• Testimonials
  • Video Library
  • Contact

William A. Tuning

Semper Home Loans, Inc., Olympia, WA

  • Home
  • About
    • About William Tuning
    • Apply For A Loan With Me
    • Semper Home Loans Corporate Website
    • Customer Testimonials
    • My Daily Blog
    • Privacy Policy
    • Site Security
    • Disclosure
    • Apply For A Job – Work With William
  • Mortgage Info
    • Buyer Info
    • Seller Info
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Process
    • Loan Checklist
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Blog
  • Apply Now

Archives for May 24, 2018

Smart Technology or Home Automation: What’s the Difference?

May 24, 2018 by William Tuning

Smart Technology or Home Automation: What's the Difference?Is it worth it to add smart appliances or automated features if you’re selling a home? Just how much connectivity do buyers want? And what exactly do the terms refer to in terms of home updates.

Although smart homes and home automation are sometimes used interchangeably, they actually refer to two basically different concepts about how appliances and home systems can operate. Then there is the need for “connectivity,” adding another dimension to any discussion of futuristic home features.

Home Automation

According to a Texas-based Direct Energy blog, home automation has a long history, beginning with the first labor-saving devices that operated with electrical current. “Automatic” washing machines and hot water heaters certainly made life easier at the time, a time long before wireless technology and integrated home entertainment systems.That may be simplistic, but the truth is that any device that operates without human intervention can be termed automatic. 

Today, however, automation commonly refers to home features that are controlled by computer, or that can be set to operate in specific ways: motion-detected lighting, robotic floor cleaners, dishwashers and ovens with delay settings, and the wide range of room monitors, security cameras and voice or motion-controlled devices.

Smart Technology

Computers introduced American homes to smart technology and the Internet of Things. Today, almost every home has several “smart” devices, even if they are simple ones.  

Case in point: A programmable thermostat, common sensor-operated smoke detectors, and a backyard irrigation system with a timer control can be termed smart devices, albeit maybe only “elementary” smart.

Today, most smart technology is also controllable by wireless remote device. But the true definition of smart is any product that incorporates sensors or data storage, microprocessors or controls that allow autonomous operation. An internal operating system is employed to assure that the product operates as programmed, either through user interface or initial setup. Modern smart technology allows for broad integration of devices, in effect creating a “genius” network.

Connectivity

The third piece of the technology puzzle is connectivity. Both home automation and smart technology can be “connected,” for greater flexibility and integration, but it’s not necessary. And, just because homeowners can change a setting via smart phone or battery-operated remote doesn’t necessarily make an automatic appliance or home product smart. 

Connected products interact with one another over a network; the network collects and shares data, and is designed to monitor and allow some degree of control over the functioning of network-connected products or systems. 

For instance, a smart home with sophisticated lighting controls might automatically sense lower light levels at dusk, triggering an adjustment to window shades and turning on both interior and exterior lighting.

Confused? Actually, there’s no real need to be. No matter what you call them, the home features that make living better are all desirable!

Real Estate Tagged: Automation, Improvements, Real Estate

What You Need To Know About Your Home Appraisal And Your Mortgage

May 24, 2018 by William Tuning

What You Need To Know About Your Home Appraisal And Your MortgageWhen buying a home, there are certain steps a buyer should go through before the home sale is official. First the buyer makes the offer, then the offer is accepted.

Next the buyer schedules the inspection and home appraisal. Finally, everyone is ready for closing.

It’s easy to overlook the impact of some of these steps, but when it comes to a mortgage, the home appraisal is actually quite important. Banks want to see that they are lending money for an investment that is worthwhile, so that appraisal is a crucial step to getting financing. Here is what buyers need to know about how the appraisal could affect their mortgages.

Understanding The Home Appraisal Process

The home appraisal gives a home valuation expert the chance to evaluate the home a buyer’s considering to determine its market value. Home appraisers are highly trained, state-licensed professionals that know how to evaluate homes and assign value to them.

The appraiser will use various approaches to determine the final appraised value. The appraisal typically happens after an offer on the home was approved but before the lender loans the money.

The Appraisal And Mortgage Approval

The appraisal is one factor that a mortgage lender considers when deciding whether or not to approve a final loan request. Even if a borrower had preapproval, a low appraisal could cause the mortgage to fall through.

Why is this? A lender only wants to lend enough to cover what the home’s actual value, and if the appraisal comes in lower than what the borrower is asking for, the lender can deny the loan.

If the lender does not deny the loan completely, they may refuse to lend more than the home’s value. In order to buy the home at the agreed price, the buyer may need to come up with the difference in cash at closing.

What Can Buyers Do If The Appraisal Is Low?

If an appraisal comes in low on the home someone wishes to buy, the buyer shouldn’t panic. It is possible to get a new appraisal at a higher value.

First, consider the condition of the home. Did the seller let some things fall into disrepair? If the seller fixes those items, a new appraisal may be higher.

Does the home look rundown or cluttered? This shouldn’t affect the appraisal, but it can sometimes cause the appraiser to trend lower. Sometimes, simply asking for a second opinion might get a slightly different appraised value.  That said, if the appraisal is low, make sure to evaluate the purchase price. Is it in line with current market conditions and the overall condition of the home?

If the answer to that question is no, then the offer may be too much for the home. The appraisal, in this case, gives the buyer the opportunity to reevaluate the purchase decision.

When it comes to mortgage approval, the appraisal is one of the critical steps in the process. If a buyer has shopped wisely, the home should pass with flying colors, and soon the home sale process will be over.  As always, your trusted mortgage professional is the best resource for appraisal information in your local market.

Mortgage Tagged: Appraisal, Mortgage, Value

William A. Tuning

William A. Tuning


VP / Western Retail Branch Division
NMLS 68476
Semper Home Loans, Inc.
Company NMLS 1053
Direct: 360.539.4687

Licensed in Washington and Oregon   

APPLY NOW →

RATE QUOTE →

Connect With Me

  • Facebook
  • Google+
  • LinkedIn
  • Twitter
  • YouTube

Calculate Mortgage Payments

Mortgage Calculator

Categories

May 2018
M T W T F S S
« Apr   Jun »
 123456
78910111213
14151617181920
21222324252627
28293031  
Equal Housing Logo
Semper Home Loans, Inc.
1115 West Bay Drive NW, Third Floor #302
Olympia, WA 98502

Copyright © 2019 William A. Tuning  ·  All rights reserved   ·   Log In