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  When is the Best Time to Refinance? When is the best time to refinance? The short answer is – it depends. Here are 3 of the most common times we see people refinance their mortgage.  Refinance When Interest Rates are Low The most common reason that people refinance their mortgages is to take advantage of a lower interest rate. It doesn’t take a large change in your rate to see big savings – especially when you stretch out those savings over a few decades.  For example, let’s say your original mortgage was for $350,000 and your interest rate was 4.5%. In that case, your payment each month would be roughly $1,773.  Now let’s say the interest rates have dropped and you can get one for 3.75%. Assuming you still have a $350K mortgage, your monthly payments are now $1,621. So you’re saving $152 a month. Over the span of 30 years, that adds up to over $54,000 in savings! So even if the lower interest rate doesn’t seem to drop your payment by much, think about the long term. Those small mont

  6 Money-Saving Tips to Lower Energy Bills Need some money-saving tips to lower the energy costs of your home? Here are a few of our favorites.  Save Money on Home Energy with a Smart Thermostat The biggest energy drains on your home are heating and cooling. Even in the milder spring or fall months, your HVAC system is probably doing some kind of work to help keep your home comfortable.  A smart thermostat will optimize how much the HVAC system runs, saving you money in the long run. It’s the new and improved version of a programmable thermostat. Save Energy Costs by Sealing Windows and Doors If you can feel cool air coming out of a crack by a window or door, you have a seal issue. These small cracks are leaking air out of your house 24/7, so get that fixed as soon as possible. It may not seem like much, but over time these little cracks can lead to a lot of wasted money.  Sealing these cracks is easy. Just get some caulk from your DIY store and apply to the area. Come back after it h

  Types of Home Mortgages There are a number of different types of home mortgages out there. There are conventional mortgages, jumbo mortgages, government-insured mortgages, and more. Most people will take out one of the following types of mortgages when they buy their home.  Mortgage Type #1: Conventional This type of loan isn’t insured by the government. There are two different types of conventional loans: conforming and non-conforming loans.  Conforming loans fall within the limits to be backed by either Fannie Mae or Freddie Mac, two government agencies that back most mortgages. This may seem confusing since we just said it isn’t insured by the government, but that’s because a government-insured mortgage is a bit different.  One downside to getting a conventional loan is Private Mortgage Insurance, or PMI. Most lenders require you to pay an additional fee, called PMI, if your down payment is less than 20% of the purchase price.  Another downside is you generally need pretty good cr

  5 Ways to Save Money on Home Maintenance Wondering how to save money on home maintenance? Some kinds of costs are inevitable, but you can minimize them and save money by following these tips.  Buy Materials in Bulk It’s almost always less expensive per unit to buy in bulk versus in small increments. For example, you’ll save money if you buy 6 air filters instead of just 1.  While it doesn’t always make sense to buy large quantities, sometimes it does. Here are a few things where you should at least consider buying in bulk instead of smaller quantities: Landscaping materials (i.e. mulch, rocks, bricks, etc.) Air filters (especially if you buy high-quality ones and replace them often) Wall paint (most projects need several gallons) Insulation for your attic or basement Keep Your Materials and Tools Organized We’ve all done it. You go out to the garage looking for a tool and just can’t find it. You take a trip to the store to get a new one, figuring maybe you lost the old one somewhere.

  Can Self-Employed People Get Mortgages Can self-employed people get mortgages? The short answer is yes. The long answer is that self-employed people can get mortgages, but they may hit a few extra roadblocks compared to employees. Here are a few things to keep in mind as a self-employed person applying for a mortgage.  A Mortgage for Self Employed Has the Same Process as Everyone Else Your overall process of getting a mortgage is the same as someone who is an employee. The lender looks at the same metrics, the same paperwork is filed, etc.  That means what is important for everyone else to get a mortgage is also important for you: Steady, reliant income A high enough income Good credit A good debt to income ratio Let’s quickly talk about each of these things.  Self Employed and Income for a Mortgage When an underwriter for a mortgage looks at a self-employed person’s income, they start with taxable income. Then they add back in deductions that have been taken, such as depreciation an