Tips for Refinancing a Home

What does it mean to refinance? It means to provide new financing by getting rid of a high mortgage with the proceeds of a new mortgage obtained with a lower interest rate. This is always a good thing to look into after having around 10% of equity obtained in your house.

What are some good tips to refinancing a home? Here is a list of tips that I found while looking:

Look for free “lock-in” that last 60 days. While it typically takes 45 days to close delays can occur.

If your deal goes bad at closing, consider starting over! You have three days after the close to think it over. If you decide to decline the deal you need to notify the lender with in 3 days in writing.

Don’t assume you will not qualify because you do not have enough equity in your home. Lenders usually look for equity of 10% but there are some exceptions.

Don’t assume because a lender has no application fee that they will be less expensive in the long run. Sometimes lenders with no application fee get heavy on the fees at closing. Always focus on the interest rates and points.

I hope these points help you when you are looking to refinance!

Storage Options

When you are getting ready to move what are your storage options? Door to Door is a company that is a great option to use! They will bring the container to your house, and then you load it up. After that they will pick it up and store it for you! You call them when you are ready for your belongings and they will deliver it to you!

Door to Door services also always make sure to help you determine the amount of space you will need. They will come in and measure how much space you will need for storage so that you are not paying for space you don’t use. Also you have your own individual lock so that no one but you can access your belongings. If you ever want to have access to your unit you just have to let them know and they will make it available at there storage warehouse.

An average unit will hold from a room of furniture to a room and a half or 40 to 50 medium size boxes. They are five feet wide to seven feet tall and eight feet deep. They are a great option for anyone who is on the move. Next time you are going to be moving be sure to look into Door to Door!

Ways to Increase the Value of Your Home

If you are in the selling market and you are looking for ways to increase the value of your home these tips might help!

First of all you have to know that there is a difference between value and price. The price of your home is the amount of money you are selling your home for. The value of your home is concluded by the buyer. Many factors play a role in what people consider valuable. These include: location of the home, condition of the home, features of the home and comparison to other options. By paying close attention to details, you can help yourself find quality buyers who are willing to pay the asking price.

Something that is very helpful is showing the home furniture free. The reason this is affective is because size matters to buyers. Regardless of the square feet of the home, if it looks bigger it feels more valuable. Removing the furniture and clutter can help accomplish this feeling.

Having the house vacant when you show it is also important. Showing a home that is empty makes it seem that much easier to show, sell and for the new owner to take possession of it.

Never forget about the cosmetics of the home. These include: fresh paint, clean or new carpet, landscaping in the front and backyard, and even adding some colorful flowers and new sod for a final touch.

Look around the home, is there anything that you see that might take away form the value of the home. This is very important because even a small spot on the carpet can take away value.

Make sure to have your house inspected before closing the deal! A house that is not in top condition can cost you the sale if you do not get it fixed before hand!

If you get the chance remodel the kitchen and master bathroom. These are two areas of the home that buyers are most concerned about when looking into buying a home.

Last but not least be aware that renovating a home can cost a lot of money. Make sure that you will make the cost back in the sale of the home before jumping into it.

I hope this helps you next time you are in the market to sell your home!

More Mistakes Made when Buying a Home

This is a continuation from my first blog of mistakes people make when buying there first home. Here are a few more common mistakes people make:

Always look out for misplacing your trust. No matter how much you like the people around you who are assisting you remember that you are dealing with a business transaction. Make sure to do all your own research first hand so you are not relying on other people to tell you the truth.

Another mistake people make is not getting everything in writing. Just because you think you have an oral agreement does not make it binding unless it is in writing!

Always look out for the fine print! Before you sign anything take the time to read through all of the fine print and ask questions before you sign anything.

Never buy a home that cost 50% more then the other homes in the neighborhood. The lower home values around you will bring your home value down. Make sure to research the neighborhood pricing.

Protect yourself by having at least 2 of these 3 contingencies in your offer. Mortgage Financing- make sure you have a formal appraisal of the home. If the house appraises for less then the amount of the loan the loan may not go through! Inspection- never buy a home with out having it properly inspected. Listen to the concerns of the inspector before making a decision. Insurance- make sure that you can get the proper coverage of home insurance.

Watch out for these mistakes when buying a home…

What are some of the mistakes people make when they are buying there first home? I wanted to find out the most common mistakes, to warn anyone who is reading this!

The first mistake is going through the process alone. Even if you do not choose to go through an agent you still need to consult with a lender, lawyer, insurer, and friends and family to help you through the process!

A second mistake is buying it the first time you see it! Before you go and buy the first thing you see you will want some research behind your belt! Before you start to look make a list of your budget, what you want in a home, what neighborhoods would work the best for you and your family and then you can start to look at the houses that fit that criteria! You do not ever want to make the mistake of falling in love with a home you can not afford!

A third mistake is not getting pre-approved before you go house hunting! Getting pre-approved means that a lender has looked at your credit rating and has agreed to approve you for a certain amount to buy a home with. Once you know how much money you are going to be able to spend it is a lot easier to go house shopping in your budget!

A forth mistake is barrowing too much money! Just because you qualify for a certain amount of money, does not mean you can afford that amount of money. Make a list of all of your daily activities that cost you money debt, entertainment, transportation, food costs, ect. You always want to make sure that when you pay all of your debts you do not exceed 36% of your income and that is before taxes!

Well I hope the awareness of these mistakes will help you the next time you are in the market to buying a first home!

Buying your first home

So you have finished college, met the love of your life, you are in a stable career and you are now looking into buying your first home! Ok, so the reality of life is nothing happens in that order, or exactly like that. Anyway it happened, you are now looking into buying your first home!

There are many things to consider when you are looking into buying your first home. You have to look at different areas and neighborhoods until you find the home that is right for you. You have to know your budget so that you know what price ranges you are looking at. Buying a home is not only about getting in the home but also being able to stay in the home. The costs you have to remember include paying insurance, property taxes, maintenance, or home owner dues along with your monthly mortgage payments. So make sure to do the math when you are looking into new home ownership so you do not miscalculate!

Do not be part of the crowd that got into risky mortgages and are now getting kicked out because they can not afford there bills. Be smart when looking into new homes. Do a lot of research and be educated on everything you need to know before you get into a mortgage you truly can not afford!