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82nd Annual Meeting • Time to refinance? • Demand for small business loans is up
If you bought your home at yesterday's higher mortgage rates or have a high-rate second mortgage, refinancing might be a smart option.Today's mortgage rates and our streamlined loan process make refinancing easy and more affordable. There are a number of reasons you may wish to refinance:
You want to lower your monthly mortgage payments. By starting fresh with a 30-year conventional mortgage at a lower interest rate, your monthly payments would be lower, but you would lengthen the time before you actually own your home free and clear. Run the numbers to ensure you're still saving in total interest payments.
You want to reduce overall debt. By refinancing for a shorter loan term, you can build equity faster and trim your total interest charges.
You want to get cash out of your house now. By refinancing a higher amount, you can draw from the equity built up in your home to consolidate debt or to finance home improvements or other worthwhile goals.
Is refinancing right for you?
Refinancing might make sense if today's interest rates are lower than your current rate, but before you make the commitment to refinance your mortgage, crunch the numbers first. A 2% or better interest rate reduction has often been used as a good reason to refinance. But what if you only plan on staying in your home for a short period of time?
Take into account how long you plan on staying in your home and how long it will take you to recoup the cost of refinancing. Consider this simple example:
- $200,000 30-year mortgage at 8% interest rate = $1,469 monthly payment
- Refinance at 6% interest rate = $1,199 monthly payment
Great! You will save $269 each month! If your refinance costs amounted to $2,000 you can make up the money spent in eight months. So in this scenario it would make sense to refinance as long as you planned to stay in your home longer than eight months.*
Some things are better in your own front yard.
At Endura Financial, we can help design a mortgage that meets your needs. We offer great rates, quick turn around and top notch service that includes: Free refinance estimates, free pre-approvals for home purchases and free appraisal.**
Endura's helpful and knowledgeable Home Mortgage Lending Team will walk you through every step of the process. Visit EnduraFinancial.com/mortgages to complete an application or call 1.877.309.7676 or 763.302.3111 to talk to a Mortgage Rep today!
Rather meet in person? Stop by our Brooklyn Center branch M-F, 9:00A–5:00P.
| * | Source: http://finance.yahoo.com/how-to-guide/loans/12821 |
| ** | Equal Housing Lender. Interest rate and size of loan qualifications are determined by Endura Financial Federal Credit Union. This pre-approval is valued at $35.00. To qualify for the Free Appraisal Offer: Applicant(s) must sign the Good Faith Estimate, Rate Lock Agreement and provide qualifying documentation between 1/1/10 and 1/29/10. Offer good on loans closed by 3/31/10. |
10 steps to sell your home fast.
Scrub till it sparkles. From the front door to the bathroom mirror, your home should shine.
Declutter. Help buyers see the features of the home and not be distracted by your possessions, remove extra furniture, countertop appliances, accessories that close in spaces.
Make it neutral. Pack away personal items such as wedding photos, razors, toothbrushes, religious icons, children's artwork, etc. This allows the buyer to picture him- or herself living in the house.
Organize closets and cupboards. Buyers look everywhere. Make sure storage areas appear spacious. Store half your clothes and large dishes that look cramped in cupboards.
Fix small problems. Loose doorknobs, worn carpet, stained or chipped walls, burned out light bulbs, etc. Remove eyesores and hazards, such as extension cords and slippery rugs.
Hide pets. When showing the house, take animals with you or board them. Put away their dishes and other paraphernalia, and deodorize the home.
Add extra touches. Coordinate accessories, add colorful plants and flowers inside and out, set the table with your prettiest dishes, create a reading nook in the living room, place lamps in dark corners, add lightly scented candles.
Provide a clear floor plan and color photos of special areas on your home information sheet.
Extend the living space outdoors. Home buyers want outdoor family space, so show a small seating area with a grill on your patio or in your yard.
Create online curb appeal. Many home buyers start their searches on the web. Add a virtual tour to your online listing and be sure that your photos are well-lit. Include photos of special areas that make your home stand out.
Scrub till it sparkles. From the front door to the bathroom mirror, your home should shine.
Declutter. Help buyers see the features of the home and not be distracted by your possessions, remove extra furniture, countertop appliances, accessories that close in spaces.
Make it neutral. Pack away personal items such as wedding photos, razors, toothbrushes, religious icons, children's artwork, etc. This allows the buyer to picture him- or herself living in the house.
Organize closets and cupboards. Buyers look everywhere. Make sure storage areas appear spacious. Store half your clothes and large dishes that look cramped in cupboards.
Fix small problems. Loose doorknobs, worn carpet, stained or chipped walls, burned out light bulbs, etc. Remove eyesores and hazards, such as extension cords and slippery rugs.
Hide pets. When showing the house, take animals with you or board them. Put away their dishes and other paraphernalia, and deodorize the home.
Add extra touches. Coordinate accessories, add colorful plants and flowers inside and out, set the table with your prettiest dishes, create a reading nook in the living room, place lamps in dark corners, add lightly scented candles.
Provide a clear floor plan and color photos of special areas on your home information sheet.
Extend the living space outdoors. Home buyers want outdoor family space, so show a small seating area with a grill on your patio or in your yard.
Create online curb appeal. Many home buyers start their searches on the web. Add a virtual tour to your online listing and be sure that your photos are well-lit. Include photos of special areas that make your home stand out.
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Fun facts!
FACT #1Ticket prices to the 2010 Winter Olympics opening ceremonies will cost $150-$1,100 (Canadian).* |
Approximately 2,500 athletes will compete in the 2010 Winter Games in Vancouver.* |
| * Source: www.vancouver2010.com | |
This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. Images may be from one or more of these sources: ©Jupiterimages, ©Getty Images, ©iStock, ©Fotolia. ©2010 Endura Financial Federal Credit Union.Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the National Credit Union Administration, a U.S. Government Agency.
