I rely on Troy Bird and Margeate Work with the Work with Bird team at Guild Mortgage because some homeowners may find more expensive renovations require them to secure different types of loan financing. They can help.

So, I welcome Troy Bird from Guild Mortgage

Todd: There has not been much change from last time we talked. The national average rate’s about 4.5% (as of 2/19). Very good.

Troy: We’re still hovering around that 4 and 1/2 percent, depending on the loan program. We’ve been there for a while now.

Todd: What if someone wants a 15-year loan?

Troy: You could save roughly half a percent. Big savings on your interest, but remember you can always turn your 30-year loan into a 15-year loan with an amortization schedule, if you want to make some extra payments. I’ll be glad to talk to anyone about the advantages of extra payments.

Todd: How about people out there looking to buy a home? What are the benefits of having a pre-qualified status?

Troy: When buying a new home or an existing home it’s important to be pre-qualified. In a competitive market, sellers will get five offers on a house.

Easy Steps to Pre-qualification

  • Run your credit.
  • Look at your income.
  • Evaluate your assets.
  • Start thinking about your down payment.
  • Find the right loan program for you.

Troy: I try to call the listing agent and say, “I’ve talked to this client. They’ve met me face-to-face. I’ve gone over everything with them. I have a pre-approval on them.” That really puts your offer in the number one position.

Let’s talk about refinancing for Home Improvement projects

Before starting a home improvement project, homeowners must first consider the loan costs involved.

Experts estimate more than one-third of homeowners do not understand what hiring a professional will cost. And, they cannot successfully secure financing or a budget once they have set their sights on a renovation project.

Todd: Homeowners are always looking to put a new kitchen or a new bathroom that will make their home more beautiful ,and worth more money. How does someone start the process?

Troy: First, you’ll get an appraisal on your property to determine if you have enough equity to do that remodel. Have an appraiser and contractor come out to give you a bid. Then we can talk about the perfect option for you. There are loans that will project what your house will be worth, based on the improvements you are making. It will estimate your future value and our office can help you with that.

If anyone has any questions, I’m Troy Bird with the Work with Bird team at Guild Mortgage 916-977-1234. You can also check me out on the web www.troybird.com.