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Tag: refinance home

4 Home Renovation Ideas on a Budget

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a couple is looking over a notebook and calculator with their home being renovated behind them

Renovating Your Home On A Budget

It’s no secret that owning a home can be an expensive undertaking. Whether you’ve recently bought a first home, are considering refinancing a home you’ve owned for a while, or remodeling your home, there are a lot of areas to consider.

But the biggest thing on your mind is probably finances.

How do you make any of these home renovations in the most budget-friendly way possible? Thankfully, your friends at Landmark National Bank can help get you answers to all of your financial-related questions, starting with how you can renovate your home on a budget.

A few simple tips can help you get started on turning your house into your dream home, all while keeping your checking and savings accounts happy

1. Set a Home Renovation Budget and Stick to It

You may just be looking to make some aesthetic changes to your home, or maybe you need to knock down a few walls or vault a ceiling. Either way, make a financial plan before you start any renovations. Make sure your plans fit into your budget and that you have enough saved up to make the changes you want to make to your home.

Once you know you can financially support the renovations you want to make, create a detailed plan for how much you will spend on each project. Do ample research and plan to spend a few more dollars than what you’ve budgeted. Home renovation projects are notorious for taking more time and money than ever planned, so it’s best to err on the side of caution when it comes to budgeting for a home renovation.

2. Use What You Have for Your Home Renovation

One of the easiest ways to save money on your home renovations is to repurpose what you already own. Do you really need new cabinets for your kitchen, or can you repurpose the ones you have with a coat of paint or a new color of stain? Can you recover the cushions on your couch, or do you need to shop for brand new ones? Would putting in a fun accent wall spice up the living room, or does every wall have to be wallpapered?

Take stock of what you already own and what items can be found around your home before you buy anything new. Even small changes can make a big impact in the look and feel of your home.

3. Buy What You Don’t Have Second-Hand

Once you know exactly what you need to renovate your home, hold off on going straight to your local hardware store and take a detour to your local second-hand store. You never know what donated items you’ll find in the shelves of a thrift store.

Items such as light fixtures, wall decorations, small pieces of furniture, or even tiles and carpets can be found for much cheaper at a second-hand store than brand new. If you’re renovating during the summer months, local garage sales and estate sales are great places to scout gently used items that are perfect for home renovation (and for staying within budget).

4. DIY Home Renovation is your BFF

The rule of thumb when it comes to renovations? It’s typically less expensive to do something yourself than to hire someone to do it for you. Try your hand at sanding and staining your cabinets or putting up a new backsplash. You’ll find plenty of step-by-step resources and videos online to walk you through how to complete a project or, at the very least, provide some additional inspiration.

You should know and set your own limits, though. If you lack the skills to do a bigger home renovation project on your own — like knocking down a wall, installing electrical wiring, or retiling your bathroom floor — don’t be afraid to ask for help. Just make sure you shop around for the best deals and the best craftsmanship before you start the project.

Manage Your Home Renovation with Landmark National Bank

If you want to make renovations but aren’t sure your budget can support it, consider a home equity loan or line of credit or potentially refinancing your home. The experts at Landmark National Bank can offer any assistance you need in making this decision.

Contact us today or visit your local Landmark National Bank branch for help with all your banking needs!

4 Benefits of Refinancing Your Home

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a couple sits at their kitchen table looking over bills and a calculator

4 Benefits of Refinancing Your Home

If you’re thinking about refinancing your home, it’s important to first do your research and weigh the pros and cons of refinancing. While there are a few disadvantages to financing your home, the pros usually outweigh the cons and can actually help you out in other areas throughout your home in the long run.

At Landmark National Bank, we’re committed to educating our customers about everything that comes with home loans and home ownership. Here are four benefits of refinancing your home mortgage and how to decide if it’s the right choice for you.

What does it mean to refinance your home?

When you refinance your mortgage, you’re essentially trading in your current home mortgage for a brand new one. It’s very similar to the home buying process and usually takes 30 to 45 days. Refinancing your home is an excellent way to leverage your investment and comes with many benefits that help you out in the long run.

Benefits of Refinancing Your Home

1. Shorten Your Loan Term

Most home mortgages start with a 30-year home loan. When you refinance your home, you are able to change your loan term to a 15- or 20-year fixed-rate mortgage. Shortening your loan term can help you pay your loan off faster and can help you save money on interest rates over time.

2. Lower Interest Rates

One of the main reasons homeowners choose to refinance is to get a lower mortgage interest rate. When you applied for your original home loan, you might not have had the best credit score or the value of your home may have been lower at the time. If your credit score has increased, if the value of your home has increased, or if the mortgage market is simply better now than it was before, you may be able to reduce your mortgage monthly rate when refinancing.

3. Lower Monthly Payments

With a lower mortgage interest rate comes lower monthly payments. With all the money you save from your mortgage payments, you can build your savings accounts, pay off other debts, prepare for retirement, and more.

4. Cash-Out Options

When you refinance your home, some borrowers have the option to cash out and have access to some of the money earned from your home’s equity. You can essentially use this money for whatever you need. Most people use these funds to send their children to college, pay off large debts and expenses, or pay legal fees.

One of the most common ways borrowers use cash-out funds after refinancing is for home improvement projects. With the extra money, you can make repairs and renovate your home, which may ultimately increase the value of your home in the end.

Drawbacks of Refinancing Your Home

After considering all the benefits that come with refinancing your home, it’s also important to note some of the drawbacks. One of the most significant drawbacks is the refinancing costs. Because you’re basically taking out a new home mortgage, you’ll have to pay the same closing costs and fees you paid the first time you took out a mortgage for your home. In general, expect to pay anywhere between 2 and 6 percent of the amount you borrowed.

Another drawback is the possibility of a lower credit score. Your credit takes into account the length of your credit history, so when you refinance, you’re changing that length. You might see a hit to your credit score when you refinance.

Finally, refinancing your home can take a lot of time. If you’re looking for a fast solution, refinancing may not be the best option for you.

Refinance Your Home with Landmark National Bank

When you’re ready to refinance your home or need advice on whether refinancing is the best decision for you, Landmark National Bank is here to help. Our associates are always available to talk through the refinancing process and provide you with the tools you need to be successful. Visit a mortgage lender at a Landmark National Bank near you to get started today!