10.16.24

Written by Chase Majerus

Taking Small Manageable Steps to Your Home

Welcome to This Week Today, your go-to source for the latest in mortgage and real estate tips! This week, we’re diving into how homeownership doesn’t have to be a daunting leap—it’s all about taking small, manageable steps.

Synergy One Lending is here to guide you every step of the way, helping you turn that starter home dream into a reality. Ready to secure your future? Let’s get started!

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Today's Agenda:

S1L Home Equity Loan

Use Your Home For The Best Future Gains

A home equity line of credit, or HELOC, lets you borrow against your home’s available equity. Applying for a HELOC with Synergy One Lending is fast and easy. Our application is fast, easy, and all online. If pre-approved, you’ll be instantly presented with your offer options.

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Contractor Disaster

About 33% of homeowners are willing to hire a contractor with a questionable reputation to save money, according to a Clever Real Estate survey. However, experts warn this can lead to bigger problems and even higher costs in the long run, especially after natural disasters like Hurricane Milton. Contractor fraud often spikes after such events, so it’s crucial to vet contractors carefully.

Key steps include checking reviews, confirming credentials, and watching for red flags like unusually low prices or demands for large upfront payments. Doing your homework can help avoid being scammed twice—once by the storm and again by a bad contractor.

Read more here

Major Manor Movin' Out

Billy Joel Says Goodbye To “Uptown Mansion”

Billy Joel is selling his Long Island mansion, “MiddleSea,” a home he first admired while working as an oysterman in his youth. Joel purchased the property in 2002 and has since restored it to its original grandeur, recreating the estate once owned by a railway magnate.

The musician is selling the property as his family is now based in Florida, and the high property taxes make it difficult to maintain. Despite his success, Joel expressed bittersweet feelings about parting with the home of his childhood dreams. Let’s check it out:

  • 26-acre estate with 2,000 feet of beachfront
  • Main house, beach house, 2 guesthouses, totaling 18 bedrooms and 16 bathrooms
  • Features 3 swimming pools, a bowling alley, and a helipad
  • $567,686 in yearly property taxes
  • Listing price: $49.9 million

Read more here

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Financial Fitness

How Insurance Can Help Cover Living Expenses After Hurricanes Milton and Helene

The recent hurricanes, Milton and Helene, caused massive damage, with insured losses reaching up to $60 billion for Milton and $17.5 billion for Helene. Homeowners and renters affected by these storms may be able to use “loss of use” or “additional living expenses” coverage from their insurance. This helps cover temporary housing, food, and other essential costs if their home is too damaged to live in.

Typically, this coverage is around 20% of the amount it would take to rebuild the home, but it’s meant for short-term relief. Experts advise reaching out to your insurance company to quickly access these funds, and you can also seek help from FEMA to cover additional needs.

Read more here!

S1 FinFit App

Digital financial assistant at your fingertips

S1 FinFit is a FREE app that provides a roadmap to help you reach your financial and lifestyle goals, no matter how big or small! Free credit monitoring with alerts, set financial goals, create budgets, and keep track of your spending to see where your money is going.

Download the app on the appropriate app store with the links below!

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Reverse Boom, Literacy Bust

At the NRMLA Annual Meeting, FHA Commissioner Julia Gordon and HUD’s David Berenbaum emphasized the need for better reverse mortgage understanding, especially as refinancing interest grows. They highlighted the critical role of housing counselors in educating borrowers about the complexities of Home Equity Conversion Mortgages (HECM).

Gordon believes all HECM borrowers should receive counseling, even if not required, due to the program’s intricate nature. Berenbaum noted HUD’s efforts to provide more resources for housing counselors and stressed the importance of discussing long-term needs and costs with trusted advisers before refinancing. Both advocated for stronger counseling standards to ensure borrowers make informed decisions.

Read more here

The Cost of Waiting

Mortgage rates have dropped to 6.25%, sparking interest among homebuyers, but waiting for rates to fall further comes with risks. Increased buyer demand as rates fall could lead to more competition, fewer seller concessions, and higher home prices.

Experts suggest buying now to avoid these challenges, with the option to refinance later if rates drop significantly. Refinancing can offer savings, but depends on factors like closing costs and tax implications. Ultimately, the decision to buy should be based on personal financial stability and finding the right home, rather than trying to time the market perfectly.

Read more here

Vlog

Starting Out With Starter Homes

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Homeownership doesn’t have to be a huge leap—it’s a series of small, intentional steps. At Synergy One Lending, we’re here to guide you through every part of the process, starting with understanding your financial situation and goals.

Whether it’s a starter home or condo, taking that first step helps you build equity and sets the foundation for future opportunities. Secure your future today with the modern mortgage experience at Synergy One Lending

Watch the full video here

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