Triumph Lending Review: A Near Perfect 5-Star Rated Lender

Posted on February 2nd, 2021

One of the highest-rated mortgage companies on LendingTree goes by the name “Triumph Lending,” which is a division of its larger parent company Network Funding, LP.

The Texas-based direct lender boasts an incredible 5-star rating out of 5 from more than 1,100 customer reviews, meaning they must be doing something right.

They also feature an elephant in their logo, which explains the choice of image above.

Much of their lending appears to take place in The Lone Star State, so if you live in Texas, they could be a good choice if customer service is important to you.

Triumph Lending Fast Facts

  • Direct-to-consumer mortgage lender
  • Founded in 1998, headquartered in Houston, TX
  • A division of parent company Network Funding, LP
  • Offer home purchase loans and mortgage refinances
  • A LendingTree Certified Lender (top-10 in customer satisfaction)
  • Licensed to do business in six states (most active in Texas)

Triumph Lending a direct-to-consumer mortgage lender that seems to live online, meaning you can apply for a home loan remotely from their website.

The Houston-based company actually got its start as a wholesale mortgage lender, meaning they worked exclusively with mortgage brokers, as opposed to the general public.

Later, Triumph transformed into what they describe as a “hybrid retail mortgage origination company,” meaning they likely have both a retail and wholesale lending division, and/or can broker out loans when necessary.

What this means to homeowners and prospective home buyers is you can work with them directly to obtain a mortgage by calling them up or visiting their website.

They were founded in 1998 by Rex Chamberlain (current CEO) and Greg “Buzz Baker (president), who also run parent company Network Funding, LP.

At the moment, they appear to be licensed to do business in the following states: Arizona, Colorado, Florida, Illinois, Texas, and Virginia.

How to Apply with Triumph Lending

  • You can call, request a quote online, or simply apply immediately via their website
  • Their digital application allows you to apply in either English or Spanish
  • They embrace the latest technology but believe there’s no substitute for one-on-one interaction
  • Borrowers can manage their loan from start to finish via the online portal

You’ve basically got three options here. You can simply call them up on the phone to speak with a licensed loan officer and obtain pricing and loan options.

Or you can fill out a short quote request form on their website and wait for a loan officer to call you back.

Alternatively, you can visit their website and click on “Apply Now” and begin immediately by creating an account.

My recommendation is to always get pricing first, then decide if the company is competitive enough to follow through with the application. After all, you don’t want to waste your time or theirs.

Triumph says they offer an “all-online mortgage application,” which I assume means they use a digital platform that allows you to link financial accounts, scan/upload documents, and eSign disclosures.

You also get paired with a dedicated loan officer, processor, and closing team who will guide you step-by-step from start to finish.

Applicants can manage their loan 24/7 via the secure online borrower portal, which provides real-time updates and current loan status.

Based on their many positive testimonials, it sounds like they make it super easy to apply for a home loan.

Loan Programs Available at Triumph Lending

  • Home purchase loans
  • Home renovation loans
  • Refinance loans: rate and term and cash out
  • Conforming loan backed by Fannie Mae and Freddie Mac
  • Jumbo home loans
  • FHA loans
  • VA loans
  • USDA loans

Triumph Lending offers both home purchase loans and mortgage refinance loans, including rate and term refis and cash out refis.

If you’re buying or currently own a fixer-upper, you can also apply for a home renovation loan.

You can get a conforming loan backed by Fannie Mae and Freddie Mac, or a jumbo loan if your loan amount exceeds local loan limits.

They have the full slate of government-backed loan programs available, including FHA loans, USDA loans, and VA loans.

With regard to loan types, you can get a fixed-rate mortgage such as a 30-year or 15-year fixed, or a hybrid adjustable-rate mortgage, including a 5/1 ARM or 7/1 ARM.

They lend on all the usual property types, including single-family residences, condos/townhomes, and 1-4 unit investment properties.

Triumph Lending Mortgage Rates

While they do say they’ve got the “most competitive rates and terms on the market” right on their website, they don’t actually reveal their mortgage rates anywhere.

Some of the bigger banks and lenders will show you daily mortgage rates just to give you an idea of pricing, which is a nice touch.

Unfortunately, this isn’t the case with Triumph Lending. So if you want to get pricing, you’ll either need to call or submit a free rate quote request on their website.

