12
Jul
By First Rate Financial Group
Mortgage

Financing Options For Home Improvement Projects: What To Know

Financing Options For Home Improvement Projects: What To KnowAre you planning on updating your house? A home improvement project can be expensive, but you don’t necessarily need to pay for the entire cost upfront. There are several loan options that can make it easier for you to get your home improvement project started right now. What are your options?

A Personal Loan

One of the most common options people use to finance a home improvement project is a personal loan. This could be a great option for you if you don’t want to use your home as collateral or if you don’t have enough equity in your home to use one of the other options available. The downside of this option is that you might have to pay a higher interest rate because a personal loan is not necessarily collateralized.

A Cash-Out Refinance

Another popular option is a cash-out refinance. In this option, you will refinance your mortgage, replacing your current loan with a new loan. Then, you will withdraw some of the equity in your home. You will increase the balance you have to pay back, but you will have a lump sum of cash you can use to cover the cost of your home improvement project. If interest rates have gone down since you took out your first mortgage, you might be able to keep your monthly payment the same. If you can’t get a lower interest rate, you might extend the length of the mortgage to prevent your monthly payment from going up. 

A Home Equity Line Of Credit

Finally, you should also consider a home equity line of credit. As long as you have enough equity in your home, you can withdraw some of the equity and use it to finance the home improvement project. Essentially, it is a second mortgage, but it has a lower interest rate than a personal loan because you use your home as collateral. 

Get Ready For Your Home Improvement Project

You need to think carefully about every financing option available to you. They each have their benefits and drawbacks, and you should get your finances in order before you decide to apply for a loan. Consider reaching out to a professional who can help you.

 

24
May
By First Rate Financial Group
Mortgage

The Top Home Renovations You Should Go All Out On

The Top Home Renovations You Should Go All Out OnWith many people spending more time at home, lots of homeowners are taking advantage of the opportunity to improve their houses. If you are thinking about making an upgrade to your house, you probably have a budget you would like to stick to. On the other hand, there are several home renovations you should splurge on if you want to maximize the return on your investment.

Renovate The Kitchen

Many people say that the kitchen is the center of the house. This is where you will spend a lot of your time, and a lot of your guests will congregate in the kitchen as well. Because of how important the kitchen is to not only yourself but a prospective homebuyer, this is where you can maximize the return on your renovation investment. It is not unusual for you to recoup most of the money you spend improving your kitchen when you go to sell your home. 

Replace Your Floors

Even though you may not think about the surface on which you walk, upgrading your floors is a great way for you to improve the value of your home. Your floors take a beating between heavy equipment, your feet, and your pets, so if you can replace your floors and give them an upgrade, you can increase the value of your home. There might even be new flooring options available, such as luxury vinyl plank, that were not available when you first purchased it. Consider upgrading your flooring to increase the value of your home. 

Finish Your Attic Or Basement

One of the most direct ways to increase the value of your home is to increase your square footage. You do not necessarily need to complete an addition if you can finish your attic or your basement. You may want to work with a professional contractor who can help you turn your attic or basement into an extra room. You can use the extra space as a home theater, a gym, or a recreational space.

Invest In Your Home Through Renovations

These are a few of the top renovations on which you should consider going all out. Even though it might be expensive, these renovations can increase the value of your home. 

 

03
May
By First Rate Financial Group
Home Care Tips

The Top Issues Homeowners Cannot Ignore

The Top Issues Homeowners Cannot IgnoreOwning a home can be a major investment, but it is also a significant responsibility. From time to time, issues can pop up, and it is important that homeowners do not to ignore them. Ignoring these issues can lead to significant repair bills down the road. What are some of the top issues that homeowners should not ignore?

1. Mold

Mold is a sign that the humidity level in the home is off or that there is standing water present somewhere. Mold thrives in warm, moist conditions. If homeowners do not address mold as quickly as possible, it will proliferate throughout the house, damaging the structure. Mold can also lead to significant health concerns, particularly for people who suffer from chronic respiratory conditions. 

2. A Warped Floor

If there is a warped floor present, it needs to be investigated quickly. A floor begins to warp when there is water trapped underneath it. Water damages the integrity of the floorboards, causing them to bend and buckle. The problem will get worse if the water source is not identified and rectified. Homeowners need to fix this as quickly as possible. 

3. Missing Roof Shingles

The roof is responsible for protecting the rest of the home from precipitation. If there are any shingles that are damaged or missing, they will not do their jobs. Water can get in through this area, spread throughout the rest of the roof, and lead to major damage. Homeowners need to get the roof inspected to identify and fix missing shingles.

4. Unusual Noises From The HVAC 

If there are unusual noises coming from the HVAC, it could be a sign of a tremendous amount of stress on the unit itself. This could cause the HVAC unit to burn out quickly, leading to a major bill. When unusual noises are addressed, the HVAC unit can be fixed, extending its lifespan.

Take Care Of The Home

These are a few of the many issues that homeowners should not ignore. If homeowners do not identify these issues and fix them as quickly as possible, they will simply become more expensive and cumbersome down the road. These signs need to be addressed by a major professional, and many of them can be avoided with routine maintenance.