Spring has not sprung in Michigan just yet!
With the weather in a holding pattern and most Michiganders working from home, now is the perfect time to prepare your funds for when the weather breaks. Rather you are planning a trip in the upcoming season, and need to take cash-out or wanting to do a “spring cleaning” on those high-interest credit cards, refinancing your mortgage can put you in a much better financial position.
Here are 4 reasons you should refinance before spring:
Get rid of unwanted high-interest credit card debt
While having credit cards make purchasing high priced items a breeze, having to pay the monthly minimum on a card with high interest can be daunting. Paying on the interest and not the principle is just band-aiding over the problem and will send you further into debt. That doesn’t have to be you! The good news is that if you refinance right now, you can pay off your credit card completely and go into spring debt-free.
Cash is king! With the weather warming up comes the opportunity to take advantage of spring home improvement projects. Don’t use your tax return to fund building a new porch or a patio. Instead, you can simply refinance and take cash out of your home’s equity. Taking cash-out can also be spent on planning a nice spring or summer vacation without the stress of going into debt to do so.
Lower your monthly mortgage payment
What is better than not having to use credit cards? Cash! Even with a few weeks left of winter, you can still close on the refinance of your home loan before spring! Lowering your monthly mortgage payment means more cash in your pocket.
Rates are low
You’ve heard us say it for the last several months and its true, RATES ARE STILL HISTORICALLY LOW. Rates are the lowest they have been in a decade. The reason you need to act now is because we don’t know when rates will rise again. The housing market can be very unpredictable… take advantage today and contact one of our mortgage experts to receive a free 5-minute mortgage review.
Michigan winters can be brutal! The cold weather and snowy conditions make everyone want to stay inside and cozy up next to a fire. Needless to say, looking for a house isn’t typically on the winter activity list.
Traditionally, spring and summer are the prime times to purchase, but new studies show that winter can be a great time to buy as well.
Here are a few reasons why:
You can bet that there are a lot of people not willing to go house looking in the dead of winter. Use that to your advantage by getting in contact with an agent and taking a few house tours. Fewer people mean less competition for your dream home. The low demand will work in your favor because you don’t have to worry about outbidding anyone.
If there is a home that goes for sale in the winter, more than likely, that seller REALLY wants to sell. This opens the door for negotiations! The seller may be willing to lower the price, discount closing cost, or even offer other incentives like appliances to be included with the home sale.
Everything in the winter months slows down. That means realtors may have less clientele and can give you extra attention around this time of year. They are more willing to go to bat for you and work a little harder to get you the best deal possible!
Are you interested in purchasing a new home this winter? Contact our mortgage experts HERE!
Image source: Marisol Casben
Its that time of year again when everyone is setting their sights on new goals. From being healthier to save money to try new things, January 1st is when we all want to set ourselves up for a successful year.
One major goal many people have is to become a homeowner. This is a huge goal but very attainable. With Hall Financial, we can make it very simple and easy for you to obtain a mortgage.
Here is a step by step list of everything you need to make your homeownership dreams come true:
- Obtain preapproval from Hall Financial, you will need:
- Two years of W2s
- Your most recent pay stub
- Two months of bank statements
- Copy of driver’s license
- Credit Report
- Start house shopping
- Need a realtor? No problem, Hall Financial has preferred partners.
- Find a house. Put an offer in, and get it accepted!
- Loan documents
- Sign all documents
- Obtain homeowner’s insurance and provide to your processor.
- Review closing documents.
- Schedule closing with your processor.
- Confirm closing date, time, and place with your realtor and processor.
- Sign all final documentation.
Enjoy your new home!
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The Holiday season is rough on everyone’s pockets! From gifts to hosting dinner parties and even decorations, there is a lot of cash being shelled out. There is nothing cheap about Christmas trees, garland, or outdoor lighting, but we have a few budget-friendly tips to help you as a homeowner save.
Take advantage of the end of year sales
At the end of every Holiday season, stores put ALL of their seasonal decorations on sale. That means you will have incredible savings while finding all the décor your heart desires.
Re-use what you have
There is no harm in decorating your home with what you currently have. Green garland and Christmas trees are pricey, and there is no need to buy those items new every year. Unless your décor is defective, there’s no reason to trash it. You can still make all your old items feel new by changing the colors of the accessories (bulbs, bows, ribbons, etc.).
The dollar store can be your friend
I know shopping at the dollar store for the Holidays doesn’t sound glamorous, but that’s ok, it doesn’t need to be. Every year, the dollar store has a slew of seasonal decorations. With everything being $1, you can clean up on all things “Holiday” and still have extra money to spend how you please.
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Buying home is one of the biggest commitments you will ever make. Not to mention it is pricey, time-consuming and can be very intimidating. If you are a first-time homebuyer and don’t know where to start, these 3 tips could help you prepare yourself for the process.
