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Archive for the 'Resource Center' Category
Categories: Resource Center posted on July 23rd, 2008
Know when it’s the right time to refinance your home. Refinancing is signing for a new loan to replace your original mortgage and usually done for cost-saving purposes.
Deciding whether or not to refinance your home requires a serious look into various factors. And it also depends on your short-term or long-term goals because refinancing is not all about reducing interest.
Conventional wisdom suggests that you shouldn’t enter into the refinancing process unless the market rates are approximately two percent below your original mortgage lock in rate. This difference should yield a “break even” period of about two to three years for most conventional, middle to high end, American mortgages.
Some more innovative re-financers may want to take advantage of one and a half or even one and a quarter percent differences in the refinancing rate – if the principal of your loan is high, relative to the costs of refinancing, it may be worth it to refinance at one of these lower rates.
Some Things to Remember When Considering Refinancing:
- The decision to refinance should only be made if the long-term savings outweigh the initial expenses. To calculate your break-even point, divide the cost of the refinance by your monthly savings. The resulting figure represents the number of months you will need to stay in the home to make the strategy work.
- Don’t select a new mortgage based only on its annual percentage rate.
- Also evaluate the term of the loan, whether the interest rate is fixed or variable, and the relative merits of paying up-front fees in exchange for a lower rate.
- Your current lender already knows you and has your financial information on file, so you may be able to get a better deal that way, instead of going to a new lender.
- To get the best possible refinancing deal, you’ll need to shop around, crunch some numbers, and ask a lot of questions.
- Shop around and conduct a detailed cost assessment (with a financial professional, if necessary) to identify which mortgage offers the greatest financial benefits.
- Read the entire contract before signing. Don’t let anyone pressure you or rush you to make a hasty decision.
- If refinancing results in lower monthly payments, use those savings to pursue other important goals, such as preparing for retirement and college costs.
Refinancing a mortgage is simply taking out a new mortgage. You will encounter many of the same procedures and the same types of costs the second time around.If you decide that a refinancing is not worth the costs, ask your lender whether you may be able to obtain all or some of the new terms you want by agreeing to a modification of your existing loan instead of a refinancing.
Ready to make your next move? The Herrington Realty Co. has several Homes for Sale in Madison MS, Brandon MS, and Ridgeland MS. We have a Team of Experts waiting to assist you. If you need to sell your home we can help with that too. Contact us today to start the process.
Search the Local MLS for 1000’s of Homes in the Jackson, MS Metro area.
Posted by Stephanie Hall // Please leave a comment.
Categories: Resource Center posted on July 9th, 2008
Relocating to a new city? Let the Herrington Realty Team
lend a helping hand. We are committed
to making your move a smooth and stress free transition. Listed below are a few time saving tips for
relocating to your new location.
- Donate to Goodwill,
Salvation Army, or Habitat for Humanity. Clean out the clutter
and give away what you really don’t need or want to move.
- List the most important
things you must do before you leave your present home that will ensure a
smooth transition to your new home. Set aside magazines, bills, and
other recurring mail that you want to move with you to your new
address. Visit the United.States Postal
Service online to change your address.
- Pack travel items in
compact compartments in travel size bags. Instead of packing the
entire 250-size box of q-tips, place a small amount to get you to your new
destination in a zip lock bag in your carry-on travel bag. Place
travel-size personal items in with a few extra changes of clothing for
each family member in a separate travel bag. If you have to stop
overnight, you will appreciate carrying one small bag into the hotel
instead of everyone’s big suitcase. You may have to “wing
it” the first night you arrive in your new city, and the more compact
you have packed for everyone the easier it is to settle in.
Arrange Account Transfers In Advance
- Electric and Gas Company Accounts
- Water, Sewer, and Garbage Utilities
- Cable, Internet, and Phone Services
- Mobile or Wireless Phones and Internet
- Pest Control and Lawn Care Companies
- Bank Accounts, Investment Funds, Legal Advisors
Company Precautions and Procedures
- Coordinate your
departure and arrival schedule
- Furnish your en-route
contact information with the moving van driver
- Remove personal items
that need to “go with you” out of your house. Put items
that you need in your car so they won’t get lost, stolen, or accidentally
packed by the moving company.
- Label boxes by content
and which room you want them to go to in your new home
- Do not pack flammable
items, open containers (especially food items), jewelry or valuables for
the moving company. Transport these items separately from your
Before and Behind Your Movers Checking Areas Others May Miss
- Take the time to walk
through your old house one last time after everything has been moved out
- Check basements,
attics, closets, cabinets, behind remaining window treatments, and garages
for any items that movers may have missed.
- Try to be available
when your movers are unloading your items. Photograph and report any
- Point out the right
location to those helping you unpack/unload boxes and furniture
- Watch out for anything
that might cause someone to trip, fall, or hit their head on low hanging
Positive Attitude With You on the Journey
- Prepare children and
pets for the move by making sure they have snacks, pillows and blankets,
and an extra change of clothing. Young and older family members may
need to stop more frequently for meals or restroom breaks.
Comfortable people are happier people.
- Discuss any concerns or
problems with the moving van driver before you get on the road. Try
to establish an open line of communication with everyone involved in the
move so there are no surprises.
- Smile and compliment
those who are trying to help you pack and move furniture and heavy
items. Set the tone for a pleasant trip!
you looking to relocate to Madison MS, Brandon MS, or Ridgeland MS? Click
here to receive your free relocation package.
We have several Homes for Sale in Madison
MS, Brandon MS, and Ridgeland MS. Search the local MLS for 1000’s of homes in
the Jackson, MS Metro area.
Posted by Stephanie Hall // Please leave a comment.
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