- Create a budget and stick to it. A budget ensures that you know exactly where every dollar is spent, and it can help you reduce spending. By reducing spending, you will have extra money left over each month.
- Open an interest-bearing savings account. Next, take all that extra money you have left over and put it into a savings account.
- Learn how to use coupons and shop sales ads. Another way to cut spending is by adjusting your shopping habits. If it is not on sale, and you don’t have a coupon for it and can wait, then don’t buy it now.
- Learn how to cook and prepare meals at home. One of the biggest things millennials enjoy is dining out constantly. By cutting this expense and reducing dining out time to once every week or every other week, you will have more money to set aside to buy a home.
- Get preapproved for mortgage financing. Doing so will give you a better idea of how much home you can afford and how much you need for a down payment.
- Sellers will know you are serious when you make an offer.
- Sellers tend to favor buyers who are pre-approved rather than having to wait for you to secure financing.
- You will save time by not looking at homes that are outside what you can afford.
- You will know the minimum amount of money you will need down to finalize the mortgage.
- You will have an idea how much additional money you will require for inspections, closing, and so on that you cannot finance.
- You will know what homes you can afford and whether you will need a larger down payment to get the home you truly want.
- You will know if there are things on your credit report you need to clean up before reapplying to get a lower rate or a higher mortgage amount.
A cash-out refinance mortgage loan is where you refinance your existing loan and, at the same time, convert your available equity into cash. You could qualify for as much as a 90% LTV (loan-to-value) mortgage!
The great thing about refinancing your home and using it for a summer home makeover is you can increase the value of your property. Some great ideas of what you can do with the cash from your refinance loan include:
- Enclose your backyard with a privacy fence.
- Enclose your patio.
- Renovate your patio/deck.
- Build a covered outdoor kitchen/entertainment area.
- Get a new garage door.
- Add a new room to your home.
- Install an in-ground pool.
- Finish your basement and turn it into a man cave, game room, playroom, or she-shed.
- Have solar panels installed on your
- Get new energy efficient windows installed.
- Increase the amount of insulation in your home.
- Remodel your kitchen with new cabinets, countertops, and energy-efficient appliances.
- Renovate your bathroom and turn it into your own personal “spa.”
- Get a new tankless hot water heater installed.
After all the makeover projects are completed, you can even use part of the cash you receive to take a much-needed vacation!
One of the great things about refinancing, compared to using credit cards or other loans, is you have a single monthly payment with a fixed interest rate. To learn more about refinancing your home and getting cash out for your summer home makeover, please feel free to contact Elite Financial at (805) 494-9930 today!
What Every Vet Needs to Know About VA LoansElite Financial thanks all veterans for their service to our country and would like to share with you some interesting information about VA loans which you might not know.
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- VA mortgages do not require a down payment. You don’t have to wait to save up a down payment to buy a home. You can purchase one today.
- VA mortgages do not require private mortgage insurance (PMI). Unlike FHA loans that require PMI, VA mortgages do not, which eliminates this added cost to your monthly payments.
- VA mortgages can be used to refinance or cash out equity in your existing home. You could get lower monthly payments and a lower rate or tap into the equity for home improvements or other reasons.
- VA mortgage rates are lower. Interest rates are lower compared to conventional mortgage loans, which saves you money over the life of the loan.
- Surviving spouses could quality for VA mortgages. If you are the surviving spouse of a veteran, you could buy a home with no money down and no PMI.
- VA mortgages do not require high credit scores. VA mortgages allow for previous foreclosures, bankruptcies, and lower credit scores for approval.
- VA mortgages are available for condos and manufactured homes. Your VA benefit includes a wide range of home buying options.
To protect yourself and your investment, here are some of the more common scams:
- Emails requesting you wire transfer closing funds. These emails are almost always an attempt to scam you out of this money. Most closings require you to show up with a cashier’s check in hand.
- An offer to purchase the home for more than what you paid. You may be contacted by someone who tells you they are very interested in buying the home and will pay you twice what you paid, as long as you prepay their closing costs today.
- Calls or emails from bogus moving companies. These scammers want you to prepay for your move and entice you by offering low rates. Professional movers will never ask for payment until you are in your new home.
- Emails requesting you prepay homeowners’ association (HOA) fees. Your HOA will not do this before the closing. Instead, they will mail you a letter or come talk to you directly once you move in.