Have you found the location where you want to live only to find the homes available needs updating or upgrading. Keep your funds in the bank. We have the perfect solutions whether you want to just add granite countertops, appliances, etc. for example or a full renovation. INTERLINC MORTGAGE SERVICES has rolled out a new program to cover the cost of the upgrades, updates or remodel. They will work with you to determine the items or scope of work you desire and add the total cost to your mortgage. I can furnish you with the names of Vendors who can give you the cost of the work or items to be included. INTERLINC will also work with you and me to provide a rendering or suggestions and ideas of some designs to accomplish your goals.
Let me show you further how this pays off for you. Let’s say you find the right home in the perfect location (location is everything) but the home needs upgrading with appliances, hardwoods, new tile, perhaps a roof as there is only a few years life in the existing roof. You could estimate or we could estimate for you the costs of the work or items. Let’s use as an example the costs to be $30,000. That is a large cash sum to remove from your asset column. However including this cost in your mortgage would mean an increase in the mortgage of only $150 a month. The interest portion is of course going to be a write off against your income therefore giving you more take home pay in your paycheck.
Let’s go further: You now have found a home in your price range in the exact location you wanted and for $150 a month you have made the home the way you wanted, increased the value of the home and with no cash outlay. This upgrade or update should also bring a better resale value to you in the future.
In areas of Houston such as The Woodlands, Energy Corridor, Peto Chemical corridor and the port expanding it is possible the right location could have little inventory in your price range or little inventory in any price range and rising prices seem to be a constant. You will find the right location and the right price requires a mark savvy agent to locate the hidden gems of homes and neighborhoods in the right location and a lending firm who can make it possible to put you in the desired location at the perfect price.
This is a new product unlike the old programs such as a 203 K that took weeks and months to close or were unwelcome by lenders. INTERLINC can close in about 45 days. Previously, sellers did not want to take the home off the market for the weeks it to for the buyer to get an OK. Sellers will more than likely welcome your contract as they may know the home needs the upgrade or update but did not have the funds to accomplish. Now you can meet the seller’s demands for a quick close as well as obtaining the financing to make it happen.
Sound interesting? Give me a call at 832-877-1040 or email me to learn more about this option.
Doris Snipp Associate Broker, CRS,GRI,ABR,CNE,SFR,CNHS
Better Homes and Gardens Gary Greene Real Estate
Email: snippsnapsold@gmail.com
AGAIN THIS YEAR AWARDED THE 2013 5 STAR PROFESSIONAL REALTOR AWARD FOR TEXAS AND A REPEAT AWARD WINNER FOR THIS YEARS PRODUCTION.
LARGE DOWN PAYMENTS ARE DEAD EQUITY
It is not news to you that you can lower a monthly mortgage payment by putting more money down on a home. What may be news to you is tht can is KING and you never know what the the future brings. Putting all you cash in the house means the only way to use this cash in another way is to sell your HOME.
EXAMPLE: Putting $20,000 down on the home actually reduces your mortgage by only $100. It would take over 14 years to get your $20,000 back if you got around to putting it back into your savings. Even with low interest on CD or savings account you get SOMETHING back.
For the first 7 years of your mortgage your are paying mostly interest. This interest is deductible so actually Uncle Sam is helping you pay for your home. The sooner you pay the home off the more withholding taxes you will pay.
Treat this home as an investment, draw out the $100 extra every month for the increased payment and in the meantime the nest egg is drawing interest and remains there in the event of a down size, health issue, etc. Many times in downsizing this allowed the buyer to open a business to make a living.
Job troubles, Greater Houston is a great rental market. We can lease your home through the tough time, let someone else make your payments and pay down your mortgage and when back on your feet you can move back into your HOME
Also if you are nearing retirement remember that in the event of a health crisis that results in nursing home care for you are your spouse Medicare will most likely come after your assets. Speak with a financial advisor concerning a trust and other options. You did not work to give up your assets in this manner (probably for less than satisfactory care at that.)
MORTGAGE PROVIDERS
Stacy Goss
Shelter Mortgage Direct: 281-580-7021 Mobile: 281-831-9878
Marcella Hood U.S.
Patriot Bank 281-797-9369
Email: mhood@patriotbankusa.com
Cornerstone Mortgage Company
Mary Lee, Senior Loan Officer
NMLS 207942
Direct: 713-212-3054
E-fax: 713-439-9503
Cell: 281-450-1870
Email: marylee@houseloan.com
Website: www.marylee.com
For renovation lending without a delay for approvals call me for our specialist. 832-877-1040