This is probably the best way to get started as you can determine how their pricing stacks up to other mortgage companies out there.

As always, be sure to compare both the interest rate offered along with the closing costs, since you need to get an apples-to-apples comparison, and cannot do so without both.

Triumph Lending Reviews

Where Triumph Lending really seems to shine is in customer satisfaction. In fact, they’re nearly perfect based on their reviews.

Per LendingTree, they’ve got a 5-star rating out of 5 from over 1,100 reviews, with all 5-star reviews expect for two, which are 4-star reviews. That’s pretty impressive.

Additionally, they are a “Certified Lender,” which is defined as having demonstrated organizational commitment to employee development while providing “exemplary service” to LendingTree customers.

They also landed in the top-10 for customer satisfaction on the LT platform in both the second and third quarter of 2020.

On Zillow, it’s the same story – a near-perfect 4.99-star rating out of 5 from more than 350 reviews.

As I scanned through the reviews, I noticed that many of them highlighted the fact that the interest rate received was lower than expected, as were the closing costs in a lot of cases.

They’ve also got a 4.5-star rating on Google from about 15 reviews and a 5-star rating on Yelp from about 25 reviews.

While they’re not an accredited company with the Better Business Bureau, they do have an ‘A+’ rating based on their complaint history.

This means they’re generally good about resolving any customer issues that may come up quickly and competently.

Triumph Lending Pros and Cons

The Good

  • You can get started directly from their website
  • Offer a digital mortgage application using the latest tech
  • Can apply for a mortgage in both English or Spanish
  • Plenty of loan programs to choose from
  • Amazing customer reviews (nearly perfect ratings)
  • A+ BBB rating
  • Free mortgage calculator on their website

The Not

  • Do not publicize mortgage rates or lender fees
  • Not licensed in all states

(photo: Neil Ransom)

Source: thetruthaboutmortgage.com

Is a Fixer-Upper Home Worth the Investment?

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Disclaimer

Buying fixer-upper homes is currently a popular investment in the housing market, especially since lower-priced houses increase housing confidence in home buyers. On the one hand, it is a great way to purchase a home below market value and sell it for more than you paid. On the other hand, it often seems to be more work than people anticipate, and sometimes the final product doesn’t end up being worth as much time, effort, and money as people put into it.

So, is a fixer-upper home worth it? The answer depends on a variety of factors and your current situation. Thankfully, we have a list of pros and cons as well as tips and recommendations if you’re trying to decide if a fixer-upper home is the right decision for you.

The Pros

  • You have more creative leeway. You can build, renovate, and design the house the way you want.
  • You can decide what places in the home you want to spend more money on (i.e., a better kitchen or a better bedroom).
  • You have the opportunity to make the home worth a great deal more than you paid.
  • You can likely flip the home for more money
  • Fixer-upper homes are typically 8% below the market value.
  • You will pay less in property taxes because they are calculated based on your home’s sale price.
  • If you have a home warranty, you can save money on replacing and repairing broken appliances and systems.

The Cons

  • Most fixer-upper homes are not move-in ready.
  • Renovations are costly.
  • You also don’t have an exact total of what everything will cost, making the financial bottom line uncertain.
  • Fixer-upper homes can be a risk. You never know when things are going to go wrong, so you have to anticipate possible complications.
  • If you need to make structural changes, you’ll need a building permit, which is around $1,000, according to HomeAdvisor.
  • It can take months or even longer to finish a fixer-upper.

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Do a Home Inspection

If you are interested in a fixer-upper home, you want to begin with a home inspection. The inspector will likely be able to determine whether the home is worth the investment or not, depending on the severity of the necessary renovations.

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Note that if the necessary improvements in the house are structural, such as roof and/or wall issues, it’s likely not worth the investment. These type of renovations are complicated and extremely expensive. They are also not typically noticeable by potential buyers, so they fail to raise the value of your home enough to make up for the money you invested. However, if you have a written report from your home inspector listing the major issues and the estimated repair costs, you might be able to get the seller to lower the cost of the house to account for the added repairs you’ll have to do.

