Whether you are refinancing, buying or selling, you will
want to make you home picture perfect for the appraiser and Lender. The house is clean and bright without clutter
throughout and outside looks parklike. Picture
perfect! The appraiser is taking
pictures to show the lender what your house is about. You want to make sure your amenities look its
Make sure that you give yourself enough time to get your
items fixed on your to do list.
appraiser will look at Improvements to kitchens and baths, windows, the
roof and the home’s systems (heating, electrical and plumbing) over the
previous 15 years that make the home more up-to-date, functional and livable by
today’s standards. Exterior amenities
such as patios, RV parking, garden area.
what you can. Broken windows, holes
in walls, open electrical wires, all have to be fixed. Make sure that your
water heater is strapped and that you have smoke and carbon monoxide detectors
up Paint that might be peeling or faded.
should be contained and smells masked. You don't want the appraiser to be
rushed to get out.
Get your home ready for the Appraiser!
is clean throughout and the lights are on for it to be nice and bright.
is mowed and yard is clean of clutter.
Coming up with value. The appraiser will look at similar
comparables that have sold within the last 6 months within a ¼ of mile from
What is Refinancing?Refinancing is the process of replacing and paying off a current mortgage with a new mortgage. Refinancing is typically done if it offers a better interest rate and term to save the borrowers some money. The original mortgage will be paid off, allowing for the new mortgage to be created. If you have a loan that has a high interest rate or making your payments has been tougher than you expected, you may consider refinancing. Below we have listed some of the pros and cons of refinancing your mortgage: Pros 1. Save money: A typical reason to refinance your mortgage is to get a new loan with a lower interest rate than your current interest rate. In the long run, a lower interest rate could end up saving you a significant amount of money. 2. Lower monthly payments: Usually when you refinance into a mortgage with a lower interest rate, you can end up having lower monthly payments. This leaves you with more money accessible for other monthly obligations. 3. Shorten the term of the loan: You may refinance to shorten the term of your loan. For instance, if you have a 30-year loan you might refinance into a 15-year loan to get rid of your debt faster. 4. Change the type of loan: You may refinance to change the type of your loan. If you currently have a variable-rate loan and want a set monthly payment for the life of the loan, you might consider refinancing into a fixed rate loan. Cons 1. Transaction cost: Like any home loan, refinancing will still have closing costs. It is important to consider this and make sure refinancing will benefit you and end up saving you money. 2. Debt: It is important to realize that your loan balance will not change if you refinance. You may have lower monthly payments and a lower interest rate on your new loan but you still have debt. As always, you should converse with your mortgage consultant about whether or not refinancing will benefit you and your needs. If you have any questions or need to make an appointment to talk about whether or not you should refinance, call 541-683-3300! We are always happy to help.