Blog News November 13, 2015

Mortgage Advice: Should You Refinance?

These are a few good reasons to refinance your mortgage.  

Your mortgage is probably one of your biggest monthly expenses, so refinancing is tempting. It could help you save money each month, get a lower interest rate to save over the life of your loan, and free up money for other, more fun pursuits. Not everyone should refinance, though. Should you?

There are a few great reasons for working on your mortgage. Here’s my mortgage advice on when you should refinance.

  • You can get a lower rate. Keep in mind that when you refinance, you’ll have to pay closing costs all over again. It’s worth it to take those on if you can save 2 percent on your interest rate. Talk to your lender and see how much you could shave off your rate before you commit to refinancing.
  • You can slash your loan life. Even if you can’t minimize your monthly payment, shortening the duration of your loan is well worth it. Just think, if you could be free of your mortgage payments in 10 years instead of 12, that gives you two extra years of cash to put towards home improvements, retirement, or fun!
  • You need to pull our equity. If you have debts other than your mortgage that are weighing on your family, refinancing can be a great way to free up the equity you’ve built in your home to pay off those outstanding amounts.

Instead of working on your mortgage, you could simply sell your house and buy another one that better suits you. To learn how selling your Los Angeles, Santa Monica, San Fernando or Conejo Valley, or Beverly Hills home could help you get into the right house with the right mortgage, contact me, Betsy Dittman. As a real estate expert, I’m more than happy to offer my advice to you.

Blog News August 11, 2015

#1 Tip for Home Buyers

Don’t Wait for a Better Deal!

With the hot economy, mortgage interest rates, and high home values, buying a home is tougher than it has been in some years. Some homebuyers may be wondering whether to wait for the economy to improve to receive a better deal.

Whether you wait to jump into the market, or go ahead with purchasing a house, there are risks involved. If you don’t buy, the prices of home value, interest rates, and fees could go up even more. You’ll end up paying more in rent and when you decide to buy, homes that you could have afforded are now too expensive for your budget. If you do decide to buy a home, prices could go down which may strain you financially, possibly leaving you with an expensive asset that is hard to sell. On the other hand, if you buy and prices go up, you’ll accumulate instant equity, a savings account of some form, all while receiving considerable tax breaks and other incentives. Your home would increase in value instead of losing value.

Many other costs that may affect the decision to buy a home are commutes, schools, moving, as well as down payments. Factors of lifestyle, safety, comfort, and the community will also influence your decision to move. All of these should be taken into consideration when finding the right house for you.

To find the perfect home for you and your family, contact Betsy Dittman. I am a professional real estate agent, serving the areas of Los Angeles, Conejo Valley, and San Fernando. With my successful buyer services, I will assist you in the whole house buying process.