IS IT TIME TO CONSIDER A REFINANCE?
For the past several years, home interest rates have remained high. However, rates have started to drop – and when rates fall, it benefits you to know how a potential refi could help you reach some of your financial goals.
Refinancing a mortgage means taking out a new loan to pay off your original home loan. When rates are lower than your current rate, refinancing your mortgage may help you:
• Save money on your mortgage
• Lower your monthly payment
• Pay off your home loan sooner
• Switch from an adjustable rate to a fixed rate mortgage
• Pay off bigger expenses or pay for home improvements
If you’re ready to refinance your home loan, Bell Bank Mortgage is here to help. Your loan is not just another deal to us – it’s a big step on your journey to reaching your financial goals.
IT UP!
Rates are dropping – is it time to think about a refi? Now, you can get a $500 lender credit when you refinance your mortgage with Bell … plus, you can get $500 when you switch to America’s Best Checking™! To get started, contact your Bell Bank Mortgage loan officer to talk about refi options.
When to Consider Refinancing
A good rule of thumb is to consider refinancing if your mortgage rate is more than 1% higher than current rates. Even if your current mortgage interest rate isn’t a full percentage point above current rates, you may still benefit.
It may be a good time to refinance if:
• It’s been several years since you bought or refinanced your home
• You want to shorten your term or lower your monthly mortgage payment
• You have an adjustable rate mortgage and plan to stay in your home longer than you initially intended
• You have a sizable expense (college, home remodel, etc.) coming up in the near future
• You want to pay off higher-interest rate debt (by pulling equity out of your home during a refinance)
Next Steps
To carefully consider whether it’s time to refinance, first find your current rate on your mortgage statement. Next, evaluate your lifestyle and plans for the future. How long you plan to live in your home is a big consideration when deciding whether to refinance.
Last, connect with your Bell Bank Mortgage lender to determine whether refinancing your mortgage makes sense for your situation. Your Bell team will let you know exactly what information we need from you to start the process – and of course, we’ll work closely with you to ensure your loan process is smooth and hassle-free.
Whatever your situation, a refinance may mean extra money in your pocket. We’ll help you explore your options with no cost or obligation!
BUYING (OR REFINANCING) A HOME IS A BIG STEP – WE’LL TAKE IT WITH YOU!
For decades, Bell Bank Mortgage has simplified the homebuying process for thousands of families. In fact, our Bell name has mortgage roots dating back to 1880. That’s experience you can trust from preapproval throughout the life of your loan. We treat our customers how we want to be treated, offering highly competitive rates, a wide variety of loan programs and a reputation for award-winning service, reliability and on-time closings.
Our vast array of mortgage programs includes:
• Conventional loans
• First-time homebuyer programs
• Down payment assistance programs
• Lake and vacation home loans
• New construction loans
• Refinancing options
• HELOCs
• Portfolio loans
• Veterans Affairs (VA) loans
• Federal Housing Administration (FHA) loans
• Rehab loans
• Rural development loans
• And more!
We’re able to lend in many states! ▪
If you’re considering a mortgage or refi – or you know someone else who is – who should you call first? Bell Bank Mortgage, of course!
5 COMMON HOME INSPECTION DISCOVERIES
If you’ve ever purchased (or sold) a home, you’ve probably experienced the stress of waiting for the home inspector’s report. It’s good to remember that 86% of inspections find something that needs a fix, according to the Inspection Support Network (ISN) at www.inspectionsupport.com, which processes millions of inspections each year for home inspectors.
An inspection report that finds issues doesn’t mean the house is bad – but buyers and sellers should be aware of issues and anticipate what it might take to fix them.
Here’s the ISN’s list of the top 5 areas that typically have issues:
Roof (included in 19.7% of inspection reports) – Roofing repairs are often the most costly and may involve leaks, venting, age or condition of materials, or other problems.
Electrical (18.7%) – Especially in older homes, improper wiring and inadequate power supply (especially for today’s technology) can lead to fire hazards.
