As a homeowner, you need to know your property’s value and the status of your mortgage. Here’s why.
We’re on the verge of a new decade, and you may have plans for your physical health in 2020, but today I’ll address something equally as important: your financial health. Specifically, there are two pieces of information you absolutely need to maintain or improve your financial health as a homeowner.
The first is an up-to-date valuation of your property. At 1:28 in the video above, you’ll see a quick demonstration of how to figure this out on my website. The point is, the average sale price of homes in Washington County has increased almost $150,000 in the last seven years, so you might want to consider pulling a “Seinfeld” and going out on top by selling now.
The second is the status of your mortgage. As you’ll recall, I recently shared an article on my blog and Facebook page that revealed what Americans believe are the five safest investments they can make. The results are as follows:
- U.S. Housing: 27.2%
- Savings Account: 21.8%
- Gold: 16%
- U.S. Bonds: 10.6%
- U.S. Stocks: 10.4%
You need to know your current interest rate, whether you have private mortgage insurance, whether you can get rid of that insurance, etc. A lot of homeowners got their mortgage when their credit wasn’t as good as it is now. They didn’t have as much equity as they do now, and they may be paying fees they don’t need to be. If you have student loan debt, auto loan debt, or a couple of credit cards you can’t seem to pay off, you can consolidate them in a home equity line of credit.
If you’d like to know more about this or any other real estate topic or you’re thinking of buying or selling a home in 2020, don’t hesitate to reach out to me. I’d love to help you, and I hope you have a great New Year.