Many people are asking me about what they need to do to refinance their home. Today I thought I would share a few things to think about before you make the decision to talk with a mortgage lender about refinancing your home.
How to Start the Refinancing Process
To refinance your home in Raleigh, Cary or anywhere in the Triangle area you will have to reapply for the mortgage just like any new home buyer would. You will have to demonstrate solid credit history, prove to the mortgage company that you still have adequate income to quaify for the lower payment by providing tax returns, pay stubs and bank statements. I know this doesn’t make a lot of sense if you have been paying your mortgage on time and are refinancing your Raleigh home to have an even lower monthly obligation but, never the less, your have to provide documents and be approved all over again.
The Next Step in Refinancing: The Appraisal
Last week during a listing appointment at my office I met with someone who tried to refinance her home in order to lower her monthly mortgage payments. Like many people she had a first and second mortgage and contacted a local lender thinking she would not any problem refinancing. However, her home did not appraise for what she owed. She was stuck unfortunately in a cycle many homeowners in our Raleigh area are facing.
In order to refinance North Carolina homes have to be professionally appraised at a high enough value to provide the lender with adequate security. This is where many Raleigh homeowner’s are hitting a brick wall on refinancing. Appraisal guidelines have signifacantly tightened and Raleigh real estate has not gained value the past 24 months. This is keeping many home owners from being able to save money each month by taking advantage of a historical opportunity of low interest rates.
To get an idea of your real estate value in the Raleigh, Wake County area visit www.Wakegov.com Type in your address and a search of recent home sales around your address will be displayed. You can also experiment with www.zillow.com to get a zestimate. However, the best way to determine your Raleigh real estate value is to call me or a professional appraiser.
I will be happy to refer you to several good local appraisers anytime. We have several listed in our Triangle Business Directory and they are people you can trust.
My team meets every Tuesday to keep our skills sharp in this ever changing Raleigh real estate market. Each department gives an update on current business, we discuss new listings coming to the market, what our current home buyers are looking for, and then we train on different topics. Sometimes the topics are new rules and form changes from the Real Estate Commission. Other training topics are economic, mortgage and appraisal issues affecting the Raleigh, Cary and Triangle market. Last week we focused on practical applications that can help us be more efficient by managing our time better. Each Team member started with making a list of the 5 worst time wasters and their 5 best time saving ideas. I thought I would share some of our team’s top tips with you:
The Linda Craft & Team’s Top Time Saver Tips:
- If you are working on a project or in an appointment let incoming calls go to voicemail until you complete the task. This will help you stay focused and be proactive instead of reactive.
- Check Voice Mail at regular times during the day, not after every call. It takes time to dial into voice mail so pick up several messages with one call.
- Follow a schedule and stick to it. Everything is important but, very few things are urgent. Plan your day the night before and protect your schedule.
- Text Someone verses Calling Them. This can save up to five minutes of idle conversation and alot of voice mail tag.
- Make your coffee the night before and schedule it to brew the next morning when you get up.
- Use a Free Dry Cleaners Pick Up Service. This will save you alot of time driving around town or standing in line.
- Use a Grocery Shopping Service. Shop Online and schedule your groceries to be brought to your car in the store parking lot for a cheap as $5.95 a trip. It also protects you from impulse buying.
- Clean out your inbox daily by one of these three actions; delte, file or answer and delete.
- Schedule your shampoo and hair cuts first thing in the morning so you are not doing your hair twice in one day.
- Close Your Office Door and Concentrate. People popping in with Chit Chat can waste 1/3 of your day.
Do you have more tips you can share with us? We would love to hear from you.
I hope that you have a great Monday-
CNNMoney released it’s report this week on the 2009 Top 10 Fastest Growing Cities in the United States. Our own Cary, North Carolina ranked second. Even though I have been a residential real estate agent in Cary and the Triangle area for over 24 years it still excites me every time I hear or read how great others know our area is too. I moved to North Carolina 26 years ago and like many of you would never consider living anywhere else. When people consider relocating to Cary, Raleigh, Wake Forest or any other city in Wake County they always comment how friendly everyone is, how clean and pretty the roads and neighborhoods are and how affordable it is to live here.
Information About The Triangle Area
If you are relocating and want a free relocation package or would like to know what I consider some of the best real estate buys in the Raleigh, Cary area, feel free to call me. I also have information on the $8,000 tax credit, Triangle area rentals, and am an expert referral resource for great home repair and remodeling companies. I would love the opportunity to share my real estate knowledge with you and your friends. Please call or email if I can be of service and thanks for reading my blog.