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Pulled as a Bonus Ask The Contractors Question off the website…
“Where is the best place to buy quality lumber: Lowe’s, Home Depot, or 84 Lumber?”
Homeowner: Sonya (via the web)Hi Sonja. Thanks for sending your question. We are intrigued by your insight and want to say, we love all contractors, lumber yards, and big box stores.
Coincidentally, we did have some news reports in this weekend’s Home Update section on the show about Lowe’s and Home Depot. It’s a four minute listen.
“In fact, I will go the extra mile and shop local retailers like Emigh’s Ace Hardware, Berco Redwood and Berry Lumber, even if it means paying a little bit extra.” – Todd Bird
Thank you so much for sending your question. And thank you for listening to AskTheContractors.com
Best regards,
Todd Bird
Do you have a news tip for our Show Prep on
Joining me now is Earl Cruz from Prestige Flooring. He is one of my Trusted Home Improvement Pros.
Or click to follow along with the transcript below
Lower Mortgage Rates are giving house-hunters their best opportunity today to increase their buying power right now. That’s because rates have come down almost 1/2 percentage points since late mid-November. Therefore, given the strength of the economy, the big question is, “Will it last?”
We asked Mortgage Banker, Troy Bird with Guild Mortgage whether he sees this dip from future interest rate hikes lasting?
Troy: I don’t see it lasting but it is a nice dip right now for some buyers out there. If you’re looking to lock in an interest rate, it’s a great time to do that. We are seeing a window of opportunity for some buyers.
Troy: We’ll see some movement here in the first quarter, but what you’re losing in stocks, you’re going to gain in lower interest rates for your house. Homeowners can lock in now. They’re going to see an open window right now that’s a great opportunity, especially if you are looking to refinance.
Todd: So what is your advice to homeowners right now?
Troy: My advice is simple.
– Try to save up as much for a down payment as you can.
– Pay off your credit cards as much as you can to keep your debt low.
– There are lots of down-payment assistance programs, but if you have the cash to work with that’s even better. Keep your credit great.
– Get pre-qualified with a Mortgage banker before you meet up with a realtor and you start looking for a home.
Source: The Work with Bird TeamTodd: Lastly, how important is it to have extra money in savings? When you go to get a loan, does the underwriter look at that?
Troy: For most loans, it’s great to have reserves. It is not required on all loans.
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