Can I Refinance My Mortgage?

Refinancing a mortgage is a powerful tool that can help you to save money on your home payments. Refinancing your mortgage takes advantage of your positive payment history and may enable you to lock in lower interest rates, obtain more agreeable repayment terms, or lower the amount you pay each month. You may even be able to add in the cost of needed home repairs as part of your new mortgage loan.

As with any loan, you have to qualify for a refinance. There are a number of factors that can influence whether you are able to refinance your home loan, including things like the value of your home, how much you still owe, what your credit score is and how able you are to repay the loan. It can be more difficult to refinance in periods of economic turmoil, but even then, it isn’t impossible.

How Refinancing Works

While it’s pretty common for people to talk about refinancing a mortgage, not everyone understands exactly what’s involved with a refinance. Though it’s typically talked about as if it were a loan modification, a refinance is usually a new loan that pays off and replaces the original mortgage. The refinance loan has its own interest rate and repayment terms, typically based on the amount that’s remaining on your home purchase. It is possible to do what is known as “cash out” refinancing, however, increasing the amount that you owe to take advantage of home equity and get cash for major purchases, debt consolidation or other expenses.

While you can refinance with the same lender that issued your mortgage, this isn’t actually required in most cases. Many homeowners shop around at different lenders to make sure that they get the best possible deal on their refinance loan. While this won’t always get you a substantially better deal on a loan, in some cases the time spent comparing lenders can result in significant savings.

Major Refinancing Considerations

There are a number of things that can affect the deal you get on a refinance or if you even qualify for a refinance loan at all. Some of these are well known and will affect pretty much any loan you might try to take out. Your credit score can have an impact, as can your debt-to-income ratio and the stability of your job. The remaining balance on your mortgage versus the value of your home can also affect your ability to refinance.

This can make things a bit more difficult if you’ve spent time out of work or laid off due to factors outside of your control; you’ll need to be able to explain these breaks to lenders and prove that you have the means to repay the loan. Economic unrest may also make some banks hesitant to issue as many large loans, meaning that your credit score and income will have to be a bit higher than usual to net a good deal on a loan. This won’t apply to all lenders, of course, but the fact that this can have an effect is important to keep in mind when shopping around for a refinance.

Is It a Good Time to Refinance?

Deciding whether it’s the right time to refinance depends a lot on you and your personal situation. Some people refinance to get their finances under control or to cover needed house repairs, so these reasons will have at least some influence on the timing of the loan. If you’re not under this sort of pressure, then you have a bit more freedom to pick your timing. It never hurts to shop around and check on possible deals, though if you find that you’re having trouble finding lenders willing to work with you or aren’t seeing the money-saving deals you want, then you always have the option to wait for rates (and possibly your situation) to improve.

Finding the Help You Need

A refinance is only as good as the rates and terms you can find. Why not make sure that you get the greatest chance of finding the perfect loan to refinance your mortgage with? With HomeKeepr, you can find pros in your area that can help you get the best deal on a refinance while making sure you have everything you need to qualify. Sign up for a free account today to be on your way to a better loan tomorrow.

Posted on July 2, 2020 at 6:28 pm
Virginia Acio | Category: Uncategorized | Tagged , ,

Making Your DIY Shopping List

DIY projects are a great way to keep yourself busy during social distancing while also giving you a chance to hone certain skills or take care of a few things around the house. With some DIY projects you’ll already have everything you need at home, making it a simple matter of getting everything together and actually doing it. With other projects, though, you’ll have to venture out to pick up a few things. This can be stressful during a period of social distancing.  You need to be conscious of both exposing yourself or others to the virus, so it’s important that you follow CDC guidelines and guidance from your local government for your community.  You’re also going to want to make sure you’re ready with a list of everything you need before you head out the door.

The goal here is to make sure that you can get everything you need in as few trips as possible. After all, the fewer times you have to go out, the less chance there is for you to accidentally expose yourself or others to sickness. To that end, here are a few suggestions that can help you make your DIY shopping list and get everything you need in a single trip.

Build Your Project List

The first thing that you’ll need to do is figure out exactly what it is that you’re hoping to get accomplished. Think about more than just the project that you’re currently working on and look at your overall DIY slate. Not only can taking all of your projects into account help you cut back on trips for supplies, but it can also make it easier to see where supplies can be used for more than one project. You don’t have to list every single project that you might conceivably do, but at least create a list of the next few projects that you hope to tackle.

What Do You Have on Hand?

Figure out everything that you’ll need for the projects on your list, then start looking at what you already have available. Maybe you already have some lumber, wires or fasteners on hand; do you have enough to get through all of your projects? If you don’t have the exact materials that you’d planned on using for a project, do you have anything similar that could be substituted? Be sure and take things like paint, sealer and similar materials into account as well. Knowing what you already have will help you narrow down exactly what you do need, which will keep your costs down and make your shopping trip go faster as well.

What Do You Still Need?

Take into account everything that you’ll need to finish your projects, including any additional tools you’ll need to pick up and anything you’ll need for maintenance or decoration. Organize your list as best you can by items that should be located in the same area, reducing your back-and-forth time and keeping your contact with others in the store at a minimum. Be sure to check this list twice, as anything you miss will mean another trip to the store at some point.

Planning for Multiple Stops

One other thing to consider is that you may not be able to get everything that you need in a single stop. If this is the case, organize your list so that you group everything at each stop together. This means that if you need to hit the hardware store, all of your hardware purchases are in that part of the list. Any big-box specific purchases would be in another part of the list. Once you have these divisions in place, you can use the same tactic from above in regard to sub-grouping items that are in the same part of each store.

You should also use this time to plan other necessities for your trip as well. Make sure that you have a mask or other protection gear, hand sanitizer and anything else you might need and that you’ve made preparations for each stop. It’s also a good idea to come up with a timetable for your trip, figuring out what time everything opens so you can go as early as your schedule allows to avoid crowds. It’s important to be conscious of how social contact can potentially expose you to illness, as well as how you might inadvertently spread it to others; proper social distancing, protective gear and other preparations are as much a part of your preparations to shop as your list is.

Making Your Shopping List

One last thing to consider: While you may be used to keeping shopping lists on your phone or through a digital assistant, if you’re in an area where you really want to minimize potential contact with germs or other contagions then individual paper lists could be a better option. This reduces the possibility of your phone getting contaminated while you look at it or touch it, and the lists themselves can be disposed of once you’re done with them. It can also help with your organization since you’ll just have a single list to work from with each stop that you make.

Posted on April 30, 2020 at 8:10 pm
Virginia Acio | Category: Uncategorized | Tagged , ,