Supplement to The Freeborn County Shopper/Tuesday, March 8, 2016/Page 8
Get all your projects done early before the summer fun begins!
Easy Financing Essentials for Remodeling More and more homeowners are deciding that the best way to improve their lifestyles and their personal balance sheets is to invest in their single biggest asset: their home. Home remodeling and improvements are not only a winning investment because they increase property values, but also because they can help us enjoy life in our own homes. Knowing how to find easy financing is a good first step that will help point you in the right direction for financing your next home improvement project. The essentials of finding easy financing start with qualifying for a loan. Often, your credit standing will influence which financing route
you take. That said, before actually applying for a loan, talk to at least a couple different lenders about all your financing options. Besides helping you understand your options and the various trade-offs involved, the lender can pre-qualify you for one or more loans.
charges two points, the fee costs $1,000. Points exist so the lender can pay for the loan set-up expenses, as well as, make a profit. Understanding the concept of interest rates are easier but also require greater diligence in locking down to ensure responsible and easy financing.
As you move through your financing options, you'll need a rudimentary understanding of points, interest rates, and other details of the loan agreement. Many loans involve something called points. Points are nothing more than a fee for the loan that is expressed as a percentage of the loan amount. One point equals one percent. So if you take out a loan for $50,000 and the lender
Variable vs. Fixed Interest Rates: There aren't many people left who haven't heard about the difference between variable and fixed interest rates that were a contributing factor in the housing crisis. For a fixed rate loan, the interest rate stays the same throughout the loan. For variable rate loans, the interest rate can rise or fall as market conditions change. With interest rates predicted to go
higher in future years to fight inflation, variable rate loans may go out of vogue for some time. Secured vs. Unsecured Loans: In general, loans can be described as secured or unsecured. An unsecured loan is a loan in which the borrower agrees to repay the money according to a pre-set schedule. A secured loan is the same thing, except that if the borrower doesn't keep up with the payments, he/she gives the lender the right to seize a particular asset and sell it to raise the money necessary to pay off the loan—the house itself is the typical collateral.
Supplement to the March 8, 2016 Freeborn Co. Shopper
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