Home Mortgage and Refinancing » home improvement

Quick House Sale – Sell Your Home Now

admin — Thu, 30 Jul 2009 16:57:56 +0000

Homeowners looking for a quick house sale may try to expedite the listing and closing process when they’re in need of cash and liquidity. Most of these transactions are cash-based, providing sellers with an immediate infusion to help them pay their bills and creditors.

A quick house sale may be an effective way to avoid foreclosure and therefore protect your credit, but that is not necessarily true. If you have questions about this, you are best suited by contacting a bankruptcy attorney in your area.

In order to execute a quick house sale, the homeowner almost always needs to find a matchmaker ” someone who will find a buyer for you. There are many organizations which provide this matchmaking service.

Fortunately, such middlemen generally collect their fees from the buyers of the house. If you find yourself in a situation where you need to sell your home in a short period of time, a middleman who only charges the house buyer is strongly recommended.

There’s very little risk associated with taking a chance at a quick house sale. Asking a broker or middleman to seek out a buyer is free, and there’s no obligation to accept any potential buyer’s offer.

Likewise, consulting a broker in any situation is never a bad thing – even if you’re not looking to sell your home quickly. It never hurts to see what kinds of bids you can get for your house.

In fact, in most cases, a quick house sale is a safe (yet emotional) way to explore moving on when times are tough, and simultaneously obtaining a low-ball estimate on your houses current value.

The web is filled with resources, like Zillow and Trulia, to help you to determine the value of your property. If the potential price you can receive for your home is enough to satisfy your need for cash, a quick house sale can easily be executed in this environment if you’re willing to be flexible with price.

Top Home Improvements To Sell Your Home

admin — Sat, 25 Jul 2009 10:57:29 +0000

Home sellers know that now is not necessarily the easiest time to sell a home and that it’s definitely a buyer’s market these days. There are, however, some things you can do to help increase the selling price of your house and make it more appealing to potential buyers. Just adding a few distinguishing characteristics to your home can really set it apart from the competition. Try some of these easy home improvements to get your house sold:

Freshen Up Your Front Yard: A lot of house buyers are searching for properties with a simple “drive by” so a good first impression is crucial! Cut back any overgrown shrubs, make sure your grass is green and cut neatly and consider planting fresh flowers or greenery that’s in season. A little time spent on landscaping can go a long way to get potential buyers in the door.

Modern Bathrooms: The last 20 years have brought a lot of functional updates to what buyers expect in a bathroom. Don’t go overboard but new cabinets, a new sink and an updated shower are all highly desirable. Whirlpool tubs and electric towel dryers are almost becoming standard bathroom equipment in many newer homes, so you may want to consider updating your bathrooms with the same.

Remodeled Kitchen: Kitchens are challenging because you can very easily spend a lot of money fixing up a kitchen only to to have the kitchen not meet a potential buyer’s tastes. Stick with neutral colors in the kitchen that will appeal to a larger pool of different potential buyers. Investing in updated appliances that stay with the home will always garner more interest and consider spending the extra money on stainless steel appliances which are still very popular.

Any of the above house improvements will help you sell your home and make even more money when all is said and done. Yes, some of these improvements can initially be expensive. Sometimes you may need to get a loan for those home improvements in order to make more money when you sell your home. Ultimately you’ll be glad you did when you sell your home and make more money than you ever expected!

Differences Between Unsecured and Secured Home Improvement Loans

admin — Wed, 22 Jul 2009 12:38:58 +0000

There are many different ways to borrow money for a home improvement project, but essentially your options come down to a “secured” or “unsecured” financing vehicle. These two types of loans have advantages and disadvantages.

When you borrow money with an unsecured loan, you are not offering anything up for collateral. An unsecured loan is given based on your past credit rating and your current salary level. You don’t have to have any equity in order to borrow money with an unsecured loan. Most hardware store credit cards are essentially unsecured loans. Unsecured home improvement loans can almost always be used if you have very little equity in your home.

One of the most common types of unsecured loans for home improvements is a credit card. Credit cards can be offered by a home improvement store, but they can also be offered by a number of different lending institutions. Almost any credit card can be used for a small house improvement project and the loan is almost always unsecured because no collateral needs to be put up to secure the loan. Unsecured loans are usually small and can be paid off quickly.

Secure loans are loans in which the bank has some sort of collateral or item which they technically “own” until you pay it off. When you finance a car or buy a house with a mortgage the bank technically owns what you bought until you’ve paid off the debt amount plus interest. With a secured house improvement loan your house is the collateral. If you default on your loan then the bank can take your house or car and sell it in an effort to regain some of the money they lent you.