Get an Estimate of Renovation Costs

Deciding if a fixer-upper home is worth it is heavily influenced by the estimated cost of renovations. As stated above, home inspectors can often help you with this. Note all of the necessary renovations and how much they will cost by using a home inspector or a contractor; it’s better to over quote this than under quote. Then you want to subtract this from the home’s projected market value (after repairs and renovations). You can estimate a home’s market value by researching the neighboring homes’ values. Finally, you need to deduct 5 to 10 percent more for possible complications and other possibilities.

Determine If You Need Permits

Depending on your area, you might need permits to do certain renovations. If you build without obtaining the proper permits, you could have difficulty selling the house in the future. Make sure you have the money to get the required permits before committing to remodeling.

Identify the Skills You Have and What You Can DIY

Part of purchasing a fixer-upper is having to do much of the work on your own. Decide if you have the skills to do the necessary renovations. If you can do most of the repairs by yourself, figure out what you can DIY and hire someone to do the rest. If you’re doing most of the labor, all you need are the parts and equipment for the renovations, and you won’t have to waste money paying someone else.

If you don’t have the ability to do a large chunk of the workload yourself, consider staying away from a fixer-upper home. Hiring someone to do most of the work for you will likely cost more than the renovations are worth in value.

Make Sure You Have the Time—and the Motivation

Fixer-upper homes require a considerable amount of time. If you think you’re too busy to manage the home renovations, consider going with a move-in ready home instead. Especially if you delay pressing repairs, you could risk losing money and value in your home.

Along with a time sacrifice, fixer-uppers require motivation to deal with such a huge project. Ensure you have the motivation and determination to finish renovations before committing to a fixer-upper home. You don’t want to take the plunge and buy the home just to get burnt out halfway through and regret your decision.

Check Financing Options

Buying a fixer-upper home is more financially complicated than your typical finished home; you will need money for the routine down payment and closing costs, but you will also need money for the home repairs and any possible complications in the renovation process.

If you don’t have enough money for the renovations up front, there are borrowing options such as the 203(k) loan that is meant for home repair, improvement, and reconstruction. A multitude of other loan options can ease the financial difficulty.

Avoid Being House Poor

Being house poor is when you spend the majority of your income on your home ownership. This can include your mortgage payment, property taxes, utilities, maintenance costs, etc. If choosing a fixer-upper home is going to take the majority of your money, you’re most likely better off to wait until you have additional income to handle the financial burden.

Take into account your debt-to-income ratio (DTI) when deciding if a fixer-upper home will make you house poor. Your DTI is all of your monthly debt payments divided by your gross monthly income. Generally, a 36 percent or lower DTI is ideal.

Plan for Complications

With fixer-upper homes comes unpredictability. There are unexpected issues and costs that can leave you scrambling if you’re not prepared. Although you can’t predict the future, you can still take precautions so you are as prepared as possible if something goes wrong, whether that be additional expenses, time constraints, etc. You don’t want to be left in a tough spot because you assumed everything would go as planned.

The Bottom Line

Fixer-upper homes can be a great home investment, but a great deal of responsibility and financial burden comes with it. Make sure you have the resources and the time to manage such a project. If you do, use the above tips in your fixer-upper journey. If not, maybe consider a move-in ready home or you could postpone the fixer-upper project until you are more prepared.

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Finally, ‘Fixer Upper’ Is Back! Watch Chip and Jo Tackle One Hot Mess of a House

At long last, Chip and Joanna Gaines and their smash hit show “Fixer Upper” have returned, although with some changes. For one, the show is now called “Fixer Upper: Welcome Home”—and the season premiere has them faced with renovating the messiest house we’ve ever seen them tackle.

In the episode “A Neglected Home for Newlyweds,” Chip and Jo meet Laney and Lucas, an engaged couple in Waco, TX, who have bought a house filled, quite literally, with trash. The Gaineses will need to work hard to give the couple the honeymoon home they deserve, and have a $150,000 renovation budget to do it.

Here’s how they whip this wreck of a house into shape, which suggests that this season of “Fixer Upper” will be filled with surprises and inspiration galore.

Use indoor windows for a creative way to open up sightlines

This window cleverly connects the office to the kitchen.
This window cleverly connects the office to the kitchen.

Discovery+

The house includes a large front room, which Lucas plans to use as an office.

While workspaces are normally private, Jo and Chip want to open up this space and improve the home’s sightlines. So they install industrial windows into the office that look into the kitchen and living room.

