Kelly Cotovanu, Realtor

05/13/2024

Your dream home can absolutely become your reality... but there’s a catch.
What you jot down on your dream home wishlist might not always match up with what you end up with. And guess what? That’s totally okay. 
The reality is, the perfect home might offer something unexpected, something even better!
For example, a buyer set on a four-bedroom house might discover a charming three-bedroom with a spacious bonus room that could easily become another bedroom or a home office.
Similarly, a buyer focused on a fenced yard could find a house priced right, allowing them to add fencing themselves and stay within budget.
The takeaway? Don’t overlook a home just because it doesn’t tick every single box on your wishlist.
Go see it, explore the possibilities, and you might just be pleasantly surprised!
And one more thing I’ll never stop saying: Remember the things you can’t change - like lot, location, and price. Check those boxes first, then focus on what you can change! 

05/09/2024

Warning: This is not a sexy topic....
But it could make homeownership within reach.
Roughly 61% of homeowners have a mortgage. But not all mortgages are created equal. Here are some savvy loan programs buyers are taking advantage of in East TN:
Fixed-Rate Mortgage
This is the most popular type of loan, offering a fixed interest rate for the entire loan term. It’s a good option for borrowers who want predictability in their monthly payments
Adjustable-Rate Mortgage
ARMs offer a lower interest rate initially, which then adjusts after a set period. This can be a good option for borrowers who plan to sell their home before the interest rate adjusts significantly
USDA rural loans: Designed for low-to-moderate income buyers in rural areas, often with no down payment required. One major requirement? Properties must be located in an eligible rural area. Visit the USDA Income and Property Eligibility website to learn more.
And the more common options:
FHA loans: Backed by the Federal Housing Administration, these loans are ideal for first-time buyers with a 3.5% down payment for a score of 580 or higher or 10% for a score of 500 to 579.
VA loans: For eligible veterans and active-duty service members, offering no down payment, competitive rates, no restrictions on where you buy or for how much, and no PMI. 
And that’s just the beginning!
Need a local lender recommendation? DM me and I’ll send over my trusted list.
Sources: FHA Loan Requirements in 2024
VA Loans - A Complete Overview of Process, Rules, and Restrictions
A record share of U.S. homes are mortgage-free

05/08/2024

I’ll never forget the day I signed the papers for my first home.
After many, many years saving up, I was 26 and my husband was 27, sitting there, my stomach in knots, about to take this huge step.
Buzzing with adrenaline, I still knew deep down it was the right decision for me.
Here’s why I made the decision:

Stability

As a renter, I felt constantly at the mercy of landlords and rising rental prices. Buying offered stability and predictability, giving me peace of mind for the future.

Long term investment

Buying a home would allow me to invest in my own future, building equity with each payment and contributing to my long-term security.

Freedom

*THIS* was the cherry on top. Owning a home would give me the freedom to live on my own terms, creating a space that was perfect for my family and reflected our lifestyle!
As I share my story, my goal is not to decide whether renting or buying is better but to help you make the decision that fits your needs and goals. 
Let’s be real: the “right time” to buy a home looks different for everyone... (or may not be a priority at all!)
Focusing on my “why” and identifying my long term goals helped me stay focused as I worked toward this personal goal!

05/06/2024

Following this strategy saved my first-time buyers’ sanity. 
They were ready to dive into homeownership but weighed down by the process.
The relief was written all over their faces as we reviewed the exact steps they needed to take. 
This is the playbook that transformed their experience: 
1. Connecting with an agent proved pivotal from the start.
During their buyer’s consult, we mapped out their budget, goals, and timeline, having clarity from the get-go.
2. Making “practice” mortgage payments.
By moving money into a high-yield savings account equivalent to a real mortgage, they built confidence they could handle the financial side of buying.
3. Request a credit limit increase.
Working with their established creditors, they were able to boost their buying power and improve their credit score — just in time to secure the right loan.  
4. Get pre-approved (not just pre qualified). Using my list of trusted lenders they got the certified financial go-ahead.
5. Outline non-negotiables. Armed with financial clarity, we then discussed their wants vs. needs, a list we came back to as they toured homes. 
I’m happy to report that these guys are settled in and loving their new home.
If you’re looking for a homebuying journey like theirs, head to my bio to schedule a call!

05/03/2024

Legit or not?
Before you take what online mortgage calculators say to the bank, know this:
Interest rates are incredibly personalized. One size *does not* fit all. 
What you end up with as your lender-issued rate is based on things like: 
Your debt-to-income ratio - Ranges from 0% if you’re debt-free to 50% or more.
Your credit score - Ranges from 300 to 850.
Your employment type and income - Salary, self-employed, hourly, bonus-based pay
Your loan size, type, and length
Your loan co-borrowers, if any
 
The truth is, that rate you see on screen? It might be making assumptions that aren’t right for you.
The only way to truly know where you stand is to chat with a mortgage lender. They’ll ask everything, show you your options, and help you determine your real buying power.
Need a local lender? I’ve got you covered! Just shoot me a message, and I’ll send you my list of trusted lenders. 

05/01/2024

My, oh my — it’s May, oh May! And, if you haven’t noticed, things are happening in East TN!
Swipe right to catch all the excitement buzzing around town and in the real estate world this month!
🔑🏠

04/30/2024

The data is IN!
I’ve crunched the numbers and created the charts, now it’s time for a Q1 Performance Review.
SWIPE!

04/29/2024

Make money while saving up for a down payment??
Yes, it’s possible! And it’s free, no-risk and you can withdraw the funds any time.
Here’s the breakdown:
Compare keeping $50,000 in a regular checking account versus stashing it in a High-Yield Savings Account (HYSA) like SoFi, which offers an impressive 4.6% interest rate (at the time of sharing this post). 
After 5 years, that $50,000 in a checking account might barely keep pace with inflation, while the same amount in a HYSA could potentially grow to over $60,000!
Plus, here’s the kicker: HYSA deposits are FDIC-insured up to $250,000, so your money is safe and protected until you need it.
Don’t let your money sit idly in a checking account when it could be working for you.
Drop me a message and I’ll send over my favorite HYSA available today.

06/13/2023

If you’re thinking about selling your house right now, chances are it’s because something in your life has changed.

06/07/2023

Don’t buy based on rates! Buy a home based on when you are personally financially comfortable to buy! There will never be a “perfect time”, so you do you❤️

Today’s mortgage rates are top-of-mind for many homebuyers right now.