Sunday, January 20, 2019

Is cash-out refinancing a mistake for Keller homeowners?

Couple in Home

For Keller homeowners who've been making regular mortgage payments, it feels good to watch your net worth make upward progress. That’s especially true if your house is also gaining value. With a growing amount of equity comes peace of mind, knowing you have the option of tapping into it when you want.

Whether it’s time for a new roof or you need to consolidate debt, you may see a traditional cash-out mortgage refinance as the ideal tool to access the money you need. However, if you’re considering a cash-out refi, you may be unaware of some of the pitfalls, or you may not know about the alternative solutions that might work in your financial favor.

With a cash-out refi, homeowners can borrow against the equity in their home by taking out a new mortgage loan. This new loan includes the original loan balance and the additional amount borrowed against the equity.

To many, cash-out refi loans seem like a great option because of their suprior interest rates, especially when compared to personal loans and credit cards. The problem is that they can end up becoming more expensive than homeowners expect and derail their budget projections for the upcoming year.

Hear are three things all homeowners need to consider before they opt for a cash-out refi loan:

Interest rates are rising: After enjoying historical lows, mortgage interest rates have reached 5 percent, the highest in eight years, according to the Washington Post. With a cash-out refi, homeowners face trading their lower interest rate for a higher one.

Less convenient than other loan products: The application and approval process for a cash-out is anything but efficient, thanks to time-consuming activities like property appraisals and in-person closings. In all, the loan process can take anywhere from 30-60 days.

Additional fees: Borrowers often don’t realize that cash-out refis come with closing fees for such things as appraisals, title searches and credit reports, adding another layer of cost to the loan.
A smarter solution that can potentially spare borrowers thousands in interest cost is a home equity loan. Instead of starting over with a new mortgage, you’d simply take out a separate loan against the equity in your property. This option lets you keep your mortgage interest rate.

To make things more clear, here’s a comparison of how the two loans could affect a homeowner like you.

Let’s say you took out a $175,000 mortgage six years ago at 3.625 percent interest. After making monthly payments of $798, your balance is $153,365. Now you’re looking to do some renovations and pay off some credit card debt, and you need to borrow $75,000. With your home valued at $300,000, there’s more than enough equity.

With a cash-out re-fi loan, you’d “reset” your mortgage balance at $228,365 with an interest rate of, say, 5.75 percent interest. That brings your monthly payment to $1,333, but in 30 years, when the mortgage is paid off, total interest comes to $287,225 (that’s the interest you paid on your original mortgage and the interest you’ll pay with the refinanced loan).

With a $75,000 home equity loan, you may receive a higher rate, but it applies to a much smaller loan amount. If you secured a home equity loan at 9.0 percent APR, your monthly payment for your mortgage and equity loan combined would be slightly higher at $1,559. However, the term of your equity loan is 15 years, and your mortgage is still on track to being paid off in 24 years. In all, your total interest payments come to $174,238 (original mortgage plus home equity loan).

Bottom line: In this scenario, a home equity loan comes out as the better financial decision, because not only are you finished paying six years earlier, you would save $112,987 in interest alone.
Another upside to using solutions other than cash-out refis is that there are now convenient and fast solutions that let borrowers access their equity with ease. Keller homeowners should discuss their options with a professional before proceeding with any action.

Grove Team 2017/2018

Whether it's selling your home or finding a new one, we have designed this site so that you can quickly and easily locate the information you are looking for. The Grove Team's client-centered approach results in the best possible outcome for you. Please contact us now to begin the process of achieving your dreams in home ownership. Call 817-337-0000 for Keller Home's for sale in Keller ISD.

Tuesday, January 15, 2019

2019 bathroom upgrade ideas for Keller homeowners

New Bathroom Fixture


Craving a more beautiful bathroom? Resolve to make this the year that you finally create the bathroom of your dreams.

Fortunately, you don't need a major remodel. Consider these ideas for simple changes with big impact. With a little planning and effort, you'll add to your Keller home's value and functionality, while getting the “Pinterest-worthy” bathroom you know will make you smile every day.

Project 1: Fresh, eco-friendly style
Transitional style is today’s most popular bathroom style, according to the National Kitchen and Bath Association, and with good reason: almost limitless design potential. Modern sets make it easy to create a ‘put-together’ look in bathrooms of all sizes, with a full suite of fixtures and faucets that are easy to install for a stunning refresh. WaterSense-certified faucets save almost half the water of regular faucets! There is nothing better than a beautiful new bathroom that is as easy on the eyes as it is on our water resources (not to mention the little extra cash you get to keep in your wallet when a lower water bill arrives!).

Project 2: Modern flooring
When you look down, do your bathroom floors leave something to be desired? Redoing the flooring is a simple weekend project that will transform the space. Tile is a great bathroom flooring choice because it is so versatile and long-lasting, and can be created to look surprisingly like other materials, such as wood, creating unique looks that wouldn't typically be possible for the bathroom space. Want to step it up? Consider heated flooring to add comfort and a touch of luxury. This top trend works with a variety of different types of flooring material.

Project 3: Customizable shower
A restorative shower experience is at the top of the list for a new bathroom must-have. Intuitive products make it easy to control the precise amount of water with a simple push of a button. A turn of the dial allows for accurate control of water volume and temperature. This makes it easy to change modes quickly, from when you want less water while soaping up to when you want more water to rinse off.

With these project tips that involve simple product installations, updating the look and feel of your Keller home's bathroom won’t feel like an overwhelming undertaking.

Grove Team 2017/2018

Whether it's selling your home or finding a new one, we have designed this site so that you can quickly and easily locate the information you are looking for. The Grove Team's client-centered approach results in the best possible outcome for you. Please contact us now to begin the process of achieving your dreams in home ownership. Call 817-337-0000 for Keller Home's for sale in Keller ISD.

