Fantastic ranch-style home at 2118 Ryeland Lane sits on open space in the coveted Brown Farm neighborhood in Fort Collins. Your new home features a great room concept with a sprawling kitchen and living area. Vaulted ceilings and classy updates throughout, including a beautifully finished master suite. Fully finished basement with large rec area, gas fireplace, and guest suite. Huge backyard with nearby creek and mature trees. Close to the foothills and most anything you need. Call for your private showing at (970) 237-2752 for more information or click the link below for more details.
If you’ve suddenly been hit with a home improvement project that’s pinching your budget, like a roofing issue or heater malfunction, a personal loan might be an option to help cover the cost.
What is a personal loan?
A personal loan is an installment loan that’s typically issued by a bank, credit union or online lender. According to the Federal Reserve, the average interest rate on a two-year personal loan is 10.22% but varies depending on your credit score and other criteria. Some lenders offer repayment terms anywhere from 12 months to five years.
A benefit of using a personal loan for emergency home improvement projects is that the approval process is generally quick so you can address urgent home repairs sooner. Some online lenders can run a credit check, approve your application and send funds your way with a couple of days. The approval process for banks and credit unions, on the other hand, can take anywhere from a couple of days to a couple of weeks, if the lender needs additional information.
How to find a personal loan
If you’ve decided that a personal loan makes sense to fund your next home project, make sure you’re aware of these next steps.
1. Assess your budget
The last thing you need is taking out a personal loan only to realize after the fact that you can’t afford to repay it. Calculate how much you realistically need for your home improvement project, giving yourself a reasonable buffer for unforeseen repair expenses (e.g. permit fees, price changes for a specific material, etc.)
Then, tally your monthly income and financial obligations to ensure you still have enough cash on hand to keep the lights on and make monthly installments toward your loan. Using a spreadsheet or budgeting app can help you track these numbers easily.
2. Know your credit score
Generally, you need a good credit score to get approved for a personal loan. Your credit score is one of the key factors that lenders use to determine whether your application is approved, and a higher credit score results in a lower interest rate offer.
Check your credit score with the three credit bureaus to ensure there isn’t an error or suspicious activity that might inadvertently lower your credit score. For a free credit report, go to AnnualCreditReport.com to see where your credit stands before moving forward in the process.
3. Compare rates and terms
When you’ve confirmed that you have a good credit score that can get you competitive interest rates, it’s tempting to accept a loan from the first lender that approves you. But like other major purchases, it’s important to shop around.
Compare interest rates, annual percentage rates (APR), and term durations available, and read the fine print for any conditions or fees that might offset any benefits.
To start, try reaching out to your existing financial institution first to see what they can offer; sometimes credit unions, in particular, offer rate incentives for loyal members. Also, consider using a personal loan aggregator website to compare offers from multiple online lenders at once (just do your due diligence to ensure the site is legitimate).
4. Submit an application
If you’re ready to submit an application, you can either complete a form online or apply in-person, depending on your lender. Although all lenders require different information to process a loan application, some common information to prepare ahead of time include:
- Personal information
- Employment information
- Reason for the loan
- Amount you want to borrow
To minimize any delays on your end, it’s helpful to prepare copies of verification documents, such as a driver’s license, proof of address like a utility statement, information about your home and pay stubs. Your prospective lender will likely reach out to you if they need any other information to make a decision.
Although it’s always best to have emergency savings set aside for a sudden home improvement project, turning to a personal loan is a useful option when you’re pressed for funds and time. As urgent as your project might feel, however, always take the time to do your research to ensure you’re making the right move for your situation.
Podcasts are a growing medium as listeners search for new sources of entertainment and information. In 2018 there were about 550,000 podcasts, in 2019 there are more than 750,000. Listeners are growing too, an estimated 20 million more people in the U.S. are listening to podcasts this year as compared to2018.
This growth in audio entertainment inspired us to pull together a few of our favorite real estate podcasts. Whether you’re interested in investing in real estate, looking to make a move to a new home, or just want to know what’s happening in the market, here are our recommendations:
The Millennial Real Estate Investor
Find your niches in Real Estate with Dan Mackin and Ben Welch, who host experts with stories about their investing successes and challenges. Learn from the experienced guests on this show the many ways to get into investing and succeed at it.
Listen to Millennial Real Estate Investor wherever you get your podcasts (Icon linked):
Cash Flow Connection
If you’re drawn to the commercial side of real estate, Cash Flow Connections with host, Hunter Thompson, is an informative podcast that interviews leading investors, sponsors and managers. Learn about all the aspects of commercial real estate from all viewpoints to find the right fit for you.
