The adage ‘if it isn’t broke, don’t fix it’ does not always apply. Sometimes, you not only need to fix it, you need to improve it. Home improvements can build equity in your home by increasing property values, overall comfort and curb appeal. Although the housing market is still in the process of recovering, that does not mean you cannot give your home an upgrade. Does spending money help you save money? In this case, yes. Homes improvements are investments that build home equity. Choosing the right home improvement project pays off when potential buyers want that same convenience and beauty. In the end, home improvements can save you a good deal of money. Here are some solid ideas for adding equity to your home.
Topics: Home Equity
Once you have decided to remodel your bathroom, choosing the right bathroom fixture to complete the home improvement project can be a confusing prospect. There are so many different types and styles out there, how do you know which to go with to create the effect you are looking for? Hate to say it, but the answer is research, research, research. That's the only way you are going to learn what's available to you. Here are some thoughts to get you started.
Topics: Use your home equity wisely
Closing costs are part of the costs of setting up a home equity loan or line of credit. They are similar in nature to those you pay when you get a mortgage. Closing costs can include such things as:
- Fee for property appraisal
- Application Fee
- Attorney's Fees
- Title Search
- Mortgage Preparation and Filing Fees (Dependent on Municipality)
- Property and Title Insurance
According to LendingTree.com, these fees can be between 2 and 5 percent of the loan.
What is a prepayment penalty?
A prepayment penalty is a provision of your contract with a lender that states that in the event you pay off the loan entirely at a point prior to the final maturity date, you will pay a penalty. Penalties can be expressed as a percent of the outstanding balance at time of prepayment, or a specified number of months of interest.
Topics: Home Equity
Come to a seminar or register for a webinar for up-to-date information on hot financial topics. Taught by an expert from Hanscom FCU, these presentations pack a lot into 45 minutes.
Topics: Financial Education
Paul J. Marotta, Chairman
The Best of Both Worlds
I am excited to announce our newest branch location at the Treble Cove Plaza in Billerica, Massachusetts. The branch is now open six days a week, with ATM access anytime for deposits, cash, and transactions.
Congratulations Team Hanscom! We raised over $31,000 for pediatric brain research at Boston Children’s Hospital.