Where to Put Your Short-term Savings
You have money that you may need to get to. Maybe it’s money in an emergency fund. Maybe it’s savings that you just don’t feel comfortable locking up.
Article
Routing number: 301071592
Loan Payment - As a Guest (fees may apply)
The 4 home improvement questions we need to answer
For as long as there have been homeowners, there have been home improvement projects. It could be a kitchen renovation. Or adding on that deck to the back of the house... Or maybe turning the basement into an official-size laser tag arena. For the kids, of course. (Hey, we’re not judging).
Whatever we’re looking to do, there are some crucial home improvement questions we need to answer before we start picking out paint samples or taking a sledgehammer to that wall.
Before we do anything else, we must answer this one. We should carefully consider whether the improvements we’re planning will increase the market value of the home. Some improvements can add a lot of value — even more than the amount spent in some cases. Others, not so much. Beyond the monetary considerations, home projects can range from “necessary” to “extreme” and everything in between. Making sure improvements are appropriate for the type of home and neighborhood is also important. Bottom line, the best improvements increase both the value and our use and enjoyment of the home.
Equity is the current value of our home minus what we still owe on our mortgage. That value builds over time as we pay on our mortgage (and home prices stay steady or go up). If we have enough equity, we may be able to use it to pay for the improvements we want to do. (More on this later)
Our credit history will play a big part in our ability to qualify for a loan, and maybe even help us get better terms on a renovation loan.
(P.S. - If you’re looking to up your credit score, check out our quick guide for making that happen.)
This is the big question, right? The good news is that we have plenty options for paying for these home improvement projects. Let’s take a look:
If you have a question, don’t hesitate to drop us a line, give us a call, or just stop in to talk. We have the know-how when it comes to financing that home improvement project. Also, check out our ebook for more great tips and information on how you can borrow like a boss.