Use The Equity of Your Property to Make a More Efficient Home

Make a More Efficient Home

Make a More Efficient HomeThe "equity" or home equity is a form of financing in your home Which Serves as collateral or guarantee. With the rising cost of electricity, make your home more efficient one is no longer just an admirable goal, but a necessity.

Every day there are more Reasons Why you're forced to reduce power consumption. Because the electricity bill Either grows faster than expected or Because You Become aware of the environmental impact, energy conservation is a practice That must Incorporate into your daily life.

Wilma, According to Soto, manager of District First Mortgage, "there are effective alternatives to Incorporate That can make our home in a more efficient". Between These:

1. Replace the kitchen equipment as well as washer, dryer, water heater or furnace, Energy Star certified equipment.

2. Replace the water heater With an efficient model.

3. Install Solar panels to heat water.

"Although These Measures Involve a higher initial investment will pay for Themselves With Eventually the savings in electricity consumption," Said Soto. May be your solution in a loan on the equity of your property. The equity or home equity is a form of financing in your home Which Serves as collateral or guarantee. A great advantage of esta transaction is That there are no Limitations on the use of esta money. You can use the surplus for the acquisition of items and equipment That help you reduce electricity consumption.

The liquid property value equals the current value of your home on the market, minus the balance of the debt to the financial institution Financed That the mortgage. The liquid value of your property each time a payment Increases to the principal of the mortgage through monthly payments or direct payment is made. "For example, if your home has a market value of $ 100,000 and a mortgage debt of $ 50.000, then a home equity That is $ 50,000," Said the executive.

According to the considerations of esta refinancing, investment in your home can be maximized using your property as collateral for use in extensions or improvements to housing, to consolidate debts and for other personnel purposes.

Other benefits include the Ability of the landlord to Obtain more funding at a lower interest rate. If refinancing is for improvements to the property, interest can be Deducted from your income tax return.

"In conventional loans, refinancing your limit is determined to by up to 80% of property value, without Requiring mortgage insurance. The percent of refinancing can always Increase the transaction includes mortgage insurance on the property. The terms of payment can be monthly installments of 5 to 30 years and a fixed interest rate, so That your payments do not change During the life of the loan, "Said Soto.


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