Refinancing Again

We’re constantly bombarded by lenders to refinance our mortgage under a variety of programs. The volume of offers can almost make you numb to the rational consideration.2012_avg_frm.png

There are common rules of thumbs that homeowners and agents use such as not refinancing more often than every two years or there must be at least 2% savings from your previous mortgage rate may not always be accurate.

The reality is that if you can refinance for a lower rate and you’ll be in the home long enough to recapture the cost of refinancing, it should be considered. The costs of previous refinancing that haven’t been recaptured by monthly savings may need to be added to the costs of the new refinance.

Take a look at the chart that shows the average rates according to Freddie Mac for 2012. They are lower today than they were in January of 2012 and for the ten years before that.

Refinancing may save you a substantial amount of money, especially if you’re going to be in your home for a long time. It is definitely worth investigating. To get a quick idea of what your savings could be, use this refinancing calculator.

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It It Shows Better… – 2/18/2013

If it shows better, it will probably sell faster and maybe for more money. Once your home is on the market, it’s time to look at it like a commodity and through the eyes of potential buyers. In all likelihood, you’ll need to take care of these items eventually, so do them now to help it sell sooner.checked_house.jpg

  1. Make repairs – it doesn’t matter if it’s been that way since you bought it. You need to fix it so that the buyer doesn’t think that the rest of the house is about to fall apart.
  2. Not too personal – you may have bought your home to express yourself but if the buyer can’t see themselves in the home for all of your things, it’s going to take longer to sell than you want.
  3. Drive-up appeal – the old saying “you never get a second chance at a first impression” applies to your home too. They may never even get out of the car to come inside.
  4. The nose knows – it may not smell like home but it shouldn’t smell like a place they would never consider living.
  5. Neutral colors, decor, etc. – these are not decorating tips you’ll see in magazines but the truth is that bold colors and designs are difficult for most people to see beyond. They’ll imagine their things better in neutral surroundings.
  6. Less looks like more – removing some of the non-essential things from your home will eliminate clutter and make the home feel larger. The same suggestion applies to cabinets and closets.

A confused mind will not make a decision. Identify and eliminate items that could derail a potential sale. The preparation you make in the beginning will help the presentation to your buyers.