Navy Fellas Realty Group

Real Estate, Residential sales and purchase

Can I Pay My Home Loan Off Early If I Refinance?

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Can I Pay My Home Loan Off Early If I Refinance?Many people are looking for opportunities to save money on the cost of a mortgage. If you want to save money on your home loan, you might be thinking about refinancing. During the refinance process, you will replace your current home loan with a new mortgage. Some people want to refinance their homes to free up cash for a renovation project, while other people want to pay off their homes sooner. How can you pay off your home loan early through a refinance?

Reduce Your Interest Rate 

During the refinance process, you might qualify for a lower interest rate. There are numerous reasons why you might get a lower interest rate when you refinance your mortgage. The average interest rate may have come down, your credit score may have improved, or your debt to income ratio may have gotten better. If you were due to your interest rate, more of your monthly payment will go towards the principal, shrinking your balance faster. As a result, you may pay off your mortgage more quickly. 

Reduce The Term of the Loan 

If you refinance your home, you might be able to reduce the term of the loan. The term is how many years it takes you to pay off your mortgage. For example, you may be able to reduce your 30-year mortgage to a 15-year mortgage. If you shorten the term of your loan, you may qualify for a lower interest rate, which can help you save money; however, directly shortening the term of the loan could cause your monthly payments to go up. You could work with a professional who can help you with the math. That way, you understand exactly how much you owe every month. 

Consider Paying Off Your Mortgage More Quickly

If you want to save money on interest during the life of your loan, one way to do so is to pay off your mortgage faster. You might be able to do this if you refinance your home loan. Reach out to a professional who can take a look at the balance of your home loan. You might qualify for a refinance that can help you save money on your mortgage. 

Creating A Pet-Friendly Rental Property

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Creating A Pet-Friendly Rental PropertyPeople look at pets as members of their families. They love and cherish them. At the same time, pets do not necessarily go well with rental properties. Even though their owners love them, the property owners generally do not. Pets can damage the property, stain the floors, and scratch up the furniture.

Did you know that 72% of all renters own pets?  Therefore, property owners who want to maximize their income need to create pet-friendly rentals to drive up demand. What are the biggest benefits, and what are a few ways to do exactly that? 

The Benefits Of A Pet-Friendly Rental

There are several reasons why property owners should create a pet-friendly rental. The biggest reason is that this leads to a more diversified tenant pool. Many people are looking for a property that welcomes pets. If property owners have a rental property that is pet-friendly, they will have more interest, increasing the rent they might charge.

Furthermore, pets are not the most common source of property damage. Adults and children tend to cost far more property damage on a per-month basis than pets. Therefore, property owners should not worry as much about dogs, cats, and other animals damaging their properties. 

How To Create A Pet-Friendly Rental

There are a few ways property owners can make their rental properties pet-friendly. First, it is important to think about the floors. Some floors, such as carpet, are not friendly to pets because they stain. Instead, linoleum, vinyl, and laminate floors are friendlier to pets, and they are far easier to clean. 

It might also be helpful to invest in pet doors and gates. This makes it easier to divide the property and makes it easier for pets to come in and out.

Consider Asking For A Pet Deposit

Property owners should also consider asking for a pet deposit. It is not unusual to ask for a security deposit, but owners might want to ask for an additional deposit for pets. That way, owners already have the money on-hand if they need to do some extra cleaning or make some repairs after having a pet at the property. Creating a pet-friendly rental can lead to extra income.

Increase Your Home’s Value By Handling Minor Repairs

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Increase Your Home's Value By Handling Minor RepairsA house is an investment, and it is important to treat it as such. Homeowners must capitalize on the value of their homes when they go to sell them. One of the best ways to do so is to handle minor repairs before listing the house. Minor repairs do not take that long, so homeowners don’t have to worry about delaying their timeline. Furthermore, they are not that expensive to fix, but they can have a significant impact on the value of the home. Why is this the case?

Repair Broken Items in Rooms

Even though broken items in certain rooms might not be a big deal, they can send the wrong message to a prospective buyer. For example, if there is a door that doesn’t latch well, try to repair it. If there is a drawer that doesn’t close properly, fix this issue. If homeowners see that there are no broken items, they will immediately realize the house has been well taken care of.

