Get the Most Benefit Out of Refinancing Your Mortgage

In order to get the most benefit from refinancing your mortgage you should continue to make your mortgage payments every month and hold out as long as you can in order to build up enough equity so that your loan to value remains below 80%.  If your loan to value is over 80% the mortgage company will charge you PMI which is private mortgage insurance. Private Mortgage Insurance only covers the costs incurred to the mortgage lenders in case you default.  Private Mortgage Insurance is charged monthly and can turn out to be a hefty number when it is added to your monthly mortgage principal and interest.  Alot of timesthe borrower’s think that PMI is helping them but it’s not it only helps the mortgage lender who is refinancing your mortgage.  In order to figure out whether or not you need PMI is quite simple…. all you have to do is take your balance for example let’s say the balance of your mortgage is $150,000 and divide that by your value.  So, in this case let’s say your value is $300,000.  In this case your loan to value would be 50% which is less than 80% so in the above case you would not have to pay PMI. 

Broom Clean

Most purchase agreements contain language that requires a home to be free of trash and debris and “broom clean” at closing. While this language is not precise, the general idea is that you should convey a clean house to your buyers, one in the same condition that you hope to find your new home.

When the movers leave with your furniture, you may even want to consider hiring a professional cleaning service to thoroughly clean the home. It is crucial to leave your house as pristine as possible for the new owners. This includes getting rid of any leftover junk in the storage spaces. When the buyers show up for their final walk-through, they will feel much better about finalizing the sale if everything sparkles. This will set up a positive mood for completing the transaction and help to minimize any disputes at the closing.

Maximize Your Homes Appeal

Sometimes a real estate agent will walk into a home that is basically attractive, yet communicates the feeling that something is lacking. Then the agent notices that all of the drapes are closed, interior lights are off and there is a lot of overgrown shrubbery blocking the sunlight that might otherwise pour through the windows.

A dark house is not as appealing to most buyers as one that is flooded with light. As a part of your preparations to market your home, try to maximize the light in your home. Make sure that all the windows are clean and the drapes are open when the house is being shown. A fresh coat of light paint can do a lot to brighten up the interior. If your house has very dark paneling, and you do not wish to repaint the walls, you may want to consider adding additional lamps. Your real estate agent may be able to provide other simple and cost-effective ideas about how to maximize your home’s appeal. for more tools, tips and prequalification advice, visit: http://www.ratesarehot.com

Yard Beautiful

Many people wait until they are about to sell their home before they put energy and attention into improving the landscaping. Then in a desperate attempt to create instant curb appeal, they call in a professional landscaper and spend a lot of money making the yard beautiful for the next owners to enjoy.

Why wait until you are ready to move to enhance your surroundings? Even if you don’t want to take on a major project, you can plant a few bushes and bulbs each year. You can get plants that bloom at different times of the year, many of which don’t need a tremendous amount of care. There are several benefits to this approach. You will be able to enjoy your improvements yourself, and you will profit more from your sale if you haven’t invested a lot of money in your yard right before the transaction. Well-landscaped lawns tend to increase the real estate values in the whole neighborhood, and can result in a more rapid increase in the equity you have in your home!

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“Houses and Pets”

Houses and Pets
Many home owners are animal lovers and have cherished pets that are part of the family but you can’t afford having potential buyer’s fingers or ankles nipped by furry creatures during a showing. You have opened the front door to the home only to have a purebred Persian kitten scoot toward the nearest busy street.

If you have pets and are going to put your house on the market, be sure to work out the showing arrangements carefully. It is rare for pets to pose significant problems, but big dogs can be menacing. Buyers or agents may be allergic or even a little phobic about dogs or cats. For more tools, tips advice and to get prequalified for a mortgage visit: http://www.ratesarehot.com

It is difficult to get a buyer excited about your home if he or she is sneezing continuously or unwilling to cross the threshold because your dog is barking away intruders. If your agent knows there might be a problem, they can arrange ahead of time for you to walk the dog, vacuum the cat dander or do whatever is necessary to make sure that the showing goes smoothly.

Make the kitchen in your home a “real asset”

There’s no doubt about it–the kitchen is one of the most important rooms in the whole house for many prospective buyers. Smart sellers will take a close look at how they can make their kitchen a real asset when it is time to sell.

Your kitchen doesn’t need to be state-of-the-art to be attractive. The first step toward enhancing your kitchen’s appeal is a thorough cleaning. This includes the walls, cabinets (inside and out), floors, and appliances. Keep the counter tops as clear as possible of small appliances and gadgets. Consider low-cost improvements which can make a big difference, such as a coat of paint, fresh wallpaper, or new floor covering. Be sure to keep the kitchen sparkling when the house is being shown. This means no dirty dishes in the sink or moldy cucumbers in the refrigerator. This extra effort will pay great dividends! To get pre-qualified for a home loan go to: http://www.ratesarehot.com! It’s quick, free and Easy!

