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We often post about knowing when the time is right to buy your first home. Deciding between renting and buying can be a daunting task for many. So, if you know that the time is right for you to buy, you may now be feeling the pressure to choose whether to buy a ‘starter home’ or a ‘forever home’.

Possibly, this analogy could help: think of the first car that you purchased by yourself. Did you choose a compact sedan with good gas mileage, perfect for weekend trips and parallel parking in new cities? Or did you opt for a larger, safe SUV that can seat five with room to spare, complete with a maintenance package to keep it in great condition for many years to come? Both options are great choices, it just depends on what you are looking for, and what you are planning for your future.


You can think of a starter home as a jumping off point in homeownership. When you buy a starter home, you probably don't intend to live there for more than a few years. However, with a forever home, you'll likely plan on living there for many years - maybe even for the rest of your life! When comparing the two options, have in mind how much time you intend to live in the home, and how that fits into your goals.

Reasons to Choose a Starter Home

  • Potentially More Affordable Than a Forever Home

Condos and small houses are a favorite starter home among first-time homebuyers. A smaller house is likely to fit your budget better, and if you're single or have a small family, a one to two-bedroom home may be all you need anyway.

  • Desire to Start Investing in Your Future

You can think of a mortgage payment as an investment in your future, and with every payment, you own more and more of the house.

  • Improve Your Investment Without Commitment

If you want to help increase the value of your starter home, consider making some upgrades. The key to home improvements in starter homes is to focus on those with a reasonable return on investment. Before you gut the bathroom for a complete remodel, consider making less drastic upgrades like replacing the tile and sink. Another thing to consider when making upgrades is to choose designs and materials that will appeal to most homebuyers. You'll want to save those personal touches for your forever home!

Reasons to Choose a Forever Home

  • Have or Plan to Have a Family

Space for a growing family is one of the most common reasons to buy a forever home. A condo for a 3-person family might be okay for a while, but eventually, you'll want more space in case you add to your family. With your forever home, you can have a yard for kids to play in and a dining room large enough to entertain in.

  • You're Ready to Set Roots

It's comforting to know that you won't be moving any time soon. You can settle in, make lasting friendships with your neighbors, upgrade your home just the way you like it knowing that this is your home to do with as you please.

 

If you’re still not sure if you should buy a starter home or forever home, that's okay! The most important thing is that you get pre-approved for a home loan first. With Norcom’s JumpStart Pre-Approval Program with Rate Assurance, you will be able to lock your rate in, and have 90 days to decide on the right home for you to buy.


Tips for Giving a Presentation

Oct 31
1:57
PM
Category | General

For many students and professionals alike, the thought of public speaking results in sweaty palms and shaky knees. How does one overcome this fear and deliver a fantastic presentation?

First and foremost, practicing is of upmost importance. Make sure to rehearse your PowerPoint presentation or note cards several times, especially taking time to read through them aloud. You never know which word or phrase might get you tongue tied, and practicing beforehand could help prevent a mid-speech stutter.

So, if your job requires you to give presentations or talks, but you’re not a fan of public speaking, here are a few tips that could help you:

 

  • The day of your presentation, don’t over caffeinate! People might mistake coffee jitters for nerves while you're speaking. Instead, opt for a glass of water to keep your speaking voice clear.
  • If you know that there will be time for a Q&A after your presentation, prepare the answers to potential audience questions. Try delivering the presentation for a spouse or friend, taking note of any confusions they may have. This can help you manage your composure, even if you are asked a tricky question.
  • If you’re not sure where to look while speaking, focus on a friendly face in the audience. You don’t want to be looking at your note cards, or even worse, your shoes, during your whole speech! Instead, before your presentation begins, scan the audience for someone who appears to be both attentive and receptive. That way, when you look up while speaking, you can look toward them for reassurance.
  • Remember to breath. If you are rushing and just can’t seem to get seem to get your words out, try taking a full inhale and exhale after each statement. You might feel that this will make your speech take longer, but in fact, it will help the audience understand you more clearly. This may even lead to fewer questions at the end!
  • Be yourself. If you have a funny anecdote to begin your presentation, share it! People will be more likely to connect with you and pay attention to you if they feel that they know you a little.

Boo! A Halloween Mortgage Blog

Oct 25
8:00
AM
Category | General

From all of us at Norcom Mortgage, stay safe and warm this Halloween!

