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Cincinnati Home Loan

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7 Smart Tips To Painting Your Own Home This Summer

July 3, 2013 by Jeff Cost Leave a Comment

7 Smart Tips To Painting Your Own Home This SummerWinter may have taken a toll on your home’s exterior this year. You’ve been noticing the cracking paint for months, but you don’t want to shell out the big bucks to hire a professional painter.

Don’t fret! With the weather warming and the nice summer weekends, it’s the perfect time to tackle that project of painting your home.

While this might seem like an insurmountable task, especially if you have a multi-story home, it’s not. It just takes the right tools and a bit of hard work. Below are step-by-step instructions to having the outside of your house looking shiny and new.

Test For Lead

Homes built before 1978 could have used lead paint, so be careful if you have an older home. They make kits that test for lead paint. If your home tests positive, then ensure you take the necessary precautions to keep yourself and your neighbors safe.

Scrub It Up

You need to wash the exterior of your home before painting. Mildew thrives under new paint, so kill it with a solution of water and phosphate-free cleaner.

Scrape And Sand

Take a scraper to your home’s exterior to remove any peeling paint. Spraying water under the paint as you scrape helps speed up the process. Then sand down any rough spots, so that you have a smooth canvas.

Apply The Primer

Paint on the primer immediately after you’ve prepped the wood. This will provide and even base for your topcoat of paint.

Buy Some Caulk

You’ll need to caulk all the joints to prevent water penetration and air leakage. Plus, caulk does a great job of filling in blemishes in your siding.

Pick Out Your Paint

Choose a water-based latex paint. It’s easier than applying oil-based paints. However, if your home already has an oil-based paint, you’ll have to stay with it. Once you’ve selected your favorite paint color, just grab a brush or rent a sprayer to start painting your home.

Maintain your exterior.

Be sure to check your home annually for any potential problems. Replace cracked caulk, remove mildew and patch any peeling paint before it spreads.

Utilize the beautiful summer weekends to get started on painting your home. Understand that this process normally takes two weekends, so be patient. Plus, by not hiring a professional, you’ll save a significant sum of money and have bragging rights when you receive compliments on the condition of your home.

 

Filed Under: Around The Home Tagged With: Painting Your Home,Home Maintenance Tips,Do It Yourself

Liberate Yourself From Your Mortgage With This Simple Plan

July 2, 2013 by Jeff Cost Leave a Comment

Liberate Yourself From Your Mortgage With This Simple PlanWhat if you could accelerate the mortgage payment on your home so that you own your property several years earlier than your 15 or 30 year term?

Making your final mortgage payment and owning your house is an incredibly good feeling and there is a simple way that you can bring about that rewarding day much sooner.

By making one extra mortgage payment every year, you will be able to pay off your mortgage years earlier without putting a lot of stress on your present day finances. Although it might not seem like a lot, just one extra payment per year can help you to significantly reduce the length of your mortgage.

For example, if you have a 30 year mortgage with a fixed rate, it could be possible to pay off your loan in 25 years instead of 30 when you make an extra payment per year. You will also very likely be able to save thousands of dollars over the years in interest charges.

How to Fit the Extra Payment Into Your Budget

If you think that your budget is too tight to squeeze in the extra yearly payment, it’s time to start thinking about what adjustments you can make. With a bit of clever budgeting, you can find the extra cash needed.

First of all, break the extra payment down by dividing it by 12. For example, if your monthly mortgage payment is $1600, you will need to save an extra $133 per month to be able to make a full extra payment every year. Or, you could think of it as $33 per week or $4.75 per day.

Surely you can survive on $4.75 per day less than you are spending right now, right?

There are many ways that you could find this extra money. It’s the difference between eating at a restaurant or cooking at home once or twice per week, bringing home-brewed coffee to work in a thermos rather than going to the expensive coffee shop, or cancelling a cable TV package that you never watch. Take a look at your budget so that you can determine where you can cut your expenses.

Once you make your goal of an extra payment every year, not only will you see that the savings program was easier than you thought it would be, but you might decide to accelerate even more so that it will be even sooner when you have the satisfaction of owning your home.

For more information about the optimal plan for the mortgage on your Louisville home, feel free to contact me by phone or email.

Filed Under: Home Financing Tips Tagged With: Mortgage Acceleration,Pay Off Early,Mortgage Financing

What’s Ahead For Mortgage Rates This Week – July 1, 2013

July 1, 2013 by Jeff Cost Leave a Comment

What’s Ahead For Mortgage Rates This Week – July 1, 2013The past week was active for economic news and mortgage rates. The aftermath of the Fed’s indication that it may start dialing back its multi-billion dollar monthly purchases of Treasury and mortgage backed securities has sent mortgage rates to record highs.

If you’re thinking of buying a home, this may be one last chance for finding the best deal on mortgage rates; meanwhile, home prices continue trending up as well.

Here’s the scoop on last week’s activity affecting real estate markets:

Tuesday’s Case-Shiller Composite Indices for April demonstrate the momentum of recovery in many housing markets. As of April, national home prices had increased by 12.10 percent as compared to April 2012. April’s reading also exceeded March’s reading of 10.10 percent year-over-year.

FHFA released its home prices report for April and noted that the average price for homes with mortgages owned by Fannie Mae or Freddie Mac increased by 7.40 percent, which slightly surpassed the March reading of 7.20 percent.

The Department of Commerce released New Home Sales for May and reported 476,000 new homes sold on a seasonally-adjusted annual basis. This exceeded expectations of 453,000 new home sales and also surpassed April’s reading of 454,000 new homes sold.

Wednesday brought the Gross Domestic Product (GDP) report for the first quarter of 2013. The GDP grew by 1.80 percent against expectations of 2.40 percent and the previous quarter’s growth, also 2.40 percent.

Freddie Mac’s Primary Mortgage Market Survey (PMMS) brought the days of bargain basement mortgage rates to a halt as average mortgage rates for a 30-year fixed rate mortgage moved from last week’s 3.93 percent to 4.46 percent. Average rates for a 15-year fixed rate mortgage rose from 3.04 percent 3.50 percent. This was the largest weekly jump in mortgage rates in 26 years. 

Home buyers may also consider a 5/1 adjustable rate mortgage, which provides an average 5 year fixed rate of 2.74 percent.  The fixed mortgage rate converts to an adjustable rate after five years.

The National Association of REALTORS ® reported that Pending Home Sales in May rose by +6.70 percent to their highest level in 6 years.

Last week ended on a positive note with the Consumer Sentiment Index for June beating expectations of 83.0 and coming in at 84.1. May’s reading was 82.1; higher consumer confidence is likely driving demand for available homes.

What‘s Ahead This Week

Next week’s scheduled economic news includes Construction Spending due on Monday and the ADP private sector jobs report is set for Wednesday.

Thursday the financial markets are closed as we celebrate the July 4th holiday.

Friday brings the Department of Labor’s Non-farm Payrolls Report and the National Unemployment Rate. If the unemployment rate stays steady at 7.60 percent, this may reduce fears that the Fed will start reducing its monetary easing program any time soon, which should help to slow the recent increases in mortgage rates.

Filed Under: Housing Analysis Tagged With: Federal Reserve,Financial News,Mortgage Rates

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Jeff Cost
Sr. Loan Officer

Cincinnati, OH Mortgage Lender
NMLS# 21688


jeffrey.cost@ccm.com

Call (513) 403-6260
Fax (941) 567-5222

Cross Country Mortgage

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