What will the home of the future be like? You may remember the cartoon, The Jetsons and their futuristic home. George and Jane and had every convenience a homeowner could want. What is in store for the homes of the future? Only time will tell but here are a few ideas that we will be seeing in the very near future: Homes may become smaller. A recent survey of home builders revealed they are building smaller homes. Today the average new home has topped out at approximately 2,400 square feet but builders say to expect new single-family homes to check in at an average of 2,150 square feet by about 2015. There will no more formal rooms like living rooms and dining rooms. The same study said 52 percent of builders plan to build homes with larger great rooms or spaces that combine the family room, living room and kitchen. Buyers and builders are also looking to go green. Expect to see more energy-efficient windows and compact fluorescent and LED lighting, as well as water-efficient appliances and plumbing in newer homes. If you would like to read to full study you can find it here. What would you like to see in your future home?
Securing the best mortgage for your home may seem challenging, particularly for those who are first-time homebuyers. Fortunately, we're here to help you get the best possible mortgage rate, regardless of the real estate market. Here are three tips that you can use to get the best mortgage rate at any time: 1. Find Ways to Improve Your Credit Score. Your credit score likely will influence your mortgage rate. However, those who track their credit score closely can improve this score over an extended period of time. That way, when the time comes to secure a mortgage for a new home, you'll be in great position to get the best mortgage rate possible. Try to check your credit score regularly. You can do so quickly and easily, as you're entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies (Equifax, Experian and Trans Union). To improve your credit score, focus on paying off any outstanding debt. This will help you enhance your credit score without delay. 2. Take Advantage of a Shorter-Term Mortgage. Although you may consider a variety of mortgage options, a shorter-term mortgage may allow you to pay a lower mortgage rate for a shorter period of time. Remember, just because you choose a 15-year mortgage over a 30-year mortgage does not mean you will wind up paying twice as much for your mortgage payment each month. For example, selecting a 15-year fixed-rate mortgage over a 30-year fixed-rate mortgage may prove to be a viable option for many homebuyers. A 15-year fixed-rate mortgage will have higher principal and interest totals than a 30-year counterpart, while the insurance and tax fees associated with both types of mortgages will remain the same. 3. Look at All of the Lending Options That Are Available. It sometimes can be overwhelming to look at all of the banks, credit unions and other lending options that provide mortgage assistance. Diligent homebuyers, however, will dedicate the time and resources necessary to explore all of the lending options at their disposal to make an informed decision. Ideally, you should try to get multiple quotes from a variety of lenders. This will enable you to see exactly what each lender has to offer and improve your chances of making the best decision possible. Lastly, don't forget to lock in your mortgage rate in writing. By doing so, you'll be able to verify you have the mortgage rate you like and the loan you need to secure your dream home. Understanding the ins and outs of landing the ideal mortgage rate can be difficult. And if you ever have concerns or questions along the way, your real estate agent may be able to point you in the right direction as well. Because this agent boasts comprehensive real estate sector experience, he or she may be able to provide guidance and tips to ensure that you can find a reliable lender and land a great mortgage rate. Find a mortgage rate that works for you, and you may be able to save money over the life of your mortgage.