While some designers might have busted down the office walls to give the whole house an open layout, these windows are a creative alternative to demolition.They make the office feel less isolated while still giving Lucas the quiet and privacy he’ll need when working.

When the room is finished, Joanna is happy with not only the function, but also the clean, industrial design.

“The industrial window looks amazing, and I think the idea of trying to bring in a little bit of that industrial feel to this, really kind of modern, minimal space, feels really unique,” Joanna says.

A dark stone fireplace lends an industrial look

Joanna Gaines needed to bring some style into this living room.
Joanna Gaines needed to bring some style into this living room.

Discovery+

When Chip and Jo first see Lucas and Laney’s new house, they’re not only shocked by the mess, they’re also disappointed by the old-fashioned design.

The living room is especially dated, with a fireplace that desperately needs a refresh. Jo plans to update the feature with a sleek, dark stone that’s perfect for Laney’s industrial tastes.

Laney wanted wood storage in her new fireplace, even if it wasn't in the original design plans.
Laney wanted wood storage in her new fireplace, even if it wasn’t in the original design plans.

Discovery+

Yet instead of keeping the slab looking plain and minimalist, Laney makes a change to Jo’s design, requesting a cubby for wood storage. This doesn’t necessarily go with the industrial look Jo planned for, but this designer is willing to make a change. In the end, the wood ends up making the fireplace look even cozier than before.

Centered windows give a room balance

Chip and Jo realized, at the last minute, this window wasn't centered.
Chip and Jo realized, at the last minute, this window wasn’t centered.

Discovery+

Chip and Jo want to give this young couple a cozy dining space, so they design a built-in banquette with midcentury modern charm. However, in the middle of renovation, they realize that the window isn’t centered on the wall, making the space feel awkward.

They know that the wonky window will make the new table look strange, so they put in the extra effort to move the window. They finish the room with the banquette, a midcentury-inspired light fixture, and a beautiful wood table. The furnishings look great and they’re all perfectly centered—giving the room a balanced look.

This centered window makes the space look larger.
This centered window makes the space look larger.

Discovery+

When the dining space is finished, Joanna explains that the new window placement makes the space feel so much bigger.

“This window is really close to this door here, and everything was, like, shoved this way, so we had to center your window,” she says. “Now, I feel like the space was really tiny, but now you’ve got space.”

Use wood paneling as an accent wall

This bedroom was a catastrophe when Jo and Chip found it!
This bedroom was a catastrophe when Jo and Chip found it!

Discovery+

Laney loves simple, Scandinavian looks, but also digs midcentury modern style. So for the bedroom, Joanna installs a feature wall that works for both styles.

“I like the idea of this really cool focal wall, really minimal but highly textural,” Joanna says.

The wood paneling gives this bedroom that midcentury modern look Laney and Lucas love.
The wood paneling gives this bedroom that midcentury modern look Laney and Lucas love.

Discovery+

She uses vertical wood paneling, which are reminiscent of paneling from midcentury homes, while choosing a light color and a simple black handle for the hidden bathroom door, which is in line with Scandinavian design.

The feature wall ends up looking gorgeous. It brings so much style to the room while seeming versatile enough to work with almost any style.

Dark colors in the bathroom add a moody vibe

This bathroom was covered in wallpaper.
This bathroom was covered in wallpaper.

Discovery+

Laney says she likes dark tones, so Joanna wants to give Lucas and Laney’s master bathroom a moody makeover in dark green. She chooses a deep green paint color, then pairs it with green tile and wood vanities, and lightens it all up with light floors and counters.

When the room is painted and nearly finished, it looks great, but Joanna isn’t satisfied with the ceiling.

“When I walked into the bathroom, I really love what’s going on with all the textures and the pattern and the colors. Then when I look up, when I see the white ceiling, it’s almost like we stopped,” Joanna says. “The ceilings are kind of cut in a weird angle, and I don’t want to highlight that.”

So she has the ceiling painted dark green to match the walls.

While Chip is concerned this will make the space feel too dark, once the room is finished, it’s clear that painting was the right choice. The darker ceiling gives the space a cozy but glamorous feel that highlights the beautiful tiles and clean, white bathtub.

This dark green color makes the white finishes stand out.
This dark green color makes the white finishes stand out.

