probably cost less, this can give you an opportunity to move to a neighborhood in Albuquerque that better fits your new lifestyle. You can check out the top neighborhoods in Albuquerque and search for homes on our blog.

Pro: Fewer Costs and Less Upkeep

If you move into a less expensive home in Albuquerque, you can save any profit you make in the move. And you'll probably also save more money on utilities. If you shop wisely, you can find a more energy efficient home that will help you save money down the road. Plus, you'll have a smaller home to upkeep, saving even more money.

Con: The Costs of Moving

Depending on how far you move and if you hire professionals, moving could cost you a lot of money, not to mention effort and time. Plus, there's the time and effort to put your home on the market and go through the selling process, and then to find your new home.

Con: Less Space

With less space to work with, you'll need to be more selective about what you buy. Living in small quarters means constantly making a series of trade-offs. 

Downsizing is a big decision, but one that can make a positive impact on your life. If you carefully weigh the costs and benefits, you can make a good decision when it comes to downsizing to a smaller home in Albuquerque.

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

400 Penny Lane, Corrales, NM 87048  $550,000

4 Bedrooms / 3 Bathrooms (3 full, 0 half) / 2275 Square Feet

Spectacular Sandia Mountains & Valley Views from this incredible 4BDR/3BA/3CG Corrales home! Enjoy the picturesque views from the great room, sunny breakfast nook, dining room, master suite & balcony! Open great room features wood ceiling, cozy kiva fireplace. Kitchen features granite countertops, beautiful cabinetry, island, bkfst bar, SS appliances, brick flooring. Study/Office/BDR and full Bath on the main floor. Two secondary bdrs share a Jack N Jill bath. Master suite features a double sided fireplace, East facing covered balcony, jetted tub, dual sink vanity and walk-in closet. Fully fenced property with gate entrance, lush grass, fruit trees, waterfall feature, raised beds, covered patio & balcony with amazing mountain and bosque views!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

The Top Neighborhoods in Albuquerque to Buy a Home

by Sandi Pressley

Albuquerque definitely offers many great reasons to buy a home here. It's one of the most beautiful and historic cities in the Southwest. There are a wide range of amenities and top rated education that make Albuquerque a perfect place to raise a family. And the scenery here is simply breathtaking.

But what about the neighborhoods in Albuquerque? There are many outstanding neighborhoods in Albuquerque that offer their own unique features and benefits. Here's a list of some of the best neighborhoods in Albuquerque.

1. Heritage East

Heritage East is not only one of the largest neighborhoods in Albuquerque, but one of the safest places to live in New Mexico. This safety record is due to 24/7 security patrols and controlled access points. This makes Heritage East an ideal place to raise a family.

Find Homes for Sale in Heritage East

2. Vista Del Mundo

With a low crime rate of 2,532 crimes per 100k people, Vista Del Mundo is also one of the safest communities in Albuquerque. Residents enjoy a quiet neighborhood with great local amenities and outstanding schools.

Find Homes for Sale in Vista Del Mundo

3. Tanoan East

Another safe community in Albuquerque is Tanoan East, featuring top-notch gated neighborhoods. The total crime estimate for this area is 2,552, which is lower than Albuquerque’s 7,973 per 100k people, making it perfect for families and mature home buyers alike.

Find Homes for Sale in Tanoan East

4. Lousiana and Indian School

The neighborhood in the area of Louisiana and Indian School is only a few miles from downtown Albuquerque, making it a great mix of business and residential areas. This area also features a low crime rate.

Find Homes for Sale in Lousiana and Indian School

5. North Valley

North Valley is a neighborhood that gives you a more country setting, with large homes, farm fields, horse stables and middle-class families. It follows the path of the Rio Grande, and is a lush are with beautiful cottonwood trees and vineyards. North Valley is also one of the safest communities in Albuquerque.

Find Homes for Sale in North Valley

6. Peppertree-Royal Oak

Peppertree-Royal Oak is also a safe neighborhood and a great place for raising a family. The area is 78% safer than all cities in New Mexico. Peppertree-Royal Oak is only a few minutes away from Albuquerque. The neighborhood offers numerous activities and amenities that your family can enjoy.

Find Homes for Sale in Peppertree-Royal Oak

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

5910 HANNETT Avenue NE, Albuquerque, NM 87110  $208,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1885 Square Feet

Terrific location close to Uptown, shopping, dining, parks, UNM! 3BDR/2BA/1CG! Versatile floor plan with 3 living spaces; combined living & dining space, separate hobby/office/bdr, plus large family room/den with cozy wood fireplace. NEW ROOF (2017-1018) Updated furnace (2017) Newer water heater! Lots of light, skylights, ceiling fans, separate utility room! Kitchen features new gas stove, lots of cabinets, tile floor, breakfast bar and is open to the dining room. Outdoor living space with covered patio and walled for privacy and storage shed.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

Check Out These Hot Albuquerque Properties

by Sandi Pressley

If you’re a regular reader of our blogs, you’ve no doubt noticed a “Featured Hot Property” at the end of every article. These are some of the hottest properties in the Albuquerque real estate market. Here’s a roundup of some of our latest properties currently on the Albuquerque market. If you have any questions about these fine properties, always feel free to contact Sandi Pressley and her team at 505-263-2173. You can check out all of our listings on our Featured Listings page.

