Expert Tips and Answers
1. Get a pre approval letter before you begin looking for a home. This tells the seller you are a serious and qualified buyer.
2. Don’t choose a lender based solely on a lower rate. Compare other costs and fees for closing and the life of the loan.
3. Ask prospective lenders for a good faith estimate. This will give you a true picture to compare lending offers.
4. When selling your existing home – do not skip the appraisal.
Questions For The Mortgage Expert:
What types of projects can MN Housing Fix Up Fund Money be used for?
Porches, decks, kitchen remodels, bath remodels, Central Air Conditioning, windows, doors, siding, roofing, basic garage and septic system upgrades are among the projects this fund may cover.
Am I able to do my own work when using MN Housing Fix Up Fund Money?
Yes, often times the home owner is able to do their own work. They will need to submit a material estimate and the payment would be made directly to the vendor.
What are some of the benefits of using home equity loans to finance remodel projects?
- Longer terms then you would find with a credit card or personal loan
- Interest is most often times tax deductible
- Improvements to your home before putting it on the market may help increase your asking price