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Thinking about Refinancing? 3 Ways That You Can Boost Your Home’s Assessed Value First

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Thinking about Refinancing? 3 Ways That You Can Boost Your Home's Assessed Value FirstIn an effort to boost the value of their property, many homeowners invest in renovations that will help them sell at a higher price. However, with all of the renovation options, it can be hard to know what kind of fix-ups are really worth investing time and money into. If you’re looking at all of your options for home improvements, here are some surefire fixes that won’t stress the bank and will probably bump up the offering price.

Add In Stainless Steel

The look and functionality of the kitchen is one of the deciding factors for many homebuyers, and this means that if you have old appliances or an outdated look, you should definitely spend some money on a little upgrading. Since kitchen renovations can be a significant expense when it comes to knocking out walls and adding an island, you may want to stick with smaller stuff like a stainless steel appliance replacement or even renovating your cabinets for a more up-to-date look.

Increase Energy Efficiency

With the push towards reducing overall housing costs and being environmentally sustainable, making your home more energy efficient can be a huge selling feature for the kind of buyers who will be able to save money as a result of renos. While there are many financially taxing overhauls that can seriously bust the bank, try simple fixes like adding extra insulation where drafts exist, and installing LED lights for lowered energy costs and longer light bulb expectancy.

Prep For Paint

It may require a little bit of work to get the job done, but re-painting your home can be one of the best, and most economical, means for upping the value of your home. While painting can still be an economical option even with professional painters, a shiny new coat can take years off the look of your house and instantly improve its appearance. You just need to make sure you choose a neutral color and a high-quality paint for maximum effect.

While taking on home renovations will require a bit of spending, it can be a great idea if you’re re-financing your home and are looking to boost its value. The only thing to keep in mind is making sure you choose the kind of fixes that will be inexpensive and popular on the market. If you’re currently looking into your options for re-financing, contact your trusted mortgage professional for more information.

Pay down Your Mortgage Faster by Eliminating These Five Unnecessary Household Expenses

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Pay down Your Mortgage Faster by Eliminating These Five Unnecessary Household ExpensesThe monthly mortgage payment can be one of the most significant household expenditures for a family. However, while it can be a sizable amount, there are certain household things you may be able to eliminate that will help you put down more money and pay your mortgage off a little faster. If you’re interested in ways to save, here are some expenses you may want to consider cutting out.

Giving Up The Cable

Television is an important de-stressor for many people, but it can also be a considerable monthly expense that is often unnecessary. With borrowing materials available at the library and many videos available for streaming online, you can cut your cable cost and may be able to save more than $100 a month.

Coffee On The Go

It may not be a household expense, but the average person can rack up a lot of expenditures each month on caffeine alone. Instead of stopping at the local cafe for a quick fix, consider trying the office coffee or taking a thermos in the morning for savings that will add up by the week’s end.

Dinner On The Town

Going for dinner or getting take-out on the way home can be a great way to finish off a day, but it can also add up to huge monthly expenditures if you’re doing it frequently. While you shouldn’t cut out trying new restaurants altogether, ensure that it’s not something you’re indulging in all the time.

The Grocery Bill

You’ll be able to save a lot of money easily if you’re not buying lunches or dinners, but bargain shopping is still important when it comes to household staples. While this may not make a difference on each bill, it can add up to a considerable dent in your monthly payment overtime.

Saving On Your Smart Phone

Nowadays, most people have a smart phone and have exhausted their need for a landline, but phones can still be quite a money drain when it comes to extra data and an expensive plan. Instead of accepting your bill as is, talk to your provider about deals they can provide so you can save the difference.

The monthly mortgage payment can be a financial burden, but there are many simply ways to save through the year that will add up to big savings and a faster pay-off date. If you’re planning on putting your home on the market, you contact your trusted mortgage professional for more information.

Understanding Automated Underwriting and How It Impacts the Mortgage Application Process

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Understanding Automated Underwriting and How It Impacts the Mortgage Application ProcessWhether you’re embarking on the process of obtaining a mortgage for the first time or just preparing yourself for the advances in the industry, the implementation of automated underwriting in recent years has significantly changed the application process. From the time you’ll have to wait to the documentation that is required, here are some of the details on what you can expect when dealing with an automated underwriter.

Reduction In Document Requirements

In the past, most homebuyers submitting mortgage application documents were required to go into their backlogs to provide the paystubs for the previous 2 months pay, as well as W2’s for the last 2 years. Now, with automation, most homebuyers will only need to submit their most recent paystub in order to move along to the approval process.

The Time Line Is Shortened

Since the loan approval process previously had to go through an underwriter, there was a delay between when the documents could be reviewed and approved, and how long it would take for this information to be passed on to the homebuyer. However, since a Findings Report is automatically created from the applicable data during the automated process, the timeline homebuyers have to wait is shortened considerably.

