Kathryn Jean Keller

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How To Finance Your Home Improvement Project

December 22, 2020 by Kathryn Jean Keller

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.

 

Mortgage Tips Tagged: Home Improvement, Refinance, Renovation

What To Watch Out For When Buying A Home

December 10, 2020 by Kathryn Jean Keller

What To Watch Out For When Buying A HomeBuying a new home is an exciting experience.  At the same time, it is also important for everyone to think about a few important topics that have to be discussed before they place an offer on a home. That way, everyone can rest easy, knowing they have done their due diligence when it comes to purchasing a new home.

Do Not Neglect The Noise Level Of The Neighborhood

One of the most commonly overlooked topics when it comes to buying a house is the noise level of the neighborhood. Some noise from the outside world is to be expected, particularly for those who move into a busy neighborhood. During a tour of the potential home, it is a good idea to ask realtors to lower the level of background noise. That way, people can get a good feel for what the potential neighborhood noise level might be like. 

Always Ask About The Age Of The Roof

One of the easiest facets of a house to overlook is the roof. At the same time, the roof is also one of the biggest parts of the home. Therefore, it is a good idea for everyone to make sure they do a thorough inspection of the roof. They should look for damages both from the outside as well as inside. Ask about the age of the roof as well. Be sure to check for damaged shingles.

Ask About The Age Of The HVAC System

Another topic that has to be discussed is the HVAC system. In general, people should expect to get between 15 and 20 years of life out of their HVAC system. If the HVAC system in the home is getting close to the point of replacement, then it might be a good idea to ask for a price reduction because the new homeowner is going to have to replace the HVAC system in the near future.

Perform Due Diligence Before Buying A Home

These are a few of the most important points that people have to follow when they are buying a new home. Asking about these issues ahead of time can prevent homeowners from being surprised down the road.

 

Mortgage Tips Tagged: Home Purchase, HVAC, Roof

Is Home Insurance Required When You Buy A House?

November 19, 2020 by Kathryn Jean Keller

Is Home Insurance Required When You Buy A House?For those who are thinking about buying a house in the near future, they are probably in the process of tabulating up all of their expenses. One of the common expenses is home insurance. Even though home insurance is certainly recommended, is it actually required? There are many situations where it is required. At the same time, even when it is not required, it is still a good idea. When it comes to homeowners’ insurance, there are a few important points to keep in mind. 

Why Home Insurance Is Required By A Lender

For those who are taking out a mortgage to purchase a home, most lenders are going to require home insurance. This is because the lender wants to make sure that they are going to get their money back. Remember that the lender is taking a significant amount of risk as well. They want to make sure that they are going to get repaid for their loan. If something happens to the house and there is no home insurance policy, then they are going to lose a significant amount of money. Therefore, for those who are working with a lender, home insurance is probably going to be required. 

Buying A Home Without A Lender

In some situations, people could be looking at buying a home without the help of a lender. Those who are purchasing a home in cash are not going to have anyone telling them that they need to get home insurance. At the same time, it is still a good idea. For most people, the most valuable investment they own is their house. They want to make sure it is protected. After all, people protect their cars with car insurance. Cars usually cost a fraction of the price of a home. Therefore, it doesn’t make sense to go without home insurance.

Get The Right Home Insurance Policy

It is important for people to make sure they get the right home insurance policy. The home insurance policy has to cover situations where a home could be completely destroyed. This includes fires, floods, severe storms, and even situations involving burglary. Compare a few options and make sure to get the right home insurance policy.

 

Mortgage Tips Tagged: Home Insurance, Homeowner Tips, Insurance

The Top Questions Everyone Should Ask Before Renovating A Home

October 23, 2020 by Kathryn Jean Keller

The Top Questions Everyone Should Ask Before Renovating A HomeThere are a lot of people who are looking to improve the home in which they live. One of the top ways to do this is to renovate the building; however, it is also important for everyone to make sure they know exactly what they are doing before they get started. There are several questions that everyone should ask before they start a home renovation project.

Is The Home Worth Renovating?

One of the top reasons why people renovate a home is that they think this is going to increase the value of the home. While this is certainly possible, everyone has to run the numbers and make sure they are either going to recoup their investment when they sell the home or that they are going to be in the home for a long time before they sell it. If the home is worth renovating, then it is fine to proceed.

What Is The Budget On The Renovation Project?

Next, it is also important for everyone to know what the budget is one the renovation project. Remember that there are always going to be expenses that are not foreseen, so be sure to include some room at the top in case the contractors come asking for a budget increase. They almost always do.

What Are The Offers On The Home Renovation Project?

Finally, it is also important to collect multiple offers. Talk to designers, contractors, and architects. Collect a few referrals. Then, talk to all of these individuals and see how much money it is going to cost to complete the project. This is one of the top ways that everyone is able to save money on their home renovation projects and make sure they get exactly what they asked for when the project started.

Answer These Questions Before Starting A Home Renovation Project

By planning ahead of time, everyone is able to plan accordingly, making sure they know what they are doing before the project gets started. When homeowners take the time to plan a home renovation project, they increase the chances of the project being a success. This includes not only an aesthetically pleasing project but a wise financial investment as well.

Mortgage Tips Tagged: Home Budgets, Home Renovation, Mortgage

Understanding Title Insurance and How It Impacts Your Mortgage Loan

October 9, 2020 by Kathryn Jean Keller

Understanding Title Insurance and How It Impacts Your Mortgage LoanWhen you buy a home, you will be given a title to your new property. A title is a legal document that proves you own the property, and in most cases the title excludes other parties from making an ownership claim.

However, not all titles give you free and clear ownership of the property. Title insurance protects you and your lender from title disputes and other ownership issues that may arise. Here are just a few ways that title insurance can impact your mortgage.

How Title Insurance Protects A Lender

There are certain situations in which someone might put a lien on your property. New owners might see liens if the previous owner failed to pay the mortgage, if a contractor did work without the new owner’s consent or if the previous owner owes unpaid property taxes.

If these liens were not disclosed prior to the sale, a buyer could face a situation where a third party is making a claim to the property. Should the title by voided in court, the insurance policy would repay the lender the outstanding balance on the mortgage. The policy is valid until the mortgage loan is paid off.

When a homeowner refinances, it may be necessary to purchase a new title loan policy, as the new loan will technically pay off the old loan.

How Title Insurance Protects A Buyer

Title loan policies do not just protect the lender. In many cases, the lender will require the buyer’s title insurance to include an owner policy. This policy confirms that the buyer owns the title and that the title is free from defects.

The policy is in effect for as long as the buyer or his or her descendants own the house. Should a homeowner have his or her title challenged, the policy will cover all losses up to the amount of the original purchase price of the home.

How Much Does Title Insurance Cost?

The cost of title insurance can vary between locations. Sometimes, the purchase contract will stipulate that the seller is responsible for buying title insurance.

If this is the case, the buyer may pay nothing. However, it is common to pay on a sliding scale. Title insurance is usually a few hundred dollars for houses selling for under $500,000.

Title insurance is a great way to protect your investment in your home. It insures you against ownership disputes and liens, which means your house is truly yours. For more information about title insurance, contact a qualified mortgage professional in your area.

Mortgage Tips Tagged: Mortgage Insurance, Mortgages, Title Insurance

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