Discovery+

Source: realtor.com

These Are the Top Reasons Home Buyers Haven’t Been Successful Lately

Posted on February 1st, 2021

In case you haven’t been paying attention, the housing market is en fuego. This is actually nothing new.

It’s been pretty red hot for years now, and home prices have risen consistently for about a decade since they bottomed around 2012.

But amazingly, the housing market has become even more competitive lately, despite us being in the midst of a worldwide pandemic.

I already explained that the 2021 housing market is akin to the toilet paper shortage, with too many buyers and not enough sellers.

This is why 2021 home prices will be roughly 10% higher than they were toward the end of 2020.

It also tells me you need to bring your ‘A’ game (and then some) if you want to be successful in winning a bid on a property.

You Better Be Ready If You’re in the Market to Buy

pending sales

  • New for-sale listings fell 12% from a year ago, the largest decline since May
  • Active listings declined 35% from 2020 to reach a new all-time record low
  • 43% of homes had an accepted offer within the first 2 weeks, up from 35% a year ago
  • Last week that number hit 55%, the highest point since at least 2012 (when Redfin began tracking such data)

Just when you thought real estate was cooling off, it got even hotter. Don’t believe me? Check out the latest data from real estate brokerage Redfin.

The company noted that new for-sale listings fell 12% from a year ago, the largest decline since May.

Meanwhile, active listings, which are the total number of homes listed for sale at any point during a given period, slipped 35% from levels seen in 2020 to reach a record low.

This supply issue resulted in nearly half (43%) of homes receiving an accepted offer within the first 2 weeks on the market, up from 35% a year ago.

And that number hit a staggering 55% during the week ending January 24th, which shows it’s only accelerating.

Prospective Buyers Are No Longer in the Planning Phase

planning

In another report from the National Association of Home Builders (the Q4 Housing Trends Report), they found that 56% of prospective buyers have exited the planning stage and are now actively attempting to purchase a home.

That number is up from 43% in the fourth quarter of 2019, and reflects a climate filled with more serious buyers, as opposed to lookie loos.

The NAHB said this is being driven by a mixture of record low mortgage rates, COVID-19, and the fear of missing out (FOMO).

Remember, we’ve just entered February. The traditionally hot housing market doesn’t begin to reveal itself until March and April. I can only imagine what that will be like.

In other words, this situation is only going to get worse as 2021 rolls on, so you better be ready if and when you find a house you like because your competition will be…

FYI, don’t buy a house because you don’t want to miss out.

Why Prospective Home Buyers Aren’t Winning

missing out

  • The most common issue is being outbid on a property
  • Which replaced the inability to find an affordable home
  • Another common gripe is finding a home in a desirable neighborhood
  • Or locating a property that has the desired features/amenities

The NAHB report also looked at why prospective home buyers aren’t closing the deal, and after years of its being an affordability issue, it’s now a matter of being outbid.

While bidding wars aren’t new, and certainly ebb and flow over time, they appear to be gaining traction again.

As you can see from the chart above, there are four main issues that have kept active home buyers from landing a property.

They include housing affordability, features/amenities, desired neighborhood, and getting outbid.

For the first time in the NAHB’s series history, getting outbid was the number one reason a long-time searcher hasn’t made a home purchase.

It usurped the “inability to find an affordably-priced home,” which had long been the issue for most prospects.

Interestingly, home buyers are less burdened by affordability and more held back by higher bids from their competition.

Of course, you could argue they are somewhat one in the same, with a higher bid possibly reflecting a price that becomes too far out of reach.

However, it further illustrates just how strong the seller’s market has become yet again.

There were some periods over the past few years where buyers had the upper hand, but it appears those days are numbered, at least for the foreseeable future.

Prepare for War (of the Bidding Variety)

  • You have to be pre-approved for a home loan (no ifs, ands, or buts), you won’t even get into a showing
  • Expect to provide your “best and final” offer right off the bat
  • Don’t be surprised if you’re outbid, but also don’t expect home prices to get any cheaper this year
  • Consider properties that aren’t picture-perfect which could offer value and help you avoid a bidding war

If you’re a buyer, you need to get your ducks in a row, now more than ever.

At a minimum, this means being pre-approved for a mortgage, having assets set aside for down payment and closing costs, and being ready to make an offer at a moment’s notice.