Use your imagination when buying a home!

Houses that are spotlessly clean and tastefully decorated tend to sell quickly, and for top dollar. There can be substantial savings for home-buyers who are willing to purchase a property that needs cosmetic improvements.

When you look at a house that needs work, try to imagine it with fresh paint, refinished floors and new carpet. Consider the attractive features of the home. Would it get more sunlight if the draperies were opened and the windows cleaned? Does the back yard have potential?

Try to distinguish between the cosmetic condition of the house and the state of its structure and major systems. Some fixer-uppers need a lot of professional attention from electricians, plumbers and other expensive professionals, while others are true bargains that can be transformed with a little elbow grease, a paint brush, and your imagination. To aid you in the prequalify for a home loan process and for the best mortgage rates go to: http://www.ratesarehot.com

VA Mortgage Rate Information

VA mortgage rates refer to the rate of interest applicable to a mortgage loan provided to veterans who have served the nation in the call of duty. Mortgage loans from mortgage lenders are guaranteed by the Veterans Administration (VA) for military veterans in order to help them buy a dream home or invest in real estate property. This is for military veterans who have exited honorably.
Special Features for Veterans
VA guaranteed mortgage loans can rise up to 100% of the cost of the home or property for the home they are going to purchase. Veterans need not pay any private mortgage insurance (PMI) in order to acquire this loan. Apart from this 100% finance, these VA mortgage loans come at extremely attractive (lower) VA mortgage rates.
Down Payment
VA loans (Veterans Administration) come either in a 15 year fixed interest rate or a 30 year fixed interest rate. However, there is a maximum limit for the loan amount given to the veterans under this formula. One hundred percent financing is provided only for purchases up to a maximum of $417,000. For a purchase exceeding this amount, the military veteran is required to pay the difference as a down payment.
Reaping Full Benefits
There are numerous online VA loan service centers that primarily focus on the processing of VA loans. Getting and seeking the assistance of such services will help you to obtain VA loans quickly without facing any problems. They also help you to locate qualified and approved VA loan lenders.
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Prequalify for a Mortgage

Prequalifying for a mortgage is a basic process of finding out how much you can borrow from a bank for a mortgage loan amount. If you are dreaming of purchasing a home, knowing the budget is the preliminary step to look for suitable houses. It is not always possible to fish out the entire amount from your own pocket. Hence, you might have to plan for applying for a mortgage loan, and then you should know what the maximum amount you qualify for is. This is done through mortgage prequalification.
Mortgage Prequalification
You will have to keep certain basic information at hand in order to prequalify for mortgage. This important data includes your income, debts, and other assets. With this data, using the income to debt ratio, the prequalifying calculator will determine the maximum amount you can borrow from a bank as a loan.
Uses of Prequalification
By prequalifying for mortgage, you would then know about the maximum amount you could obtain or be qualified for when buying a home. It also offers an idea about the prevailing mortgage rates along with the estimated monthly mortgage payments. With this information you can actually come to a conclusion whether your dream home falls within this set budget and whether you could afford to buy that home with your borrowing ability.
Getting prequalified for mortgage has become child’s play these days thanks to the widespread usage of the Internet. You can visit online mortgage prequalification calculators to pre-qualify for a mortgage at any time.
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Understanding the Conventional Loan

Understanding the Conventional Loan
The word Conventional Mortgage refers to a mortgage that has not been guaranteed or insured by the federal government. Although it has not been guaranteed by the federal government, it still follows the guidelines of the Government Sponsored Enterprises (GSE) like Fannie Mae or Freddie Mac. Local lenders preferred this type of lending years ago. However, they are and were in the loss column since they had to collect below market interest rates on their loans when the rate of interest rose in the market.
Types of Conventional Loans
Conforming and Non-conforming are the two basic types of conventional loans.
• Conforming conventional loans mean the mortgages that follow the guidelines of Fannie Mae and Freddie Mac. As per this guideline, a single family dwelling can have a maximum mortgage price of $417,000.
• Non-Conforming loans are Conventional loans that do not meet the guidelines of Fannie Mae or Freddie Mac. One example for such type is a jumbo loan. Here the loan amount value can be above the maximum limit imposed by Fannie or Freddie. However, such jumbo loans come at higher interest rates.
Conventional mortgage loans follow adjustable rate mortgages, balloon mortgages, fixed rate mortgages, or hybrid loans when researching and deciding about the rate of interest and the loan amount. Hence, Conventional loans can best suit borrowers who have an excellent credit history and can afford to pay a down payment of 5% or more.
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