6038 DEL CAMPO Place NE, Albuquerque, NM 87109

$159,000

Lovingly tended and cared for charming townhouse! Courtyard with gate for privacy. New furnace and refrigerated air unit. New carpet and tile in bathrooms! Large living area with lots of natural light. Backyard has covered and open patio. New Roof 2019, HOA Covers Exterior of Residence- Roof, Stucco, Pool, Club house Etc!

Learn More!

11705 Golden Gate Court NE, Albuquerque, NM 87111

$250,000

Outstanding 3bdr, one level, Double Brick, Holiday Park Custom Ranch Home! Tremendous functional floorplan! Brand new appliances in the kitchen. Kitchen opens to the family room with cozy gas fireplace. Pride of ownership shows throughout this home!! Front yard features a convenient circular driveway. Two large lovely covered patios in the big backyard. Desirable location, NE Heights comfort and convenience located close to schools, medical, shopping, gym, restaurants Labs & KAFB. Come see this classic well maintained home today!

Learn More!

1240 Blanca Avenue NW, Los Lunas, NM 87031

$450,000

Beautiful custom home located in a cul-de-sac and short commute to Albuquerque. Enjoy the large backyard on your covered patio with a built-in surround system and open space behind for added privacy. The foyer with high ceilings makes for a grand entrance. Step into the stunning kitchen with custom cabinets and granite countertops that opens up to the living room. The bonus room downstairs could be an in-law suite with a private bath across the hall or a fourth bedroom. The decorative over-sized wooden staircase leads to the 2 additional bedrooms and master suite with balcony. Entertain family and friends at this beautiful home.

Learn More!

1016 SARATOGA Drive NE, Rio Rancho, NM 87144

$549,000

Enjoy Grand Views of Sandia Mountains from the Belvedere. Breathtaking setting for this European flair home perched on elevated lot landscaped, w/ grapevines, fruit trees, grass, fountain, a walk path around the property. Courtyard entry, Inviting foyer curved archways, opens to expansive great room w/ Soaring ceilings, Light filled gourmet kitchen, w/center island & gas cooktop, double ovens, ample cabinets and counters, 2 pantries, an breakfast nook that looks onto the outdoor east facing pavilion. Private Owner's suite, features European style WC, jetted bath, separate shower and dual vanities. walk in closet and a bonus/flex room & laundry rm. 3 more spacious bdrms. Zoned radiant heat, entire property is gated, 4 cg/each oversized. circular driveway, backyard access w/ room for RV!

Learn More!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

Get your Morning Inspiration with the Sandi Pressley Team

 

If you’re a regular reader of our blogs, you’ve no doubt noticed a “Featured Hot Property” at the end of every article. These are some of the hottest properties in the Albuquerque real estate market. Here’s a roundup of some of these outstanding properties currently on the market for your review. If you have any questions about these fine properties, always feel free to call Sandi Pressley and her team.

Living in this time of uncharted waters can cause much anxiety, frustration and confusion. As a homeowner you may be concerned about the ability to pay your mortgage. According to Computershare Loan Services in the U.S., currently 8% of homeowners have filed for forbearance. Even if your current loan servicer offers forbearance under the CARES Act, much confusion still exists about the program requirements & impact.

Here’s what you need to know:

Forbearance does not mean Forgiveness

This program was initially offered for 90 days for those impacted by COVID 19 for financial hardship but can be extended up to 1 year. However, once the forbearance period is over, the amount will need to be repaid. Meaning it is not forgiven. Options for repayment are being reviewed at this time for all mortgage lenders. The FHFA issued a statement today that mortgages serviced under Fannie Mae & Freddie Mac will not have a lump sum due at the end of the forbearance- but that only covers mortgage loans held by Fannie Mae & Freddie Mac. It is critically important that you discuss these terms with the servicer of your mortgage so you will not be in an even more difficult situation following the forbearance.

The statements below are directly from Freddie Mac (mortgagenewsdaily.com)

“Homeowners with a hardship can have up to 12 months of forbearance although servicers will typically start with a shorter timeframe, reassessing it over time. Once the hardship has been resolved the homeowners will have the following options.