Oh, and if you’re currently a homeowner, how to get rid of that property without it being contingent.

If you’re worried about affordability, it’s likely only going to get worse, whether it’s higher mortgage rates or even more expensive home prices.

Remember, they’re forecast to rise another 10% by November nationally. As far as interest rates go, the 2021 mortgage rate forecast calls for mostly higher rates, or flat at best.

With regard to the features/amenities issue, the NAHB noted that 41% of buyers in the fourth quarter of 2020 were considering a newly-built home, more than double the 19% share a year earlier.

Generally, new homes have all the latest features a home buyer could want, and/or they can be paid add-ons depending on the builder.

The tradeoff is typically a home in a subdivision that isn’t as centrally located, so you might get the home you want, but not the neighborhood.

If you must have the neighborhood, home renovation isn’t as daunting as it looks, assuming we’re just talking about new paint, flooring, appliances, curb appeal, etc.

Because the market is so competitive, it might be better to look at the homes that aren’t staged to perfection, but have potential.

These diamonds in the rough good could offer a discount, or at least help you avoid a bidding war.

Read more: 2021 Home Buying Tips to Help You Seal the Deal

Source: thetruthaboutmortgage.com

7 Insider Secrets About House Flipping To Put You on the Path to Profitability

Is 2021 the year you’re going to buy a real estate investment property? If you have your sights set on flipping a house for a big profit, you likely know how much work is involved. Sure, popular real estate reality shows like “Flip or Flop” and “Flipping Across America” make fix-and-flip investing look like a feasible endeavor, but you’re wise to the magic of TV, right?

The truth is that flipping a house is rife with challenges, from financial setbacks to breakdowns in communication with your construction crew. Plus, low interest rates mean properties are flying off the market, especially in up-and-coming neighborhoods.

So how can house-flipping newbies compete today? By learning from those with more experience. We spoke to successful home flippers about what they wish they had known when starting out. Hopefully their tips below will help you minimize pain and maximize profits.

1. Stick to your maximum allowable offer

Our experts all agree that buying a fix-and-flip investment should not be an emotional decision. There are certain formulas that every house flipper needs to calculate in order to make a profit.

“Real estate investing is a numbers business, and if the deal doesn’t make sense when you crunch the numbers, you should be able to walk away,” says Hayden Lyon of Cowtown Home Buyers, a real estate investment firm in Fort Worth, TX.

“Stick to your maximum allowable offer. Going above your MAO is just asking for trouble,” says Ryne Lambert, co-founder of Sell My House, a real estate investment firm in Green Bay, WI.

The general rule when determining your MAO is not to pay more than 70% of the property’s after-repair value, or ARV, minus repair estimates. For example, if the property’s ARV will be $150,000, you would subtract the costs to flip (including the cost of a loan, repairs, and other fees) and then multiply that number by 70%. That will give you the MAO you should make on the property.

However, Lambert recommends a more exact formula: “We calculate MAO as ARV minus rehab estimates, selling costs, and minimum gross profit,” he says. “Our detailed formula makes our offer more competitive for sellers while still providing us a nice profit.”

2. Build a buffer into your renovation budget

Anyone who’s undertaken repairs on their house or an investment property knows things rarely go as planned. Permit delays, bad weather, and unforeseen expenses can all throw a wrench in the works—and revise your bottom line.

That’s why Lambert advises new investors to build a buffer of up to 25% into their rehab estimate.

3. Don’t always go with the cheapest contractor

Finding the right contractor can help keep renovation costs in check—but right does not always mean the least expensive.

“When I was new, I thought in order to keep as much profit margin in the flip as I could, I needed to choose the lowest contractor bid,” says Jonathan Faccone of Halo Homebuyers, a real estate consultant in Bridgewater Township, NJ.

“You do have to manage costs prudently, but going with the lowest contractor bids usually end up costing you more in the long run,” says Faccone. “Be cautious about choosing the cheap price and, instead, go with the contractor who offers the best quality and most professional work for your money.”

4. Make sure the contractors have a clear scope of work

You may be able to head off issues with contractors—including plumbers, electricians, and general contractors—by ensuring they present a clear scope of work for the project, experts advise.

