Refinancing your mortgage will require careful thought and consideration into many different aspects, including how long you plan to live in your home, the length of time it will take for you to manage closing costs, and the role that interest rates will play. Since you already own the property, refinancing will be easier for you than for a first-time buyer. If you’ve had your home for a significant amount of time, you will have likely accumulated a fair amount of equity, making refinancing more straightforward. If refinancing feels right to you, here are three things to know beforehand.
Refinancing is dependent on how long you stay in your home. You must calculate your projected monthly savings once the refinance has been completed. The interest rate associated with the time-lapse will affect how high or how low your monthly payment will be. You will want to consider where interest rates will likely fall to determine whether refinancing is the smartest option. You’re not likely to know how interest rates will naturally rise and fall without doing your research.
To get a better understanding of how to refinance, refer to the mortgage refinance guide that provides all of the information you’ll need to know beforehand. This way, you can make a more educated financial decision.
2. Keep PMI Close
If you decide to refinance, you will have to submit a larger cash deposit than you anticipated in most situations and even just the thought of paying more money than you bargained for can definitely result in anxiety. Since these instances are so common when home values are declining, you will have to come to terms with the fact that your equity may ultimately suffer. With lower equity and the need to pay a larger cash deposit, you may need to lean on private mortgage insurance to make ends meet.
So, you’re in your fifties and have planned your finances effectively over your lifetime of working and investing. You no longer need to be living close to work, your kids have flown the nest, and college is paid for. This may be the time to think about relocating for a final time and finding the perfect home for the way you want to live right now! You’re finally free to relocate to somewhere that suits your lifestyle and where you can really make the most of what every day has to offer.
Of course, choosing the right location is vital. You want the right weather, the right transport connections, and the blend of city and outdoor leisure opportunities that work for you. But, it’s not only a question of where to move to. The type of property you choose to purchase can have a major impact on how much enjoyment you get out of life.
In this article,we’ll look at whether it’s worth choosing a home in a community over an individual property, and consider some of the pros and cons of each choice to help you decide which would be the perfect choice for your lifestyle.
It is that time again when many people decide to give their pride and joy a thorough going over. After the stuffiness of winter and having all the windows closed it’s definitely time to freshen up your home!
Typically a house during winter will be more shut off to the world than during any other season. This allows dust to settle and the air to become more stagnant. Having a spring clean not only freshens everything up but can also remove allergens and dust that can cause respiratory health issues.
When you’re at home, you want to feel like you’re in your own personal slice of heaven. The best way to do that is to appeal to all five of your senses: sight, sound, taste, smell, and touch. If your home isn’t making you happy, here are some simple changes you can make that cater to your senses to make your home a happier and more positive place.
When you come in through your front door, you want everything you see to be something that makes you happy. Clear away any clutter and mess (shoes, coats, bags) and replace any junk on your surfaces with family photos and mementos from trips away.
New year, new home? Congratulations! Whether your impending move is because you have finally bought your dream home or you just got the keys to that rental in the coolest neighborhood, this is, without doubt, both an exciting and terrifying moment in your life. Many people say that moving home is one of the most stressful things they have ever done and we would tend to agree. The thing is, it doesn’t need to be that way, and here are the best tips to make your house move less stressful.
Get Rid Of That Unwanted Junk
You’ll never have a better excuse to declutter. Ever. Now is the time to throw out all of those things that you never use anymore. The benefits of decluttering are many;
Lower moving costs – less stuff to move is less space required in your van /truck. A smaller van is significantly cheaper to hire if you’re doing the move yourself and if you’re using a moving company they might charge you less too as they will need fewer people. Worst case, you need to buy fewer packing materials.
The move will be finished quicker. Less boxing and unboxing for you to do.
Less likely to break or damage the stuff you want to keep as you won’t be under as much time or space pressure.
For handy tips on how best to go about decluttering before your move, read here.