Approval Rates Are Improved

Previously, approvals that were completed by an underwriter were held to a standard that was made up of a person’s financial health and credit report, so having one and not the other could lead to a declined application. Due to the fact that automated approval is based on the degree of the deciding factors, homebuyers who previously may have been turned away have a greater chance of approval.

A Useful Bargaining Tool

While most homebuyers have identified their ideal home before getting too involved in the application process, automated underwriting actually enables those who want to apply to get approval prior to deciding on a home. Instead of being an expenditure of time, this can actually be a good bargaining chip when it comes to putting in an offer on the right home.

With the advances in technology and the ever-shifting real estate market, there are many changes on the mortgage market that are important for future homebuyers to be aware of. Fortunately, there are many advantages to the automation of underwriting that can offer great benefits to those going through the application process. If you’re applying for a mortgage soon, you may want to contact one of our mortgage professionals for more information.

Need to Discuss – 3 Tips When Shopping for a New Home Loan

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3 Tips When Shopping for a New Home LoanFinding a new home loan can seem challenging, but if you take the proper steps before you start applying for loans, you’ll have no difficulty finding a mortgage that works for you and a lender that would love to have you as a borrower. Shopping for a mortgage isn’t like shopping for a couch, and there’s a lot that goes into the process.

So how can you shop for your new home loan in a way that saves you time and gets you the best loan for your needs? Here’s what you need to know.

Research Loan Types

A lot of homebuyers especially first-time buyers make the mistake of not doing their research and not asking enough questions. A fixed-rate mortgage isn’t right for every homebuyer. Neither is an adjustable-rate mortgage. If you plan to stay put in a home to raise a family, you might consider a 30-year loan. Conversely, if you’re moving in 10 years or less, an adjustable-rate mortgage, or ARM, could better suit you.

It’s advised that you research loan types then prepare a list of questions to ask your mortgage agent to ensure you select the loan that’s best for you.

Get Pre-Qualified Before You Start Looking

It can be tempting to start looking for mortgages online and start seeing what kinds of rates and limits you can afford, but if you start your mortgage hunt with Internet window-shopping, you may end up sorely disappointed. A pre-qualification is a vital first step that can help you to find the mortgage that works best for you.

With a pre-qualification, you’ll have a good idea of what you can reasonably afford to spend on a home, so you won’t waste time viewing homes that are outside of your price range.

Hold Off On Major Life Changes Until You Have Your Mortgage

Once you’ve been pre-qualified and pre-approved, the next step is the approval process the part of the process where the lender you’ve chosen evaluates your application and decides whether or not to lend to you. One mistake that a lot of homebuyers make is allowing significant changes in their income to happen during the approval process. If you quit your job to start a business, or if you go down to part-time hours so you can spend more time with the kids, your lender will need to start the approval process over again with your new financial information in mind, so hold off on any big changes until after you’ve been approved.

Finding a new home loan can seem like a challenge, but a qualified mortgage advisor can help. Contact your local mortgage professional to learn more.

On a Variable Mortgage? 3 Signs Your Mortgage Payment Is About To Increase

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On a Variable Mortgage? 3 Signs Your Mortgage Payment Is About To IncreaseFor many homebuyers who are new to the market, it can be very comforting to be on a fixed rate mortgage where fluctuating interest rates cannot have an impact on your monthly payments. While a variable rate mortgage can sometimes lead to significant savings at the end of the day, there are a few ways you can tell if your monthly payment is on the upswing.

An Increase In Your Home’s Value

A marked increase in a home’s value is ideal for most homeowners who consider their home an important investment. However, the downside of an increase in the price of real estate is that your property taxes will probably be bumped up along with it. According to Josh Moffitt at Silverton Mortgage, “If your home value increases because of market conditions, taxes will follow, and it will cost more to insure the home.” In order to determine if a higher payment is on the horizon, you may want to take a look at the listings in your neighborhood.

A Miscalculation

Most people hope that a re-assessment of the value of their home will lead to a bump in its price, but if your monthly mortgage payments were calculated at a specific time during the transaction, this bump may mean a higher monthly payment for you. If there was some overlap between the assessment and the property transfer, or other fees were included in your payment, your tax professional should be able to advise you on the best course of action you can take come tax time.

Insurance Renewal Is Up

In the event that the homeowner’s insurance on your home is about to expire, there’s a possibility that you’ll be paying a bit more following renewal. Instead of leaving this to chance, ensure that your insurance company is communicating with you and keeping you abreast of changes. After all, while insurance is important to protect your investment, you have the option of looking into other insurance providers who may be able to give you a better rate.

It can be hard to plan for the increase in rates that can go along with a variable rate mortgage, but if your insurance is up for renewal and the value of the homes in your area has increased, a higher monthly payment will likely follow. Contact your trusted mortgage professional for more information.