3 Things to Know Before You Refinance Your Mortgage

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.  

1. Decide Your Length of Stay

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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.

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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. 

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How to Find a Home Warranty Company That Won’t Disappoint

Being a homeowner is hard work, as I’m sure you know seeing that you’re here reading this article. It’s true that this hard work pays off well because in the end you have a lovely home, but to keep it that way you need to put in constant effort. That’s why I’m always on the lookout for services that can help cut down this workload to give me more time to enjoy life with my family! The latest of my personal favorites among such services is a home warranty plan. Here’s why:

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The Struggles of a Homeowner

What’s the hardest thing about being a homeowner?

For me, it’s the enormous amount of work that goes into keeping the property in order. From maintenance to fixing whatever appliance or home system breaks down (which they all do no matter how well you take care of them). And the worst of it all is that you need to find and contact a dozen contractors and repair shops to get the issue fixed. Today the repair industry is so huge that you pretty much need a separate contractor for every little thing.

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What to Do when Plumbing Problems Cause Mold

Have I mentioned that my husband works in homeowners insurance? (He actually has worked in auto and flood insurance, as well, but the homeowners is his true love, and he’s pretty durn good at it!) So over the years I’ve learned a bit about the really BAD things that can make or break your homeowner experience. One of those? MOLD.

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Now, water damage can come from a wide variety of sources in human living spaces, and when it does it requires an immediate response to avoid further damage and deterioration. Water that has escaped from pipes due to plumbing conditions can present different issues depending on where it came from. Each type of problem will need its own specific solution.

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Water that has escaped from the intake lines is generally pretty clean and the most important thing to do will be to control the escaping water and keep it from soaking into the home. If the water comes from the pipes leaving your home, the problem is very different.

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Our Starter Story!

It’s easy to get caught up in “keeping up with the Joneses”, isn’t it? We see the neat things that others have and we try to model our own lives after the people we think are really cool. But we all have to start somewhere, right? Allow me to share our “Starter Story” with all of you!

When we got married, we moved into a tiny one-bedroom apartment. We wanted to make sure that we didn’t over-extend ourselves financially, and we also knew we didn’t need need a lot of space.

We lived there for 2 years…check it out!

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Do you see that we had our office and our living room combined? And how about that tiny little laundry room? And let me tell you, that kitchen was MUCH easier to clean, but it was so small that it was difficult to do too much extravagant cooking in!

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