2024 Spring Newsletter

NEW CONSTRUCTION?

A TWO-TIME CLOSE LOAN COULD BE RIGHT FOR YOU

Building a new home is an exciting endeavor, one that comes with unique challenges. The first step in the journey is determining your budget and confirming your ability to obtain the necessary financing. For new home construction – and especially for new construction in a declining interest rate environment – a two-time close loan could be a great option.

A two-time close is a type of construction loan that’s split into two phases – the construction phase, and the permanent financing phase. During the construction phase, a loan provides the funds to buy (if necessary) the site and to pay for any improvements. Once construction is completed, the permanent loan pays off the construction loan by refinancing the existing debt into whatever mortgage loan option you prefer.

The biggest advantage of two-time close loans compared to other new construction loans is flexibility, as they better manage the ability to cover cost overruns and changes to the scope of your project. Additionally, twotime close loans provide versatility to adjust the permanent financing terms.

And in a declining rate environment, two-time close loans could provide the benefit of helping you get a more favorable interest rate. Because you don’t have to lock in your rate until closer to the end of the project, you could be able to take advantage of lower rates than when your construction began.

If you’re interested in building your dream home, contact me today to discuss how a two-time close loan could be right for your situation.

*Subject to credit approval. Program guidelines are subject to change without notice. Not available in all markets. Other restrictions apply.

USING YOUR HOME’S EQUITY TO ADAPT TO LIFE’S DIFFERENT STAGES

Our lives can be looked at as a journey broken up into many different stages, from building a career to starting a family to, eventually, retirement. To successfully navigate these chapters of life, financial stability is crucial –and your home equity could help.

Your home equity is the current market value of your home minus what you still owe on your mortgage. If you’ve been making payments on your home for years, or if you own your home outright as 40 percent of Americans do, according to a November 2023 Bloomberg report, then you can tap into your home’s equity in the form of home equity loans or home equity lines of credit. These options give you the ability to access cash at lower interest rates, and with longer repayment periods, than other forms of borrowing.

Whether helping to fund education, buy a vacation home or more, your home’s equity can offer valuable financial flexibility and security for life’s many stages. Here’s how:

• Funding education: If you’re sending children off to private school or college, or looking at going back to school yourself, you could use home equity loans or lines of credit to help cover tuition or other college expenses. Tapping into your home equity rather than taking out traditional student loans could help you invest in education without accumulating excessive debt.

• Buying a second home: Another potential use for your home equity could be to buy a second home or a vacation home. Your equity can help you put together a substantial down payment, or even purchase the entire home altogether. Plus, the interest on a home equity loan may be tax deductible if you’re using it to purchase or improve a home.*

• The unexpected: Of course, not all of life’s stages are expected or planned. Sometimes life throws a curveball at you in the form of a medical emergency or major home repair, for example. No matter what happens, your home equity could be an important resource to help you manage unforeseen expenses.

Home equity can provide many different uses depending on your stage of life, but it’s important to remember that as with any form of credit, it should be used responsibly, and you’ll eventually need to pay back what you borrow, plus interest.

STATES WHERE BELL LENDS

Lending available

Lending not available

States that also offer construction lending

*Not all of these products are available in all markets.

SPRING CLEANING TIPS FOR REFRESHING OR REJUVENATING YOUR HOME

With the days growing longer and the winter chill slowly fading, spring is right around the corner. Spring is a period of renewal, so it makes sense that we associate it with cleaning – after spending more time indoors over the last few months, it’s an opportunity to enliven our home and embrace the change in seasons.

Whether you want to declutter or add a fresh coat of paint, here are a few tips for cleaning or refreshing your home this spring.

1. Wash windows: Take advantage of warmer temps by getting outside and cleaning a winter’s worth of dirt and dust from your windows. It’s recommended to wash your windows on a cloudy day, as sunshine can dry the windows too quickly and leave streaks.

2. Freshen up décor: If your home’s interior feels like it needs a spring refresh, this is a great time to switch out a wall hanging for something more bright and vivid, or change up your heavy, dark winter blankets or rugs to lighter, more vibrant options.

3. New paint: Changing up décor can only go so far, and if you want a more permanent spring update to your home, consider painting an accent wall or door. A bright color can really make a space pop and give it new life.

4. Declutter: Sometimes, spaces don’t need a refresh so much as simply organizing and decluttering. If the clutter has built up over the winter and it feels intimidating to tackle, start by focusing on one area at a time. Sort through your belongings and separate items into categories for keeping, donating or discarding.

5. Start top to bottom, inside to outside: It wouldn’t be “spring cleaning” without the actual cleaning, so give your home some scrubbing, washing, dusting and mopping. Work from the ceiling down to the floors to ensure that dust and debris don’t settle on freshly cleaned surfaces. Dust ceiling fans, light fixtures, and shelves before wiping down walls, windows and baseboards, and then finish by vacuuming or mopping the floors.

6. Don’t forget outdoor spaces: Extend your spring cleaning efforts to outdoor areas by sweeping walkways, clearing debris from gutters, and tidying up gardens and outdoor furniture. A clean and wellmaintained outdoor space can enhance your curb appeal and create an inviting atmosphere for outdoor gatherings.

With a little time and effort, you can transform your home into a clean, organized, and rejuvenated space, ready to embrace the beauty and freshness of the spring season ahead.