  • Full repayment or reinstatement. Missed payments are repaid, putting the loan back on track

  • A repayment plan which allows borrowers to pay their regular monthly payments and an additional amount so they can catch up gradually.

  • Payment deferral or modification. This would keep the monthly payments as originally agreed. The missed payments are added to the end of the loan.

  • Loan modification. Changing the interest rate, loan term, or some other feature to lower the original payment amount.”

Will the forbearance impact my credit score?

In accordance with the CARES Act, a forbearance will not affect your credit score. However, any missed payments before the forbearance period, or an inability to repay the amount owed after the end of the forbearance, will negatively affect your credit score.

Can I refinance my loan after a forbearance?

While forbearance will not affect your credit score, the one little known fact that is extremely important is that it will affect your ability to refinance. Any two missed consecutive payments in a 12-month period will show a gap in your payment history…and this will affect the underwriting of the loan. Therefore, you would not qualify to refinance until after a 12-month period of timely payments has been established after the forbearance.

Will I be able to do a future home purchase after a forbearance?

Just as in the refinancing of a loan, your payment history will be affected and impact your ability to purchase a home after forbearance. The simple act of applying for forbearance, will be on your record and will prevent you from qualifying for a new mortgage- even if you decide not to go through with the forbearance and make all your monthly payments on time, the record will show the forbearance. Once the approved forbearance period is over, you will need to show 12- months of timely consecutive payments to eventually qualify for a new home mortgage.

What is the impact on Private Loans vs Government Secured Loans?

At this time approximately 30% of homeowners utilize private loans, which are NOT included in the CARES Act! All government secured loans are eligible. The option does exist for local governments to offer their borrowers payment suspensions. This, however, would be on a state to state basis and should be discussed with your lender.

If I start the forbearance process, can it be cancelled or reversed?

It is extremely important that you evaluate all aspects of the forbearance program and its affect on you prior to choosing the option. While you may be able to cancel your request and continue paying your mortgage monthly, the documentation to your credit file will be noted and will impact your refinancing and buying activity moving forward. With loan servicers inundated with calls and requests, getting personal assistance with removal of this from your record may prove to be difficult.

It is always recommended to speak with your servicing lender before making these decisions.

The bottom line is this: If you can afford to make your monthly mortgage payments, make them! This will ensure you have all options available to you in the future for refinance or purchase of a new property.

Here at the Sandi Pressley Team we have adapted and created successful virtual and high-tech tools that are allowing our clients to successfully buy and sell homes during this unique time.

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

6038 DEL CAMPO Place NE, Albuquerque, NM 87109  $165,000

2 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1271 Square Feet

Lovingly tended and cared for charming townhouse! Courtyard with gate for privacy. New furnace and refrigerated air unit. New carpet and tile in bathrooms! Large living area with lots of natural light. Backyard has covered and open patio. New Roof 2019, HOA Covers Exterior of Residence- Roof, Stucco, Pool, Club house Etc!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

Disclaimer: The information contained herein has been researched but is evolving on a daily basis. Each consumer should always do their own research and speak with their lender before making any decisions. Coldwell Banker Legacy/ Sandi Pressley, Inc/Sandi Pressley Team are not liable for the content contained in this blog.

Ideas to Make This a Mother's Day to Remember

by Sandi Pressley

Are you stuck thinking of ideas for Mother's Day this Sunday, May 10? The lockdown has made life a challenge, but don't worry, you can still share a special day with mom in Albuquerque. Here's a few ideas that will help you make this Mother's Day 2020 one to remember.

Share a meal

Sure, you can't eat in a restaurant right now, but many restaurants in Albuquerque are offering takeout or delivery. You can eat together in person if you live together, or set up a virtual meal through video conferencing. You can have the food delivered to you separately at about the same time to make sure your food is ready in both locations.

Enjoy nature together

The weather is going to be beautiful this Sunday, so why not sit together on the porch and just enjoy the fresh air. Poor some lemonade or wine, sit back, and relax.

Relax with casual activities

Another relaxing way to spend time together, virtually or in person, is to watch a favorite movie or TV show. Many major TV stations like ABCNBC, and CBS offer full episodes of their shows for free on their websites and through their apps.

You could also do a jigsaw puzzle, sudoku, or crossword puzzle together. If you’re not in the same household, it doesn’t have to be the same puzzle. The goal is to enjoy an activity together.

Bake or cook together

Why not spend the day baking or cooking a favorite dish or dessert? Depending on each of your abilities, one of you can prep for the other, or just be a taste-tester.

Relax with music

Another activity that can be enjoyed in person together or via video call or telephone is to listen to music together. If you both play the same song, you can listen or even sing along together. If one or both of you plays an instrument, you can pick a song or two to parter up on.

Whatever you do, make this Sunday a Mother's Day to remember. Your mom deserves it!