Tip #1: Be picky about your Mortgage Lender
This is a major purchase and commitment! You need to be completely comfortable with your lender. Find a lender that is in tuned to your request, concerns and anxieties. You should never feel like you are being pitched some sales tactic and what you feel doesn’t matter. You will spend many long hours communicating with this company and they should be all about catering to you and showing you MORE PERSONAL ATTENTION.
Tip #2: Take your time!
The mortgage process can be extremely daunting. From picking a real estate agent, to your dream home, to the mortgage lender…there is a lot of decisions to make and you shouldn’t rush making any of them! Take your time throughout this entire process. If you aren’t loving the way your real estate agent is communicating with you, get a new one. Or you aren’t loving any of the houses in the current market for sale, wait till you find what you want!
Tip #3: Have money saved
Not only is it nice to have a good amount of cash saved for your down payment but, there are tons of other expenses to consider. Once you get approved for that new home, you are going to want to furnish it and fill it with things you like! Also, since buying a home is so expensive, you need buffer money, just in case some random expense occurs.
Recent studies have shown that 93% of homeowners say that having a house makes them happier than renting did.
Why is that?
Experts are coining it “The Homeownership Effect” explaining that owning a home can make you a better person because you naturally find yourself enjoying new hobbies like gardening, landscaping, cooking, and if you are a big spender maybe even remodeling.
Besides allowing you to find and create more hobbies for yourself, it has been said by the Consumer Financial Protection Bureau, that owning a home helps with financial responsibility and overall better well-being. These can be attributed to homeowners living in an affordable, comfortable home located in a connected neighborhood with a reasonable commute.
However, don’t think that owning a home is the magic key to happiness. There does take a level of preparation and making sure you can comfortably afford things like property taxes, insurance, and unexpected (but relatively normal) home repairs. If you are curious whether or not your family is ready for this next step – click here – to talk with someone today about your current situation.
Even though summer is coming to a close and purchase season is slowing down. Freddie Mac reported that the average interest rate for a 30-year fixed rate dropped to another 3-year low at 3.49%. And as the unemployment rate remains historically low, this means that homebuyer demand is improving along with affordability.
August brought some significant good news, so take a deep breath and find solace in our current economy. Why? Fannie Mae is also predicting that the economy should continue to support the current refinance activity. How do we know that? August’s refinance volume was 150% higher than it was last year, which is in correlation to the increase in the demand for homes and affordability.
And if you are still thinking about refinancing know that Black Knight is here to tell us that roughly half of the homeowners across the United States are sitting on a combined total of 6.3 trillion dollars in tappable equity. We haven’t seen eligibility this high since the early 2000s.
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It’s that time of the year! School buses, packing lunches, dropping the kids off and picking them up.
You name it, we understand! We are right there in the trenches with you.
If you like preparing yourself and your kids for success and enjoy making lists here are a few tips to help you get back into the swing of things:
1. Invest in a family communication calendar – this helps everyone know what’s going on. This can be as simple as getting a blank dry erase board that you hang in the kitchen or office area. Need more ideas that would work for your family? Here are other calendar options with DIY instructions.
2. Make a Fall cleaning list – start by making an extensive list organized by each room of your home. Then break down the small tasks you will need to complete to help you organize and prioritize. Need help? Here are a few tips we’ve talked about recently:
a. Storage ideas?
b. Missed Cleaning Spots?
3. Create a homework space – this can be virtually anywhere; however, we suggest a quiet place with limited distractions. With this project, you can get the kids involved! The possibilities are endless! You can pick out new paint, have the children declutter the area by throwing out old papers and notebooks that won’t be useful, and make sure the lighting is optimal for brain function!
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For many people, closet space can be a determining factor in purchasing a home. Everyone needs space for their clothes and shoes and other storage items. What if we told you that you could create the closet you want by maximizing space? Don’t let a tiny closet deter you from closing on your dream home.
Here are 4 creative closet storage ideas for maximizing space:
1. Add overhead storage
This may seem like an obvious option, but many people don’t utilize the overhead storage space the majority of closets already have built-in. You can use that area for folded clothes or stack shoe boxes, which can save a lot of room.
2. Build shelves
Just like the overhead storage, adding additional shelves will be a game-changer. You can put folded or compact pieces of clothing on the shelves, or you can create a high and low hanging shelved unit to separate your tops and bottoms.
3. Use storage bins
The truth is, you don’t need to hang all your clothes up or even fold them. When the weather changes, so does your wardrobe. Packing away your seasonal clothes will help you stay organized and not waste any space.
4. Install hooks
Installing hooks in your closet is an excellent use of space. You can hang up those miscellaneous ties, hats, and scarves. The key to being organized is having a “home” for every single item in your closet.