This Valentine’s Day… Give Your Home a Little Love
February 14 is the day to celebrate love. But isn’t it time you show your home a little love? You probably didn’t even buy your house a Christmas present, and what do you do to celebrate your move-in date? Probably not even raise a glass of wine. With all the time and money you’ve invested in friends and family over the holidays, it’s easy to lose sight of your home. But maybe this year’s the time to set a new precedent.
Your home may be your most valuable possession — one that you had to work very hard to acquire. But your home needs TLC if you want to maintain both its value and your investment. It’s only natural to have a wish list of things you’d like to do to your house when you have the money. Instead of putting them off, you can make them become a reality when you refinance to renovate your home.
Why you Should Refinance to Renovate
Refinancing allows you to draw on the equity you’ve built up by paying off your mortgage month by month and by rising home prices. You can use that money to make the changes you’ve long desired. When you refinance to renovate, you get three tremendous advantages:
- The money for the work comes from your equity, so assuming you have enough built up, you’ll be spending very little out-of-pocket.
- The work you’re planning likely increases the value of your home, so it’s a win-win scenario.
- If you bought your house more than five years ago, you may even get a lower interest rate than your current mortgage offers, so you can potentially lower your monthly mortgage payments.
Here’s an example: You bought your house 10 years ago and are paying $1500 a month in mortgage. So you’re 10 years into a 30-year mortgage. Meanwhile, your house has increased in value by 20 percent. When you refinance to renovate, you can draw enough to add the addition you’ve always wanted — a game room or an extra guest bedroom — while reducing your mortgage payments to about $1200 a month.
Dreams Can Come True
You may be intimidated by the thought of refinancing, but you can get an advantage you didn’t have when you bought your home: a lending expert like Zack Adam of Prime Mortgage Lending of West Asheville (dba PrimeRate Mortgage Lending, Inc.). He’s ready to sit down and help you figure out the best way to realize your dreams.
The recent low interest mortgage rates have opened a world of options to homeowners like you. If you’ve been making your payments on time and built up not only equity, but also a healthy credit rating, you can get a great interest rate on your refinance.
Lower Payments and Increased Value
You can improve the value of your home and lower your mortgage payments all at the same time. If you’ve been shying away from home improvements because of the costs involved, now is the time to add a porch, update your heating, or build an addition. Talk to Zack today at 828-348-1907.
Fulfill your home renovation dreams without raiding your savings. Take advantage of rising home values. Show your house some love this Valentine’s Day. Refinance to renovate, and you’ll finally acknowledge your deep feelings for your abode. It’s the perfect time for the perfect reason.