Learning to properly care for your home does more than just save money short-term and give you a more pleasant place to live: it preserves the value of your home, increasing the price you can get when it’s time to sell or refinance.
According to our friend Laura Litzer of Compass Mortgage, many homeowners miss out on considerable cost savings because they do not believe refinancing is an option. Check out her top 10 misconceptions about refinancing to find out if your monthly payment could have a sizable reduction.
Following are just a few examples of 123 Exterior’s educational materials that can help you increase the value of your home:
- “Rates have already gone up too high.” NOT TRUE! According to Laura, while rates have increased some, they are still low enough to make a substantial difference in your monthly payment.
- “My rate is low enough already.” IS IT? Believe it or not, many homeowners are mistaken about their current rates. Check your mortgage statement, and then contact Laura to see if she can get you a better rate.
- “With my credit score, I couldn’t get a good rate.” THINK AGAIN! Laura knows credit scores can misrepresent your ability to financially manage a mortgage. She can help to quickly take care of credit issues so your credit score appropriately reflects your true situation.
QUICK TIP: Being close to your credit limit on any particular account has a major impact on your credit score. If you have other accounts with more room between the balance and the credit limit, transfer debt there. You won’t believe the impact on your credit score!
- “My house won’t appraise high enough to make it worthwhile.” YOU MAY BE WRONG! Many homeowners underestimate the current value of their homes. Both Laura and Heidi can provide an estimate of your current home value.
- “I don’t have time to deal with a refi right now.” IT’S FASTER THAN YOU THINK! A half-hour conversation with Laura, the time it takes you to gather your paperwork, and about an hour for the closing is all you need. In less than 3 hours, you can save your family a great deal of money.
- “Refinancing requires too much cash upfront.” NOT ALWAYS! Depending on your situation, including your credit score, it is possible that you could walk away from your closing with a credit for your appraisal and all your closing costs. It just takes a quick call to find out.
- “I don’t have time to gather all the paperwork.” ARE YOU SURE? You only need to be able to lay your hands on your federal tax returns and W2s for the past two years and the last two months of your bank statements. Not bad!
- “I’m self-employed, so I won’t qualify.” CHALLENGE ACCEPTED! Surprisingly, it can take just 1 to 2 years of business returns to refinance.
- “A mortgage broker is going to try to talk me into refinancing even if it won’t benefit me.” NOT THIS TIME. Laura feels very strongly about this one. If it’s not going to save you and your family money to refinance now, Laura will suggest that you wait. She wants what’s best for you.
- “I refinanced 3 years ago, so it’s too soon to do it again.” NOT SO! Laura advises that if you haven’t refinanced in the past two years, you can likely save money. She recently refinanced her own mortgage after having refinanced just two years prior, and she not only saved her and her husband $100 a month on their mortgage payment, they were also able to reduce their term by 5 years AND take out a little cash.
In just 45 days, you can save money every month, take out a little cash, skip a mortgage payment, and possibly reduce the term of your mortgage. Take the half-hour and contact Laura today!
Our Home Value Preservation section is just for you! What advice or tips can we provide for you? Please email us with your ideas. Our goal is to help homeowners enjoy their homes while preserving their home’s value.