  • Trick! Or treat? You’ve found the house of your dreams! Or is it? Make sure to get your home inspected thoroughly so there are no surprises down the road. 

  • Are you not getting many trick or treaters? Think of your home’s curb appeal! Remember to rake leaves, or dare we say shovel snow, off the walkways. Then be sure to stock up on your candy supply! 

  • Don’t let the ghosts in through a drafty chimney - a renovation loan can help to seal the gaps and keep them out. 

  • Need a last-minute costume? Boxes from your recent move will make a great robot! 

  • If your plans for Halloween are curling up on the couch in your new home and watching Hocus Pocus, make sure your cable subscription has been transferred to your new address. 

  • Do you want to adopt a black cat, but your rental doesn’t allow it? A new house is a great pet-friendly option! 

  • Don’t give your credit score a fright! Remember, no major purchases while you are in the midst of the loan process. 

  • Make sure your dream home isn’t a haunted house! Ask if your appraiser is a certified ghost hunter. 

  • A cash-out refinance allowed you to remodel your kitchen, just in time to cook up bubbling potions and spooky treats. 

  • You finally got the cleared-to-close call from your loan officer. Time to break out your best celebration dance moves to everyone's favorite song – The Monster Mash!


Catering to the 2018 Borrower

Oct 18
1:45
PM
Category | General

In today’s world of mobile delivery apps that will bring dinner right to your door, or e-readers that allow you to digitally carry around hundreds of books at a time, consumers demand more digital experiences. Therefore, companies must continue to improve upon their technologies and customer experiences. 

 

So, what does this mean for the mortgage industry? In a recent National Housing Survey by Fannie Mae, when asked how to make the mortgage process easier, 27% of borrowers responded that they would like to see a reduction in paperwork.

 

At Norcom Mortgage, responding to our borrowers needs and wants, while working within a highly regulated industry, is key. We want to improve each of our borrowers’ customer experiences, which is why we have rolled out our electronic closing platform, dubbed Swift Sign. Offering this digital solution will streamline the closing process, saving both time and paper.

 

Mike Dimech, SVP Operations Manager, stated, “Norcom Mortgage is excited and proud to be the first CT-based lender to offer electronic closings to our customers. By maintaining a true, 100% digital loan process, our borrowers will see drastic improvements over the traditional paper mortgage process while Norcom will further develop our internal efficiencies. We look forward to growing our partnership with Pavaso while enhancing the customer experience for our borrowers.”

 

As Dimech mentioned, Norcom has partnered with Pavaso, a Texas-based company that provides an all-in-one digital mortgage closing solution; a platform that improves communication and efficiency. This partnership will further solidify Norcom’s mission to provide lending solutions tailored to meet the needs of a 2018 borrower.

 

 

For more information on the Fannie Mae National Housing Survey, click here:

http://www.fanniemae.com/portal/research-insights/perspectives/digital-mortgage-technology-cason-082818.html

For more information on Norcom’s partnership with Pavaso, click here:

https://www.housingwire.com/articles/47061-norcom-mortgage-starts-eclosing-and-the-digital-mortgage-marches-on


You’ve probably heard it time and time again, why you should consider buying a home instead of renting. Perhaps you’ve hit an age or professional milestone, or maybe you are tired of dealing with your landlord. Whatever the reason may be, here are 10 signs that you are ready to stop renting, and buy a home:

1. You want to have the freedom to do what you want with your home, whether that is changing the paint color, installing solar panels, or getting a chicken coop!

2. You are tired of sporadic rent increases, and you want the peace of mind that your monthly payment will stay the same (with a fixed-rate mortgage).

3. You want to continue to build up your credit score, and paying for your mortgage on-time each month can help you accomplish this.

4. You want to save money, and you know that as a homeowner you can deduct the interest paid on your mortgage from your taxable income.

5. You are ready to be your own handyman or hire a contractor of your choosing for repairs, instead of waiting for your landlord to ‘stop by in a week’.

6. You want to adopt a rescue dog, and your new home can have a big yard for her to run and chase squirrels.

7. You are starting a polka band with your best friends, and you want your own living room to practice in - any time, day or night.

8. You are ready to have your own washer and dryer, and leave behind the surprise of finding someone else's sock in your laundry!

9. You’ve taken up meal planning, and want all the space in your fridge to store your chicken, brocolli, and kale.

10. You are ready to build equity and invest in your own future!

If you think you are ready to become a homeowner, call Norcom today.


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