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Mortgage Advice and Tips

Financing your home can be challenging if not properly prepared. Our efforts to share knowledge and experiences will help you get ready for the joy of homeownership. Homeownership is a quality of life matter that should be reviewed periodically to ensure you are getting the most out of your family’s investment. This section is designed to do just that, and accordingly, divided into two main borrowing groups: Homebuyer and Homeowner.

Today’s Advice and Tip: August 28, 2008

Homebuyer

Home Inspections. Make your home offer contingent upon a home inspection. An inspection will tell you about the condition of the home, and can help you avoid buying a home that needs major repairs.

Why You Should Have a Home Inspection.
Buying a home is one of the most important purchases you will make in your lifetime, so you should be sure that the home you want to buy is in good condition. A home inspection is an evaluation of a home’s condition by a qualified inspector. The inspector will:

Evaluate the physical condition: the structure, construction and mechanical systems.
Identify items that should be repaired or replaced.
Estimate the remaining useful life of the major systems (such as electrical, plumbing, heating, air conditioning), equipment, structure and finishes.

Spending Hundreds May Save Thousands
When you make a written offer on a home, you should insist that the contract state that the offer is contingent on a home inspection conducted by a qualified inspector. You will have to pay for the inspection yourself, but it could keep you from buying a house that will cost you far more in repairs down the road. Inspections usually cost between $100 to $500.

For more information: http://www.pueblo.gsa.gov/cic_text/housing/inspection/home.htm

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Homeowner

Home Refinancing. Refinancing your mortgage can be a smart way to increase your cash flow, lower your repayment term, or reduce your overall consumer debt. You should consider refinancing if you are interested in one or more of the following goals:

Paying off high interest rate debt, such as credit card balances or automobile loans (your mortgage may be tax deductible*)
Shortening the length of your repayment term for your mortgage (example: 30YR to 15YR term)
Increase your monthly cash flow by lowering your monthly mortgage payment through a lower interest rate.

*Please consult a tax accountant or tax attorney for advice

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