Jeff Cost

Cincinnati Home Loan

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Budget-Friendly DIY Projects That Instantly Boost Curb Appeal

July 15, 2016 by Jeff Cost

Budget-Friendly DIY Projects That Instantly Boost Curb AppealWe’re told not to judge a book by its cover, but there’s no such rule in the housing market. Curb appeal is the external attractiveness of a home, and if you’re in the market for a house that first impression has a lot to do with your final decision. Alternatively, if you’re looking to sell, it’s an easy area to boost the attractiveness of your home.

Essentially, ensure your home is accessible and inviting to make it appeal to potential buyers. It’s like making new friends, and how you’re much more likely to approach someone who is smiling. Help your home smile by spending a little time and money on outdoor seating, open spaces and color. Note that homes that have personality make stronger first impressions, so also try to put some of yourself into the exterior of your home.

A Place To Sit

Outdoor seating inspires relaxation, providing a great first impression. Potential buyers can pause and get a sense of the community without feeling rushed. They’ll take in the external features of your home in comfort, and will be primed to imagine themselves sitting out there as new homeowners, sunning or sipping tea.

An Open Entrance

Open your home up literally. Creating an uncluttered space in front of your home will help direct and draw buyers. Use pathways and lighting (lamps, candles) to clearly guide the way into your home. A well-lit pathway is not only visually appealing, but safer and a confusing entrance could deter buyers before they even reach your house.

A Dash Of Color

Color draws the eye. Add flowers to the front of your house, or paint the shutters brightly to attract attention from the street. This will also help your home look tidy and put-together.

A Strong Front Door

The front door is the focal point of anyone walking up to your house. Why not paint it your favorite color, or decorate it with something that gives an idea of the interior, like a funky door-knocker or a wreath? Make sure the door is clean and everything works (knob, bell, hinges) to complete the look.

A Personalized Mailbox

If you have a mailbox out front, you can give it the same personalizing treatment. Paint it, or plant it in a flowerbed. Keep it clean, functional and inviting, and it’ll add to the overall impression of your house.

Riff off these easy, cheap projects to increase your home’s curb appeal. Contact your local mortgage professional for more information.

Filed Under: Home Seller Tips Tagged With: Home Seller Tips, Selling A Home, Staging

3 Tips to Consider when Shopping for a Second Mortgage

July 14, 2016 by Jeff Cost

3 Tips to Consider when Shopping for a Second MortgageWhether you’re considering a second mortgage to consolidate your debt or complete some home renovations, there can be a lot that goes into making this financial decision. Because a second mortgage is a loan that goes against the equity you currently have on your property, this can be a risk to the ownership of your home. If this is an option you’re seriously considering, here are some basics to know before deciding to on this route.

Be Prepared For Higher Rates

You may be use to the steadiness and consistency of the fixed rate on your first mortgage, but the rates associated with a second mortgage will likely be higher. Because, in the event of default, the first loan on a mortgage will be paid first, lenders for a second mortgage will charge higher rates and fees to validate the elevated risk they’re taking on. While there are lenders that can offer competitive rates, you’ll need to do your research to find one that works for you.

Private Lenders May Offer More Solutions

If you cannot go through your initial mortgage lender in order to secure a second mortgage, you may want to consider a private lending professional who may be able to provide a better solution for you. Because private lenders are not working within the constraints of a larger institution, their guidelines for documentation and qualification may be a little less stringent. While they may have their own set of guidelines for providing a second mortgage, it can be a better way to go.

Is A Second Mortgage Necessary?

In order to obtain a second mortgage, it’s important to be aware that you should have enough equity in your home to make the loan worthwhile. Because you will only be able to refinance 80% of your home’s value, it may not be worth the higher rates you’ll be paying if you’ve only been paying into your home for a short time. Before deciding if a second mortgage is right for you, make sure you consult with a professional to determine the best choice for you.

There are a number of reasons that home buyers consider a second mortgage, from making large-scale home renovations to getting rid of overriding debt, but it’s important to consider if this option will work for you before moving forward. If you’re thinking about a second mortgage, contact your local mortgage professional for more information.

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Mortgage, Second Mortgages

3 Mortgage Mistakes That Could Be Costing You Money

July 13, 2016 by Jeff Cost

3 Mortgage Mistakes That Could Be Costing You MoneyPurchasing a home can be one of the most exciting and stabilizing investments of your life, but because of the expense, there are many ways you may be spending more money than you should. If you’re wondering about the financial soundness of your home investment, here are some things to consider before putting anything down.

Investing In Too Much Home

Many homebuyers are so gung-ho about having their own home that they forget a mortgage takes many years to pay off and there’s a lot of living to do in the interim. While you may be looking at the monthly cost of your mortgage as something to get through, it’s more important to find a home that will provide you with a more flexible lifestyle. Instead of spending half your income on your home, it’s better to choose a more affordable option that won’t lead to buyer’s remorse.

Putting Less Than 20% Down

One of the greatest struggles for those who want to make the leap into home ownership is the down payment, and many buyers will put down a lot less than 20%. While this might seem like a better deal in the short term, putting 5 or 10% down means you’ll have to pay for mortgage insurance in case you default on your payments. It can be hard to come up with 20% for many buyers, but putting this amount down means you don’t have to pay for added insurance.

Not Asking The Right Questions

A house is likely your most valuable asset, so it’s a good idea to know as much as possible about your mortgage before you rush toward closing day. Starting with asking which mortgage option is best for you. Your mortgage lender will be able to answer this question once you’ve completed an application and the lender takes stock of your employment, income, assets, credit, debt, expenses, down payment and other information about your finances. Research the major questions you should ask your mortgage lender before signing up for a loan.

It can be overwhelming to buy a home with all of the information and energy that goes into finding the right place and the right price. However, by being realistic about what you can afford and searching for the best loan for you, you’re well on your way to a sound purchase. If you’re currently on the market for a mortgage, contact your trusted mortgage specialists for more information.

Filed Under: Home Mortgage Tips Tagged With: Down Payments, Home Mortgage Tips, Mortgage

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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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