Refinancing your mortgage is something most homeowners consider at least once throughout the lifespan of their home loan. It allows you to pay off your previous loan by applying for a new one that has better financial advantages. While there are many good reasons to refinance, here are five common ones.
Lower Interest Rates The number one reason homeowners decide to refinance is to secure a lower interest rate on their mortgage. Not only does this save you money in the long run, it also can decrease your monthly payment. Plus having that lower interest rate means you can start building true equity in your home sooner.
Improved Credit Score Even if interest rates haven’t dropped enough to make refinancing seem worth it, a higher credit score might. If you’ve greatly improved your credit score from the time you purchased your home, you may be able to reduce your mortgage rate.
Shortening the Term If interest rates are decreasing, there is a chance you may be able to get a shorter loan term with little to no change in your monthly payment. Decreasing the term of your loan allows you to pay off your loan sooner.
Switching Rate Types If you chose an adjustable-rate mortgage when purchasing your home, the rate may have increased slightly over the years. By switching to a fixed-rate mortgage, while interest rates are low, can protect yourself from future increases.
Cashing Out If you didn’t already know, owning a home opens up a lending option to you for big purchases. You can use the equity you’ve built in your home to obtain a HELOC or Home Equity Line of Credit. You can use this money to consolidate consumer debt, pay for a wedding, buy a car, education expenses, and more. Lower interest rates mean you can obtain these loans at a lower cost.
TIP: Current interest rates should be at least one percent lower than your current rate before you decide to refinance.
IN THE END – A loan officer or mortgage broker can help run multiple scenarios to show you the cost and potential savings of refinancing. However, it’s important to remember that refinancing costs money upfront. With most companies you will have to pay origination fees and an appraisal cost. If you are interested in refinancing, get in touch with us. Data Driven Real Estate partners with Keller Mortgage who has several cost-savings in place for refinancing!
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It’s no secret that the Boise area, aka the Treasure Valley, has been growing in popularity over the last few years. This includes the city of Boise and its surrounding suburbs like Meridian, Eagle, Star, Middleton, Caldwell, Nampa, and Kuna. The Treasure Valley has experienced a high amount of growth in a short amount of time. In 2020, Boise was #20 on the list of best places to live as well as #2 for the best U.S. cities to buy a house. But what makes Boise and the Treasure Valley so appealing?
1) Affordable Home Prices
Even though you will hear locals complain about the cost of housing, it’s relatively affordable compared to other US cities. This is one of the reasons the area is so hot for relocation! Often times you’ll find a bigger, nicer house in the Boise area for less than half of the cost in areas like Southern California or Seattle. The median home price in Ada County hovers around $500,000 which is only 26% of that of San Francisco! Our relocation clients find that they can sell their property, buy a house for cash in Boise (or have a minimum loan amount), and pocket the rest of their proceeds to enjoy a better quality of life or buy a few lower cost investment properties.
2) Active Lifestyle
The Treasure Valley is an outdoor lovers paradise. The mountain landscape provides miles of trail for hiking, riding ATV’s, and horseback riding. The rivers in Idaho have several different class rapids for adventurous kayaking and rafting. Plus, Boise River Park is a haven for stand-up paddle boarding. In the winter, the hiking trails turn into trails for snow shoeing and cross country skiing. And if shredding fresh powder is more your scene, you’ll find a handful of ski resorts within a few hours of the Boise area, like Bogus Basin and Tamarack.
If the outdoors aren’t for you, Boise also has a rich art and music scene, and cultural attractions like the Basque Block. Pair this with Ballet of Idaho, the opera, the symphony, a zoo, and a couple of museums and you’ll never be bored.
3) Good Eats
From burgers to fries, and ice cream to donuts, Boise’s culinary scene has something for everyone. Guru Donutsbrings a Voodoo donuts vibe to downtown Boise featuring their hipster berry donut flavored with blueberry, blackberry, and lavender. Fork is definitely the most Googled restaurant in Boise, and bacon lovers can rejoice in their personal heaven at BACON as they munch on bacon sampler shots. There’s no reason to eat at a chain restaurant when you’re in the Treasure Valley!
