Moving into your dream home doesn't guarantee you won't one day get the itch. You know the one — it starts with a light tingly sensation and only fades after you browse virtual open houses for several hours (or longer). Okay, back up.
“Out of Office” Working From Home in 2022 and Beyond
Friday, April 22, 2022
I’ve been having some troubles with my assistant this past year. Joel is friendly and able. He’s been with me for nine years and he’s great company, but never once has he brewed a pot of coffee. He is also constantly shedding around the office and overly concerned with the snack budget provided. This would be concerning for any supervisor, but I’ve neglected to mention that Joel is my cat of almost a decade and the office I’m typing to you from is located in my living room. After almost two years, I think it’s time to consider the importance of investing in a home office and the benefits it can provide both you and any other recently acquired co-workers.
If your home is worth more than the total mortgage balance plus any property liens - congratulations! You have what those in the real estate game call "equity". Bust out the confetti cannons because the good news keeps on coming. Homeowners can borrow against their equity using a home equity line of credit (HELOC) to achieve a variety of financial goals.
Similar to a credit card, HELOCs come with a pre-set credit limit you can borrow against whenever you need the funds. But unlike credit cards, HELOCs use your home as collateral. This helps reduce the cost of borrowing and could mean higher credit limits. However, not all HELOC spending is created equal.
Here are some ways to use HELOC funds to improve your financial standing and your lifestyle.
After much time and research, you've done it - you've found your dream home. Now that your offer has been accepted and your lender has already pre-approved you, it is time for the home appraisal. But how much is the home worth? That’s the question at the heart of an appraisal. Home appraisals find out if the asking price is different than the actual value of the property. The value of the property will determine what the lender will loan you.
An appraisal is the expert opinion that defines the value of a property. But why is the lender so interested in the home appraisal, you may ask? A home appraisal protects the lender by using the home as collateral for the loan, making sure that their investment is indeed, worth the amount that they loan to a borrower. It also helps you not only to understand what the state of the home is, but it protects you from paying too much for a home.
For most, the home-buying process can be a stressful journey. Finding the right lender can be the difference between lumbering along a bumpy road and a smooth ride leading straight to your dream home.
