The purchase of your first, or even a new home is one of the biggest investments you’ll make in your life. It’s easy to get distracted by all the listing photos available as you scroll through Realtor.com or Zillow, and while a great kitchen is important, it’s the information you won’t find in a photo that can really help ensure you’re making a solid investment for years to come. Here are 5 things to consider when finding the right location for your new home:

1. Increased Household Incomes – look at census data to help find the median household income in a neighborhood you might be considering. Surrounding yourself with neighbors who make a higher salary means there’s more likelihood they can afford home renovations. If the houses around you boost their value, the prices for the neighborhood increase. 

2. School Ratings – Even if kids aren’t in the cards for you, or they have already grown and moved out, the school district ratings in your new neighborhood play a significant role in home prices. School ratings are commonly listed online, but you can dive even deeper into research to find test score averages and AP enrollment numbers if you’re interested. 

3. Home Prices on the Rise – one of the best indicators of a great neighborhood is climbing home values. If you can find a location where they are increasing higher than the national average, then you are hitting the right spot. Investing in a neighborhood with a proven track record of profitable real estate sales means you are likely to have the same success should you choose to put your home on the market. 

4. A Friendly Community – how many times have you heard a friend talk about buying the perfect house only to find out their neighbors are a nightmare? It is an extremely worthwhile investment of your time to check out your community in person before purchasing a home. Consider visiting the park, restaurants, historical society, etc. of your potential neighborhood to meet some people. Don’t be afraid to ask them what they love most about living there. You can even be so bold as to knock on the neighbor’s door to see what they’re like. 

5. Proximity to Amenities – take note of how often you typically drive to the bank, or your local grocery store, shopping malls, etc. How feasible is it if you were located 20 minutes away from these basic amenities? Sometimes location is one area that ends in compromise, but it’s worth clocking the distance before making a final decision on your new home.

Check out the top 4 home renovatons that will give you the greatest return on investment (ROI).

Some Highlights:

• Whether you are selling your home, just purchased your first home, or are a homeowner planning to stay put for a while, there is value in knowing which home improvement projects will net you the most Return On Investment (ROI).

• While big projects like adding a bathroom or a complete kitchen remodel are popular ways to increase a home’s value, something as simple as updating landscaping and curb appeal can have a quick impact on a home’s value.

• Planning a home renovation? Contact us today for a free Renovation Loan Quote.

#1 What is Refinancing?

Refinancing is the process of replacing an existing mortgage with a new loan. Typically, people refinance their mortgage in order to reduce their monthly payments, lower their interest rate, or change their loan program from an adjustable rate mortgage to a fixed-rate mortgage. In addition, some people may need access to cash in order to fund home renovation projects or pay off debts, and will leverage the equity in their house to obtain a cash-out refinance. The process of refinancing works in the same way as when you applied for your first mortgage. Take a look at some of our loan options here.

#2 What are some benefits to refinancing?

• Refinancing will lower your monthly payment - You’ll be able to put your savings towards debts and other costs or apply the savings towards your monthly mortgage payment and pay off your loan sooner!
• Refinancing will reduce the length of your loan.
• Switch from an adjustable-rate mortgage to a fixed-rate loan - This will result in reliable and stable monthly payments, giving you the security of knowing that your payment will never change.
• Use the equity in your home to take out cash – use the money for home improvements, pay off debts, etc.
• Consolidate your first mortgage and your home equity line of credit (HELOC)

In our recent blog, find out 5 Smart Ways to Refinance your Mortgage.

#3 Should I refinance if I only plan on living in my home for a few more years?

Similar to when you initially purchased your home, you will have to pay fees, taxes and closing costs on your refinance mortgage. With that said, it’s important to find out how long it will take to reach your “break-even point” when refinancing. What is the break- event point? It’s the point at which the monthly savings created by a mortgage refinance offsets the cost of refinancing.

You may also want to consider how long it will take for the monthly savings to pay for the cost of the refinance. Find out how much you’re closing costs were for your original loan because refinancing costs may be the same amount. A common rule of thumb: proceed only if the new interest rate saves you that amount over about 2 years. Still unsure if refinancing is right for you? Contact Greenway Mortgage today to see if refinancing makes sense!

Our Refinance Calculator can help you determine if refinancing is right for you. Try it out today!

#4 How does my credit score affect refinancing?

Your credit score is important! It will help determine your mortgage refinance approval along with the interest rate the lender will offer. The higher your credit score, the lower your interest rate is going to be. If your credit score has fallen since your original mortgage, you can expect to pay higher rates.

#5 Is Refinancing available for FHA, VA, Jumbo, or USDA Loans?

Yes, these loan options are available depending on your current situation. Contact your local Greenway Loan officer to find out if one of these options might make sense for you!                                                               

#6 Is NOW the right time to Refinance?

It’s important to crunch the numbers to see if refinancing makes sense for you. Loan programs and rates are always changing. These changes, along with rising home values may enable you to reduce your rate or lower your monthly payments. But you don’t have to go at it alone! Our expert Loan Offices at Greenway Mortgage are always ready to answer your questions and guide you along the path to a successful refinance.

Should I Refinance?

You may be able to refinance your existing mortgage to get a lower rate. Find out if now is the right time to refinance by using our Refinance Calculator. By using this handy tool, you’ll be able to estimate the benefits of refinancing.

Here are some important reasons to consider refinancing:

• Get a lower mortgage rate and reduce interest costs.
• Convert an adjustable rate mortgage to a secure, fixed-rate mortgage.
• Consolidate your first and second mortgages into a mortgage with a lower rate.
• Pay off installment debts and credit cards.

The advantages we offer for your refinancing needs include:

• Low rates
• Easy online application
• All types of mortgage programs
• Guidance and advice from an experienced loan professional

Mortgage rates have remained low through the spring, despite some volatility. Now may be a good time to extend your traditional spring cleaning to your household finances, especially with rates as low as they are.

Possibilities to consider:

• Fund home improvements, next year’s tuition or other important expenditures with a cash-out refi or home equity line of credit (HELOC).
• Use your home’s equity for a down payment on a vacation or investment property.
• Refinance to a lower rate or a shorter term.

If you're looking ahead to a summer move instead, Greenway Mortgage can assist by getting you pre-approved! If you have any questions, reach out to us today!