Short Term Refinancing

mortgage applicationA growing trend we’ve noticed among San Diego home loan owners who are looking to refinance their loans, is that more and more are looking for shorter term loans.

According to a 2013 study from mortgage giant Freddie Mac, as many as 2 out of 5 home loan owners who were ready to refinance opted for shorter loan terms this go-around.  This represents a growing trend among many refinancing homeowners — Freddie says that at 37%, it’s the highest rate for short-term refi’s they’ve seen since 1992.

So, been thinking about going for a short term refinance?

If you’ve been hesitant to pull the trigger on a home refi up until this point, you should know that now is as good a time as any to take another look at your mortgage rates, whether over the longer or short term.  Another advantage to shorter-term mortgages are the waiving of certain fees under the Home Affordable Refinance Program.

You’ll want to try and lock in your current rates now, but also make sure you remember to ask for a provision for the loan to float.  What this essentially means is that, not only are you protected in case the loan rates continue to climb, but you’re also afforded the opportunity to re-lock you loan at a lower rate should it continue to spiral downward.

You can also lock you rates in and pursue the mortgage application process the conventional way.  If the rates should fall any lower between now and the time the refi is approved, you can then attempt to renegotiate a lower rate with your lender.

Got some refi tips of your own to share?  We wanna hear them!

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Tips for Winterizing Your Home

Winter is coming, and if you’re living in a part of the country that actually gets the full winter wonderland treatment — with snow in the gutters and ice on the road — you’ve likely started thinking about ways to winterize your home over the coming months (and if not, now would be the time to start).

winterizing-your-homeWhile most San Diego home loan owners don’t even think about what to do if they find a pile of snow in their driveway one morning, many other residents across the country — heck, even those still in California only a couple hours drive out of SD into the mountains — do have to make preparations for the next few months, so we’ve put together a helpful tip list of the top improvements for your home during the winter season.

Windows

Many homes now already come with double-pane windows, but if you’re living in an area that gets regular snowfall for the next few months, you may want to consider upgrading to triple-pane windows, if you haven’t already.  Sure, the cost might be a little much if you’ve got a larger home with lots of windows that need proofing, but you’ll more than make up for that on what you’ll save in monthly electricity bills from running the heat 24/7.

Air leaks

On those days when it feels like a blizzard is raging outside, any and every tiny air leak in your home is going to invite that bitter cold in to bite every inch of you not covered under layers of blankets.  If there are times when it seems like you can’t heat up your home no matter how much you blast the heater, you might want to start looking around for air leaks — or call a professional to do the job for you — and seal every one you find.  Most professionals who air-seal homes for the winter agree that the best place to start is sealing the attic floor to prevent hot air from rising out of the house and being replaced with cold air.

Heater

Improving your home’s central heating and cooling systems can be an expensive endeavor, but it’s certainly a smart one if your home is one of the older ones on the block.  This might be one of those times where you should consider taking out a home equity loan to help finance the repairs if your equipment is really out of date and requires extra work to fix, but again, the cost you’ll save on energy will help in the long run, as will having a new heating/cooling system should you ever decide to sell.

Have any tips of your own for winterizing your home?  We wanna hear them!  Hit us up in the comments or on Facebook!

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