When Is A Good Time To Refinance?

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To know if it’s the right time to refinance, first determine how long you plan to stay in your home, consider your financial goals and know your credit score. All of these things, along with current refinance interest rates, should play a role in your decision about whether, and when, to refinance.

The reason people start thinking about a refinance is when they notice mortgage rates falling below their current loan rate. If you’re looking to pay off the loan quicker with a shorter term, you may want to refinance.
If you’ve gained enough equity in your home to refinance into a loan without mortgage insurance, it may benefit you.

When the Federal Reserve lowers short-term interest rates, many people expect mortgage rates to follow. Mortgage rates don’t always move in lockstep with short-term rates. Mortgage refinance rates change throughout the day, every day. The rate you’re quoted may be higher or lower than a rate published at any given time. Your mortgage refinance rate is primarily based on your credit score and the equity you have in your home. You’re more likely to get a competitive rate as long as your credit score is good and you have proof of steady income.

“An often-quoted rule of thumb has said that if mortgage rates are lower than your current rate by 1% or more, it might be a good idea to refinance. But that’s traditional thinking, like saying you need a 20% down payment to buy a house. Such broad generalizations often don’t work for big-money decisions. A half-point improvement in your rate might even make sense.” – Information by Homes in Calgary – Greg Kennedy

To determine if refinancing makes financial sense for you, it’s a good idea to run the real numbers with a mortgage refinance calculator. When you find out what interest rate you could qualify for on a new loan, you’ll be able to calculate your new monthly payment and see how much, if anything, you’ll save each month.

You’ll also want to consider whether you have at least 20% equity, the difference between its market value and what you owe in your home. Home equity matters because lenders usually require mortgage insurance if you have less than 20% equity. It protects their financial interests in the event you default. Mortgage insurance isn’t cheap and it’s built into your monthly payment, so be sure you wrap it into calculations of potential refinance savings.

If you’re already 10 or more years into your loan, refinancing to a new loan tack on interest costs. That’s because interest payments are front-loaded; the longer you’ve been paying your mortgage, the more of each payment goes toward the principal instead of interest.

Ask your lender to run the numbers on a loan term equal to the number of years you have remaining on your current mortgage. You might reduce your mortgage rate, lower your payment and save a great deal of interest by not extending your loan term.

Stylish Ways to Integrate Pet Beds into Your Home

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Having a full and well-planned out, as well as aesthetically pleasing design, in your home can improve not just the functionality of your home but also the overall mood and the mental health of the inhabitants of the home. It helps to give a sense of calm and order while helping you to truly love your space.

An area that can get frustrating for homeowners is the pet bed or a place that your dog loves to be comfortable and relax in. These areas can feel out of place or even messy. This is why there has been a huge trend in creating designer spaces for pets inside the home. Dogs especially love to sleep, the average dog is said to sleep around 12 hours a day so it is important to give them a space that feels secure while still loving the space that you’ve given them.

Here are some tips to consider when creating a stylish pet area in your house

Start by thinking about where your pet loves to be the most

“Often for dogs, this is going to be the place where the family is most. Often we will find them curling up alongside us or in a corner of the same room that is most often hung out in because they like to be near their people. Find that spot that your pet seems to love more than any other spot and consider how you might integrate a stylish pet area there.” Tip by Los Gatos CA Realtor® Amar

Ideas for stylish pet areas in the kitchen

If you have a large kitchen that opens to the rest of the home this could be a comforting hub of the home that your pet may enjoy cozying up in. If your pet tends to like to relax in the kitchen some great ideas could be to utilize a deep window sill, underneath a portion of the counter, or maybe even underneath a large center island. You want to make sure that this place is in a position that is safe for you as well so if you need to be able to have your animal contained. Building some crate-type walls may be helpful. This allows you to close the door should you need to, but often pets may find themselves cozy and safe in there with the door left open.

Utilize space that is essentially dead space

Pet owners have found it helpful to use space in a nook that is often unused and left empty. One popular way to utilize every inch of the home is by creating a private pet oasis underneath the stairs. Some of the most popular luxury pet spaces that have gone viral on social media include homeowners cutting into the wall and opening up the area underneath the stairs to create a whole pet condo.

Or maybe consider matching furniture

Sometimes you do not need to construct a brand new nook crate or apartment for your pet at all. Sometimes creating a stylish pet space that works with your overall home design is as simple as creating a fun custom piece of furniture that blends seamlessly with the furniture you already have in your living room.

There are many ways to stylishly incorporate pet beds into your home so that your pet feels safe but you also feel like the home is not screaming “our pet lives here.”