Windows (18.4%) – Insulation and ventilation issues, often associated with windows, reduce energy efficiency and can decrease air quality inside the home.
Gutters (16.9%) – Damaged or blocked gutters can be the source of water issues in roofs, walls and foundations, which obviously can be costly to repair.
Plumbing (13.6%) – Although home inspectors spend extra time inspecting plumbing because of its complexity, the most common issues are basic: leaky faucets and clogged drains.
When a home inspector comes back with a list of repairs, your real estate agent will walk you through your next options, whether you’re the buyer or the seller.
TIPS FOR CHILD- AND PET-PROOFING YOUR HOME
A child-proof (and pet-proof) home is a safer home! To help create a great place for family and guests to be together, focus on both fun and safety for any kids and pets visiting your home.
Follow these simple ideas inspired by home experts Chip and Pauli Wade: Protect precious belongings – At least temporarily, store away important and breakable items. Your items stay undamaged, and nobody gets hurt!
Make some areas off-limits – To prevent children and pets from going into places you don’t want them to be, consider safety gates. You can block off stairways, or rooms with more breakable items, to prevent injuries to young children and damage to your items.
Secure furniture and cabinets – If you have any furniture (dressers, TVs or bookshelves) that could be pulled down by a child, install anchors to prevent accidents. Use child-proof locks to keep dangerous kitchen utensils or chemicals out of the hands and paws of kids and pets.
Avoid poisonous plants – If you have houseplants, learn which may be toxic to children and animals. While most plants are kid-friendly, many are dangerous for pets.
Protect outlets and cords – Electrical plugs put kids and pets at risk! Ensure your outlets are guarded, and wires are hidden or blocked off.
(Find lots more tips, and plenty of DIY and home improvement ideas, when you visit www.wadeworkscreative.com.)
‘SHE HAS THE BIGGEST HEART’
Through its unique Pay It Forward program, Bell gives its employees funds each year to donate to people in need and causes they care about. Here’s one of those stories of giving.
Since high school, Bell Bank Mortgage loan officer Sarah Mastera and her friend Meredith Hamsher have shared a passion for challenging themselves. Over the years, in a circle that often includes friends and spouses, Sarah and Meredith have supported each other through some of the world’s most difficult physical challenges, pushing the boundaries by running marathons and triathlons.
Their core group of 4 friends live across the country – in New York, North Carolina, Nashville and Fargo. For a decade, they traveled to race together. They still gather periodically to celebrate birthdays and catch up on each other’s lives.
So when Meredith contacted the group, letting them know she’d been selected to run the Boston Marathon to raise funds for the Hoyt Foundation, Sarah knew she wanted to reconnect, rallying to support her friend and a good cause.
The Impact
Started by father and son Dick and Rick Hoyt, the Hoyt Foundation raises money and supports individuals with physical disabilities, becoming advocates for them. Rick, who passed away in 2023, had cerebral palsy – and ran the Boston Marathon 32 times, in a wheelchair pushed by his dad.
“A marathon is hard on your own,” says Sarah, “much less pushing another human being. So Meredith was incredibly honored to run the ‘holy grail’ of marathons, and represent this organization.”
As she followed Meredith’s fundraising efforts on Facebook and Instagram along with the other “core” friends and her co-workers, Sarah decided she was “all in” with a Pay It Forward gift of $500 for the Hoyt Foundation –sending her donation to Meredith in North Carolina with a card that read, “I know what this race means to you.”
It’s like Meredith, Sarah relates, to approach her fundraising opportunity with the Hoyt Foundation through a spirit of servanthood. Supported by the presence of her young daughter, Haley, Meredith completed the 2023 Boston Marathon – and ultimately raised more than $8,000, including Sarah’s generous Pay It Forward gift, for the Hoyt Foundation.
“She’s going to squeeze every moment out of every event,” Sarah says. “She has the biggest heart.”
To date, Bell has empowered more than $30 million in employee-driven charitable giving. To learn more and watch videos of Pay It Forward stories including Sarah’s, visit https://bell.bank/get-to-know-bell/pay-it-forward.