The Buying Process
I'll help you get settled in!
While your transaction is complete, our work is not. In fact, Ken Stef maintains relationships with his clients long after closing. He is always glad to help you find a variety of service providers and tradesmen to perform work on your home or make life a little easier.
As you’re getting settled into your new home, here are a few situations you may encounter in the coming months and years that are important to think about.
Rebuilding Your Savings & Maintaining Financial Discipline — Buyers should definitely take the time to review and evaluate their finances after a home purchase. One important step to consider is setting up an automatic electronic payment with your mortgage lender, which lets you avoid costly penalties associated with late payments.
Also, make a plan for gradually rebuilding your savings account, which many buyers deplete in order to make their down payment and pay for moving costs. As a homeowner, it’s more important than ever to have a cash reserve set aside for unanticipated maintenance that your home may require. In fact, a general rule of thumb is that homeowners should expect to spend about 1 to 3 percent of the cost of their home per year on maintenance and repairs.
Refinancing — Keep an eye on interest rates even after you purchase your home. If rates go down, you may be able to save money by refinancing, which simply means you take out a new mortgage at a lower interest rate to replace your original loan. Another common situation that calls for refinancing is the expiration of the initial, fixed-rate period on an Variable Rate Mortgage (VRM). If prevailing fixed rates are substantially lower than the rate your VRM will carry once it adjusts, then it might make sense to refinance into a fixed-rate loan.
While refinancing a mortgage has gotten much easier in recent years, it is still a major financial transaction with important implications. So be just as diligent in a refinance as you were in securing your original mortgage. Ken Stef will happily refer you to a mortgage professional to help you determine the right time to refinance.
Home Improvement — Whether it’s a fresh coat of paint, new hardwood floors or a major kitchen remodel, most new homeowners have at least a few projects they want to undertake once they move in. Ken Stef can help you find a variety of service providers and tradesmen to perform work on your home.
