Financing Your Remodel: What are the Options? | How To Home Podcast

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This week, Javier Ruiz from New American Funding joins Aaron and Tracy to discuss all you need to know about financing a home remodel. We talk about cost estimation, how to decide the best financing options for you and which rooms will hit your budget the hardest.

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FAST Facts:
1. According to HomeAdvisor, the average kitchen remodel in the US ranges from $12,000 – $30,000 or around $150 per sq. ft
2. To hire a handyman the average cost is $390 ph
3. The average cost of a bathroom remodeling project is approximately $10,000, although this includes minor, partial, and small bathroom remodeling costs. A comprehensive bathroom remodel is likely to cost $15,000 or more; a large master bath remodel can easily go over $50,000.
4. Most people planning a house upgrade aren’t doing it in order to put a “For Sale” sign in the yard. In fact, only seven percent of homeowners are renovating to prepare their homes to be sold, the lowest percentage since 2015. (marketwatch)
5. The majority of homeowners (62 percent) plan to pay for projects, at least in part, by using savings. Other home improvement financing options include credit cards, 30 percent of homeowners say they’ll pay for a project using plastic. While credit cards are also a popular option for millennial homeowners, it is significantly less so than last year, down 16 percent.
6. Payment example: Monthly payments for a $25,000 loan at 7.99% APR with a term of 12 years would result in 144 monthly payments of $270.48. (lightstream)
7. A landscaping project can cost anywhere from $5,000 to over $100,000. When deciding on a budget keep in mind that investing in professional landscaping will greatly add to the value of your home. A general rule of thumb is to spend 10% of your home’s value on landscaping.

JAVIERS’S TIPS:
– Find out what the value of your home is currently, and what you owe, to get a good idea of what you can get financially.
– Cash out refinance option can be a little pricier.
– Refinancing is getting a new loan that pays off your existing loan.
– Pro of refinancing is the liberty to spend the money the way you want.
– A drawback is rising interest rates.
– There’s a Fannie Mae financing option called Home Style- it’s a renovation loan that allows you to use the maximum value of your home to purchase and/or renovate a home. https://www.fanniemae.com/singlefamily/homestyle-renovation
– Pros: You’re increasing the value of the loan. You can add luxury items.
– Home equity line of credit is another option. The rate is a bit higher but gives you the flexibility to access equity in your home.
– Good for a small project where you can pay it off quickly.
– Your most affordable rate will be through a bank or mortgage company vs. a credit card or in-secure line of credit.
– Find a trusted loan officer who’s experienced in home loans.
– The bank isn’t necessarily the best place to start. Googling “construction loans” or “renovation financing” is a great place to start.
– Credit cards have very high interest rates.
– If a loan is going to create financial stress, consider splitting your remodel into smaller projects.

TO RECAP OPTIONS-
– Cash-out refinancing.
– Fannie Mae, Homestyle.
– Home equity loan
– 203k
– Unsecured loans
– Credit cards
– Cash

HOLLER AT JAVIER:
Email | Javier.ruiz@nafinc.com
Website | https://www.newamericanfunding.com

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Home Mortgage Re-Finance Details: Lock In Your Home Mortgage Interest Rate

Home loans have many kinds of loans such as VA, FHA, Conventional, USDA, jumbo, Cal Vet and a lot more. Therefore, the reality that you have a low credit history does not enter into play as much.

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Numerous house owners are seeking to re-finance their home and save money on their month-to-month payments. Although this is a great choice when you are in monetary trouble, re-financing with the wrong term might develop more monetary problems. Numerous borrowers do not know they can choose a different term for their home mortgage loan. Spending for a longer term implies you are paying a higher interest rate. It also implies you are paying more of your month-to-month payment towards your interest instead of your home mortgage. Discover the advantages to re-financing your home mortgage with a ten years home mortgage loan.

Utilize your Tax Refund – Yes put the entire refund towards your Mortgage payment. Customer testimonials present which https://HomesMortgageLoan.com is among the top rated authorities with regards to Mortgage. The typical tax refund in America is $3000. If you used your tax refund to the principle every year you will settle your home mortgage 10 years early!

Refinance-Interest rates still at all time low!-that’s best, rate of interest on home over here stay as low as they have been in an extremely long time. Lower rates indicate lower payments for your home mortgage. Lower home mortgage payments implies more non reusable income. Which implies more cash flow for you. How low are rate of interest today? Since July 27th,2011 a 30yr fixed rate was available at 4.68%APR. A 5yr ARM was available at a rate of 3.058%APR.

According to some sources, typical home mortgage rate on thirty years FRM was somewhat decreased from 4.61% to 4.60% throughout the recently of May which is the most affordable figure since last December. One year prior to this, the typical rate of home mortgage interest was 4.84%. The typical interest rate on 15 year FRM was decreased by 0.02% from the figure of 3.80% which was 4.21% in 2015.

You will pay less interest if you settle your home mortgage in 15 years as opposed to thirty years. However, you may pay a lower interest rate if you opt for a thirty years home mortgage instead of a 15 or 20 year home mortgage. A home mortgage calculator can assist you strike the perfect balance between making a payment you can pay for while not paying more interest than you need to over the course of the loan.

Legal Fees – when re-financing a residential or commercial property or acquiring, a legal representative gets involved and you will incur legal costs. An attorney can discuss more to you about the breakdown of expenses which can consist of attorney basic expenses & disbursements, residential or commercial property tax and other changes, land title expenses, perhaps title insurance coverage requirements, etc.

Loan Pioneers have taken a beating these past couple top article years and it’s time to grow your home mortgage service by producing unlimited home mortgage leads. Do it now. Have a good time. Request for a brand-new wheel barrel for Christmas. You’ll need it to bring all your commissions to the bank!

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Your home equity increases as you make more home mortgage payments. This regimen can feel ineffective but it’s not. This is a great chance for house owners to decrease their interest rate and increase cash flow.