Ger Rid of Annoying Noises 

Annoying noises can be incredibly distracting as someone walks through a house in which they might be interested. If there are creaky stairs, try to figure out where this is coming from. If the ceiling fan rattles, try to tighten it. Annoying noises can detract from the value of the house by distracting potential buyers. 

Fix Any Leaks in the Home

Small drips and leagues can have a significant impact on the value of a home. If someone believes they are a sign of bigger plumbing issues, they might not make an offer. Inspect all faucets, toilets, and outdoor spigots to make sure they work properly. If anything is dripping, try to fix it before listing the house. 

Maximize the Home’s Value

Ultimately, the biggest reason why minor repairs can make a big difference is that they can drive up the amount of money someone is willing to pay for a home. A lot of people steer away from houses that require repairs because they don’t know if something more serious is lurking underneath. When homeowners address minor repairs, they increase their chances of making a positive first impression on a buyer. This can make the difference between someone walking away and someone making an offer. 

 

Goodbye, Curtains: Try These Fun and Fashionable Ways to Dress up Your Windows

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Goodbye, Curtains: Try These Fun and Fashionable Ways to Dress up Your WindowsWindows can add a lot to the look of your home, and this means that dressing them up properly is an important key for aesthetic appeal. While draggy, neutral-colored curtains can be one of the less exciting aspects of decorating your home, here are a few ways you can adorn the most basic of home fixtures and turn your windows into something truly unique.

A Reconstituted Valance

A short curtain can be a nice, less fussy way to adorn your windows, but if you have a kitchen space in need of warming up, try a piece of wood or metal painted with a color or texture of your choice. Whether it’s covered in words or you stick with a neutral paint color, it can easily add texture and character while letting a lot more light in.

Stylish and Singular Shades

If you want something that will cover the window without getting in the way, you may want to opt for window shades that you can pull down or pull up at your leisure. While this might sound like a pretty tame option, shades are available in a variety of shapes, colors and motifs that are sure to add spark to your room.

Frosted Glass Find

If you want to forego having blinds altogether but you have large windows that need to be covered, you may want to try installing frosted glass in order to maximize the available light. Not only can this be a means of maintaining your privacy at any hour of the day, it will also leave your room feeling airy, well-lit and open well into the evening.

Parade Of Plants

It may seem like a strange solution to the traditional curtain, but a row of plants placed on the window ledge can add a lot to your frames while limiting the need for curtains. While this trick will work especially well for kitchen windows and other areas where you can use smaller plants, you can always try mixing it up to create a different effect.

The idea of long, white curtains isn’t necessarily something that will work for every room, but there are plenty of ways you can dress up your window frames without having to reach for a piece of fabric. If you’re looking for new design tips because you’re considering a move in your future, contact your trusted real estate professional for more information.

How To Find The Right Home Insurance Coverage For You And Your Family

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How To Find The Right Home Insurance Coverage For You And Your FamilyThose who are taking out a loan for a home will probably be required by the lender to purchase home insurance. Even those who don’t need a loan will still need to make sure that they protect their property accordingly with a comprehensive home insurance policy. This is important for making sure homeowners have the money to replace their belongings and repair their property in the event of a disaster. At the same time, homeowners do not want to spend more than they must for a home insurance policy.

How can homeowners find the right home insurance policy to protect themselves?

Think About The Disasters In The Area

First, homeowners need to make sure the home insurance policy protects them against the right risks. If homeowners live in an area that is prone to floods or earthquakes, they need to find a policy that will protect them against these risks. If homeowners live in an area that gets a lot of hurricanes, they should make sure their home insurance policy protects them against hurricane damages. Not all policies include these as standard coverage, so homeowners should make sure they do not have to purchase a rider.

Make Sure There Is Money To Rebuild Your Home

Remember that the cost to rebuild a home could be more or less than the original purchase price. Lenders will want to make sure that all homeowners have a policy that gives them enough money to rebuild. Otherwise, the lender might not finance the mortgage. The local construction costs and the square footage of the structure will all play a role in the cost to rebuild. It might be prudent to work with a real estate agent to estimate this cost. The type of exterior, the style of the house, the number of bedrooms and bathrooms, and other properties on the premises will all play a role in the cost to rebuild a home.