“The scope of work usually includes working with the city to obtain permits, ordering materials and equipment, and confirming the house plans. This section will save you a lot of time and money on the back end of the project,” says Shawn Breyer of Breyer Home Buyers, a real estate investing firm in Atlanta.

Most importantly, start building relationships with contractors in the areas where you invest, so you know whom you can trust for any project.

5. Provide a quality product

As fast as homes are selling today, the market is filled with many discerning buyers.

“Often, the ultimate buyer of a flip expects the home to compare with existing homes—or even new construction—in quality and value,” says Greg Kurzner, a Realtor ® for ERA Atlantic Reality in Alpharetta, GA.

Lyon agrees: “Focus on value-add renovations and amenities. Research shows buyers want a nice kitchen and bathrooms. Of course, everything should be functional and up to code, but you want to create an instant emotional connection for potential buyers.”

6. Get your own finances in order before you start

Several investors pointed out the importance of running your blossoming home-flipping company as a business—because it is. That means tracking all of your expenses so you can make better decisions for greater profits. Be extremely organized, and document every purchase order, utility bill, and closing fee that’s involved in the project.

It’s also important to have your own financial house in order before you start.

“If all goes well, you’re about to start making money in large chunks. If you lack proper discipline, you’ll wind up worse than when you started,” says Billy Ross, CEO at RFTA Properties, a residential real estate investment company in Winter Park, FL.

7. Expect to put time and money into marketing

James Fitzgibbons of Ledge Real Estate Solutions, in Windermere, FL, says he wishes he had spent more time in his early years learning how to market homes efficiently.

“We have a wrapped car that we drive around town,” he says. “We’ve driven for dollars, and we’ve used direct mail marketing. Today, we advertise online through Google and Facebook. All of these methods have potential if done right.”

Source: realtor.com

‘Home Town’ Reveals One Thing in Your House That You’ll Regret Tossing

home townHGTV

“Home Town” stars Erin and Ben Napier know that there’s a fine line between classic and dated, so they need to be careful when it comes to their latest renovation.

In the episode “Big Apple to Little Catfish,” Erin and Ben meet with Susan and Seth, who have moved from a tiny New York City apartment to a big old house in Laurel, MS. The couple love the classic Cape Cod style of their house, and they want to keep its old-fashioned charm. Still, Erin and Ben know they need to make some important updates with their $140,000 budget.

Read on to find out how Erin and Ben update the house without taking away from its classic style, which might inspire some upgrades around your own abode, too.

Use limewash instead of paint to keep the character of brick

house
This home has a beautifully classic look, but Seth and Susan don’t like the dark brick.

HGTV

When Seth and Susan first see this old, brick-covered house, they aren’t impressed. Seth says he never pictured himself living in a brick house, and Susan says it seems a little dark from the outside.

So Erin and Ben decide to limewash the house, which, she explains, is not the same as painting it.

house
A limewash helps make this home look brighter.

HGTV

“Limewash is movable for about 48 hours,” Erin says. “So you have the opportunity to distress it, to rub it off. It’s really pliable.”

The team has the opportunity to show some of the brick through the limewash, giving the house back some texture.

When the limewash is finally set, the house looks great. The spots of exposed brick give the house an aged look. Now, Seth and Susan can hide the dark brick without losing its character.

You don’t need to demo a wall to bring in more light

staircase
Erin and Ben Napier couldn’t open up a wall to give this staircase more natural light.

HGTV

Inside, this old house is closed off and dark, so Erin and Ben get to work opening up some walls to let in natural light. However, there’s one dark area that can’t be opened up: the staircase.

So Erin comes up with the idea to fill the space with mirrors. She buys a bunch of old mirrors from an antiques store, knowing the classic gold frames will go with this home’s elegant style.

mirrors
These mirrors brighten up the space.

HGTV

When she finally puts the mirrors on the wall, they look great. The mirrors themselves are classically beautiful, and the light they reflect gives the staircase a more open feel.

“I love it because it reflects light, and it makes this darker area feel brighter, almost like you have all these windows,” Erin says.

Don’t toss your wainscoting!

dining room
Erin and Ben were determined to keep this millwork in the dining room.

HGTV

Erin and Ben are delighted to see some old wainscoting in the dining room, but when they widen the doorway to the kitchen, they realize that this old paneling will need to be removed or shifted.

