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Judi Monday, Your Green Valley AZ Expert

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Is A Home Equity Line An Option?

by Judi Monday, Your Green Valley AZ Expert

Is a Home Equity Loan an Option?

Here's the scenario: you have a project and need to borrow some money, but you want to do it in the most economical manner.  You've got a low rate on your existing first mortgage and don't want to do a cash-out refinance and pay a higher rate.  Is a home equity loan an option?

Prior to 2018, homeowners could have up to $100,000 of home equity debt and deduct the interest on their personal tax return.  The Tax Cuts and Jobs Act of 2017 eliminated the home equity deduction unless the money is used for capital improvements.

Regardless of the deductibility, lenders will still loan money to owners who have equity in their home and good credit.  The most common reasons people borrow against their home equity are:

  • Consolidate debt with higher interest rates
  • Make improvements on their home
  • Refinance an existing home equity line of credit
  • Down payment for another home or rental investment
  • Creating reserves or available access for potential needs

One available loan is a fixed-rate home equity loan, commonly referred to as a second mortgage.  It is usually funded at one time, with amortized payments for terms that could range from five to fifteen years.

Another option is a home equity line of credit or HELOC, where a homeowner is approved for up to a certain amount at a floating-rate over a ten-year period.  The borrower can draw against the amount as needed and would pay interest every month and eventually, pay down the principal.

The amount of money that can be borrowed is determined by the equity.  Lenders generally will not exceed 80% of the value of the home.  If a home was worth $400,000, the 80% ceiling would be $320,000.  If the homeowner had an unpaid balance on their first loan of $240,000, an amount up to $80,000 would be possible.

The next variable is the borrowers' credit score which will determine the rate of interest that will be charged.  The higher the score, the lower the rate the borrower will pay.  And the converse is true, the lower the score, the higher the rate.

Another common variable considered is the borrowers' total debt to income ratio.  Ideally, the combination of regular monthly debt payments should not exceed 43% of their monthly gross income.

If you have good credit and an adequate amount of equity, your home could be the source of the funds you need.  There is a lot of competition among lenders and shopping around can make a difference.

Call us at (520) 241-7780 for a recommendation of a trusted mortgage professional.  If you have questions about whether the interest on the loan will be deductible, talk to your tax professional.

How To Get Started On A Landscape Redesign

by Judi Monday, Your Green Valley AZ Expert

Top Kitchen And Cabinet Styles In Kitchen Remodels

by Judi Monday, Your Green Valley AZ Expert

Cuddle Up & Get Cozy--10 Winter Must Haves

by Judi Monday, Your Green Valley AZ Expert

Cuddle Up and Get Cozy: 10 of the Most Fab Winter Must-Haves!

It seems everything Oprah touches turns to gold-personalities who appear on her show go on to become superstars and book authors become overnight best-sellers. Lucky audience members are stunned to learn they nabbed seats and 15-minutes of fame on a surprise episode of Oprah’s Favorite Things that airs every November. If you’re anything like me, your friendly neighborhood RE/MAX social media coordinator-you’re a sucker for these types of curated lists from trusted celeb idols. So, in the spirit of all things cuddly and cozy, here are my top-10 winter must-haves:

Foot-warming hedgehog

This item needs no description because…just look at it! Awww, a foot-warming hedgehog? Sign me up.

Image Source: Amazon

 

The Ultimate Slanket

We love the Ultimate Slanket, it’s your guilty pleasure Snuggie-style blanket. Versatile enough to move with you during your Netflix binges.

Image Source: Amazon

 

Chunky Knit Blanket

This Instagram phenom is sure to catch the attention of your followers, while also providing the ultimate cuddle zone. Win-win in my cozy book.

Image Source: Instagram Image

 

The Soup Bible

What is better on a cold day than some warm soup? A soup guide gives you over 200 options of all the soup your heart could desire, of course!

Image Source: Barnes & Noble

 

Pammy Panda USB-Wired Handwarmers

Stay cute and warm with these cute little panda handwarmers that keep you in style and snuggled-up during those colder days in the office.

Image Source: SMOKO

 

Huggaroo Microwaveable Heated Neck Pad

Take the stress right out of your life, if only for a short time-don’t think, just buy! This neck warmer relaxes you and offers a relaxing smell of lavender aromatherapy.

The Mat Walk

A bathmat with slippers built right in? What?! Walk with cushion comfort without slipping while wiping up a wet floor AND keeping your feet warm? All post-shower? Perfect.

