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Renovation Loans
One of the positive results of the decline of home values in recent years has been that for many the dream of home ownership has become a reality. But some buyers–although they have a good credit score and some savings–have run into the all-too-common problem of the “almost perfect home.” The price is right “as is,” but the needed improvements put it out of their price range. A solution to this problem can be a renovation or 203(k) loan. Typical desired improvements include upgrading the kitchen and/or bathrooms, new flooring, windows, siding, roofing, plumbing, heating and cooling, appliances or painting. In the past these kinds of projects have been funded with credit cards or home equity lines of credit. But these options can be expensive and are not as readily available as they once were. With a renovation loan, the cost of these upgrades can be included in your mortgage, with the interest tax deductible and the additional renovation expense spread out over 30 years. Read more >
Appraisal vs Assessment?
When it comes to real estate these two terms are easily confused. Oftentimes they are even used interchangeably, but they refer to two very different things. And the difference is more than just semantics. When you are buying a home, or even selling, the appraisal is particularly important. When you are owning a home, the assessment is what mainly comes into play. What is the difference? Read more >