Happy Mother's Day!

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

6038 DEL CAMPO Place NE, Albuquerque, NM 87109  $165,000

2 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1271 Square Feet

Lovingly tended and cared for charming townhouse! Courtyard with gate for privacy. New furnace and refrigerated air unit. New carpet and tile in bathrooms! Large living area with lots of natural light. Backyard has covered and open patio. New Roof 2019, HOA Covers Exterior of Residence- Roof, Stucco, Pool, Club house Etc!

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

Is a Bidet Right for Your Albuqerque Home?

by Sandi Pressley

It goes without saying that this year will be remembered for decades, especially when we see a roll of toilet paper. The stunning suddenness of the lack of TP on the shelves has had many people in Albuquerque and around the nation looking for alternatives. One of the options that stands out is a device that's actually very popular around the world. The bidet.

As such, it's time to ask: Should America switch to using bidets?

What is a bidet?

Most of us who have lived in the US and never traveled around the world have probably never seen a bidet, let alone used one. But they are quite common in Asia and Europe. Simply defined, a bidet is a fixture that shoots a stream of water to take care of post-toilet personal hygiene.

How much do they cost?

As you might have guessed, the cost of a bidet varies quite a bit. You can get a basic standalone model for around $200. You can pay up to $1000 if you want to go all out, with features such as an automatic lid that opens and closes with the touch of a button, an LED nightlight, stainless steel nozzles that look prettier than plastic ones, and a heated seat.

There are other options to installing a standalone bidet that are more affordable. You can add a bidet attachment to your existing toilet, which is also faster to install. It's basically a little hose inside the toilet that shoots water where you need it. And you can install it yourself, saving even more money.

You can also go with an integrated toilet option, such as Toto's compact Washlet G500, which comes with a built-in deodorizer, sensor-activated lid opener, and hands-free automatic flusher. Or you can buy a bidet seat, which will convert your current toilet. With electronic models, the touch of a button extends a small nozzle beneath you that sprays a comfortable stream of warm, aerated water. When you’re done, the nozzle automatically cleans itself before retracting back into its sleeve.

Why are they so popular around the world?

There's some very good reasons why bidets are so popular around the world.

  • You save money

    We use a staggering 36 billion rolls of toilet paper per year in America. That adds up to a lot of money being litterally flushed down the toilet. The average US houseld spends hundreds of dollars each year. That's enough to buy a fairly decent bidet. You will still need to use some TP with a bidet, but it's just to pat yourself dry. So you're still saving a great deal of paper.

  • Environmentally friendly

    Using less toilet paper can only be a good thing for the environement. 36.8 billion rolls of toilet paper is roughly 15 million trees. Can you imagine the impact if just 50% of the population in this country switched to using bidets?  

  • It’s more hygienic

    We usually don't think about the fact that TP is bleached, which means you're rubbing chlorine and chemicals on yourself. Water is understandably cleaner and does a better job of cleaning.

  • It’s better for your plumbing and septic system

    No clogging up your system.

  • It can reduce health problems

    Toilet paper can aggravate constipation or hemorrhoids. And people with limited mobility may struggle on the toilet. A bidet with a built-in blow dryer may seem like a luxury, but may actually be a necessity for some.

Contact us today to help you buy or sell your next home in Albuquerque. Looking for the perfect home for sale in Albuquerque? Our easy-to-use home search tool can help you start the process. Join us twice a week on our blog for more real estate advice and great reasons to buy a home in Albuquerque and the surrounding area. Follow us on Facebook for the latest Albuquerque real estate updates.

HOT HOME LISTING OF THE WEEK!

5910 HANNETT Avenue NE, Albuquerque, NM 87110  $208,000

3 Bedrooms / 2 Bathrooms (1 full, 1 half) / 1885 Square Feet

Terrific location close to Uptown, shopping, dining, parks, UNM! 3BDR/2BA/1CG! Versatile floor plan with 3 living spaces; combined living & dining space, separate hobby/office/bdr, plus large family room/den with cozy wood fireplace. NEW ROOF (2017-1018) Updated furnace (2017) Newer water heater! Lots of light, skylights, ceiling fans, separate utility room! Kitchen features new gas stove, lots of cabinets, tile floor, breakfast bar and is open to the dining room. Outdoor living space with covered patio and walled for privacy and storage shed.

Contact the Sandi Pressley team for additional details! 

Get your Morning Inspiration with the Sandi Pressley Team

 

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The Sandi Pressley Team
Coldwell Banker Legacy
10400 Academy Rd. NE Suite 100
Albuquerque NM 87111
505-980-2999
505-263-2173 / 505 293-3700
Fax: 505-212-0729

Quick links to this site are also SandiSells.net or SandiSellsHomes.com