Taking Advantage Of Low Interest Rates … Some Things To Consider

Rates are again at all-time lows. After they went up slightly a year ago, they have since adjusted back down. It is a great time to build, buy, or refinance your current mortgage. Here are a few things to consider in order to take full advantage of the rates:

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There are programs available that allow you to get an appraisal

done where the value is based on the completed project. In other words, the value after the renovations. Included are renovations such as new appliances, heating and air, flooring, kitchens and bathrooms, outdoor kitchens and pools, and more. So, you can then take advantage of lower rates and update the home at the same time.

If you are considering selling your home in a year or two and need to update and get it ready, a renovation program could be a great way to go. It often gets you a better price for the home, sells more quickly, and you avoid all those last-minute costs to repair things. © Robert Goebel | Dreamstime.com

Credit scores are of course still the best way to save money on mortgage rates, insurance rates, and purchases. It is always good that you review your credit scores annually. Each bureau allows you a free report once a year, so you can call them or go online to request a copy. Review it for accuracy making sure nothing is reported that is not yours and that no new tradelines are opened that you were not aware of.

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At this time of the year, when you are gathering information for your taxes, take a look at your current interest rate and also at your homeowner’s insurance. Home values have gone up so you may be able to remove mortgage insurance too.

Shelly Quinn is the branch manager at Silverton Mortgage located at 16501 Northcross Drive in Huntersville. You can reach Shelly at 704.609.1339 or at Shelly.Quinn@SilvertonMortgage.com.