Saying goodbye to our 2007 real estate woes is an easy task. Making 2008 a better year will be slightly harder. Here are a few ways you can help yourself over the course of next year:
- Refinance your home - Rates are extraordinarily low right now - a 2 year low to be exact. Why not take advantage of a sub-6% 30 year fixed, expecially if you have had the loan for 5+ years? A lower interest rate, lower payment, and the security of borrowing at such an inexpensive rate are great reasons to refi this year.
- Home Equity loans - Yes, you can use your home's equity (if you are fortunate enought to have some). The caveat is don't use it to buy that above-ground pool you've always wanted, the 2009 car that's new on the lot, or tickets to the SuperBowl. As a general rule-of-thumb, if borrowed money doesn't offer more value to your home after you have spent it, then don't do it. That does not include sickness, job loss, college funds, etc.
- Prioritize Repairs - nothing says "DANGER" to a buyer like a leaky roof, peeling paint, or holes in walls. Start a home improvement project list and make it your mission to get your home in tip-top shape.
- Energy Efficiency - call the power co. and have them do a free energy audit. If you need insulation, they give you a credit. Will save you money immediately.
- Shop around for home insurance - with the departure of many of the large home insurers, the gap has been filled by smaller upstarts with strong financials. Call your insurance agent and ask that they review your policy. You might be able to save a few shekels very easily with no loss of coverage.
A Home for the Holidays 30-year Fixed Rate Loans Available
If your holiday shopping includes searching for a new home, Pinellas County Housing Finance Authority is offering low 6.1 percent fixed-rate, 30-year mortgages for residents looking to purchase a home in Pinellas, Pasco or Polk counties.
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