Naturally, if you’re paying 6% for your mortgage and you can refinance at 5%, you’re gonna do it. Although cutting your monthly payment remains an important motive, there are at least five other reasons to consider a mortgage refinance, for long-term savings and convenience.
1. Change your mortgage term
If you decrease the term of your mortgage in a refinance by going from a 30-year to a 15-year, you’ll pay a lower interest rate and shorten your total interest costs. You’ll build home equity more quickly, and pay off your loan sooner, even though your monthly payments go up.
2. Move from an adjustable rate to a fixed rate
ARMs offer low introductory rates, but they also offer long periods of uncertainty that make it hard to budget. It makes sense in a mortgage refinance to go from an ARM to a fixed-rate loan during a low-interest rate environment. You’ll get emotional security and your rate won’t fluctuate with changing economic conditions.
3. Take out cash
With a cash-out mortgage refinance, you can turn an intangible asset—accumulated home equity—into a tangible one—cash. It makes sense for a project that will generate long-term benefits, like a home improvement or funding a child’s college education. However, don’t do it for frivolous reasons. Unless you’re extremely disciplined, you could find yourself in even deeper debt.
4. Consolidate two mortgages
When interest rates are low, a mortgage refinance lets you consolidate your main mortgage and an outstanding home equity loan to realize a lower overall monthly payment. Plus, you’ll have only one mortgage payment to make each month.
5. Recover from divorce
If your home is jointly owned with your soon-to-be ex-spouse, a mortgage refinance will turn a joint obligation into the responsibility of the person keeping the home. Nothing is more frustrating than tracking down a former spouse who doesn’t keep up with his or her end of the mortgage payment.
Lay the groundwork
If one of these reasons resonates with you, contact your current lender to see if it’ll offer you preferred rates or reduced closing costs on a mortgage refinance. But don’t assume the current lender is best: Leave no stone unturned by searching for lenders online and calling community banks and local credit unions.
No matter which lender you choose, a mortgage refinance for the right reasons can save
you lots of money—and that’s the best reason of all. Our preferred lender partner, New Penn Financial, can give you a great deal on a refinance! Tell them LeAnne sent you! Here is a link to their site:
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Last week, we reported on the financial reasons purchasing a home in today’s market makes sense. The Joint Center for Housing Studies at Harvard University performs a study every year surveying participants for the reasons that American’s feel are most important in regards to homeownership.
The top 4 reasons to own a home cited by respondents were not financial.
1. It means having a good place to raise children & provide them with a good education. From the best neighborhoods to the best school districts, even those without children at the time of purchasing their home, may have this in the back of their mind as a major reason for choosing the location of the home that they purchase.
2. You have a physical structure where you & your family feel safe. It is no surprise that having a place to call home with all that means in comfort and security is the #2 reason.
3. It allows you to have more space for your family. Whether your family is expanding, or an older family member is moving in, having a home that fits your needs is a close third on the list.
4. It gives you control over what you do with your living space, like renovations and updates. Looking to actually try one of those complicated wall treatments that you saw on Pinterest? Want to finally adopt that puppy or kitten you’ve seen online 100 times? Who’s to say that you can’t in your own home?
The 5th reason on the list, is the #1 financial reason to buy a home as seen by respondents:
5. Owning a home is a good way to build up wealth that can be passed along to my family. Either way you are paying a mortgage. Why not lock in your housing expense now with an investment that will build equity that you can borrow against in the future?
Bottom Line. Whether you are a first time homebuyer or a move-up buyer who wants to start a new chapter in their life, now is a great time to reflect on the intangible factors that make a house a home.
We have made Herndon our home since 2002. Three kids graduated from Herndon High School and went to Radford University with 2 now married. Herndon is a great place to raise a family. The fun summer concerts and farmers markets along with cool shops and restaurants makes Herndon an ideal place to live. If you are moving to Herndon or considering selling your Herndon home. please contact me to discuss. 202-409-7513 LAnies@HomeDCMetro.com.
This article is from Keeping Current Matters and the photo is my family at the holidays.
Kitchen updates are one of the best uses of your home repair budget. Here are a few quick tips from HomeAdvisor on some easy options.
If you have considered remodeling your Herndon kitchen or buying or selling a home in Herndon, please reach out to LeAnne Anies at 202-409-7513 or LAnies@homedcmetro.com.
Though the real estate market has improved, we still have one item holding it back from a full recovery – a robust supply of homes for sale. Demand has increased dramatically. At the same time, housing inventory is decreasing especially at the lower price points.
The National Association of Realtors (NAR) recently revealed that there is a pent-up seller demand caused by the uncertainty created by the housing crisis of the last decade.
