Home Improvements: What to consider before your next project
As seen on The Rhode Show
Spring is all about renewal and change, and when it comes to home ownership, there is a lot to consider – from a robust housing market to planning for home improvement projects. As with any project, it’s important to be prepared and know your options before going in. When it comes to purchasing and maintaining your home, thoughtful preparation is even more necessary.
The Spring Market: Spring is generally the busiest time for home sales and we are currently in an extremely active Spring market. There are a lot of great homes on the market and better rates available to those looking to buy a new home.
A Fresh Start: The home-buying process begins with determining what you can realistically afford, gathering the necessary documents as outlined by your lender and familiarizing yourself with the fundamentals of the home loan process, interest rates, loan terms, and additional fees associated with buying a home.
- Work with a mortgage professional who can guide you through the process and serve as a trusted advisor to prepare you for what to expect and create a plan with your best interests front and center.
- Don’t let someone tell you what you qualify for. While it is helpful to know how much you qualify for, determining how much debt you are comfortable with is a very personal decision. You want to make sure your financial landscape has room to grow.
Refinancing as Spring Cleaning: Current rates have many homeowners looking at refinance options. Some to consolidate debt, some to shorten the term of their mortgage, and others to fund a major project, add on to their home, help fund an education, etc.
- At Washington Trust we offer free mortgage check-ups and are happy to review these options with you and run numbers to determine which programs and products will best fit your personal needs.
Spring Home Improvement Projects: If you are considering a home renovation project this Spring, or access to funds for any number of reasons, home equity lines of credit (HELOC) provide a flexible alternative for using the equity in your home. HELOC’s provide a way to apply for a loan before you may even need one.