Secured home improvement loans often have more paperwork but they also usually offer a lower interest rate because they are safer for banks to give out due to the collateral involved. You may even be able to deduct the house improvement loan interest amount from your income taxes!

Both secured and unsecured home improvement loans have a purpose and can really help you fix up your home if you don’t have the cash needed readily available. Be sure to do your homework and make sure you can actually repay the loan on time.

by James Miller

About the Author:

Want to discover more about how you can pay for that home improvement? Be sure to read about other home remodeling loan options that are available.

How To Borrow Money For A Home Improvement

admin — Fri, 17 Jul 2009 12:38:59 +0000

Improving the current home you have is a great way to increase its value, make it more livable and improve your lifestyle. Improving your home is now a big business that often requires more than just pocket change and some elbow grease. Home remodeling loans are becoming more popular as interest rates on borrowed money remain low.

Today’s home improvements are becoming more costly and many times home owner must take out a loan to cover the project or borrow money from some existing asset. Using borrowed money to remodel a home is a much cheaper option than buying a new home and moving for most people.

Larger home improvement projects that require financing could including adding an addition to your home, remodeling your home to add more space, upgrading the appointments in a kitchen or bathroom, installing a new furnace or cooling system, replacing a roof or installing siding or simply putting in a new swimming pool.

There are two general types of house improvement loans. There are unsecured home improvement loans and a secured home improvement loans. Within those two types there are many different loan products which can give you extra money, though each has it’s own good points and potential drawbacks. The differences among the loan vehicles are many, but let’s focus on the two types of home improvement loans that are generally available:

Unsecured home upgrade loan: When you get an unsecured loan, it means you basically are getting the loan based on your income and credit score and you are not putting anything up for collateral. Unsecured loans are usually for smaller amounts and often have a higher rate of interest due to their increased risk. If you don’t have any equity built up in your home this may be a good option for you.

Secured home remodeling financing: A secured loan of any type is a loan which involves you offering something to the bank in exchange for the money. If you get a home improvement loan based on the equity in your home, then you are really trading part of the ownership in your house to the lending institution. As you repay the loan you are buying back your house. Secured home improvement loans usually involve larger amounts of money but do have a lower interest rate and offer a longer time to pay it off.

Each borrowing option has some positive and negative aspects and there’s no loan that’s perfect for every situation. There are credit cards, bank loans and even online lending institutions now. Some loans are better for smaller home improvement projects while some are much more useful for large home projects. Borrowing money to improve your home will generally raise the value of your home, though the value may not always exceed the amount of money you borrowed initially.

by John Miller

About the Author:

Remember that any upgrades you make to your house should be considered an investment. In some situations you may qualify for tax deductions from your home improvements if they meet the right criteria. These deductions can quickly help you repay your original loan!

What To Know About Home Upgrade Loans?

admin — Thu, 16 Jul 2009 12:43:32 +0000

Upgrading the current home you have is a great way to increase its value, make it more livable and improve your lifestyle. Improving your home is now a big business that often requires more than just pocket change and some elbow grease. Home remodeling loans are becoming more popular as interest rates on borrowed money remain low.

Many home improvement projects require some sort of financial loan because they are large scale projects that require payment on materials or labor all at once in order to get the project started. These larger home improvement projects require some sort of bank or lender issued home improvement money.

Larger house improvement projects that require financing could including adding an addition to your home, remodeling your home to add more space, upgrading the appointments in a kitchen or bathroom, installing a new furnace or cooling system, replacing a roof or installing siding or simply putting in a new swimming pool.

There are lots of different ways to pay for a large house improvement, but taking out a home upgrade loan explicitly for the purpose up upgrading your house is usually an option that’s worth looking into. Most unsecured loans can be broken into one of two categories:

Unsecured home improvement loan: An unsecured loan of any type involves you borrowing money without putting anything up for collateral. That means that if you can’t pay the loan then there is technically nothing the bank can immediately take away from you. Unsecured loans are granted based on many factors, but a steady income and good credit score definitely help. Home improvement credit cards are technically unsecured loans that are meant to be used for home improvement projects. Unsecured loans are meant to be paid back over a short period of time and will almost always have a higher interest rate.

Secured house upgrade loans: A loan that has some sort of collateral, such as existing home value, tied to it is called a secured loan. Secured loans usually have lower rates of interest and are available from many different banks.

