Harold (Buddy) Pope's Blog
If you are thinking of refinancing your mortgage, there are so many options available to you that address your needs. Whether you want to do some home improvement projects or provide a down payment for another property refinancing can be a good option for you. There are many different options when it comes to home loans and refinancing. Below, you’ll find some of the most popular choices and what they mean for your mortgage and your finances.
A standard refinances requires that you have a certain amount of equity in your home. If you want to avoid Private Mortgage Insurance (PMI on the refinance, you need 20% equity in the home. Different lenders have different requirements for the amount of equity that you need in order to do this primary refinancing of your home loan. Keep in mind that a good credit score is also a requirement to do this type of loan.
Refinancing With Cash Out
This option is great when you need to take some of the equity out of your home. This way, you can get some of the equity out of your home without selling the house. This way, you’re able to refinance the mortgage, get a good loan term that’s affordable, and borrow a part of the equity you have built up in your home.
You can use the cash that you take out for just about anything you need including college, home renovations, business start-up costs, or to consolidate other debt you have. The only drawback is that you’re not able to borrow 100% of your equity. Usually, the highest percentage you’re eligible to borrow is 80%. The amount is based on both the equity you have built up in your home along with your income. Also, keep in mind that after you take out one of these loans, the amount of equity you have in your home decreases.
Short refinances may not be offered by all lenders. If you don’t qualify for a HARP loan or standard, refinance this could be a good option for you. If you hope to avoid foreclosure and are struggling to pay your mortgage each month, your lender may agree to the terms of this type of loan. The loan is in effect is a combination of a short sale and a refinance. The lender agrees to pay the existing mortgage off. The loan s replaced with a new mortgage. Beware that if you choose this option, your credit score may go down significantly. If you’re able to keep up with the new mortgage payments, you’ll be able to repair your credit score over time.
14 Vista Ridge Unit #61, Londonderry, NH 03053
The real estate market can be tough to navigate, especially if you want to obtain the best price for your house. Fortunately, we're here to help you analyze the housing sector and make informed decisions as you sell your residence.
Now, let's take a look at three tips to help you review the real estate market before you list your home.
1. Assess Housing Market Data
Learn about the prices of available houses in your city or town that are similar to your own residence. That way, you can establish a price range for your house.
Furthermore, it often is beneficial to check out the prices of recently sold residences in your area. This real estate market data will enable you to see how quickly houses are available before they sell. As such, this information may help you differentiate a buyer's market from a seller's market.
2. Conduct a House Inspection
A home inspection generally is reserved for buyers who request an inspection after a property seller accepts an offer to purchase. However, taking a proactive approach to a home inspection may go a long way toward helping you distinguish your residence from others in a competitive housing market.
During a home inspection, a property expert will examine your residence both inside and outside. This property expert then will offer an inspection report that details his or her findings. And once you have this report, you can prioritize home repairs.
Ultimately, a home inspection may help you take an objective view of your residence. After you conduct an inspection, you can complete home repairs that may help you boost your house's value as well.
3. Consult with a Real Estate Agent
If you are struggling to understand how the housing market works, there is no need to worry. In fact, you can collaborate with a real estate agent and receive housing market insights that you may struggle to obtain elsewhere.
Typically, a real estate agent will meet with you and help you map out a home selling strategy. This plan will account for the age and condition of your home, your home selling goals and the current state of the real estate market. As a result, your home selling strategy will enable you to achieve the optimal results at each stage of the home selling journey.
Let's not forget about the assistance that a real estate agent will provide as you navigate the home selling journey, either. A real estate agent will set up home showings and open house events to promote your residence to prospective buyers. Also, if you receive an offer to purchase your residence, a real estate agent will help you review this proposal and determine the best course of action.
Perform a deep analysis of the housing market before you list your residence – you'll be happy you did. By reviewing the real estate sector, you can find unique ways to ensure your house stands out to potential buyers and accelerate the home selling journey.
For a home seller who wants to maximize his or her house sale earnings, it may be beneficial to invest in property improvements. In fact, there are many reasons why now may be a good time to perform property upgrades. These reasons include:
1. You can make your house an attractive option to prospective buyers.
As a home seller, it is important to do everything possible to help your house stand out to potential buyers. If you dedicate time and resources to perform property improvements, you could make your home an attractive option to buyers. And as a result, you may be able to speed up the home selling journey.
When it comes to performing home improvements, it is important to remember that even minor upgrades can make a world of difference. Thus, if you start small with home improvement projects, you may be able to significantly enhance your residence.
2. You can differentiate your house from the competition.
Oftentimes, it can be tough for a home seller to differentiate his or her residence from comparable properties in the same city or town. If you conduct home improvements, however, you could distinguish your home from the pack.
New siding, a new roof or other home upgrades are sure to impress lots of prospective buyers. Therefore, if you invest in home improvements, you could make it easy for buyers to see exactly what your house has to offer. And if a buyer likes what he or she sees, this individual may be more inclined than ever before to submit an offer to purchase.
3. You can boost your house's value.
Home improvements enable you to upgrade your house's condition. As such, you could bolster the value of your home if you invest in property improvements today.
Ultimately, it may be helpful to conduct home improvements and receive a property appraisal before you list your residence. This may allow you to receive the best-possible appraisal for your house. Perhaps most important, with an appraisal report in hand, you can price your home competitively based on its age and condition.
As you prepare to enter the housing market, you may want to hire a real estate agent too. If you employ a real estate agent, you can receive extensive support throughout the property selling journey.
In most instances, a real estate agent can offer recommendations about potential home improvements. This housing market professional can help you prioritize home improvement projects and ensure you can make the most of the time and resources at your disposal.
A real estate agent also will respond to your home selling concerns and questions at any point during the property selling journey. Plus, he or she will host home showings and open house events and do whatever it takes to generate interest in your house.
Perform home improvements – you'll be glad you did. If you upgrade your residence both inside and outside, you could increase the likelihood of a fast, profitable house selling experience.