Windermere’s Chief Economist, Matthew Gardner, was just interviewed about the state of the real estate market, and what to expect in the next recession (hint: it won’t be driven by housing). You can listen to that episode here.
Listen to Cash Flow Connection wherever you get your podcasts:
For Those About to Move
Windermere Home and Wealth
Host Brian Bushlach interviews business owners, local guides, and Windermere agents in each episode about different areas throughout the Western U.S. and what they have to offer to those who live or visit there. Learn about what’s attracting newcomers to the area, and what the local real estate market looks like. This podcast is sure to stir your wanderlust.
Listen to Windermere Home and Wealth wherever you get your podcasts:
Finding Home with 106.1 KISS FM
Join first-time home buyers, and radio personalities, Anthony and Carla Marie from 106.1 KISS FM, as they walk through the home buying journey with their Windermere agents. This podcast is both entertaining and informative as they ask the questions you’ve always wanted answers to. With their knowledgeable real estate agents by their sides, they’re taking you along as they get approved, look for houses, and even put an offer on a home.
Listen to Finding Home on iHeartRadio:
Hosted by National Association of Home Builders CEO Jerry Howard and Chief Lobbyist Jim Tobin, this podcast covers updates in the housing market and building industry across the nation. Learn from experts in the field about recent laws and the news of the industry.
Listen to Housing Developments wherever you get your podcasts:
Real Estate News with Kathy Fettke
This podcast is aimed at real estate investors who want to stay curren on the latest real estate news. Presented in bite sized episodes, listeners can learn about laws, regulations, and economic events that affect real estate and their local market.
Listen wherever you get your podcasts:
Stylizing your own home can be a daunting but rewarding challenge. When you own your living space, it’s easy to feel a sense of ownership over every piece of your design. But for renters, the challenge is a bit different. Despite limitations, it’s no less important to one’s well-being for a residence to convey a sense of ownership and self. To make a rental unit feel a bit more like home, we collected a few ways to imbue your abode with your own spirit, without risking your security deposit.
Storage – Let’s be honest, rentals often lack sufficient storage place, and since custom cabinetry isn’t usually an option for renters, investing in some added storage is key.
Add some simple, no-to-low damage shelves, bookshelves that stand on their own, baskets, or use under the bed storage. Search for furniture that doubles as storage, like an ottoman that opens up or a side table with a drawer or shelf.
Blinds – Vertical blinds may be the ultimate decorating sin. No one likes feeling as if they’re living in a motel room.
We suggest you either take them down and save them somewhere so you remember to put them back when you leave. Another option is to hide them under curtains. Just don’t throw them out or you may not get all of your security deposit back!
Before making changes like this, or adding hardware like curtain rods, be sure to ask your landlord for permission.
Accessorize – A MUST when decorating your space are small items like pillows, throws, candles, books, and light fixtures… the only way to get a truly genuine space. These are easy ways to add your unique style that you can take with you from one place to the next.
Wall Art – Hanging art with hooks and nails can damage the walls, which might keep you from hanging art or photos on your walls, but when it comes down to it at move out, they’ll only take a few minutes to patch up when it comes time to move out. This doesn’t mean you have to hang an entire art gallery, but hanging one statement piece and placing the rest of the photos on a mantel or shelf can be all you need.
Again, ask your landlord before you add any holes in the home. When you’re touring, ask the landlord to keep the existing holes in the walls so you can use them, or ask if you can get the paint color information so you can patch and touch-up yourself, upon move-out.
Rugs – Last but not least, rugs: the peanut butter to your rental jelly. If there are scratched hardwood floors or stained carpets, you can cover those up easily with a throw rug, and prevent further damage as you live there.
Additionally, a rug is a great investment piece that will add your personal flavor to any space, plus they absorb noise and make a room feel comfy.
Do you have any great tips to decorating a rental? Let us know in the comments!
It’s no surprise that for just about every homeowner, their real estate represents the largest portion of their net worth.
Check out these numbers from the Federal Reserve’s Survey of Consumer Finances:
- Median Net Worth in the U.S. = $97,300
- Median Net Worth of a Renter = $5,200
- Median Net Worth of a Homeowner = $231,400
If you want to see even more insights about the Colorado market so that you can make really good decisions about your real estate, you are welcome to watch this complimentary webinar, just click HERE.
