Ready Bell Home Loans @ Mason McDuffie Mortgage » Home Equity

Increasing Your Home’s Value With the Right Contractor

readybell — Wed, 27 Jul 2011 20:20:30 +0000

With the current state of the real estate market, remodeling or completing renovations on your home is a great way to begin putting value back into your property. However, it is a big investment and when you are hiring a contractor to complete the work, you need to be certain that they are reputable and that they will get the job done right.

There are unlicensed contractors operating that may not have the same standards as those that are licensed, and they may try to cut corners on the job in ways that will cost you money and cost you the structure of your home.

To avoid contractor problems like the ones above (and more), there are a number of things that you can do.

How to Choose the Right Contractor

Check Qualifications – Don’t be afraid to ask contractors to show you proof that they are licensed and registered as required in your jurisdiction. If you want a testament to someone’s skills, consider selecting someone referred to you by someone whose opinion you trust.
Don’t Choose Based on Money Alone – The person with the lowest bid may seem appealing, but it is important to recognize that with cost comes value. You do not necessarily need to choose a contractor that quotes the higher price either; just be skeptical of those that seem too good to be true.
Ensure They Get Your Vision – When you communicate your needs to the contractor, make sure that before they start the job, they are able to communicate their understanding.
Do Your Research – Not only should you do your research with regards to each contractor you interview, know what the job you want done requires. If you know in advance what part of the project will require permits, for example, you can be skeptical about a contractor that says the job can be done without them.

Whether you are planning to remodel your home in preparation to sell, to increase the value of your home, or for your own enjoyment, finding the right contractor is essential.

PART TWO: How to take advantage of Todays great rates when you have less than 20% equity in your home without paying mortgage insurance

readybell — Sun, 14 Nov 2010 15:53:14 +0000

If your home loan is owned by Fannie Mae or Freddie Mac there are special refinances available. Commonly know as HARP, these loans can be 100% of what you owe and you can get a great rate with nomortgage insurance. Many people assme that since they get a bill from say Bank of America or Chase that Fannie or Freddie do not own their loan. This is not true. The company that sends you your bill rarely owns the actual loan. They own what is called the servicing rights, which in a nutshell means they get paid by the person who does own your loan to send your bill and collect your money every month.To see if Fannie Mae oR Freddie Mac owns your loan give us a call. We are happy to look it up for you.

Most important mortgage news this year

readybell — Thu, 03 Jun 2010 23:57:04 +0000

If you are purchasing or refinancing a home with a loan (not FHA)

DO NOT BUY ANYTHING WITH YOUR CREDIT CARDS.

As of June 1st Fannie Mae is requiring lenders to check the borrowers credit right before funding. If anything changes on your credit your loan that you already have signed loan documents on could be denied. In order to protect yourself

1) DO NOT BUY ANYTHING WITH YOUR CREDIT CARDS OR OPEN NEW LINES OF CREDIT.

2) PAY YOUR CREDIT CARDS ON TIME

3) DO NOT ALLOW ANYONE TO RUN YOUR CREDIT.

By following the three above rules you will have no problems. If you decide to go against any of the above you could be setting yourself up for disaster.