4) Good Drinks
St. Chapelle Winery located in the Snake River Valley in Caldwell, Idaho
Idaho itself is home to more than 50 wineries and local brewing companies are beginning to flood the Boise area. In fact, Idaho had the third highest employment growth in breweries between 2006 and 2016. The Boise area is very supportive of beer and cider makers, and beer lovers can walk or bike to several along the city’s Greenbelt. In downtown Boise, you’ll find breweries like Woodland Empire,10 Barrel Brewing, and Payette Brewing.
Enjoy a glass of wine, or two, out on the riverside patio at Telaya Wine Company in Boise or in the industrial warehouse of Cinder Wines. You can also take a short drive from the heart of Boise out towards areas like Caldwell and Kuna to experience the farm-like atmosphere of wineries like Ste. Chapelle, Koenig Distillery and Winery, and Indian Creek Winery. The wine connoisseur in you will thank you.
5) Four Seasons
The climate in the Treasure Valley is truly a four season climate. The winters are cold, but bearable, and it’s rare that the valley sees more than an inch or two of snowfall on a given day. Even when it does snow in Boise and the surrounding towns, chances are you’ll enjoy it in the morning and it will be melted by the afternoon. If you want to experience more than a few inches here and there, multiple feet of snow is only a short drive up the mountains. Spring and fall exist beautifully in the City of Trees, and summers aren’t too hot (minus a few weeks in August).
There you have it – the top 5 reasons to move to Boise!
Although there are several reasons why people are choosing to move to the Treasure Valley, but the first phrase out of people’s mouths tends to be “quality of life.” It’s another world out here. The Treasure Valley is family friendly, and has been quoted as being the next Austin, Texas or Portland, Oregon. There’s something to do here for just about everyone!
If you are ready to make a move to the Treasure Valley, it’s important to have a REALTOR® who knows the area and most importantly, the ins & outs of the real estate market. Even if you’re planning on buying new construction, you want a real estate agent who is dedicated to serving your best interests. That’s where Data Driven Real Estate comes in. Gabriel Gutierrez is your go-to Treasure Valley REALTOR® with a proven track record of 5-Star customer service!
If you’re interested in learning more about the housing market in the Treasure Valley, check out our market reports on the blog.
Let’s face it. We’re all going to be stuck at home for a while. The kids are out of school, you’re trying to work from home, and on top of everything else you’re trying to balance the uncertainty of what’s going on. So how can you keep yourself and your family busy, have fun, and still keep yourself socially distanced from others? Check out the list of fun things to do below and if you do any of them, tag us in your photos or stories on social! We’d love to see how creative you get!
Throw an Indoor Picnic
Lay a blanket down. Make some sandwiches. Pack up your favorite quarantine snacks and head to the living room. Put on some YouTube video of scenery and chow down! It’s a fun way to spend time together, and do something a little bit different.
Have an Indoor/Outdoor Scavenger Hunt
Humans love to find things and this will keep your kids busy for a while. Come up with a list of things they have to find, give them clues, and let them free. Bonus points if you set up some obstacles or things to throw them off the trail. Even more bonus points if there’s a treasure at the end of the hunt.
Plant Seeds
Not only is this a good teaching lesson for kiddos on patience and the Earth, but it’s a fun little activity to get you in the Spring-season mood. It’s time to start planting anyway, so if you have a little space for a garden in your yard, go for it. If not, get some seeds from Amazon, or even a Chia Pet, plant those suckers and enjoy the process.
Film a Cooking Show
You’re likely cooking anyway, so why not film it on your phone? You can be the host, the kids can be the helpers, so get your Julia Childs – or depending on how the day is going, Gordon Ramsay. Just make sure you include the accent, too.
Invent Your Own Board Game
The obvious: play board games or card games, but let’s take it a step further. Invent your own board game. I remember doing this is school and it was probably one of the most fun projects we had to do. Come up with rules, make the cards, the money, and take pieces from other things or make your pieces! No cheating.
Bonus tip: Make cleaning the house into a game. Have the kids race and see who can clean their rooms the best and the fastest. Not only will your house be the cleanest it’s ever been, but the kids will have fun, too.
READ MORE of our blogs here and be sure to tag us (@datadriven208) in your Instagram posts while using the hashtag: #DataDriven208.
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