How to complete a midyear financial checkup on your home
Your home is likely to be the most significant financial commitment you’ve ever made. It’s also a major opportunity to leverage your investment.
Midyear is a good time to check in on your mortgage, home equity and overall financial goals.
A OriginPoint mortgage specialist could help you reach your financial goals. Reach out now!
Why homeowners should reassess midyear
Midyear is a good time to check in on your mortgage rate to see if refinancing could help lower your monthly payments. It’s also a good time to see whether the value you’ve built up in your home could help you make improvements and repairs, or even help cover some unexpected expenses.
What are the steps for a financial checkup?
1- Check your budget
This is a good time to evaluate your spending habits to see where you could save. Check on subscriptions, recurring fees and other potentially excessive expenses, and trim them where you can. If you expect your income to change at some point soon, be sure to take that into account as well.
2- Check emergency funds
Keeping funds on hand for emergencies is essential and can give you peace of mind. Experts generally recommend three to six months of savings in case of job loss or other reductions in income to cover expenses like your mortgage, groceries and other key bills.
3- Check in on retirement contributions
This is a good time to check in on your retirement funds and contribute more where you can. If you recently got a bump in pay, consider increasing contributions to your 401(k) or individual retirement account (IRA).
4- Check in on home equity and valuation
Home values could have increased since the last time you checked in on the equity of your home. You can tap into the value you’ve built up to help pay for repairs or upgrades, debt consolidation or other expenses with a OriginPoint Home Equity Line of Credit, or HELOC.
5- Review your mortgage
Rates might have changed recently, so it’s good to see whether a refinance might help you get a lower rate and cut your monthly payments.
You could also decide whether the term of your loan is still right for your long-term savings and financial goals. Is it a good time to switch from a 30-year or 15-year mortgage?
If you pay for private mortgage insurance, or PMI, see whether you have built enough equity in your home to cancel that payment every month.
6- Is it time for home renovations?
If you have paid your mortgage for a period of time, chances are you have significant equity in your home. If you’ve put off that kitchen upgrade or repairs to your roof, tapping into the value of your home could help you access funds you need.
A cash-out refinance* could replace your current mortgage with one based on the value of your home and return the balance to you in cash that you can use for any number of expenses.
A OriginPoint HELOC could allow you to draw on the value of your home as needed to complete energy-efficient improvements, add a home office or pay off some high-interest debts.
This could also be a good time to start a home maintenance checklist for summer and fall repairs or improvements, and determine how much you can afford to take on before winter’s chill arrives.
How can I get help with a refinance or home renovation?
OriginPoint's digital application process could allow you to access funds you need to complete upgrades and repairs to your home. See what you could qualify for by applying today!
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Refinancing your mortgage may increase costs over the term of your loan. Restrictions may apply.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. OrginPoint does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by OrginPoint. OrginPoint its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
Using funds from a Cash-out Refinance to consolidate debt may result in the debt taking longer to pay off as it will be combined with borrower’s mortgage principal amount and will be paid off over the full loan term. Contact OriginPoint for more information.
The OriginPoint home equity line of credit (HELOC) is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw. This product is currently only available in California, Washington, Illinois, and Indiana. The HELOC requires you to pledge your home as collateral, and you could lose your home if you fail to repay. Borrowers must meet minimum lender requirements in order to be eligible for financing. Available for primary, second homes and investment properties only. Dependent on minimum credit score and debt-to-income requirements. Occupancy status, lien position and credit score are all factors to determine your rate and max available loan amount. Not all applicants will be approved. Applicants subject to credit and underwriting approval. Contact OriginPoint for more information and to discuss your individual circumstances. Restrictions Apply.
**Approval may be granted in five minutes but may be subject to verification of income and employment. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing. In addition, funding timelines may be longer if we cannot readily verify that your property is in at least average condition with no adverse external factors with a property condition report and may need to order a desktop appraisal to confirm the value of your property.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
More information about HELOCs available here
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action. Guaranteed Rate does not provide tax advice. Please contact your tax adviser for any tax related questions.
