Approaching Homebuying with Swagger

Would you agree that there are many among us thinking about buying a home and not taking the first step because they heard of many complications that their friends or family members encountered?

In reality, if you have a great Realtor by your side, and if you are willing to start the journey, it can be a very pleasant one. Here is the great article by RISMEDIA that can help you to approach the home buying process with swagger: http://rismedia.com/rrein/20128/1023666/5079737/76986?utm_source=newsletter&utm_medium=email

To start the home buying process go to http://findneworleansproperties.gardnerrealtors.com/

and call me 504-610-7415

Is Refinancing Home Equity Line Of Credit Good For You?

A home equity line of credit, or HELOC, has two stages. First is the draw period, which usually lasts 10 years but can be as long as 20 years. Monthly payments are applied only to the interest during the draw period.

After the draw period ends, the second stage begins: The HELOC goes into the amortization period when you have to pay principal as well as interest. Monthly payments go up. If you still owe a lot, the payments rise abruptly. That’s why some homeowners look for ways to refinance their HELOCs. Usually somewhere between six to 12 months before the end of the draw period, banks are beginning to reach out to clients reminding them that a decision they made 10 or 15 years ago is about to come due.

There are three options if you want to cushion the amortization period of a HELOC:
Refinance the HELOC. When you refinance a home equity line of credit, you start over with a new HELOC, with its own interest-only draw period. With this approach, you still have access to a credit line to deal with future needs. You will still have to pay off the balance someday. You should remember that most of HELOCs have variable rate, and nobody knows what rates will do in theirfuture.
Pay off the HELOC with a home equity loan. A home equity loan is for a fixed amount with a fixed rate. The payments remain the same through the life of the loan.
Refinance the HELOC and the first mortgage into a new primary mortgage. By refinancing the HELOC into a new primary mortgage, you could take advantage of a fixed interest rate that’s still low by historical standards. Consider refinancing into a 15- or 20-year mortgage to reduce total interest payments.

While interest rates on primary mortgages are favorable, you have to take higher closing costs into account when you take this approach. It’s best if you keep the house long enough for the cumulative monthly savings to outweigh the costs of refinancing.

For more information go to http://findneworleansproperties.gardnerrealtors.com/

The color of a home can be a decisive factor when selling

The first thing a buyer will see and comment on is your home’s exterior color. When preparing a home for the market, the most recommended shades are within the sage, tan or gray color families.

Understated browns (including the aforementioned tan) signal security. Homes painted in sandy or mushroom hues read comfort and warmth. Colors like taupe, which falls somewhere between brown and gray, call to mind traditional values. Earthy tones like sage, laurel green or artichoke can not only highlight a verdant landscape, but also evoke a sense of tranquility.

Homes in other colors may sell successfully – our retinas tend to register yellow before any other color, so a buttery yellow exterior could be an attractive option for buyers – but non-traditional colors, like oranges and purples, appeal to very specific personalities and can significantly shrink the pool of interested buyers.

It’s important for sellers to consider the home in relation to the neighborhood before swapping out the exterior color or refreshing an existing paint job. Do nearby homes share a distinct color scheme? Is each home uniquely colored? Evaluating the home’s surroundings can help sellers determine what’s most popular in their market.

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