The real estate research firm Core Logic just produced their latest Homeowner Equity Insights report.
Some interesting tidbits:
· 63% of all properties nationally have a mortgage
· Homeowners with mortgages collectively realized a $428 billion rise in equity over last year, an increase of 4.8%
· Only 3.8% of all mortgaged properties have negative equity (where the loan is greater than the value of the home)
· 10 years ago 26% of all mortgaged properties had negative equity
If you want to see even more insights about the Colorado market so that you can make really good decisions about your real estate, you are welcome to watch this complimentary webinar, just click HERE.
As the days shorten, you can mitigate many mid-winter headaches with some preemptive prep. Proper weatherizing can help protect your home from preventable damage, save money on energy costs, and, most importantly, keep you and your loved ones safe and warm throughout the winter season. Here is a useful checklist to manage your weatherization project. Setting aside some time on a couple of weekend days should be more than enough to knock this out:
Cracks & Leaks
Examine your entire house for any cracks and leaks, from your roof to your baseboards, to your basement and foundation. With unpredictable winter weather, these cracks and leaks are how the outside gets in, causing cold drafts and water damage.
Luckily, most cracks don’t require a professional to handle it. Depending on your house type and age, it’s likely you’ll be able to do it yourself with supplies from your local hardware store.
Windows & Doors:
Gaps and breaks in windows and doors is another way to let the winter in your home, and they can let heat escape, raising your heat bill throughout the season.
Make sure seals are tight and no leaks exist. If you have storm windows, make sure you put them on before the cold season begins. Additionally, add weather-strips and or a door sweep to prevent drafts and keep the heat in.
Clean your rain gutters of any debris. In colder climates, the buildup will cause gutters to freeze with ice, crack and then leak.
Once you have removed the residue from the drains, test them by running hose water to make sure cracks and leaks have not already formed. Even in warmer locales, the buildup can put undue stress on your roof and home.
Protecting your pipes from freezing should be your number one priority this winter. A burst pipe can quickly become a disaster in any home.
Remember to turn off your exterior water source and take in your hose. Internally, wrapping your pipes is a recommended precaution to take.
Annual checks are vital in avoiding dangers such as house fires. Replace filters if you use a furnace and clear out any vents and ducts that carry heat through them. If you have baseboard heat, wipe them of dust and remove any debris that might catch fire.
Fireplace & Wood Burning Stoves:
Make sure to have chimneys and air vents cleaned early in the season if you are planning on warming your home with a wood-burning source. When your fireplace is not in use make sure to close the damper, some resources estimate an open damper can increase energy consumption by as much as 30%, increasing your bill about $200.
Bring your patio furniture inside or cover it for the winter. Don’t forget other, smaller items such as your tools, including the hose and planting pots. Clear out any piles around the side of your house, checking for cracks and holes in your home and foundation as you go so to avoid providing shelter for unwelcome guests over the cold season.
If your property has large trees check for loose branches and call someone to trim back any limbs that may fall in your yard, on your roof or even damage a window.
Lastly, make sure your emergency kit is up to date with provisions, batteries, fresh water, food for animals, entertainment for kids – especially if you live in an area prone to power outages.
Appraisals are used as a reliable, independent valuation of a tract of land and the structure on it, whether it’s a house or a skyscraper. Designed to protect buyers, sellers, and lending institutions, appraisals are an important part of the buying/selling process.
Below, you will find information about the appraisal process, what goes into them, their benefits and some tips on how to help make an appraisal go smoothly and efficiently.
Appraisal value vs. market value
The appraiser’s value is determined by using a combination of factors such as comparative market analyses and their inspection of the property to determine if the listing price is typical for the area.
Market value, on the other hand, is what a buyer is willing to pay for a home or what homes of comparable value are selling for.
If you are in the process of setting the price of your home, you can gain some peace-of-mind by consulting an independent appraiser. Show them comparative values for your neighborhood, relevant documents, and give them a tour of your home, just as you would show it to a prospective buyer.
What information goes into an appraisal?
Professional appraisers consult a range of information sources, including multiple listing services, county tax assessor records, county courthouse records, and appraisal data records, in addition to talking to local real estate professionals.
They also conduct an inspection. Typically, an appraiser’s inspection focuses on:
- The condition of the property and home, inside and out.
- The home’s layout and features.
- Home updates.
- Overall quality of construction.
- Estimate of the home’s square footage (the gross living area “GLA”; garages and unfinished basements are estimated separately).
