Blog – Page 265 of 875 – Fred Gruber - First Rate Financial Group

11

Mar

Mortgage

How Can A Cash-Out Refinance Help You?

How Can A Cash-Out Refinance Help You? If you have been in your home for a while, you might be able to refinance. If your credit score has increased, your income has gone up, or the average home loan interest rate has gone down, you might be able to conduct a cash-out refinance. During this process, you can keep your mortgage payments the same, secure a lower interest rate, and withdraw the difference as cash. What can you do with this extra cash?

You Can Make Improvements To Your Home

One of the most popular ways people use a cash-out refinance is to increase the value of their homes. For example, you may want to use the money from a refinance to upgrade the kitchen. Or, you might want to use a cash-out refinance to add an addition to your home. You can also use the proceeds from a refinance to handle expensive home repairs. If you want to increase the value of your home, you can tap into the equity in your home through a cash-out refinance.

You Can Pay Off Student Loans

Another popular way to use a cash-out refinance is to pay off existing debt. For example, you can use the cash from this refinance to pay off a car loan, credit card debt, or student loans. Some people have hundreds of thousands of dollars in student loans, and it can take decades to pay them off. If your mortgage has a lower interest rate than your student loans, you may want to use a cash-out refinance to pay off your student loans.

You Can Pay Expensive Medical Bills

Finally, you can also use a cash-out refinance to cover emergency expenses. If you have expensive medical bills, you might want to use a cash-out refinance to cover these costs. A cash-out refinance can help you in a pinch.

Consider A Cash-Out Refinance For Your Home

These are just a few of the many ways you might be able to use a cash-out refinance to help you. If you are interested in refinancing your home loan, you should work with a professional who can point you in the right direction. You can secure the best terms possible, withdraw the maximum amount of cash, and ensure you still pay off your mortgage on time.

10

Mar

By First Rate Financial Group

Mortgage

What To Know About Investing in Short-Term Rental Properties

Investing in Short-Term Rental Properties Many people are looking for a way to diversify their investments, and real estate investing is a popular option. Some people might be interested in short-term rental properties. What is a short-term rental property, and what are the responsibilities of property owners? Learn more about short-term rental properties to figure out if this is a solid option.

An Overview Of A Short-Term Rental Property

A short-term rental property is a rental property that typically has residents and renters for fewer than 12 months at a time. Many people believe that short-term rental properties are vacation homes and Airbnb-type properties; however, just about any property can be a short-term rental. This includes a condo, a townhome, or a single-family home. Typically, the owner of a short-term rental property doesn’t live in it but rents it out to people for a few days, weeks, or months at a time.

The Responsibilities Of A Short-Term Rental Property Owner

There are many responsibilities that come with owning a short-term rental property. Many of them are similar to the responsibilities of owning a long-term rental property; however, because there is more turnover, these responsibilities tend to arise with greater frequency.

For example, short-term rental property owners need to screen everyone who applies to stay at the property. The property owner is typically responsible for utility bills as well, as the renters do not stay there long enough to develop a relationship with a utility company. Short-term property owners also need to keep a close eye on their records to make sure they keep track of their income and overhead expenses.

Maximizing Income In A Short-Term Rental Property: Take Care Of It

There are several ways short-term rental property owners can maximize their income. They need to select a property that is in a favorable location with a lot of interest. Then, they need to take care of the property to make guests feel welcome. Purchasing some nice furniture, handling maintenance on time, and advertising the property on social media can drive up demand and interest. These are the best ways to maximize income on a short-term rental property.

09

Mar

By First Rate Financial Group

Mortgage

How Long Does A Refinance Take?

How Long Does A Refinance Take? If you want to save money on your mortgage, refinancing your house could be a great move. As long as you have plenty of equity and a great credit score, you should be able to qualify for the refinance process. At the same time, you might be wondering, how long will it take you to refinance your house? There are several factors to keep in mind, so be sure to work with a professional who can walk you through the process.

It Usually Takes A Month Or Two

In general, refinancing your home loan will take a month or two. Most refinances will be completed in 30 to 45 days, but every lender is different. It depends on how complicated your mortgage is, the other refinancing applications the lender is processing, and the number of staff they have on hand. If you are in a hurry to refinance your mortgage, you may want to talk with the lender to see how quickly they can process your paperwork.

The Lender Has Several Tasks To Complete

There are several tasks the lender will need to complete before he or she can approve your refinance application. First, the lender needs to make sure you have enough equity in your home to complete a refinance. Then, the lender will also check your credit score to make sure it is high enough to qualify. The loan officer will also make sure your mortgage is not behind. Similar to the original mortgage application, the lender will also have to complete inspections and appraisals before your refinance can be approved. All of these tasks take time, which is why you should anticipate spending a month or two refinancing your home.

Work With A Professional

Every lender is a bit different, so be sure to talk to the lender ahead of time to understand how long the process takes. If you have a deadline you need to meet, starting the process earlier is usually better. That way, you leave yourself time to address any hurdles that may develop along the way. Refinancing your home loan is a great way to draw cash from the equity in your home, lower the interest rate on your mortgage, and save money.