Image Source: Generate

 

Plush, Heated Fleece Sherpa

Extremely soft and heated blanket equals the dynamic duo of the winter snuggles.

Image Source: Vermont Country Store

 

Dark Brown Hot Cookie Coaster and USB Mug Warmer

I found the cutest way to desk drink your hot cocoa or tea at the office, while keeping your mug toasty warm. This bad-boy keeps your winter drinks hot and your holiday spirits high.

Image Source: Amazon

 

Mae Fuzzy One-Strap Slipper

These fluffy angels will keep your toes warm and looking luxurious all at the same time.

Image Source: Amazon

6 Clutter-Busting Home Habits To Adopt This Year

by Judi Monday, Your Green Valley AZ Expert

Considering A Home For Retirement

by Judi Monday, Your Green Valley AZ Expert

Considering a Home for Retirement

There are things to think about when searching for a home for retirement that may be different than homeowners considered for previous homes.

11 Area Rug Rules And How To Break Them

by Judi Monday, Your Green Valley AZ Expert

Nine Features That Are Popular In Closets Now

by Judi Monday, Your Green Valley AZ Expert

Judi's January / February Newsletter

by Judi Monday, Your Green Valley AZ Expert
Courtesy of 
Judi Monday 
Owner / Associate Broker 
520-241-7780 (Mobile) 

                   

Renovate or Move? How to Decide
As a homeowner, there may come a time when you ask yourself: "Should I buy a new home, or stay put and renovate my old one?" 

Consider these factors when weighing your decision:
  • Mortgage rates. Would your mortgage rate increase if you were to buy a new home?
  • Renovation scope. How much would you need to do to your home to achieve the look you're hoping for? How much would it cost?
  • Local market. What do housing prices look like?
  • Long-term goals. Are you in a location you're happy with for the long-term?
Not sure if now is the right time to buy in your area? Contact me for help.
High-ROI Renovation Projects
Want to make sure the time and money you spend remodeling is worth it? Then choose your projects carefully. 

According to Remodeling Magazine, here are the highest-ROI home renovation projects you can opt for:
  • A new garage door (98.3% costs recouped, $3,411 in resale value)
  • Adding a steel entryway door (91.3% costs recouped, $1,344 in resale value)
  • A wood deck addition (82.8% costs recouped, $9,065 in resale value)
  • Minor kitchen remodel (81.1% costs recouped, $17,193 in resale value)
  • Siding replacement (76.7% costs recouped, $11,554 in resale value)
Check out Remodeling's full Cost vs Value report for more guidance.
$25,000 Price Reduction!
1380 W Placita De La Cotonia, Green Valley, AZ 85622
$500,000
3 Bedrooms  |  3 Bathrooms  |  3,182 Square Feet  |  Listing ID 21900295 
Outstanding curb appeal will pull you in, the mountain views must be seen to be fully appreciated and the lovely home will seal the deal. Don't get so lost in the panoramic mountain view from the courtyard that you miss the stunning stone exterior on your way inside. You will find many recent updates including: new energy efficient windows; plantation shutters w/transferable warranty; 16 x 16 flat Saltillo floors; solar hot water heater and freshly painted interior & exterior. It is definitely an architectural delight with angles & unique ceilings throughout including a vaulted one in the huge living room. There is also a striking beehive fireplace in this space, which is perfect for taking the chill off those rare chilly evenings. 

Learn More
What Makes a Great Home Offer?
We're about to head into the busiest home-buying season of the year. Want to make sure your offers stand out in a bidding war? 

A great offer includes:
  • The right price. Don't just go by listing price. Factor in comparable sales, the home's condition and local demand.
  • A personal appeal. Include an offer letter, telling the sellers exactly why you want the property.
  • Pre-approval. This shows you've talked to a lender and are serious about buying the home.
  • Good earnest money. This gives the seller an incentive to choose your offer over another.
An experienced agent is your best resource when making an offer. Reach out if buying a home is on your radar.
Judi Monday 
BR624821000 

RE/MAX Valley Properties 
210 W Continental Road, Suite 220, Green Valley, AZ 85622
Each Office Independently Owned and Operated. 
©2019 Imprev, Inc. Pub 1/19

6 Habits To Reduce Clutter At Home This Year

by Judi Monday, Your Green Valley AZ Expert

Displaying blog entries 11-20 of 817

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Judi Monday
RE/MAX Valley Properties In Green Valley, AZ
210 West Continental Road
Green Valley AZ 85622
Direct: (520) 241-7780
Fax: (520) 648-2221