18
Mar
By First Rate Financial Group
Mortgage Tips

The Top Seasonal DIY Home Improvement Projects

The Top Seasonal DIY Home Improvement ProjectsThere are many people who are spending more time at home these days. As a result, it is important for everyone to take steps to try to improve their quality of life at home. This means seasonal home improvement projects. With the weather nice outside, it is a great idea for everyone to think about how they can get ready for the next season. Therefore, there are a few top seasonal Home Improvement projects everyone should keep in mind.

One of the first projects that everyone should work on has to do with their HVAC unit. Right now, people probably are not running their HVAC unit much right now. Therefore, this is the perfect time for everyone to make sure they get their HVAC unit maintained. That way, if there are any issues that are spotted, they can be addressed before the HVAC unit is needed. 

Check The Roof And Gutters For Signs Of Issues

It is critical for homeowners to make sure they keep their gutters clear. Otherwise, rainwater might not be able to drain from the roof away from the house. This could contribute to roofing leaks that could wind up as expensive repair bills. For this reason, all homeowners should take the time to check their shingles, their flashing, their edging, and their gutters. This will make sure the house stays safe when the weather turns down. 

Look For Entry Points For Any Pests

Finally, homeowners also have to make sure they are able to keep any potential infestations away from their homes. There are lots of pests that are going to try to get inside the home as the temperature starts to drop outside. This could include silverfish, ants, cockroaches, and termites. When homeowners take the time to look for these entry points ahead of time, they can prevent these infestations from taking place. 

Think About Home Improvement Projects Now

These are a few of the top home improvement projects that all homeowners need to keep in mind. It is critical to take the time now to carry out these home improvement projects while the weather is nice. This can prevent problems in the future.

 

There are many people who are spending more time at home these days. As a result, it is important for everyone to take steps to try to improve their quality of life at home. This means seasonal home improvement projects. With the weather nice outside, it is a great idea for everyone to think about how they can get ready for the next season. Therefore, there are a few top seasonal Home Improvement projects everyone should keep in mind.

 

12
Mar
By First Rate Financial Group
Mortgage Tips

Moving On Up: Should You Buy Or Sell First?

Moving On Up: Should You Buy Or Sell First?It’s exciting to be able to move into a new home. But there are some tricky details to navigate when you already own a home and you’re ready to buy a new one. Should you buy or sell first? Don’t worry. There are viable solutions.

Should You Sell First?

Think about how selling your home first will impact your family. On the one hand, you’ll be in a better financial position. You’ll have cash in the bank. You may be able to negotiate better terms on your new house by putting more down. However, selling first may mean moving into temporary housing while you find a new house to buy. You might need to store your furnishings. In other words, you may need to move twice.

Should You Buy First?

Buying first gives you more stability. You can stay in your own home until you’re able to move into the new house. When you do move, there won’t be a big rush. You could move over the course of a week or even more. The downside to buying first is that you might be responsible for paying two mortgages for a month or more. There’s no guarantee that your home will sell in a predetermined length of time. And, there’s no guarantee you’ll get the amount of money for your old home that you need to be financially secure.

Viable Solutions No Matter What You Do

Thankfully, there are solutions no matter how you decide. If you sell your home first, you could ask your buyers for a later closing date so that you have time to find a new home. You could even ask them if you can lease your old home on a month-to-month basis so that you have time to buy a new home.

If you buy a new home first, you could get a bridge loan, that helps you pay the second mortgage until you sell your old home. You could also rent out your old home to help offset your mortgage payment.

As you can see, there are ways of making both scenarios work. Whether you decide to buy first or sell first, your real estate agent can help you make it happen.

22
Dec
By First Rate Financial Group
Mortgage Tips

How To Finance Your Home Improvement Project

How To Finance Your Home Improvement ProjectIf you have been spending a lot of time at home recently, then you might be getting tired of staring at the same four walls. Fortunately, there are plenty of ways for you to switch it up by financing a home improvement project. At the same time, home improvement projects can be expensive, particularly if you are targeting the kitchen. Therefore, you might be wondering how you are going to be able to pay for them. There are plenty of ways that you can finance a home improvement project, so take a look at a few of the options below. 

Consider Taking A Cash-Out Refinance

One way that you can free up some extra cash is to carry out something called a cash-out refinance. Right now, due to the coronavirus pandemic, mortgage rates are at historic lows. Therefore, you might be able to complete a refinancing plan that can free up some cash for the home improvement project. When you refinance your loan, you essentially change the terms of your mortgage to free up some of the equity that you already have in your home. Then, you can put this equity toward your home improvement projects. 

Take Out A Home Equity Line Of Credit

You might also be able to tap into the equity you have in your home directly by creating a line of credit. This is a common option when it comes to home improvement financing. The money that you receive from this home equity line comes directly from the equity in your home. If you have been paying into your mortgage for several years, then there is a high chance that you have built up an equity line of credit. At the same time, remember that this is very much like a second mortgage, so you are essentially putting up your house as collateral.

Finance Your Home Improvement Project

Even though you can always put your home improvement project on a credit card or take out a personal loan, it might be better for you to tap into the equity in your home. By accessing a lower interest rate, you might be able to save a significant amount of money while still accomplishing your home improvement project goals.