What does that mean to you?
Houses listed today sell quickly. With prices still below peak values of 2007 in many parts of the country and mortgage interest rates at historic lows, this may be the perfect time for your family to make the move to the dream house you always wanted – whether that’s a larger home or that vacation/retirement home you have been looking at.
What does that mean to the economy?
Housing has always been an essential part of the U.S. economy. As we have reportedbefore, real estate not only provides housing for families. It is often the greatest source of wealth and savings for many. The recent increase in real estate sales has led to an increase in real estate prices. This has increased the value of everyone’s' home, whether they are selling or not. This leads to an increase in consumer confidence which in turn leads to an increase in consumer spending. Plus, each home sale automatically puts money into the economy.
NAR compiled data from research conducted by the Bureau of Economic Analysis & Macroeconomic Advisors on the economic impact of a home purchase.
After reviewing the data, they concluded that the total economic impact of a typical home sale in the United States is an astonishing $52,205.
The more homes that sell, the better the economy.
Bottom LineIn order for the U.S. economy to get better, we need to sell more homes. Perhaps, it makes sense for one of those homes to be yours.
If you have considered selling your Herndon home but are still a little nervous, now might be the time to sit down with a real estate professional familiar with your market and see what your options truly are. Let's discuss! I can be reached at 202-409-7513 or LAnies@HomeDCMetro.com.
The Transformer of Sinks
This multi-faceted model is a kitchen wizard. Optional strainers, colanders, cutting boards, and drain racks let you reconfigure and adapt this stainless steel sink to whatever task is at hand.
Type: Self-rimming drop-in
Material: 16-gauge stainless steel
Cost: $1,900 to $3,800, depending on accessories
Say It with Color
If color speaks volumes, why not let your kitchen sinks do a little fancy talking? Colorful kitchens are increasingly popular, and enameled cast-iron sinks offer deep, rich colors that grab the eye. “Every room should have surprises and punctuation marks,” says designer Jonathan Adler. “There’s nothing better than a colored sink to bring a kitchen to life.”
Type: Apron front
Material: Enameled cast-iron
Cost: $1,400 to $1,700
The Art of the Sink
Tough yet malleable, copper is a statement metal that readily accepts hand-tooled finishes and embossed designs. It develops a rich, dark patina with age, but you’ll need to avoid acidic liquids and harsh cleaners to prevent stains. Use homemade green cleaners to keep your copper sink looking great.
Material: 14-gauge copper
Sleek and Sassy
Stainless steel sinks are especially at home with contemporary surroundings. This undermount type attaches under the countertop and makes cleanup a snap. Stainless steel sinks come in several gauges (the lower the gauge, the thicker the steel), but thickness is less important than sound-deadening material — look for sound-absorbing pads attached to the outside of the sink.
Material: Stainless steel
Cost: $150 to $4,000
Credit: Nicole White Designs Inc.
The single-bowl, enameled cast-iron sink (in basic white, please) is one of the all-time most-popular kitchen helpmates. It’s inexpensive, tough, and a good match for any design scheme. This one was placed in a corner, which helps solve the problem of what to do with that wasted space at the back of corner cabinets.
Type: Self-rimming drop-in
Material: Enameled cast-iron
Cost: $150 to $1,000
Credit: Old Town Home blog
Concrete can be made into virtually any shape, including the one-piece drop-front sink shown here. Special molds are used to create the decorative designs. Concrete sinks can be ordered in many colors and finishes, and each piece usually has unique distinguishing patterns and textures. Concrete sinks must be sealed periodically with a concrete sealer; wipe up spills immediately to prevent stains.
Material: Cast concrete
Cost: $1,000 to $3,000
Credit: Trueform Concrete, LLC
Statement in Stone
Looking for a signature showpiece for your kitchen but don’t want to spend a ton? Vessel-type sinks carved from a single block of stone have beautiful natural swirls and patterns, and are great focal points. You’ll find them in granite, soapstone, travertine, and onyx. The one shown here is marble. For full viewing (and ease of use), set your vessel sink on a lowered portion of countertop.
Material: Carved marble
Cost: $250 to $900
Credit: Vangelis Paterakis
Sweet-Lookin’ Tough Guy
Big, deep soapstone sinks that harken to the days of Frank Lloyd Wright are making a comeback. Nearly impervious to stains and heat, soapstone requires only an occasional swipe of mineral oil to retain its beauty. It’s so dense that it won’t harbor bacteria, either, making it easy to clean. Save money and buy a used one where salvaged building materials are sold.
