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Refinancing Can Save You Money

Feb 20
9:03
PM
Category | General

Refinancing Can Save You Money

Can you justify refinancing?

Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many reasons why homeowners refinance: to obtain a lower interest rate; to shorten the term of their mortgage; to convert from an adjustable-rate mortgage (ARM), to a fixed-rate mortgage, or vice versa; to tap into home equity to finance a large purchase, or to consolidate debt.

Refinancing to Secure a Lower Interest Rate

One of the best reasons to refinance is to lower the interest rate on your existing loan.

  • A lower interest rate on your mortgage is one of the best reasons to refinance.
  • When interest rates drop, consider refinancing to shorten the term of your mortgage and pay significantly less in interest payments.
  • Switching to a fixed-rate mortgage—or to an adjustable-rate one—can make sense depending on the rates and how long you plan to remain in your current home.
  • Tapping equity or consolidating debt can be good reasons to refinance.
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Reducing your interest rate not only helps you save money, but it also increases the rate at which you build equity in your home, and it can decrease the size of your monthly payment.

Refinancing can be a great financial move if it reduces your mortgage payment, shortens the term of your loan, or helps you build equity more quickly. When used carefully, it can also be a valuable tool for bringing debt under control.

 


Once you find a home, the excitement sets in and you can’t wait to close. But there are some important things that need to take place before that day, namely a home inspection. With the naked eye, you can't see all a home’s issues from a walk-through. You need a professional to dig deep by checking all the inner workings. Here’s how you can make the most of your home inspection:

Find a Trusted Inspector

Employing a qualified, professional inspector is key to getting a thorough examination of your soon-to-be home.  If you need a referal, let us know.  There is peace of mind in choosing someone who has been highly recommended than just choosing a company at random.

Be On-site for the Inspection

You should plan to be at the property during the home inspection. It will last anywhere from an hour and a half to three hours based on the size of the home, but taking that time is crucial to seeing first-hand any problems. Even if your inspector does not want you following him around the whole time, you can be there to ask him any questions you have at the end. He or she can walk you through discovered issues, like leaks, electrical problems, plumbing or HVAC snags. He or she can also point out potential or looming trouble, like landscaping root issues or aging roof tiles.

Ask for Contractor Recommendations

Once your inspection is complete, let us know if you need names of contractors to fix any problems that turned up. In some cases, you may want to have the seller fix issues before the sale is final, but if not, it’s helpful to have a list of professionals you can contact.

Use Your Inspection to Negotiate

Armed with a list of major or minor home issues, you can go back to the seller and ask for repairs or you can negotiate for a lower home price.  You can even ask for money back at the mortgage closing in order for you to have the repairs done. Your agent can help you know what to expect out of these negotiations and how much you can reasonably ask for.

And finally, if the inspection turns up truly major problems with the home, like foundation issues or extensive mold in the walls, this is the time to back out of the sale. You may do better resuming your search for a property with less work than taking on a major renovation. 

A home inspection is your best protection to ensure that you are getting a home free of expensive surprises. With the help of a qualified inspector, you can use the inspection to help you get the best home price and be better prepared for homeownership.


Is Your Home Ready for Winter?

Dec 16
4:42
PM
Category | General

Winter is coming. We’re talking about wind chills, frosted windshields, early sunsets, snow in the mountains and plenty of hot chocolate. We won’t complain about the hot chocolate, but we could do without some of the other stuff.

Regardless of your feelings about winter, now is the perfect time to ensure your home is ready for the colder days ahead. And while cleaning gutters, disconnecting hoses and moving outdoor furniture inside are great places to start, there are plenty of other ways to prep your house. We’ve found some ways to better help your home stay efficient while keeping the cold where it belongs, outside. 

Start Small

Winterizing your home doesn’t have to be a major chore. Little things like putting a new weather strip or draft guard on your doors is a simple yet effective step to getting ready for winter. From there you can close vents in rooms you don’t use often and make sure the fireplace flue is shut, if you have one and aren’t using it. Another easy thing that will help increase your home’s efficiency is installing a water heater blanket. Which is exactly what it sounds like. An insulated wrap for your water heater. Also, don’t forget to switch the direction your ceiling fans turn. 

Don’t Forget The Exterior

Cleaning the gutters and disconnecting your sprinklers are always top of mind when it comes to winterization. But there are a few other things you can do outside to help your home this winter. Check the exterior of your windows and re-caulk any that need it. It’s inexpensive and easy to do. This will go a long way to keep the cold out. Do the same for your doors jams. Have a grill? Roll it inside or at least store the propane tank inside. Sure, it won’t help keep your home warm but it will help make sure your grill is ready to go at the first signs of summer.

