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Compass F inan ce
For many homeowners, choosing an option to leverage the equity
in your home comes down to a few simple issues: cost, time and
repayment terms. We’ve taken some of the guesswork out of the
process by highlighting a few points to make sure you’re making
sound financial choices.
Looking to join thousands of other Miamians in a potential
home renovation? We have some quick tips to make your
redecorating an (almost) enjoyable experience.
Home Equity Line Of Credit. Due to increased bank
regulations, loans will have strict underwriting guidelines and credit
score requirements. In general, equity lines have no closing costs and
flexible repayments terms, such as interest-only payments. However
equity lines traditionally have variable rates so your could find
yourself with a higher than usual payment should rates rise. A benefit
of an equity line is payments are only based on your use of the line
and its outstanding balance.
Smart kitchens are the latest
(and greatest) design craze. Think
you’re left out of the loop because
you have an older home? Don’t!
Older kitchens have a slew of
smart addendums that can be added to make them smarter.
Refinance. A refinance is simply when you place a new
mortgage on your home to replace the old one. When you refinance
to access to the cash in your home, it’s otherwise know as a “cash-
out refi.” Although a traditional refinance does require closing costs
be paid, they can oftentimes be paid from the proceeds of your loan,
therefore eliminating any out-of-pocket expenses. Additionally,
because a refinance can be obtained with different lenders, you have
more flexibility with underwriting guidelines and lower credit score
requirements. A benefit to the refinance is the that your monthly
payment due will never change, as it’s calculated on the new loan
amount and new rate. — F E LIX R U I Z
Hardwood flooring is still very
popular, but the second most
popular option, ceramic, is about to
make a major comeback. Assisted by
modern technology, ceramic flooring
now comes in a wide variety of designs, styles and sizes.
O PTI O N 1:
O PTI O N 2 :
40 TEX T BY SANDY FERNANDEZ
LOADS OF FUN
Not often considered when thinking
of additions, laundry rooms seem
to be the latest home craze.
Homeowners have slowly realized that
since they spend a lot of time washing
and drying, why not do it in a space that makes them feel good?