Type: Extra-deep (16 inches) apron-front
Cost: $1,500 to $3,000
Credit: JAS Design Build / Vista Estate Imaging
Article Written by John Riha with Houselogic
Read more: http://www.houselogic.com/photos/kitchens/kitchen-sink-pictures/slide/the-transformer-of-sinks/#ixzz3XPlxfoZN
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Have you been thinking of remodeling your Herndon kitchen or making some renovations but not sure where to turn? Give me a call to discuss. Kitchens are a great renovation topic and you want to be sure you are not over-improving your home. Great kitchens sell homes fast. If you want more information about homes for sale in Herndon or selling your Herndon home, please contact me at 202-409-7513 or LAnies@HomeDCMetro.com.
Also please check out our new unique home seller program, The Renovated Home. We can help you get your home market ready with this killer program! Check it out on FACEBOOK.
You can also follow me on twitter @thechfswyf or Instagram thechfswyf. Happy shopping!
Want to know the average days on market for your area? Here are a few examples of how fast homes were selling in March in areas around Northern Virginia. Homes in Herndon, 20170 are selling faster than most of the cities around. In Crestbrook, the homes are selling on average in 47 days and we have a 4 months supply of inventory. Hastings Hunt has an average days on market of 6 DAYS and has 3 months supply of inventory. In Kingstream, homes are selling on average in 20 days and there is a 3 months supply of inventory. These numbers all show a great growth for our Herndon communities. If you are considering buying or selling in Herndon, please contact me for more statistics like these, to get your home sold quick and for top dollar. I can be reached at LAnies@homedcmetro.com or 202-409-7153.
Refacing your kitchen cabinets includes covering the exposed frames with a thin veneer of real wood or plastic laminate. Doors and drawer fronts are replaced to match or complement the new veneer. New hinges, knobs, pulls, and molding complete the transformation.
What are the Pros and Cons?
Kitchen cabinet refacing pros:
What are Your Refacing Options?
Your choices for the finished look of your cabinets are virtually limitless. Veneers are available in a wide variety of colors, patterns, textures, grains, and more, which you can mix or match to get a relatively low-cost kitchen facelift.
What Does Refacing Cost?
A professional cabinet refacing for a typical 10-foot-by-12-foot kitchen starts at around $1,000 to $3,000 for laminate. Expect to pay $2,500 to $6,000 for real wood veneer. Costs can rise to $7,000 to $9,000 or more for a large project with high-quality wood veneer.
Finishing the project with new hardware (pulls, knobs, hinges) runs $2 to $4 per piece, up to $20 to $50 each for high-end hardware.
In comparison, completely replacing old kitchen cabinets with new cabinets starts at $4,000 to $5,000 and up for stock cabinets; $8,000 to $10,000 for semi-custom cabinets; $16,000 to $20,000 and up for custom-made cabinetry.
How Do I Know If My Cabinets are Good For Refacing?
Refacing is feasible if your existing cabinet boxes are structurally sound and in good condition. Cabinets with water damage, warping, and broken frames are poor candidates. Particleboard cabinetry sometimes requires fasteners, in addition to adhesives, to ensure that the veneer is secure.
How are They Installed?
A professional installer will come to your house to measure your cabinets and determine the amount of veneer required, the correct sizes and quantities for door and drawer fronts, and how much hardware is needed. Newly ordered doors and drawer fronts may take one to two weeks for delivery.
When all the materials are in hand, your installer removes old cabinet door and drawer fronts, and prepares the surface of the cabinet boxes by washing the exteriors with a degreaser and lightly sanding the finish. Any significant flaws in the surface are repaired or filled to ensure a smooth, secure fit for the new veneer.
The installer applies veneer to the cabinet faces and any exposed cabinet ends, then mounts the new doors, drawer fronts, and hardware. The process typically takes two to four days.
Read more: http://www.houselogic.com/home-advice/kitchens/refacing-kitchen-cabinets/#ixzz3WddisDFO
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Article Written by Jan Soults Walker - Nationally published home improvement writer Jan Soults Walker and her husband, Dave, once built a window seat with flanking bookcases into a kitchen. It remains one of their favorite storage projects to date.
Considering remodeling your Herndon kitchen or bathroom, please reach out and let's discuss. I am a local Herndon resident that assist buyers and sellers reach their goals of buying and selling homes in Herndon. My company offers a very unique seller program called The Renovated Home. If you have equity in your home, need to sell, but don't have the cash to get it market ready, we can help! I can be reached at 202-409-7513 or LAnies@homedcmetro.com.
Mom. Mother-in-law. Chef's Wife. Navy Chief's Wife. Realtor. Christian. Connector. Empty Nester. Business Woman. Foodie.