Homeowners looking to refinance will also need to appraise the property. Using financing, buyers and investors can secure capital from the lender to buy as well as renovate a property by using the property as collateral for the loan. The appraised value provides the dollar amount of the collateral.
There has been a tendency in recent decades to view the home equity as yet another financial investment. Waiting out the recession was tough for many, as jobs were scarce and defaults became rampant. However, for seniors that were able to endure the recession and hold on to their homes, there may be a light at the end of the tunnel. Property value to the rescue! Over 70% of Americans over the age of 65 are homeowners. Seniors now hold a huge stake in the countries home equity, a whopping $5.83 trillion to be [...]
A killer kitchen will leave the home buyers with a great impression over than anything else you can do. Where to start when you remodel? Remodeling your home can greatly increase its value, as well as make it much more welcoming to buyers. Of all the rooms in a house one of the most expensive to remodel is the kitchen. But the kitchen also has the most value as many have recognized the kitchen is the most popular room in the house. From new appliances to granite counter-tops and cabinetry, it is easy to go [...]
While it may take some time to cross the break-even point, a refinance is a good idea if you are planning to stay put for awhile. Pros of refinancing your mortgage There has been a lot of buzz in real estate news lately due to continually decreasing mortgage rates. Low mortgage rates are not normal throughout financial history. Current rates are nearing historic lows. For historical data about mortgage rates, check out Freddie Mac archival data recorded since 1971. Mortgagors need to be give serious analysis to these low-interest conditions when they do occur. [...]
