Chad Goldstein - Gold Key Realty LLC

Posted by Chad Goldstein on 3/5/2018

Refinancing your home can have many benefits. First, you’ll be able to take out money to address immediate needs in your home like improvement projects. These things can only benefit your home’s value in the long term. Before you take the leap to refinance your home, you should be sure that you’re actually ready to take this step. Knowing what you’re in for allows the entire process to go more smoothly. Read on for tip to understand more about the refinancing process and what you’ll need.

Know Your Finances

Just like when you initially purchase a home, refinancing your home will require you to have your finances in order. Take a look at your budget and needs and determine if it makes sense for you to refinance your home. For example, your employment status or distance from life goals like retirement could have a factor on the term of the loan you’re willing to take out. A 15-year mortgage may make more sense than a 30-year mortgage, but your monthly payments will also be a bit higher. You need to take all of this into consideration before you refinance. 

Your credit score will also be a factor in refinancing your home just as it was when you initially bought your house. Check your score and see if any red flags pop up. Getting these corrected earlier rather than later can help you to get a better rate on the loan. There are plenty of free services that exist online that allow you to check your credit score.   

Know The Value Of Your Home

If you know the value of your home and understand how much equity you’ve built up in the house, it will give you a better idea of your refinancing options. You can’t get more than 70% of what your home is currently worth as a cash-out refinance. If you owe more than your home is worth, you might be in a tighter financial situation than you realize. You can do plenty of things to increase the value of your home; it will just take some time. You may even consider selling your house, making a move, and starting from scratch. Financially, this could be the best option, and you could also end up with a better interest rate.

Getting your finances in order and the simple act of preparing for a home refinance could give you some insight into your financial picture after being a homeowner for some time.

Stay out of debt. Don’t open new accounts. Pay down any debt you may have. That is the standard advice for people who are trying to get in good financial standing before buying a home or refinancing a home. 

Do some research and find the best home loan refinance rates around. Then, look into your own finances and decide what’s best for you regarding refinancing your home loan.      

Tags: Mortgage   refinancing  
Categories: Home Improvements  

Posted by Chad Goldstein on 2/26/2018

Did you know your home could lose heat due to a poorly insulated attic? That's right, and home sellers who want to maximize the value of their residence will want to improve their attic's insulation immediately. You should try to air-seal the attic to minimize your home's energy loss consistently. However, there are several questions you'll need to consider before you add attic insulation, including: 1. How much insulation will I need? Ideally, you'll want your attic insulation to be above the floor joists. And if you notice your attic insulation sets below or at the floor joists, you may need extra insulation to boost your home's efficiency. Furthermore, you'll want to ensure that insulation is evenly distributed across your attic. That way, you'll be able to avoid low spots, aka areas where energy loss becomes more likely to occur. 2. What kind of insulation should I install? Just because there is certain type of insulation already installed in your attic does not mean that you have to use this same kind of insulation in the future. In fact, there are many insulation options at your disposal, providing you with plenty of flexibility to find insulation that fulfills your home energy needs and budget. Some of the most common types of attic insulation include: • Fiberglass – Fiberglass batts and rolls can be applied to unfinished walls, along with floors and ceilings. • Foam board – This type of insulation is valuable for unvented low-slope roofs and offers a high insulating value. • Blown-in – Perfect for unfinished attic floors, blown-in insulation is installed using special equipment and works well in irregularly shaped areas. Meeting with an attic insulation expert may prove to be valuable, as this professional can offer insights to ensure you can find the right insulation at any time. Therefore, you'll be able to rely on this insulation professional to complete your attic insulation project quickly and efficiently. 3. How much will it cost to add insulation? Adding insulation to your attic can become expensive, particularly for those who choose top-of-the-line insulation installed by insulation professionals. For many home sellers, it helps to budget accordingly when determining how much to spend on attic insulation improvements. Although you likely want to improve your home's efficiency, it is important to avoid the risk of overspending. And if necessary, you may want to consider lowering the asking price of your home rather than performing comprehensive attic insulation improvements that may provide only a limited return on investment (ROI). When in doubt, meeting with a real estate agent can help you determine which home improvement projects are paramount. This professional will work with you to accentuate the positive of your home to prospective homebuyers, and ultimately, ensure that you can boost your chances of a quick home sale. Attic insulation improvements serve as one of many ways that you can work toward enhancing the value of your home. And after you complete various attic insulation improvement tasks, you'll be better equipped to help your residence stand out from others in a highly competitive real estate market.