The Benefit of Rate Holds

General Lyndsay Gavrilovic 20 Aug

Being on the path to purchasing your first home is one of the most exciting and most rewarding moments in life!

To help make the mortgage process smoother, one of the things you can do is to get pre-approved for your mortgage. Getting pre-approved doesn’t commit you to a single lender, but it does guarantee the rate offered to you will be locked in from 90 to 120 days which helps if interest rates rise while you are still shopping!

Rate holds for mortgages offer several benefits including:

  1. Protection Against Rate Increases: A rate hold guarantees that you will receive a specified interest rate for a set period, typically up to 120 days. This protects you from potential rate hikes during this period. Plus, if the rate should drop, you can still take advantage of the lower option!
  2. Financial Planning: Knowing the exact rate you will pay allows for better financial planning and budgeting. It provides clarity regarding what you can expect for your monthly mortgage payments. This makes it easier to target the right price range of home so that you can ensure future financial stability.
  3. Time for Decision Making: A rate hold provides peace of mind allowing you the necessary time to shop around for the right home. During this time, you can also compare different mortgage options without the pressure of changing interest rates. This is particularly useful when you’re considering different lenders or mortgage products.
  4. Stress Reduction: It reduces the stress of rate fluctuations and uncertainties in the housing market. After the past few years of turmoil, knowing that you have a secured mortgage rate can take a lot of the pressure off shopping. Instead of feeling like you need to find a new home before the rates change again, you can take the appropriate time. Plus, if your rate hold expires, it is easy to submit for a new one!
  5. Securing a Competitive Rate: While we are not anticipating interest rate increases in the coming years, securing a rate hold while you shop can save you money over the long term by locking in a favorable interest rate should anything pivotal happen in the market.

Overall, rate holds provide peace of mind, financial security, and the opportunity to make informed decisions when entering into a mortgage agreement. They are particularly valuable in fluctuating interest rate environments or when you anticipate delays in finalizing a mortgage transaction. Looking to purchase a home? Want more information on rate holds and the mortgage process? Reach out to me a DLC Mortgage Expert today.

Small Home Improvements That Make a BIG Impact

General Lyndsay Gavrilovic 7 Aug

Whether you’re looking to sell your home this year, or just want to make some updates, I have put together six small home improvements that can make a BIG impact on your space! From improving saleability to refreshing your home, here are some simple and affordable ideas to help get you started:

  • Painting: One of the easiest ways to spruce up your home for a refreshed vibe or sale is to add a new coat of paint! While it is a relatively simple task for a new homeowner to take on, you might be surprised at how many people will pass on a house because they are not a fan of the paint colors or the flooring. A fresh coat of paint – especially more neutral colors such as beige, cream, light grays, and soft blues or greens – can do wonders to make a home feel appealing.
  • Light Fixtures: I don’t know about you, but I haven’t taken a good look at my light fixtures in a while. However, potential buyers will! Light fixtures are another low-cost and relatively easy improvement you can make to your home. Upgrading to newer styles and ensuring they are clean, with fresh LED bulbs, will help add an extra sparkle to your home!
  • Update Your Hardware: Another overlooked aspect of a home are light switches and door handles. If your home is 20 years old, most likely your white light switch covers are not so “white” and your door handles are a little worn down. These are a cheap and easy replacement that will go a long way to boost your interior!
  • Swap Out Your Window Coverings: Just like with a fresh coat of paint or new hardware, swapping out your window coverings is a small change that can make a big impact. Change your stale, white plastic blinds for wooden slats, or update your curtains to something fresh and vibrant!
  • Refinish Your Cabinets: The kitchen is known to be a central space in most homes, but did you know roughly 80% of homebuyers feel that it is the most important space to consider when deciding on a new home? While a full kitchen renovation may be out of the question and all-new kitchen cabinets can cost thousands, there is a third option. Refinishing or repainting your cabinets is a great alternative for breathing new life into your kitchen!
  • Curb Appeal: They say don’t judge a book by its cover but, when it comes to selling your home, first impressions matter. This is where curb appeal comes in! If a potential buyer pulls up to see overgrown weeds, clogged gutters, or cracked concrete, they are already going to have a negative impression of the home and it will be harder to impress them once they are inside. Attending to landscaping and any outside maintenance needs will go a long way in making your home more appealing. A pressure wash and a new coat of exterior paint can also do wonders to give your home a facelift!

By putting the effort into completing a few small changes around your home, you can reap big rewards when it comes time to sell – and increase your comfort in the interim!

-Written by DLC Marketing Team