While simply removing the paneling would have been easier, they definitely don’t want to ditch this old wainscoting. Why? Because it adds character to the room.

So they start the painstaking task of taking each panel off, and moving the pieces over so they’ll fit in the new space.

wainscoting
With some dark paint and new wallpaper, this dining room is back to its former glory.

HGTV

“We could have taken off that paneling. We could have popped it off, trashed it, and then just painted out however we wished,” Erin explains. “But it was beautiful and it made a lot of sense for that dining room to have the formal little moment of millwork.”

When the panel shifting is finished, Erin chooses some new paint and wallpaper, which highlight the elegant wainscoting. The room is now filled with classic charm, and it’s clear that these panels were worth the trouble.

A kitchen can have both a modern look and classic style

kitchen
This kitchen was small and dated.

HGTV

While Erin works hard to keep this home’s classic look, there’s one room that she’s eager to modernize: the kitchen. The original kitchen is small and dark, so Erin and Ben want to give it a 21st-century update. One way they do that is with a new quartz countertop. The countertops Erin chooses have gray veining with just a hint of gold. It’s so beautiful and elegant that Erin decides to use the same material on the backsplash.

kitchen
This kitchen has all the modern comforts and a classic style.

HGTV

“The veining is so much more defined,” Erin says of the quartz. “And once it’s on the backsplash, it’s going to look like abstract art.”

Of course abstract art may not go with the style of this old home, but when this modern kitchen is finished, it has a timeless look. The white materials and wood hood vent give this space an old-fashioned look that Seth and Susan love.

Wallpaper can look modern in the right color

bedroom
This wallpaper was too dated to keep.

HGTV

Upstairs in the master bedroom, Erin and Ben want to continue with the classic theme, so while they remove the original wallpaper, they replace it with a similar look.

“Seth and Susan have bought a house that’s pretty formal, but also it’s very dated,” Erin explains. “I’m paying homage to some of the things that were original to the house, like trim and wallpaper, but not the colorful and crazy wallpaper that was there. It’s a more modern take.”

The new wallpaper is a little simpler and a little darker. It still has that classic look, but in a more modern style. To finish the room, Ben helps build an elegant wooden bed that fits the era of this home.

bedroom
Erin and Ben decide to put this wallpaper on only one wall for a more modern look.

HGTV

The post ‘Home Town’ Reveals One Thing in Your House That You’ll Regret Tossing appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

Home Buyer Checklist: What to Look for in an Open House

Open houses may be staged to look like a home decor dream, but don’t let that distract you from the real reason you’re there: to potentially buy a home. Make sure you can look past the neatly arranged furniture and focus solely on whether the house would be a good fit for you and your family. To help, here’s a home buyer’s checklist of things you might have missed at first glance.

Windows – Look specifically if they are facing the right direction to let sunlight in, and whether they open to a nice view (versus directly toward another neighbor’s window).

Under the Sink Cabinets – Check for possible signs of water damage due to leaky plumbing.

Electrical Outlets – Make sure there are enough outlets for the appliances and other electronics you’ll be using. If not, you can decide if that’s a renovation you’d like to make.

Storage Space – Don’t just look to see if there’s enough closet space, but look for closet placement. Also check that the storage is in a convenient location.

Appliances – If they’re included in the house, make sure they’re in good condition. They should be on and working while you’re there.

Under the Rugs – Lift up any rugs to check the condition of the floor underneath.

Floor Level – Check to see if the floors are level. Place a marble or another small, round object on the floor and see if it rolls consistently in one direction.

Attic – If the house has one, make sure it’s well insulated.

Water Spouts – Runoff from the gutters should be pointed away from the house, so take a step outside to see if this is the case.

This list isn’t all-inclusive, but it’s a good place to start. Talk to a CENTURY 21 ® agent to see what else he or she might add.

The post Home Buyer Checklist: What to Look for in an Open House first appeared on Century 21®.

Source: century21.com

RV Renovation Ideas For Our New (to us) Fifth Wheel!

We are renovating a fifth wheel RV! I’ve been obsessed with RV living and RV renovations since we saw Jill and Eric’s RV renovation last spring. We aren’t ready to move into one but we thought it would be a…

The post RV Renovation Ideas For Our New (to us) Fifth Wheel! appeared first on Modern Frugality.

Source: modernfrugality.com