Other Factors To Consider

Homeowners also need to think about whether their home is up to code. When the home is rebuilt, it needs to match new codes, which could increase the price. Homeowners also need to make sure their home insurance policy will cover valuable belongings in the home as well, such as furniture and electronics.

4 Big Incentives for Homeowners to Sell Now

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4 Big Incentives for Homeowners to Sell NowNow is a great time to sell a home. Inventory is down to historic lows, according to recent reports, which means it’s a sellers’ market. Yes, many homeowners are reluctant to put their homes on the market for a variety of reasons. However, right now there are four big incentives for homeowners to sell, despite these objections.

Unsure Of Being Able To Find A New Home To Purchase

It is good to sell at high prices, but that might leave a homeowner desperate to find a new home. Not exactly.

Buyers are entering bidding wars in order to secure their new dream homes. Using leverage, a homeowner could sell to a buyer but have a stipulation where they lease their home back to the new owner until such time as the homeowner has time to get themselves a new house.

Uncertainty About Being Able To Obtain Top Market Price

It is understandable that homeowners want to be able to recoup the cost of improvements they have made along the way, along with some profit. When neighbors are getting top dollar, homeowners might want the same kind of guarantee if they put their own home up for sale.

The bidding wars have become so common that it is almost guaranteed that a homeowner will get the asking price at a minimum.

Do Renovations Need To Be Completed First?

It is common for homeowners to “put down their brushes” and think about just moving instead of finishing renovations, but will there be a heavy price to pay for selling an unfinished house?

Not in this market. Currently, buyers are willing to overlook most repairs in order to get into the house they want, including unfinished renovations. If you’re a homeowner worried about every little unpainted patch on the wall, rest assured your prospective buyers won’t even flinch.

Worries About Getting A Quick Closing

Homeowners are worried that they might not get a quick closing. Why? Because the longer the closing date is pushed out, the higher the chances that a sale will fall through.

If you’ve been on the fence about selling, it’s time to choose sides. There’s never been a better time to sell. Talk to your real estate agent today to start the listing process.

Why An Emergency Fund Is Important

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Why An Emergency Fund Is Important

There’s almost a guarantee that at some point in the future you’re going to face an emergency. Like most things in life, that emergency is going to require money to solve. You can’t assume that you’ll have the funds to face the emergency when it happens. You can’t even assume that you’ll have enough on your credit cards to pay for it. The only safe way to plan is to have an emergency fund.

What Is An Emergency Fund?

An emergency fund is a reserve of cash set aside for emergencies only. It’s not a savings account, because you’re not saving up for anything in particular like a new sofa or a dining set. It’s strictly money on hand to be used in an emergency.

What Constitutes An Emergency

As a homeowner, you could face any number of emergencies regarding your property. An emergency is something unexpected and urgent. In other words, you couldn’t foresee it happening, yet it needs to be taken care of right away. Examples of homeownership emergencies are:

  • Basement floods and needs to be drained and contents cleaned
  • Tree falls on roof, and you can’t wait for insurance check
  • Furnace dies in the middle of winter
  • Central air system dies and there’s a high deductible on your insurance policy
  • Water tank gives out a week before your big family holiday

How To Manage an Emergency Fund

The key thing about an emergency fund is that it needs to be instantly accessible. Instantly accessible means you should only have to use your debit card or write a check to use it. You shouldn’t have to sell stock or transfer money out of your retirement IRA. It should also be kept separate from other funds, so it doesn’t get confused with the Christmas gift fund or the college fund.

Why Have An Emergency Fund?

Emergencies shouldn’t cause catastrophic damage to your finances. With consistent, small saving habits, you can build up an emergency fund so you can easily and readily take care of maintaining and repairing your home. This is part of good homeownership. When you have an emergency fund, you know that you can always keep your home in tip-top shape.

There Are Major Incentives For Homeowners To Sell Their Homes Now

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there-are-major-incentives-for-homeowners-to-sell-their-homes-nowNow is a great time to take out a new home loan because mortgage rates continue to hover near historic lows. As a result, many homeowners are refinancing to a lower rate. This is also the perfect time to move because homeowners can take out a new home loan with a lower interest rate. Mortgage rates will not remain at historic lows forever and have already begun to rise slowly this year. Homeowners should sell now and take out a new home loan before they rise too much.

