July 9, 2019

Mortgages

 

You may think that choosing the 15-year mortgage is the best financial move, and that may be correct for your situation but it is not true for all home buyers.  The main advantage to the shorter mortgage term is a savings on interest payments…the shorter the length of the loan, the less interest you pay.  However, there are advantages to the 30-year option too, the major advantage being greater cash flow in your month-to-month budget.  So, how do you know which is right for you?

Let’s start with what the mortgage terms actually mean to your wallet.  The main difference between the 15- and 30-year mortgage is how payments and interest are calculated.  The 15-year mortgage ultimately provides you with a higher overall payment, but you pay less interest to the lender.  With the 30-year option, the opposite occurs in most cases.  Another consideration is the actual mortgage rate:  shorter mortgage terms usually (but not always) have slightly lower interest rates. 

15-year mortgages may be the better option for those who:

  •          Have stable careers
  •          Have income which does not vary greatly

30-year mortgages may be the better option for those who:

  •          Have varying income
  •          Need to save for retirement
  •          Require more cash flow in their monthly budgets
  •          Like tax benefits, as interest deductions can be claimed over a longer period of time

Also don’t forget that most financial institutions do not penalize for “paying down” the loan faster.  If you can sock an extra $50/month into your principal payment, you can pay the loan off much faster than its original term.

The take away message:  while each term has its own pros and cons, it is in your best interest to consider your personal financial situation and discuss it with your lender before deciding.  The ultimate decision should rest on your peace of mind!

Posted in Blog Posts
June 21, 2019

Home Projects for Summer

Whether you're considering selling your home or simply wanting to complete so major projects, it is vital to consider the time of year to complete projects.  As there are always indoor and outdoor things that need your attention, being thoughtful about the timing of these projects can help make the entire process smoother.  Here are some projects specifically for summer, and why they should be done then.

During the heat of summer, you probably don’t want to spend a lot of time in a hot kitchen, so why not complete your kitchen renovation then?  Use the grill instead!  Careful planning and getting ahead of hiring a contractor will help ensure that the project is complete before fall rolls around.  An added bonus is that, if the project extends to mid-fall, that’s when new appliance models hit the showroom…meaning discounts on last year’s models!

During summer is an ideal time to spruce up the outside of your house with new paint.  Did you know that exterior paint is designed to perform at its best when there is minimal temperature difference between daytime and nighttime?  If you want to hire this job out, schedule your contractor early; they will all be busy.  If you prefer the sweat-equity approach, make sure you track the sun’s movement on your house; paint on the shady side!

House needs a new roof?  Summertime is the time for this project.  Roofing contractors are busiest from mid-summer to early fall, so schedule them well in advance.  But the real advantage here is that roofing materials seal best at higher temperatures.

Check our blog frequently for updates on everything real estate related! 

Larry & Christy 

 

Posted in Blog Posts
July 31, 2017

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Posted in Market Updates