Sunday, January 6, 2019

4 ways to simplify your Keller home's decorating

Family Photos in Frames

It's here, the season of resolutions. You're making plans for new routines, working a full-time job and taking care of your family. It's a whirlwind but you wouldn't have it any other way. Now you just have to find time to refresh your décor for the year ahead With so much to do and so little time, you’re naturally looking for ways to update your Keller home without too much effort. Opt for easier with the tips below.

Add a little color to your home. In the summer, colorful flowers can make any room welcoming, but in the winter your options for foliage are ... limited. Don’t fret or forgo the opportunity to add some natural accents to your home. Evergreen sprigs added to vases can bring a flora component to any room and infuse a seasonal dash of color. Forsythia is an early blooming shrub that can provide a beautiful pop of yellow color. Place these in the same areas you would summer flowers and you'll love the fresh effect they create.

Photo-friendly options. Family photos are a mainstay in any home and this season is the perfect time to take your photo displays up a notch. Free-standing photo panels — available at CVS — provide a new and exciting way to showcase your favorite family moments. Available to order at cvs.com/photo, they offer a unique and easy way to bring these images to life.

Let there be light. Stringing lights around the outside of your home is an annual holiday tradition, but why not keep inside lights throughout winter? String lights through the main entertaining areas of your home using insulated holders, just be sure to check the wires for fraying before you do. This is a great way to add light during shorter winter days, and because so many lights run on batteries and can be equipped with timers, it's easier than ever to conserve energy.

Décor panels add a festive feel to your space. What does the new year mean to you? Whatever it is, displaying it with custom panels is an opportunity in 2019. Choose from a wide array of designs and once you find one you love, your décor panels can be personalized with text as well. Matching the perfect message with the perfect design will give you an accent piece you'll want to keep up in your house all year long.

Start your planning today
Optimizing your decorating with the tips above will keep your Keller home looking fresh without a lot of effort, and that's something that will bring you peace and joy this year and beyond.


Grove Team 2017/2018

Whether it's selling your home or finding a new one, we have designed this site so that you can quickly and easily locate the information you are looking for. The Grove Team's client-centered approach results in the best possible outcome for you. Please contact us now to begin the process of achieving your dreams in home ownership. Call 817-337-0000 for Keller Home's for sale in Keller ISD.

Tuesday, January 1, 2019

Winter refresh for Keller homeowners

Homeowners Resting

Every year, Keller homeowners anxiously await spring to refresh and reset their homes. But what if we capitalized on all the time spent indoors during winter to take control of home improvements ahead of time instead? With a little thoughtful planning, you'll not only be able to give your space a simple face lift but also enjoy spring when it comes around and be outside, soaking up the weather!

Many homeowners agree that the colder months are the perfect time to cross home improvement projects off the list, feeling more motivated to work on them during this time of year, according to a new survey (online survey conducted in September, 2018, of 1,000 U.S. homeowners, ages 18+, in partnership with Lucid, on behalf of Maytag). A whopping 78 percent of homeowners plan to make some type of home improvement in the next three to six months and young homeowners are even more motivated, with 87 percent of millennials planning to give their spaces some tender loving care during the same time frame.

Simple updates with big impact

Enhancing your home’s value and functionality does not require a full-blown remodel. Strategic updates can make a significant impact and can be completed in just a few days. Consider these smart, no sweat home updates while staying cozy indoors.

Upgrade appliances: Dated appliances can steal from a space's potential; a simple swap can completely transform the aesthetic of a room, taking it from vintage to polished in a snap. Thanks to modern technology, you don’t have to sacrifice function for style. Whether you’re partial to French door or side-by-side refrigerators, front load or top load washers, explore sleek options online and at your local appliance store. With a few thoughtful changes, you have the power to turn your home into the space you’ve always dreamed of.

Declutter: While you may not be ready to jump on the minimalist band wagon, be inspired by the movement and remove unnecessary items from your home. Donate or sell trinkets and gadgets you don't use and focus on organizing what’s left. Consider storage solutions like closet organizers and kitchen pull-outs that make organization seamless. There’s no greater joy than coming home to a clean, tidy and truly clutter-free space.

Fresh paint: A fresh coat of paint is an affordable update for any room, and with a little elbow grease, you can easily complete this project in a weekend. Whether you paint all the walls in your bedroom or just one to create a focal wall, you can customize this project to your personal tastes and preferences. While you're at it, why not paint the ceiling too? A fresh coat of white paint can instantly elevate a space by better reflecting light.

Replace hardware: The kitchen and bathrooms are typically the most frequented rooms in a home. The hardware in these spaces might seem like an afterthought, but if you want to add a little pizzazz with minimal effort, focus here. Styles go in and out of fashion and hardware becomes drab with everyday wear and tear. Replace knobs, handles and hooks with a new look that reflects your personality. Brushed metals have maintained popularity, and brass is poised to make a comeback. Other materials like wood and glass are popular for hardware, too.

Whether you love it or can’t get through it quickly enough, winter is a perfect time to take on home improvements that are simple and achievable; about three in four homeowners would rather complete home renovations during the fall and winter so they can travel in the spring and summer. With these handy tips, you have the knowledge and power to rejuvenate your Keller home and make this winter a productive one. Update now, so you can relax later!


Grove Team 2017/2018

Whether it's selling your home or finding a new one, we have designed this site so that you can quickly and easily locate the information you are looking for. The Grove Team's client-centered approach results in the best possible outcome for you. Please contact us now to begin the process of achieving your dreams in home ownership. Call 817-337-0000 for Keller Home's for sale in Keller ISD.