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Reduce Refinancing Costs

by Audrey and Frank Serio, CRS

Reduce Refinancing Costs

There is much more than a lower rate and payment to determine whether to refinance a mortgage.  Lenders try to make refinancing as attractive as possible by rolling the closing costs into the new mortgage so there isn't any out of pocket cash required.

The closing costs associated with a new loan could add several thousand dollars to your mortgage balance.  The following suggestions may help you to reduce the expense to refinance.

?         Tell the lender up-front that you want to have the loan quoted with minimal closing costs.

?         Check with your existing lender to see if the rate and closing costs might be cheaper. 

?         Shop around with other lenders and compare rate and closing costs.

?         If you're refinancing an FHA or VA loan, consider the streamline refinance.

?         Credit unions may have lower closing costs because they are generally loaning deposits and their cost of funds is less.

?         Reducing the loan-to-value so mortgage insurance is not required will reduce expenses and lower the payment.

?         Ask if the lender can use an AVM, automated valuation model, instead of an appraisal.

?         You may not need a new survey if no changes have been made.

?         There may be a discount on the mortgagee's title policy available on a refinance.

?         Points on refinancing, unlike a purchase, are ratably deductible over the life of the loan ($3,000 in points on a 30-year loan would result in a $100 tax deduction each year.)

?         Consider a 15-year loan.  If you can afford the higher payments, you can expect a lower interest rate than a 30-year loan and obviously, it will build equity faster and pay off in half the time.

A lender must provide you a list of the fees involved with making the loan within 3 days of making a loan application in the form of a Loan Estimate and a Closing Disclosure Form.  Every dollar counts, and they belong to you.

Comfort Systems

by Audrey and Frank Serio, CRS

Comfort Systems

Heating and air-conditioning are frequently referred to as the "comfort systems."  If one has gone out in the dead of winter or the heat of summer, lack of comfort becomes a primary concern.  Regular maintenance with a HVAC checklist is something that homeowners can do themselves to ensure that the units operate properly.

Periodically

  • Change your filter every 90 days; every 30 days if you have shedding pets. 
  • Maintain at least two feet of clearance around outdoor air conditioning units and heat pumps.
  • Don't allow leaves, grass clippings, lint or other things to block circulation of coils.
  • Inspect insulation on refrigerant lines leading into house monthly and replace if missing or damaged.

Annually, in spring

  • Confirm that outdoor air conditioning units and heat pumps are on level pads.
  • Pour bleach in the air conditioner's condensation drain to clear mold and algae which can cause a clog.
  • Avoid closing more than 20% of a home's registers to keep from overworking the system.
  • Replace the battery in the home's carbon monoxide detector.


While using this list will provide some things that may impede the comfort system's proper performance, it is recommended that you have your units serviced annually by a licensed contractor.  Furnaces should also be inspected for carbon monoxide leaks. Preventative maintenance may help avoid costly repairs.

What to Avoid Before Closing Your New Home

by Audrey and Frank Serio, CRS

What to Avoid Before Closing Your New Home

It’s understandable; you’re excited; you’ve found the right home, negotiated a contract, made a loan application and inspections.  Closing is not that far away, and you are making plans to move and put personal touches on your new home.

Even if you have an initial approval on your mortgage, little things can derail the process which isn’t over until the papers are signed at settlement and funds distributed to the seller.  The verifications are usually done again just prior to the closing to determine if there have been any material changes to the borrower’s credit or income that might disqualify them.

Most lending and real estate professionals recommend NOT to:

  • Make any new major purchases that could affect your debt-to-income ratio
  • Buy things for your new home until after you close
  • Apply, co-sign or add any new credit
  • Close or consolidate credit card accounts without advice from your lender
  • Quit your job or change jobs
  • Change banks
  • Talk to the seller without your agent

Your real estate professional and lender are working together to get you into your new home.  It’s understandable to be excited and feel you need to be getting ready for the move.

Planning is fine but don’t do anything that would affect your credit or income while you’re waiting to sign the final papers at settlement.

Don't Leave Home Without...

by Audrey and Frank Serio, CRS

Don't Leave Home Without...

You been planning this trip for some time and almost every detail has been considered...or has it?  Have you thought about how to protect your home while you're out of town?  What's going to make sure that everything you left is still there in you return?

Nothing could ruin a trip more than coming back to find out your home has been burglarized or worse.  It makes sense to spend a little time before you leave on making sure your home is as safe and sound as it can be.

There are a host of devices to use across the Internet including camera door bells, video cameras, door locks, garage door openers, light and thermostat controls.  You can monitor your home whenever you have an Internet connection.  The question is whether you want the distraction from your trip.

Consider these low-tech suggestions along with your other normal efforts:

  • Tell your neighbors you'll be out of town and to be aware of any unusual activity.
  • Notify your alarm company
  • Discontinue your postal delivery
  • Use timers on interior lights to make it appear you're home as usual.
  • Don't make it easy for burglars by leaving messages on voice mail or posting on social networks.
  • Post on social networks after you've returned about your vacation.
  • Remove the hidden spare keys and give it to a trusted neighbor or friend.
  • Lock everything, double-check and set the alarm.
  • Take pictures of your belongings in case you need them.
  • Disconnect TVs and other equipment in case of unexpected power surges.
  • Adjust your thermostat.
  • Arrange for lawn care.
  • Consider disconnecting the garage door opener.
  • Put irreplaceable valuables in a safety deposit box.

It's nice to go out of town on a well-deserved trip and it's always nice to get back home...especially when it is just the way you left it.

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Photo of Audrey and Frank Serio, CRS Real Estate
Audrey and Frank Serio, CRS
Lucido Global of Keller Williams Realty
39682 Sunrise CT
Bethany Beach DE 19930
Direct: 302.537.3171
Office: 302-360-0300 x 435