Tag Archive Home Values

Is it the Right Time to Refinance?!

Everyone is changing their lives due to Covid 19 and we want to offer you one more option to save money.

If you own a home, one of the options to help reduce your monthly payments and save money is to refinance your home loan, and with this changing market, refinancing is certainly something to consider. This process won’t be for everyone, but it’s a good first step to take if you’re looking to save a little bit of money—especially right now.

Ask for help.

Once you’ve decided to look into refinancing your home loan, it’s a good first step to work with a real estate agent who can help you navigate the ins and outs of the process. There are a lot of different types of loans and methods for refinancing (which are touched on below). But an industry expert is the best place to turn for questions. An agent can also help you determine how much your home is worth on the current market—a determining factor in whether or not a refinance could bring you valuable equity.

The purpose of refinancing.

Refinancing can help you accomplish a variety of different things, including lowering your monthly payment, lowering your interest rate, paying off your loan more quickly, acquiring more equity, or a combination of these. Depending on what you’re trying to accomplish, you can make sure you select the best loan for your particular situation.

The different types of loans.

When you refinance your home loan, you are simply replacing your current loan with a new one. Homeowners have a few different options when it comes to refinancing:

Rate-and-term refinancing

This option allows you to change your mortgage rate (the percentage you pay per month) and the term of your loan (the length of time for payment). If your current mortgage rate is 3 percent over 30 years, you could refinance for a mortgage rate of 5 percent over 15 years, for example.

Cash-in refinancing

If you have the cash and are looking to potentially lower your mortgage rate or lower your insurance premium, this could be the option for you. Cash-in refinancing requires you to pay down your current loan in cash with your lender, ultimately lowering your monthly payment.

Cash-out refinancing

This option puts more risk on lenders and typically requires a more stringent approval process for homeowners. However, it could be an option for those looking to decrease the term of their loan. Although this option will increase the amount homeowners owe on their loan, it can be helpful for consolidation when multiple mortgages are taken out.

Do your research.

Know that when it comes to refinancing, you have options and resources at your disposal to help you. You don’t have to make the decision today, or even tomorrow, but if you are curious about the benefits of refinancing, it is always worth it to do your research and see if there is an option that best fits your current financial situation.

#refinance #mortgage #loweryourpayments #savemoney #itsyourmove #creditandlending #greenisleblog


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Improvements to Increase Home Value!

If you want to increase the value of your home, it’s important to do some key renovations. But not all renovation projects are created equal. Some are worth the pretty penny spent, but many can be a waste of time and money, with the return not being quite as high as expected.

When thinking of what renovations to make to your home, consider the following improvements that could boost the value of your property.

Floriong (Average ROI: 70%-80%)

While carpeting may have been popular at one point, now it could seriously deter a potential buyer from putting an offer in. Hardwood floors may be a large expense, but they’re the way to go for any flooring renovation projects. If you have the time and money, this is an investment to think about. But if hardwood is too much out of your price range, consider laminate wood flooring, which gives you a similar look at the fraction of the cost.

Exterior (Average ROI: 76%-97%)

When potential buyers pull up to your property and notice overgrown grass, poor landscaping, and a neglected walkway, that doesn’t give them the best first impression. The opportunity that curb appeal presents for your home is substantial. This includes everything from your front door to your roof to your garage door, which, let’s face it, could always use a fresh coat of paint.

Kitchen (Average ROI: 79%-83%)

There’s a reason many consider the kitchen to be the heart of the home—it’s the room where the most time is spent. People walk in and immediately look to the kitchen to make a quick judgment. If your microwave, stove, dishwasher, countertop, or any other commonly used appliance is over ten years old, it may be time to start thinking of updating.

Making improvements to your home can be quite the commitment, but it’s important if you want to Improve your home’s value on the market.

#homeimprovement #homerepairs #homes #homevalues #itsyourmove #greenisleblog


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