The type of loan you choose should be based on the size of your house improvement project, your credit score, your income and the amount of equity or collateral you have readily available. Remember that there are many different types of loans to choose from. You might also want to see if you are qualified for a Title I home improvement loan from a local bank. Borrowing money to improve your home will generally raise the value of your home, though the value may not always exceed the amount of money you borrowed initially.

by James Thomas Millner

About the Author:

Before starting any large home improvement project you should consider your many different home improvement financing options and carefully pick the lending instrument that best fits your borrowing needs and financial situation.

Keys to Home Improvement Financing

admin — Tue, 14 Oct 2008 18:04:25 +0000

Are you looking for home improvement financing because you’re ready to give your home a facelift? Maybe you need a large sum to finally finish that basement the way you always wanted or you want to modernize your old kitchen. You should know that there are many different home improvement financing options available to you these days so there’s no reason to put off that facelift any longer.

One reason that home improvement is so popular is that it actually improves the value of your home, leaving you with an appreciated asset and more equity in your home. Of course it also just plain makes people feel better when they walk into a newly redecorated room or use that sun room, patio or new family room. And home improvement financing is available for all these improvements and more.

Before you begin your remodeling project and even before you go searching for home improvement financing there are several questions that you should ask yourself. These questions will help you decide if the improvement is worth it and how much time and money you’ll need to devote to your home improvement project.

What will be the total cost of the home improvement including both materials and labor?
How long will it take to complete the home improvement project and what impact will it have on your daily life while it’s ongoing?
Are you going to do the work yourself or will you hire a professional contractor or maybe a combination of both?
Is it better for you to put money into home improvement or is it better financially for you to move to a new home?
Do you need money for anything besides the home improvement project? You can add this to the home improvement financing and get cash for other things besides home improvement.

Once you’re able to answer these questions satisfactorily it’s time for you to start looking for a home refinancing lender. Take your time to speak with several lenders and make sure they understand your need completely. Compare notes from each lender, you’ll find that some lenders will definitely have better home improvement financing options than others. Some of your options when doing a home improvement financing include the following:

Take a second mortgage on your home.
Refinance your existing mortgage to extract cash.
Borrow against a life insurance policy or your 401(k) savings
Get a home equity line of credit and use that to finance the improvements
Use a credit card to finance the improvements
Sell stocks or bonds or use cash savings
Get a personal home improvement loan from a bank or credit union

As you can see there are many ways to do home improvement financing. These are just some, and the preferred way for you will depend on your own situation and finances. Small projects may be financed with your savings or even from a credit card, but for larger projects you should consider some type of home improvement loan. You’ll get a better interest rate and since it is for your home the interest will also be tax deductible.

If you’re planning on doing some improvements to your home go for the ones that will increase the value of the home the most. The better the improvement the more return you’ll get from your home improvement financing.

125% Home Equity Loans Could Be the Answer

admin — Fri, 10 Oct 2008 17:49:29 +0000

With the current mortgage and housing crisis there are many people who’ve seen all the equity in their homes disappear. If you’re in this boat, but are looking for a way to get a loan to make improvements you may still have an option once the smoke clears. Once credit eases up again a 125% home equity loan could be the answer to your home improvement loan problem.

125% home equity loans are second mortgages on your home and as you can probably tell they are meant to access up 125% of a homes’ value. So, even if you have little to no equity in your home you can get a loan to do home improvement projects. With a home valued at $200,000 even if you have no equity at all you could get a $50,000 loan.

If you’re considering this type of loan you should know that the main criteria for getting approved, now even more than ever, is a high credit score. Because it is an unsecured loan lenders are only interested in borrowers who are very well qualified with very little risk of default.

You can easily find specialized lenders online who deal primarily in 125 home equity loans and other types of unsecured loans. Each one has their own rules to determine qualification. While your credit score is important to all of them, some will also look at your income, your current debt levels and how long you’ve owned your home.

In most cases a home appraisal won’t be necessary when applying for a 125% home equity loan. Typically the lenders will use the current appraisal or if you’ve only been in the home a short time they will use the sale price of the home to determine how large a loan they can offer you. It’s possible they will also look at what other similar homes in your neighborhood have sold for recently.

While you may have to wait for the current credit crisis to settle down a bit, don’t give up on getting the money you need for home improvement. A 125% home equity loan could be just what you need if you’re looking to tap the value of your home. Take the next few months to improve your credit score and you’ll be in a much stronger position to get approved once you do go for that loan.