Homeowners Can Take Advantage Of A Bidding War

Because the real estate market is so competitive right now, homeowners might be able to take advantage of a bidding war. With surveys showing that homeowners are getting more offers on their homes than ever before, this is an opportunity for homeowners to drive up the sale price.

Homeowners Can Speed Through The Closing Process

While many homeowners get frustrated about the time it takes to close a sale, home sales are closing faster than they ever have in the past. The number of all-cash sales is going up as well, which is also an opportunity for homeowners to close quickly. Anyone who is looking for a quick closing process should consider selling in the current market.

Homeowners Can Sell Without Updating The Home

Finally, this is also a great time for homeowners to sell because they might be able to sell their homes without updating anything. Instead of having to worry about home upgrades and cosmetic changes, homeowners might be able to get great value for the home as-is. This opportunity might not come along again for decades, so now is a great time to sell.

The Three Essential Habits That Successful Home Buyers Must Embrace

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The Three Essential Habits That Successful Home Buyers Must EmbraceWhether you are preparing to purchase your first home or it has been many years since you last walked through the home buying process, you may be starting to feel overwhelmed at the thought of all of the work that lies in front of you. From concerns about finding the right home to the physical act of relocating all of your belongings after the closing, there is certainly a lot to think about. While each home buying transaction is unique, the most successful home buyers have typically adopted a few behaviors. You may keep these in mind to help you navigate through the process with success.

Keep An Eye On Your Budget

Financial stress when buying a home is common. You may have saved for years to afford your down payment, but there are various expenses that some may have not calculated or planned for. It is important to leave extra funds available for unexpected expenses, such as paying for the appraisal up-front on the home you have fallen in love with. Likewise, keep a close eye on your budget so that you are aware of your financial situation at all times.

Be Available And Flexible

It is imperative that you remain available and flexible as much as possible. Your real estate agent may call you at the last minute with a great new listing that has come on the market, and you may need to be flexible with your schedule to see this property before other buyers do. In addition, you may need to be flexible and accommodating with regards to contract negotiations, working with title company requests and more.

Seek Advice And Knowledge

Buying a home does not have to be stressful, but it also is not something that you do every day. There is a lot for even an experienced home buyer to learn, and you should be prepared to seek advice and to educate yourself along the way. Ask questions as necessary, and use the Internet for additional research.

Home buying is a process, and you may consider taking one day at a time as you proceed through the journey to reach your ultimate goal. A skilled real estate agent can guide you through the process and can help you to more successfully reach your goal. Reach out to a real estate agent today to begin looking for your new home.

Do Not Procrastinate On These Spring Maintenance Tasks

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Do Not Procrastinate On These Spring Maintenance TasksAt the flowers begin to bloom and the weather starts to warm up, everyone is thinking about spring cleaning. It is critical to make sure the house is ready for the warmer weather. What are the top spring maintenance tasks that have to be completed? Do not procrastinate on these tasks, as the price could be high.

Prune The Trees Before They Start To Bloom

Take a closer look at the trees, particularly those that hang over the house. As they begin to bloom, the weight on these branches could start to increase. If that happens, branches could snap over the house, leading to serious roof damage. Prune these trees before they start to bloom. If they are too high, it may be better to reach out to a trained professional who can prune them safely. 

Always Look For Signs of Leaks And Water Damage

Check around the house for signs of leaks and water damage. If the floor is buckling, the walls are starting to change color, or the water bill is going up without an explanation, these could be signs there is a leak somewhere. Address any signs of water leakage now. Waiting to address a water leak could lead to serious repair bills down the road. Be sure to get the plumbing system maintained regularly. That way, these leaks can be avoided. 

Inspect The Water Heater

Take a closer look at the water heater. It is important to get it inspected by a trained professional once per year. Over time, mineral scaling and gunk can accumulate in the water heater. It needs to be flushed regularly. Even though online tutorials can be helpful, it may be better to reach out to trained professionals who have the equipment to do this properly. In addition, professionals may take a look at other areas of the water heater that might have to be addressed.

Get Ready For Spring

These are a few of the most important spring cleaning maintenance tasks that have to be completed now. Make sure these systems are ready to go before they are called upon. If homeowners do not procrastinate on these important tasks, they could save a lot of money down the road.