Tag Archives: mortgages

Three Things to Look for in a Starter Home

Mortgages

If you’re in the market for your first home, congratulations! Becoming a homeowner is an exciting step on your financial journey. At Timberwood Bank, our dedicated mortgage lenders are here to help you find the best financing option for your new home. Remember to stop in and secure a pre-approval letter before you start your home search.

After speaking with a mortgage lender to help determine your family’s ideal price point, it’s time to start viewing potential homes. During this process you’re bound to find a home you’ll fall in love with, and others that may send you running for the hills. As you ride this rollercoaster of an experience, we recommend searching for the following three things in your family’s ideal new house:

  1. Good Bones. Starter homes are a great option to find a great house within an affordable budget. To ensure your investment lasts for the long-term, we recommend taking a hard look at any foundational cracks, leans, or other structural ailments. While the rest of the house could look fantastic, these three issues should be instant red flags signaling you to continue looking at other homes.
  2. Cohesive Neighborhood. The people you surround yourself could be the individuals you see at 6:00 AM taking the trash out, or the partiers you have to ask to turn down the music at 11:00 PM. As you tour properties, don’t be afraid to chat with any potential neighbors and see if there is any information they can give on families you’ll be living alongside.
  3. Suitable Layout. While some renovations are certainly possible when purchasing a starter home, obstacles such as load-bearing walls could limit your expectations. Consider the overall layout of the home at the showing, and see if you could picture yourself the ways it is. If the answer is no, then you may want to find a few backup options should the renovations not be available within your budget.

The perfect home will look different to everyone. If you’re ready to start searching for your family’s new house, our experienced mortgage lenders are here to help. Give us a call or stop by to begin the search for your home today.

The Route to Home Ownership

Mortgages

The journey to becoming a first time owner is an exciting and personal process. With questions ranging from price, commodities, to neighborhoods and more, the task of finding your ideal property can seem daunting. At Timberwood Bank we want to help you make the most of your home buying experience with our guided route to home ownership. Sit back, relax, and enjoy the view as we take you step by step through the first time home buying process.

  1. Assess your personal finances. Take a good hard look at your current sources of income, in addition to the underlying expenses you have each month. Determine if your funds can support the cost of a monthly mortgage, property taxes, home insurance, and all the other associated costs of home ownership.
  2. Mortgage Pre-Approval. Once you’ve decided to make the jump into home ownership it’s time to determine what your ideal purchase price will look like. Work with your mortgage lender to decide on the best price range for you and your family. After determining your financing needs together, the bank will evaluate your credit history and award you with a pre-approval letter for the amount they will agree to finance.
  3. Find “The House.” Here comes the fun part – house hunting! Pair up with a reputable realtor from the area to look at houses that do not exceed the approved purchase price. You may look at six homes, or thirteen, but once you find the right property you’ll know it’s the one!
  4. Get an approved offer. After touring the property and checking for any major repairs, speak with your realtor about putting in an offer on the house at price within your budget. The seller may counter with a different price point, and negotiations for the offer can be discussed with your realtor. When you and the seller have agreed to a purchase price and a finalized offer is signed you officially have an accepted offer to purchase your future home!
  5. Speak with your mortgage lender. Now that you’ve found your new place, your mortgage lender can gather accurate tax information and further specifics for your mortgage financing. Reach out to confirm the terms of the loan prior to closing to help ensure a smooth transition.
  6. Home Inspection. Since you and the buyer now have an accepted agreement it’s time to fully inspect the property you intend on buying. Speak with your realtor for recommended home inspectors in the area, and set up a time when both you and the realtor can be present. The home inspector will detail notes about the property concerning safety hazards and other important repairs that be taken care of at the sellers expense.
  7. Close the offer. After all the paperwork is finalized, and you complete the final walk through of the home, it’s finally time receive your mortgage financing and close the home offer.
  8. The House is yours. All your hard work has paid off and you are now a home owner! Celebrate this monumental achievement by inviting family and friends over for a moving or house warming party!

Whether you’re looking for a peaceful cottage in the country, new construction in the city, or a happy hideaway in the suburbs, Timberwood Bank can help you with all your financing needs. Stop by the bank or give us a call at (608) 372-2265 and get started on your home buying journey today!

Top 10 Tweaks to Add Value to Your Home

Top 10 Things to Add Value

Just like purchasing your home, selling it is a journey all its own. Whether you’re aiming to sell your home in one year or five, you can make a number of small changes that offer a big return on your home’s value. Try these key improvements and see the effect on your next home assessment.

  1. An eye-catching entrance. As the gateway into your home, your front door will set the tone for what’s within. Update your door bell, paint the front door, and hang a spring wreath to tie it all together.
  2. Energy-efficient updates: Updating appliances, windows, and fixtures, to their more green counterparts can set your home apart with the attractive promise of future savings.
  3. Low-maintenance landscaping: While flowers are eye-catching, shrubs and drought-resistant greenery make great visual impact with the promise of less hassle.
  4. A thorough clean. A deep clean of carpets, curtains, and corners will make your home sparkle and create a positive first impression. Hiring a professional cleaning service may also help to remove hard-to-clean grime and overlooked areas.
  5. De-cluttered rooms. A tidy house doesn’t always feel open. Heavy curtains, overstuffed couches, and rooms devoid of sunlight can make buyers cautious of square footage. Rid the room of nothing but bare essentials and simplistic furniture to maximize the area of the space.
  6. Extra mirrors. To double the feel of any room, strategically place mirrors to create an illusion of extra space.
  7. Small updates to big places. Kitchens and bathrooms are focal points in the selling process. Without the time and cost of a major remodel, small updates like new lighting, fresh paint, or modern accessories can add value to your home on a budget.
  8. Revamped flooring: Thin or threadbare carpets can raise alarms for buyers as they visualize the daunting need to replace the tired flooring. As your budget allows, replace your home’s carpet beginning high-traffic areas and working outwards.
  9. Modern lighting. Updating light fixtures to a timeless and simple feel, help to elevate a home’s design and gives the potential buyer a blank canvas to imagine life in their new home.
  10. A professional opinion. In under an hour, a trained interior designer can provide suggestions for small tweaks, such as furniture arrangement or paint color adjustments, which can increase your home’s value with limited investment.

While improvements are not a guarantee of improved value, they can make all the difference when drawing in interested buyers. If some of your home-improvement projects require a bigger investment than your budget expected, our lending officers at Timberwood Bank can work to help you secure the Home Equity Line of Credit you need.