- Permanent fixtures (for example, in-ground pools, as opposed to above-ground pools).
After the inspection, the appraiser of a typical single-family home will create their report including their professional opinion on what the price of the home should be.
You might hear the lender ask for two reports, the “Sales Comparison Approach” and the “Cost Approach.” These two approaches use different methodologies to find the appropriate value of the home, and help the lender confirm the home’s price.
Who pays and how long does it take?
The buyer usually pays for the appraisal unless they have negotiated otherwise. Depending on the lender, the appraisal may be paid in advance or incorporated into the application fee; some are due on delivery and some are billed at closing. Typical costs range from $275-$600, but this can vary from region to region.
An inspection usually takes anywhere from 15 minutes to several hours, depending on the size and complexity of your property. In addition, the appraiser spends time pulling up county records for the values of the houses around you. A full report is sent to your loan officer, real estate agent, and/or lender in about a week.
If you are the seller, you won’t get a copy of an appraisal ordered by a buyer. Under the Equal Credit Opportunity Act, however, the buyer has the right to get a copy of the appraisal if they request it. Typically, the requested appraisal is provided at closing.
What if the appraisal is too low?
A low appraisal can present a problem when there’s a large difference between what you’ve agreed to pay and the appraisal price.
Usually, the seller’s agents and the buyer’s agent will respond by looking for recent sold and pending listings of comparable homes. Sometimes this can influence the appraisal. If the final appraisal is well below what you have agreed to pay, you can re-negotiate the contract or cancel it.
Where do you find a qualified appraiser?
Your bank or lending institution will find and hire an appraiser; Federal regulatory guidelines do not allow borrowers to order and provide an appraisal to a bank for lending purposes. If you want an appraisal for your own personal reasons and not to secure a mortgage or buy a homeowner’s insurance policy, you can do the hiring yourself. You can contact your lending institution and they can recommend qualified appraisers and you can choose one yourself or you can call your local Windermere Real Estate agent and they can make a recommendation for you. Once you have the name of some appraisers you can verify their status on the Federal Appraisal Subcommittee website.
Tips for hassle-free appraisals:
To ensure the appraisal process is smooth and efficient, provide your appraiser with the information and documents he or she needs to get the job done. The documents you will need include:
- A brief explanation of why you’re getting an appraisal
- The date you’d like your appraisal to be completed
- A copy of your deed, survey, purchase agreement, or other papers that pertain to the property
- A sketch of the property with the property’s dimensions. These are usually available online from the county assessors.
- If you have a mortgage, provide the information about your lender, the year you got your mortgage, the amount, the type of mortgage (FHA, VA, etc.), your interest rate, and any additional financing you have.
- A copy of your current real estate tax bill, statement of special assessments, balance owing and on what (for example, sewer, water)
- Tell your appraiser if your property is listed for sale and if so, your asking price and listing agency.
- If it’s a multiple offer situation, provide the appraiser with the other offers to prove the demand for the home.
- Any personal property that is included in the sale, like appliances and other fixtures.
- If you’re selling an income-producing property, a breakdown of income and expenses for the last year or two and a copy of leases.
- A copy of the original house plans and specifications.
- A list of recent improvements and their costs.
- Any other information you feel may be relevant.
By doing your homework, compiling the information your appraiser needs, and providing it at the beginning of the process, you can minimize unnecessary delays.
What is the most active price range in Northern Colorado? Take a guess…
- $300,000 to $400,000
- $400,000 to $500,000
- $500,000 to $750,000
- $750,000 and above
By far, the most active price range is $300,000 to $400,000 with 60% more closed transactions than the $400,000 to $500,000 range and 400% more than homes priced $750,000 and above.
However, this lower price range does not have the most inventory. The price range with the greatest selection of homes is $500,000 to $750,000.
Seventy-five major metro markets have seen home prices bounce back to above their pre-recession peaks.
Metro Denver has seen the biggest bounce with home values 91% above its previous high in 2007 , according to the Home Price Recovery Index from HSH.com.
“Aside from routinely strong home price appreciation, it’s important to know that the Denver metro’s housing ‘bust’ in 2008 was relatively short and shallow,” said Keith Gumbinger, the report’s author.
The peak-to-trough for home values was only three years long and the total decline in value was just under 8 percent in Metro Denver, he said.
By contrast, a half-dozen large metros have seen home prices more than double from their lows and still not reach the old highs. On that list are Las Vegas, Sacramento, California, and Cape Coral, Florida.