Upgrade

Now is the perfect time to make some upgrades to increase your home’s efficiency and value. For starters, have a professional come out for a quick health check on your HVAC system. This check is usually inexpensive and is a better option than dealing with a busted heater on a frigid night. Upgrade to a smart thermostat. These thermostats are user-friendly and do a ton of work in the background to ensure your home’s HVAC is running at max efficiency without leaving you in the cold. Most smart thermostats know if you are home or away and will adjust the temperature accordingly. And if re-caulking those windows hasn’t quite done the trick, look into replacing them. Now, some of these are big investments but sometimes they’re completely necessary and will go a long way to keep the cold outside while increasing the value of your home. That’s a win-win in our book.

Whether you’re ready or not for winter, we hope these tips make it easy to get your home ready for the chilly time of year. And don’t forget to stock up on the hot chocolate to help get you through.

 

 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.


There are more myths with Reverse Mortgages than any other loan program. Some used to be true, and some are downright false. We’re here to try and help debunk some of those myths, as well as explain exactly what a Reverse Mortgage is, who qualifies, and what your options are.

First off, what does the term “Reverse Mortgage” mean? A reverse mortgage in its simplest form is the equity in your home being used as your savings account, making your payments for you. Instead of paying down the Principal amount as with a traditional or “Forward Mortgage”, you are using the equity in your property to add to your principal amount. For this reason, you must have a minimum of 50% equity in your property to be eligible. The other main qualifier is at least one of the borrowers on the transaction must be 62 years of age or older. There are many different circumstances to qualifying so please reach out to one of our local Mann Mortgage Reverse Mortgage Specialists for all the details.

One of the most common myths is, “if I’m under water when I pass, or move to assisted living, my heirs are responsible for the past due debt”. Only part of this statement is true. Your heir(s) are responsible for your home after you move on. They will have one year to either purchase the house from your estate or sell the home. In the unlikely event you are underwater on your home, there is no recourse for your heirs. The bank will simply take over the home, and the heirs do not need to pay the difference. This is part of the new and improved Reverse Mortgage. In the other scenario, if you move on, and there is still equity in the home, your heirs can:

1). Purchase the current note as a primary, second or investment property, or;
2). List the house for sale, and gather the equity from the sale

Another scary aspect to most Reverse Mortgage inquirers is that they can lose their home while they still live in it. This is only partially true. The only way you can be removed from your home is if you let your property taxes or insurance lapse, or the county deems you are not keeping up your property. The main thing to note on that point, is the exact same thing will happen to you if you have a Traditional Forward Mortgage. So, that aspect should not be attached to Reverse Mortgages, but all mortgages. A perk of the Reverse Mortgage program however, is if you have enough equity in your home, you can add your taxes and insurance into your Reverse Mortgage, and never have to worry about paying them!  

Our specialists here at Mann Mortgage always sit down with our clients and fully explain every option. Each scenario is different and Reverse Mortgages are in no way “one size fits all”. That is why sitting down locally with someone you know, and trust is so important. We will never push a certain loan program on you. We will work with you to find the best and most viable option for you and your entire family.

I’ll leave you with this thought, imagine if you could eliminate your mortgage payment, allowing you to retire, and spend more time with your family and friends. The burden a mortgage payment can have on seniors, many times forces them into assisted living homes much too early. A reverse mortgage could allow you to hold on to your family home, and possibly, from the extra cash flow, hire an in-home care provider.

 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.


Advantages of Being Pre-Approved

Nov 15
8:14
PM
Category | General

Shopping for a home can be exciting and nerve-wracking.  When the market is tight and you’re competing against multiple offers – especially when some of those offers are for cash – it can be downright frustrating.

Mann Mortgage offers a pre-approval process that helps combat the competition.

Getting pre-approved allows you to get fully approved for your financing prior to finding your home.  This puts you in the running with cash offers, as the financing is not at issue. So, how does it work? Let’s dig in.

You apply for your loan with no property attached to the application. The loan is processed and fully underwritten and a preliminary approval is issued.  This approval will have a loan amount attached to it, stating the maximum loan (or any loan amount lower than the maximum) that you qualify for. Once you get a property in contract, the loan is moved along in the system, and you’re given a full approval with the property address once the property is appraised and reviewed by the underwriter. 

It’s important to note that both the initial approval and final approval may have conditions attached to them.  These conditions can be simple, and things that the loan officer needs to resolve within the transaction – or they can be more complex.  It's important that you work closely with your loan officer to get them the documents needed to clear these conditions as quickly as possible so that your loan is not delayed.

The great news is that if you get pre-approved prior to going into contract, then go into contract on a home, the closing time can be greatly expedited.

You might be asking yourself if there are any other benefits to utilizing a pre-approval, and there most definitely are.  In an active real estate market, the seller and their agent often field multiple offers on the listing.  Getting an offer with a loan approval attached not only tells them that you’re serious, it also allows them to look at your offer more closely, like they would a cash offer, as opposed to an offer with no financing in place. It’s not quite the same as cash, but it definitely lets you compete!

If you have questions about getting pre-approved, contact your loan officer today!

 

 

This ad is not from HUD, VA, or FHA and was not reviewed or approved by any government agencies.


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