Home. It is one of the nicest words there is. The physical ownership of a property that creates that feeling of home varies by individual. You may already own one, want to buy one, are considering a different one, or looking to build one. Every one of those scenarios of home offers an opportunity during the summer of 2020.
Here are a few ideas to consider about leveraging your time and/or investment to achieving your dream home.
You currently own your home
If you currently own your home or have a mortgage and do not plan on moving, it is worth checkin to to your current terms such as interest rate and years left on your loan. Rates are at historic lows and many homeowners are finding that a refinance allows them to save on their payment or shave years off the term of the mortgage.
Values of homes are also much higher, so if you have a large amount of equity in your home you can consider using some of it to remodel or take on that project you’ve wanted to do for some time.
You want to buy a home
The pricing of homes certainly has increased, but mortgage rates are very low. If you are ready to start house shopping, you’ll want to be ready and act quickly. You should reach out to your community bank first.
Contacting your lender prior to the realtor is important because they help you set a budget and provide a pre-approval document so you’re ready to make an offer when you find the house you want.
The market moves fast. Often, homes are already in contract before they make it to Zillow. By having a pre-approved document from your banker, you save time with a realtor who can offer you listing insight prior to a public listing and know what is realistically feasible for your income.
You desire a different home
Whether you are upgrading, downsizing, or changing zip codes – selling a home today is in the seller’s favor. There are many active buyers wanting to be a part of our communities and you could potentially have more profitability from your house than ever before.
There are many variables a realtor can walk you through to determine the best price and return on your investment. Depending on your goals for a new place to call home, it might be advantageous to sell with the demand for quality homes driving the market.
You want to build a home
Construction of new homes is also in high demand as you see many new developments and parcels of land being dedicated to it.
The process from finding the right land, to contractors, and home style, can take months to navigate through. Each step of the way is also a process with financing, as inspections are completed at milestones of progress in the build before rolling it into a mortgage.
Your bank partner can educate you on what the process looks like from a loan perspective and communicate with builders to oversee funding along the way. Make sure you speak with them prior to engaging a contractor so you are prepared financially. Your contractor will appreciate your preparedness as well.
When you are buying or selling a house, many emotions can arise as it is a process to change ownership. The more prepared and educated you are about buying, selling and refinancing processes, the better your odds of preventing unwanted stress. After all, what matters most is finding your dream home, whatever it may be.
Written by Tiffany Wood for the Marysville Journal Tribune
Tiffany Wood is the Vice President of residential lending for Richwood Bank at their Marysville location. Tiffany has been helping people make the most of their homes for more than 20 years.
Richwood Bank Member FDIC, Equal Housing Lender
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Tiffany Wood NMLS #423300